<SEC-DOCUMENT>0001571049-16-017119.txt : 20160804
<SEC-HEADER>0001571049-16-017119.hdr.sgml : 20160804
<ACCEPTANCE-DATETIME>20160804165026
ACCESSION NUMBER:		0001571049-16-017119
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		72
CONFORMED PERIOD OF REPORT:	20160630
FILED AS OF DATE:		20160804
DATE AS OF CHANGE:		20160804

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:		161808153

	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>t1601896_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: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 18pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Washington, D.C. 20549</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 10-Q</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 189.35pt">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 12pt">x</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>QUARTERLY
                                         REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>For the quarterly period ended June 30,
2016</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>OR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&uml;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>TRANSITION
                                         REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>For the transition period from _____________
to _____________</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>001-36844</B><BR>
<B>(Commission file number)</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>GREAT
AJAX CORP.</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></FONT>&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&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; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>State or other jurisdiction</B><br>
    <B>of incorporation or organization</B></FONT></td>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt"><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: 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: 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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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>&nbsp;</td>
    <td>&nbsp;</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; text-align: center">503-505-5670<BR>
<FONT STYLE="font-size: 8pt"><B>Registrant&rsquo;s telephone number, including area code</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-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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: 68%">Large accelerated filer <font style="font-family: Wingdings">&uml;</font></td>
    <td style="width: 32%">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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 August 4, 2016, 18,567,985 shares
of the Registrant&rsquo;s common stock, par value $0.01 per share, were outstanding which includes 624,106 operating partnership
units that are exchangeable 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_toc"></A>Table
of Contents</B></FONT></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"></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: 95%; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#a_001">PART I Financial Information</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_002">Item 1. Consolidated Interim Financial Statements</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_003">Cautionary Statement Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_004">Item 2. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_005">Item 3. Quantitative and Qualitative Disclosures About Market Risk</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_006">Item 4. Controls and Procedures</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#a_007">PART II &nbsp;Other Information</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_008">Item 1. Legal Proceedings</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_009">Item 1A. Risk Factors</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_010">Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_011">Item 3. Defaults Upon Senior Securities</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_012">Item 4. Mine Safety Disclosures</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_013">Item 5. Other Information</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt; text-indent: 0in"><A HREF="#a_014">Item 6. Exhibits</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in">47</TD></TR>
</TABLE>


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

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></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;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>PART
I. FINANCIAL 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_002"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
1.</FONT> Consolidated Interim Financial Statements</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. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</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: left"><B>(Dollars in thousands except shares and
per share data)</B></P>

<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="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">June 30, 2016</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; 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">December 31, 2015</FONT></TD><TD NOWRAP STYLE="font-weight: bold; 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-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(Unaudited)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>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: 74%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">68,359</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">30,795</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">Cash held in trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><font style="font-size: 10pt">Mortgage loans<sup>(1)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">630,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">554,877</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">Property held-for-sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Rental property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</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">Receivable from servicer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,949</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,444</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment in affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,625</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">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">2,320</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">5,634</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; padding-left: 9pt">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">729,755</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">609,805</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="padding-left: 9pt">&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">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: rgb(204,238,255)">
    <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: White">
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Secured borrowings, net<sup>(1)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">346,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">265,006</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">Borrowings under repurchase agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,533</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Management fee payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">703</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">667</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">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">3,443</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">1,786</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: 9pt">Total 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">452,456</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">371,992</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">Commitments and contingencies- 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: White">
    <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: rgb(204,238,255)">
    <TD STYLE="text-align: left">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: White">
    <TD>Common stock $.01 par value; 125,000,000 shares authorized, 17,924,523 shares at June 30, 2016 and 15,301,946 shares at December 31, 2015 issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179</TD><TD STYLE="text-align: left">&nbsp;</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">244,180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,729</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">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">22,666</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">15,921</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: 9pt">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">267,025</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">227,802</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">Non-controlling 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">10,274</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">10,011</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: 9pt">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">277,299</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">237,813</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; padding-left: 9pt">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">729,755</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">609,805</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>

<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"></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>Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, 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. Secured borrowings
are presented net of deferred issuance costs.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">The accompanying notes are
an integral part of the consolidated interim financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Unaudited)</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">(Dollars in thousands except shares and per share data)</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; text-indent: 0.5in"></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"><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">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" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><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></TR>
<TR STYLE="vertical-align: bottom">
    <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">June&nbsp;30,<BR> 2016</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; 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">June&nbsp;30,<BR> 2015</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; 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">June&nbsp;30,<BR> 2016</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; 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">June&nbsp;30,<BR> 2015</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>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><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>&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="width: 48%; text-align: left">Loan interest income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">16,378</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">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">$</TD><TD STYLE="width: 10%; text-align: right">32,192</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,677</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">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">(6,063</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">(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">(11,050</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">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">10,315</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">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">21,142</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: 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><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 from investment in Manager</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104</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">327</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">222</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">867</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">406</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: 27pt">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">10,688</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">8,810</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">22,099</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">14,843</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><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>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><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; loan servicing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,453</TD><TD STYLE="text-align: left">&nbsp;</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">2,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,507</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; management fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">937</TD><TD STYLE="text-align: left">&nbsp;</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">1,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,603</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">574</TD><TD STYLE="text-align: left">&nbsp;</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">787</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">407</TD><TD STYLE="text-align: left">&nbsp;</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">821</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">Real estate operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113</TD><TD STYLE="text-align: left">&nbsp;</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</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">Other&nbsp;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">317</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">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">670</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">449</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: 27pt">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">3,801</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">3,135</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">7,252</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">5,353</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">6,887</TD><TD STYLE="text-align: left">&nbsp;</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">14,847</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: rgb(204,238,255)">
    <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">26</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><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">23</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: White">
    <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">6,861</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">5,659</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">14,824</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: 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">256</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">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">568</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 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,605</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,256</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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: 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.42</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.92</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.42</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.92</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Weighted average shares &ndash; 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">15,742,932</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">&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">15,524,725</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: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Weighted average shares &ndash; 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">16,389,126</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,174,164</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: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">The accompanying notes are
an integral part of the consolidated interim financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<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><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 <BR>
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, 2016</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 <BR>
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></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 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: 74%; text-align: left; padding-left: 9pt">Consolidated net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">14,824</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">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: 9pt">Adjustments to reconcile consolidated net income to net cash from operating activities</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: 0.5in">Stock-based management fee and compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">514</TD><TD STYLE="text-align: left">&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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,711</TD><TD STYLE="text-align: left">)</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">(Gain) loss on sale of property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,086</TD><TD STYLE="text-align: left">)</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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&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">Impairment of real estate owned</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</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-align: left; padding-left: 0.5in">Amortization of deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,889</TD><TD STYLE="text-align: left">&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: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Net change in operating assets and 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 STYLE="text-align: left; padding-left: 0.5in">Cash held in trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(343</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41</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">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(521</TD><TD STYLE="text-align: left">)</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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,505</TD><TD STYLE="text-align: left">)</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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(259</TD><TD STYLE="text-align: left">)</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, Management fee payable, 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">1,693</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">1,685</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: 1in">Net cash from operating activities</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">(4,294</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">(5,025</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 ACTIVITIES</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: 0.5in">Purchase of mortgage loans and related balances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(89,328</TD><TD STYLE="text-align: left">)</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: 0.5in">Principal paydowns on mortgage loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,595</TD><TD STYLE="text-align: left">&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="text-align: left; padding-left: 0.5in">Purchase of property held-for-sale and related balances</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">(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: 0.5in">Proceeds from sale of property held-for-sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,220</TD><TD STYLE="text-align: left">&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: 0.5in">Investment in equity method investee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,111</TD><TD STYLE="text-align: left">)</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-align: left; padding-left: 0.5in">Distribution from affiliate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95</TD><TD STYLE="text-align: left">&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: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Renovations of rental property and property held for sale</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">(478</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">(139</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: 1in">Net cash from investing activities</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">(62,007</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">(228,875</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: underline; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</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-left: 0.5in">Proceeds from repurchase transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,086</TD><TD STYLE="text-align: left">&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: White">
    <TD STYLE="text-align: left; padding-left: 0.5in">Proceeds from sale of secured notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,431</TD><TD STYLE="text-align: left">&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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.5in">Repayments on repurchase transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(73,379</TD><TD STYLE="text-align: left">)</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: White">
    <TD STYLE="text-align: left; padding-left: 0.5in">Repayments on secured notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,421</TD><TD STYLE="text-align: left">)</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.5in">Sale of common stock, net of offering costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,964</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; padding-left: 0.5in">Distribution to non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(305</TD><TD STYLE="text-align: left">)</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Dividends paid on common stock</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">(7,511</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1in">Net cash from financing activities</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">103,865</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">217,000</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">NET CHANGE IN CASH AND CASH EQUIVALENTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,900</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,795</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">53,099</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">CASH AND CASH EQUIVALENTS, end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">68,359</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">36,199</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">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</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; padding-left: 0.5in">Cash paid for interest</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,952</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,544</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-left: 0.5in">Cash paid for income taxes</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-decoration: underline; text-align: left">SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES</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; padding-left: 0.5in">Transfer of loans to rental property or property held-for-sale</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,930</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,965</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: 0.5in">Issuance of common stock for management and director fees</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">514</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">921</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: 0.5in">Transfer of property held-for-sale to loans</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">143</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">The accompanying notes are
an integral part of the consolidated interim financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.75in">(Dollars
in thousands except share data)</P>

<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: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common&nbsp;Stock</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additional&nbsp;Paid-in&nbsp;<BR>
Capital</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retained<BR> Earnings</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stockholders&rsquo;<BR> Equity</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-controlling<BR> Interest</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> Equity</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance at December 31, 2014</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">11,223,984</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 1pt solid; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">112</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">158,951</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 1pt solid; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">2,744</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">161,807</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 1pt solid; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">9,473</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">171,280</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-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">3,981,714</TD><TD STYLE="text-align: left">&nbsp;</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: rgb(204,238,255)">
    <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">-</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: White">
    <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">43,301</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><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: rgb(204,238,255)">
    <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">4,999</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><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: White">
    <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">-</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: rgb(204,238,255)">
    <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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,253,998</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">152</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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">218,792</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>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&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><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: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance at December 31, 2015</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">15,301,946</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">152</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">211,729</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,921</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">227,802</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,011</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">237,813</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; text-indent: -0.25in; padding-left: 0.25in">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">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,256</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,256</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,824</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">2,589,427</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,937</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">31,964</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">31,964</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 management fee expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,826</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">462</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">462</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">462</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 compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,324</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">52</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">52</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">52</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: -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">-</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">(7,511</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">(7,511</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">(305</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">(7,816</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance at June 30, 2016</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">17,924,523</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">179</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">244,180</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22,666</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">267,025</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,274</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">277,299</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">The accompanying notes are
an integral part of the consolidated interim financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></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>GREAT AJAX CORP. AND SUBSIDIARIES</B><BR>
<B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS </B><BR>
<B>June 30, 2016</B></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Note 1 &mdash; Organization and basis
of presentation</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">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 (&ldquo;RPL&rdquo;)
and non-performing (&ldquo;NPL&rdquo;) 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 has elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended
(the &ldquo;Code&rdquo;).</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 conducts substantially all of
its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership (the &ldquo;Operating
Partnership&rdquo;), 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. Great Ajax Funding LLC is a wholly owned subsidiary of the Operating Partnership formed 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. AJX Mortgage Trust I is a wholly owned subsidiary of the Operating Partnership formed to hold mortgage
loans used as collateral for financings under the Company&rsquo;s repurchase agreement. 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. GAJX Real Estate LLC is a wholly owned subsidiary of the Operating
Partnership formed to own, maintain, improve and sell REO properties purchased by the Company. The Company has elected to treat
GAJX Real Estate LLC as a TRS under the Code. During the three-months ended June 30, 2016, the Company formed FLAIAS LLC, a wholly
owned subsidiary of the operating partnership, to acquire property tax liens in the state of Florida.</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 commenced its operations in
July 2014, and completed its initial public offering, or IPO, on February 19, 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">The Company completed an additional public
offering of its common stock in June 2016, in which it sold an aggregate of 2,589,427 shares of common stock, including shares
sold pursuant to exercise of the option to purchase additional shares granted to the underwriters. The Company intends to use the
approximately $32.0 million of proceeds net of 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>


<!-- 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Basis of presentation and use of estimates</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">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, 2015 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;29,
2016.</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">Interim financial statements are unaudited
and 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 consolidated
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, 2016.</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 consolidated interim 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.</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">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, 2016, the Company owned 96.6% of the outstanding operating partnership
units (&ldquo;OP Units&rdquo;) and the remaining 3.4% of the OP Units were owned by an unaffiliated holder.</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&rsquo;s 19.8% investment in
the Manager is accounted for using the equity method because the Company 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: 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 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: 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">Note 2 &mdash; Summary of significant accounting policies</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">Mortgage loans</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">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 bid price for mortgage loans, the Company uses a proprietary discounted cash flow valuation model
to project expected cash flows, and consider alternate loan resolution probabilities, including liquidation or conversion to real
estate owned. Observable inputs to the model include 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: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Loans acquired with deterioration in credit
quality</B></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 loans acquired by the Company have generally
suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage
loans pursuant to ASC 310-30, (Accounting for Loans with Deterioration in Credit Quality<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #545454">).
</FONT>The Company&rsquo;s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable
expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected
to be collected are reasonably estimable, the Company uses expected cash flows to apply the interest method of income recognition.</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">Under ASC 310-30, acquired loans may be
aggregated and accounted for as a pool of loans if the loans 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">characteristics and are accounted for as a single loan pool
for loans acquired within each three-month calendar 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 calendar
quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the closing date but prior to pooling. Any
gain or loss incurred on these loans is recognized in other income in the period the loan pays 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 Company&rsquo;s accounting for loans
under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected
to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at
acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral.
The Company recognizes the accretable yield as interest income on a prospective level yield basis over the life of the pool. The
excess of a loan&rsquo;s contractually required payments receivable over the amount of cash flows expected at the acquisition
is the non-accretable amount. The Company&rsquo;s expectation of the amount of cash flows expected to be collected is evaluated
at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable
yield amount increases and the expected yield to maturity is adjusted on a prospective basis. If the Company expects to collect
lower cash flows over the life of the pool, the Company records an impairment through the allowance for loan losses.</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"><B>Loans acquired that have not experienced a deterioration
in credit quality</B></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">While the Company generally acquires loans
that have experienced deterioration in credit quality, it may, from time to time, acquire loans that have not missed a scheduled
payment and have not experienced a deterioration in credit quality.</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">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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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. 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. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable
value of the underlying collateral falls below net book value.</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">If necessary, an 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: 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">Real estate</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 acquires real estate properties
when it forecloses on the borrower and takes title to the underlying property (real estate owned or REO). Property is recorded
at cost if purchased, or at the present value of future cash flows 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 its acquisition basis, net realizable value (fair market value less expected selling costs), appraisals or independent
broker price opinion (BPOs). Net unrealized losses due to changes in market value are recognized through a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0in">valuation allowance by charges to income.
No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred.</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">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. Property is held for investment
as rental property if the modeled present value of the future expected cash flows from use as a rental exceed the present value
of expected cash flows from a sale. Depreciation is provided for using the straight-line method over the estimated useful lives
of the assets of three to 27.5 years. The Company performs an impairment analysis for all rental property not held-for-sale 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. The 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secured borrowings</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, through securitization trusts,
issues callable debt secured by its mortgage loans in the ordinary course of business.&nbsp; The secured borrowings are structured
as debt financings, and the loans remain on the Company&rsquo;s balance sheet as the Company is the primary beneficiary of the
securitization trusts, which are variable interest entities (VIEs). These secured borrowing 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 generally limited to its investments in the entities; the creditors
do not have recourse to the primary beneficiary. Coupon interest on the debt is recognized using the accrual method of accounting.&nbsp;
Deferred issuance costs, including original issue discount and debt issuance costs, are amortized on an effective yield basis based
on the underlying cash flow of the mortgage loans.&nbsp; The Company assumes the debt will be called at the specified call date
for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call
the debt on the call date.&nbsp; Changes in the actual or projected underlying cash flows are reflected in the timing and amount
of deferred issuance cost amortization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Repurchase facilities</B></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 enters into repurchase financing
facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the
sold assets at a price equal to the sold 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. <FONT STYLE="font-family: Times New Roman, Times, Serif">At
the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing
including any accrued interest and concurrently receives back its pledged collateral from the lender.</FONT> The repurchase financings
are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company&rsquo;s consolidated
balance sheets, and debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual
basis. Costs associated with the set-up of a repurchasing contract are recorded as prepaid expense at inception and amortized over
the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on
the amounts outstanding are recorded as prepaid expense when incurred and amortized over the contractual life of the related borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management fee and expense reimbursement</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">Under the management agreement with the
Manager (the &ldquo;Management Agreement&rdquo;), 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 Note
9 &mdash; Related party transactions.</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">Servicing fees</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">Under the Company&rsquo;s Servicing Agreement,
Gregory receives servicing fees of 0.65% annually of the Unpaid Principal Balance (UPB) for loans that are re-performing at acquisition
and 1.25% annually of UPB for loans that are non-performing at acquisition. Servicing fees are paid monthly. The total fees incurred
by the Company 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 do not change if a re-performing loan becomes non-performing or vice versa. Servicing fees for
the Company&rsquo;s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior
to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually
of the purchase price of any REO otherwise purchased by the Company. 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 Note 9 &mdash; Related
party transactions.</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">Stock-based payments</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 Management Agreement provides for the
payment to the Manager of a management fee. The Company pays a portion of the management fee in cash, and a portion 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. On October 27, 2015, the Company entered into an amended and restated management agreement with the Manager
(the &ldquo;Amended and Restated Agreement&rdquo;), which amended the portion of the base management fee and manager&rsquo;s incentive
fee to be payable in cash and shares of the Company&rsquo;s common stock retroactive to July 1, 2015. 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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 June 7, 2016, the Company&rsquo;s
stockholders approved the 2016 Equity Incentive Plan (the &ldquo;2016 Plan&rdquo;), to attract and retain non-employee directors,
executive officers, key employees and service providers, including officers and employees of the Company&rsquo;s affiliates. The
2016 Plan authorized the adoption of up to 5% of outstanding shares on a fully diluted basis (assuming, if applicable, the exercise
of all outstanding options and the conversion of all warrants and convertible securities, including OP Units and LTIP units, into
shares of common stock). At the time of the adoption of the 2016 Plan, there were 793,905 shares available under for distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Directors&rsquo; fees</B></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 expense related to directors&rsquo;
fees is accrued and, the portion payable in common stock is reflected in stockholders&rsquo; equity in the period in which it is
incurred.</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"><B>Variable interest entities </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; text-indent: 0.5in">In the normal course of business, the Company
enters into various types transactions with special purpose entities (SPEs), which have primarily consisted of trusts established
for the Company&rsquo;s secured borrowings (See &ldquo;Secured Borrowings&rdquo; above and Note 8 to the financial statements).
&nbsp;Additionally, from time to time, the Company may enter into joint ventures with unrelated entities.&nbsp; The Company evaluates
each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be
classified as a Variable Interest Entity (VIE). If an entity created in a transaction meets the definition of a VIE and the Company
determines that Great Ajax is the primary beneficiary, the Company will include the entity in its consolidated financial statements.</P>

<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">Cash and cash equivalents</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">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Cash held in trust</B></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">Cash held in trust consists of cash balances
legally due to lenders, and is segregated from the Company&rsquo;s other cash deposits. Cash held in trust is not available to
the Company for any purposes other than the settlement of existing obligations to the lender.</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">Earnings per share</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">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 and dilutive securities 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: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fair value of financial instruments</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">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 that 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: 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"><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: 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"><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: 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"><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: 0pt 0 0pt 0.75in; text-indent: -0.25in">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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 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.</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 calculates the fair value for
the senior debt consolidated on its balance sheet from securitization trusts by using the Company&rsquo;s proprietary pricing model
to estimate the cash flows expected to be generated from the underlying collateral with the discount rate used in the present value
calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Income taxes</B></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 elected 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 the Company 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 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">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 February 22, 2016, the Company received
a private letter ruling from the Internal Revenue Service regarding the consequences of owning the interest in our Manager through
its operating partnership. 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: 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 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: 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&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 furnishes
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: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Offering costs</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">Costs associated with the Company&rsquo;s
completed offerings 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reclassifications</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">Certain amounts in the Company&rsquo;s 2015
Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications
had no effect on previously reported net income or equity.</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"><B>Recently adopted accounting standards</B></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 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
implemented this amendment for the six months ended June 30, 2016. As a result of this implementation, there was no effect on the
application of the Company&rsquo;s consolidation policy.</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 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. In June 2015, the FASB issued ASU 2015-15, which acknowledges that the scope of ASU 2015-03 does not include line-of-credit
arrangements but indicates that the SEC staff would not object to an entity deferring and presenting debt issuance costs for a
line-of-credit borrowing arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the
term of the line-of-credit arrangement. The Company implemented this amendment during the three months ended March 31, 2016. The
result of this implementation was a reduction of approximately $4.9 million on the balance sheet in Prepaid expenses and other
assets, and an offsetting reduction of approximately $4.9 million in Secured borrowings, based on the Company&rsquo;s balance sheet
at March 31, 2016. There was no effect on the presentation of the Company&rsquo;s Borrowings under repurchase agreement in its
consolidated balance sheets as these borrowings are short-term in nature and as such are unaffected by the ASU. Additionally, there
was no effect on consolidated net income, or equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Recently issued accounting standards</B></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 May 2014, Financial Accounting Standards
Board (the &ldquo;FASB&rdquo;) 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.
In August 2015, the FASB issued ASU 2015-14 deferring the effective date for ASU 2014-09 to annual reporting periods beginning
after December 15, 2017, including interim periods within that reporting period. Early adoption is not permitted. The Company is
evaluating the impact of this amendment on its consolidated financial statements.</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 January 2016, the FASB issued ASU 2016-01Financial
Instruments &ndash; Overall. ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of
financial instruments. Specifically the guidance (1) requires equity investments to be measured at fair value with changes in fair
value recognized in earnings, (2) simplifies the impairment assessment of equity investments without readily determinable fair
values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement to disclose the methods and
significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at
amortized cost, (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure
purposes, (5) requires an entity to present separately in other comprehensive income the portion of the total change in fair value
of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability
at fair value in accordance with the fair value option, (6) requires separate presentation of financial assets and liabilities
by measurement category and form on the balance sheet or the notes to the financial statements, and (7) clarifies that the need
for a valuation allowance on a deferred tax asset related to an available-for-sale security should be evaluated with other deferred
tax assets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption
permitted. The Company is currently evaluating the impact on its consolidated financial statements.</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 March 2016, the FASB issued ASU 2016-07
Investments &ndash; Equity Method and Joint Ventures which is intended to simplify the transition to the equity method of accounting.
The guidance eliminates the retrospective application of the equity method of accounting when obtaining significant influence over
a previously held investment. The guidance requires that an entity that has an available-for-sale equity security that becomes
qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other
comprehensive income at the date the investment becomes qualified for use of the equity method. This guidance is effective for
interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently
evaluating the impact on its consolidated financial statements.</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 March 2016, the FASB issued ASU 2016-09
Compensation &ndash; Stock Compensation. The guidance primarily simplifies the accounting for employee share-based payment transactions,
including a new requirement to record all of the income tax effects at settlement or expiration through the income statement, classification
of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for interim
and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating
the impact on its consolidated financial statements.</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 June 2016, the FASB issued ASU 2016-13
Financial Instruments &ndash; Credit Losses. The main objective of this guidance is to provide financial statement users with more
decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held
by a reporting entity. To achieve this, the amendments in this guidance replaces the incurred loss impairment methodology in current
U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and
supportable information to inform credit loss estimates. Specifically, the amendments in this guidance requires a financial asset
(or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The
measurement of expected credit losses is based on relevant information about past events, including historical experience, current
conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use
judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This guidance
is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted, beginning
with fiscal years after December 15, 2018. The Company is currently evaluating the impact on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">Included
on the Company&rsquo;s consolidated balance sheet as of June 30, 2016 and December 31, 2015, are approximately $630.5 million and
$554.9 million, respectively, of residential and small business commercial whole loans at carrying value. The carrying value reflects
the original investment amount, plus accretion of interest income, less principal and interest cash flows received. The carrying
value is decreased by the allowance for losses, if any. To date, the Company has not recorded an allowance for losses against its
purchased mortgage loans.</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">The Company&rsquo;s mortgage loans are secured
by real estate. The Company categorizes mortgage loans as &ldquo;re-performing&rdquo; and as &ldquo;non-performing&rdquo; at acquisition
and 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: 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 information
regarding the accretable yield and non-accretable amount for loans acquired during the following periods. The Company&rsquo;s
loan acquisitions for the three and six months ended June 30, 2016 consisted entirely of re-performing loans; no non-performing
loans were acquired in either of the 2016 periods ($ in thousands):</P>

<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><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2016</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Acquisitions</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Re-performing<BR>
    loans</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Non-performing<BR>
    loans</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Re-performing<BR>
    loans</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Non-performing<BR>
    loans</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Contractually required principal and interest</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">120,524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">332,571</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">31,827</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non-accretable amount</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">(48,244</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">-</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">(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></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">72,280</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">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></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">(20,152</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">-</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">(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></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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">52,128</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">150,388</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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></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="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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2016</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; padding-bottom: 1pt"><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">Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</FONT></TD><TD NOWRAP STYLE="font-weight: bold; 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-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">Re-performing<BR>
    loans</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">Non-performing<BR>
    loans</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">Re-performing<BR>
    loans</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">Non-performing<BR>
    loans</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: 48%; text-align: left">Contractually required principal and interest</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">202,703</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non-accretable amount</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">(77,392</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">-</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">(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></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">125,311</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">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></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">(36,005</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">-</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">(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></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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">89,306</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">214,219</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 the change
in the accretable yield for the total loan portfolio for the following periods ($ in thousands):</P>

<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="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Accretable&nbsp;yield</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><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">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2016</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</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">Re-performing<BR>
    loans</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">Non-performing<BR>
    loans</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">Re-performing&nbsp;<BR>
loans</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">Non-performing<BR>
    loans</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: 48%">Balance at beginning of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">138,768</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">16,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">74,045</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">22,604</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></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">20,152</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">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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Accretion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,317</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,057</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,739</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,054</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Reclassification from (to) non-accretable amount, net</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">39,570</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">2,204</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">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">184,173</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,298</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></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><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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2016</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</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">Re-performing<BR>
    loans</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">Non-performing<BR>
    loans</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">Re-performing<BR>
    loans</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">Non-performing<BR>
    loans</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: 48%">Balance at beginning of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">136,455</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">18,425</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></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">36,005</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">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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Accretion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,857</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,331</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,688</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,989</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Reclassification from (to) non-accretable amount, net</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">39,570</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">2,204</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">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">184,173</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,298</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></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; text-indent: 0.5in">For the three and six month periods ended
June 30, 2016, and June 30, 2015, the Company recognized no provision for loan loss. For the three and six month periods ended
June 30, 2016, the Company accreted $16.4 million and $32.2 million, respectively, into interest income with respect to its loan
portfolio. For the three and six month periods ended and June 30, 2015, the Company accreted $10.8 million and $17.7 million, respectively,
into interest income with respect to its loan portfolio.</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">During the three months ended June 30, 2016,
the Company reclassified $39.6 million and $2.2 million from non-accretable amount to accretable yield for its re-performing and
non-performing loans, respectively. The reclassification is based on an updated assessment of projected loan cash flows as compared
to the projection at the acquisition date.&nbsp; Substantially fewer loans are defaulting than originally projected at acquisition,
resulting in greater total cash flows being collected over a longer period of time.&nbsp; Performing loans &nbsp;have a longer
duration than non-performing loans and generate higher cash flows over the expected life of the loan.&nbsp;</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 carrying
value of the Company&rsquo;s mortgage loans, and related UPB by delinquency status as of June 30, 2016 and December 31, 2015 ($
in thousands):</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="text-align: left"><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,
    2016</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,
    2015</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="text-align: left"><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">Number<BR>
    of&nbsp;loans</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</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">Unpaid<BR>
    principal<BR> balance</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">Number<BR>
    of&nbsp;loans</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</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">Unpaid<BR>
    principal<BR> balance</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: 34%; text-align: left">Current</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,539</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">274,302</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">349,329</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">1,161</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">212,469</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">272,577</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">578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,919</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,873</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">298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,781</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">733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,435</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,177</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; text-align: left">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">388</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">73,885</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">100,171</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">404</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">75,464</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">107,301</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">3,536</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">630,534</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">805,571</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">3,249</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">554,877</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">725,709</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>


<!-- 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></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">Note 4 &mdash; Real estate assets</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Company
primarily acquires REO when a mortgage loan is foreclosed upon and the Company takes title to the property on the foreclosure date.
Additionally, from time to time, the Company will acquire real estate assets in purchase transactions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">At June
30, 2016, the Company held 103 residential properties with a carrying value of $14.4 million that were acquired through foreclosure
and have been reclassified out of its Mortgage Loan Portfolio. As of December 31, 2015, the Company held 55 residential properties
with a carrying value of $6.8 million that were acquired through foreclosure and reclassified out of its Mortgage Loan Portfolio.</FONT></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">Rental property</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, 2016, the Company owned 3
REO properties with an aggregate carrying value of $0.8 million held for investment as rentals, at which time all of the properties
were rented. None of these properties were acquired during the three-months ended June 30, 2016, through foreclosures, and none
were transferred from Property held-for sale. As of December 31, 2015, the Company had one REO property having an aggregate carrying
value of $0.1 million held for use as a rental, which was rented at that time.</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">Property held-for-sale</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 classifies REO as property
held-for sale if the property does not meet its residential rental property investment criteria. For the three-month periods ended
June 30, 2016 and June 30, 2015, the Company moved 41 and 20 REO properties having aggregate carrying values of $4.8 million
and $2.8 million, respectively, to real estate held-for-sale from its mortgage loan portfolio. For the six-month periods
ended June 30, 2016 and June 30, 2015, the Company moved 80 and 45 REO properties having aggregate carrying values of $9.4
million and $7.7 million, respectively, to real estate held-for-sale from its mortgage loan portfolio. As of the periods ended June 30, 2016 and December 31, 2015, the Company&rsquo;s net investments in REO held-for-sale were $16.6
million and $10.3 million, respectively.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dispositions</B></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">During the three months ended June 30, 2016
and June 30, 2015, the Company sold 21 and 3 REO properties, realizing net gains of approximately $0.5 million and $27,000, respectively,
which are included in Other income on the Company&rsquo;s consolidated statements of income. During the six months ended June 30,
2016 and 2015, the Company sold 39 and 4 REO properties realizing gains, net of selling expenses, commissions and other costs,
of approximately $1.1 million and $22,000 respectively. In addition, following an updated assessment of liquidation amounts expected
to be realized that was performed on all REO held at the end of the quarter, a downward adjustment of approximately $0.2 million
was recorded to reflect certain REO properties at the lower of cost or estimated fair value for the three and six months ended
June 30, 2016, respectively. The Company did not record any lower of cost or estimated fair market value adjustment in 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The following
table presents the activity in the Company&rsquo;s carrying value of REO held-for-sale for the three months and six months ended
June 30, 2016 and June 30, 2015 <I>(in thousands</I>):</FONT></P>

<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">Property Held-for-sale</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><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">Three
    months ended</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six
    months ended</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">June
    30,&nbsp;2016</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">June
    30, 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="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June
    30, 2016</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">June
    30, 2015</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: 56%">Balance at beginning of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">13,380</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">5,541</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">10,333</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,316</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">Transfers from mortgage loans</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,019</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,574</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,851</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,669</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">Adjustments to record at lower of cost or fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(154</TD><TD STYLE="text-align: left">)</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">(200</TD><TD STYLE="text-align: left">)</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: White">
    <TD>Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,324</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(326</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,137</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(363</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Other</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">630</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">229</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">704</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">396</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">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,551</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,018</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,551</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,018</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: 0in"><B>&nbsp;</B></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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Note 5 &mdash; Fair value </B></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 tables set forth the fair
value of financial assets and liabilities by level within the fair value hierarchy as of June 30, 2016 and December 31, 2015 ($
in thousands):</P>

<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><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="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Level&nbsp;1</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">Level&nbsp;2</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">Level&nbsp;3</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; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June&nbsp;30,&nbsp;2016</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</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">Quoted&nbsp;prices&nbsp;in<BR>
    active&nbsp;markets</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">Observable&nbsp;inputs<BR>
    other&nbsp;than&nbsp;Level&nbsp;1<BR> prices</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">Unobservable<BR>
    inputs</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="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">$</TD><TD STYLE="width: 10%; text-align: right">630,534</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">689,075</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">Secured borrowings, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">346,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">341,245</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">Borrowings under repurchase agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,240</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>
</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><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="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Level&nbsp;1</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">Level&nbsp;2</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">Level&nbsp;3</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; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December&nbsp;31,&nbsp;2015</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</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">Quoted&nbsp;prices&nbsp;in<BR>
    active&nbsp;markets</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">Observable&nbsp;inputs<BR>
    other&nbsp;than&nbsp;Level&nbsp;1<BR> prices</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">Unobservable<BR>
    inputs</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="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">$</TD><TD STYLE="width: 10%; text-align: right">554,877</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">627,112</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">Secured borrowings, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">265,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">259,649</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">Borrowings under repurchase agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">104,533</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">104,533</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>
</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 Company has not transferred any assets
from one level to another level during either the three or six months ended June 30, 2016 or the three or six months ended June
30, 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">The carrying values of its cash and cash
equivalents, cash held in trust, receivable from servicer, investment in affiliates, prepaid expenses and other assets, management
fee payable and accrued expenses and other liabilities are equal to or approximate 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 an internal valuation based upon recent comparable selling prices.</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&rsquo;s borrowings under repurchase
transactions are short-term in nature, and the Company&rsquo;s management believes it can renew the current borrowing arrangements
on similar terms in the future. Accordingly, the fair value of these borrowings approximates carrying value.</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 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 based upon the present value of future expected cash flows of the loans being transferred.</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">Significant changes to any of the unobservable
inputs used in the fair value measurement of the Company&rsquo;s mortgage loans including discount rates and loan resolution timelines
among others, 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, 2016 and December 31, 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="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Range of Values</B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="width: 64%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Input</B></FONT></td>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="width: 14%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>June 30,
    2016</B></FONT></td>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>December
    31, 2015</B></FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Equity discount rate &ndash; Re-performing loans</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">7% - 14%</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">7% - 14%</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><font style="font-size: 10pt">Equity discount rate &ndash; Non-performing loans</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">10% - 18%</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">10% - 18%</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Cost of debt</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">4.25%</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">4.25%</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><font style="font-size: 10pt">Loan resolution timelines &ndash; Re-performing loans (in years)</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">4 - 7</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">4 - 7</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Loan resolution timelines &ndash; Non-performing loans (in years)</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">1.4 - 4</font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">1.4 - 4</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></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">Note 6 &mdash; Unconsolidated affiliates</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 holds a 40.5% interest in a
Delaware trust, GA-E 2014-12, which holds an economic interest in a single small-balance commercial loan secured by a commercial
property in Portland, Oregon.</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">Upon the closing of the Company&rsquo;s
original private placement in July 2014, the Company received a 19.8% equity interest in Thetis, a privately held company for which
there is no public market for its securities. The Company accounts for its investment in Thetis using the equity method.</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 March 14, 2016, the Company formed AS
Ajax E LLC, to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate
assets. DoubleLine Capital LP, an independent third party, owns 95% of the Trust. Through AS Ajax E LLC, in which the Company
holds a 24% interest, the Company owns 1.2% of the Trust, and other investors own 3.8% of the Trust. The Company accounts
for its investment in AS Ajax E LLC using the equity method.</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 table below shows the net income, assets
and liabilities for the Company&rsquo;s unconsolidated affiliates at 100%, and at the Company&rsquo;s share (<I>dollars in thousands</I>):</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"><B>Net income, assets and liabilities at 100%</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Net income at 100%</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; 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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Three
    months ended June 30,</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six
    months ended June 30,</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><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">2016</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">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="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</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">2015</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: 48%">GA-E 2014-12</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">191</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">221</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">384</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">423</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Thetis Asset Management</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">231</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">295</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">500</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">AS Ajax E LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57</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>
</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: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold">Assets and liabilities at 100%</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June
    30, 2016</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December
    31, 2015</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><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">Assets</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">Liabilities</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">Assets</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">Liabilities</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: 48%">GA-E 2014-12</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">6,120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,763</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Thetis Asset Management</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">520</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">AS Ajax E LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3</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">-</TD><TD STYLE="text-align: left">&nbsp;</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"><B>Net income, assets and liabilities at Company share</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Net income at Company share</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Three
    months ended June 30,</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six
    months ended June 30,</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><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">2016</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">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="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</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">2015</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: 48%">GA-E 2014-12</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">77</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</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">$</TD><TD STYLE="width: 10%; text-align: right">156</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">171</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Thetis Asset Management</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">99</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">AS Ajax E LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1</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>
</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: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold">Assets and liabilities at Company share</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June
    30, 2016</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December
    31, 2015</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><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">Assets</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">Liabilities</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">Assets</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">Liabilities</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: 48%">GA-E 2014-12</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,479</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,334</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Thetis Asset Management</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">103</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">AS Ajax E LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</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>
</TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note 7 &mdash; Commitments and contingencies</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 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: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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, 2016, the Company had commitments
to purchase 1,063 RPLs secured by single and one-to-four family residences with aggregate UPB of $189.3 million.</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">Litigation, claims and assessments</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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, 2016, the Company was not a party to, and its properties were not 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: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note 8 &mdash; Debt</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">Repurchase agreements</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, the Company entered
into a repurchase facility pursuant to which a newly formed Delaware statutory trust, AJX Mortgage Trust I (the &ldquo;Seller&rdquo;),
which is wholly owned by the Operating Partnership, 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. 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 a master repurchase agreement (the &ldquo;2014 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 at any point in time, with a simultaneous agreement by the Seller to repurchase such mortgage loans
and other property, as provided in the 2014 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 was amended
on May 13, 2015 to increase the transaction limit, and on November 24, 2015 to extend the termination date. The facility termination
date is November 22, 2016.</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 July 15, 2016, the Company entered into
a repurchase financing arrangement, as Seller, with JPMorgan Chase Bank, N.A., as Buyer, under which it will sell to Buyer the
beneficial interests in mortgage loans and will pledge to Buyer the beneficial interests in such assets, with a simultaneous agreement
by Buyer to transfer to the Company and the Company to repurchase such assets on a future date. The arrangement terminates on July
12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5% and an annual percentage facility fee of 25 basis
points on the committed amount.</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 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 its 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">Additionally, we have sold subordinate securities
from our mortgage securitizations in repurchase transactions. The following table sets forth the details of the repurchase transactions
($ in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 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;2016</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Origination&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">Amount<BR>
    &nbsp;of<BR> &nbsp;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&nbsp;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: 29%">September 9, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%">March 9, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,730</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,730</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">22,470</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">3.00</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>September 30, 2016</TD><TD>&nbsp;</TD>
    <TD>March 30, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.01</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>November 22, 2016</TD><TD>&nbsp;</TD>
    <TD>November 24, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.19</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">December 23, 2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">June 23, 2016</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">9,419</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">9,419</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">13,391</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">2.91</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Totals</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</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">235,807</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">102,240</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">160,339</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.77</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<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 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">December&nbsp;31,&nbsp;2015</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; border-bottom: Black 1pt solid; text-align: center"><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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Origination&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">Amount<BR>
    &nbsp;of<BR> &nbsp;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&nbsp;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: 29%">March 30, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%">September 30, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,838</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,838</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">15,483</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">2.53</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>June 23, 2016</TD><TD>&nbsp;</TD>
    <TD>December 23, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.91</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">November 22, 2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>November 24, 2015</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">200,000</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">84,321</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">135,736</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">4.17</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">Totals</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</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">220,212</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">104,533</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">164,610</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">3.91</TD><TD STYLE="padding-bottom: 2.5pt; 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">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, 2016 and December 31, 2015.</P>

<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><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="6" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Gross amounts
    not offset in balance sheet</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><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></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Balance sheet 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">Gross
    amount of <BR> recognized liabilities</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">Gross
    amount <BR> pledged as <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">Net
    amount</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: 61%; padding-bottom: 1pt">June 30, 2016</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">102,240</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">160,339</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 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">58,099</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">December 31, 2015</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">104,533</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">164,610</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60,077</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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">Secured borrowings</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, 2016, the Company has completed six 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 VIEs. 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 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: 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&rsquo;s securitizations are
structured with Class A notes, Class B notes, and trust certificates which have rights to the residual interests in the mortgages
once the notes are repaid. For each of the Company&rsquo;s six securitizations through June 30, 2016, 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 trusts after the Class A notes and Class&nbsp;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>


<!-- 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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:</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="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">Original
    Principal</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: 39%; 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">Class A notes due 2057</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 21%">$45 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2057<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$8 million</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>(1) (3) </sup></font></TD><TD>&nbsp;</TD>
    <TD>$8 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$20.4 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(0.9) million</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>&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">Class A notes due 2054</TD><TD>&nbsp;</TD>
    <TD>$41.2 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2054<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$13.7 million</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>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$13.7 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$22.9 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(0.8) million</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>&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">Class A notes due 2054</TD><TD>&nbsp;</TD>
    <TD>$35.6 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2054<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$8.7 million</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>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$8.7 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$22.8 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(0.8) million</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>&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-B / July 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Class A notes due 2060</TD><TD>&nbsp;</TD>
    <TD>$87.2 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2060<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$15.9 million</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 2060<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$7.9 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$47.5 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(1.5) million</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>&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-C / November 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Class A notes due 2057</TD><TD>&nbsp;</TD>
    <TD>$82.0 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2057<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$6.5 million</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 2057<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$6.5 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$35.1 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(2.7) million</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>&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 2016-A/ April 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Class A notes due 2064</TD><TD>&nbsp;</TD>
    <TD>$101.4 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B-1 notes due 2064<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD>$7.9 million</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 2064<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD>$7.9 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Trust certificates <sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$41.3 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(2.7) million</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;<B>&nbsp;</B></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 0pt 0.25in; text-indent: -0.25in"><B></B></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 B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes.
The Company has retained the Class B notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">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, the
Company is 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">These securities are encumbered under a repurchase agreement.</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">Servicing for the mortgage loans in the
Company&rsquo;s securitizations is provided by the Servicer at a servicing fee rate of 0.65% annually of UPB for loans that are
re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition, and is paid monthly. The
following table sets forth the status of the notes held by others at June 30, 2016, December 31, 2015, and the securitization cutoff
date ($ in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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="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;2016</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="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;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="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&nbsp;cutoff
    date</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">Class&nbsp;of&nbsp;Notes</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> mortgages</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">Bond<BR>
    principal<BR> balance</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> mortgages</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">Bond<BR>
    principal<BR> balance</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">Mortgage<BR>
    UPB</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">Bond&nbsp;Principal<BR>
    Balance</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: 22%">2014-A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">53,606</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">34,659</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">55,098</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">36,463</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">64,696</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,919</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,646</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>2015-A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,673</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>2015-B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,305</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,174</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>2015-C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,824</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,982</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">2016-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">118,778</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">99,309</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">158,485</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">101,431</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">504,885</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">352,590</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">398,696</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">270,580</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">695,888</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">392,421</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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: 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">Note 9 &mdash; Related party transactions</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&rsquo;s consolidated statements
of income included the following significant related party transactions ($ in thousands):</P>

<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="text-align: left; vertical-align: top"><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="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2016</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><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</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Counterparty</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">Consolidated<BR>
    Statement&nbsp;of<BR> Income&nbsp;location</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</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Counterparty</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">Consolidated<BR>
    Statement&nbsp;of<BR> Income&nbsp;location</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 18%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Loan servicing fees</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">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">1,453</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: left"><FONT STYLE="font-size: 8pt">Related party expense-loan servicing fees</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">851</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: 10%"><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: left"><FONT STYLE="font-size: 8pt">Related party expense-loan servicing fees</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Management fee</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">937</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><FONT STYLE="font-size: 8pt">Thetis</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Related party expense-management fee</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">856</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><FONT STYLE="font-size: 8pt">Thetis</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Related party expense-management fee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Due diligence and related loan acquisition costs</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</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><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loan transaction expense</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><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loan transaction expense</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><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; vertical-align: top"><FONT STYLE="font-size: 8pt">Expense reimbursements</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">-</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: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><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">-</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">Aspen Yo</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Professional fees</FONT></TD></TR>
</TABLE>

<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="text-align: left; vertical-align: top"><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="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2016</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><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</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Counterparty</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">Consolidated<BR>
    Statement&nbsp;of<BR> Income&nbsp;location</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</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Counterparty</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">Consolidated<BR>
    Statement&nbsp;of<BR> Income&nbsp;location</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 18%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Loan servicing fees</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">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">2,856</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: left"><FONT STYLE="font-size: 8pt">Related party expense-loan servicing fees</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">1,507</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: 10%"><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: left"><FONT STYLE="font-size: 8pt">Related party expense-loan servicing fees</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Management fee</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">1,843</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><FONT STYLE="font-size: 8pt">Thetis</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Related party expense-management fee</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">1,603</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><FONT STYLE="font-size: 8pt">Thetis</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Related party expense-management fee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Due diligence and related loan acquisition costs</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">50</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><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loan transaction expense</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">19</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><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loan transaction expense</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><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; vertical-align: top"><FONT STYLE="font-size: 8pt">Expense reimbursements</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">-</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><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><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</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">Aspen Yo</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Professional fees</FONT></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; text-indent: 0.5in">The Company&rsquo;s consolidated balance
sheets included the following significant related party balances ($ in thousands):</P>

<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="text-align: left; vertical-align: top"><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="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June&nbsp;30,&nbsp;2016</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December&nbsp;31,&nbsp;2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><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</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Counterparty</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">Consolidated&nbsp;Balance<BR>
    sheet&nbsp;location</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</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Counterparty</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">Consolidated&nbsp;Balance<BR>
    Sheet&nbsp;Location</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 18%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Receivables from Servicer</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">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">6,949</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: left"><FONT STYLE="font-size: 8pt">Receivable from servicer</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">5,444</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: 10%"><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: left"><FONT STYLE="font-size: 8pt">Receivable from servicer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Management fee payable</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">703</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><FONT STYLE="font-size: 8pt">Thetis</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Management fee payable</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">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><FONT STYLE="font-size: 8pt">Thetis</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Management fee payable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Servicing fees payable</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><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Accrued expenses and other liabilities</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">152</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><FONT STYLE="font-size: 8pt">Gregory</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Accrued expenses and other liabilities</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Expense reimbursement receivable</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">-</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><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><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">37</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><FONT STYLE="font-size: 8pt">Thetis</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Prepaid expenses and other assets</FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Management Agreement</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 July 8, 2014, the Company entered into
the Management Agreementwith the Manager, which has a 15-year term. 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 (other than its Chief Financial Officer) and does not expect to have any other 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 Servicer.</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">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: 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 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)&nbsp;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 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.</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 initial $1 million of the quarterly
base management fee will be payable 75% in cash and 25% in shares of the Company&rsquo;s common stock. Any amount of the base management
fee in excess of $1 million will be payable in shares of the Company&rsquo;s common stock until payment is 50% in cash and 50%
in shares (the &ldquo;50/50 split&rdquo;). Any remaining amount of the quarterly base management fee after the 50/50 split threshold
is reached will be payable in equal amounts of cash and shares. As for the Manager&rsquo;s Incentive Fee, in the event that the
payment of the quarterly base management fee has not reached the 50/50 split, all of the incentive fee will be payable in shares
of the Company&rsquo;s common stock until the 50/50 split occurs. In the event that the total payment of the quarterly base management
fee and the incentive fee has reached the 50/50 split, 20% of the remaining incentive fee is payable in shares of the Company&rsquo;s
common stock and 80% of the remaining incentive fee 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: 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 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0in">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: 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 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: 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 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 the Company defaults 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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Servicing fees are 0.65% annually of UPB
for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition, and
are paid monthly. The total fees incurred by the Company 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 do not change if a performing loan becomes non-performing
or vice versa. Servicing fees for the Company&rsquo;s real property assets are the greater of (i) the servicing fee applicable
to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably
determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company.</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 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 the Company 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trademark Licenses</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">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 use of the name &ldquo;Thetis.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note 10 &mdash; Stock-based payments and director fees</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">Pursuant to the terms of the Management
Agreement, the Company pays a portion 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 its common stock on the NYSE
on the five business days after the date on which the most recent regular quarterly dividend to holders of its common stock is
paid. The Company paid the Manager a base management fee for the three and six months ended June 30, 2016 of $0.9 million and $1.8
million, respectively, of which the Company paid $0.2 million and $0.5 million, respectively, in 15,684 and 30,600 shares, respectively,
of its common stock. The shares issued to the Manager are restricted securities subject to transfer restrictions.</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 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: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

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

<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><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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">For&nbsp;the&nbsp;three-months&nbsp;ended<BR>
    &nbsp;June&nbsp;30,&nbsp;2016</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">For&nbsp;the&nbsp;three-months&nbsp;ended&nbsp;<BR>
    June&nbsp;30,&nbsp;2015</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">Number&nbsp;of<BR>
    shares</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"><B>Amount&nbsp;of</B><br>
    <B>expense</B><br> <B>recognized<SUP>(1)</SUP></B></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">Number&nbsp;of<BR>
    shares</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"><B>Amount&nbsp;of</B><br>
    <B>expense</B><br> <B>recognized<SUP>(1)</SUP></B></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: 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">15,684</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">234</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">29,790</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">411</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">1,672</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">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></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">17,356</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">259</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,530</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">436</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><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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">For&nbsp;the&nbsp;six-months&nbsp;ended<BR>
    &nbsp;June&nbsp;30,&nbsp;2016</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="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">For&nbsp;the&nbsp;six-months&nbsp;ended&nbsp;<BR>
    June&nbsp;30,&nbsp;2015</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">Number&nbsp;of<BR>
    shares</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"><B>Amount&nbsp;of</B><br>
    <B>expense</B><br> <B>recognized<SUP>(1)</SUP></B></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">Number&nbsp;of<BR>
    shares</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"><B>Amount&nbsp;of</B><br>
    <B>expense</B><br> <B>recognized<SUP>(1)</SUP></B></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: 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">30,600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">462</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">55,877</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</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">3,320</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">52</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">33,920</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">514</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">59,365</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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: 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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 activity
in its restricted stock plan ($ in thousands, except share and per share amounts):</P>

<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="padding-bottom: 1pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><B>Restricted&nbsp;stock</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of<BR>
    shares</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Per&nbsp;share<BR>
    value</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total&nbsp;cost&nbsp;of<BR>
    grant</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Grant&nbsp;expense<BR>
    recognized&nbsp;for&nbsp;the<BR> three&nbsp;months&nbsp;ended<BR> June&nbsp;30,&nbsp;2016</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Grant&nbsp;expense<BR>
    recognized&nbsp;for&nbsp;the&nbsp;six<BR> months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;<BR>
2016</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></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>&#9;</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">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</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">-</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</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">-</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">2</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>


<!-- 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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><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">Number&nbsp;of<BR>
    shares</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">Per&nbsp;share<BR>
    value</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">Total&nbsp;cost&nbsp;of<BR>
    grant</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">Grant&nbsp;expense<BR>
    recognized&nbsp;for&nbsp;the<BR> three&nbsp;months&nbsp;ended<BR> 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="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Grant&nbsp;expense<BR>
    recognized&nbsp;for&nbsp;the&nbsp;six<BR> months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;<BR>
2015</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: 35%"><font style="font-size: 10pt">July 8, 2014, Directors&rsquo; Grants<sup>(1)</sup>&#9;</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: 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"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note 11 &mdash; Income taxes</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 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: 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&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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Provisions for income taxes of $26,000 and
$23,000 were recorded for the three- and six-month periods ended June 30, 2016. Provisions for income taxes of $16,000 were recorded
for both the three- and six-month periods ended June 30, 2015, respectively. <B> </B>The Company recognized no deferred income
tax assets or liabilities on its consolidated balance sheet at June 30, 2016 or December 31, 2015. The Company also recorded no
interest or penalties for either of the three- or six-month periods ended June 30, 2016 or the three- or six-month periods ended
June 30, 2015.</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">Note 12 &mdash; Earnings per share</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 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: 0pt 0; text-indent: 0.5in">&nbsp;</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="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2016</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">Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</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">Income<BR>
    (Numerator)</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">Shares<BR>
    (Denominator)</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">Per&nbsp;Share<BR>
    Amount</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">Income<BR>
    (Numerator)</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">Shares<BR>
    (Denominator)</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">Per&nbsp;Share<BR>
    Amount</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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><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"><FONT STYLE="font-size: 8pt">Basic EPS</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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 34%; text-align: left"><FONT STYLE="font-size: 8pt">Consolidated income attributable to common stockholders</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">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">6,605</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">15,742,932</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">5,436</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: 8%; text-align: right"><FONT STYLE="font-size: 8pt">15,237,739</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: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><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; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Allocation of earning to participating restricted
    shares</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(9</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><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; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(17</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><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; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Consolidated income attributable to unrestricted
    common stockholders</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">6,596</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">15,742,932</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">0.42</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">5,419</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">15,237,739</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">0.36</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Effect of dilutive securities</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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Operating partnership units</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">257</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">624,106</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">&nbsp;</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">223</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">624,106</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">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Restricted stock grants and Manager and director
    fee shares</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">22,088</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><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; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">47,789</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><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; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Diluted EPS</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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Consolidated income attributable to common
    stockholders and dilutive securities</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">6,862</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">16,389,126</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">0.42</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">5,659</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">15,909,634</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">0.36</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><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">Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2016</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="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</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="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">Income<BR>
    (Numerator)</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">Shares<BR>
    (Denominator)</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">Per&nbsp;Share<BR>
    Amount</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">Income<BR>
    (Numerator)</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">Shares<BR>
    (Denominator)</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">Per&nbsp;Share<BR>
    Amount</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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><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"><FONT STYLE="font-size: 8pt">Basic EPS</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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 34%; text-align: left"><FONT STYLE="font-size: 8pt">Consolidated income attributable to common stockholders</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">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">14,256</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">15,524,725</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">9,076</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: 8%; text-align: right"><FONT STYLE="font-size: 8pt">14,129,162</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: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><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; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Allocation of earning to participating restricted
    shares</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(23</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><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; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(31</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><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; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Consolidated income attributable to unrestricted
    common stockholders</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">14,233</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">15,524,725</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">0.92</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">9,045</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">14,129,162</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">0.64</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Effect of dilutive securities</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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Operating partnership units</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">569</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">624,106</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">&nbsp;</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">398</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">624,106</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">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Restricted stock grants and Manager and director
    fee shares</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">25,333</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><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; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">31</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">48,051</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><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; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Diluted EPS</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><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><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><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><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><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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Consolidated income attributable to common
    stockholders and dilutive securities</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">14,825</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">16,174,164</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">0.92</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">9,474</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">14,801,319</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">0.64</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 13 &mdash; Subsequent events&nbsp;</B></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"><B>Director appointment</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; text-indent: 0.5in">On July 7, 2016, the Company&rsquo;s Board
of Directors appointed Paul Friedman to fill a vacancy on the Board. Mr. Friedman will serve as a member of the Audit Committee,
Compensation Committee and Nominating and Corporate Governance Committee. Mr. Friedman is an independent director, as defined by
the NYSE. In connection with his appointment, Mr. Friedman received a stock award of 2,000 shares of the Company&rsquo;s common
stock subject to a one-year vesting period pursuant to the 2014 Director Equity Plan. As a director, Mr. Friedman will be entitled
to an annual retainer of $50,000, payable quarterly, half in shares of the Company&rsquo;s common stock and half in cash.</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"><B>Repurchase facility</B></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 July 15, 2016, the Company entered into
a repurchase financing arrangement, as Seller, with JPMorgan Chase Bank, N.A., as Buyer, under which it will sell to Buyer the
beneficial interests in mortgage loans and will pledge to Buyer the beneficial interests in such assets, with a simultaneous agreement
by Buyer to transfer to the Company and the Company to repurchase such assets on a future date. The arrangement terminates on July
12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5%, and an annual percentage facility fee of 25 basis
points on the committed amount.</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">Dividend declaration</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 July 28, 2016 the Company&rsquo;s Board
of Directors declared a dividend of $0.25 per share, to be paid on August 31, 2016, to stockholders of record as of August 16,
2016.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">During July 2016, we completed the acquisitions
of 882 RPLs with aggregate UPB of $149.2 million in five transactions from five different sellers. The loans were acquired at 83.6%
of UPB and the estimated market value of the underlying collateral is $211.2 million. The purchase price equaled 59.1% of the estimated
market value of the underlying collateral. All of these acquisitions had closed as of July 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">Additionally, we have agreed to acquire,
subject to due diligence, 626 RPLs with aggregate UPB of $124.0 million in eight transactions from eight different sellers. The
purchase price equals 82.6% of UPB and 59.9% of the estimated market value of the underlying collateral of $171.0 million. We have
not entered into a definitive agreement with respect to these loans, and there is no assurance that we will enter into a definitive
agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&nbsp;</P>

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

<P STYLE="margin: 0">relating to these loans or, if such an agreement is executed, that we will actually close the acquisitions
or that the terms will not change.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management fees</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 1, 2016 the Company issued
15,684 shares of its common stock to the Manager in payment of the stock-based portion of the management fee due for the second
quarter of 2016 in a private transaction. The management fee expense associated with these shares was recorded as an expense in
the second quarter of 2016.</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">Directors&rsquo; retainer</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 1, 2016 the Company issued
each of its independent directors 418 shares of its common stock in payment of half of their quarterly director fees for the second
quarter of 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><A NAME="a_003"></A>CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS</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">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: 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 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: 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"><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: 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"><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: 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"><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: 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"><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: 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"><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: 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"><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: 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"><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: 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"><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: 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"><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: 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"><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: 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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to retain our Manager;</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"><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: 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"><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: 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"><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: 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"><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: 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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our failure to maintain qualification as a real estate investment trust (&ldquo;REIT&rdquo;);</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"><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: 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"><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: 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"><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: 0pt 0 0pt 0.5in; 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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_004"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
2.</FONT> Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</P>

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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">Overview</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">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. We commenced operations on July 8, 2014, and we completed our IPO on February
19, 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 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. On February 22,
2016, we received a Private Letter Ruling from the Internal Revenue Service in connection with our income earned through the Manager.&nbsp;
Currently, our interest in the Man<FONT STYLE="color: #1F497D">a</FONT>ger is held through a taxable REIT subsidiary and is subject
to federal and state income taxes.&nbsp; The ruling affirmed that we can generally own the Manager indirectly through our operating
partnership without the associated income impacting our applicable REIT testing requirements.&nbsp; Consistent with the ruling,
we are currently exploring options for transferring our interest in the Manager to our operating partnership. Great Ajax Funding
LLC is a wholly owned subsidiary of the operating partnership formed 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.
AJX Mortgage Trust I, a wholly owned subsidiary of the operating partnership, was formed in connection with a repurchase agreement.
GAJX Real Estate LLC, a<FONT STYLE="color: #231F20"> wholly owned subsidiary of the operating partnership, was formed to own, maintain,
improve and sell REO purchased by us. We have elected to treat </FONT>GAJX Real Estate LLC<FONT STYLE="color: #231F20"> as a TRS
under the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We 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 depends 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 enables us to meet the requirements for taxation as a REIT for U.S. federal income tax
purposes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Market Trends and Outlook</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 cyclical trends continue
to drive a significant realignment within the mortgage sector. These trends and their effects include:</P>

<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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>sustained low
                                         interest rates and elevated operating costs resulting from new regulatory requirements
                                         that continue to drive sales of residential mortgage assets by banks and other
                                         mortgage lenders;</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>declining home
                                         ownership due to rising prices, low inventory and increased down payment requirements
                                         that have increased the demand for single-family and multi-family residential
                                         rental properties;</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>rising home prices are increasing homeowner equity and reducing the incidence of strategic default;</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>low interest
                                         rates combined with rising prices has resulted in millions of homeowners being in the
                                         money to refinance 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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Dodd-Frank risk retention rules for asset backed securities have reduced the universe of participants in the securitization
markets.</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 current market landscape is also generating
new opportunities in residential mortgage-related whole loan strategies. The origination of subprime and alternative residential
mortgage loans remain substantially below 2008 levels and the new qualified mortgage and ability-to-repay rule requirements has
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: 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 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 for
the foreseeable future.</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 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: 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 investments
in re-performing single family residential loans provide the optimal investment value. As a result, we focus our investments in
pools of re-performing loans and are no longer actively acquiring pools of non-performing loans.</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 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0in">mortgage loans as property values have begun
to increase. We continually monitor opportunities to increase our holdings of these smaller commercial mortgage loans and properties.</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">Factors That May Affect Our Operating
Results</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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"><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 home price appreciation (&ldquo;HPA&rdquo;) 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: 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"><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 generally
                                         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: 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"><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: 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"><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 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: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 our balance sheet. In
October 2014, November 2014, May 2015, July 2015, October 2015 and April 2016, 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.</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">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: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0in">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: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Critical Accounting Policies and Estimates</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">Various elements of our accounting policies,
by their nature, are inherently subject to estimation techniques, and other subjective assessments. In particular, we have identified
three policies that, due to the judgment and estimates inherent in those policies, are critical to understanding of our consolidated
financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0in">statements. These policies relate to (i)
accounting for interest income on our mortgage loan portfolio; (ii) accounting for interest expense on our secured borrowings;
and, (iii) accounting for interest expense on our borrowings under repurchase agreements. We believe that the judgment and estimates
used in the preparation of our consolidated financial statements are appropriate given the factual circumstances at the time.
However, given the sensitivity of our consolidated financial statements to these critical accounting policies, the use of other
judgments or estimates could result in material differences in our results of operations or financial condition. For further information
on our critical accounting policies, please refer to Note 2, Summary of significant accounting policies   in the notes to our interim consolidated financial statements.</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">Recent Accounting Pronouncements</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">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: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Emerging growth company</B><I>. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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: 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">Results of Operations</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-size: 10pt">For the</FONT>
<FONT STYLE="font-size: 10pt">three months and six months ended June 30, 2016, we had net income attributable to common stockholders
of $6.6 million and $14.3 million, or $0.42 and $0.92, respectively, for both basic and diluted common shares. For the three and
six months ended June 30, 2015, we had net income attributable to common stockholders of $5.4 million and $9.1 million, or $0.36
and $0.64, respectively, for both basic and diluted common shares. </FONT></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"><B>(Dollars in thousands except shares and per share data)</B></P>

<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>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="6" 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"><b>Three months ended June 30,</b></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(unaudited)</b></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="6" 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"><b>Six months ended June 30,</b></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(unaudited)</b></P></TD><TD NOWRAP>&nbsp;</TD></TR>
<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">2016</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">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">2016</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">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>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><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>&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="width: 48%; text-align: left">Loan interest income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">16,378</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">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">$</TD><TD STYLE="width: 10%; text-align: right">32,192</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,677</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">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">(6,063</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">(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">(11,050</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">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">10,315</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">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">21,142</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: White">
    <TD STYLE="padding-left: 0.5in">&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">Income from investment in manager</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104</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">327</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">222</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">867</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">406</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: 0.5in">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">10,688</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">8,810</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">22,099</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">14,843</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><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><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; loan servicing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,453</TD><TD STYLE="text-align: left">&nbsp;</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">2,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,507</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; management fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">937</TD><TD STYLE="text-align: left">&nbsp;</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">1,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,603</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">574</TD><TD STYLE="text-align: left">&nbsp;</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">787</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">407</TD><TD STYLE="text-align: left">&nbsp;</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">821</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">Real estate operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113</TD><TD STYLE="text-align: left">&nbsp;</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</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">Other&nbsp;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">317</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">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">670</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">449</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: 0.5in">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">3,801</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">3,135</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">7,252</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">5,353</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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">6,887</TD><TD STYLE="text-align: left">&nbsp;</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">14,847</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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provision (benefit) 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">26</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><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">23</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: White">
    <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">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,861</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,824</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</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: 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">256</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">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">568</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 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,605</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,256</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Net Interest Income</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; text-indent: 0.5in">Our primary source of income is accretion
earned on our mortgage loan portfolio offset by the interest expense incurred to fund portfolio acquisitions. Net interest income
on our mortgage loan portfolio increased to $10.3 million for the three months ended June 30, 2016 versus $8.5 million for the
three months ended June 30, 2015. Year to date net interest income increased to $21.1 million versus $14.3 million for the comparable
period in 2015. The key driver of increased net interest income was an increase in the average balance of our mortgage loan portfolio
offset by an increase in our secured borrowings as we continue to take advantage of favorable market conditions for issuing senior
bonds secured by our mortgage loans. The average balance of our mortgage loan portfolio increased to $607.9 million for the three
months ending June 30, 2016 versus $355.8 million for the three months ending June 30, 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">The average yield on our mortgage loan portfolio
declined versus the comparable periods in 2015 primarily due to an increase in the percentage of re-performing loans.&nbsp; Re-performing
loans generally have a longer duration than non-performing loans resulting in increased expected principal and interest collections
over the life of the loan but lower current period income as cash collections occur over a longer period.&nbsp; Our average yield
on our secured borrowings and repurchase agreements increased versus the comparable periods in 2015 primarily due to the impact
of the amortization of deferred issuance costs on our secured borrowings and our repurchase agreements.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The average balance of our mortgage loan
portfolio and debt outstanding for the three month periods ended June 30, 2016 and 2015 are included in the table below <I>($
in thousands)</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"><B>Average Balance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months
    ended June 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left">Mortgage loan portfolio</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">607,906</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">355,815</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 debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">433,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">190,834</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"></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"><B>Other Income</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; text-indent: 0.5in">Other income for the three and six months
ended June 30, 2016 versus the comparable periods in 2015 increased primarily due to higher gains on the sales of property held-for-sale
and increased late fee income, offset by impairments of our REO. We routinely assess the net realizable value on our REO and record
an impairment if the carrying value of the REO exceeds the net realizable value. The following table sets forth the components
of other income for the periods disclosed.</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"><B>Other Income</B></P>

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

<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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<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">2016</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">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">2016</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">2015</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: 48%; text-align: left">Net gain (loss) on sale of Property held-for-sale</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">236</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(7</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">494</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(11</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Impairment of Property held-for-sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(155</TD><TD STYLE="text-align: left">)</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">(200</TD><TD STYLE="text-align: left">)</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-align: left">Late fee income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">HAMP fees *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170</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">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">109</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">119</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">261</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">208</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; padding-left: 0.5in">Total Other Income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">327</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">222</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">867</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">406</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Fees received pursuant to the government&rsquo;s Home Affordable
Modification Program.</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"><B>Operating Expenses</B></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">Total expenses for the three- and six-months
ended June 30, 2016 increased versus the comparable period primarily due to increases in loan servicing fees as a result of the
increase in the mortgage loan portfolio and management fees due to the increase in stockholders&rsquo; equity at June 30, 2016
versus the comparable quarters. Real estate operating expenses similarly increased due to higher property taxes, insurance and
HOA fees on the increased REO portfolios. Loan transaction expense increased during the three months ended June 30, 2016, as a
result of due diligence expenses on portfolio acquisitions that closed in the third quarter of 2016 (see Note 13, Subsequent Events).</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: 0in"><B>Equity and Net Book Value Per Share</B></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 net book value per share was $14.94
and $14.92 at June 30, 2016 and December 31, 2015, respectively, an increase of $0.02 due to the increase in equity from our earnings,
partially offset by an increase in the number of shares outstanding from our offering of common stock completed during the second
quarter of 2016. The net book value per share is calculated by dividing equity by total adjusted shares outstanding, including
OP Units (which are redeemable on a 1-for-1 basis into shares of our common stock after one year of ownership) and Manager and
director shares not issued as of the date indicated <I>($ in thousands except per share amounts)</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>&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, 2016</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;2015</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: 66%">Outstanding shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">17,924,523</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">15,301,946</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">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; padding-left: 9pt">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; padding-left: 9pt">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">17,356</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">16,586</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">Total adjusted shares outstanding</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">18,565,985</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">15,942,638</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">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">277,299</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">237,813</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">Book value per share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14.94</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14.92</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mortgage loan portfolio</B></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 the three and six months ended June
30, 2016, we acquired 251 and 469 RPLs, respectively, for acquisition prices of $52.1 million and $89.3 million, respectively.
The loans were acquired at 74.2% and 74.5% of UPB, respectively. For the three and six months ended June 30, 2015, we acquired
421 and 1,179 RPLs, respectively, for acquisition prices of $63.5 million and $213.8 million, respectively. The loans were acquired
at 73.8% and 77.8% of UPB, respectively. Mortgage loans purchased during the quarter and held as of June 30, 2016 were on our balance
sheet for a weighted average of 42 days of the quarter. During the three- and six-month periods ended June 30, 2016, 56 and 93
mortgage loans, representing 1.2% and 2.1%, respectively, of our ending UPB, were repaid. During each of the three- and six-month
periods ended June 30, 2015, 15 and 33 mortgage loans, representing 1.0% and 0.6%, respectively, of our ending UPB, were repaid.
The following table shows loan portfolio acquisitions for the three- and six-months ended June 30, 2016, and June 30, 2015.</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"><B>Portfolio acquisitions</B></P>

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

<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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<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">2016</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">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">2016</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">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>RPLs</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: 40%; padding-left: 9pt">Count</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">251</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: 12%; text-align: right">758</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: 12%; text-align: right">469</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: 12%; text-align: right">1,179</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">UPB</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70,262</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">188,935</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">119,947</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">274,883</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Purchase price</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">52,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">150,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">89,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">213,922</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Purchase price % of UPB</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77.8</TD><TD STYLE="text-align: left">%</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><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>NPLs</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="padding-left: 9pt">Count</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">69</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">158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">UPB</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31,822</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Purchase price</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,617</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Purchase price % of UPB</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">57.6</TD><TD STYLE="text-align: left">%</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">61.6</TD><TD STYLE="text-align: left">%</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"><B>Loan portfolio activity</B></P>

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

<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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&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">2016</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">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">2016</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">2015</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: 40%">Beginning carrying value</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">584,298</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">285,834</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">554,877</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">211,159</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mortgage loan portfolio acquisitions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233,539</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">Payments received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,083</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,382</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,630</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,449</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accretion recognized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,677</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">Reclassifications to REO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,019</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,574</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,787</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,669</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other non-cash adjustments to principal</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">2,835</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">303</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">3,558</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">3,151</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">Ending carrying value</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">630,534</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">630,534</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 30, 2016, our portfolio of mortgage-related
assets consisted of the following <I>($ in thousands):</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%">No. 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">3,536</TD><TD STYLE="width: 3%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 35%">Weighted Average Remaining Term (months)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">324.2</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">$</TD><TD STYLE="text-align: right">805,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">No. of first liens</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest-Bearing Balance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">744,387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <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">21</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>(1)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,184</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">No. of Rental Properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><font style="font-size: 10pt">Market Value of Collateral<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">915,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Market Value of Rental Properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><font style="font-size: 10pt">Price/Total UPB<sup>(3)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Capital Invested in Rental Properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">760</TD><TD STYLE="text-align: left">&nbsp;</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">65.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD>Price/Market Value of Rental Properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82.4</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">4.44</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <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">111</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">Weighted Average LTV<sup>(4)</sup></font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD>Market Value of Other REO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,427</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">As of date of acquisition.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">Our loan portfolio consists of fixed rate (51.0% of UPB),
ARM (16.1% of UPB) and Hybrid ARM (32.9% of UPB) mortgage loans with original terms to maturity of not more than 40 years.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: left">UPB as of June 30, 2016 divided by market value of collateral
as of date of acquisition and weighted by the UPB of the loan.</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 closely monitor the status of our mortgage
loans through our Servicer as it works with our borrowers to improve their payment records. 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 following table shows the percentages of
our portfolio, based on UPB, represented by non-performing loans and re-performing loans at June 30, 2016, and December 31, 2015,
based on loan status as of the balance sheet date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio composition by re-performing and non-performing
loans</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.35in">
<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 NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June&nbsp;30,<BR>
    2016</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December&nbsp;31,<BR>
    2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Re-performing loans</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">88.7</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">85.0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non-performing loans</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">11.3</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">15.0</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">Total 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">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</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">100.0</TD><TD STYLE="padding-bottom: 2.5pt; 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">The following table presents certain characteristics
about our mortgage loans by years of origination as of June 30, 2016 (<I>dollars in thousands</I>):</P>

<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: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="19" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Years
    of Origination</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="19" STYLE="text-align: center; font-size: 8pt"></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD NOWRAP STYLE="padding-left: 0pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Portfolio Characteristics:</B></FONT></TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>After 2008</B></FONT></TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>2006-2008</B></FONT>&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>2001-2005</B></FONT></TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>1990-2000</B></FONT></TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 8pt"><B>Prior to 1990</B></TD><TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="width: 35%; padding-left: 9pt; font-size: 8pt">Number of loans</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; font-size: 8pt">269</TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; font-size: 8pt">2,247</TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; font-size: 8pt">810</TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; font-size: 8pt">196</TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; font-size: 8pt">14</TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 9pt; font-size: 8pt">Current unpaid principal balance</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">$</TD><TD STYLE="text-align: right; font-size: 8pt">56,133</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">$</TD><TD STYLE="text-align: right; font-size: 8pt">582,580</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">$</TD><TD STYLE="text-align: right; font-size: 8pt">152,196</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">$</TD><TD STYLE="text-align: right; font-size: 8pt">14,145</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">$</TD><TD STYLE="text-align: right; font-size: 8pt">517</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt">Mortgage loan portfolio by year of origination</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">6.9</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">72.4</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">18.8</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">1.8</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">0.1</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; font-size: 8pt">Loan Attributes:</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-left: 9pt; font-size: 8pt">Weighted average loan age (months)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">63.2</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">113.6</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">142.6</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">220.6</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">351.0</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; font-size: 8pt">Weighted Average loan-to-value (as of 6/30/16)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">89.3</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">106.4</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">88.9</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">65.1</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">23.3</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt">Delinquency Performance: (as of 6/30/16)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 9pt; font-size: 8pt">30 days delinquent</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">19.3</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">16.6</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">17.2</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">15.6</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">40.1</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 9pt; font-size: 8pt">60 days delinquent</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">7.9</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">8.4</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">9.0</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">7.6</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">0.0</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 9pt; font-size: 8pt">90+ days delinquent</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">18.2</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">18.7</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">18.8</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">30.1</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">12.0</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-left: 9pt; font-size: 8pt">Foreclosure</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">6.4</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">12.4</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">14.5</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">15.5</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">26.2</TD><TD STYLE="text-align: left; font-size: 8pt">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Loans by state</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; text-indent: 0.5in">The following table identifies our mortgage
loans by state, number of loans, loan value and collateral value and percentages thereof at June 30, 2016 identified above <I>($
in thousands)</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></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"><B>State</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Loan<BR>
    Count</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>UPB<BR>
    ($)</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>%&nbsp;of<BR>
    UPB</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Collateral</B></FONT><br>
<FONT STYLE="font-size: 8pt"><B>Value&nbsp;($)&nbsp;<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>%&nbsp;of<BR>
    Collateral<BR>
Value</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>State</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Loan<BR>
    Count</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>UPB&nbsp;($)</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>%&nbsp;of<BR>
    UPB</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Collateral</B></FONT><br>
<FONT STYLE="font-size: 8pt"><B>Value&nbsp;($)&nbsp;<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>%&nbsp;of<BR>
    Collateral<BR> Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">CA</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">546</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">205,686</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">25.8</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">249,794</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">27.1</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">MN</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">30</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">5,234</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">0.6</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,795</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">0.7</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">FL</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">531</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">MO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,706</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">NY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">LA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">NJ</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">DE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">MD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">RI</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,094</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,049</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">IL *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">WI</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,007</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">MA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">DC</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">TX</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">KY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">GA*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">HI</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">VA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,584</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">NM</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,472</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">AZ</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">NH</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">WA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,430</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">MS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">NC</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">13,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">OK</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">PA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,916</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,271</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,626</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">OH</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">IA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">OR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,612</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ME</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">NV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">KS</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">CO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ID</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">SC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">AR</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">MI</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">SD</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">&nbsp;</TD><TD STYLE="text-align: right">623</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">TN</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,369</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">WV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">CT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">NE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">UT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">MT</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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">AL</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,741</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ND</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 STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">IN</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,676</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,536</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">805,571</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">915,415</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-weight: bold; text-align: left">%</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: 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: 0pt 0">&nbsp;</P>

<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: 0.5in">*</TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">As of date of acquisition.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></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">Liquidity and Capital Resources</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Source and Uses of Cash</B></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 primary sources of cash have consisted
of proceeds from securities offerings, our securitizations of residential mortgages, repurchase agreements, the collection
of principal and interest on our loan portfolio, and sales of properties held-for-sale. 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 and
proceeds on the sale of REO property held for sale. Additionally, depending on market conditions, we expect that our primary financing
sources will include securitizations, repurchase agreements and private and public equity and debt issuances in addition to transaction
or asset specific funding arrangements and credit facilities (including term loans and revolving facilities). We expect that these
sources of funds will be sufficient to meet our short-term and long-term liquidity needs. From time to time, we may invest with
third parties and acquire interests in loans through investments in joint ventures.</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 use cash to purchase mortgage-related
assets, repay principal and interest on any borrowings, make distributions to our stockholders and holders of our operating
partnership units and fund operations.</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, 2016, substantially all
of our invested capital was in re-performing and non-performing mortgage loans. We also held approximately $68.4 million
of cash and cash equivalents, an increase of $37.6 million from our balance of $30.8 million at December 31, 2015. The increase
is primarily due to our securitization of mortgage loans in April 2016, under our 2016-A secured borrowings, and our offering
of common stock in June 2016. Our average daily cash balance during the quarter was $39.0 million, an increase of $11.1 million
from our average daily balance of $27.9 million during quarter ended March 31, 2016, an increase of $10.9 million from our
average daily balance of $28.1 million during quarter ended December 31, 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">Our operating cash flows for the
six months ended June 30, 2016 and 2015 were $(4.3) million and $(5.0) million, respectively. The key driver of negative operating
cash flow for both periods is non-cash interest income accretion of $(20.7) million for the six months ended June 30, 2016 and
$(11.9) million for the six months ended June 30, 2015. Operating cash flows do not include principal repayments on our mortgage loans or proceeds on the sale of our REO property held for sale. For the six months ended June 30, 2016 and
2015, we collected $23.6 million and $7.3 million, respectively, in principal payments and payoffs on our mortgage loans. For
the six months ended June 30, 2016 and 2015, we collected $5.2 million and $0.3 million, respectively, in proceeds on the sale
of our REO property held for sale.</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 investing cash flow are driven
primarily by mortgage loan acquisitions offset by principal payments on and repayments of our mortgage loan portfolio and proceeds
on the sale of our REO property held for sale. Changes in our investing cash flows for the six month period ended June 30, 2016
and 2015 were $(62.0) million and $(228.9) million, respectively, driven primarily by mortgage loan acquisitions for the period
ended June 30, 2016 and 2015 of $89.3 million and $233.6 million, 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">Our financing cash flow are driven
primarily by funding used to acquire mortgage loan pools and dividends paid on our common stock. We fund our mortgage loan pool
acquisitions primarily through secured borrowings, repurchase agreements and the proceeds from our equity offerings. For the six
months ended June 30, 2016 and 2015, we issued $101.4 million and $35.2 million in secured borrowings offset by repayments of
$19.4 million and $3.5 million, respectively. For the six months ended June 30, 2016 and 2015, we borrowed $71.1 million and $153.8
million on our repurchase agreements, offset by repayments of $73.4 million and $15.3 million, respectively. Additionally, for
the six months ended June 30, 2016 and 2015, we raised $32.0 million and $51.5 million, respectively, from the sale of our common
stock. For the six months ended June 30, 2016 and 2015, we paid dividends and distributions in the amount of $7.5 million
and $4.5 million, 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: 0in"><B>Financing activities &ndash; equity offerings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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</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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">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. In June 2016, we sold 2,589,427 shares of common stock,
including shares sold pursuant to the underwriters&rsquo; exercising the option to purchase additional shares granted,
in a public offering. We have and will continue to use the approximately $32.0 million in net proceeds to acquire
mortgage loan pools.</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 0pt 5.85pt; text-indent: -1.35pt"><B>Financing activities &ndash;
secured borrowings and repurchase arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.8pt">From inception (January 30, 2014) to June
30, 2016, we have completed six 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 our balance sheet as we are 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 six
securitizations through June 30, 2016, we have 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, 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.</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, 2016:</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"><B>Issuing Trust/Issue Date</B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Security</B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Original Principal</B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Interest Rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; padding-left: 0.25in">Ajax Mortgage Loan Trust 2014-A/ October 2014</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left">Class A notes due 2057</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%">$45 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2057<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$8 million</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>(1) (3) </sup></font></TD><TD>&nbsp;</TD>
    <TD>$8 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$20.4 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(0.9) million</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>&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-left: 0.25in">Ajax Mortgage Loan Trust 2014-B / November 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Class A notes due 2054</TD><TD>&nbsp;</TD>
    <TD>$41.2 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2054<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$13.7 million</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>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$13.7 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$22.9 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(0.8) million</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>&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-left: 0.25in">Ajax Mortgage Loan Trust 2015-A / May 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Class A notes due 2054</TD><TD>&nbsp;</TD>
    <TD>$35.6 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2054<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$8.7 million</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>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$8.7 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$22.8 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(0.8) million</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>&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-left: 0.25in">Ajax Mortgage Loan Trust 2015-B / July 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Class A notes due 2060</TD><TD>&nbsp;</TD>
    <TD>$87.2 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2060<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$15.9 million</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 2060<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$7.9 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$47.5 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(1.5) million</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>&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-left: 0.25in">Ajax Mortgage Loan Trust 2015-C / November 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Class A notes due 2057</TD><TD>&nbsp;</TD>
    <TD>$82.0 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Class B-1 notes due 2057<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$6.5 million</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 2057<sup>(1) (3)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$6.5 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Trust certificates<sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$35.1 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(2.7) million</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>&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-left: 0.25in">Ajax Mortgage Loan Trust 2016-A/ April 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Class A notes due 2064</TD><TD>&nbsp;</TD>
    <TD>$101.4 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B-1 notes due 2064<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD>$7.9 million</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 2064<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD>$7.9 million</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: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Trust certificates <sup>(2)</sup></font></TD><TD>&nbsp;</TD>
    <TD>$41.3 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deferred issuance costs</TD><TD>&nbsp;</TD>
    <TD>$(2.7) million</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: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></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"></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: 0pt 0">&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 STYLE="text-align: left">We have retained the Class B notes.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">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 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">These securities are encumbered under a repurchase agreement.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Servicing for the mortgage loans in our
securitizations 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Repurchase transactions</B></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. 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 a master repurchase agreement (the &ldquo;2014 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 at any point in time, with a simultaneous agreement by the Seller to repurchase such mortgage loans and other property,
as provided in the 2014 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 our failure to repay the borrowing at maturity. We have effective control over
the assets associated with this agreement and therefore it is accounted for as a financing arrangement. The facility was amended
on May 13, 2015 to increase the transaction limit, and on November 24, 2015 to extend the termination date. The facility termination
date is November 22, 2016. Additionally, we have sold subordinate securities from our mortgage securitizations in repurchase transactions.
A summary of our outstanding repurchase transactions at June 30, 2016 and December 31, 2015 follows:</P>

<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><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <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 NOWRAP COLSPAN="3"><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 NOWRAP COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June&nbsp;30,&nbsp;2016</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Origination&nbsp;date</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" 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="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" 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="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount<BR>
    &nbsp;of<BR> &nbsp;collateral</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Interest<BR>
    rate</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%">September 9, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 23%">March 9, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,730</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,730</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">22,470</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">3.00</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>September 30, 2016</TD><TD>&nbsp;</TD>
    <TD>March 30, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.01</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>November 22, 2016</TD><TD>&nbsp;</TD>
    <TD>November 24, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.19</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">December 23, 2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">June 23, 2016</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">9,419</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">9,419</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">13,391</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">2.91</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Totals</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</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">235,807</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">102,240</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">160,339</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.77</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&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 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 COLSPAN="3"><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 NOWRAP COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December&nbsp;31,&nbsp;2015</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 NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Origination&nbsp;date</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" 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="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" 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="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount<BR>
    of<BR> collateral</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Interest<BR>
    rate</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%">March 30, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">September 30, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,838</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,838</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">15,483</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">2.53</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>June 23, 2016</TD><TD>&nbsp;</TD>
    <TD>December 23, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.91</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">November 22, 2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">November 24, 2015</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">200,000</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">84,321</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">135,736</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">4.17</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">Totals</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</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">220,212</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">104,533</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">164,610</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">3.91</TD><TD STYLE="padding-bottom: 2.5pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2016, we had </FONT>$102.2 <FONT STYLE="font-family: Times New Roman, Times, Serif">million outstanding under our repurchase
transactions. </FONT>The maximum month-end balance outstanding during the three-month period ended June 30, 2016 was $102.2 million,
compared to a maximum month-end balance for the three-month period ended December 31, 2015 of $104.5 million. <FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table sets summarizes our repurchase transactions for the three-month periods ended June 30, 2016, and December 31, 2015
($ in thousands):</FONT></P>

<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><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 NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Three
    months ended </B><br> <B>June 30, 2016</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Three
    months ended </B><br> <B>December 31, 2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Balance at the end of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">102,240</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">104,533</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">$</TD><TD STYLE="text-align: right">102,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">104,533</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">Average balance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">83,107</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">91,558</TD><TD STYLE="padding-bottom: 1pt; 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 decrease in our average balance of $8.5
million from $91.6 million for the three-months ended December 31, 2015 to our average balance of $83.1 million for the three-months
ended June 30, 2016 was due to a net decrease in borrowing under the repurchase agreement during the three-months ended June 30,
2016 due to the securitization of mortgage loans under our 2016-A securitization which closed in April of this year.</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 July 15, 2016, we entered into a repurchase
financing arrangement, as seller, with JPMorgan Chase Bank, N.A., as buyer, under which we will sell to buyer
the beneficial interests in mortgage loans and will pledge to buyer the beneficial interests in such assets, with a
simultaneous agreement by buyer to transfer to us and for us to repurchase such assets on a future date. The arrangement
terminates on July 12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5%.</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, 2016 and December 31, 2015,
we did not have any credit facilities or other outstanding debt obligations other than the repurchase facilities and secured borrowings.</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 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">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 July 28, 2016, our Board of Directors declared a dividend of $0.25 per share, to be paid on August 31, 2016
to stockholders of record as of August 16, 2016.</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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 trusts
holding assets pledged as security against our borrowings 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</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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0in">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>

<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, 2016 and December 31, 2015 is as follows:</P>

<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"><B>June 30, 2016</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Payments
    Due by Period</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Less
    than 1 <BR> Year</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>1-3
    Years</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>3-5
    Years</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>More
    than 5 <BR> Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: italic"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt"><B>(In Thousands)</B></FONT></TD><TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Borrowings under repurchase agreement</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">102,240</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">102,240</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest on repurchase agreement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,740</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,740</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">103,980</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">103,980</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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"><FONT STYLE="font-size: 8pt"><B>December 31, 2015</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Payments
    Due by Period</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Less
    than 1 <BR> Year</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>1-3
    Years</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>3-5
    Years</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>More
    than 5 <BR> Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: italic"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt"><B>(In Thousands)</B></FONT></TD><TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Borrowings under repurchase agreement</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">104,533</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">104,533</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest on repurchase agreement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,833</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,833</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">108,366</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">108,366</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At June 30, 2016, we had securitized borrowings
with a balance of $352.6 million consisting of six tranches of $34.7 million, $32.9 million, $31.6 million, $81.3 million, $72.8
million and $99.3 million with contractual interest rates of 4.00%, 3.85%, 3.88%, 3.88%, 3.88% and 4.25% 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, 2015, we had securitized
borrowings with a balance of $270.6 million consisting of five tranches of $36.5 million, $35.6 million, $33.7 million, $85.0 million,
and $79.8 million with contractual interest rates of 4.00%, 3.85%, 3.88%, 3.88%, and 3.88% 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0in">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 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>


<!-- 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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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, 2015. 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 August 1, 2016 we issued 15,684
shares of its common stock to the Manager in payment of the stock-based portion of the management fee due for the second quarter
of 2016 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the second
quarter of 2016. These shares were issued in reliance on the exemption from registration set forth in Section 4(a)(2) of the Securities
Act.</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 1, 2016 we issued each of its independent
directors 418 shares of its common stock in payment of half of their quarterly director fees for the first quarter of 2016. These
shares were issued in reliance on the exemption from registration set forth in Section 4(a)(2) of the Securities Act.</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: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&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: 40%">&nbsp;</td>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 45%; padding-left: 0.125in">GREAT AJAX CORP.</td>
    <TD STYLE="width: 10%">&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 4, 2016</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 4, 2016</td>
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mary Doyle</td>
    <TD>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Mary Doyle</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: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#a_toc">Table of Contents</A>&nbsp;</P></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">&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 STYLE="width: 13%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Exhibit</B><br>
    <B>Number</B></FONT></td>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Exhibit&nbsp;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>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<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: 51; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>t1601896_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT><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 4, 2016</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"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT><B>&nbsp;</B></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>t1601896_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT><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, Mary Doyle, 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 4, 2016</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/ Mary Doyle</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Mary Doyle</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"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>t1601896_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT><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, 2016 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 4, 2016</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%; padding-bottom: 1pt">&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>

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>t1601896_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT><B>EXHIBIT 32.2</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"><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, 2016 as filed with the Securities and Exchange Commission
(the &ldquo;Report&rdquo;), I, Mary Doyle, 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 4, 2016</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/ Mary Doyle</TD>
    <TD STYLE="width: 50%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Mary Doyle</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>

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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-20160630.xml
<DESCRIPTION>XBRL INSTANCE FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!-- Generated using Ez-XBRL version 8.0.0.0 [08/03/2016 06:13:45 PM] -->
<!-- Based on XBRL 2.1 -->
<!--XBRL Document Modified with Ez-Editor Version 1.6.0.0 on Thursday, August 04, 2016 11:47:15 PM -->
<xbrli:xbrl xmlns:ajx="http://www.great-ajax.com/20160630" 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/2016-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2016-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2016-01-31" 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/2016-01-31" xmlns:us-types="http://fasb.org/us-types/2016-01-31" 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-20160630.xsd"/>
<!-- Context Section  -->
<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_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>
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_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_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="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_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_SaleOfStockAxis_IPOMember_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="ajx:SaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:LongTermIncentivePlanMember</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_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_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_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_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_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_LegalEntityAxis_AsAjaxELlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</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_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</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_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</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_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</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_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">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_AspenYoLlcMember_IncomeStatementLocationAxis_ProfessionalFeesMember">
<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:ProfessionalFeesMember</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_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_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_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_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">
<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_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_LegalEntityAxis_AsAjaxELlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</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_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</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_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</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_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</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_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">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_RelatedPartyTransactionsByRelatedPartyAxis_AspenYoLlcMember_IncomeStatementLocationAxis_ProfessionalFeesMember">
<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:ProfessionalFeesMember</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_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember">
<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="ajx:ReportingPeriodAxis">ajx:ThreeMonthsEndedMember</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_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember">
<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="ajx:ReportingPeriodAxis">ajx:ThreeMonthsEndedMember</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_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember">
<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="ajx:ReportingPeriodAxis">ajx:SixMonthsEndedMember</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_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember">
<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="ajx:ReportingPeriodAxis">ajx:SixMonthsEndedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:November222016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_March302016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:March302016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_June232016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:June232016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:November222016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_March302016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:March302016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_June232016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:June232016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_BalanceSheetLocationAxis_ReceivablesFromServicerMember">
<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:BalanceSheetLocationAxis">ajx:ReceivablesFromServicerMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_BalanceSheetLocationAxis_ManagementFeePayableMember">
<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:BalanceSheetLocationAxis">ajx:ManagementFeePayableMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_BalanceSheetLocationAxis_AccountsPayableAndAccruedLiabilitiesMember">
<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:BalanceSheetLocationAxis">us-gaap:AccountsPayableAndAccruedLiabilitiesMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_BalanceSheetLocationAxis_PrepaidExpensesAndOtherCurrentAssetsMember">
<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:BalanceSheetLocationAxis">us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2016Member">
<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:AjaxMortgageLoanTrustA2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_14_Mar_2016T00_00_00_TO_14_Mar_2016T00_00_00_LegalEntityAxis_DoublelineCapitalLpMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DoublelineCapitalLpMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-03-14
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_14_Mar_2016T00_00_00_TO_14_Mar_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-03-14
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_14_Mar_2016T00_00_00_TO_14_Mar_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_OtherInvestorsMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:OtherInvestorsMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-03-14
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_07_Jun_2016T00_00_00_TO_07_Jun_2016T00_00_00_PlanNameAxis_EquityIncentivePlanMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:EquityIncentivePlanMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-07
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jun_2016T00_00_00_TO_07_Jun_2016T00_00_00_PlanNameAxis_EquityIncentivePlanMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:EquityIncentivePlanMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-06-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-07
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-04-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_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="ajx:AgreementAxis">ajx:ServicingAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_SaleOfStockAxis_IPOMember_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="ajx:SaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:LongTermIncentivePlanMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:November222016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September302016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:September302016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September092016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:September092016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_December232016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:December232016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">
<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:AjaxMortgageLoanTrust2016AApril2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">
<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:AjaxMortgageLoanTrust2016AApril2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">
<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:AjaxMortgageLoanTrust2016AApril2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-01-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:November222016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_BalanceSheetLocationAxis_ReceivablesFromServicerMember">
<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:BalanceSheetLocationAxis">ajx:ReceivablesFromServicerMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_BalanceSheetLocationAxis_ManagementFeePayableMember">
<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:BalanceSheetLocationAxis">ajx:ManagementFeePayableMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_BalanceSheetLocationAxis_AccountsPayableAndAccruedLiabilitiesMember">
<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:BalanceSheetLocationAxis">us-gaap:AccountsPayableAndAccruedLiabilitiesMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_BalanceSheetLocationAxis_PrepaidExpensesAndOtherCurrentAssetsMember">
<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:BalanceSheetLocationAxis">us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September302016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:September302016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September092016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:September092016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201503Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:AdjustmentsForNewAccountingPronouncementsAxis">us-gaap:AccountingStandardsUpdate201503Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember">
<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="ajx:ReportingPeriodAxis">ajx:ThreeMonthsEndedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember">
<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="ajx:ReportingPeriodAxis">ajx:ThreeMonthsEndedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember">
<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="ajx:ReportingPeriodAxis">ajx:SixMonthsEndedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember">
<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="ajx:ReportingPeriodAxis">ajx:SixMonthsEndedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_December232016Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:DebtInstrumentMaturityDateAxis">ajx:December232016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AsAjaxELlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">
<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:AjaxMortgageLoanTrust2016AApril2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">
<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:AjaxMortgageLoanTrust2016AApril2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">
<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:AjaxMortgageLoanTrust2016AApril2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">
<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:AjaxMortgageLoanTrust2016AApril2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">
<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:DeferredExpensesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_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:DeferredExpensesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_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:DeferredExpensesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">
<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:DeferredExpensesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2015BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">
<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:DeferredExpensesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2015CMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">
<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:DeferredExpensesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2016AApril2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2016Member">
<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:AjaxMortgageLoanTrustA2016Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-06-01
</xbrli:startDate>
<xbrli:endDate>
2016-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2016T00_00_00_TO_07_Jul_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember_TitleOfIndividualAxis_PaulFriedmanMember_PlanNameAxis_DirectorEquityPlan2014Member_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:TitleOfIndividualAxis">ajx:PaulFriedmanMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:DirectorEquityPlan2014Member</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-07-01
</xbrli:startDate>
<xbrli:endDate>
2016-07-07
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_15_Jul_2016T00_00_00_TO_15_Jul_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_LongtermDebtTypeAxis_MortgagesMember_SubsequentEventTypeAxis_SubsequentEventMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-07-15
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2016T00_00_00_TO_15_Jul_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_LongtermDebtTypeAxis_MortgagesMember_SubsequentEventTypeAxis_SubsequentEventMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-07-01
</xbrli:startDate>
<xbrli:endDate>
2016-07-15
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_28_Jul_2016T00_00_00_TO_28_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember">
<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:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:BoardOfDirectorsChairmanMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-07-28
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2016T00_00_00_TO_28_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember">
<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:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:BoardOfDirectorsChairmanMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-07-01
</xbrli:startDate>
<xbrli:endDate>
2016-07-28
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_FiveSellersMember">
<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:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:FiveSellersMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-07-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_EightSellersMember">
<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:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:EightSellersMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-07-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_FiveSellersMember">
<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:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:FiveSellersMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-07-01
</xbrli:startDate>
<xbrli:endDate>
2016-07-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_EightSellersMember">
<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:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:EightSellersMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-07-01
</xbrli:startDate>
<xbrli:endDate>
2016-07-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_30_Jul_2016T00_00_00_TO_01_Aug_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_StatementEquityComponentsAxis_CommonStockMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">
<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:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2016-07-30
</xbrli:startDate>
<xbrli:endDate>
2016-08-01
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_30_Jul_2016T00_00_00_TO_01_Aug_2016T00_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>
2016-07-30
</xbrli:startDate>
<xbrli:endDate>
2016-08-01
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_04_Aug_2016T00_00_00_TO_04_Aug_2016T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-08-04
</xbrli:instant>
</xbrli:period>
</xbrli:context>






<xbrli:context id="Context_As_Of_01_Apr_2015T00_00_00_TO_31_Mar_2015T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</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">
<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_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">
<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_01_Jan_2015T00_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_01_Jan_2015T00_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_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>
<xbrli:context id="Context_As_Of_01_Apr_2016T00_00_00_TO_31_Mar_2016T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2016-03-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Apr_2016T00_00_00_TO_31_Mar_2016T00_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>
2016-03-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Apr_2016T00_00_00_TO_31_Mar_2016T00_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>
2016-03-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_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>
2015-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
2016-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<!-- Unit Section  -->
<!--
I~1\FVPHexeD5678YReqi>MrlsywiI~\FVP645:c444c555cT{h><:;89E<I1;5;F18HHH1<E;E1;IE:96G6H8<H -->
<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="Segment"><xbrli:measure>ajx:Segment</xbrli:measure></xbrli:unit>
<xbrli:unit id="Loan"><xbrli:measure>ajx:Loan</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_2016T00_00_00_TO_30_Jun_2016T00_00_00">Great Ajax Corp.</dei:EntityRegistrantName>
<dei:EntityCentralIndexKey contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">0001614806</dei:EntityCentralIndexKey>
<dei:TradingSymbol contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">ajx</dei:TradingSymbol>
<dei:CurrentFiscalYearEndDate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">--12-31</dei:CurrentFiscalYearEndDate>
<dei:EntityFilerCategory contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">Non-accelerated Filer</dei:EntityFilerCategory>
<dei:EntityCommonStockSharesOutstanding contextRef="Context_As_Of_04_Aug_2016T00_00_00_TO_04_Aug_2016T00_00_00" unitRef="shares" decimals="INF">18567985</dei:EntityCommonStockSharesOutstanding>
<dei:DocumentType contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">10-Q</dei:DocumentType>
<dei:DocumentPeriodEndDate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">2016-06-30</dei:DocumentPeriodEndDate>
<dei:AmendmentFlag contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">false</dei:AmendmentFlag>
<dei:DocumentFiscalYearFocus contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">2016</dei:DocumentFiscalYearFocus>
<dei:DocumentFiscalPeriodFocus contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">Q2</dei:DocumentFiscalPeriodFocus>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">30795000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">68359000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="Context_As_Of_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">36199000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">53099000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:RestrictedCashAndCashEquivalents contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">39000</us-gaap:RestrictedCashAndCashEquivalents>
<us-gaap:RestrictedCashAndCashEquivalents contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">382000</us-gaap:RestrictedCashAndCashEquivalents>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3" id="Footnote-1_1">554877000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="USD" decimals="-3">212469000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="USD" decimals="-3">83936000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="USD" decimals="-3">55573000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="USD" decimals="-3">75464000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="USD" decimals="-3">127435000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">554877000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3" id="Footnote-1_2">630534000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="USD" decimals="-3">274302000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="USD" decimals="-3">107919000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="USD" decimals="-3">55254000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="USD" decimals="-3">73885000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="USD" decimals="-3">119174000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">630534000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:RealEstateHeldforsale contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">10333000</us-gaap:RealEstateHeldforsale>
<us-gaap:RealEstateHeldforsale contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">16551000</us-gaap:RealEstateHeldforsale>
<us-gaap:RealEstateHeldforsale contextRef="Context_As_Of_01_Apr_2015T00_00_00_TO_31_Mar_2015T00_00_00" unitRef="USD" decimals="-3">5541000</us-gaap:RealEstateHeldforsale>
<us-gaap:RealEstateHeldforsale contextRef="Context_As_Of_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9018000</us-gaap:RealEstateHeldforsale>
<us-gaap:RealEstateHeldforsale contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">1316000</us-gaap:RealEstateHeldforsale>
<us-gaap:RealEstateHeldforsale contextRef="Context_As_Of_01_Apr_2016T00_00_00_TO_31_Mar_2016T00_00_00" unitRef="USD" decimals="-3">13380000</us-gaap:RealEstateHeldforsale>
<us-gaap:RentalProperties contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">58000</us-gaap:RentalProperties>
<us-gaap:RentalProperties contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">760000</us-gaap:RentalProperties>
<ajx:ReceivableFromServicer contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">5444000</ajx:ReceivableFromServicer>
<ajx:ReceivableFromServicer contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_BalanceSheetLocationAxis_ReceivablesFromServicerMember" unitRef="USD" decimals="-3">5444000</ajx:ReceivableFromServicer>
<ajx:ReceivableFromServicer contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">6949000</ajx:ReceivableFromServicer>
<ajx:ReceivableFromServicer contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_BalanceSheetLocationAxis_ReceivablesFromServicerMember" unitRef="USD" decimals="-3">6949000</ajx:ReceivableFromServicer>
<ajx:InvestmentsInAffiliates contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">2625000</ajx:InvestmentsInAffiliates>
<ajx:InvestmentsInAffiliates contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">3900000</ajx:InvestmentsInAffiliates>
<us-gaap:PrepaidExpenseAndOtherAssets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">5634000</us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:PrepaidExpenseAndOtherAssets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">2320000</us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">609805000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-3">2334000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">5763000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">3028000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-3">600000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">729755000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-3">2479000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="USD" decimals="-3">1125000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">6120000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">4642000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">3897000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-3">772000</us-gaap:Assets>
<us-gaap:SecuredDebt contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3" id="Footnote-1_3">265006000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">265006000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3" id="Footnote-1_4">346070000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">346070000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">104533000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">104533000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">102240000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">102240000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:ManagementFeePayable contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">667000</us-gaap:ManagementFeePayable>
<us-gaap:ManagementFeePayable contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_BalanceSheetLocationAxis_ManagementFeePayableMember" unitRef="USD" decimals="-3">667000</us-gaap:ManagementFeePayable>
<us-gaap:ManagementFeePayable contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">703000</us-gaap:ManagementFeePayable>
<us-gaap:ManagementFeePayable contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-6">1000000</us-gaap:ManagementFeePayable>
<us-gaap:ManagementFeePayable contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_BalanceSheetLocationAxis_ManagementFeePayableMember" unitRef="USD" decimals="-3">703000</us-gaap:ManagementFeePayable>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">1786000</us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">3443000</us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">371992000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-3">4000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">10000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">520000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-3">103000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">452456000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-3">1000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="USD" decimals="-3">-1000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">3000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">3000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">685000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-3">136000</us-gaap:Liabilities>
<us-gaap:CommitmentsAndContingencies contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:CommitmentsAndContingencies contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:PreferredStockValue contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:PreferredStockValue contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:CommonStockValue contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">152000</us-gaap:CommonStockValue>
<us-gaap:CommonStockValue contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">179000</us-gaap:CommonStockValue>
<us-gaap:AdditionalPaidInCapitalCommonStock contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">211729000</us-gaap:AdditionalPaidInCapitalCommonStock>
<us-gaap:AdditionalPaidInCapitalCommonStock contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">244180000</us-gaap:AdditionalPaidInCapitalCommonStock>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">15921000</us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">22666000</us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:StockholdersEquity contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">227802000</us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">267025000</us-gaap:StockholdersEquity>
<us-gaap:MinorityInterest contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">10011000</us-gaap:MinorityInterest>
<us-gaap:MinorityInterest contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">10274000</us-gaap:MinorityInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">237813000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">277299000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Apr_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" unitRef="USD" decimals="-3">171280000</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:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="-3">152000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="-3">179000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">211729000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">244180000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">15921000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">22666000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">227802000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">267025000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3">10011000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3">10274000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:LiabilitiesAndStockholdersEquity contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">609805000</us-gaap:LiabilitiesAndStockholdersEquity>
<us-gaap:LiabilitiesAndStockholdersEquity contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">729755000</us-gaap:LiabilitiesAndStockholdersEquity>
<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD_per_Share" decimals="2">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD_per_Share" decimals="2">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
<us-gaap:PreferredStockSharesAuthorized contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="shares" decimals="INF">25000000</us-gaap:PreferredStockSharesAuthorized>
<us-gaap:PreferredStockSharesAuthorized contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">25000000</us-gaap:PreferredStockSharesAuthorized>
<us-gaap:PreferredStockSharesIssued contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="shares" decimals="INF">0</us-gaap:PreferredStockSharesIssued>
<us-gaap:PreferredStockSharesIssued contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">0</us-gaap:PreferredStockSharesIssued>
<us-gaap:PreferredStockSharesOutstanding contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="shares" decimals="INF">0</us-gaap:PreferredStockSharesOutstanding>
<us-gaap:PreferredStockSharesOutstanding contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">0</us-gaap:PreferredStockSharesOutstanding>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD_per_Share" decimals="2">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD_per_Share" decimals="2">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockSharesAuthorized contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="shares" decimals="INF">125000000</us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockSharesAuthorized contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">125000000</us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockSharesIssued contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="shares" decimals="INF">15301946</us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesIssued contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">17924523</us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="shares" decimals="INF">15301946</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">17924523</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">11223984</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">15253998</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">15301946</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">17924523</us-gaap:CommonStockSharesOutstanding>
<us-gaap:LoansPledgedAsCollateral contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">398696000</us-gaap:LoansPledgedAsCollateral>
<us-gaap:LoansPledgedAsCollateral contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">504885000</us-gaap:LoansPledgedAsCollateral>
<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:InterestIncomeOperating contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">16378000</us-gaap:InterestIncomeOperating>
<us-gaap:InterestIncomeOperating contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">32192000</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:InterestExpense contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">6063000</us-gaap:InterestExpense>
<us-gaap:InterestExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">11050000</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:InterestIncomeExpenseNet contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">10315000</us-gaap:InterestIncomeExpenseNet>
<us-gaap:InterestIncomeExpenseNet contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">21142000</us-gaap:InterestIncomeExpenseNet>
<ajx:IncomeFromInvestmentInManager contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">64000</ajx:IncomeFromInvestmentInManager>
<ajx:IncomeFromInvestmentInManager contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">104000</ajx:IncomeFromInvestmentInManager>
<ajx:IncomeFromInvestmentInManager contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">46000</ajx:IncomeFromInvestmentInManager>
<ajx:IncomeFromInvestmentInManager contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">90000</ajx:IncomeFromInvestmentInManager>
<us-gaap:OtherIncome contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">222000</us-gaap:OtherIncome>
<us-gaap:OtherIncome contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">406000</us-gaap:OtherIncome>
<us-gaap:OtherIncome contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">327000</us-gaap:OtherIncome>
<us-gaap:OtherIncome contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">867000</us-gaap:OtherIncome>
<us-gaap:RevenuesNetOfInterestExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">8810000</us-gaap:RevenuesNetOfInterestExpense>
<us-gaap:RevenuesNetOfInterestExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">14843000</us-gaap:RevenuesNetOfInterestExpense>
<us-gaap:RevenuesNetOfInterestExpense contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">10688000</us-gaap:RevenuesNetOfInterestExpense>
<us-gaap:RevenuesNetOfInterestExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">22099000</us-gaap:RevenuesNetOfInterestExpense>
<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:RelatedPartyLoanServicingFeeExpense contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">1453000</ajx:RelatedPartyLoanServicingFeeExpense>
<ajx:RelatedPartyLoanServicingFeeExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">2856000</ajx:RelatedPartyLoanServicingFeeExpense>
<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">1603000</ajx:RelatedPartyManagementFeeExpense>
<ajx:RelatedPartyManagementFeeExpense contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">937000</ajx:RelatedPartyManagementFeeExpense>
<ajx:RelatedPartyManagementFeeExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">1843000</ajx:RelatedPartyManagementFeeExpense>
<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>
<ajx:LoanTransactionExpense contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">574000</ajx:LoanTransactionExpense>
<ajx:LoanTransactionExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">787000</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:ProfessionalFees contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">407000</us-gaap:ProfessionalFees>
<us-gaap:ProfessionalFees contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">821000</us-gaap:ProfessionalFees>
<us-gaap:OperatingExpenses contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">54000</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">64000</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">113000</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">275000</us-gaap:OperatingExpenses>
<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">449000</us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">317000</us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">670000</us-gaap:OtherExpenses>
<us-gaap:CostsAndExpenses contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">3135000</us-gaap:CostsAndExpenses>
<us-gaap:CostsAndExpenses contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">5353000</us-gaap:CostsAndExpenses>
<us-gaap:CostsAndExpenses contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">3801000</us-gaap:CostsAndExpenses>
<us-gaap:CostsAndExpenses contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">7252000</us-gaap:CostsAndExpenses>
<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:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">6887000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">14847000</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:IncomeTaxExpenseBenefit contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">26000</us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">23000</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:ProfitLoss contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">6861000</us-gaap:ProfitLoss>
<us-gaap:ProfitLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">14824000</us-gaap:ProfitLoss>
<us-gaap:ProfitLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">14256000</us-gaap:ProfitLoss>
<us-gaap:ProfitLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">14256000</us-gaap:ProfitLoss>
<us-gaap:ProfitLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3">568000</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:NetIncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">256000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
<us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">568000</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="-3">90000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">221000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">295000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-3">58000</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="-3">171000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">423000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">500000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-3">99000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">6605000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-3">77000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="USD" decimals="-3">14000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">191000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">57000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">231000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-3">46000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">14256000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-3">156000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="USD" decimals="-3">1000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">384000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">57000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember_RelatedPartyTransactionsByRelatedPartyAxis_MajorityOwnedSubsidiaryUnconsolidatedMember" unitRef="USD" decimals="-3">453000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-3">90000</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:EarningsPerShareBasic contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD_per_Share" decimals="2">0.42</us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD_per_Share" decimals="2">0.92</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:EarningsPerShareDiluted contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD_per_Share" decimals="2">0.42</us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD_per_Share" decimals="2">0.92</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:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">15742932</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">15524725</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>
<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">16389126</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">16174164</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:ShareBasedManagementFeeAndCompensationExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">514000</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>
<ajx:NonCashInterestIncomeAccretion contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">20711000</ajx:NonCashInterestIncomeAccretion>

<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:GainLossOnSaleOfProperties contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">1086000</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:Depreciation contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">11000</us-gaap:Depreciation>
<us-gaap:AssetImpairmentCharges contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">200000</us-gaap:AssetImpairmentCharges>
<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:AmortizationOfFinancingCosts contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">2889000</us-gaap:AmortizationOfFinancingCosts>
<us-gaap:IncreaseDecreaseInRestrictedCash contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">41000</us-gaap:IncreaseDecreaseInRestrictedCash>
<us-gaap:IncreaseDecreaseInRestrictedCash contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">343000</us-gaap:IncreaseDecreaseInRestrictedCash>
<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>
<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">521000</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:IncreaseDecreaseInReceivableFromServicer contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">1505000</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>
<ajx:IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">259000</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:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">1693000</us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-5025000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">-4294000</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:PaymentsToAcquireLoansReceivable contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">89328000</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:ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1 contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">23595000</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>
<us-gaap:ProceedsFromSaleOfPropertyHeldForSale contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">5220000</us-gaap:ProceedsFromSaleOfPropertyHeldForSale>
<us-gaap:PaymentsToAcquireEquityMethodInvestments contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">1111000</us-gaap:PaymentsToAcquireEquityMethodInvestments>
<ajx:DistributionFromAffiliate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">67000</ajx:DistributionFromAffiliate>
<ajx:DistributionFromAffiliate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">95000</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>
<ajx:PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">478000</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>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">-62007000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
<us-gaap:ProceedsFromIssuanceOfDebt contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">153841000</us-gaap:ProceedsFromIssuanceOfDebt>
<us-gaap:ProceedsFromIssuanceOfDebt contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">71086000</us-gaap:ProceedsFromIssuanceOfDebt>
<ajx:RepaymentsOnRepurchaseAgreement contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">15286000</ajx:RepaymentsOnRepurchaseAgreement>
<ajx:RepaymentsOnRepurchaseAgreement contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">73379000</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:RepaymentsOfSecuredDebt contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">19421000</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:ProceedsFromIssuanceInitialPublicOffering contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">31964000</us-gaap:ProceedsFromIssuanceInitialPublicOffering>
<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>
<us-gaap:PaymentsOfDividendsMinorityInterest contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">305000</us-gaap:PaymentsOfDividendsMinorityInterest>
<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:PaymentsOfDividendsCommonStock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">7511000</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:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">103865000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-16900000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">37564000</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:InterestPaid contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">7952000</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"/>
<us-gaap:IncomeTaxesPaid contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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>
<ajx:TransferOfLoansToRentalPropertyOrPropertyHeldForSale contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">10930000</ajx:TransferOfLoansToRentalPropertyOrPropertyHeldForSale>
<us-gaap:StockIssued1 contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">921000</us-gaap:StockIssued1>
<us-gaap:StockIssued1 contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">514000</us-gaap:StockIssued1>
<ajx:TransferOfPropertyHeldForSaleToLoans contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">143000</ajx:TransferOfPropertyHeldForSaleToLoans>
<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_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">31964000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="-3">27000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">31937000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">31964000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_Custom_01_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">32000000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">3981714</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">2589427</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="Context_Custom_01_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">2589427</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<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>
<ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">462000</ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee>
<ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">462000</ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee>
<ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">462000</ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee>
<ajx:SharesIssuedDuringPeriodStockBasedManagementFeeExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">43301</ajx:SharesIssuedDuringPeriodStockBasedManagementFeeExpense>
<ajx:SharesIssuedDuringPeriodStockBasedManagementFeeExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">29826</ajx:SharesIssuedDuringPeriodStockBasedManagementFeeExpense>
<ajx:SharesIssuedDuringPeriodStockBasedManagementFeeExpense contextRef="Context_Custom_30_Jul_2016T00_00_00_TO_01_Aug_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_StatementEquityComponentsAxis_CommonStockMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="shares" decimals="INF">15684</ajx:SharesIssuedDuringPeriodStockBasedManagementFeeExpense>
<us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">107000</us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross>
<us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">107000</us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross>
<us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">107000</us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross>
<us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">52000</us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross>
<us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">52000</us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross>
<us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">52000</us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">4999</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">3324</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<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:Dividends contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">7816000</us-gaap:Dividends>
<us-gaap:Dividends contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">7511000</us-gaap:Dividends>
<us-gaap:Dividends contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">7511000</us-gaap:Dividends>
<us-gaap:Dividends contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3">305000</us-gaap:Dividends>
<us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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 (&amp;#8220;RPL&amp;#8221;) and non-performing (&amp;#8220;NPL&amp;#8221;) 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 has elected 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;).&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 (the &amp;#8220;Operating Partnership&amp;#8221;), 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. Great Ajax Funding LLC is a wholly owned subsidiary of the Operating Partnership formed 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. AJX Mortgage Trust I is a wholly owned subsidiary of the Operating Partnership formed to hold mortgage loans used as collateral for financings under the Company&amp;#8217;s repurchase agreement. 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. GAJX Real Estate LLC is a wholly owned subsidiary of the Operating Partnership formed to own, maintain, improve and sell REO properties purchased by the Company. The Company has elected to treat GAJX Real Estate LLC as a TRS under the Code. During the three-months ended June 30, 2016, the Company formed FLAIAS LLC, a wholly owned subsidiary of the operating partnership, to acquire property tax liens in the state of Florida.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 in July 2014, and completed its initial public offering, or IPO, on February 19, 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 completed an additional public offering of its common stock in June 2016, in which it sold an aggregate of 2,589,427 shares of common stock, including shares sold pursuant to exercise of the option to purchase additional shares granted to the underwriters. The Company intends to use the approximately $32.0 million of proceeds net of expenses to acquire additional mortgage loans and mortgage-related assets.&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2015 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;29, 2016.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 unaudited and 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 consolidated 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, 2016.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 interim 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.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016, the Company owned 96.6% of the outstanding operating partnership units (&amp;#8220;OP Units&amp;#8221;) and the remaining 3.4% 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the Company 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;
&lt;/div&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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 2 &amp;#8212; Summary of significant accounting policies&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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;Mortgage loans&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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 bid price for mortgage loans, the Company uses a proprietary discounted cash flow valuation model to project expected cash flows, and consider alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include 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="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Loans acquired with deterioration in credit quality&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage loans pursuant to ASC 310-30, (Accounting for Loans with Deterioration in Credit Quality&lt;font style="font-family: 'times new roman', times, serif; color: #545454;"&gt;).&amp;#160;&lt;/font&gt;The Company&amp;#8217;s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the interest method of income recognition.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans 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&amp;#160;characteristics and are accounted for as a single loan pool for loans acquired within each three-month calendar 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 calendar quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the closing date but prior to pooling. Any gain or loss incurred on these loans is recognized in other income in the period the loan pays in full.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 accounting for loans under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral. The Company recognizes the accretable yield as interest income on a prospective level yield basis over the life of the pool. The excess of a loan&amp;#8217;s contractually required payments receivable over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company&amp;#8217;s expectation of the amount of cash flows expected to be collected is evaluated at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. If the Company expects to collect lower cash flows over the life of the pool, the Company records an impairment through the allowance for loan losses.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Loans acquired that have not experienced a deterioration in credit quality&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;While the Company generally acquires loans that have experienced deterioration in credit quality, it may, from time to time, acquire loans that have not missed a scheduled payment and have not experienced a deterioration in credit quality.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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. 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. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 necessary, an 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 acquires real estate properties when it forecloses on the borrower and takes title to the underlying property (real estate owned or REO). Property is recorded at cost if purchased, or at the present value of future cash flows 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 its acquisition basis, net realizable value (fair market value less expected selling costs), appraisals or independent broker price opinion (BPOs). Net unrealized losses due to changes in market value are recognized through a&amp;#160;valuation allowance by charges to income. No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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. Property is held for investment as rental property if the modeled present value of the future expected cash flows from use as a rental exceed the present value of expected cash flows from a sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years. The Company performs an impairment analysis for all rental property not held-for-sale 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. The 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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;Secured borrowings&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business.&amp;#160; The secured borrowings are structured as debt financings, and the loans 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 (VIEs). These secured borrowing 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 creditors do not have recourse to the primary beneficiary. Coupon interest on the debt is recognized using the accrual method of accounting.&amp;#160; Deferred issuance costs, including original issue discount and debt issuance costs, are amortized on an effective yield basis based on the underlying cash flow of the mortgage loans.&amp;#160; The Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date.&amp;#160; Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Repurchase facilities&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold 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.&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender.&lt;/font&gt;&amp;#160;The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company&amp;#8217;s consolidated balance sheets, and debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up of a repurchasing contract are recorded as prepaid expense at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as prepaid expense when incurred and amortized over the contractual life of the related borrowing.&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 &amp;#8220;Management Agreement&amp;#8221;), 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 Note 9 &amp;#8212; Related party transactions.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 Company&amp;#8217;s Servicing Agreement, Gregory receives servicing fees of 0.65% annually of the Unpaid Principal Balance (UPB) for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition. Servicing fees are paid monthly. The total fees incurred by the Company 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 do not change if a re-performing loan becomes non-performing or vice versa. Servicing fees for the Company&amp;#8217;s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. 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 Note 9 &amp;#8212; Related party transactions.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 provides for the payment to the Manager of a management fee. The Company pays a portion of the management fee in cash, and a portion 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. On October 27, 2015, the Company entered into an amended and restated management agreement with the Manager (the &amp;#8220;Amended and Restated Agreement&amp;#8221;), which amended the portion of the base management fee and manager&amp;#8217;s incentive fee to be payable in cash and shares of the Company&amp;#8217;s common stock retroactive to July 1, 2015. 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 June 7, 2016, the Company&amp;#8217;s stockholders approved the 2016 Equity Incentive Plan (the &amp;#8220;2016 Plan&amp;#8221;), to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company&amp;#8217;s affiliates. The 2016 Plan authorized the adoption of up to 5% of outstanding shares on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible securities, including OP Units and LTIP units, into shares of common stock). At the time of the adoption of the 2016 Plan, there were 793,905 shares available under for distribution.&lt;/div&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;&lt;/b&gt;&amp;#160;&lt;/div&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Directors&amp;#8217; fees&lt;/b&gt;&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, the portion payable in common stock is reflected in stockholders&amp;#8217; equity in the period in which it is incurred.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Variable interest entities&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the normal course of business, the Company enters into various types transactions with special purpose entities (SPEs), which have primarily consisted of trusts established for the Company&amp;#8217;s secured borrowings (See &amp;#8220;Secured Borrowings&amp;#8221; above and Note 8 to the financial statements). &amp;#160;Additionally, from time to time, the Company may enter into joint ventures with unrelated entities.&amp;#160; The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a Variable Interest Entity (VIE). If an entity created in a transaction meets the definition of a VIE and the Company determines that Great Ajax is the primary beneficiary, the Company will include the entity in its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Cash held in trust&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 held in trust consists of cash balances legally due to lenders, and is segregated from the Company&amp;#8217;s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations to the lender.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 and dilutive securities 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 that 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: 0px; margin: 0pt 0px 0pt 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 style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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 style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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 style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; 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;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 calculates the fair value for the senior debt consolidated on its balance sheet from securitization trusts by using the Company&amp;#8217;s proprietary pricing model to estimate the cash flows expected to be generated from the underlying collateral with the discount rate used in the present value calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Income taxes&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 elected 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 the Company 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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 February 22, 2016, the Company received a private letter ruling from the Internal Revenue Service regarding the consequences of owning the interest in our Manager through its operating partnership. 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 furnishes 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;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 offerings 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;Certain amounts in the Company&amp;#8217;s 2015 Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income or equity.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Recently adopted accounting standards&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 implemented this amendment for the six months ended June 30, 2016. As a result of this implementation, there was no effect on the application of the Company&amp;#8217;s consolidation policy.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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. In June 2015, the FASB issued ASU 2015-15, which acknowledges that the scope of ASU 2015-03 does not include line-of-credit arrangements but indicates that the SEC staff would not object to an entity deferring and presenting debt issuance costs for a line-of-credit borrowing arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The Company implemented this amendment during the three months ended March 31, 2016. The result of this implementation was a reduction of approximately $4.9 million on the balance sheet in Prepaid expenses and other assets, and an offsetting reduction of approximately $4.9 million in Secured borrowings, based on the Company&amp;#8217;s balance sheet at March 31, 2016. There was no effect on the presentation of the Company&amp;#8217;s Borrowings under repurchase agreement in its consolidated balance sheets as these borrowings are short-term in nature and as such are unaffected by the ASU. Additionally, there was no effect on consolidated net income, or equity.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;&lt;/b&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Recently issued accounting standards&lt;/b&gt;&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, Financial Accounting Standards Board (the &amp;#8220;FASB&amp;#8221;) 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. In August 2015, the FASB issued ASU 2015-14 deferring the effective date for ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is not permitted. The Company is evaluating the impact of this amendment on its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 2016, the FASB issued ASU 2016-01Financial Instruments &amp;#8211; Overall. ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Specifically the guidance (1) requires equity investments to be measured at fair value with changes in fair value recognized in earnings, (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost, (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option, (6) requires separate presentation of financial assets and liabilities by measurement category and form on the balance sheet or the notes to the financial statements, and (7) clarifies that the need for a valuation allowance on a deferred tax asset related to an available-for-sale security should be evaluated with other deferred tax assets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 2016, the FASB issued ASU 2016-07 Investments &amp;#8211; Equity Method and Joint Ventures which is intended to simplify the transition to the equity method of accounting. The guidance eliminates the retrospective application of the equity method of accounting when obtaining significant influence over a previously held investment. The guidance requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 2016, the FASB issued ASU 2016-09 Compensation &amp;#8211; Stock Compensation. The guidance primarily simplifies the accounting for employee share-based payment transactions, including a new requirement to record all of the income tax effects at settlement or expiration through the income statement, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 June 2016, the FASB issued ASU 2016-13 Financial Instruments &amp;#8211; Credit Losses. The main objective of this guidance is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. To achieve this, the amendments in this guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Specifically, the amendments in this guidance requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted, beginning with fiscal years after December 15, 2018. The Company is currently evaluating the impact on its consolidated financial statements.&lt;/div&gt;
&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
<ajx:MortgageLoansTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0.5in; margin: 0pt 0px; font: 10pt '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;Included on the Company&amp;#8217;s consolidated balance sheet as of June 30, 2016 and December 31, 2015, are approximately $630.5 million and $554.9 million, respectively, of residential and small business commercial whole loans at carrying value. The carrying value reflects the original investment amount, plus accretion of interest income, less principal and interest cash flows received. The carrying value is decreased by the allowance for losses, if any. To date, the Company has not recorded an allowance for losses against its purchased mortgage loans.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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. The Company categorizes mortgage loans as &amp;#8220;re-performing&amp;#8221; and as &amp;#8220;non-performing&amp;#8221; at acquisition and 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;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 presents information regarding the accretable yield and non-accretable amount for loans acquired during the following periods. The Company&amp;#8217;s loan acquisitions for the three and six months ended June 30, 2016 consisted entirely of re-performing loans; no non-performing loans were acquired in either of the&amp;#160;2016 periods ($ in thousands):&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&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="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Acquisitions&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Re-performing&lt;br  /&gt;loans&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Non-performing&lt;br  /&gt;loans&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Re-performing&lt;br  /&gt;loans&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Non-performing&lt;br  /&gt;loans&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;120,524&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;-&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;332,571&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;31,827&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;Non-accretable amount&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;(48,244&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;-&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;(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;/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;72,280&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;-&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;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;/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;(20,152&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;-&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;(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;/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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;52,128&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;-&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;150,388&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&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;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;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;/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; 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;Re-performing&lt;br  /&gt;loans&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;Non-performing&lt;br  /&gt;loans&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;Re-performing&lt;br  /&gt;loans&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;Non-performing&lt;br  /&gt;loans&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: 753px;"&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;202,703&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;-&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;486,603&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;65,675&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;Non-accretable amount&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;(77,392&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;-&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;(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;/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;125,311&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;-&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;/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;(36,005&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;-&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;(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;/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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;89,306&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;-&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;/tr&gt;
&lt;/table&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt;"&gt;The following table presents the change in the accretable yield for the total loan portfolio for the following periods ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Accretable&amp;#160;yield&lt;/b&gt;&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;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;/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; 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;Re-performing&lt;br  /&gt;loans&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;Non-performing&lt;br  /&gt;loans&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;Re-performing&amp;#160;&lt;br  /&gt;loans&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;Non-performing&lt;br  /&gt;loans&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="width: 753px;"&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;138,768&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;16,151&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;74,045&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;22,604&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;20,152&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;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;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;Accretion&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;(14,317&lt;/td&gt;
&lt;td style="text-align: left;"&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;(2,057&lt;/td&gt;
&lt;td style="text-align: left;"&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;(7,739&lt;/td&gt;
&lt;td style="text-align: left;"&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;(3,054&lt;/td&gt;
&lt;td style="text-align: left;"&gt;)&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;Reclassification from (to) non-accretable amount, net&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;39,570&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;2,204&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;-&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;-&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;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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;184,173&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;16,298&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;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;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;/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; 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;Re-performing&lt;br  /&gt;loans&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;Non-performing&lt;br  /&gt;loans&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;Re-performing&lt;br  /&gt;loans&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;Non-performing&lt;br  /&gt;loans&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="width: 753px;"&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;136,455&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;18,425&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;54,940&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;20,686&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;36,005&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;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;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;Accretion&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;(27,857&lt;/td&gt;
&lt;td style="text-align: left;"&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;(4,331&lt;/td&gt;
&lt;td style="text-align: left;"&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;(12,688&lt;/td&gt;
&lt;td style="text-align: left;"&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;(4,989&lt;/td&gt;
&lt;td style="text-align: left;"&gt;)&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;Reclassification from (to) non-accretable amount, net&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;39,570&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;2,204&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;-&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;-&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;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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;184,173&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;16,298&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;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 month periods ended June 30, 2016, and June 30, 2015, the Company recognized no provision for loan loss. For the three and six month periods ended June 30, 2016, the Company accreted $16.4 million and $32.2 million, respectively, into interest income with respect to its loan portfolio. For the three and six month periods ended and June 30, 2015, the Company accreted $10.8 million and $17.7 million, respectively, into interest income with respect to its loan portfolio.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016, the Company reclassified $39.6 million and $2.2 million from non-accretable amount to accretable yield for its re-performing and non-performing loans, respectively. The reclassification is based on an updated assessment of projected loan cash flows as compared to the projection at the acquisition date.&amp;#160; Substantially fewer loans are defaulting than originally projected at acquisition, resulting in greater total cash flows being collected over a longer period of time.&amp;#160; Performing loans &amp;#160;have a longer duration than non-performing loans and generate higher cash flows over the expected life of the loan.&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The following table sets forth the carrying value of the Company&amp;#8217;s mortgage loans, and related UPB by delinquency status as of June 30, 2016 and December 31, 2015 ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 style="text-align: left;" 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, 2016&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, 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;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" 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;Number&lt;br  /&gt;of&amp;#160;loans&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&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;Unpaid&lt;br  /&gt;principal&lt;br  /&gt;balance&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;Number&lt;br  /&gt;of&amp;#160;loans&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&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;Unpaid&lt;br  /&gt;principal&lt;br  /&gt;balance&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: 533px;"&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: 126px;"&gt;1,539&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;274,302&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;349,329&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;1,161&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;212,469&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;272,577&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;578&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;107,919&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;135,930&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;479&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;83,936&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;107,873&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;298&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;55,254&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;67,888&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;338&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;55,573&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;70,781&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;733&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;119,174&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;152,253&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;867&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;127,435&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;167,177&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: 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;388&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;73,885&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;100,171&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;404&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;75,464&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;107,301&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;3,536&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;630,534&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;805,571&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;3,249&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;554,877&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;725,709&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;/div&gt;</ajx:MortgageLoansTextBlock>
<us-gaap:RealEstateDisclosureTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0.5in; margin: 0pt 0px; font: 10pt '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;The Company primarily acquires REO when a mortgage loan is foreclosed upon and the Company takes title to the property on the foreclosure date. Additionally, from time to time, the Company will acquire real estate assets in purchase transactions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0.5in; margin: 0pt 0px; font: 10pt '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;At June 30, 2016, the Company held 103 residential properties with a carrying value of $14.4 million that were acquired through foreclosure and have been reclassified out of its Mortgage Loan Portfolio. As of December 31, 2015, the Company held 55 residential properties with a carrying value of $6.8 million that were acquired through foreclosure and reclassified out of its Mortgage Loan Portfolio.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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;Rental property&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016, the Company owned 3 REO properties with an aggregate carrying value of $0.8 million held for investment as rentals, at which time all of the properties were rented. None of these properties were acquired during the three-months ended June 30, 2016, through foreclosures, and none were transferred from Property held-for sale. As of December 31, 2015, the Company had one REO property having an aggregate carrying value of $0.1 million held for use as a rental, which was rented at that time.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0px; margin: 0pt 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;Property held-for-sale&lt;/div&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 classifies REO as property held-for sale if the property does not meet its residential rental property investment criteria. For the three-month periods ended June 30, 2016 and June 30, 2015, the Company moved 41 and 20 REO properties having aggregate carrying values of $4.8 million and $2.8 million, respectively, to real estate held-for-sale from its mortgage loan portfolio. For the six-month periods ended June 30, 2016 and June 30, 2015, the Company moved 80 and 45 REO properties having aggregate carrying values of $9.4 million and $7.7 million, respectively, to real estate held-for-sale from its mortgage loan portfolio. As of&amp;#160; the periods ended June 30, 2016 and December 31, 2015, the Company&amp;#8217;s net investments in REO held-for-sale were $16.6 million and $10.3 million, respectively.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0px; margin: 0pt 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;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0px; margin: 0pt 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 style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016 and June 30, 2015, the Company sold 21 and 3 REO properties, realizing net gains of approximately $0.5 million and $27,000, respectively, which are included in Other income on the Company&amp;#8217;s consolidated statements of income. During the six months ended June 30, 2016 and 2015, the Company sold 39 and 4 REO properties realizing gains, net of selling expenses, commissions and other costs, of approximately $1.1 million and $22,000 respectively. In addition, following an updated assessment of liquidation amounts expected to be realized that was performed on all REO held at the end of the quarter, a downward adjustment of approximately $0.2 million was recorded to reflect certain REO properties at the lower of cost or estimated fair value for the three and six months ended June 30, 2016, respectively. The Company did not record any lower of cost or estimated fair market value adjustment in 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0.5in; margin: 0pt 0px; font: 10pt '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;The following table presents the activity in the Company&amp;#8217;s carrying value of REO held-for-sale for the three months and six months ended June 30, 2016 and June 30, 2015&amp;#160;&lt;i&gt;(in thousands&lt;/i&gt;):&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Property Held-for-sale&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three months ended&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six months ended&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 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;June 30,&amp;#160;2016&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;June 30, 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="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June 30, 2016&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;June 30, 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;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 878px;"&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: 126px;"&gt;13,380&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;5,541&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;10,333&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: 125px;"&gt;1,316&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;Transfers from mortgage loans&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&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;5,019&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;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3,574&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;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;9,851&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;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;7,669&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="text-align: left;"&gt;Adjustments to record at lower of cost or fair value&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;(154&lt;/td&gt;
&lt;td style="text-align: left;"&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;-&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;(200&lt;/td&gt;
&lt;td style="text-align: left;"&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;-&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;Disposals&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;(2,324&lt;/td&gt;
&lt;td style="text-align: left;"&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;(326&lt;/td&gt;
&lt;td style="text-align: left;"&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;(4,137&lt;/td&gt;
&lt;td style="text-align: left;"&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;(363&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 style="padding-bottom: 1pt;"&gt;Other&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;630&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;229&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;704&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;396&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;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;16,551&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,018&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;16,551&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,018&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:RealEstateDisclosureTextBlock>
<us-gaap:FairValueDisclosuresTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;b&gt;Note 5 &amp;#8212; Fair value&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of June 30, 2016 and December 31, 2015 ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Level&amp;#160;1&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;Level&amp;#160;2&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;Level&amp;#160;3&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; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2016&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&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;Quoted&amp;#160;prices&amp;#160;in&lt;br  /&gt;active&amp;#160;markets&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;Observable&amp;#160;inputs&lt;br  /&gt;other&amp;#160;than&amp;#160;Level&amp;#160;1&lt;br  /&gt;prices&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;Unobservable&lt;br  /&gt;inputs&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; 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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;630,534&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;689,075&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-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;Secured borrowings, net&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;346,070&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;341,245&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;Borrowings under repurchase agreement&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;102,240&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;102,240&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;-&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: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Level&amp;#160;1&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;Level&amp;#160;2&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;Level&amp;#160;3&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; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&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="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&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;Quoted&amp;#160;prices&amp;#160;in&lt;br  /&gt;active&amp;#160;markets&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;Observable&amp;#160;inputs&lt;br  /&gt;other&amp;#160;than&amp;#160;Level&amp;#160;1&lt;br  /&gt;prices&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;Unobservable&lt;br  /&gt;inputs&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; 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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;554,877&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;627,112&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-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;Secured borrowings, net&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;265,006&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;259,649&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;Borrowings under repurchase agreement&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;104,533&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;104,533&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;-&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: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 either the three or six months ended June 30, 2016 or 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, cash held in trust, receivable from servicer, investment in affiliates, prepaid expenses and other assets, management fee payable and accrued expenses and other liabilities are equal to or approximate 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 an internal valuation based upon recent comparable selling prices.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 borrowings under repurchase transactions are short-term in nature, and the Company&amp;#8217;s management believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the fair value of these borrowings approximates carrying value.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 based upon the present value of future expected cash flows of the loans being transferred.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;Significant changes to any of the unobservable inputs used in the fair value measurement of the Company&amp;#8217;s mortgage loans including discount rates and loan resolution timelines among others, 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, 2016 and December 31, 2015:&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; 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: top;"&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; 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="3"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Range of Values&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="border-bottom: black 1pt solid; width: 1003px;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Input&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; width: 16px;" 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; width: 220px;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June 30, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; width: 15px;" 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; width: 313px;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Equity discount rate &amp;#8211; Re-performing loans&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;7% - 14%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;7% - 14%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Equity discount rate &amp;#8211; Non-performing loans&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;10% - 18%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;10% - 18%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Cost of debt&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;4.25%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;4.25%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Loan resolution timelines &amp;#8211; Re-performing loans (in years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;4 - 7&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;4 - 7&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Loan resolution timelines &amp;#8211; Non-performing loans (in years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;1.4 - 4&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;1.4 - 4&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:FairValueDisclosuresTextBlock>
<us-gaap:InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 holds a 40.5% interest in a Delaware trust, GA-E 2014-12, which holds an economic interest in a single small-balance commercial loan secured by a commercial property in Portland, Oregon.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 Company&amp;#8217;s original private placement in July 2014, the Company received a 19.8% equity interest in Thetis, a privately held company for which there is no public market for its securities. The Company accounts for its investment in Thetis using the equity method.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 14, 2016, the Company formed AS Ajax E LLC, to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. DoubleLine Capital LP, an independent third party, owns 95% of the Trust. Through AS Ajax E LLC, in which the Company holds a 24% interest, the Company owns 1.2% of the Trust, and other investors own 3.8% of the Trust. The Company accounts for its investment in AS Ajax E LLC using the equity method.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 table below shows the net income, assets and liabilities for the Company&amp;#8217;s unconsolidated affiliates at 100%, and at the Company&amp;#8217;s share (&lt;i&gt;dollars in thousands&lt;/i&gt;):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;Net income, assets and liabilities at 100%&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Net income at 100%&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 75%; 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 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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three months ended June 30,&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six months ended June 30,&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&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;2016&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;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="2"&gt;&lt;font style="font-size: 8pt;"&gt;2016&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;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;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 602px;"&gt;GA-E 2014-12&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;191&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;221&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;384&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;423&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&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;Thetis Asset Management&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;231&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;295&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;453&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;500&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;AS Ajax E LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;57&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;57&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;-&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: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 75%; 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 style="font-weight: bold;" colspan="5"&gt;Assets and liabilities at 100%&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;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;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="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; 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;June 30, 2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December 31, 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;/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="2"&gt;&lt;font style="font-size: 8pt;"&gt;Assets&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;Liabilities&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;Assets&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;Liabilities&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="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 602px;"&gt;GA-E 2014-12&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;6,120&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;3&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;5,763&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;10&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&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;Thetis Asset Management&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3,897&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;685&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3,028&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;520&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;AS Ajax E LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4,642&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;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;&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;&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;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;Net income, assets and liabilities at Company share&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 75%; 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 style="font-weight: bold;"&gt;Net income at Company share&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;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;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;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="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; 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;Three months ended June 30,&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six months ended June 30,&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&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;2016&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;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="2"&gt;&lt;font style="font-size: 8pt;"&gt;2016&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;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;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 602px;"&gt;GA-E 2014-12&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;77&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;90&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;156&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;171&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&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;Thetis Asset Management&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;46&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;58&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;90&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;99&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;AS Ajax E LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;14&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;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 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;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 75%; 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 style="font-weight: bold;" colspan="5"&gt;Assets and liabilities at Company share&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;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;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="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; 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;June 30, 2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December 31, 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;/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="2"&gt;&lt;font style="font-size: 8pt;"&gt;Assets&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;Liabilities&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;Assets&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="2"&gt;&lt;font style="font-size: 8pt;"&gt;Liabilities&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="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 602px;"&gt;GA-E 2014-12&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;2,479&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;2,334&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;4&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&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;Thetis Asset Management&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;772&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;136&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;600&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;103&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;AS Ajax E LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1,125&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;(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 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;&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;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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, 2016, the Company had commitments to purchase 1,063 RPLs secured by single and one-to-four family residences with aggregate UPB of $189.3 million.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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;div style="widows: 1; text-transform: none; text-indent: 40.5pt; margin: 0pt 0px; font: 10pt '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, 2016, the Company was not a party to, and its properties were not 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;/div&gt;
&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Note 8 &amp;#8212; Debt&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Repurchase agreements&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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, AJX Mortgage Trust I (the &amp;#8220;Seller&amp;#8221;), which is wholly owned by the Operating Partnership, 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. 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 a master repurchase agreement (the &amp;#8220;2014 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 at any point in time, with a simultaneous agreement by the Seller to repurchase such mortgage loans and other property, as provided in the 2014 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 was amended on May 13, 2015 to increase the transaction limit, and on November 24, 2015 to extend the termination date. The facility termination date is November 22, 2016.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;On July 15, 2016, the Company entered into a repurchase financing arrangement, as Seller, with JPMorgan Chase Bank, N.A., as Buyer, under which it will sell to Buyer the beneficial interests in mortgage loans and will pledge to Buyer the beneficial interests in such assets, with a simultaneous agreement by Buyer to transfer to the Company and the Company to repurchase such assets on a future date. The arrangement terminates on July 12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5% and an annual percentage facility fee of 25 basis points on the committed amount.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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 its 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.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Additionally, we have sold subordinate securities from our mortgage securitizations in repurchase transactions. The following table sets forth the details of the repurchase transactions ($ in thousands):&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; 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 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 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2016&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Origination&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Amount&lt;br  /&gt;&amp;#160;of&lt;br  /&gt;&amp;#160;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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest&amp;#160;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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="width: 455px;"&gt;September 9, 2016&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 283px;"&gt;March 9, 2016&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;15,730&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;15,730&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;22,470&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;&amp;#160;&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;3.00&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;September 30, 2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;March 30, 2016&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;10,658&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;10,658&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;15,226&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;3.01&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;November 22, 2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;November 24, 2015&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;200,000&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;66,433&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;109,252&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;4.19&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;December 23, 2016&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;June 23, 2016&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;9,419&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;9,419&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;13,391&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;2.91&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;Totals&lt;/td&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="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;235,807&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;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;102,240&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;160,339&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="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;3.77&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; 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 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 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&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;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Origination&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Amount&lt;br  /&gt;&amp;#160;of&lt;br  /&gt;&amp;#160;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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest&amp;#160;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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="width: 455px;"&gt;March 30, 2016&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 283px;"&gt;September 30, 2015&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;10,838&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;10,838&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;15,483&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;&amp;#160;&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;2.53&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;June 23, 2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;December 23, 2015&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;9,374&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;9,374&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;13,391&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;2.91&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;November 22, 2016&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;November 24, 2015&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;200,000&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; 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;84,321&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;135,736&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;4.17&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;Totals&lt;/td&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="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;220,212&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;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;104,533&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;164,610&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;3.91&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;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, 2016 and December 31, 2015.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; 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 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="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Gross amounts not offset in balance sheet&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;" 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;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Balance sheet 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Gross amount of&amp;#160;&lt;br  /&gt;recognized liabilities&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Gross amount&amp;#160;&lt;br  /&gt;pledged as&amp;#160;&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Net amount&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; background-color: #cceeff;"&gt;
&lt;td style="width: 956px; padding-bottom: 1pt;"&gt;June 30, 2016&lt;/td&gt;
&lt;td style="width: 16px; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;102,240&lt;/td&gt;
&lt;td style="width: 16px; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;160,339&lt;/td&gt;
&lt;td style="width: 16px; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;$&lt;/td&gt;
&lt;td style="width: 156px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;58,099&lt;/td&gt;
&lt;td style="width: 15px; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;December 31, 2015&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;104,533&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;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;164,610&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;60,077&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: bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Secured borrowings&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;From the commencement of operations to June 30, 2016, the Company has completed six 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 VIEs. 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="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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 trust certificates which have rights to the residual interests in the mortgages once the notes are repaid. For each of the Company&amp;#8217;s six securitizations through June 30, 2016, 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 trusts after the Class A notes and Class&amp;#160;B notes have been paid in full.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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:&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; 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 style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Issuing Trust/Issue 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Original 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest 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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="width: 612px; text-align: left;"&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="width: 392px; text-align: left;"&gt;Class A notes due 2057&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 330px;"&gt;$45 million&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;4.00&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2057&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$8 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2057&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$8 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$20.4 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(0.9) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&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;"&gt;Class A notes due 2054&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$41.2 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2054&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$13.7 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2054&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$13.7 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$22.9 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(0.8) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&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;"&gt;Class A notes due 2054&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$35.6 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2054&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$8.7 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2054&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$8.7 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$22.8 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(0.8) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2015-B / July 2015&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Class A notes due 2060&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$87.2 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2060&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$15.9 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2060&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$7.9 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$47.5 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(1.5) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2015-C / November 2015&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Class A notes due 2057&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$82.0 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2057&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$6.5 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2057&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$6.5 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$35.1 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(2.7) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2016-A/ April 2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Class A notes due 2064&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$101.4 million&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;4.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2064&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$7.9 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2064&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$7.9 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&amp;#160;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$41.3 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(2.7) million&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="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;div align="left" style="color: #000000; text-transform: none; line-height: normal; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: normal; margin-top: 3pt; margin-bottom: 3pt; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal;"&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: 0pt 0px 0pt 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&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: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; 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: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;(1)&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. The Company has retained the Class B notes.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left;"&gt;(2)&lt;/td&gt;
&lt;td style="text-align: left;"&gt;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, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes and Class B notes have been paid in full.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left;"&gt;(3)&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;These securities are encumbered under a repurchase agreement.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Servicing for the mortgage loans in the Company&amp;#8217;s securitizations is provided by the Servicer at a servicing fee rate of 0.65% annually of UPB for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition, and is paid monthly. The following table sets forth the status of the notes held by others at June 30, 2016, December 31, 2015, and the securitization cutoff date ($ in thousands):&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; 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 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Balances&amp;#160;at&amp;#160;June&amp;#160;30,&amp;#160;2016&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Balances&amp;#160;at&amp;#160;December&amp;#160;31,&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Original&amp;#160;balances&amp;#160;at&amp;#160;securitization&amp;#160;cutoff 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;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Class&amp;#160;of&amp;#160;Notes&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bond&amp;#160;Principal&lt;br  /&gt;Balance&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; background-color: #cceeff;"&gt;
&lt;td style="width: 345px;"&gt;2014-A&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;53,606&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;34,659&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;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;55,098&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;36,463&lt;/td&gt;
&lt;td style="width: 16px; 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;$&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;81,405&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;45,000&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&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;64,696&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;32,919&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;66,292&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;35,646&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;2015-A&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;52,991&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;31,615&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;53,673&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;33,674&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;75,835&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;35,643&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;2015-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;110,799&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;81,305&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;115,395&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;84,973&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;158,498&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;87,174&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;2015-C&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;104,015&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;72,783&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;108,238&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;79,824&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;130,130&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;81,982&lt;/td&gt;
&lt;td style="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;2016-A&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;118,778&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;99,309&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;-&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;-&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;158,485&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;101,431&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;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;504,885&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;352,590&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;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;398,696&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;270,580&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;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;695,888&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;392,421&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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 statements of income included the following significant related party transactions ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;" 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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&lt;br /&gt;Statement&amp;#160;of&lt;br /&gt;Income&amp;#160;location&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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&lt;br /&gt;Statement&amp;#160;of&lt;br /&gt;Income&amp;#160;location&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: 283px; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;1,453&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 157px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 283px;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;851&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 282px;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;937&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-management fee&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size:
 8pt;"&gt;856&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-management fee&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Due diligence and related loan acquisition costs&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;24&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan transaction expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan transaction expense&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Expense reimbursements&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Aspen Yo&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Professional fees&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;" 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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&lt;br /&gt;Statement&amp;#160;of&lt;br /&gt;Income&amp;#160;location&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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&lt;br /&gt;Statement&amp;#160;of&lt;br /&gt;Income&amp;#160;location&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: 283px; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;2,856&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 157px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 283px;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;1,507&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 282px;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;1,843&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-management fee&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;1,603&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-management fee&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Due diligence and related loan acquisition costs&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan transaction expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;19&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan transaction expense&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Expense reimbursements&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size:
 8pt;"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Aspen Yo&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Professional fees&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 balance sheets included the following significant related party balances ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2016&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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;" 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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&amp;#160;Balance&lt;br /&gt;sheet&amp;#160;location&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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&amp;#160;Balance&lt;br /&gt;Sheet&amp;#160;Location&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: 283px; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Receivables from Servicer&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;6,949&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 157px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 283px;"&gt;&lt;font style="font-size: 8pt;"&gt;Receivable from servicer&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;5,444&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 282px;"&gt;&lt;font style="font-size: 8pt;"&gt;Receivable from servicer&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee payable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;703&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee payable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;667&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font
 style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee payable&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Servicing fees payable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;123&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Accrued expenses and other liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;152&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Accrued expenses and other liabilities&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Expense reimbursement receivable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;37&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Prepaid expenses and other assets&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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;
&lt;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the Management Agreementwith the Manager, which has a 15-year term. 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 (other than its Chief Financial Officer) and does not expect to have any other 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 Servicer.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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)&amp;#160;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 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.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 initial $1 million of the quarterly base management fee will be payable 75% in cash and 25% in shares of the Company&amp;#8217;s common stock. Any amount of the base management fee in excess of $1 million will be payable in shares of the Company&amp;#8217;s common stock until payment is 50% in cash and 50% in shares (the &amp;#8220;50/50 split&amp;#8221;). Any remaining amount of the quarterly base management fee after the 50/50 split threshold is reached will be payable in equal amounts of cash and shares. As for the Manager&amp;#8217;s Incentive Fee, in the event that the payment of the quarterly base management fee has not reached the 50/50 split, all of the incentive fee will be payable in shares of the Company&amp;#8217;s common stock until the 50/50 split occurs. In the event that the total payment of the quarterly base management fee and the incentive fee has reached the 50/50 split, 20% of the remaining incentive fee is payable in shares of the Company&amp;#8217;s common stock and 80% of the remaining incentive fee 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;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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&amp;#160;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;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the Company defaults 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: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 are 0.65% annually of UPB for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition, and are paid monthly. The total fees incurred by the Company 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 do not change if a performing loan becomes non-performing or vice versa. Servicing fees for the Company&amp;#8217;s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the Company 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 use of the name &amp;#8220;Thetis.&amp;#8221;&lt;/div&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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 10 &amp;#8212; Stock-based payments and director fees&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 terms of the Management Agreement, the Company pays a portion 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 its common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of its common stock is paid. The Company paid the Manager a base management fee for the three and six months ended June 30, 2016 of $0.9 million and $1.8 million, respectively, of which the Company paid $0.2 million and $0.5 million, respectively, in 15,684 and 30,600 shares, respectively, of its common stock. The shares issued to the Manager are restricted securities subject to transfer restrictions.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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 except share amounts).&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Management fees and director fees&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;For&amp;#160;the&amp;#160;three-months&amp;#160;ended&lt;br /&gt;&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;For&amp;#160;the&amp;#160;three-months&amp;#160;ended&amp;#160;&lt;br /&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;/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; 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;Number&amp;#160;of&lt;br /&gt;shares&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;&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;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&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;Number&amp;#160;of&lt;br /&gt;shares&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;&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;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&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: 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;15,684&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;234&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;29,790&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;411&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;1,672&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;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;/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;17,356&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;259&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;31,530&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;436&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: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;For&amp;#160;the&amp;#160;six-months&amp;#160;ended&lt;br /&gt;&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;For&amp;#160;the&amp;#160;six-months&amp;#160;ended&amp;#160;&lt;br /&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;/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; 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;Number&amp;#160;of&lt;br /&gt;shares&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;&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;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&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;Number&amp;#160;of&lt;br /&gt;shares&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;&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;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&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: 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;30,600&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;462&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;55,877&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&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;3,320&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;52&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;33,920&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;514&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;59,365&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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: 0pt 0px; font: 10pt '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;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 activity in its restricted stock plan ($ in thousands, except share and per share amounts):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; padding-bottom: 1pt; vertical-align: top;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Restricted&amp;#160;stock&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Number&amp;#160;of&lt;br /&gt;shares&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Per&amp;#160;share&lt;br /&gt;value&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Total&amp;#160;cost&amp;#160;of&lt;br /&gt;grant&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Grant&amp;#160;expense&lt;br /&gt;recognized&amp;#160;for&amp;#160;the&lt;br /&gt;three&amp;#160;months&amp;#160;ended&lt;br /&gt;June&amp;#160;30,&amp;#160;2016&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Grant&amp;#160;expense&lt;br /&gt;recognized&amp;#160;for&amp;#160;the&amp;#160;six&lt;br /&gt;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;&lt;br /&gt;2016&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;-&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;-&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;2&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;-&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;2&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: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px;
 width: 99%; 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; 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;Number&amp;#160;of&lt;br /&gt;shares&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;Per&amp;#160;share&lt;br /&gt;value&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;Total&amp;#160;cost&amp;#160;of&lt;br /&gt;grant&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;Grant&amp;#160;expense&lt;br /&gt;recognized&amp;#160;for&amp;#160;the&lt;br /&gt;three&amp;#160;months&amp;#160;ended&lt;br /&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="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Grant&amp;#160;expense&lt;br /&gt;recognized&amp;#160;for&amp;#160;the&amp;#160;six&lt;br /&gt;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;&lt;br /&gt;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;/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: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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: 0pt 0px; font: 10pt '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;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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;/p&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;Provisions for income taxes of $26,000 and $23,000 were recorded for the three- and six-month periods ended June 30, 2016. Provisions for income taxes of $16,000 were recorded for both the three- and six-month periods ended June 30, 2015, respectively.&amp;#160;&lt;b&gt;&lt;/b&gt;The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheet at June 30, 2016 or December 31, 2015. The Company also recorded no interest or penalties for either of the three- or six-month periods ended June 30, 2016 or the three- or six-month periods ended June 30, 2015.&lt;/div&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:EarningsPerShareTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 12 &amp;#8212; Earnings per share&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The following table sets forth the components of basic and diluted earnings per share ($ in thousands, except share and per share amounts):&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/div&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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;Three&amp;#160;months&amp;#160;ended&amp;#160;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;/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; 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;Income&lt;br  /&gt;(Numerator)&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;Shares&lt;br  /&gt;(Denominator)&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;Per&amp;#160;Share&lt;br  /&gt;Amount&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;Income&lt;br  /&gt;(Numerator)&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;Shares&lt;br  /&gt;(Denominator)&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;Per&amp;#160;Share&lt;br  /&gt;Amount&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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&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;"&gt;&lt;font style="font-size: 8pt;"&gt;Basic EPS&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 533px;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to common stockholders&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;6,605&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;15,742,932&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;5,436&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;15,237,739&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&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; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Allocation of earning to participating restricted shares&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;(9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;)&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;(17&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;)&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to unrestricted common stockholders&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: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;6,596&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;15,742,932&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.42&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;5,419&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;15,237,739&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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-size: 8pt;"&gt;Effect of dilutive securities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&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;"&gt;&lt;font style="font-size: 8pt;"&gt;Operating partnership units&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;257&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;624,106&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;223&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;624,106&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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;&lt;font style="font-size: 8pt;"&gt;Restricted stock grants and Manager and director fee shares&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;22,088&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;17&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;47,789&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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-size: 8pt;"&gt;Diluted EPS&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&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; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to common stockholders and dilutive securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;6,862&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;16,389,126&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.42&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;5,659&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;15,909,634&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&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; 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;Income&lt;br  /&gt;(Numerator)&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;Shares&lt;br  /&gt;(Denominator)&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;Per&amp;#160;Share&lt;br  /&gt;Amount&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;Income&lt;br  /&gt;(Numerator)&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;Shares&lt;br  /&gt;(Denominator)&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;Per&amp;#160;Share&lt;br  /&gt;Amount&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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&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;"&gt;&lt;font style="font-size: 8pt;"&gt;Basic EPS&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 533px;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to common stockholders&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;14,256&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;15,524,725&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;9,076&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;14,129,162&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&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; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Allocation of earning to participating restricted shares&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;(23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;)&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;(31&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;)&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to unrestricted common stockholders&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: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;14,233&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;15,524,725&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.92&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;9,045&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;14,129,162&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.64&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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-size: 8pt;"&gt;Effect of dilutive securities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&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;"&gt;&lt;font style="font-size: 8pt;"&gt;Operating partnership units&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;569&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;624,106&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;398&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;624,106&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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;&lt;font style="font-size: 8pt;"&gt;Restricted stock grants and Manager and director fee shares&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;25,333&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;31&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;48,051&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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-size: 8pt;"&gt;Diluted EPS&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&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; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to common stockholders and dilutive securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;14,825&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;16,174,164&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.92&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;9,474&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;14,801,319&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.64&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 13 &amp;#8212; Subsequent events&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Director appointment&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 7, 2016, the Company&amp;#8217;s Board of Directors appointed Paul Friedman to fill a vacancy on the Board. Mr. Friedman will serve as a member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. Mr. Friedman is an independent director, as defined by the NYSE. In connection with his appointment, Mr. Friedman received a stock award of 2,000 shares of the Company&amp;#8217;s common stock subject to a one-year vesting period pursuant to the 2014 Director Equity Plan. As a director, Mr. Friedman will be entitled to an annual retainer of $50,000, payable quarterly, half in shares of the Company&amp;#8217;s common stock and half in cash.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;Repurchase facility&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 15, 2016, the Company entered into a repurchase financing arrangement, as Seller, with JPMorgan Chase Bank, N.A., as Buyer, under which it will sell to Buyer the beneficial interests in mortgage loans and will pledge to Buyer the beneficial interests in such assets, with a simultaneous agreement by Buyer to transfer to the Company and the Company to repurchase such assets on a future date. The arrangement terminates on July 12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5%, and an annual percentage facility fee of 25 basis points on the committed amount.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016 the Company&amp;#8217;s Board of Directors declared a dividend of $0.25 per share, to be paid on August 31, 2016, to stockholders of record as of August 16, 2016.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Mortgage loan pool acquisitions&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 31.5pt; margin: 0pt 0px; font: 10pt '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: 31.5pt; margin: 0pt 0px; font: 10pt '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 July 2016, we completed the acquisitions of 882 RPLs with aggregate UPB of $149.2 million in five transactions from five different sellers. The loans were acquired at 83.6% of UPB and the estimated market value of the underlying collateral is $211.2 million. The purchase price equaled 59.1% of the estimated market value of the underlying collateral. All of these acquisitions had closed as of July 31, 2016.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 31.5pt; margin: 0pt 0px; font: 10pt '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: 31.5pt; margin: 0pt 0px; font: 10pt '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;Additionally, we have agreed to acquire, subject to due diligence, 626 RPLs with aggregate UPB of $124.0 million in eight transactions from eight different sellers. The purchase price equals 82.6% of UPB and 59.9% of the estimated market value of the underlying collateral of $171.0 million. We have not entered into a definitive agreement with respect to these loans, and there is no assurance that we will enter into a definitive agreement relating to these loans or, if such an agreement is executed, that we will actually close the acquisitions or that the terms will not change.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 1, 2016 the Company issued 15,684 shares of its common stock to the Manager in payment of the stock-based portion of the management fee due for the second quarter of 2016 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the second quarter of 2016.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 1, 2016 the Company issued each of its independent directors 418 shares of its common stock in payment of half of their quarterly director fees for the second quarter of 2016.&lt;/div&gt;
&lt;/div&gt;</us-gaap:SubsequentEventsTextBlock>
<us-gaap:LoansAndLeasesReceivableMortgageBankingActivitiesPolicy contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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;Mortgage loans&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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 bid price for mortgage loans, the Company uses a proprietary discounted cash flow valuation model to project expected cash flows, and consider alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include 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;/div&gt;
&lt;/div&gt;</us-gaap:LoansAndLeasesReceivableMortgageBankingActivitiesPolicy>
<ajx:LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Loans acquired with deterioration in credit quality&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage loans pursuant to ASC 310-30, (Accounting for Loans with Deterioration in Credit Quality&lt;font style="font-family: 'times new roman', times, serif; color: #545454;"&gt;).&amp;#160;&lt;/font&gt;The Company&amp;#8217;s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the interest method of income recognition.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans 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 calendar 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 calendar quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the closing date but prior to pooling. Any gain or loss incurred on these loans is recognized in other income in the period the loan pays in full.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 accounting for loans under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral. The Company recognizes the accretable yield as interest income on a prospective level yield basis over the life of the pool. The excess of a loan&amp;#8217;s contractually required payments receivable over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company&amp;#8217;s expectation of the amount of cash flows expected to be collected is evaluated at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. If the Company expects to collect lower cash flows over the life of the pool, the Company records an impairment through the allowance for loan losses.&lt;/div&gt;
&lt;/div&gt;</ajx:LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock>
<ajx:LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Loans acquired that have not experienced a deterioration in credit quality&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;While the Company generally acquires loans that have experienced deterioration in credit quality, it may, from time to time, acquire loans that have not missed a scheduled payment and have not experienced a deterioration in credit quality.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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. 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. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 necessary, an 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;/div&gt;
&lt;/div&gt;</ajx:LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock>
<us-gaap:RealEstatePolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 acquires real estate properties when it forecloses on the borrower and takes title to the underlying property (real estate owned or REO). Property is recorded at cost if purchased, or at the present value of future cash flows 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 its acquisition basis, net realizable value (fair market value less expected selling costs), appraisals or independent broker price opinion (BPOs). Net unrealized losses due to changes in market value are recognized through a&amp;#160;valuation allowance by charges to income. No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;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. Property is held for investment as rental property if the modeled present value of the future expected cash flows from use as a rental exceed the present value of expected cash flows from a sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years. The Company performs an impairment analysis for all rental property not held-for-sale 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. The 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;/div&gt;
&lt;/div&gt;</us-gaap:RealEstatePolicyTextBlock>
<us-gaap:DebtPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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;Secured borrowings&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business.&amp;#160; The secured borrowings are structured as debt financings, and the loans 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 (VIEs). These secured borrowing 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 creditors do not have recourse to the primary beneficiary. Coupon interest on the debt is recognized using the accrual method of accounting.&amp;#160; Deferred issuance costs, including original issue discount and debt issuance costs, are amortized on an effective yield basis based on the underlying cash flow of the mortgage loans.&amp;#160; The Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date.&amp;#160; Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.&lt;/div&gt;
&lt;/div&gt;</us-gaap:DebtPolicyTextBlock>
<us-gaap:ManagementAndInvestmentAdvisoryFeesPolicy contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 &amp;#8220;Management Agreement&amp;#8221;), 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 Note 9 &amp;#8212; Related party transactions.&lt;/div&gt;
&lt;/div&gt;</us-gaap:ManagementAndInvestmentAdvisoryFeesPolicy>
<ajx:ServicingFeesPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 Company&amp;#8217;s Servicing Agreement, Gregory receives servicing fees of 0.65% annually of the Unpaid Principal Balance (UPB) for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition. Servicing fees are paid monthly. The total fees incurred by the Company 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 do not change if a re-performing loan becomes non-performing or vice versa. Servicing fees for the Company&amp;#8217;s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. 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 Note 9 &amp;#8212; Related party transactions.&lt;/div&gt;
&lt;/div&gt;</ajx:ServicingFeesPolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 provides for the payment to the Manager of a management fee. The Company pays a portion of the management fee in cash, and a portion 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. On October 27, 2015, the Company entered into an amended and restated management agreement with the Manager (the &amp;#8220;Amended and Restated Agreement&amp;#8221;), which amended the portion of the base management fee and manager&amp;#8217;s incentive fee to be payable in cash and shares of the Company&amp;#8217;s common stock retroactive to July 1, 2015. 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 June 7, 2016, the Company&amp;#8217;s stockholders approved the 2016 Equity Incentive Plan (the &amp;#8220;2016 Plan&amp;#8221;), to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company&amp;#8217;s affiliates. The 2016 Plan authorized the adoption of up to 5% of outstanding shares on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible securities, including OP Units and LTIP units, into shares of common stock). At the time of the adoption of the 2016 Plan, there were 793,905 shares available under for distribution.&lt;/div&gt;
&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<ajx:DirectorsFeesPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Directors&amp;#8217; fees&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, the portion payable in common stock is reflected in stockholders&amp;#8217; equity in the period in which it is incurred.&lt;/div&gt;
&lt;/div&gt;</ajx:DirectorsFeesPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;
&lt;/div&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Cash held in trust&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 held in trust consists of cash balances legally due to lenders, and is segregated from the Company&amp;#8217;s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations to the lender.&lt;/div&gt;
&lt;/div&gt;</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 and dilutive securities 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;
&lt;/div&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 that 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: 0px; margin: 0pt 0px 0pt 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 style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" 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: 0px; margin: 0pt 0px 0pt 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 style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; 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: 0px; margin: 0pt 0px 0pt 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 style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" 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;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 calculates the fair value for the senior debt consolidated on its balance sheet from securitization trusts by using the Company&amp;#8217;s proprietary pricing model to estimate the cash flows expected to be generated from the underlying
 collateral with the discount rate used in the present value calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors.&lt;/div&gt;
&lt;/div&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Income taxes&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 elected 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 the Company 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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 February 22, 2016, the Company received a private letter ruling from the Internal Revenue Service regarding the consequences of owning the interest in our Manager through its operating partnership. 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 furnishes 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;
&lt;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
<ajx:OfferingCostsPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 offerings of shares of common stock have been netted against, and are reflected as a reduction in, additional paid-in capital.&lt;/div&gt;
&lt;/div&gt;</ajx:OfferingCostsPolicyTextBlock>
<us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;
&lt;/div&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
<ajx:EmergingGrowthCompanyPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;
&lt;/div&gt;</ajx:EmergingGrowthCompanyPolicyTextBlock>
<us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;Certain amounts in the Company&amp;#8217;s 2015 Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income or equity.&lt;/div&gt;
&lt;/div&gt;</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
<ajx:RecentlyAdoptedAccountingStandardsPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Recently adopted accounting standards&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 implemented this amendment for the six months ended June 30, 2016. As a result of this implementation, there was no effect on the application of the Company&amp;#8217;s consolidation policy.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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. In June 2015, the FASB issued ASU 2015-15, which acknowledges that the scope of ASU 2015-03 does not include line-of-credit arrangements but indicates that the SEC staff would not object to an entity deferring and presenting debt issuance costs for a line-of-credit borrowing arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The Company implemented this amendment during the three months ended March 31, 2016. The result of this implementation was a reduction of approximately $4.9 million on the balance sheet in Prepaid expenses and other assets, and an offsetting reduction of approximately $4.9 million in Secured borrowings, based on the Company&amp;#8217;s balance sheet at March 31, 2016. There was no effect on the presentation of the Company&amp;#8217;s Borrowings under repurchase agreement in its consolidated balance sheets as these borrowings are short-term in nature and as such are unaffected by the ASU. Additionally, there was no effect on consolidated net income, or equity.&lt;/div&gt;
&lt;/div&gt;</ajx:RecentlyAdoptedAccountingStandardsPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Recently issued accounting standards&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, Financial Accounting Standards Board (the &amp;#8220;FASB&amp;#8221;) 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. In August 2015, the FASB issued ASU 2015-14 deferring the effective date for ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is not permitted. The Company is evaluating the impact of this amendment on its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 2016, the FASB issued ASU 2016-01Financial Instruments &amp;#8211; Overall. ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Specifically the guidance (1) requires equity investments to be measured at fair value with changes in fair value recognized in earnings, (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost, (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option, (6) requires separate presentation of financial assets and liabilities by measurement category and form on the balance sheet or the notes to the financial statements, and (7) clarifies that the need for a valuation allowance on a deferred tax asset related to an available-for-sale security should be evaluated with other deferred tax assets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 2016, the FASB issued ASU 2016-07 Investments &amp;#8211; Equity Method and Joint Ventures which is intended to simplify the transition to the equity method of accounting. The guidance eliminates the retrospective application of the equity method of accounting when obtaining significant influence over a previously held investment. The guidance requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 2016, the FASB issued ASU 2016-09 Compensation &amp;#8211; Stock Compensation. The guidance primarily simplifies the accounting for employee share-based payment transactions, including a new requirement to record all of the income tax effects at settlement or expiration through the income statement, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 June 2016, the FASB issued ASU 2016-13 Financial Instruments &amp;#8211; Credit Losses. The main objective of this guidance is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. To achieve this, the amendments in this guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Specifically, the amendments in this guidance requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted, beginning with fiscal years after December 15, 2018. The Company is currently evaluating the impact on its consolidated financial statements.&lt;/div&gt;
&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<ajx:ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&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="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Acquisitions&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Re-performing&lt;br /&gt;loans&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Non-performing&lt;br /&gt;loans&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Re-performing&lt;br /&gt;loans&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Non-performing&lt;br /&gt;loans&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;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;120,524&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;332,571&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;31,827&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;Non-accretable amount&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;(48,244&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;-&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;(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;/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;72,280&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;-&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;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;/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;(20,152&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;-&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;(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;/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;52,128&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;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;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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;" 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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;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;/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; 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;Re-performing&lt;br /&gt;loans&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;Non-performing&lt;br /&gt;loans&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;Re-performing&lt;br /&gt;loans&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;Non-performing&lt;br /&gt;loans&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: 753px;"&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;202,703&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;486,603&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;65,675&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;Non-accretable amount&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;(77,392&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;-&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;(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;/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;125,311&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;-&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;/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;(36,005&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;-&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;(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;/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;89,306&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&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;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</ajx:ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock>
<ajx:AccretableYieldTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Accretable&amp;#160;yield&lt;/b&gt;&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;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;/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; 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;Re-performing&lt;br /&gt;loans&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;Non-performing&lt;br /&gt;loans&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;Re-performing&amp;#160;&lt;br /&gt;loans&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;Non-performing&lt;br /&gt;loans&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="width: 753px;"&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;138,768&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;16,151&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;74,045&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;22,604&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;20,152&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;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;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;Accretion&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;(14,317&lt;/td&gt;
&lt;td style="text-align: left;"&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;(2,057&lt;/td&gt;
&lt;td style="text-align: left;"&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;(7,739&lt;/td&gt;
&lt;td style="text-align: left;"&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;(3,054&lt;/td&gt;
&lt;td style="text-align: left;"&gt;)&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;Reclassification from (to) non-accretable amount, net&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;39,570&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;2,204&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;-&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;-&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;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;184,173&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;16,298&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&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;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;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;/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; 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;Re-performing&lt;br /&gt;loans&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;Non-performing&lt;br /&gt;loans&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;Re-performing&lt;br /&gt;loans&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;Non-performing&lt;br /&gt;loans&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="width: 753px;"&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;136,455&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;18,425&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;54,940&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;20,686&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;36,005&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;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;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;Accretion&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;(27,857&lt;/td&gt;
&lt;td style="text-align: left;"&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;(4,331&lt;/td&gt;
&lt;td style="text-align: left;"&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;(12,688&lt;/td&gt;
&lt;td style="text-align: left;"&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;(4,989&lt;/td&gt;
&lt;td style="text-align: left;"&gt;)&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;Reclassification from (to) non-accretable amount, net&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;39,570&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;2,204&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;-&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;-&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;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;184,173&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;16,298&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&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;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</ajx:AccretableYieldTableTextBlock>
<us-gaap:PastDueFinancingReceivablesTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left;" 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, 2016&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, 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;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" 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;Number&lt;br /&gt;of&amp;#160;loans&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&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;Unpaid&lt;br /&gt;principal&lt;br /&gt;balance&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;Number&lt;br /&gt;of&amp;#160;loans&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&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;Unpaid&lt;br /&gt;principal&lt;br /&gt;balance&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: 533px;"&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: 126px;"&gt;1,539&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: 126px;"&gt;274,302&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;349,329&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;1,161&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;212,469&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: 125px;"&gt;272,577&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;578&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;107,919&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;135,930&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;479&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;83,936&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;107,873&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;298&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;55,254&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;67,888&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;338&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;55,573&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;70,781&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;733&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;119,174&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;152,253&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;867&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;127,435&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;167,177&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: 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;388&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;73,885&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;100,171&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;404&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;75,464&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;107,301&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;3,536&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;630,534&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;805,571&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;3,249&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;554,877&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;725,709&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;/div&gt;</us-gaap:PastDueFinancingReceivablesTableTextBlock>
<us-gaap:FairValueByBalanceSheetGroupingTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Level&amp;#160;1&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;Level&amp;#160;2&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;Level&amp;#160;3&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; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2016&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&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;Quoted&amp;#160;prices&amp;#160;in&lt;br /&gt;active&amp;#160;markets&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;Observable&amp;#160;inputs&lt;br /&gt;other&amp;#160;than&amp;#160;Level&amp;#160;1&lt;br /&gt;prices&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;Unobservable&lt;br /&gt;inputs&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; 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;630,534&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;-&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;-&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;689,075&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (liabilities)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Secured borrowings, net&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;346,070&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;-&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;-&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;341,245&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr
 style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Borrowings under repurchase agreement&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;102,240&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;-&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;102,240&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;-&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: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Level&amp;#160;1&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;Level&amp;#160;2&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;Level&amp;#160;3&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; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&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="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&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;Quoted&amp;#160;prices&amp;#160;in&lt;br /&gt;active&amp;#160;markets&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;Observable&amp;#160;inputs&lt;br /&gt;other&amp;#160;than&amp;#160;Level&amp;#160;1&lt;br /&gt;prices&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;Unobservable&lt;br /&gt;inputs&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; 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;554,877&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;-&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;-&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;627,112&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (liabilities)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Secured borrowings, net&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;265,006&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;-&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;-&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;259,649&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Borrowings under repurchase agreement&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;104,533&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;-&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;104,533&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;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:FairValueByBalanceSheetGroupingTextBlock>
<us-gaap:FairValueInputsAssetsQuantitativeInformationTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: top;"&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; 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="3"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Range of Values&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="border-bottom: black 1pt solid; width: 1003px;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Input&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; width: 16px;" 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; width: 220px;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June 30, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; width: 15px;" 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; width: 313px;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Equity discount rate &amp;#8211; Re-performing loans&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;7% - 14%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;7% - 14%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Equity discount rate &amp;#8211; Non-performing loans&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;10% - 18%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;10% - 18%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Cost of debt&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;4.25%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;4.25%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Loan resolution timelines &amp;#8211; Re-performing loans (in years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;4 - 7&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;4 - 7&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Loan resolution timelines &amp;#8211; Non-performing loans (in years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;1.4 - 4&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;1.4 - 4&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:FairValueInputsAssetsQuantitativeInformationTableTextBlock>
<us-gaap:ScheduleOfRepurchaseAgreements contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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 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;2016&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Origination&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;Amount&lt;br /&gt;&amp;#160;of&lt;br /&gt;&amp;#160;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&amp;#160;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="width: 455px;"&gt;September 9, 2016&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 283px;"&gt;March 9, 2016&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;15,730&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;15,730&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;22,470&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: 156px;"&gt;3.00&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;September 30, 2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;March 30, 2016&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;10,658&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;10,658&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;15,226&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;3.01&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;November 22, 2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;November 24, 2015&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;200,000&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;66,433&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;109,252&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;4.19&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;December 23, 2016&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;June 23, 2016&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;9,419&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;9,419&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;13,391&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;2.91&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="padding-bottom: 2.5pt;"&gt;Totals&lt;/td&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="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;235,807&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;102,240&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;160,339&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;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;3.77&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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 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;December&amp;#160;31,&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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Origination&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;Amount&lt;br /&gt;&amp;#160;of&lt;br /&gt;&amp;#160;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&amp;#160;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="width: 455px;"&gt;March 30, 2016&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 283px;"&gt;September 30, 2015&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;10,838&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;10,838&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;15,483&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: 156px;"&gt;2.53&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;June 23, 2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;December 23, 2015&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;9,374&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;9,374&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;13,391&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;2.91&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 style="padding-bottom: 1pt;"&gt;November 22, 2016&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;November 24, 2015&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;200,000&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="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;84,321&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;135,736&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;4.17&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;Totals&lt;/td&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="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;220,212&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;104,533&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;164,610&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;3.91&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:ScheduleOfRepurchaseAgreements>
<us-gaap:ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Gross amounts not offset in balance sheet&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;" 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;/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;Balance sheet 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;Gross amount of&amp;#160;&lt;br  /&gt;recognized liabilities&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;Gross amount&amp;#160;&lt;br  /&gt;pledged as&amp;#160;&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;Net amount&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: 1pt; width: 956px;"&gt;June 30, 2016&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 157px;"&gt;102,240&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 157px;"&gt;160,339&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 156px;"&gt;58,099&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; 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: 2.5pt;"&gt;December 31, 2015&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;104,533&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;164,610&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;60,077&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;/div&gt;</us-gaap:ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock>
<ajx:ScheduleOfDebtSecuritizationTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;table 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; orphans: 2; widows: 2; 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 style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Issuing Trust/Issue 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Original 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest 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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="width: 612px; text-align: left;"&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="width: 392px; text-align: left;"&gt;Class A notes due 2057&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 330px;"&gt;$45 million&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;4.00&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2057&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$8 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2057&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$8 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$20.4 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(0.9) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&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;"&gt;Class A notes due 2054&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$41.2 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2054&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$13.7 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2054&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$13.7 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$22.9 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(0.8) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&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;"&gt;Class A notes due 2054&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$35.6 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2054&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$8.7 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2054&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$8.7 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$22.8 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(0.8) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2015-B / July 2015&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Class A notes due 2060&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$87.2 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2060&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$15.9 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2060&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$7.9 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$47.5 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(1.5) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2015-C / November 2015&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Class A notes due 2057&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$82.0 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2057&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$6.5 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2057&lt;sup&gt;(1) (3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$6.5 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$35.1 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(2.7) million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&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: 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; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2016-A/ April 2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Class A notes due 2064&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$101.4 million&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;4.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-1 notes due 2064&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$7.9 million&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="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Class B-2 notes due 2064&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$7.9 million&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="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Trust certificates&amp;#160;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$41.3 million&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Deferred issuance costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;$(2.7) million&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="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;div align="left" style="color: #000000; text-transform: none; line-height: normal; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: normal; margin-top: 3pt; margin-bottom: 3pt; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal;"&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: 0pt 0px 0pt 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&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: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; 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: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;(1)&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. The Company has retained the Class B notes.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left;"&gt;(2)&lt;/td&gt;
&lt;td style="text-align: left;"&gt;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, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes and Class B notes have been paid in full.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left;"&gt;(3)&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;These securities are encumbered under a repurchase agreement.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ajx:ScheduleOfDebtSecuritizationTableTextBlock>
<ajx:StatusOfMortgageLoansTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Balances&amp;#160;at&amp;#160;December&amp;#160;31,&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Original&amp;#160;balances&amp;#160;at&amp;#160;securitization&amp;#160;cutoff 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;/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&amp;#160;Notes&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;mortgages&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;Bond&lt;br /&gt;principal&lt;br /&gt;balance&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;mortgages&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;Bond&lt;br /&gt;principal&lt;br /&gt;balance&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;Mortgage&lt;br /&gt;UPB&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;Bond&amp;#160;Principal&lt;br /&gt;Balance&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="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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;53,606&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;34,659&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;55,098&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;36,463&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;64,696&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;32,919&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;66,292&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;35,646&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&gt;2015-A&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;52,991&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;31,615&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;53,673&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;33,674&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;75,835&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;35,643&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;2015-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;110,799&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;81,305&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;115,395&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;84,973&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;158,498&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;87,174&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&gt;2015-C&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;104,015&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;72,783&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;108,238&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;79,824&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;130,130&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;81,982&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="padding-bottom: 1pt;"&gt;2016-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;118,778&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;99,309&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;-&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;-&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;158,485&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;101,431&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;504,885&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;352,590&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;398,696&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;270,580&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;695,888&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;392,421&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;/div&gt;</ajx:StatusOfMortgageLoansTableTextBlock>
<us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;" 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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&lt;br /&gt;Statement&amp;#160;of&lt;br /&gt;Income&amp;#160;location&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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&lt;br /&gt;Statement&amp;#160;of&lt;br /&gt;Income&amp;#160;location&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: 283px; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;1,453&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 157px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 283px;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;851&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 282px;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;937&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-management fee&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;856&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-management fee&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Due diligence and related loan acquisition costs&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;24&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan transaction expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan transaction expense&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Expense reimbursements&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Aspen Yo&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Professional fees&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;" 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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&lt;br /&gt;Statement&amp;#160;of&lt;br /&gt;Income&amp;#160;location&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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&lt;br /&gt;Statement&amp;#160;of&lt;br /&gt;Income&amp;#160;location&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: 283px; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;2,856&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 157px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 283px;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;1,507&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 282px;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-loan servicing fees&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;1,843&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-management fee&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;1,603&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Related party expense-management fee&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Due diligence and related loan acquisition costs&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan transaction expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;19&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loan transaction expense&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Expense reimbursements&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Aspen Yo&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Professional fees&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
<ajx:ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2016&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="7" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;" 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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&amp;#160;Balance&lt;br /&gt;sheet&amp;#160;location&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;/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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Counterparty&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;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated&amp;#160;Balance&lt;br /&gt;Sheet&amp;#160;Location&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: 283px; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Receivables from Servicer&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;6,949&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 157px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 283px;"&gt;&lt;font style="font-size: 8pt;"&gt;Receivable from servicer&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;5,444&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 282px;"&gt;&lt;font style="font-size: 8pt;"&gt;Receivable from servicer&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee payable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;703&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee payable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;667&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Management fee payable&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; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Servicing fees payable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;123&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Accrued expenses and other liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;152&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Gregory&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Accrued expenses and other liabilities&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Expense reimbursement receivable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;37&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;Thetis&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Prepaid expenses and other assets&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</ajx:ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock>
<ajx:StockBasedManagementFeesAndDirectorFeesTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Management fees and director fees&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;For&amp;#160;the&amp;#160;three-months&amp;#160;ended&lt;br /&gt;&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;For&amp;#160;the&amp;#160;three-months&amp;#160;ended&amp;#160;&lt;br /&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;/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; 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;Number&amp;#160;of&lt;br /&gt;shares&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;&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;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&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;Number&amp;#160;of&lt;br /&gt;shares&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;&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;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&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: 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;15,684&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;234&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;29,790&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;411&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;1,672&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;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;/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;17,356&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;259&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;31,530&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;436&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: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;For&amp;#160;the&amp;#160;six-months&amp;#160;ended&lt;br /&gt;&amp;#160;June&amp;#160;30,&amp;#160;2016&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;For&amp;#160;the&amp;#160;six-months&amp;#160;ended&amp;#160;&lt;br /&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;/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; 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;Number&amp;#160;of&lt;br /&gt;shares&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;&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;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&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;Number&amp;#160;of&lt;br /&gt;shares&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;&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;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&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: 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;30,600&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;462&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;55,877&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&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;3,320&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;52&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;33,920&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;514&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;59,365&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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: 0pt 0px; font: 10pt '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;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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&gt;</ajx:StockBasedManagementFeesAndDirectorFeesTableTextBlock>
<us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; padding-bottom: 1pt; vertical-align: top;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Restricted&amp;#160;stock&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Number&amp;#160;of&lt;br /&gt;shares&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Per&amp;#160;share&lt;br /&gt;value&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Total&amp;#160;cost&amp;#160;of&lt;br /&gt;grant&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Grant&amp;#160;expense&lt;br /&gt;recognized&amp;#160;for&amp;#160;the&lt;br /&gt;three&amp;#160;months&amp;#160;ended&lt;br /&gt;June&amp;#160;30,&amp;#160;2016&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;&lt;b&gt;Grant&amp;#160;expense&lt;br /&gt;recognized&amp;#160;for&amp;#160;the&amp;#160;six&lt;br /&gt;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;&lt;br /&gt;2016&lt;/b&gt;&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;-&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;-&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;2&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;-&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;2&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;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;Number&amp;#160;of&lt;br /&gt;shares&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;Per&amp;#160;share&lt;br /&gt;value&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;Total&amp;#160;cost&amp;#160;of&lt;br /&gt;grant&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;Grant&amp;#160;expense&lt;br /&gt;recognized&amp;#160;for&amp;#160;the&lt;br /&gt;three&amp;#160;months&amp;#160;ended&lt;br /&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="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Grant&amp;#160;expense&lt;br /&gt;recognized&amp;#160;for&amp;#160;the&amp;#160;six&lt;br /&gt;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;&lt;br /&gt;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;/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: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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: 0pt 0px; font: 10pt '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: 0px; margin: 0pt 0px 0pt 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;
&lt;/div&gt;</us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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;Three&amp;#160;months&amp;#160;ended&amp;#160;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;/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; 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;Income&lt;br /&gt;(Numerator)&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;Shares&lt;br /&gt;(Denominator)&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;Per&amp;#160;Share&lt;br /&gt;Amount&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;Income&lt;br /&gt;(Numerator)&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;Shares&lt;br /&gt;(Denominator)&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;Per&amp;#160;Share&lt;br /&gt;Amount&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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&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;"&gt;&lt;font style="font-size: 8pt;"&gt;Basic EPS&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td
 style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 533px;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to common stockholders&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;6,605&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;15,742,932&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;5,436&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;15,237,739&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&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; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Allocation of earning to participating restricted shares&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;(9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;)&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;(17&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;)&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to unrestricted common stockholders&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: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;6,596&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;15,742,932&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.42&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;5,419&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;15,237,739&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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-size: 8pt;"&gt;Effect of dilutive securities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&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;"&gt;&lt;font style="font-size: 8pt;"&gt;Operating partnership units&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;257&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;624,106&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;223&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;624,106&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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;&lt;font style="font-size: 8pt;"&gt;Restricted stock grants and Manager and director fee shares&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;22,088&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;17&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;47,789&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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-size: 8pt;"&gt;Diluted EPS&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&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; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to common stockholders and dilutive securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;6,862&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;16,389,126&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom:
 black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.42&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;5,659&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;15,909,634&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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="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;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2016&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="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&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; 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;Income&lt;br /&gt;(Numerator)&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;Shares&lt;br /&gt;(Denominator)&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;Per&amp;#160;Share&lt;br /&gt;Amount&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;Income&lt;br /&gt;(Numerator)&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;Shares&lt;br /&gt;(Denominator)&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;Per&amp;#160;Share&lt;br /&gt;Amount&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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&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;"&gt;&lt;font style="font-size: 8pt;"&gt;Basic EPS&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 533px;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to common stockholders&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;14,256&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;15,524,725&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;9,076&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;14,129,162&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&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; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Allocation of earning to participating restricted shares&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;(23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;)&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;(31&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;)&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to unrestricted common stockholders&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: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;14,233&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font
 style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;15,524,725&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.92&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;9,045&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;14,129,162&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.64&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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-size: 8pt;"&gt;Effect of dilutive securities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&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;"&gt;&lt;font style="font-size: 8pt;"&gt;Operating partnership units&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;569&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;624,106&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size:
 8pt;"&gt;398&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;624,106&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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;&lt;font style="font-size: 8pt;"&gt;Restricted stock grants and Manager and director fee shares&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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;25,333&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;31&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left;"&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: right;"&gt;&lt;font style="font-size: 8pt;"&gt;48,051&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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: left; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; 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&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&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-size: 8pt;"&gt;Diluted EPS&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align:
 left;"&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; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Consolidated income attributable to common stockholders and dilutive securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;14,825&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;16,174,164&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.92&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;9,474&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;14,801,319&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;0.64&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_14_Mar_2016T00_00_00_TO_14_Mar_2016T00_00_00_LegalEntityAxis_DoublelineCapitalLpMember" unitRef="pure" decimals="2">0.95</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_14_Mar_2016T00_00_00_TO_14_Mar_2016T00_00_00_LegalEntityAxis_AsAjaxELlcMember" unitRef="pure" decimals="2">0.24</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_14_Mar_2016T00_00_00_TO_14_Mar_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_OtherInvestorsMember" unitRef="pure" decimals="3">0.038</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="pure" decimals="3">0.405</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="3">0.198</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<ajx:PercentageOfOutstandingOperatingPartnershipUnitsOwned contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="pure" decimals="3">0.966</ajx:PercentageOfOutstandingOperatingPartnershipUnitsOwned>
<ajx:PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="pure" decimals="3">0.034</ajx:PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_PlanNameAxis_DirectorEquityPlan2014Member_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="INF">2000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_SaleOfStockAxis_IPOMember_PlanNameAxis_LongTermIncentivePlanMember">P1Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_SaleOfStockAxis_IPOMember_PlanNameAxis_LongTermIncentivePlanMember">P1Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_PlanNameAxis_DirectorEquityPlan2014Member_AwardTypeAxis_RestrictedStockMember">P1Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_07_Jul_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember_TitleOfIndividualAxis_PaulFriedmanMember_PlanNameAxis_DirectorEquityPlan2014Member_SubsequentEventTypeAxis_SubsequentEventMember">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_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MaximumMember_AgreementAxis_ServicingAgreementMember" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_ServicingAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MinimumMember" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MaximumMember_AgreementAxis_ServicingAgreementMember" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_15_Jul_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_LongtermDebtTypeAxis_MortgagesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="pure" decimals="4">0.0025</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:AnnualRetainerReceivedInSharesAndCashAmount contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="0">50000</ajx:AnnualRetainerReceivedInSharesAndCashAmount>
<ajx:AnnualRetainerReceivedInSharesAndCashAmount contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_PlanNameAxis_DirectorEquityPlan2014Member_AwardTypeAxis_RestrictedStockMember" unitRef="USD" decimals="0">50000</ajx:AnnualRetainerReceivedInSharesAndCashAmount>
<ajx:AnnualRetainerReceivedInSharesAndCashAmount contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_07_Jul_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember_TitleOfIndividualAxis_PaulFriedmanMember_PlanNameAxis_DirectorEquityPlan2014Member_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="USD" decimals="0">50000</ajx:AnnualRetainerReceivedInSharesAndCashAmount>
<us-gaap:PropertyPlantAndEquipmentDepreciationMethods contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">straight-line method</us-gaap:PropertyPlantAndEquipmentDepreciationMethods>
<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">three to 27.5 years</us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
<us-gaap:NumberOfOperatingSegments contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="Segment" decimals="INF">1</us-gaap:NumberOfOperatingSegments>
<ajx:ReductionInPrepaidExpensesAndOtherAssets contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201503Member" unitRef="USD" decimals="-5">4900000</ajx:ReductionInPrepaidExpensesAndOtherAssets>
<ajx:ReductionInSecuredBorrowings contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201503Member" unitRef="USD" decimals="-5">4900000</ajx:ReductionInSecuredBorrowings>
<ajx:PercentageOfFairMarketValueOfReo contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_AgreementAxis_ServicingAgreementMember" unitRef="pure" decimals="4">0.0100</ajx:PercentageOfFairMarketValueOfReo>
<ajx:PercentageOfPurchasePriceOfReo contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_AgreementAxis_ServicingAgreementMember" unitRef="pure" decimals="4">0.0100</ajx:PercentageOfPurchasePriceOfReo>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">332571000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">31827000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">486603000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">65675000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">120524000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">202703000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" xsi:nil="true"></us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">132557000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">18598000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">198704000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">38317000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">48244000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">77392000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" xsi:nil="true"></us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">200014000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">13229000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">287899000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">27358000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">72280000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">125311000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" xsi:nil="true"></us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">-49626000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">-4185000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">-73680000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">-8038000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">-20152000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">-36005000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" xsi:nil="true"></us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">150388000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">9044000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">214219000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">19320000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" decimals="-3">52128000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_ThreeMonthsEndedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" decimals="-3">89306000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_ReportingPeriodAxis_SixMonthsEndedMember" unitRef="USD" xsi:nil="true"></us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<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:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Jan_2015T00_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_01_Jan_2015T00_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_2016T00_00_00_TO_31_Mar_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">138768000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">184173000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Apr_2016T00_00_00_TO_31_Mar_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">16151000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">16298000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">136455000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">18425000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>

<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:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">20152000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>

<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">36005000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>

<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:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">14317000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">2057000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">27857000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">4331000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="Loan" decimals="INF">3536</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="Loan" decimals="INF">1539</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="Loan" decimals="INF">578</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="Loan" decimals="INF">298</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="Loan" decimals="INF">388</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="Loan" decimals="INF">733</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>






<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">725709000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="USD" decimals="-3">272577000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="USD" decimals="-3">107873000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="USD" decimals="-3">70781000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="USD" decimals="-3">107301000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="USD" decimals="-3">167177000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">805571000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="USD" decimals="-3">349329000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="USD" decimals="-3">135930000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="USD" decimals="-3">67888000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="USD" decimals="-3">100171000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="USD" decimals="-3">152253000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<us-gaap:InvestmentIncomeInterest contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">10800000</us-gaap:InvestmentIncomeInterest>
<us-gaap:InvestmentIncomeInterest contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">17700000</us-gaap:InvestmentIncomeInterest>
<us-gaap:InvestmentIncomeInterest contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">16400000</us-gaap:InvestmentIncomeInterest>
<us-gaap:InvestmentIncomeInterest contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">32200000</us-gaap:InvestmentIncomeInterest>
<ajx:NumberOfRealEstatePropertiesHeldForRental contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="Property" decimals="INF">1</ajx:NumberOfRealEstatePropertiesHeldForRental>
<ajx:NumberOfRealEstatePropertiesHeldForRental contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="Property" decimals="INF">3</ajx:NumberOfRealEstatePropertiesHeldForRental>
<ajx:CarryingValueOfReoProperties contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-5">100000</ajx:CarryingValueOfReoProperties>
<ajx:CarryingValueOfReoProperties contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">800000</ajx:CarryingValueOfReoProperties>
<ajx:NumberOfRealEstatePropertiesHeldForSale contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Property" decimals="INF">20</ajx:NumberOfRealEstatePropertiesHeldForSale>
<ajx:NumberOfRealEstatePropertiesHeldForSale contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Property" decimals="INF">45</ajx:NumberOfRealEstatePropertiesHeldForSale>
<ajx:NumberOfRealEstatePropertiesHeldForSale contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="Property" decimals="INF">41</ajx:NumberOfRealEstatePropertiesHeldForSale>
<ajx:NumberOfRealEstatePropertiesHeldForSale contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="Property" decimals="INF">80</ajx:NumberOfRealEstatePropertiesHeldForSale>
<ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Property" decimals="INF">3</ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf>
<ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Property" decimals="INF">4</ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf>
<ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="Property" decimals="INF">21</ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf>
<ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="Property" decimals="INF">39</ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf>
<ajx:MortgageLoansFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<ajx:MortgageLoansFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<ajx:MortgageLoansFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" decimals="-3">627112000</ajx:MortgageLoansFairValueDisclosure>
<ajx:MortgageLoansFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<ajx:MortgageLoansFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<ajx:MortgageLoansFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" decimals="-3">689075000</ajx:MortgageLoansFairValueDisclosure>
<ajx:SecuredDebtFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<ajx:SecuredDebtFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<ajx:SecuredDebtFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" decimals="-3">259649000</ajx:SecuredDebtFairValueDisclosure>
<ajx:SecuredDebtFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<ajx:SecuredDebtFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<ajx:SecuredDebtFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" decimals="-3">341245000</ajx:SecuredDebtFairValueDisclosure>
<ajx:SecuredDebtRepurchaseAgreementsFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<ajx:SecuredDebtRepurchaseAgreementsFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" decimals="-3">104533000</ajx:SecuredDebtRepurchaseAgreementsFairValueDisclosure>
<ajx:SecuredDebtRepurchaseAgreementsFairValueDisclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<ajx:SecuredDebtRepurchaseAgreementsFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<ajx:SecuredDebtRepurchaseAgreementsFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" decimals="-3">102240000</ajx:SecuredDebtRepurchaseAgreementsFairValueDisclosure>
<ajx:SecuredDebtRepurchaseAgreementsFairValueDisclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.07</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember" unitRef="pure" decimals="2">0.14</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.10</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember" unitRef="pure" decimals="2">0.18</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.07</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember" unitRef="pure" decimals="2">0.14</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.10</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember" unitRef="pure" decimals="2">0.18</us-gaap:FairValueInputsDiscountRate>
<ajx:FairValueInputsCostOfDebtRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="pure" decimals="4">0.0425</ajx:FairValueInputsCostOfDebtRate>
<ajx:FairValueInputsCostOfDebtRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="pure" decimals="4">0.0425</ajx:FairValueInputsCostOfDebtRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember">P4Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember">P7Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember">P1Y4M24D</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember">P4Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember">P4Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember">P7Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember">P1Y4M24D</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember">P4Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RangeAxis_MaximumMember_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember" unitRef="USD" decimals="-6">200000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-6">45000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-6" id="Footnote-3_1">8000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-6" id="Footnote-3_2">8000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5">41200000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5" id="Footnote-3_3">13700000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5" id="Footnote-3_4">13700000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5">35600000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5" id="Footnote-3_5">8700000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5" id="Footnote-3_6">8700000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-5">87200000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-5" id="Footnote-3_7">15900000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-5" id="Footnote-3_8">7900000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-5">82000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-5" id="Footnote-3_9">6500000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-5" id="Footnote-3_10">6500000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" unitRef="USD" decimals="-5">101400000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" unitRef="USD" decimals="-5" id="Footnote-3_11">7900000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" unitRef="USD" decimals="-5" id="Footnote-3_12">7900000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_15_Jul_2016T00_00_00_TO_15_Jul_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_LongtermDebtTypeAxis_MortgagesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="USD" decimals="-6">150000000</us-gaap:DebtInstrumentFaceAmount>
<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseNumber contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_PurchaseCommitmentExcludingLongtermCommitmentAxis_PurchaseCommitmentMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_SingleAndOneToFourFamilyResidencesMember" unitRef="Property" decimals="INF">1063</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseNumber>
<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseNumber contextRef="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_FiveSellersMember" unitRef="Property" decimals="INF">882</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseNumber>
<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseNumber contextRef="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_EightSellersMember" unitRef="Property" decimals="INF">626</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseNumber>
<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_PurchaseCommitmentExcludingLongtermCommitmentAxis_PurchaseCommitmentMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_SingleAndOneToFourFamilyResidencesMember" unitRef="USD" decimals="-5">189300000</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance>
<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance contextRef="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_FiveSellersMember" unitRef="USD" decimals="-5">149200000</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance>
<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance contextRef="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_EightSellersMember" unitRef="USD" decimals="-5">124000000</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance>
<ajx:PercentageOfUnpaidPrincipalBalanceOfLoanAcquired contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_FiveSellersMember" unitRef="pure" decimals="3">0.836</ajx:PercentageOfUnpaidPrincipalBalanceOfLoanAcquired>
<ajx:PercentageOfUnpaidPrincipalBalanceOfLoanAcquired contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_EightSellersMember" unitRef="pure" decimals="3">0.826</ajx:PercentageOfUnpaidPrincipalBalanceOfLoanAcquired>
<ajx:EstimatedMarketValueOfUnderlyingCollaterals contextRef="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_FiveSellersMember" unitRef="USD" decimals="-5">211200000</ajx:EstimatedMarketValueOfUnderlyingCollaterals>
<ajx:EstimatedMarketValueOfUnderlyingCollaterals contextRef="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_EightSellersMember" unitRef="USD" decimals="-5">171000000</ajx:EstimatedMarketValueOfUnderlyingCollaterals>
<ajx:PercentageOfEstimatedMarketValueOfUnderlyingCollateral contextRef="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_FiveSellersMember" unitRef="pure" decimals="3">0.591</ajx:PercentageOfEstimatedMarketValueOfUnderlyingCollateral>
<ajx:PercentageOfEstimatedMarketValueOfUnderlyingCollateral contextRef="Context_As_Of_31_Jul_2016T00_00_00_TO_31_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RelatedPartyTransactionsByRelatedPartyAxis_EightSellersMember" unitRef="pure" decimals="3">0.599</ajx:PercentageOfEstimatedMarketValueOfUnderlyingCollateral>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member">2016-11-22</us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_March302016Member">2016-03-30</us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_June232016Member">2016-06-23</us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member">2016-11-22</us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September302016Member">2016-09-30</us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September092016Member">2016-09-09</us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_December232016Member">2016-12-23</us-gaap:DebtInstrumentMaturityDate>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">220212000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member" unitRef="USD" decimals="-3">200000000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_March302016Member" unitRef="USD" decimals="-3">10838000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_June232016Member" unitRef="USD" decimals="-3">9374000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">235807000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member" unitRef="USD" decimals="-3">200000000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September302016Member" unitRef="USD" decimals="-3">10658000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September092016Member" unitRef="USD" decimals="-3">15730000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_December232016Member" unitRef="USD" decimals="-3">9419000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">104533000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member" unitRef="USD" decimals="-3">84321000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_March302016Member" unitRef="USD" decimals="-3">10838000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_June232016Member" unitRef="USD" decimals="-3">9374000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">102240000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member" unitRef="USD" decimals="-3">66433000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September302016Member" unitRef="USD" decimals="-3">10658000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September092016Member" unitRef="USD" decimals="-3">15730000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_December232016Member" unitRef="USD" decimals="-3">9419000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">164610000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member" unitRef="USD" decimals="-3">135736000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_March302016Member" unitRef="USD" decimals="-3">15483000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_June232016Member" unitRef="USD" decimals="-3">13391000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">160339000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member" unitRef="USD" decimals="-3">109252000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September302016Member" unitRef="USD" decimals="-3">15226000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September092016Member" unitRef="USD" decimals="-3">22470000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_December232016Member" unitRef="USD" decimals="-3">13391000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="pure" decimals="4">0.0391</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member" unitRef="pure" decimals="4">0.0417</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_March302016Member" unitRef="pure" decimals="4">0.0253</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_June232016Member" unitRef="pure" decimals="4">0.0291</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="pure" decimals="4">0.0377</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member" unitRef="pure" decimals="4">0.0419</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September302016Member" unitRef="pure" decimals="4">0.0301</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="pure" decimals="4">0.0400</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="pure" decimals="4" id="Footnote-3_13">0.0519</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="pure" decimals="4" id="Footnote-3_14">0.0519</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4">0.0385</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4" id="Footnote-3_15">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4" id="Footnote-3_16">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4">0.0388</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4" id="Footnote-3_17">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4" id="Footnote-3_18">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="pure" decimals="4">0.0388</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="pure" decimals="4" id="Footnote-3_19">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="pure" decimals="4" id="Footnote-3_20">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="pure" decimals="4">0.0388</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="pure" decimals="4" id="Footnote-3_21">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="pure" decimals="4" id="Footnote-3_22">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September092016Member" unitRef="pure" decimals="2">0.03</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_December232016Member" unitRef="pure" decimals="4">0.0291</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" unitRef="pure" decimals="4">0.0425</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" unitRef="pure" decimals="4" id="Footnote-3_23">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" unitRef="pure" decimals="4" id="Footnote-3_24">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<ajx:NetAmountOfLiability contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-3">60077000</ajx:NetAmountOfLiability>
<ajx:NetAmountOfLiability contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">58099000</ajx:NetAmountOfLiability>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member">2057</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" id="Footnote-3_25">2057</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" id="Footnote-3_26">2057</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">2054</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" id="Footnote-3_27">2054</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" id="Footnote-3_28">2054</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">2054</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" id="Footnote-3_29">2054</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" id="Footnote-3_30">2054</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember">2060</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" id="Footnote-3_31">2060</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" id="Footnote-3_32">2060</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember">2057</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" id="Footnote-3_33">2057</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" id="Footnote-3_34">2057</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member">2064</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" id="Footnote-3_35">2064</ajx:DebtInstrumentMaturityYear>
<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" id="Footnote-3_36">2064</ajx:DebtInstrumentMaturityYear>
<ajx:TrustCertificate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-5" id="Footnote-4_1">20400000</ajx:TrustCertificate>
<ajx:TrustCertificate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5" id="Footnote-4_2">22900000</ajx:TrustCertificate>
<ajx:TrustCertificate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5" id="Footnote-4_3">22800000</ajx:TrustCertificate>
<ajx:TrustCertificate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-5" id="Footnote-4_4">47500000</ajx:TrustCertificate>
<ajx:TrustCertificate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-5" id="Footnote-4_5">35100000</ajx:TrustCertificate>
<ajx:TrustCertificate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" unitRef="USD" decimals="-5" id="Footnote-4_6">41300000</ajx:TrustCertificate>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-3">55098000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">66292000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">398696000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">53673000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-3">115395000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-3">108238000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2016Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-3">53606000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">64696000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">504885000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">52991000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-3">110799000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-3">104015000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2016Member" unitRef="USD" decimals="-3">118778000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-3">36463000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">35646000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">270580000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">33674000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-3">84973000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-3">79824000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2016Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-3">34659000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">32919000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">352590000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">31615000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-3">81305000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-3">72783000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2016Member" unitRef="USD" decimals="-3">99309000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-3">81405000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">91535000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">695888000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">75835000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-3">158498000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-3">130130000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2016Member" unitRef="USD" decimals="-3">158485000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-3">45000000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">41191000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">392421000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">35643000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-3">87174000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-3">81982000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2016Member" unitRef="USD" decimals="-3">101431000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:PercentageOfGuarantorsBeneficialInterest contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="pure" decimals="2">1.00</ajx:PercentageOfGuarantorsBeneficialInterest>
<us-gaap:MinorityInterestOwnershipPercentageByParent contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember" unitRef="pure" decimals="2">1.00</us-gaap:MinorityInterestOwnershipPercentageByParent>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember">One-month LIBOR</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_15_Jul_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_LongtermDebtTypeAxis_MortgagesMember_SubsequentEventTypeAxis_SubsequentEventMember">LIBOR plus 2.5%</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<ajx:PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember" unitRef="pure" decimals="2">0.65</ajx:PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo>
<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>
<us-gaap:LoanPortfolioExpense contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanServicingFeesMember" unitRef="USD" decimals="-3">1453000</us-gaap:LoanPortfolioExpense>
<us-gaap:LoanPortfolioExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanServicingFeesMember" unitRef="USD" decimals="-3">2856000</us-gaap:LoanPortfolioExpense>
<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">1603000</us-gaap:ManagementFeeExpense>
<us-gaap:ManagementFeeExpense contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_IncomeStatementLocationAxis_ManagementFeeMember" unitRef="USD" decimals="-3">937000</us-gaap:ManagementFeeExpense>
<us-gaap:ManagementFeeExpense contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_IncomeStatementLocationAxis_ManagementFeeMember" unitRef="USD" decimals="-3">1843000</us-gaap:ManagementFeeExpense>
<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>
<ajx:DueDiligenceAndRelatedLoanAcquisitionCosts contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanTransactionExpenseMember" unitRef="USD" decimals="-3">24000</ajx:DueDiligenceAndRelatedLoanAcquisitionCosts>
<ajx:DueDiligenceAndRelatedLoanAcquisitionCosts contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanTransactionExpenseMember" unitRef="USD" decimals="-3">50000</ajx:DueDiligenceAndRelatedLoanAcquisitionCosts>
<ajx:ServicingFeesPayable contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_BalanceSheetLocationAxis_AccountsPayableAndAccruedLiabilitiesMember" unitRef="USD" decimals="-3">152000</ajx:ServicingFeesPayable>
<ajx:ServicingFeesPayable contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_BalanceSheetLocationAxis_AccountsPayableAndAccruedLiabilitiesMember" unitRef="USD" decimals="-3">123000</ajx:ServicingFeesPayable>
<us-gaap:InsuranceReceivableForMalpractice contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_BalanceSheetLocationAxis_PrepaidExpensesAndOtherCurrentAssetsMember" unitRef="USD" decimals="-3">37000</us-gaap:InsuranceReceivableForMalpractice>
<us-gaap:InsuranceReceivableForMalpractice contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_BalanceSheetLocationAxis_PrepaidExpensesAndOtherCurrentAssetsMember" unitRef="USD" xsi:nil="true"/>
<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_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_AgreementAxis_ServicingAgreementMember">P15Y</ajx:TermOfAgreement>
<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: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>
<ajx:PercentageOfBaseManagementFeesPayableInCash contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="2">0.75</ajx:PercentageOfBaseManagementFeesPayableInCash>
<ajx:PercentageOfBaseManagementFeePayableInShares contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="2">0.25</ajx:PercentageOfBaseManagementFeePayableInShares>
<ajx:ManagementFeesDescription contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">Base management fee in excess of $1 million will be payable in shares of the Company's common stock until payment is 50% in cash and 50% in shares (the "50/50 split").</ajx:ManagementFeesDescription>
<ajx:PercentageOfRemainingIncentiveFeePayableInShares contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="2">0.20</ajx:PercentageOfRemainingIncentiveFeePayableInShares>
<ajx:PercentageOfRemainingIncentiveFeePayableInCash contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="2">0.80</ajx:PercentageOfRemainingIncentiveFeePayableInCash>
<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_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">17356</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_TypeOfFeesAxis_ManagementFeeMember" unitRef="shares" decimals="INF">15684</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember" unitRef="shares" decimals="INF">1672</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">33920</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_TypeOfFeesAxis_ManagementFeeMember" unitRef="shares" decimals="INF">30600</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember" unitRef="shares" decimals="INF">3320</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-5_1">436000</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-5_2">411000</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-5_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-5_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-5_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-5_6">50000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3" id="Footnote-5_7">259000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_TypeOfFeesAxis_ManagementFeeMember" unitRef="USD" decimals="-3" id="Footnote-5_8">234000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember" unitRef="USD" decimals="-3" id="Footnote-5_9">25000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3" id="Footnote-5_10">514000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_TypeOfFeesAxis_ManagementFeeMember" unitRef="USD" decimals="-3" id="Footnote-5_11">462000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember" unitRef="USD" decimals="-3" id="Footnote-5_12">52000</us-gaap:ShareBasedCompensation>
<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-6_1">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-6_2">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:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="shares" decimals="INF" id="Footnote-6_3">6000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="shares" decimals="INF" id="Footnote-6_4">2000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="INF">8000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<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" decimals="2" id="Footnote-6_5">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-6_6">14.25</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD_per_Share" decimals="2" id="Footnote-6_7">15.00</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD_per_Share" decimals="2" id="Footnote-6_8">14.25</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<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-6_9">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-6_10">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>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-6_11">90000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-6_12">29000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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-6_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-6_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-6_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-6_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>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" xsi:nil="true" id="Footnote-6_17"/>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" xsi:nil="true" id="Footnote-6_18"/>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" xsi:nil="true" id="Footnote-6_19"/>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-6_20">2000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="USD" decimals="-3">2000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<ajx:BaseManagementFees contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">900000</ajx:BaseManagementFees>
<ajx:BaseManagementFees contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">1800000</ajx:BaseManagementFees>
<ajx:PaymentOfManagementFeeWithSharesOfStock contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">200000</ajx:PaymentOfManagementFeeWithSharesOfStock>
<ajx:PaymentOfManagementFeeWithSharesOfStock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">500000</ajx:PaymentOfManagementFeeWithSharesOfStock>
<ajx:NumberOfSharesIssuedForPaymentOfManagementFee contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">15684</ajx:NumberOfSharesIssuedForPaymentOfManagementFee>
<ajx:NumberOfSharesIssuedForPaymentOfManagementFee contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="INF">30600</ajx:NumberOfSharesIssuedForPaymentOfManagementFee>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_PlanNameAxis_LongTermIncentivePlanMember" unitRef="shares" decimals="INF">100000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<ajx:NumberOfDirector contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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_AwardTypeAxis_RestrictedStockMember_SaleOfStockAxis_IPOMember_PlanNameAxis_LongTermIncentivePlanMember" unitRef="shares" decimals="INF">2000</us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross>
<us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AwardTypeAxis_RestrictedStockMember_SaleOfStockAxis_IPOMember_PlanNameAxis_LongTermIncentivePlanMember" unitRef="shares" decimals="INF">2000</us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross>
<ajx:DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="pure" decimals="2">0.90</ajx:DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome>
<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:UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">9000</us-gaap:UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic>
<us-gaap:UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">23000</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>
<us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">6596000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
<us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">14233000</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>
<ajx:DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">257000</ajx:DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits>
<ajx:DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">569000</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:AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">9000</us-gaap:AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits>
<us-gaap:AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">23000</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:NetIncomeLossAttributableToParentDiluted contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">6862000</us-gaap:NetIncomeLossAttributableToParentDiluted>
<us-gaap:NetIncomeLossAttributableToParentDiluted contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">14825000</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:WeightedAverageNumberOfSharesIssuedBasic contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">15742932</us-gaap:WeightedAverageNumberOfSharesIssuedBasic>
<us-gaap:WeightedAverageNumberOfSharesIssuedBasic contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">15524725</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"/>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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:IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">624106</ajx:IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits>
<ajx:IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_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="0">47789</ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares>
<ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">48051</ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares>
<ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">22088</ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares>
<ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="shares" decimals="0">25333</ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares>
<us-gaap:DividendsPayableDateDeclaredDayMonthAndYear contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_28_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember">2016-07-28</us-gaap:DividendsPayableDateDeclaredDayMonthAndYear>
<us-gaap:DividendsPayableAmountPerShare contextRef="Context_As_Of_28_Jul_2016T00_00_00_TO_28_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember" unitRef="USD_per_Share" decimals="2">0.25</us-gaap:DividendsPayableAmountPerShare>
<us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_28_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember">2016-08-31</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
<us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_28_Jul_2016T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember">2016-08-16</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>
<ajx:NumberOfSharesIssuedInPaymentOfDirectorsFees contextRef="Context_Custom_30_Jul_2016T00_00_00_TO_01_Aug_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="shares" decimals="INF">418</ajx:NumberOfSharesIssuedInPaymentOfDirectorsFees>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="Context_Custom_01_Jun_2016T00_00_00_TO_07_Jun_2016T00_00_00_PlanNameAxis_EquityIncentivePlanMember" unitRef="pure" decimals="2">0.05</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="Context_As_Of_07_Jun_2016T00_00_00_TO_07_Jun_2016T00_00_00_PlanNameAxis_EquityIncentivePlanMember" unitRef="shares" decimals="INF">793905</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">39570000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">2204000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">39570000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">2204000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference>
<us-gaap:ProceedsFromSecuredNotesPayable contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">35213000</us-gaap:ProceedsFromSecuredNotesPayable>
<us-gaap:ProceedsFromSecuredNotesPayable contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">101431000</us-gaap:ProceedsFromSecuredNotesPayable>
<us-gaap:RepurchaseAndResaleAgreementsPolicy contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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;Repurchase facilities&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold 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.&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender.&lt;/font&gt;&amp;#160;The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company&amp;#8217;s consolidated balance sheets, and debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up of a repurchasing contract are recorded as prepaid expense at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as prepaid expense when incurred and amortized over the contractual life of the related borrowing.&lt;/div&gt;
&lt;/div&gt;</us-gaap:RepurchaseAndResaleAgreementsPolicy>
<us-gaap:ConsolidationVariableInterestEntityPolicy contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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;Variable interest entities&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the normal course of business, the Company enters into various types transactions with special purpose entities (SPEs), which have primarily consisted of trusts established for the Company&amp;#8217;s secured borrowings (See &amp;#8220;Secured Borrowings&amp;#8221; above and Note 8 to the financial statements). &amp;#160;Additionally, from time to time, the Company may enter into joint ventures with unrelated entities.&amp;#160; The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a Variable Interest Entity (VIE). If an entity created in a transaction meets the definition of a VIE and the Company determines that Great Ajax is the primary beneficiary, the Company will include the entity in its consolidated financial statements.&lt;/div&gt;
&lt;/div&gt;</us-gaap:ConsolidationVariableInterestEntityPolicy>
<us-gaap:OtherRealEstateRollForwardTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;div&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Property Held-for-sale&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three months ended&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="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six months ended&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 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;June 30,&amp;#160;2016&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;June 30, 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="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June 30, 2016&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;June 30, 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;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 878px;"&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: 126px;"&gt;13,380&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;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;5,541&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;10,333&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: 125px;"&gt;1,316&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;Transfers from mortgage loans&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&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;5,019&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;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3,574&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;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;9,851&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;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;7,669&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="text-align: left;"&gt;Adjustments to record at lower of cost or fair value&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;(154&lt;/td&gt;
&lt;td style="text-align: left;"&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;-&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;(200&lt;/td&gt;
&lt;td style="text-align: left;"&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;-&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;Disposals&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;(2,324&lt;/td&gt;
&lt;td style="text-align: left;"&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;(326&lt;/td&gt;
&lt;td style="text-align: left;"&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;(4,137&lt;/td&gt;
&lt;td style="text-align: left;"&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;(363&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 style="padding-bottom: 1pt;"&gt;Other&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;630&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;229&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;704&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;396&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;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;16,551&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;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,018&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;16,551&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;9,018&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;/div&gt;</us-gaap:OtherRealEstateRollForwardTableTextBlock>
<us-gaap:ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00">&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;Net income, assets and liabilities at 100%&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;Net income at 100%&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; orphans: 2; widows: 2; 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 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three months ended June 30,&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six months ended June 30,&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&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;2016&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;2016&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;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;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="width: 602px;"&gt;GA-E 2014-12&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;191&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;221&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;384&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;423&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left;"&gt;Thetis Asset Management&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;231&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;295&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;453&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;500&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;AS Ajax E LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;57&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;-&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;57&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;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; orphans: 2; widows: 2; 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 style="font-weight: bold;" colspan="5"&gt;Assets and liabilities at 100%&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;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;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="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; 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; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June 30, 2016&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December 31, 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;/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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;Assets&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;Liabilities&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;Assets&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;Liabilities&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; background-color: #cceeff;"&gt;
&lt;td style="width: 602px;"&gt;GA-E 2014-12&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;6,120&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;3&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;5,763&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;10&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left;"&gt;Thetis Asset Management&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3,897&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;685&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3,028&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;520&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;AS Ajax E LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4,642&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;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;&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;&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;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;Net income, assets and liabilities at Company share&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; orphans: 2; widows: 2; 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 style="font-weight: bold;"&gt;Net income at Company share&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;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;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;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="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; 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; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three months ended June 30,&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six months ended June 30,&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&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;2016&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;2016&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;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;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="width: 602px;"&gt;GA-E 2014-12&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;77&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;90&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;156&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;171&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left;"&gt;Thetis Asset Management&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;46&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;58&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;90&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;99&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;AS Ajax E LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;14&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;-&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;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 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;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; orphans: 2; widows: 2; 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 style="font-weight: bold;" colspan="5"&gt;Assets and liabilities at Company share&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;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;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="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; 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; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June 30, 2016&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December 31, 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;/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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;Assets&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;Liabilities&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;Assets&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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;Liabilities&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; background-color: #cceeff;"&gt;
&lt;td style="width: 602px;"&gt;GA-E 2014-12&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;2,479&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 13px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;2,334&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;4&lt;/td&gt;
&lt;td style="width: 12px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left;"&gt;Thetis Asset Management&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;772&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;136&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;600&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;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;103&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left;"&gt;AS Ajax E LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1,125&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;(1&lt;/td&gt;
&lt;td style="text-align: left;"&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;-&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;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock>
<us-gaap:TransferToOtherRealEstate contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">3574000</us-gaap:TransferToOtherRealEstate>
<us-gaap:TransferToOtherRealEstate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">7669000</us-gaap:TransferToOtherRealEstate>
<us-gaap:TransferToOtherRealEstate contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">5019000</us-gaap:TransferToOtherRealEstate>
<us-gaap:TransferToOtherRealEstate contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">9851000</us-gaap:TransferToOtherRealEstate>
<ajx:RealEstateHeldForSaleDisposals contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">326000</ajx:RealEstateHeldForSaleDisposals>
<ajx:RealEstateHeldForSaleDisposals contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">363000</ajx:RealEstateHeldForSaleDisposals>
<ajx:RealEstateHeldForSaleDisposals contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">2324000</ajx:RealEstateHeldForSaleDisposals>
<ajx:RealEstateHeldForSaleDisposals contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">4137000</ajx:RealEstateHeldForSaleDisposals>
<ajx:RealEstateHeldForSaleAdjustments contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">154000</ajx:RealEstateHeldForSaleAdjustments>
<ajx:RealEstateHeldForSaleAdjustments contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">200000</ajx:RealEstateHeldForSaleAdjustments>
<ajx:RealEstateHeldForSaleOther contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">229000</ajx:RealEstateHeldForSaleOther>
<ajx:RealEstateHeldForSaleOther contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">396000</ajx:RealEstateHeldForSaleOther>
<ajx:RealEstateHeldForSaleOther contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">630000</ajx:RealEstateHeldForSaleOther>
<ajx:RealEstateHeldForSaleOther contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-3">704000</ajx:RealEstateHeldForSaleOther>
<us-gaap:DeferredFinanceCostsNet contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014Member" unitRef="USD" decimals="-5">900000</us-gaap:DeferredFinanceCostsNet>
<us-gaap:DeferredFinanceCostsNet contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5">800000</us-gaap:DeferredFinanceCostsNet>
<us-gaap:DeferredFinanceCostsNet contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5">800000</us-gaap:DeferredFinanceCostsNet>
<us-gaap:DeferredFinanceCostsNet contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015BMember" unitRef="USD" decimals="-5">1500000</us-gaap:DeferredFinanceCostsNet>
<us-gaap:DeferredFinanceCostsNet contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2015CMember" unitRef="USD" decimals="-5">2700000</us-gaap:DeferredFinanceCostsNet>
<us-gaap:DeferredFinanceCostsNet contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_DeferredExpensesMember_LegalEntityAxis_AjaxMortgageLoanTrust2016AApril2016Member" unitRef="USD" decimals="-5">2700000</us-gaap:DeferredFinanceCostsNet>
<ajx:AjustmentToRecordReoPropertiesAtLowerOfCost contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">200000</ajx:AjustmentToRecordReoPropertiesAtLowerOfCost>
<ajx:AjustmentToRecordReoPropertiesAtLowerOfCost contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">200000</ajx:AjustmentToRecordReoPropertiesAtLowerOfCost>
<ajx:LegalExpenseReimbursements contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_AspenYoLlcMember_IncomeStatementLocationAxis_ProfessionalFeesMember" unitRef="USD" xsi:nil="true"/>
<ajx:LegalExpenseReimbursements contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_AspenYoLlcMember_IncomeStatementLocationAxis_ProfessionalFeesMember" unitRef="USD" decimals="-3">3000</ajx:LegalExpenseReimbursements>
<us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="Context_Custom_01_Jul_2016T00_00_00_TO_07_Jul_2016T00_00_00_StatementEquityComponentsAxis_CommonStockMember_TitleOfIndividualAxis_PaulFriedmanMember_PlanNameAxis_DirectorEquityPlan2014Member_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="shares" decimals="INF">2000</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member">2015-11-24</us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_March302016Member">2015-09-30</us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_June232016Member">2015-12-23</us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_November222016Member">2015-11-24</us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September302016Member">2016-03-30</us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_September092016Member">2016-03-09</us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00_AgreementAxis_RepurchaseAgreementMember_DebtInstrumentMaturityDateAxis_December232016Member">2016-06-23</us-gaap:DebtInstrumentIssuanceDate1>

<!-- 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-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-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-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-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-2" xlink:from="lab_Footnote-3_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_1"/>
<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-2" xlink:from="lab_Footnote-3_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_2"/>
<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-2" xlink:from="lab_Footnote-3_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_3"/>
<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-2" xlink:from="lab_Footnote-3_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_4"/>
<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-2" xlink:from="lab_Footnote-3_5"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_5"/>
<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-2" xlink:from="lab_Footnote-3_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_6"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_7" xlink:label="lab_Footnote-3_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-3_7"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_7"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_8" xlink:label="lab_Footnote-3_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-3_8"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_8"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_9" xlink:label="lab_Footnote-3_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-3_9"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_9"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_10" xlink:label="lab_Footnote-3_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-3_10"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_10"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_11" xlink:label="lab_Footnote-3_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-3_11"/>

<link:loc xlink:type="locator" xlink:href="#Footnote-3_12" xlink:label="lab_Footnote-3_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-3_12"/>

<link:loc xlink:type="locator" xlink:href="#Footnote-3_13" xlink:label="lab_Footnote-3_13"/>
<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-3_13"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_13"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_14" xlink:label="lab_Footnote-3_14"/>
<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-3_14"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_14"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_15" xlink:label="lab_Footnote-3_15"/>
<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-3_15"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_15"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_16" xlink:label="lab_Footnote-3_16"/>
<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-3_16"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_16"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_17" xlink:label="lab_Footnote-3_17"/>
<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-3_17"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_17"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_18" xlink:label="lab_Footnote-3_18"/>
<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-3_18"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_18"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_19" xlink:label="lab_Footnote-3_19"/>
<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-3_19"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_19"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_20" xlink:label="lab_Footnote-3_20"/>
<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-3_20"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_20"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_21" xlink:label="lab_Footnote-3_21"/>
<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-3_21"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_21"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_22" xlink:label="lab_Footnote-3_22"/>
<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-3_22"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_22"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_23" xlink:label="lab_Footnote-3_23"/>
<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-3_23"/>

<link:loc xlink:type="locator" xlink:href="#Footnote-3_24" xlink:label="lab_Footnote-3_24"/>
<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-3_24"/>

<link:loc xlink:type="locator" xlink:href="#Footnote-3_25" xlink:label="lab_Footnote-3_25"/>
<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-3_25"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_25"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_26" xlink:label="lab_Footnote-3_26"/>
<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-3_26"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_26"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_27" xlink:label="lab_Footnote-3_27"/>
<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-3_27"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_27"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_28" xlink:label="lab_Footnote-3_28"/>
<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-3_28"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_28"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_29" xlink:label="lab_Footnote-3_29"/>
<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-3_29"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_29"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_30" xlink:label="lab_Footnote-3_30"/>
<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-3_30"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_30"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_31" xlink:label="lab_Footnote-3_31"/>
<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-3_31"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_31"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_32" xlink:label="lab_Footnote-3_32"/>
<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-3_32"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_32"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_33" xlink:label="lab_Footnote-3_33"/>
<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-3_33"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_33"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_34" xlink:label="lab_Footnote-3_34"/>
<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-3_34"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_34"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_35" xlink:label="lab_Footnote-3_35"/>
<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-3_35"/>

<link:loc xlink:type="locator" xlink:href="#Footnote-3_36" xlink:label="lab_Footnote-3_36"/>
<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-3_36"/>

<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-6_1" xlink:label="lab_Footnote-6_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_1"/>
<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" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_2"/>
<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" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_3"/>
<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" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_4"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_5" xlink:label="lab_Footnote-6_5"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_5"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_6" xlink:label="lab_Footnote-6_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_6"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_7" xlink:label="lab_Footnote-6_7"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_7"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_8" xlink:label="lab_Footnote-6_8"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_8"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_9" xlink:label="lab_Footnote-6_9"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_9"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_10" xlink:label="lab_Footnote-6_10"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_10"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_11" xlink:label="lab_Footnote-6_11"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_11"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_12" xlink:label="lab_Footnote-6_12"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_12"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_13" xlink:label="lab_Footnote-6_13"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_13"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_14" xlink:label="lab_Footnote-6_14"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_14"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_15" xlink:label="lab_Footnote-6_15"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_15"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_16" xlink:label="lab_Footnote-6_16"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_16"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_17" xlink:label="lab_Footnote-6_17"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_17"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_18" xlink:label="lab_Footnote-6_18"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_18"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_19" xlink:label="lab_Footnote-6_19"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_19"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_20" xlink:label="lab_Footnote-6_20"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_20"/>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-1" xml:lang="en-US">Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, 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. Secured borrowings are presented net of deferred issuance costs.</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. The Company has 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">These securities are encumbered under a repurchase agreement.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-4">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, the Company is entitled to receive any remaining amounts in the trusts 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-5">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-6">Vesting period is one year from grant date.</link:footnote>
</link:footnoteLink>
<ajx:NumberOfRealEstatePropertiesForeclosed contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="Property" decimals="INF">103</ajx:NumberOfRealEstatePropertiesForeclosed>
<us-gaap:RealEstateAcquiredThroughForeclosure contextRef="Context_As_Of_30_Jun_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">14400000</us-gaap:RealEstateAcquiredThroughForeclosure>
<ajx:NumberOfRealEstatePropertiesForeclosed contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="Property" decimals="INF">55</ajx:NumberOfRealEstatePropertiesForeclosed>
<us-gaap:RealEstateAcquiredThroughForeclosure contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-5">6800000</us-gaap:RealEstateAcquiredThroughForeclosure>
<xbrli:context id="Context_As_Of_14-Mar-2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_TrustMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:TrustMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:instant>2016-03-14</xbrli:instant></xbrli:period></xbrli:context>
	<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_14-Mar-2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_TrustMember" unitRef="pure" decimals="3">0.012</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<ajx:CarryingValueOfRealEstateHeldForSaleTransfer contextRef="Context_3ME_01_Apr_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">4800000</ajx:CarryingValueOfRealEstateHeldForSaleTransfer>
<ajx:CarryingValueOfRealEstateHeldForSaleTransfer contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">2800000</ajx:CarryingValueOfRealEstateHeldForSaleTransfer>
<ajx:CarryingValueOfRealEstateHeldForSaleTransfer contextRef="Context_6ME_01_Jan_2016T00_00_00_TO_30_Jun_2016T00_00_00" unitRef="USD" decimals="-5">9400000</ajx:CarryingValueOfRealEstateHeldForSaleTransfer>
<ajx:CarryingValueOfRealEstateHeldForSaleTransfer contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">7700000</ajx:CarryingValueOfRealEstateHeldForSaleTransfer>
<xbrli:context id="Context_3ME_01-Apr-2016T00_00_00_TO_30-Jun-2016T00_00_00_IncomeStatementLocationAxis_OtherIncomeMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:OtherIncomeMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2016-04-01</xbrli:startDate><xbrli:endDate>2016-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<us-gaap:GainLossOnSaleOfProperties contextRef="Context_3ME_01-Apr-2016T00_00_00_TO_30-Jun-2016T00_00_00_IncomeStatementLocationAxis_OtherIncomeMember" unitRef="USD" decimals="-5">500000</us-gaap:GainLossOnSaleOfProperties>
<xbrli:context id="Context_3ME_01-Apr-2015T00_00_00_TO_30-Jun-2015T00_00_00_IncomeStatementLocationAxis_OtherIncomeMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:OtherIncomeMember</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>
	<us-gaap:GainLossOnSaleOfProperties contextRef="Context_3ME_01-Apr-2015T00_00_00_TO_30-Jun-2015T00_00_00_IncomeStatementLocationAxis_OtherIncomeMember" unitRef="USD" decimals="0">27000</us-gaap:GainLossOnSaleOfProperties>
<xbrli:context id="Context_6ME_01-Jan-2016T00_00_00_TO_30-Jun-2016T00_00_00_IncomeStatementLocationAxis_OtherIncomeMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:OtherIncomeMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2016-01-01</xbrli:startDate><xbrli:endDate>2016-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<us-gaap:GainLossOnSaleOfProperties contextRef="Context_6ME_01-Jan-2016T00_00_00_TO_30-Jun-2016T00_00_00_IncomeStatementLocationAxis_OtherIncomeMember" unitRef="USD" decimals="-5">1100000</us-gaap:GainLossOnSaleOfProperties>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_IncomeStatementLocationAxis_OtherIncomeMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:OtherIncomeMember</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>
	<us-gaap:GainLossOnSaleOfProperties contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_IncomeStatementLocationAxis_OtherIncomeMember" unitRef="USD" decimals="0">22000</us-gaap:GainLossOnSaleOfProperties>
<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_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">49626000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="Loan" decimals="INF">3249</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<xbrli:context id="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-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>2015-12-31</xbrli:endDate></xbrli:period></xbrli:context>
	<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="Loan" decimals="INF">1161</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<xbrli:context id="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-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>2015-12-31</xbrli:endDate></xbrli:period></xbrli:context>
	<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="Loan" decimals="INF">479</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<xbrli:context id="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-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>2015-12-31</xbrli:endDate></xbrli:period></xbrli:context>
	<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="Loan" decimals="INF">338</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<xbrli:context id="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-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>2015-12-31</xbrli:endDate></xbrli:period></xbrli:context>
	<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="Loan" decimals="INF">867</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<xbrli:context id="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-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>2015-12-31</xbrli:endDate></xbrli:period></xbrli:context>
	<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_12ME_01-Jan-2015T00_00_00_TO_31-Dec-2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="Loan" decimals="INF">404</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
</xbrli:xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>ajx-20160630.xsd
<DESCRIPTION>XBRL SCHEMA FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.6.0.0 on Thursday, August 04, 2016 11:47:15 PM -->
<schema targetNamespace="http://www.great-ajax.com/20160630" elementFormDefault="qualified" xmlns:ajx="http://www.great-ajax.com/20160630" 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/2016-01-31" xmlns:us-gaap-att="http://fasb.org/us-gaap/attributes" xmlns:country="http://xbrl.sec.gov/country/2016-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2016-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2016-01-31" 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/2016-01-31" 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/CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited" id="CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited">
<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/CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited" id="CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited">
<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/RealEstateAssets" id="RealEstateAssets">
<link:definition>010 - Disclosure - Real estate assets</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/FairValue" id="FairValue">
<link:definition>011 - Disclosure - Fair value</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/RealEstateAssetsTables" id="RealEstateAssetsTables">
<link:definition>022 - Disclosure - Real estate assets (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/FairValueTables" id="FairValueTables">
<link:definition>023 - Disclosure - Fair value (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/UnconsolidatedaffiliatesTables" id="UnconsolidatedaffiliatesTables">
<link:definition>024 - Disclosure - Unconsolidated affiliates (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>025 - 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>026 - 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>027 - 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>028 - 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/OrganizationAndBasisOfPresentationDetailTextuals" id="OrganizationAndBasisOfPresentationDetailTextuals">
<link:definition>029 - Disclosure - Organization and basis of presentation (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/SummaryOfSignificantAccountingPoliciesDetailTextuals" id="SummaryOfSignificantAccountingPoliciesDetailTextuals">
<link:definition>030 - Disclosure - Summary of significant accounting policies (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/MortgageLoansDetails" id="MortgageLoansDetails">
<link:definition>031 - 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>032 - 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>033 - 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/MortgageLoansDetailTextuals" id="MortgageLoansDetailTextuals">
<link:definition>034 - Disclosure - Mortgage loans (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/RealestateassetsDetails" id="RealestateassetsDetails">
<link:definition>035 - Disclosure - Real estate assets (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/RealEstateAssetsDetailTextuals" id="RealEstateAssetsDetailTextuals">
<link:definition>036 - Disclosure - Real estate assets (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/FairValueDetails" id="FairValueDetails">
<link:definition>037 - Disclosure - Fair value (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/FairValueDetails1" id="FairValueDetails1">
<link:definition>038 - Disclosure - Fair value (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/UnconsolidatedaffiliatesDetails1" id="UnconsolidatedaffiliatesDetails1">
<link:definition>039 - Disclosure - Unconsolidated affiliates (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/UnconsolidatedAffiliatesDetailTextuals" id="UnconsolidatedAffiliatesDetailTextuals">
<link:definition>040 - Disclosure - Unconsolidated affiliates (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/CommitmentsAndContingenciesDetailTextuals" id="CommitmentsAndContingenciesDetailTextuals">
<link:definition>041 - 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>042 - 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>043 - 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>044 - 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/Debtdetails3" id="Debtdetails3">
<link:definition>045 - Disclosure - Debt (Details 3)</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>046 - Disclosure - Debt (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/RelatedpartytransactionsDetails" id="RelatedpartytransactionsDetails">
<link:definition>047 - 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/RelatedPartyTransactionsDetails1" id="RelatedPartyTransactionsDetails1">
<link:definition>048 - Disclosure - Related party transactions (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/RelatedPartyTransactionsDetailTextuals" id="RelatedPartyTransactionsDetailTextuals">
<link:definition>049 - Disclosure - Related party transactions (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/StockbasedpaymentsanddirectorfeesDetails" id="StockbasedpaymentsanddirectorfeesDetails">
<link:definition>050 - 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>051 - 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/StockBasedPaymentsAndDirectorFeesDetailTextuals" id="StockBasedPaymentsAndDirectorFeesDetailTextuals">
<link:definition>052 - Disclosure - Stock based payments and director fees (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/IncomeTaxesDetailTextuals" id="IncomeTaxesDetailTextuals">
<link:definition>053 - Disclosure - Income taxes (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/EarningspershareDetails" id="EarningspershareDetails">
<link:definition>054 - 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/SubsequentEventsDetailTextuals" id="SubsequentEventsDetailTextuals">
<link:definition>055 - Disclosure - Subsequent events (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/SubsequentEventsDetailTextuals1" id="SubsequentEventsDetailTextuals1">
<link:definition>056 - Disclosure - Subsequent events (Detail Textuals 1)</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-20160630_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-20160630_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-20160630_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-20160630_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/2016-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016-01-31" schemaLocation="http://xbrl.sec.gov/country/2016/country-2016-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/currency/2016-01-31" schemaLocation="http://xbrl.sec.gov/currency/2016/currency-2016-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/exch/2016-01-31" schemaLocation="http://xbrl.sec.gov/exch/2016/exch-2016-01-31.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/2016-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2016/elts/us-types-2016-01-31.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="InvestmentsInAffiliates" id="ajx_InvestmentsInAffiliates" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncomeFromInvestmentInManager" id="ajx_IncomeFromInvestmentInManager" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" 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="RelatedPartyManagementFeeExpense" id="ajx_RelatedPartyManagementFeeExpense" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LoanTransactionExpense" id="ajx_LoanTransactionExpense" 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="TransferOfPropertyHeldForSaleToLoans" id="ajx_TransferOfPropertyHeldForSaleToLoans" 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="SharesIssuedDuringPeriodStockBasedManagementFeeExpense" id="ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" 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="LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock" id="ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock" id="ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock" 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="DirectorsFeesPolicyTextBlock" id="ajx_DirectorsFeesPolicyTextBlock" 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="EmergingGrowthCompanyPolicyTextBlock" id="ajx_EmergingGrowthCompanyPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RecentlyAdoptedAccountingStandardsPolicyTextBlock" id="ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock" 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="ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock" id="ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock" 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="ThetisAssetManagementLlcMember" id="ajx_ThetisAssetManagementLlcMember" 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="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="EquityIncentivePlanMember" id="ajx_EquityIncentivePlanMember" 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="GregoryFundingLlcMember" id="ajx_GregoryFundingLlcMember" 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="AnnualRetainerReceivedInSharesAndCashAmount" id="ajx_AnnualRetainerReceivedInSharesAndCashAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ReductionInPrepaidExpensesAndOtherAssets" id="ajx_ReductionInPrepaidExpensesAndOtherAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ReductionInSecuredBorrowings" id="ajx_ReductionInSecuredBorrowings" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfFairMarketValueOfReo" id="ajx_PercentageOfFairMarketValueOfReo" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfPurchasePriceOfReo" id="ajx_PercentageOfPurchasePriceOfReo" 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="ReportingPeriodAxis" id="ajx_ReportingPeriodAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="ReportingPeriodDomain" id="ajx_ReportingPeriodDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ThreeMonthsEndedMember" id="ajx_ThreeMonthsEndedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SixMonthsEndedMember" id="ajx_SixMonthsEndedMember" 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="UnpaidPrincipalBalanceOnMortgageRealEstateLoans" id="ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>

<element name="NumberOfRealEstatePropertiesForeclosed" id="ajx_NumberOfRealEstatePropertiesForeclosed" type="xbrli:integerItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RealEstateHeldForSaleAdjustments" id="ajx_RealEstateHeldForSaleAdjustments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RealEstateHeldForSaleDisposals" id="ajx_RealEstateHeldForSaleDisposals" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RealEstateHeldForSaleOther" id="ajx_RealEstateHeldForSaleOther" 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="NumberOfRealEstatePropertiesHeldForSale" id="ajx_NumberOfRealEstatePropertiesHeldForSale" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" 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="AjustmentToRecordReoPropertiesAtLowerOfCost" id="ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageLoansFairValueDisclosure" id="ajx_MortgageLoansFairValueDisclosure" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>

<element name="SecuredDebtFairValueDisclosure" id="ajx_SecuredDebtFairValueDisclosure" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SecuredDebtRepurchaseAgreementsFairValueDisclosure" id="ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" 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="DelawareTrustGaE201412Member" id="ajx_DelawareTrustGaE201412Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AsAjaxELlcMember" id="ajx_AsAjaxELlcMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DoublelineCapitalLpMember" id="ajx_DoublelineCapitalLpMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherInvestorsMember" id="ajx_OtherInvestorsMember" type="nonnum:domainItemType" 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="MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" id="ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" type="xbrli:integerItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" id="ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" id="ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EstimatedMarketValueOfUnderlyingCollaterals" id="ajx_EstimatedMarketValueOfUnderlyingCollaterals" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfEstimatedMarketValueOfUnderlyingCollateral" id="ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral" type="num:percentItemType" abstract="false" xbrli:periodType="instant" 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="DebtInstrumentMaturityDateAxis" id="ajx_DebtInstrumentMaturityDateAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="DebtInstrumentMaturityDateDomain" id="ajx_DebtInstrumentMaturityDateDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="March302016Member" id="ajx_March302016Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="June232016Member" id="ajx_June232016Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="September092016Member" id="ajx_September092016Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="September302016Member" id="ajx_September302016Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="November222016Member" id="ajx_November222016Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="December232016Member" id="ajx_December232016Member" 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="NetAmountOfLiability" id="ajx_NetAmountOfLiability" 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="DeferredExpensesMember" id="ajx_DeferredExpensesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AjaxMortgageLoanTrust2014Member" id="ajx_AjaxMortgageLoanTrust2014Member" 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="AjaxMortgageLoanTrust2015BMember" id="ajx_AjaxMortgageLoanTrust2015BMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AjaxMortgageLoanTrust2015CMember" id="ajx_AjaxMortgageLoanTrust2015CMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AjaxMortgageLoanTrust2016AApril2016Member" id="ajx_AjaxMortgageLoanTrust2016AApril2016Member" 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="TrustCertificate" id="ajx_TrustCertificate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AjaxMortgageLoanTrustA2016Member" id="ajx_AjaxMortgageLoanTrustA2016Member" type="nonnum:domainItemType" abstract="true" 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="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="LoanServicingFeesMember" id="ajx_LoanServicingFeesMember" 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="LoanTransactionExpenseMember" id="ajx_LoanTransactionExpenseMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ProfessionalFeesMember" id="ajx_ProfessionalFeesMember" 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="LegalExpenseReimbursements" id="ajx_LegalExpenseReimbursements" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ReceivablesFromServicerMember" id="ajx_ReceivablesFromServicerMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ManagementFeePayableMember" id="ajx_ManagementFeePayableMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ServicingFeesPayable" id="ajx_ServicingFeesPayable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" 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="DescriptionOfIncentiveManagementFeePayable" id="ajx_DescriptionOfIncentiveManagementFeePayable" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfBaseManagementFeesPayableInCash" id="ajx_PercentageOfBaseManagementFeesPayableInCash" 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="ManagementFeesDescription" id="ajx_ManagementFeesDescription" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfRemainingIncentiveFeePayableInShares" id="ajx_PercentageOfRemainingIncentiveFeePayableInShares" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfRemainingIncentiveFeePayableInCash" id="ajx_PercentageOfRemainingIncentiveFeePayableInCash" type="num:percentItemType" 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="SaleOfStockAxis" id="ajx_SaleOfStockAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="BaseManagementFees" id="ajx_BaseManagementFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PaymentOfManagementFeeWithSharesOfStock" id="ajx_PaymentOfManagementFeeWithSharesOfStock" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfSharesIssuedForPaymentOfManagementFee" id="ajx_NumberOfSharesIssuedForPaymentOfManagementFee" 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="DilutedSharesOutstandingAbstract" id="ajx_DilutedSharesOutstandingAbstract" type="xbrli:stringItemType" abstract="true" 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="PaulFriedmanMember" id="ajx_PaulFriedmanMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FiveSellersMember" id="ajx_FiveSellersMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EightSellersMember" id="ajx_EightSellersMember" 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="RealEstateHeldForSaleRollForward" id="ajx_RealEstateHeldForSaleRollForward" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="true" nillable="true"/>
<element name="TrustMember" id="ajx_TrustMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="true" nillable="true"/>
<element name="CarryingValueOfRealEstateHeldForSaleTransfer" id="ajx_CarryingValueOfRealEstateHeldForSaleTransfer" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true" xbrli:balance="debit"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>ajx-20160630_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.6.0.0 on Thursday, August 04, 2016 11:47:15 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" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDBALANCESHEETS" xlink:href="ajx-20160630.xsd#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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents"/>
<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_RestrictedCashAndCashEquivalents" order="20" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="30" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="40" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="50" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="60" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="70" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="80" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="30" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies"/><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_CommitmentsAndContingencies" order="20" use="optional" weight="1"/></calculationLink>




<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited"/>
<calculationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="loc_us-gaap_InterestIncomeExpenseNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="ajx-20160630.xsd#ajx_IncomeFromInvestmentInManager" xlink:label="loc_ajx_IncomeFromInvestmentInManager"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RevenuesNetOfInterestExpense" xlink:to="loc_ajx_IncomeFromInvestmentInManager" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="30" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_us-gaap_CostsAndExpenses"/><loc xlink:type="locator" xlink:href="ajx-20160630.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_CostsAndExpenses" xlink:to="loc_ajx_RelatedPartyLoanServicingFeeExpense" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20160630.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_CostsAndExpenses" xlink:to="loc_ajx_RelatedPartyManagementFeeExpense" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20160630.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_CostsAndExpenses" xlink:to="loc_ajx_LoanTransactionExpense" order="30" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_CostsAndExpenses" xlink:to="loc_us-gaap_ProfessionalFees" order="40" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_us-gaap_OperatingExpenses"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="loc_us-gaap_OperatingExpenses" order="50" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_CostsAndExpenses" xlink:to="loc_us-gaap_OtherExpenses" order="60" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_CostsAndExpenses" order="20" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited"/>
<calculationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="loc_us-gaap_AssetImpairmentCharges"/>
<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_AssetImpairmentCharges" order="60" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="70" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="loc_us-gaap_IncreaseDecreaseInRestrictedCash"/>
<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_IncreaseDecreaseInRestrictedCash" order="80" use="optional" weight="-1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="90" use="optional" weight="-1"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="100" use="optional" weight="-1"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="110" use="optional" weight="-1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="120" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments"/><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_PaymentsToAcquireEquityMethodInvestments" order="50" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="ajx-20160630.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="60" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20160630.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="70" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfDebt"/><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_ProceedsFromIssuanceOfDebt" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSecuredNotesPayable" xlink:label="loc_us-gaap_ProceedsFromSecuredNotesPayable"/><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_ProceedsFromSecuredNotesPayable" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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>

<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#EarningspershareDetails" roleURI="http://www.great-ajax.com/role/EarningspershareDetails"/>
<calculationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/EarningspershareDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="loc_us-gaap_NetIncomeLoss" order="10" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" order="20" use="optional" weight="-1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:label="loc_us-gaap_NetIncomeLossAttributableToParentDiluted"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xlink:label="loc_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:to="loc_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" xlink:label="loc_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:to="loc_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" order="30" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesIssuedBasic"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesIssuedBasic" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xlink:label="loc_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="loc_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xlink:label="loc_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="loc_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" order="30" use="optional" weight="1"/></calculationLink>



</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>ajx-20160630_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.6.0.0 on Thursday, August 04, 2016 11:47:15 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-20160630.xsd#CONSOLIDATEDSTATEMENTSOFCHANGESINEQUITYUnaudited" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFCHANGESINEQUITYUnaudited"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/OrganizationAndBasisOfPresentationDetailTextuals" xlink:href="ajx-20160630.xsd#OrganizationAndBasisOfPresentationDetailTextuals"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailTextuals" xlink:href="ajx-20160630.xsd#SummaryOfSignificantAccountingPoliciesDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#MortgageLoansDetails" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#Mortgageloansdetails1" roleURI="http://www.great-ajax.com/role/Mortgageloansdetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#MortgageLoansDetails2" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails2"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/MortgageLoansDetailTextuals" xlink:href="ajx-20160630.xsd#MortgageLoansDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#FairValueDetails" roleURI="http://www.great-ajax.com/role/FairValueDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#FairValueDetails1" roleURI="http://www.great-ajax.com/role/FairValueDetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#UnconsolidatedaffiliatesDetails1" roleURI="http://www.great-ajax.com/role/UnconsolidatedaffiliatesDetails1"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/UnconsolidatedAffiliatesDetailTextuals" xlink:href="ajx-20160630.xsd#UnconsolidatedAffiliatesDetailTextuals"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/CommitmentsAndContingenciesDetailTextuals" xlink:href="ajx-20160630.xsd#CommitmentsAndContingenciesDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#DebtDetails" roleURI="http://www.great-ajax.com/role/DebtDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#Debtdetails2" roleURI="http://www.great-ajax.com/role/Debtdetails2"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#Debtdetails3" roleURI="http://www.great-ajax.com/role/Debtdetails3"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#DebtDetailsTextuals" roleURI="http://www.great-ajax.com/role/DebtDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RelatedpartytransactionsDetails" roleURI="http://www.great-ajax.com/role/RelatedpartytransactionsDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RelatedPartyTransactionsDetails1" roleURI="http://www.great-ajax.com/role/RelatedPartyTransactionsDetails1"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailTextuals" xlink:href="ajx-20160630.xsd#RelatedPartyTransactionsDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#StockbasedpaymentsanddirectorfeesDetails" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#StockbasedpaymentsanddirectorfeesDetails1" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailTextuals" xlink:href="ajx-20160630.xsd#StockBasedPaymentsAndDirectorFeesDetailTextuals"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/SubsequentEventsDetailTextuals" xlink:href="ajx-20160630.xsd#SubsequentEventsDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#SubsequentEventsDetailTextuals1" roleURI="http://www.great-ajax.com/role/SubsequentEventsDetailTextuals1"/>
<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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_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_CommonStockSharesOutstanding_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_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_us-gaap_StockIssuedDuringPeriodValueNewIssues_13" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_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_StockIssuedDuringPeriodSharesNewIssues_14" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xlink:label="loc_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee_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_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee_15" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xlink:label="loc_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense_16"/>
<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_SharesIssuedDuringPeriodStockBasedManagementFeeExpense_16" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross" xlink:label="loc_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_17"/>
<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_StockGrantedDuringPeriodValueSharebasedCompensationGross_17" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_18"/>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_18" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Dividends" xlink:label="loc_us-gaap_Dividends_19"/>
<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_19" order="100" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/OrganizationAndBasisOfPresentationDetailTextuals">
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_OrganizationAndBasisOfPresentationLineItems" xlink:label="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_ajx_OrganizationAndBasisOfPresentationTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_5"/>
<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_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xlink:label="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned_6"/>
<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_6" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xlink:label="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder_7"/>
<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_7" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_8"/>
<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_8" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_9"/>
<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_9" order="50" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailTextuals">
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SummaryOfSignificantAccountingPoliciesLineItems" xlink:label="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.xsd#ajx_EquityIncentivePlanMember" xlink:label="loc_ajx_EquityIncentivePlanMember_5"/>
<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_EquityIncentivePlanMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_6"/>
<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_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_AgreementAxis_6" xlink:to="loc_ajx_AgreementDomain_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_7_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_AgreementAxis_6" xlink:to="loc_ajx_AgreementDomain_7_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingAgreementMember" xlink:label="loc_ajx_ServicingAgreementMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_AgreementDomain_7" xlink:to="loc_ajx_ServicingAgreementMember_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_9"/>
<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_9" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_9" xlink:to="loc_us-gaap_RelatedPartyDomain_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_10_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_9" xlink:to="loc_us-gaap_RelatedPartyDomain_10_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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_10" xlink:to="loc_ajx_GregoryFundingLlcMember_11" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_12"/>
<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_12" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_12" xlink:to="loc_us-gaap_RangeMember_13" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_13_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_12" xlink:to="loc_us-gaap_RangeMember_13_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_13" xlink:to="loc_us-gaap_MinimumMember_14" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_13" xlink:to="loc_us-gaap_MaximumMember_15" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_16"/>
<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_16" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AwardTypeAxis_16" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_17" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_17_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AwardTypeAxis_16" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_17_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_17" xlink:to="loc_us-gaap_RestrictedStockMember_18" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_19"/>
<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_AdjustmentsForNewAccountingPronouncementsAxis_19" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="loc_us-gaap_TypeOfAdoptionMember_20"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_19" xlink:to="loc_us-gaap_TypeOfAdoptionMember_20" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="loc_us-gaap_TypeOfAdoptionMember_20_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_19" xlink:to="loc_us-gaap_TypeOfAdoptionMember_20_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingStandardsUpdate201503Member" xlink:label="loc_us-gaap_AccountingStandardsUpdate201503Member_21"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TypeOfAdoptionMember_20" xlink:to="loc_us-gaap_AccountingStandardsUpdate201503Member_21" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_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_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_22" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_23"/>
<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_23" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_24"/>
<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_24" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AnnualRetainerReceivedInSharesAndCashAmount" xlink:label="loc_ajx_AnnualRetainerReceivedInSharesAndCashAmount_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_AnnualRetainerReceivedInSharesAndCashAmount_25" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="70" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReductionInPrepaidExpensesAndOtherAssets" xlink:label="loc_ajx_ReductionInPrepaidExpensesAndOtherAssets_29"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_ReductionInPrepaidExpensesAndOtherAssets_29" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReductionInSecuredBorrowings" xlink:label="loc_ajx_ReductionInSecuredBorrowings_30"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_ReductionInSecuredBorrowings_30" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfFairMarketValueOfReo" xlink:label="loc_ajx_PercentageOfFairMarketValueOfReo_31"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_PercentageOfFairMarketValueOfReo_31" order="100" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfPurchasePriceOfReo" xlink:label="loc_ajx_PercentageOfPurchasePriceOfReo_32"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_PercentageOfPurchasePriceOfReo_32" order="110" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_33"/>
<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_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_33" order="120" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_34"/>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_34" order="130" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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="ajx-20160630.xsd#ajx_ReportingPeriodAxis" xlink:label="loc_ajx_ReportingPeriodAxis_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_ajx_ReportingPeriodAxis_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReportingPeriodDomain" xlink:label="loc_ajx_ReportingPeriodDomain_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_ReportingPeriodAxis_6" xlink:to="loc_ajx_ReportingPeriodDomain_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReportingPeriodDomain" xlink:label="loc_ajx_ReportingPeriodDomain_7_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_ReportingPeriodAxis_6" xlink:to="loc_ajx_ReportingPeriodDomain_7_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThreeMonthsEndedMember" xlink:label="loc_ajx_ThreeMonthsEndedMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_ReportingPeriodDomain_7" xlink:to="loc_ajx_ThreeMonthsEndedMember_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SixMonthsEndedMember" xlink:label="loc_ajx_SixMonthsEndedMember_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_ReportingPeriodDomain_7" xlink:to="loc_ajx_SixMonthsEndedMember_9" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition_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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference_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_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition_12"/>
<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_12" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield_13"/>
<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_13" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue_14"/>
<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_14" order="50" use="optional"/>
</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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference_10"/>
<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference_10" order="30" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/MortgageLoansDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_8"/>
<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_NonperformingMortgageLoansOnRealEstateMember_8" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_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_MortgageLoansOnRealEstate_9" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_us-gaap_InvestmentIncomeInterest_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_InvestmentIncomeInterest_10" order="20" use="optional"/>








<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference_15"/>
<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference_15" order="70" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairValueDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="ajx-20160630.xsd#ajx_MortgageLoansFairValueDisclosure" xlink:label="loc_ajx_MortgageLoansFairValueDisclosure_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract_10" xlink:to="loc_ajx_MortgageLoansFairValueDisclosure_12" order="10" use="optional"/>




<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_15"/>
<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_15" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_15" xlink:to="loc_us-gaap_SecuredDebt_16" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SecuredDebtFairValueDisclosure" xlink:label="loc_ajx_SecuredDebtFairValueDisclosure_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_15" xlink:to="loc_ajx_SecuredDebtFairValueDisclosure_17" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAgreements_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_15" xlink:to="loc_us-gaap_SecuredDebtRepurchaseAgreements_18" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure" xlink:label="loc_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure_19"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_15" xlink:to="loc_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure_19" order="30" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairValueDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems" xlink:label="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/UnconsolidatedaffiliatesDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_0" xlink:to="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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-20160630.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="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AsAjaxELlcMember" xlink:label="loc_ajx_AsAjaxELlcMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_AsAjaxELlcMember_5" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_6" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember" xlink:label="loc_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember_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_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_0" xlink:to="loc_us-gaap_NetIncomeLoss_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_0" xlink:to="loc_us-gaap_Assets_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_0" xlink:to="loc_us-gaap_Liabilities_12" order="30" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/UnconsolidatedAffiliatesDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_0" xlink:to="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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-20160630.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="ajx-20160630.xsd#ajx_DoublelineCapitalLpMember" xlink:label="loc_ajx_DoublelineCapitalLpMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_DoublelineCapitalLpMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AsAjaxELlcMember" xlink:label="loc_ajx_AsAjaxELlcMember_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_AsAjaxELlcMember_6" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.xsd#ajx_OtherInvestorsMember" xlink:label="loc_ajx_OtherInvestorsMember_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_OtherInvestorsMember_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_0" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_11" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TrustMember" xlink:label="loc_ajx_TrustMember"/>
<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_TrustMember" order="20" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis_8"/>
<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_8" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis_8" xlink:to="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_9_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis_8" xlink:to="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_9_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentMember" xlink:label="loc_us-gaap_PurchaseCommitmentMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_9" xlink:to="loc_us-gaap_PurchaseCommitmentMember_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_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_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_11" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_12"/>
<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_12" order="20" use="optional"/>






</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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateAxis" xlink:label="loc_ajx_DebtInstrumentMaturityDateAxis_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_ajx_DebtInstrumentMaturityDateAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateDomain" xlink:label="loc_ajx_DebtInstrumentMaturityDateDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_DebtInstrumentMaturityDateAxis_5" xlink:to="loc_ajx_DebtInstrumentMaturityDateDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateDomain" xlink:label="loc_ajx_DebtInstrumentMaturityDateDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_DebtInstrumentMaturityDateAxis_5" xlink:to="loc_ajx_DebtInstrumentMaturityDateDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_March302016Member" xlink:label="loc_ajx_March302016Member_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_March302016Member_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_June232016Member" xlink:label="loc_ajx_June232016Member_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_June232016Member_8" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September092016Member" xlink:label="loc_ajx_September092016Member_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_September092016Member_9" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September302016Member" xlink:label="loc_ajx_September302016Member_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_September302016Member_10" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_November222016Member" xlink:label="loc_ajx_November222016Member_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_November222016Member_11" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_December232016Member" xlink:label="loc_ajx_December232016Member_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_December232016Member_12" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_us-gaap_DebtInstrumentMaturityDate_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_us-gaap_DebtInstrumentMaturityDate_13" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentIssuanceDate1" xlink:label="loc_us-gaap_DebtInstrumentIssuanceDate1_14"/>
<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_DebtInstrumentIssuanceDate1_14" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaximumBorrowingCapacity" xlink:label="loc_ajx_DebtInstrumentMaximumBorrowingCapacity_15"/>
<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_15" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_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_us-gaap_DebtInstrumentCarryingAmount_16" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="loc_us-gaap_DebtInstrumentCollateralAmount_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_DebtInstrumentCollateralAmount_17" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="60" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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="ajx-20160630.xsd#ajx_DeferredExpensesMember" xlink:label="loc_ajx_DeferredExpensesMember_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_DeferredExpensesMember_11" order="40" 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_12"/>
<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_12" 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_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_12" xlink:to="loc_dei_EntityDomain_13" 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_13_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_12" xlink:to="loc_dei_EntityDomain_13_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014Member_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014Member_14" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_15" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_16" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015BMember_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015BMember_17" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015CMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015CMember_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015CMember_18" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2016AApril2016Member" xlink:label="loc_ajx_AjaxMortgageLoanTrust2016AApril2016Member_19"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2016AApril2016Member_19" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityYear" xlink:label="loc_ajx_DebtInstrumentMaturityYear_20"/>
<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_20" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_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_DebtInstrumentFaceAmount_21" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TrustCertificate" xlink:label="loc_ajx_TrustCertificate_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_TrustCertificate_22" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_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_us-gaap_DebtInstrumentInterestRateStatedPercentage_23" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_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_DeferredFinanceCostsNet_24" order="50" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Debtdetails3">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_AjaxMortgageLoanTrust2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014Member_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_AjaxMortgageLoanTrust2014Member_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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-20160630.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="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015BMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015BMember_10" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015CMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015CMember_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015CMember_11" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrustA2016Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2016Member_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2016Member_12" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DeferredExpensesMember" xlink:label="loc_ajx_DeferredExpensesMember_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_DeferredExpensesMember_13" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_14"/>
<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_14" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_15"/>
<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_15" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xlink:label="loc_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate_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_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate_16" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_BondPrincipalBalanceAtCutoffDate" xlink:label="loc_ajx_BondPrincipalBalanceAtCutoffDate_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_ajx_BondPrincipalBalanceAtCutoffDate_17" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_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_LongtermDebtTypeAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_5" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_5" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_6" xlink:to="loc_us-gaap_MortgagesMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_8"/>
<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_8" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_DebtInstrumentAxis_8" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_9_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_DebtInstrumentAxis_8" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_9_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_9" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_9" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_11" order="10" 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_12"/>
<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_12" 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_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_12" xlink:to="loc_dei_EntityDomain_13" 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_13_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_12" xlink:to="loc_dei_EntityDomain_13_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014Member_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014Member_14" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_15" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_16" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015BMember_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015BMember_17" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015CMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015CMember_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015CMember_18" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_19"/>
<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_19" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_20"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_19" xlink:to="loc_us-gaap_RangeMember_20" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_20_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_19" xlink:to="loc_us-gaap_RangeMember_20_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_21"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_20" xlink:to="loc_us-gaap_MaximumMember_21" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateAxis" xlink:label="loc_ajx_DebtInstrumentMaturityDateAxis_22"/>
<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_DebtInstrumentMaturityDateAxis_22" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateDomain" xlink:label="loc_ajx_DebtInstrumentMaturityDateDomain_23"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_DebtInstrumentMaturityDateAxis_22" xlink:to="loc_ajx_DebtInstrumentMaturityDateDomain_23" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateDomain" xlink:label="loc_ajx_DebtInstrumentMaturityDateDomain_23_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_DebtInstrumentMaturityDateAxis_22" xlink:to="loc_ajx_DebtInstrumentMaturityDateDomain_23_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_March302016Member" xlink:label="loc_ajx_March302016Member_24"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_23" xlink:to="loc_ajx_March302016Member_24" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_June232016Member" xlink:label="loc_ajx_June232016Member_25"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_23" xlink:to="loc_ajx_June232016Member_25" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September092016Member" xlink:label="loc_ajx_September092016Member_26"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_23" xlink:to="loc_ajx_September092016Member_26" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September302016Member" xlink:label="loc_ajx_September302016Member_27"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_23" xlink:to="loc_ajx_September302016Member_27" order="30" use="optional"/>


<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_29"/>
<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_SubsequentEventTypeAxis_29" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_30"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_29" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_30" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_30_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_29" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_30_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_31"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_30" xlink:to="loc_us-gaap_SubsequentEventMember_31" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfGuarantorsBeneficialInterest" xlink:label="loc_ajx_PercentageOfGuarantorsBeneficialInterest_32"/>
<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_32" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_33"/>
<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_33" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_34"/>
<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_34" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_35"/>
<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_35" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xlink:label="loc_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo_36"/>
<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_36" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_37"/>
<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_37" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_38"/>
<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_38" order="70" use="optional"/>
</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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_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_GregoryFundingLlcMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_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_ThetisAssetManagementLlcMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_LoanServicingFeesMember" xlink:label="loc_ajx_LoanServicingFeesMember_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_LoanServicingFeesMember_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeeMember" xlink:label="loc_ajx_ManagementFeeMember_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_ManagementFeeMember_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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-20160630.xsd#ajx_ProfessionalFeesMember" xlink:label="loc_ajx_ProfessionalFeesMember_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_ProfessionalFeesMember_12" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_us-gaap_LoanPortfolioExpense_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_LoanPortfolioExpense_13" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeeExpense" xlink:label="loc_us-gaap_ManagementFeeExpense_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_ManagementFeeExpense_14" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="ajx-20160630.xsd#ajx_LegalExpenseReimbursements" xlink:label="loc_ajx_LegalExpenseReimbursements_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_LegalExpenseReimbursements_17" order="50" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedPartyTransactionsDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_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_GregoryFundingLlcMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_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_ThetisAssetManagementLlcMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_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_BalanceSheetLocationAxis_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_6" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_7_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_6" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_7_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReceivablesFromServicerMember" xlink:label="loc_ajx_ReceivablesFromServicerMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_7" xlink:to="loc_ajx_ReceivablesFromServicerMember_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeePayableMember" xlink:label="loc_ajx_ManagementFeePayableMember_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_7" xlink:to="loc_ajx_ManagementFeePayableMember_9" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_7" xlink:to="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesMember_10" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember" xlink:label="loc_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_7" xlink:to="loc_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember_11" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReceivableFromServicer" xlink:label="loc_ajx_ReceivableFromServicer_12"/>
<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_ReceivableFromServicer_12" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeePayable" xlink:label="loc_us-gaap_ManagementFeePayable_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_ManagementFeePayable_13" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeesPayable" xlink:label="loc_ajx_ServicingFeesPayable_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_ServicingFeesPayable_14" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InsuranceReceivableForMalpractice" xlink:label="loc_us-gaap_InsuranceReceivableForMalpractice_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_us-gaap_InsuranceReceivableForMalpractice_15" order="40" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_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_RelatedPartyTransactionsByRelatedPartyAxis_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_6" xlink:to="loc_us-gaap_RelatedPartyDomain_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_7_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_6" xlink:to="loc_us-gaap_RelatedPartyDomain_7_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_7" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_7" xlink:to="loc_ajx_GregoryFundingLlcMember_9" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AspenYoLlcMember" xlink:label="loc_ajx_AspenYoLlcMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_7" xlink:to="loc_ajx_AspenYoLlcMember_10" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RangeAxis_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="ajx-20160630.xsd#ajx_TermOfAgreement" xlink:label="loc_ajx_TermOfAgreement_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_TermOfAgreement_15" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFee" xlink:label="loc_ajx_PercentageOfBaseManagementFee_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_PercentageOfBaseManagementFee_16" order="20" use="optional"/>


<loc xlink:type="locator" xlink:href="ajx-20160630.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="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:label="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_20"/>
<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_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_20" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeePayable" xlink:label="loc_us-gaap_ManagementFeePayable_21"/>
<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_ManagementFeePayable_21" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFeesPayableInCash" xlink:label="loc_ajx_PercentageOfBaseManagementFeesPayableInCash_22"/>
<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_PercentageOfBaseManagementFeesPayableInCash_22" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFeePayableInShares" xlink:label="loc_ajx_PercentageOfBaseManagementFeePayableInShares_23"/>
<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_23" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeesDescription" xlink:label="loc_ajx_ManagementFeesDescription_24"/>
<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_ManagementFeesDescription_24" order="100" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfRemainingIncentiveFeePayableInShares" xlink:label="loc_ajx_PercentageOfRemainingIncentiveFeePayableInShares_25"/>
<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_PercentageOfRemainingIncentiveFeePayableInShares_25" order="110" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfRemainingIncentiveFeePayableInCash" xlink:label="loc_ajx_PercentageOfRemainingIncentiveFeePayableInCash_26"/>
<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_PercentageOfRemainingIncentiveFeePayableInCash_26" order="120" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfFairMarketValueOfReo" xlink:label="loc_ajx_PercentageOfFairMarketValueOfReo_27"/>
<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_PercentageOfFairMarketValueOfReo_27" order="130" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfPurchasePriceOfReo" xlink:label="loc_ajx_PercentageOfPurchasePriceOfReo_28"/>
<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_PercentageOfPurchasePriceOfReo_28" order="140" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/StockBasedPaymentsAndDirectorFeesDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_PlanNameAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_LongTermIncentivePlanMember" xlink:label="loc_ajx_LongTermIncentivePlanMember_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_LongTermIncentivePlanMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SaleOfStockAxis" xlink:label="loc_ajx_SaleOfStockAxis_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_ajx_SaleOfStockAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_SaleOfStockAxis_5" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_SaleOfStockAxis_5" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_6" xlink:to="loc_us-gaap_IPOMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_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_us-gaap_AwardTypeAxis_8" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AwardTypeAxis_8" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AwardTypeAxis_8" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9" xlink:to="loc_us-gaap_RestrictedStockMember_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_BaseManagementFees" xlink:label="loc_ajx_BaseManagementFees_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_BaseManagementFees_11" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PaymentOfManagementFeeWithSharesOfStock" xlink:label="loc_ajx_PaymentOfManagementFeeWithSharesOfStock_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_ajx_PaymentOfManagementFeeWithSharesOfStock_12" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfSharesIssuedForPaymentOfManagementFee" xlink:label="loc_ajx_NumberOfSharesIssuedForPaymentOfManagementFee_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_NumberOfSharesIssuedForPaymentOfManagementFee_13" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AnnualRetainerReceivedInSharesAndCashAmount" xlink:label="loc_ajx_AnnualRetainerReceivedInSharesAndCashAmount_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_AnnualRetainerReceivedInSharesAndCashAmount_14" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_15" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfDirector" xlink:label="loc_ajx_NumberOfDirector_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_ajx_NumberOfDirector_16" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_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_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_17" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_18" order="80" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SubsequentEventsDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="10" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BoardOfDirectorsChairmanMember" xlink:label="loc_us-gaap_BoardOfDirectorsChairmanMember_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_9" xlink:to="loc_us-gaap_BoardOfDirectorsChairmanMember_11" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_12"/>
<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_12" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_12" xlink:to="loc_us-gaap_EquityComponentDomain_13" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_13_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_12" xlink:to="loc_us-gaap_EquityComponentDomain_13_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_13" xlink:to="loc_us-gaap_CommonStockMember_14" order="0" use="optional"/>










<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_us-gaap_TitleOfIndividualAxis_19"/>
<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_TitleOfIndividualAxis_19" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_20"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_TitleOfIndividualAxis_19" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_20" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_20_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_TitleOfIndividualAxis_19" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_20_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PaulFriedmanMember" xlink:label="loc_ajx_PaulFriedmanMember_21"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_20" xlink:to="loc_ajx_PaulFriedmanMember_21" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_22"/>
<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_PlanNameAxis_22" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_23"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PlanNameAxis_22" xlink:to="loc_us-gaap_PlanNameDomain_23" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_23_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PlanNameAxis_22" xlink:to="loc_us-gaap_PlanNameDomain_23_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DirectorEquityPlan2014Member" xlink:label="loc_ajx_DirectorEquityPlan2014Member_24"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PlanNameDomain_23" xlink:to="loc_ajx_DirectorEquityPlan2014Member_24" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_25"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_ajx_AgreementAxis_25" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_26"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_AgreementAxis_25" xlink:to="loc_ajx_AgreementDomain_26" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_26_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_AgreementAxis_25" xlink:to="loc_ajx_AgreementDomain_26_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RepurchaseAgreementMember" xlink:label="loc_ajx_RepurchaseAgreementMember_27"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_AgreementDomain_26" xlink:to="loc_ajx_RepurchaseAgreementMember_27" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_28"/>
<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_LongtermDebtTypeAxis_28" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_29"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_28" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_29" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_29_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_28" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_29_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_30"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_29" xlink:to="loc_us-gaap_MortgagesMember_30" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_31"/>
<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_StockIssuedDuringPeriodSharesShareBasedCompensationGross_31" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_32"/>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_32" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AnnualRetainerReceivedInSharesAndCashAmount" xlink:label="loc_ajx_AnnualRetainerReceivedInSharesAndCashAmount_33"/>
<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_AnnualRetainerReceivedInSharesAndCashAmount_33" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_34"/>
<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_DebtInstrumentFaceAmount_34" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_35"/>
<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_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_35" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_36"/>
<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_DebtInstrumentDescriptionOfVariableRateBasis_36" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_37"/>
<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_37" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_38"/>
<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_38" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_39"/>
<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_39" order="100" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_40"/>
<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_40" order="110" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SubsequentEventsDetailTextuals1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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_SubsequentEventTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_FiveSellersMember" xlink:label="loc_ajx_FiveSellersMember_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_FiveSellersMember_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EightSellersMember" xlink:label="loc_ajx_EightSellersMember_11"/>
<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_EightSellersMember_11" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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_9" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_12" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_13"/>
<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_13" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_13" xlink:to="loc_us-gaap_EquityComponentDomain_14" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_14_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_13" xlink:to="loc_us-gaap_EquityComponentDomain_14_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_14" xlink:to="loc_us-gaap_CommonStockMember_15" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_16"/>
<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_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_16" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_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_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_17" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" xlink:label="loc_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired_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_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired_18" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EstimatedMarketValueOfUnderlyingCollaterals" xlink:label="loc_ajx_EstimatedMarketValueOfUnderlyingCollaterals_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_ajx_EstimatedMarketValueOfUnderlyingCollaterals_19" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral" xlink:label="loc_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral_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_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral_20" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xlink:label="loc_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense_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_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense_21" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xlink:label="loc_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees_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_NumberOfSharesIssuedInPaymentOfDirectorsFees_22" order="70" use="optional"/>
</definitionLink>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RealEstateAssetsDetailTextuals" roleURI="http://www.great-ajax.com/role/RealEstateAssetsDetailTextuals"/>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RealEstateAssetsDetailTextuals"><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateLineItems" xlink:label="loc_us-gaap_RealEstateLineItems"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesForeclosed" xlink:label="loc_ajx_NumberOfRealEstatePropertiesForeclosed"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_NumberOfRealEstatePropertiesForeclosed" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAcquiredThroughForeclosure" xlink:label="loc_us-gaap_RealEstateAcquiredThroughForeclosure"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_us-gaap_RealEstateAcquiredThroughForeclosure" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesHeldForRental" xlink:label="loc_ajx_NumberOfRealEstatePropertiesHeldForRental"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_NumberOfRealEstatePropertiesHeldForRental" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_CarryingValueOfReoProperties" xlink:label="loc_ajx_CarryingValueOfReoProperties"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_CarryingValueOfReoProperties" order="50" use="optional"/>






<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:label="loc_ajx_NumberOfRealEstatePropertiesHeldForSale"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_NumberOfRealEstatePropertiesHeldForSale" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_CarryingValueOfRealEstateHeldForSaleTransfer" xlink:label="loc_ajx_CarryingValueOfRealEstateHeldForSaleTransfer"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_CarryingValueOfRealEstateHeldForSaleTransfer" order="100" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_us-gaap_RealEstateHeldforsale"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_us-gaap_RealEstateHeldforsale" order="110" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xlink:label="loc_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" order="120" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="loc_us-gaap_GainLossOnSaleOfProperties"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_us-gaap_GainLossOnSaleOfProperties" order="130" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" xlink:label="loc_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" order="140" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateTable" xlink:label="loc_us-gaap_RealEstateTable"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_us-gaap_RealEstateTable" order="10" use="optional" xbrldt:closed="true" xbrldt:contextElement="segment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_RealEstateTable" xlink:to="loc_us-gaap_IncomeStatementLocationAxis" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_IncomeStatementLocationAxis" xlink:to="loc_us-gaap_IncomeStatementLocationDomain" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherIncomeMember" xlink:label="loc_us-gaap_OtherIncomeMember"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain" xlink:to="loc_us-gaap_OtherIncomeMember" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_IncomeStatementLocationAxis" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_Default" order="1"/>
</definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>ajx-20160630_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.6.0.0 on Thursday, August 04, 2016 11:47:15 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-20160630.xsd#ajx_DocumentAndEntityInformationAbstract" xlink:label="loc_2JF107H7I93I_ajx_DocumentAndEntityInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_ajx_DocumentAndEntityInformationAbstract" xlink:to="lab_4LH329J9K15K_ajx_DocumentAndEntityInformationAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_31290F3J262G9III3F2F_dei_EntityRegistrantName"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_dei_EntityRegistrantName" xlink:to="lab_53412H5L484I1KKK5H4H_dei_EntityRegistrantName"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_2JF107H7I93I_dei_EntityCentralIndexKey"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_dei_EntityCentralIndexKey" xlink:to="lab_4LH329J9K15K_dei_EntityCentralIndexKey"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="loc_31290F3J262G9III3F2F_dei_TradingSymbol"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_dei_TradingSymbol" xlink:to="lab_53412H5L484I1KKK5H4H_dei_TradingSymbol"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_2JF107H7I93I_dei_CurrentFiscalYearEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_dei_CurrentFiscalYearEndDate" xlink:to="lab_4LH329J9K15K_dei_CurrentFiscalYearEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_31290F3J262G9III3F2F_dei_EntityFilerCategory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_dei_EntityFilerCategory" xlink:to="lab_53412H5L484I1KKK5H4H_dei_EntityFilerCategory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_2JF107H7I93I_dei_EntityCommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_4LH329J9K15K_dei_EntityCommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_31290F3J262G9III3F2F_dei_DocumentType"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_dei_DocumentType" xlink:to="lab_53412H5L484I1KKK5H4H_dei_DocumentType"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_2JF107H7I93I_dei_DocumentPeriodEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_dei_DocumentPeriodEndDate" xlink:to="lab_4LH329J9K15K_dei_DocumentPeriodEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_31290F3J262G9III3F2F_dei_AmendmentFlag"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_dei_AmendmentFlag" xlink:to="lab_53412H5L484I1KKK5H4H_dei_AmendmentFlag"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_2JF107H7I93I_dei_DocumentFiscalYearFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_dei_DocumentFiscalYearFocus" xlink:to="lab_4LH329J9K15K_dei_DocumentFiscalYearFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_31290F3J262G9III3F2F_dei_DocumentFiscalPeriodFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_dei_DocumentFiscalPeriodFocus" xlink:to="lab_53412H5L484I1KKK5H4H_dei_DocumentFiscalPeriodFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_StatementOfFinancialPositionAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_StatementOfFinancialPositionAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_AssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_AssetsAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_AssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_2JF107H7I93I_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_4LH329J9K15K_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RestrictedCashAndCashEquivalents"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RestrictedCashAndCashEquivalents" xml:lang="en-US">Restricted Cash and Cash Equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RestrictedCashAndCashEquivalents" xml:lang="en-US">Cash held in trust</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_RestrictedCashAndCashEquivalents" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RestrictedCashAndCashEquivalents"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Mortgage Loans on Real Estate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Mortgage loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Mortgage loans, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Beginning balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Ending balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Carrying value of mortgage loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstate" xlink:to="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RealEstateHeldforsale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_RealEstateHeldforsale" xml:lang="en-US">Aggregate carrying value of held for sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstateHeldforsale" 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_53412H5L484I1KKK5H4H_us-gaap_RealEstateHeldforsale" 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_31290F3J262G9III3F2F_us-gaap_RealEstateHeldforsale" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstateHeldforsale"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RentalProperties" xlink:label="loc_2JF107H7I93I_us-gaap_RentalProperties"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_RentalProperties" xml:lang="en-US">Rental property</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_RentalProperties" xlink:to="lab_4LH329J9K15K_us-gaap_RentalProperties"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReceivableFromServicer" xlink:label="loc_31290F3J262G9III3F2F_ajx_ReceivableFromServicer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ReceivableFromServicer" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ReceivableFromServicer"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_InvestmentsInAffiliates" xlink:label="loc_2JF107H7I93I_ajx_InvestmentsInAffiliates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_InvestmentsInAffiliates" xml:lang="en-US">Investments In Affiliates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_InvestmentsInAffiliates" xml:lang="en-US">Investment in affiliates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_InvestmentsInAffiliates" xml:lang="en-US">Represents value of the investment in affiliates at close of period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_InvestmentsInAffiliates" xlink:to="lab_4LH329J9K15K_ajx_InvestmentsInAffiliates"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PrepaidExpenseAndOtherAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PrepaidExpenseAndOtherAssets" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PrepaidExpenseAndOtherAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_2JF107H7I93I_us-gaap_Assets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_Assets" xlink:to="lab_4LH329J9K15K_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_LiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_LiabilitiesAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_LiabilitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_SecuredDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_SecuredDebt" xml:lang="en-US">Secured Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_SecuredDebt" xml:lang="en-US">Secured borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_SecuredDebt" xml:lang="en-US">Secured borrowings, net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_SecuredDebt" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_SecuredDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_2JF107H7I93I_us-gaap_SecuredDebtRepurchaseAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_SecuredDebtRepurchaseAgreements" xml:lang="en-US">Secured Debt, Repurchase Agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_SecuredDebtRepurchaseAgreements" xml:lang="en-US">Gross amount of recognized liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_SecuredDebtRepurchaseAgreements" xlink:to="lab_4LH329J9K15K_us-gaap_SecuredDebtRepurchaseAgreements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeePayable" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ManagementFeePayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ManagementFeePayable" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ManagementFeePayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="loc_2JF107H7I93I_us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="lab_4LH329J9K15K_us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_Liabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_Liabilities" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_Liabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_2JF107H7I93I_us-gaap_CommitmentsAndContingencies"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CommitmentsAndContingencies" xlink:to="lab_4LH329J9K15K_us-gaap_CommitmentsAndContingencies"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_StockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_StockholdersEquityAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_StockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_2JF107H7I93I_us-gaap_PreferredStockValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_PreferredStockValue" xlink:to="lab_4LH329J9K15K_us-gaap_PreferredStockValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CommonStockValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_CommonStockValue" xml:lang="en-US">Common stock $.01 par value; 125,000,000 shares authorized, 17,924,523 shares at June 30, 2016 and 15,301,946 shares at December 31, 2015 issued and outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_CommonStockValue" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CommonStockValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_2JF107H7I93I_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_4LH329J9K15K_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RetainedEarningsAccumulatedDeficit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RetainedEarningsAccumulatedDeficit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_2JF107H7I93I_us-gaap_StockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_StockholdersEquity" xlink:to="lab_4LH329J9K15K_us-gaap_StockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterest" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_MinorityInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_MinorityInterest" xml:lang="en-US">Non-controlling interests</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_MinorityInterest" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_MinorityInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_2JF107H7I93I_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_4LH329J9K15K_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_LiabilitiesAndStockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_LiabilitiesAndStockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_2JF107H7I93I_us-gaap_PreferredStockParOrStatedValuePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="lab_4LH329J9K15K_us-gaap_PreferredStockParOrStatedValuePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PreferredStockSharesAuthorized"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PreferredStockSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_2JF107H7I93I_us-gaap_PreferredStockSharesIssued"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_PreferredStockSharesIssued" xlink:to="lab_4LH329J9K15K_us-gaap_PreferredStockSharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PreferredStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PreferredStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_2JF107H7I93I_us-gaap_CommonStockParOrStatedValuePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_4LH329J9K15K_us-gaap_CommonStockParOrStatedValuePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CommonStockSharesAuthorized"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CommonStockSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_2JF107H7I93I_us-gaap_CommonStockSharesIssued"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CommonStockSharesIssued" xlink:to="lab_4LH329J9K15K_us-gaap_CommonStockSharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common stock, shares outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansPledgedAsCollateral" xlink:label="loc_2JF107H7I93I_us-gaap_LoansPledgedAsCollateral"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_LoansPledgedAsCollateral" xml:lang="en-US">Loans Pledged as Collateral</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_LoansPledgedAsCollateral" xml:lang="en-US">Mortgage loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_LoansPledgedAsCollateral" 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_2JF107H7I93I_us-gaap_LoansPledgedAsCollateral" xlink:to="lab_4LH329J9K15K_us-gaap_LoansPledgedAsCollateral"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_IncomeStatementAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_IncomeStatementAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_IncomeStatementAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_SalesRevenueNetAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_SalesRevenueNetAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_SalesRevenueNetAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_InterestIncomeOperating"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_InterestIncomeOperating" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_InterestIncomeOperating"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_2JF107H7I93I_us-gaap_InterestExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_InterestExpense" xlink:to="lab_4LH329J9K15K_us-gaap_InterestExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_InterestIncomeExpenseNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_InterestIncomeExpenseNet" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_InterestIncomeExpenseNet"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IncomeFromInvestmentInManager" xlink:label="loc_2JF107H7I93I_ajx_IncomeFromInvestmentInManager"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_IncomeFromInvestmentInManager" xml:lang="en-US">Income From Investment In Manager</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_IncomeFromInvestmentInManager" xml:lang="en-US">Income from investment in Manager</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_IncomeFromInvestmentInManager" xml:lang="en-US">Represents amount related to Income from investment in Manager.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_IncomeFromInvestmentInManager" xlink:to="lab_4LH329J9K15K_ajx_IncomeFromInvestmentInManager"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_OtherIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_OtherIncome" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_OtherIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenuesNetOfInterestExpense" xlink:label="loc_2JF107H7I93I_us-gaap_RevenuesNetOfInterestExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_RevenuesNetOfInterestExpense" xlink:to="lab_4LH329J9K15K_us-gaap_RevenuesNetOfInterestExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CostsAndExpensesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CostsAndExpensesAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CostsAndExpensesAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RelatedPartyLoanServicingFeeExpense" xlink:label="loc_2JF107H7I93I_ajx_RelatedPartyLoanServicingFeeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_RelatedPartyLoanServicingFeeExpense" xlink:to="lab_4LH329J9K15K_ajx_RelatedPartyLoanServicingFeeExpense"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RelatedPartyManagementFeeExpense" xlink:label="loc_31290F3J262G9III3F2F_ajx_RelatedPartyManagementFeeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_RelatedPartyManagementFeeExpense" xml:lang="en-US">Related party expense - management fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_RelatedPartyManagementFeeExpense" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_RelatedPartyManagementFeeExpense"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LoanTransactionExpense" xlink:label="loc_2JF107H7I93I_ajx_LoanTransactionExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_LoanTransactionExpense" xml:lang="en-US">Loan Transaction Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_LoanTransactionExpense" xml:lang="en-US">Loan transaction expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_LoanTransactionExpense" xml:lang="en-US">Represents costs of performing due diligence on existing loans under review for purchase.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_LoanTransactionExpense" xlink:to="lab_4LH329J9K15K_ajx_LoanTransactionExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ProfessionalFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ProfessionalFees" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ProfessionalFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_2JF107H7I93I_us-gaap_OperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_OperatingExpenses" xml:lang="en-US">Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_OperatingExpenses" xml:lang="en-US">Real estate operating expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_OperatingExpenses" xlink:to="lab_4LH329J9K15K_us-gaap_OperatingExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherExpenses" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_OtherExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_OtherExpenses" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_OtherExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_2JF107H7I93I_us-gaap_CostsAndExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_CostsAndExpenses" xml:lang="en-US">Costs and Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_4LH329J9K15K_us-gaap_CostsAndExpenses" xml:lang="en-US">Total expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_CostsAndExpenses" xlink:to="lab_4LH329J9K15K_us-gaap_CostsAndExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income before provision for income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_2JF107H7I93I_us-gaap_IncomeTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Provision for income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Provision for income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_4LH329J9K15K_us-gaap_IncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ProfitLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ProfitLoss" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ProfitLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="loc_2JF107H7I93I_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="lab_4LH329J9K15K_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_NetIncomeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_NetIncomeLoss" xml:lang="en-US">Total income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_NetIncomeLoss" xml:lang="en-US">Consolidated income attributable to common stockholders</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_NetIncomeLoss" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_NetIncomeLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_2JF107H7I93I_us-gaap_EarningsPerShareBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Consolidated 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_2JF107H7I93I_us-gaap_EarningsPerShareBasic" xlink:to="lab_4LH329J9K15K_us-gaap_EarningsPerShareBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_EarningsPerShareDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Consolidated 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_31290F3J262G9III3F2F_us-gaap_EarningsPerShareDiluted" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_EarningsPerShareDiluted"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_2JF107H7I93I_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Consolidated income attributable to unrestricted common stockholders, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted average shares - basic (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_4LH329J9K15K_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Consolidated income attributable to unrestricted common stockholders, shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_4LH329J9K15K_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Consolidated 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_53412H5L484I1KKK5H4H_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Weighted average shares - diluted (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Consolidated income attributable to common stockholders and dilutive securities, shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_StatementOfCashFlowsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_StatementOfCashFlowsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile consolidated 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_2JF107H7I93I_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ShareBasedManagementFeeAndCompensationExpense" xlink:label="loc_31290F3J262G9III3F2F_ajx_ShareBasedManagementFeeAndCompensationExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ShareBasedManagementFeeAndCompensationExpense" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ShareBasedManagementFeeAndCompensationExpense"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NonCashInterestIncomeAccretion" xlink:label="loc_2JF107H7I93I_ajx_NonCashInterestIncomeAccretion"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_ajx_NonCashInterestIncomeAccretion" xml:lang="en-US">Represents amount related to accretion of non-cash interest income during the period.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_4LH329J9K15K_ajx_NonCashInterestIncomeAccretion" xml:lang="en-US">Non-cash interest income accretion</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_NonCashInterestIncomeAccretion" xlink:to="lab_4LH329J9K15K_ajx_NonCashInterestIncomeAccretion"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_GainLossOnSaleOfProperties"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_GainLossOnSaleOfProperties" xml:lang="en-US">Gain (loss) on sale of property</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_GainLossOnSaleOfProperties" xml:lang="en-US">(Gain) loss on sale of property</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_GainLossOnSaleOfProperties" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_GainLossOnSaleOfProperties"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_2JF107H7I93I_us-gaap_Depreciation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_Depreciation" xlink:to="lab_4LH329J9K15K_us-gaap_Depreciation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_AssetImpairmentCharges"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_AssetImpairmentCharges" xml:lang="en-US">Impairment of real estate owned</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_AssetImpairmentCharges" xml:lang="en-US">Impairments on property</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_AssetImpairmentCharges" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_AssetImpairmentCharges"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_2JF107H7I93I_us-gaap_AmortizationOfFinancingCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of deferred financing costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_AmortizationOfFinancingCosts" xlink:to="lab_4LH329J9K15K_us-gaap_AmortizationOfFinancingCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="loc_2JF107H7I93I_us-gaap_IncreaseDecreaseInRestrictedCash"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Increase (Decrease) in Restricted Cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Restricted cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_4LH329J9K15K_us-gaap_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Cash held in trust</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="lab_4LH329J9K15K_us-gaap_IncreaseDecreaseInRestrictedCash"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IncreaseDecreaseInReceivableFromServicer" xlink:label="loc_2JF107H7I93I_ajx_IncreaseDecreaseInReceivableFromServicer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_ajx_IncreaseDecreaseInReceivableFromServicer" xml:lang="en-US">Represents increase decrease in Receivable from servicer during reporting period.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_4LH329J9K15K_ajx_IncreaseDecreaseInReceivableFromServicer" xml:lang="en-US">Receivable from servicer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_IncreaseDecreaseInReceivableFromServicer" xlink:to="lab_4LH329J9K15K_ajx_IncreaseDecreaseInReceivableFromServicer"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xlink:label="loc_31290F3J262G9III3F2F_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xml:lang="en-US">Represents increase decrease in undistributed income from investment in managed entities during reporting period.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xml:lang="en-US">Undistributed income from investment in affiliate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_2JF107H7I93I_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xml:lang="en-US">Accrued expenses, Management fee payable, and other liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:to="lab_4LH329J9K15K_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PaymentsToAcquireLoansReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PaymentsToAcquireLoansReceivable" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PaymentsToAcquireLoansReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xlink:label="loc_2JF107H7I93I_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xlink:to="lab_4LH329J9K15K_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PaymentsToAcquireHeldForSaleRealEstate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PaymentsToAcquireHeldForSaleRealEstate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xlink:label="loc_2JF107H7I93I_us-gaap_ProceedsFromSaleOfPropertyHeldForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xlink:to="lab_4LH329J9K15K_us-gaap_ProceedsFromSaleOfPropertyHeldForSale"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PaymentsToAcquireEquityMethodInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_PaymentsToAcquireEquityMethodInvestments" xml:lang="en-US">Investment in equity method investee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_PaymentsToAcquireEquityMethodInvestments" xml:lang="en-US">Acquisition of equity interests</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_PaymentsToAcquireEquityMethodInvestments" xml:lang="en-US">Investment in equity method investee</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PaymentsToAcquireEquityMethodInvestments"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DistributionFromAffiliate" xlink:label="loc_2JF107H7I93I_ajx_DistributionFromAffiliate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_DistributionFromAffiliate" xlink:to="lab_4LH329J9K15K_ajx_DistributionFromAffiliate"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xlink:label="loc_31290F3J262G9III3F2F_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_2JF107H7I93I_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="lab_4LH329J9K15K_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt" xlink:label="loc_2JF107H7I93I_us-gaap_ProceedsFromIssuanceOfDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_ProceedsFromIssuanceOfDebt" xml:lang="en-US">Proceeds from Issuance of Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_ProceedsFromIssuanceOfDebt" xml:lang="en-US">Proceeds from repurchase transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_4LH329J9K15K_us-gaap_ProceedsFromIssuanceOfDebt" 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_2JF107H7I93I_us-gaap_ProceedsFromIssuanceOfDebt" xlink:to="lab_4LH329J9K15K_us-gaap_ProceedsFromIssuanceOfDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSecuredNotesPayable" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ProceedsFromSecuredNotesPayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_ProceedsFromSecuredNotesPayable" xml:lang="en-US">Proceeds from Secured Notes Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_ProceedsFromSecuredNotesPayable" xml:lang="en-US">Proceeds from sale of secured notes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_ProceedsFromSecuredNotesPayable" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ProceedsFromSecuredNotesPayable"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RepaymentsOnRepurchaseAgreement" xlink:label="loc_2JF107H7I93I_ajx_RepaymentsOnRepurchaseAgreement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_ajx_RepaymentsOnRepurchaseAgreement" xml:lang="en-US">Repayments on repurchase transactions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_RepaymentsOnRepurchaseAgreement" xlink:to="lab_4LH329J9K15K_ajx_RepaymentsOnRepurchaseAgreement"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RepaymentsOfSecuredDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_RepaymentsOfSecuredDebt" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RepaymentsOfSecuredDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_2JF107H7I93I_us-gaap_ProceedsFromIssuanceInitialPublicOffering"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:to="lab_4LH329J9K15K_us-gaap_ProceedsFromIssuanceInitialPublicOffering"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PaymentsOfDividendsMinorityInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PaymentsOfDividendsMinorityInterest" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PaymentsOfDividendsMinorityInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_2JF107H7I93I_us-gaap_PaymentsOfDividendsCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_4LH329J9K15K_us-gaap_PaymentsOfDividendsCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_2JF107H7I93I_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_4LH329J9K15K_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_SupplementalCashFlowInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_SupplementalCashFlowInformationAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_2JF107H7I93I_us-gaap_InterestPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_InterestPaid" xlink:to="lab_4LH329J9K15K_us-gaap_InterestPaid"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_IncomeTaxesPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_IncomeTaxesPaid" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_IncomeTaxesPaid"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xlink:label="loc_31290F3J262G9III3F2F_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssued1" xlink:label="loc_2JF107H7I93I_us-gaap_StockIssued1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_StockIssued1" xml:lang="en-US">Issuance of common stock for management and director fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_StockIssued1" xlink:to="lab_4LH329J9K15K_us-gaap_StockIssued1"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TransferOfPropertyHeldForSaleToLoans" xlink:label="loc_31290F3J262G9III3F2F_ajx_TransferOfPropertyHeldForSaleToLoans"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_TransferOfPropertyHeldForSaleToLoans" xml:lang="en-US">Transfer Of Property Held For Sale To Loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_TransferOfPropertyHeldForSaleToLoans" xml:lang="en-US">Transfer of property held-for-sale to loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_TransferOfPropertyHeldForSaleToLoans" xml:lang="en-US">Represents transfer of properties held for sale to loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_TransferOfPropertyHeldForSaleToLoans" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_TransferOfPropertyHeldForSaleToLoans"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_StatementOfStockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_StatementOfStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_StatementTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_StatementTable" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_StatementTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_2JF107H7I93I_us-gaap_StatementEquityComponentsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_4LH329J9K15K_us-gaap_StatementEquityComponentsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CommonStockMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CommonStockMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CommonStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_2JF107H7I93I_us-gaap_AdditionalPaidInCapitalMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_4LH329J9K15K_us-gaap_AdditionalPaidInCapitalMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RetainedEarningsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_RetainedEarningsMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RetainedEarningsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentMember" xlink:label="loc_2JF107H7I93I_us-gaap_ParentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_ParentMember" xml:lang="en-US">Stockholders' Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_ParentMember" xlink:to="lab_4LH329J9K15K_us-gaap_ParentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_NoncontrollingInterestMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_NoncontrollingInterestMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_NoncontrollingInterestMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_2JF107H7I93I_us-gaap_EquityComponentDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_EquityComponentDomain" xlink:to="lab_4LH329J9K15K_us-gaap_EquityComponentDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_StatementLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_StatementLineItems" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_StatementLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="loc_2JF107H7I93I_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_4LH329J9K15K_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_2JF107H7I93I_us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Issuance of shares (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_4LH329J9K15K_us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xlink:label="loc_31290F3J262G9III3F2F_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xlink:label="loc_2JF107H7I93I_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xml:lang="en-US">Shares Issued During Period Stock Based Management Fee Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xml:lang="en-US">Stock issued in lieu of management fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xml:lang="en-US">Stock-based management fee expense (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xml:lang="en-US">Represents number of shares issued for stock based management fee expense.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xlink:to="lab_4LH329J9K15K_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross" xml:lang="en-US">Stock Granted, Value, Share-based Compensation, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross" 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_31290F3J262G9III3F2F_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Stock-based compensation expense (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Dividends" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_Dividends"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_Dividends" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_Dividends"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_AccountingPoliciesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_AccountingPoliciesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_SignificantAccountingPoliciesTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_SignificantAccountingPoliciesTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_2JF107H7I93I_ajx_MortgageLoansAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_ajx_MortgageLoansAbstract" xlink:to="lab_4LH329J9K15K_ajx_MortgageLoansAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansTextBlock" xlink:label="loc_31290F3J262G9III3F2F_ajx_MortgageLoansTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_MortgageLoansTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_RealEstateAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_RealEstateAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_RealEstateAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateDisclosureTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RealEstateDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_RealEstateDisclosureTextBlock" xml:lang="en-US">Real estate assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_RealEstateDisclosureTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstateDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueDisclosuresAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueDisclosuresAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FairValueDisclosuresTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FairValueDisclosuresTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_DebtDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DebtDisclosureAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_DebtDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DebtDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DebtDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_RelatedPartyTransactionsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_RelatedPartyTransactionsAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_RelatedPartyTransactionsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_IncomeTaxDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_IncomeTaxDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_IncomeTaxDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_IncomeTaxDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_EarningsPerShareAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_EarningsPerShareAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_EarningsPerShareAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_EarningsPerShareTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_EarningsPerShareTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_SubsequentEventsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_SubsequentEventsAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_SubsequentEventsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_SubsequentEventsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_SubsequentEventsTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_SubsequentEventsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:label="loc_2JF107H7I93I_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:to="lab_4LH329J9K15K_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock" xml:lang="en-US">Loans Acquired With Deterioration In Credit Quality [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock" xml:lang="en-US">Loans acquired with deterioration in credit quality</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock" xml:lang="en-US">Disclosure of policy related to loans acquired with deterioration in credit quality.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock" xlink:label="loc_2JF107H7I93I_ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock" xml:lang="en-US">Loans Acquired That Have Not Experienced Deterioration In Credit Quality Policy [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock" xml:lang="en-US">Loans acquired that have not experienced a deterioration in credit quality</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock" xml:lang="en-US">Disclosure policy related to loans acquired that have not experiences a deterioration in credit quality.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock" xlink:to="lab_4LH329J9K15K_ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstatePolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RealEstatePolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstatePolicyTextBlock" xml:lang="en-US">Real Estate, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstatePolicyTextBlock" xml:lang="en-US">Real estate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_RealEstatePolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstatePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtPolicyTextBlock" xlink:label="loc_2JF107H7I93I_us-gaap_DebtPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_DebtPolicyTextBlock" xml:lang="en-US">Debt, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_DebtPolicyTextBlock" xml:lang="en-US">Secured borrowings</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_DebtPolicyTextBlock" xlink:to="lab_4LH329J9K15K_us-gaap_DebtPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RepurchaseAndResaleAgreementsPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RepurchaseAndResaleAgreementsPolicy" xml:lang="en-US">Repurchase and Resale Agreements Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RepurchaseAndResaleAgreementsPolicy" xml:lang="en-US">Repurchase facilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RepurchaseAndResaleAgreementsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy" xlink:label="loc_2JF107H7I93I_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy" xlink:to="lab_4LH329J9K15K_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeesPolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_ajx_ServicingFeesPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ServicingFeesPolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ServicingFeesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DirectorsFeesPolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_ajx_DirectorsFeesPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_DirectorsFeesPolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DirectorsFeesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:label="loc_2JF107H7I93I_us-gaap_ConsolidationVariableInterestEntityPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_ConsolidationVariableInterestEntityPolicy" xml:lang="en-US">Consolidation, Variable Interest Entity, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_ConsolidationVariableInterestEntityPolicy" xml:lang="en-US">Variable interest entities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:to="lab_4LH329J9K15K_us-gaap_ConsolidationVariableInterestEntityPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:label="loc_2JF107H7I93I_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xml:lang="en-US">Cash and Cash Equivalents, Restricted 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_4LH329J9K15K_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xml:lang="en-US">Cash held in trust</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:to="lab_4LH329J9K15K_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_EarningsPerSharePolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_EarningsPerSharePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_IncomeTaxPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_IncomeTaxPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_OfferingCostsPolicyTextBlock" xlink:label="loc_2JF107H7I93I_ajx_OfferingCostsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_OfferingCostsPolicyTextBlock" xlink:to="lab_4LH329J9K15K_ajx_OfferingCostsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_SegmentReportingPolicyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_SegmentReportingPolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EmergingGrowthCompanyPolicyTextBlock" xlink:label="loc_2JF107H7I93I_ajx_EmergingGrowthCompanyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_EmergingGrowthCompanyPolicyTextBlock" xlink:to="lab_4LH329J9K15K_ajx_EmergingGrowthCompanyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PriorPeriodReclassificationAdjustmentDescription"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PriorPeriodReclassificationAdjustmentDescription"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock" xlink:label="loc_2JF107H7I93I_ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock" xml:lang="en-US">Recently Adopted Accounting Standards [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock" xml:lang="en-US">Recently adopted accounting standards</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock" xml:lang="en-US">Disclosure of policy regarding recently adopted accounting standards.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock" xlink:to="lab_4LH329J9K15K_ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" xlink:label="loc_2JF107H7I93I_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" xlink:to="lab_4LH329J9K15K_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AccretableYieldTableTextBlock" xlink:label="loc_31290F3J262G9III3F2F_ajx_AccretableYieldTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_AccretableYieldTableTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_AccretableYieldTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:label="loc_2JF107H7I93I_us-gaap_PastDueFinancingReceivablesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:to="lab_4LH329J9K15K_us-gaap_PastDueFinancingReceivablesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherRealEstateRollForwardTableTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_OtherRealEstateRollForwardTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_OtherRealEstateRollForwardTableTextBlock" xml:lang="en-US">Other Real Estate, Roll Forward [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_OtherRealEstateRollForwardTableTextBlock" xml:lang="en-US">Schedule of activity in the Company's carrying value of REO held-for-sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_OtherRealEstateRollForwardTableTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_OtherRealEstateRollForwardTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock" xlink:label="loc_2JF107H7I93I_us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock" xml:lang="en-US">Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock" xml:lang="en-US">Schedule of assets and liabilities for the Company's unconsolidated affiliates at 100%, and at the Company's share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock" xlink:to="lab_4LH329J9K15K_us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRepurchaseAgreements" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ScheduleOfRepurchaseAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ScheduleOfRepurchaseAgreements" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ScheduleOfRepurchaseAgreements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:label="loc_2JF107H7I93I_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xml:lang="en-US">Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xml:lang="en-US">Schedule of amount outstanding on repurchase transactions and carrying value collateral</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:to="lab_4LH329J9K15K_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ScheduleOfDebtSecuritizationTableTextBlock" xlink:label="loc_31290F3J262G9III3F2F_ajx_ScheduleOfDebtSecuritizationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ScheduleOfDebtSecuritizationTableTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ScheduleOfDebtSecuritizationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_StatusOfMortgageLoansTableTextBlock" xlink:label="loc_2JF107H7I93I_ajx_StatusOfMortgageLoansTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_StatusOfMortgageLoansTableTextBlock" xlink:to="lab_4LH329J9K15K_ajx_StatusOfMortgageLoansTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock" xlink:label="loc_2JF107H7I93I_ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock" xml:lang="en-US">Schedule Of Related Party Transactions For Consolidated Balance Sheet [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock" xml:lang="en-US">Schedule of related party transactions for consolidated balance sheet</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock" xml:lang="en-US">tabular disclosure regarding consolidated balance sheet under related party transaction.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock" xlink:to="lab_4LH329J9K15K_ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" xlink:label="loc_31290F3J262G9III3F2F_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:label="loc_2JF107H7I93I_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:to="lab_4LH329J9K15K_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_OrganizationAndBasisOfPresentationTable" xlink:label="loc_2JF107H7I93I_ajx_OrganizationAndBasisOfPresentationTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_OrganizationAndBasisOfPresentationTable" xlink:to="lab_4LH329J9K15K_ajx_OrganizationAndBasisOfPresentationTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_2JF107H7I93I_us-gaap_RelatedPartyDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_RelatedPartyDomain" xlink:to="lab_4LH329J9K15K_us-gaap_RelatedPartyDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_ThetisAssetManagementLlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_ThetisAssetManagementLlcMember" xml:lang="en-US">Thetis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_ThetisAssetManagementLlcMember" xml:lang="en-US">Represents information regarding Thetis Asset Management LLC.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ThetisAssetManagementLlcMember" xml:lang="en-US">Manager</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_ThetisAssetManagementLlcMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ThetisAssetManagementLlcMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_OrganizationAndBasisOfPresentationLineItems" xlink:label="loc_2JF107H7I93I_ajx_OrganizationAndBasisOfPresentationLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_ajx_OrganizationAndBasisOfPresentationLineItems" xlink:to="lab_4LH329J9K15K_ajx_OrganizationAndBasisOfPresentationLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_EquityMethodInvestmentOwnershipPercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_EquityMethodInvestmentOwnershipPercentage"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xlink:label="loc_2JF107H7I93I_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xlink:to="lab_4LH329J9K15K_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xlink:label="loc_31290F3J262G9III3F2F_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SummaryOfSignificantAccountingPoliciesTable" xlink:label="loc_2JF107H7I93I_ajx_SummaryOfSignificantAccountingPoliciesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_SummaryOfSignificantAccountingPoliciesTable" xlink:to="lab_4LH329J9K15K_ajx_SummaryOfSignificantAccountingPoliciesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PlanNameAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PlanNameAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PlanNameAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_2JF107H7I93I_us-gaap_PlanNameDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_PlanNameDomain" xlink:to="lab_4LH329J9K15K_us-gaap_PlanNameDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DirectorEquityPlan2014Member" xlink:label="loc_31290F3J262G9III3F2F_ajx_DirectorEquityPlan2014Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_DirectorEquityPlan2014Member" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DirectorEquityPlan2014Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EquityIncentivePlanMember" xlink:label="loc_2JF107H7I93I_ajx_EquityIncentivePlanMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_EquityIncentivePlanMember" xml:lang="en-US">Equity Incentive Plan [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_EquityIncentivePlanMember" xml:lang="en-US">2016 Equity Incentive Plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_EquityIncentivePlanMember" xml:lang="en-US">Represents information of 2016 Equity Incentive Plan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_EquityIncentivePlanMember" xlink:to="lab_4LH329J9K15K_ajx_EquityIncentivePlanMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementAxis" xlink:label="loc_31290F3J262G9III3F2F_ajx_AgreementAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_AgreementAxis" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_AgreementAxis"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementDomain" xlink:label="loc_2JF107H7I93I_ajx_AgreementDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_AgreementDomain" xlink:to="lab_4LH329J9K15K_ajx_AgreementDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingAgreementMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_ServicingAgreementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ServicingAgreementMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ServicingAgreementMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_2JF107H7I93I_ajx_GregoryFundingLlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_ajx_GregoryFundingLlcMember" xml:lang="en-US">Servicer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_GregoryFundingLlcMember" xml:lang="en-US">Gregory</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_ajx_GregoryFundingLlcMember" xlink:to="lab_4LH329J9K15K_ajx_GregoryFundingLlcMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RangeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_RangeAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RangeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_2JF107H7I93I_us-gaap_RangeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_RangeMember" xlink:to="lab_4LH329J9K15K_us-gaap_RangeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_MinimumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_MinimumMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_MinimumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_2JF107H7I93I_us-gaap_MaximumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_MaximumMember" xlink:to="lab_4LH329J9K15K_us-gaap_MaximumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_AwardTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_AwardTypeAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_AwardTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RestrictedStockMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_RestrictedStockMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RestrictedStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="loc_2JF107H7I93I_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xml:lang="en-US">Adjustments for New Accounting Pronouncements [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="lab_4LH329J9K15K_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_TypeOfAdoptionMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_TypeOfAdoptionMember" xml:lang="en-US">Type of Adoption [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_TypeOfAdoptionMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_TypeOfAdoptionMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingStandardsUpdate201503Member" xlink:label="loc_2JF107H7I93I_us-gaap_AccountingStandardsUpdate201503Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_AccountingStandardsUpdate201503Member" xml:lang="en-US">Accounting Standards Update 2015-03 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_AccountingStandardsUpdate201503Member" xml:lang="en-US">Accounting Standards 2015 - 03</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_AccountingStandardsUpdate201503Member" xlink:to="lab_4LH329J9K15K_us-gaap_AccountingStandardsUpdate201503Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SummaryOfSignificantAccountingPoliciesLineItems" xlink:label="loc_31290F3J262G9III3F2F_ajx_SummaryOfSignificantAccountingPoliciesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_SummaryOfSignificantAccountingPoliciesLineItems" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_SummaryOfSignificantAccountingPoliciesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:label="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:to="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_2JF107H7I93I_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:to="lab_4LH329J9K15K_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AnnualRetainerReceivedInSharesAndCashAmount" xlink:label="loc_31290F3J262G9III3F2F_ajx_AnnualRetainerReceivedInSharesAndCashAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AnnualRetainerReceivedInSharesAndCashAmount" xml:lang="en-US">Annual Retainer Received In Shares And Cash Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AnnualRetainerReceivedInSharesAndCashAmount" xml:lang="en-US">Annual retainer amount</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_AnnualRetainerReceivedInSharesAndCashAmount" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_AnnualRetainerReceivedInSharesAndCashAmount"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AnnualRetainerReceivedInSharesAndCashAmount" xml:lang="en-US">Represents amount of annual retainer paid in shares of common stock and in cash.</label>


<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDepreciationMethods" xlink:label="loc_2JF107H7I93I_us-gaap_PropertyPlantAndEquipmentDepreciationMethods"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_PropertyPlantAndEquipmentDepreciationMethods" xlink:to="lab_4LH329J9K15K_us-gaap_PropertyPlantAndEquipmentDepreciationMethods"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="loc_2JF107H7I93I_us-gaap_NumberOfOperatingSegments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_NumberOfOperatingSegments" xlink:to="lab_4LH329J9K15K_us-gaap_NumberOfOperatingSegments"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReductionInPrepaidExpensesAndOtherAssets" xlink:label="loc_31290F3J262G9III3F2F_ajx_ReductionInPrepaidExpensesAndOtherAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ReductionInPrepaidExpensesAndOtherAssets" xml:lang="en-US">Reduction In Prepaid Expenses And Other Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ReductionInPrepaidExpensesAndOtherAssets" xml:lang="en-US">Reduction in prepaid expenses and other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ReductionInPrepaidExpensesAndOtherAssets" xml:lang="en-US">Represents amount of reduction in prepaid expenses and other assets.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_ReductionInPrepaidExpensesAndOtherAssets" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ReductionInPrepaidExpensesAndOtherAssets"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReductionInSecuredBorrowings" xlink:label="loc_2JF107H7I93I_ajx_ReductionInSecuredBorrowings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_ReductionInSecuredBorrowings" xml:lang="en-US">Reduction In Secured Borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_ReductionInSecuredBorrowings" xml:lang="en-US">Reduction in secured borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_ReductionInSecuredBorrowings" xml:lang="en-US">Represents amount of reduction in secured borrowings.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_ReductionInSecuredBorrowings" xlink:to="lab_4LH329J9K15K_ajx_ReductionInSecuredBorrowings"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfFairMarketValueOfReo" xlink:label="loc_31290F3J262G9III3F2F_ajx_PercentageOfFairMarketValueOfReo"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfFairMarketValueOfReo" xml:lang="en-US">Percentage Of Fair Market Value Of Reo</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfFairMarketValueOfReo" xml:lang="en-US">Percentage of fair market value of REO</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfFairMarketValueOfReo" xml:lang="en-US">Represents percentage of fair market value of the REO.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_PercentageOfFairMarketValueOfReo" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfFairMarketValueOfReo"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfPurchasePriceOfReo" xlink:label="loc_2JF107H7I93I_ajx_PercentageOfPurchasePriceOfReo"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfPurchasePriceOfReo" xml:lang="en-US">Percentage Of Purchase Price Of Reo</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfPurchasePriceOfReo" xml:lang="en-US">Percentage of purchase price of REO</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfPurchasePriceOfReo" xml:lang="en-US">Represents percentage of purchase price of any REO.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_PercentageOfPurchasePriceOfReo" xlink:to="lab_4LH329J9K15K_ajx_PercentageOfPurchasePriceOfReo"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xml:lang="en-US">Percentage of outstanding shares on a fully diluted basis</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xml:lang="en-US">Number of shares available under for distribution</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateScheduleTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_MortgageLoansOnRealEstateScheduleTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:to="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_2JF107H7I93I_ajx_ReperformingMortgageLoansOnRealEstateMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:to="lab_4LH329J9K15K_ajx_ReperformingMortgageLoansOnRealEstateMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_NonperformingMortgageLoansOnRealEstateMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_NonperformingMortgageLoansOnRealEstateMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReportingPeriodAxis" xlink:label="loc_2JF107H7I93I_ajx_ReportingPeriodAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_ReportingPeriodAxis" xml:lang="en-US">Reporting Period [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_ReportingPeriodAxis" xml:lang="en-US">Information by financial information on report date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_ReportingPeriodAxis" xlink:to="lab_4LH329J9K15K_ajx_ReportingPeriodAxis"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReportingPeriodDomain" xlink:label="loc_31290F3J262G9III3F2F_ajx_ReportingPeriodDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ReportingPeriodDomain" xml:lang="en-US">Reporting Period [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ReportingPeriodDomain" xml:lang="en-US">Information by financial information on report date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_ReportingPeriodDomain" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ReportingPeriodDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThreeMonthsEndedMember" xlink:label="loc_2JF107H7I93I_ajx_ThreeMonthsEndedMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_ThreeMonthsEndedMember" xml:lang="en-US">Three Months Ended [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_ThreeMonthsEndedMember" xml:lang="en-US">Three months ended</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_ThreeMonthsEndedMember" xml:lang="en-US">Represents context period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_ThreeMonthsEndedMember" xlink:to="lab_4LH329J9K15K_ajx_ThreeMonthsEndedMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SixMonthsEndedMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_SixMonthsEndedMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_SixMonthsEndedMember" xml:lang="en-US">Six Months Ended [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_SixMonthsEndedMember" xml:lang="en-US">Six months ended</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_SixMonthsEndedMember" xml:lang="en-US">Represents context period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_SixMonthsEndedMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_SixMonthsEndedMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstateLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstateLineItems" xlink:to="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstateLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:label="loc_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xml:lang="en-US">Non-accretable yield</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xml:lang="en-US">Non-accretable amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:to="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:label="loc_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferAccretableYield"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xml:lang="en-US">Certain Loans Acquired in Transfer, Accretable Yield</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xml:lang="en-US">Accretable yield</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xml:lang="en-US">Accretable yield additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xml:lang="en-US">Accretable yield</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:to="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferAccretableYield"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward" xlink:label="loc_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward" xlink:to="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xlink:label="loc_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xlink:to="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference" xlink:label="loc_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference" xml:lang="en-US">Reclassification from (to) non-accretable amount, net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference" xlink:to="lab_4LH329J9K15K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FinancingReceivablesPeriodPastDueAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FinancingReceivablesPeriodPastDueAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_2JF107H7I93I_us-gaap_FinancingReceivablesPeriodPastDueDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:to="lab_4LH329J9K15K_us-gaap_FinancingReceivablesPeriodPastDueDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_FinancingReceivablesCurrentPastDueMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_FinancingReceivablesCurrentPastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_FinancingReceivablesCurrentPastDueMember" xml:lang="en-US">Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_FinancingReceivablesCurrentPastDueMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_FinancingReceivablesCurrentPastDueMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:label="loc_2JF107H7I93I_us-gaap_FinancingReceivables30To59DaysPastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:to="lab_4LH329J9K15K_us-gaap_FinancingReceivables30To59DaysPastDueMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FinancingReceivables60To89DaysPastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FinancingReceivables60To89DaysPastDueMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:label="loc_2JF107H7I93I_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:to="lab_4LH329J9K15K_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_FinancingReceivablesForeclosurePastDueMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_FinancingReceivablesForeclosurePastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_FinancingReceivablesForeclosurePastDueMember" xml:lang="en-US">Foreclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_FinancingReceivablesForeclosurePastDueMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_FinancingReceivablesForeclosurePastDueMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:label="loc_2JF107H7I93I_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:to="lab_4LH329J9K15K_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateNumberOfLoans"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xml:lang="en-US">Number of mortgage loans on real estate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xml:lang="en-US">Loan count</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_MortgageLoansOnRealEstateNumberOfLoans"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:label="loc_2JF107H7I93I_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:to="lab_4LH329J9K15K_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:to="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain"/>




<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_2JF107H7I93I_us-gaap_InvestmentIncomeInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Investment Income, Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Interest income on loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_InvestmentIncomeInterest" xlink:to="lab_4LH329J9K15K_us-gaap_InvestmentIncomeInterest"/>





<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesForeclosed" xlink:label="loc_2JF107H7I93I_ajx_NumberOfRealEstatePropertiesForeclosed"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_NumberOfRealEstatePropertiesForeclosed" xml:lang="en-US">Number Of Real Estate Properties Foreclosed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_NumberOfRealEstatePropertiesForeclosed" xml:lang="en-US">Number of REO properties foreclosed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_NumberOfRealEstatePropertiesForeclosed" xml:lang="en-US">Represents the number of real estate properties foreclosed as of the balance sheet date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_NumberOfRealEstatePropertiesForeclosed" xlink:to="lab_4LH329J9K15K_ajx_NumberOfRealEstatePropertiesForeclosed"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAcquiredThroughForeclosure" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RealEstateAcquiredThroughForeclosure"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstateAcquiredThroughForeclosure" xml:lang="en-US">Real Estate Acquired Through Foreclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstateAcquiredThroughForeclosure" 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_31290F3J262G9III3F2F_us-gaap_RealEstateAcquiredThroughForeclosure" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RealEstateAcquiredThroughForeclosure"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TransferToOtherRealEstate" xlink:label="loc_2JF107H7I93I_us-gaap_TransferToOtherRealEstate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_TransferToOtherRealEstate" xml:lang="en-US">Real Estate Owned, Transfer to Real Estate Owned</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_TransferToOtherRealEstate" xml:lang="en-US">Carrying value of real estate held-for-sale transfer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_TransferToOtherRealEstate" xml:lang="en-US">Transfers from mortgage loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_TransferToOtherRealEstate" xlink:to="lab_4LH329J9K15K_us-gaap_TransferToOtherRealEstate"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RealEstateHeldForSaleAdjustments" xlink:label="loc_31290F3J262G9III3F2F_ajx_RealEstateHeldForSaleAdjustments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleAdjustments" xml:lang="en-US">Real Estate Held For Sale Adjustments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleAdjustments" xml:lang="en-US">Adjustments to record at lower of cost or fair value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleAdjustments" xml:lang="en-US">Adjustments made to real estate held for sale to record at lower of cost or fair value.</label>
<label xlink:type="resource" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleAdjustments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Adjustments to record at lower of cost or fair value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_RealEstateHeldForSaleAdjustments" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleAdjustments"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RealEstateHeldForSaleDisposals" xlink:label="loc_2JF107H7I93I_ajx_RealEstateHeldForSaleDisposals"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_RealEstateHeldForSaleDisposals" xml:lang="en-US">Real Estate Held For Sale Disposals</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_RealEstateHeldForSaleDisposals" xml:lang="en-US">Disposals</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_RealEstateHeldForSaleDisposals" xml:lang="en-US">Disposals of real estate held for sale.</label>
<label xlink:type="resource" xlink:label="lab_4LH329J9K15K_ajx_RealEstateHeldForSaleDisposals" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Disposals</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_RealEstateHeldForSaleDisposals" xlink:to="lab_4LH329J9K15K_ajx_RealEstateHeldForSaleDisposals"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RealEstateHeldForSaleOther" xlink:label="loc_31290F3J262G9III3F2F_ajx_RealEstateHeldForSaleOther"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleOther" xml:lang="en-US">Real Estate Held For Sale Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleOther" xml:lang="en-US">Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleOther" xml:lang="en-US">Represents other real estate held for sale.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_RealEstateHeldForSaleOther" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_RealEstateHeldForSaleOther"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesHeldForRental" xlink:label="loc_2JF107H7I93I_ajx_NumberOfRealEstatePropertiesHeldForRental"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_ajx_NumberOfRealEstatePropertiesHeldForRental" xml:lang="en-US">Number of REO properties held for rental</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_ajx_NumberOfRealEstatePropertiesHeldForRental" xlink:to="lab_4LH329J9K15K_ajx_NumberOfRealEstatePropertiesHeldForRental"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_CarryingValueOfReoProperties" xlink:label="loc_31290F3J262G9III3F2F_ajx_CarryingValueOfReoProperties"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_CarryingValueOfReoProperties" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_CarryingValueOfReoProperties"/>















<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:label="loc_31290F3J262G9III3F2F_ajx_NumberOfRealEstatePropertiesHeldForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NumberOfRealEstatePropertiesHeldForSale" xml:lang="en-US">Number Of Real Estate Properties Held For Sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NumberOfRealEstatePropertiesHeldForSale" xml:lang="en-US">Number of REO properties held-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NumberOfRealEstatePropertiesHeldForSale" xml:lang="en-US">Represents number of real estate properties held for sale as of the balance sheet date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_NumberOfRealEstatePropertiesHeldForSale"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xlink:label="loc_2JF107H7I93I_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xml:lang="en-US">Number of held-for-sale residential properties disposed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xml:lang="en-US">Represents number of held-for-sale residential properties disposed of.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xlink:to="lab_4LH329J9K15K_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" xlink:label="loc_31290F3J262G9III3F2F_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" xml:lang="en-US">Ajustment To Record Reo Properties At Lower Of Cost</label>

<label xlink:type="resource" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Adjustment to record REO properties at lower of cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" xml:lang="en-US">Represents adjustment to real estate properties recorded to reflect properties at the lower of cost or estimated fair value.</label>

<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FairValueByMeasurementBasisAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_FairValueByMeasurementBasisAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FairValueByMeasurementBasisAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueDisclosureItemAmountsDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueDisclosureItemAmountsDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueInputsLevel1Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueInputsLevel1Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FairValueInputsLevel2Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FairValueInputsLevel2Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueInputsLevel3Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueInputsLevel3Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_AssetsFairValueDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_AssetsFairValueDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansFairValueDisclosure" xlink:label="loc_31290F3J262G9III3F2F_ajx_MortgageLoansFairValueDisclosure"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansFairValueDisclosure" xml:lang="en-US">Mortgage Loans Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansFairValueDisclosure" xml:lang="en-US">Mortgage loans, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansFairValueDisclosure" xml:lang="en-US">Represents amount of fair value for mortgage loans.</label>
<label xlink:type="resource" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Mortgage loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_MortgageLoansFairValueDisclosure" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansFairValueDisclosure"/>





<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SecuredDebtFairValueDisclosure" xlink:label="loc_2JF107H7I93I_ajx_SecuredDebtFairValueDisclosure"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_SecuredDebtFairValueDisclosure" xml:lang="en-US">Secured Debt Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_SecuredDebtFairValueDisclosure" xml:lang="en-US">Secured borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_SecuredDebtFairValueDisclosure" xml:lang="en-US">Represents amount of fair value for secured debt.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_SecuredDebtFairValueDisclosure" xlink:to="lab_4LH329J9K15K_ajx_SecuredDebtFairValueDisclosure"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure" xlink:label="loc_31290F3J262G9III3F2F_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure" xml:lang="en-US">Secured Debt Repurchase Agreements Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure" xml:lang="en-US">Borrowings under repurchase agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure" xml:lang="en-US">Represents amount of fair value for borrowings under repurchase agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems" xlink:label="loc_2JF107H7I93I_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems" xlink:to="lab_4LH329J9K15K_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsDiscountRate" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_FairValueInputsDiscountRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_FairValueInputsDiscountRate" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_FairValueInputsDiscountRate"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_FairValueInputsCostOfDebtRate" xlink:label="loc_2JF107H7I93I_ajx_FairValueInputsCostOfDebtRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_FairValueInputsCostOfDebtRate" xlink:to="lab_4LH329J9K15K_ajx_FairValueInputsCostOfDebtRate"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_FairValueInputsLoanResolutionTimelinesRate" xlink:label="loc_31290F3J262G9III3F2F_ajx_FairValueInputsLoanResolutionTimelinesRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_FairValueInputsLoanResolutionTimelinesRate" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_FairValueInputsLoanResolutionTimelinesRate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:label="loc_2JF107H7I93I_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xml:lang="en-US">Investments in and Advances to Affiliates [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:to="lab_4LH329J9K15K_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_31290F3J262G9III3F2F_dei_LegalEntityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_dei_LegalEntityAxis" xlink:to="lab_53412H5L484I1KKK5H4H_dei_LegalEntityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_2JF107H7I93I_dei_EntityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_dei_EntityDomain" xlink:to="lab_4LH329J9K15K_dei_EntityDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DelawareTrustGaE201412Member" xlink:label="loc_31290F3J262G9III3F2F_ajx_DelawareTrustGaE201412Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_DelawareTrustGaE201412Member" xml:lang="en-US">Represents information regarding GA-E 2014-12 a Delaware trust.</label>
<label xlink:type="resource" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DelawareTrustGaE201412Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">GA-E 2014-12</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_DelawareTrustGaE201412Member" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DelawareTrustGaE201412Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AsAjaxELlcMember" xlink:label="loc_2JF107H7I93I_ajx_AsAjaxELlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_AsAjaxELlcMember" xml:lang="en-US">As Ajax E Llc [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_AsAjaxELlcMember" xml:lang="en-US">AS Ajax E LLC</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_AsAjaxELlcMember" xml:lang="en-US">Represents information of AS Ajax E LLC.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_AsAjaxELlcMember" xlink:to="lab_4LH329J9K15K_ajx_AsAjaxELlcMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember" xml:lang="en-US">Majority-Owned Subsidiary, Unconsolidated [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember" xml:lang="en-US">Unconsolidated affiliates</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:label="loc_2JF107H7I93I_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xml:lang="en-US">Investments in and Advances to Affiliates [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:to="lab_4LH329J9K15K_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DoublelineCapitalLpMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_DoublelineCapitalLpMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DoublelineCapitalLpMember" xml:lang="en-US">Doubleline Capital Lp [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DoublelineCapitalLpMember" xml:lang="en-US">DoubleLine Capital LP</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DoublelineCapitalLpMember" xml:lang="en-US">Represents information of DoubleLine Capital LP.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_DoublelineCapitalLpMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DoublelineCapitalLpMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_OtherInvestorsMember" xlink:label="loc_2JF107H7I93I_ajx_OtherInvestorsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_OtherInvestorsMember" xml:lang="en-US">Other Investors [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_OtherInvestorsMember" xml:lang="en-US">Other investors</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_OtherInvestorsMember" xml:lang="en-US">Represents information about other investors.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_OtherInvestorsMember" xlink:to="lab_4LH329J9K15K_ajx_OtherInvestorsMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SingleAndOneToFourFamilyResidencesMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_SingleAndOneToFourFamilyResidencesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_SingleAndOneToFourFamilyResidencesMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_SingleAndOneToFourFamilyResidencesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:label="loc_2JF107H7I93I_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" 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_2JF107H7I93I_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:to="lab_4LH329J9K15K_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" 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_31290F3J262G9III3F2F_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentMember" xlink:label="loc_2JF107H7I93I_us-gaap_PurchaseCommitmentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_PurchaseCommitmentMember" xml:lang="en-US">Purchase Commitment [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_PurchaseCommitmentMember" xml:lang="en-US">Purchase commitment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_PurchaseCommitmentMember" xlink:to="lab_4LH329J9K15K_us-gaap_PurchaseCommitmentMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:label="loc_31290F3J262G9III3F2F_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xml:lang="en-US">Mortgage Loans On Real Estate Commitments To Purchase Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xml:lang="en-US">Number of mortgage loans on real estate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xml:lang="en-US">Represents the number of re-performing mortgage loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:label="loc_2JF107H7I93I_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xml:lang="en-US">Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xml:lang="en-US">Aggregate 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_4LH329J9K15K_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xml:lang="en-US">Represents amount of unpaid principal balance of mortgage loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:to="lab_4LH329J9K15K_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" xlink:label="loc_31290F3J262G9III3F2F_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" xml:lang="en-US">Percentage Of Unpaid Principal Balance Of Loan Acquired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" xml:lang="en-US">Percentage of unpaid principal balance of loan acquired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" xml:lang="en-US">Represents rate of percentage of unpaid principal balance of loan acquired.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EstimatedMarketValueOfUnderlyingCollaterals" xlink:label="loc_2JF107H7I93I_ajx_EstimatedMarketValueOfUnderlyingCollaterals"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_EstimatedMarketValueOfUnderlyingCollaterals" xml:lang="en-US">Estimated Market Value Of Underlying Collaterals</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_EstimatedMarketValueOfUnderlyingCollaterals" xml:lang="en-US">Estimated market value of the underlying collateral</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_EstimatedMarketValueOfUnderlyingCollaterals" xml:lang="en-US">Represents estimated market value of the underlying collateral.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_EstimatedMarketValueOfUnderlyingCollaterals" xlink:to="lab_4LH329J9K15K_ajx_EstimatedMarketValueOfUnderlyingCollaterals"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral" xlink:label="loc_31290F3J262G9III3F2F_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral" xml:lang="en-US">Percentage Of Estimated Market Value Of Underlying Collateral</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral" xml:lang="en-US">Percentage of estimated market value of the underlying collateral</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral" xml:lang="en-US">Represents percentage of estimated market value of the underlying collateral.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_2JF107H7I93I_us-gaap_DebtInstrumentTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DebtInstrumentTable" xlink:to="lab_4LH329J9K15K_us-gaap_DebtInstrumentTable"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RepurchaseAgreementMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_RepurchaseAgreementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_RepurchaseAgreementMember" xml:lang="en-US">Represents information regarding repurchase agreement.</label>
<label xlink:type="resource" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_RepurchaseAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Repurchase financing arrangement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_RepurchaseAgreementMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_RepurchaseAgreementMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateAxis" xlink:label="loc_2JF107H7I93I_ajx_DebtInstrumentMaturityDateAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_DebtInstrumentMaturityDateAxis" xml:lang="en-US">Debt Instrument Maturity Date [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_DebtInstrumentMaturityDateAxis" xml:lang="en-US">Information about maturity date of debt.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_DebtInstrumentMaturityDateAxis" xlink:to="lab_4LH329J9K15K_ajx_DebtInstrumentMaturityDateAxis"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateDomain" xlink:label="loc_31290F3J262G9III3F2F_ajx_DebtInstrumentMaturityDateDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DebtInstrumentMaturityDateDomain" xml:lang="en-US">Debt Instrument Maturity Date [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DebtInstrumentMaturityDateDomain" xml:lang="en-US">Represents maturity date of debt.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_DebtInstrumentMaturityDateDomain" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DebtInstrumentMaturityDateDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_March302016Member" xlink:label="loc_2JF107H7I93I_ajx_March302016Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_March302016Member" xml:lang="en-US">March302016Member</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_March302016Member" xml:lang="en-US">March 30, 2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_March302016Member" xml:lang="en-US">Represents maturity date as March 30, 2016.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_March302016Member" xlink:to="lab_4LH329J9K15K_ajx_March302016Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_June232016Member" xlink:label="loc_31290F3J262G9III3F2F_ajx_June232016Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_June232016Member" xml:lang="en-US">June232016Member</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_June232016Member" xml:lang="en-US">June 23, 2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_June232016Member" xml:lang="en-US">Represents maturity date as June 23, 2016.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_June232016Member" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_June232016Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September092016Member" xlink:label="loc_2JF107H7I93I_ajx_September092016Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_September092016Member" xml:lang="en-US">September 09 2016 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_September092016Member" xml:lang="en-US">September 09, 2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_September092016Member" xml:lang="en-US">Represents maturity date as September 09 2016.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_September092016Member" xlink:to="lab_4LH329J9K15K_ajx_September092016Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September302016Member" xlink:label="loc_31290F3J262G9III3F2F_ajx_September302016Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_September302016Member" xml:lang="en-US">September302016 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_September302016Member" xml:lang="en-US">September 30, 2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_September302016Member" xml:lang="en-US">Represents maturity date as September 30 2016.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_September302016Member" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_September302016Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_November222016Member" xlink:label="loc_2JF107H7I93I_ajx_November222016Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_November222016Member" xml:lang="en-US">November222016Member</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_November222016Member" xml:lang="en-US">November 22, 2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_November222016Member" xml:lang="en-US">Represents maturity date as November 22, 2016.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_November222016Member" xlink:to="lab_4LH329J9K15K_ajx_November222016Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_December232016Member" xlink:label="loc_31290F3J262G9III3F2F_ajx_December232016Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_December232016Member" xml:lang="en-US">December 23 2016 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_December232016Member" xml:lang="en-US">December 23, 2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_December232016Member" xml:lang="en-US">Represents maturity date of December 23, 2016.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_December232016Member" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_December232016Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_2JF107H7I93I_us-gaap_DebtInstrumentLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DebtInstrumentLineItems" xlink:to="lab_4LH329J9K15K_us-gaap_DebtInstrumentLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DebtInstrumentMaturityDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_DebtInstrumentMaturityDate" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DebtInstrumentMaturityDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentIssuanceDate1" xlink:label="loc_2JF107H7I93I_us-gaap_DebtInstrumentIssuanceDate1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_DebtInstrumentIssuanceDate1" xml:lang="en-US">Debt Instrument, Issuance Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_DebtInstrumentIssuanceDate1" xml:lang="en-US">Origination date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_DebtInstrumentIssuanceDate1" xlink:to="lab_4LH329J9K15K_us-gaap_DebtInstrumentIssuanceDate1"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaximumBorrowingCapacity" xlink:label="loc_31290F3J262G9III3F2F_ajx_DebtInstrumentMaximumBorrowingCapacity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_DebtInstrumentMaximumBorrowingCapacity" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DebtInstrumentMaximumBorrowingCapacity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_2JF107H7I93I_us-gaap_DebtInstrumentCarryingAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DebtInstrumentCarryingAmount" xlink:to="lab_4LH329J9K15K_us-gaap_DebtInstrumentCarryingAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DebtInstrumentCollateralAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_DebtInstrumentCollateralAmount" xml:lang="en-US">Amount of collateral</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_DebtInstrumentCollateralAmount" xml:lang="en-US">Gross amount pledged as collateral</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_DebtInstrumentCollateralAmount" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DebtInstrumentCollateralAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_2JF107H7I93I_us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Interest rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Interest Rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_4LH329J9K15K_us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NetAmountOfLiability" xlink:label="loc_31290F3J262G9III3F2F_ajx_NetAmountOfLiability"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NetAmountOfLiability" xml:lang="en-US">Net Amount Of Liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NetAmountOfLiability" xml:lang="en-US">Net amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NetAmountOfLiability" xml:lang="en-US">Represents amount of net liability.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_NetAmountOfLiability" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_NetAmountOfLiability"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_2JF107H7I93I_us-gaap_LongtermDebtTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_4LH329J9K15K_us-gaap_LongtermDebtTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_LongtermDebtTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_LongtermDebtTypeDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_2JF107H7I93I_us-gaap_MortgagesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_MortgagesMember" xlink:to="lab_4LH329J9K15K_us-gaap_MortgagesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DebtInstrumentAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_DebtInstrumentAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DebtInstrumentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_2JF107H7I93I_us-gaap_DebtInstrumentNameDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_4LH329J9K15K_us-gaap_DebtInstrumentNameDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ClassNotesMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_ClassNotesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ClassNotesMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ClassNotesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ClassB1NotesMember" xlink:label="loc_2JF107H7I93I_ajx_ClassB1NotesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_ClassB1NotesMember" xlink:to="lab_4LH329J9K15K_ajx_ClassB1NotesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ClassB2NotesMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_ClassB2NotesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ClassB2NotesMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ClassB2NotesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TrustCertificateMember" xlink:label="loc_2JF107H7I93I_ajx_TrustCertificateMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_TrustCertificateMember" xlink:to="lab_4LH329J9K15K_ajx_TrustCertificateMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DeferredExpensesMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_DeferredExpensesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DeferredExpensesMember" xml:lang="en-US">Deferred Expenses [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DeferredExpensesMember" xml:lang="en-US">Deferred issuance costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DeferredExpensesMember" xml:lang="en-US">Deferred expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_DeferredExpensesMember" xml:lang="en-US">Represents Deferred expenses.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_DeferredExpensesMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DeferredExpensesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014Member" xlink:label="loc_2JF107H7I93I_ajx_AjaxMortgageLoanTrust2014Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2014Member" xml:lang="en-US">Ajax Mortgage Loan Trust2014Member</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2014Member" 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_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2014Member" xml:lang="en-US">2014-A</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2014Member" 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_2JF107H7I93I_ajx_AjaxMortgageLoanTrust2014Member" xlink:to="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2014Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_AjaxMortgageLoanTrust2014BMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_AjaxMortgageLoanTrust2014BMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2014BMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_2JF107H7I93I_ajx_AjaxMortgageLoanTrustA2015Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_AjaxMortgageLoanTrustA2015Member" xlink:to="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrustA2015Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015BMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_AjaxMortgageLoanTrust2015BMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2015BMember" xml:lang="en-US">Ajax Mortgage Loan Trust 2015 B [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2015BMember" xml:lang="en-US">2015-B</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2015BMember" xml:lang="en-US">Ajax Mortgage Loan Trust 2015-B / July 2015</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2015BMember" xml:lang="en-US">Represents information about Ajax Mortgage Loan Ajax Mortgage Loan Trust 2015-B / July 2015.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_AjaxMortgageLoanTrust2015BMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2015BMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015CMember" xlink:label="loc_2JF107H7I93I_ajx_AjaxMortgageLoanTrust2015CMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2015CMember" xml:lang="en-US">Ajax Mortgage Loan Trust 2015 C [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2015CMember" xml:lang="en-US">2015-C</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2015CMember" xml:lang="en-US">Ajax Mortgage Loan Trust 2015-C / November 2015</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2015CMember" xml:lang="en-US">Represents information about Ajax Mortgage Loan Trust 2015 C.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_AjaxMortgageLoanTrust2015CMember" xlink:to="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrust2015CMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2016AApril2016Member" xlink:label="loc_31290F3J262G9III3F2F_ajx_AjaxMortgageLoanTrust2016AApril2016Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2016AApril2016Member" xml:lang="en-US">Ajax Mortgage Loan Trust 2016 A April 2016 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2016AApril2016Member" xml:lang="en-US">Ajax Mortgage Loan Trust 2016-A/ April 2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2016AApril2016Member" xml:lang="en-US">Represents information about Ajax Mortgage Loan Trust 2016 A April 2016.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_AjaxMortgageLoanTrust2016AApril2016Member" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_AjaxMortgageLoanTrust2016AApril2016Member"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityYear" xlink:label="loc_2JF107H7I93I_ajx_DebtInstrumentMaturityYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_DebtInstrumentMaturityYear" xlink:to="lab_4LH329J9K15K_ajx_DebtInstrumentMaturityYear"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DebtInstrumentFaceAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_DebtInstrumentFaceAmount" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DebtInstrumentFaceAmount"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TrustCertificate" xlink:label="loc_2JF107H7I93I_ajx_TrustCertificate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_TrustCertificate" xml:lang="en-US">Trust Certificate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_TrustCertificate" xml:lang="en-US">Original Principal</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_TrustCertificate" xml:lang="en-US">It represents the residual amount entitled to after all debts of the trust satisfied.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_TrustCertificate" xlink:to="lab_4LH329J9K15K_ajx_TrustCertificate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DeferredFinanceCostsNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_DeferredFinanceCostsNet" xml:lang="en-US">Debt Issuance Costs, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_DeferredFinanceCostsNet" xml:lang="en-US">Deferred issuance costs</label>
<label xlink:type="resource" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Deferred issuance costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_DeferredFinanceCostsNet" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DeferredFinanceCostsNet"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrustA2016Member" xlink:label="loc_2JF107H7I93I_ajx_AjaxMortgageLoanTrustA2016Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrustA2016Member" xml:lang="en-US">Ajax Mortgage Loan Trust A 2016 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrustA2016Member" xml:lang="en-US">2016-A</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_AjaxMortgageLoanTrustA2016Member" xlink:to="lab_4LH329J9K15K_ajx_AjaxMortgageLoanTrustA2016Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xml:lang="en-US">Carrying amount of mortgages</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:to="lab_4LH329J9K15K_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xlink:label="loc_31290F3J262G9III3F2F_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_BondPrincipalBalanceAtCutoffDate" xlink:label="loc_2JF107H7I93I_ajx_BondPrincipalBalanceAtCutoffDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_BondPrincipalBalanceAtCutoffDate" xlink:to="lab_4LH329J9K15K_ajx_BondPrincipalBalanceAtCutoffDate"/>





<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_2JF107H7I93I_us-gaap_SubsequentEventTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_4LH329J9K15K_us-gaap_SubsequentEventTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_SubsequentEventTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_SubsequentEventTypeDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_2JF107H7I93I_us-gaap_SubsequentEventMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_SubsequentEventMember" xlink:to="lab_4LH329J9K15K_us-gaap_SubsequentEventMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfGuarantorsBeneficialInterest" xlink:label="loc_31290F3J262G9III3F2F_ajx_PercentageOfGuarantorsBeneficialInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_PercentageOfGuarantorsBeneficialInterest" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfGuarantorsBeneficialInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="loc_2JF107H7I93I_us-gaap_MinorityInterestOwnershipPercentageByParent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="lab_4LH329J9K15K_us-gaap_MinorityInterestOwnershipPercentageByParent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xlink:label="loc_2JF107H7I93I_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xlink:to="lab_4LH329J9K15K_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AspenYoLlcMember" xlink:label="loc_2JF107H7I93I_ajx_AspenYoLlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_ajx_AspenYoLlcMember" xml:lang="en-US">Aspen Yo</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_AspenYoLlcMember" xml:lang="en-US">Aspen Housing Opportunities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_ajx_AspenYoLlcMember" xlink:to="lab_4LH329J9K15K_ajx_AspenYoLlcMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_IncomeStatementLocationAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_IncomeStatementLocationAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_IncomeStatementLocationAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_2JF107H7I93I_us-gaap_IncomeStatementLocationDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_4LH329J9K15K_us-gaap_IncomeStatementLocationDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LoanServicingFeesMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_LoanServicingFeesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_LoanServicingFeesMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_LoanServicingFeesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeeMember" xlink:label="loc_2JF107H7I93I_ajx_ManagementFeeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_ajx_ManagementFeeMember" xml:lang="en-US">Management fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_ManagementFeeMember" xlink:to="lab_4LH329J9K15K_ajx_ManagementFeeMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LoanTransactionExpenseMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_LoanTransactionExpenseMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_LoanTransactionExpenseMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_LoanTransactionExpenseMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ProfessionalFeesMember" xlink:label="loc_2JF107H7I93I_ajx_ProfessionalFeesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_ProfessionalFeesMember" xml:lang="en-US">Professional Fees [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_ProfessionalFeesMember" xml:lang="en-US">Professional Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_ProfessionalFeesMember" 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_2JF107H7I93I_ajx_ProfessionalFeesMember" xlink:to="lab_4LH329J9K15K_ajx_ProfessionalFeesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_RelatedPartyTransactionLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_RelatedPartyTransactionLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_2JF107H7I93I_us-gaap_LoanPortfolioExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_LoanPortfolioExpense" xlink:to="lab_4LH329J9K15K_us-gaap_LoanPortfolioExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeeExpense" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ManagementFeeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ManagementFeeExpense" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ManagementFeeExpense"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xlink:label="loc_2JF107H7I93I_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xlink:to="lab_4LH329J9K15K_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts"/>



<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LegalExpenseReimbursements" xlink:label="loc_2JF107H7I93I_ajx_LegalExpenseReimbursements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_LegalExpenseReimbursements" xml:lang="en-US">Legal Expense Reimbursements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_LegalExpenseReimbursements" xml:lang="en-US">Expense reimbursements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_LegalExpenseReimbursements" xml:lang="en-US">The amount of legal expense reimbursements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_LegalExpenseReimbursements" xlink:to="lab_4LH329J9K15K_ajx_LegalExpenseReimbursements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_BalanceSheetLocationAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_BalanceSheetLocationAxis" xml:lang="en-US">Balance Sheet Location [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_BalanceSheetLocationAxis" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_BalanceSheetLocationAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_2JF107H7I93I_us-gaap_BalanceSheetLocationDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_BalanceSheetLocationDomain" xml:lang="en-US">Balance Sheet Location [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_4LH329J9K15K_us-gaap_BalanceSheetLocationDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReceivablesFromServicerMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_ReceivablesFromServicerMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ReceivablesFromServicerMember" xml:lang="en-US">Receivables From Servicer [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ReceivablesFromServicerMember" xml:lang="en-US">Receivables from Servicer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ReceivablesFromServicerMember" xml:lang="en-US">Represents information related to receivables from servicer.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_ReceivablesFromServicerMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ReceivablesFromServicerMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeePayableMember" xlink:label="loc_2JF107H7I93I_ajx_ManagementFeePayableMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_ManagementFeePayableMember" xml:lang="en-US">Management Fee Payable [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_ManagementFeePayableMember" xml:lang="en-US">Management fee payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_ManagementFeePayableMember" xml:lang="en-US">Represents information related to Management fee payable.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_ManagementFeePayableMember" xlink:to="lab_4LH329J9K15K_ajx_ManagementFeePayableMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_AccountsPayableAndAccruedLiabilitiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xml:lang="en-US">Accounts Payable and Accrued Liabilities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" 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_31290F3J262G9III3F2F_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_AccountsPayableAndAccruedLiabilitiesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember" xlink:label="loc_2JF107H7I93I_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember" xml:lang="en-US">Prepaid Expenses and Other Current Assets [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember" 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_2JF107H7I93I_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember" xlink:to="lab_4LH329J9K15K_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeesPayable" xlink:label="loc_31290F3J262G9III3F2F_ajx_ServicingFeesPayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ServicingFeesPayable" xml:lang="en-US">Servicing Fees Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ServicingFeesPayable" xml:lang="en-US">Servicing fees payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_ServicingFeesPayable" xml:lang="en-US">Amount of fees from providing services.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_ServicingFeesPayable" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ServicingFeesPayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InsuranceReceivableForMalpractice" xlink:label="loc_2JF107H7I93I_us-gaap_InsuranceReceivableForMalpractice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_InsuranceReceivableForMalpractice" xml:lang="en-US">Insurance Receivable for Malpractice</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_InsuranceReceivableForMalpractice" xml:lang="en-US">Expense reimbursement receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_InsuranceReceivableForMalpractice" xml:lang="en-US">Insurance expense reimbursement receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_InsuranceReceivableForMalpractice" xlink:to="lab_4LH329J9K15K_us-gaap_InsuranceReceivableForMalpractice"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementAgreementMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_ManagementAgreementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ManagementAgreementMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ManagementAgreementMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TermOfAgreement" xlink:label="loc_2JF107H7I93I_ajx_TermOfAgreement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_TermOfAgreement" xlink:to="lab_4LH329J9K15K_ajx_TermOfAgreement"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFee" xlink:label="loc_31290F3J262G9III3F2F_ajx_PercentageOfBaseManagementFee"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_PercentageOfBaseManagementFee" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfBaseManagementFee"/>





<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DescriptionOfIncentiveManagementFeePayable" xlink:label="loc_31290F3J262G9III3F2F_ajx_DescriptionOfIncentiveManagementFeePayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_DescriptionOfIncentiveManagementFeePayable" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DescriptionOfIncentiveManagementFeePayable"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFeesPayableInCash" xlink:label="loc_2JF107H7I93I_ajx_PercentageOfBaseManagementFeesPayableInCash"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfBaseManagementFeesPayableInCash" xml:lang="en-US">Percentage Of Base Management Fees Payable In Cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfBaseManagementFeesPayableInCash" xml:lang="en-US">Percentage of base management fees payable in cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfBaseManagementFeesPayableInCash" xml:lang="en-US">Represents percentage of base management fees payable in cash.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_PercentageOfBaseManagementFeesPayableInCash" xlink:to="lab_4LH329J9K15K_ajx_PercentageOfBaseManagementFeesPayableInCash"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFeePayableInShares" xlink:label="loc_31290F3J262G9III3F2F_ajx_PercentageOfBaseManagementFeePayableInShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_PercentageOfBaseManagementFeePayableInShares" xml:lang="en-US">Percentage of base management fee payable in shares of common stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_PercentageOfBaseManagementFeePayableInShares" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfBaseManagementFeePayableInShares"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeesDescription" xlink:label="loc_2JF107H7I93I_ajx_ManagementFeesDescription"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_ManagementFeesDescription" xml:lang="en-US">Management Fees Description</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_ManagementFeesDescription" xml:lang="en-US">Management fees, description</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_ManagementFeesDescription" xml:lang="en-US">Represents description related to management fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_ManagementFeesDescription" xlink:to="lab_4LH329J9K15K_ajx_ManagementFeesDescription"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfRemainingIncentiveFeePayableInShares" xlink:label="loc_31290F3J262G9III3F2F_ajx_PercentageOfRemainingIncentiveFeePayableInShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfRemainingIncentiveFeePayableInShares" xml:lang="en-US">Percentage Of Remaining Incentive Fee Payable In Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfRemainingIncentiveFeePayableInShares" xml:lang="en-US">Percentage of remaining incentive fee payable in common stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfRemainingIncentiveFeePayableInShares" xml:lang="en-US">Represents percentage of remaining incentive fee payable in shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_PercentageOfRemainingIncentiveFeePayableInShares" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PercentageOfRemainingIncentiveFeePayableInShares"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfRemainingIncentiveFeePayableInCash" xlink:label="loc_2JF107H7I93I_ajx_PercentageOfRemainingIncentiveFeePayableInCash"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfRemainingIncentiveFeePayableInCash" xml:lang="en-US">Percentage Of Remaining Incentive Fee Payable In Cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfRemainingIncentiveFeePayableInCash" xml:lang="en-US">Percentage of remaining incentive fee payable in cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_PercentageOfRemainingIncentiveFeePayableInCash" xml:lang="en-US">Represents percentage of remaining incentive fee payable in cash.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_PercentageOfRemainingIncentiveFeePayableInCash" xlink:to="lab_4LH329J9K15K_ajx_PercentageOfRemainingIncentiveFeePayableInCash"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TypeOfFeesAxis" xlink:label="loc_2JF107H7I93I_ajx_TypeOfFeesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_TypeOfFeesAxis" xlink:to="lab_4LH329J9K15K_ajx_TypeOfFeesAxis"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TypeOfFeesDomain" xlink:label="loc_31290F3J262G9III3F2F_ajx_TypeOfFeesDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_TypeOfFeesDomain" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_TypeOfFeesDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IndependentDirectorFeeMember" xlink:label="loc_2JF107H7I93I_ajx_IndependentDirectorFeeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_IndependentDirectorFeeMember" xlink:to="lab_4LH329J9K15K_ajx_IndependentDirectorFeeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:label="loc_2JF107H7I93I_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:to="lab_4LH329J9K15K_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ShareBasedCompensation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ShareBasedCompensation" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ShareBasedCompensation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_2JF107H7I93I_us-gaap_AwardDateAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_AwardDateAxis" xlink:to="lab_4LH329J9K15K_us-gaap_AwardDateAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_AwardDateDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_AwardDateDomain" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_AwardDateDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_July82014DirectorsGrantsMember" xlink:label="loc_2JF107H7I93I_ajx_July82014DirectorsGrantsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_July82014DirectorsGrantsMember" xlink:to="lab_4LH329J9K15K_ajx_July82014DirectorsGrantsMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_February192015DirectorGrantMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_February192015DirectorGrantMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_February192015DirectorGrantMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_February192015DirectorGrantMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_2JF107H7I93I_us-gaap_TitleOfIndividualAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_TitleOfIndividualAxis" xlink:to="lab_4LH329J9K15K_us-gaap_TitleOfIndividualAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectorMember" xlink:label="loc_2JF107H7I93I_us-gaap_DirectorMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DirectorMember" xlink:to="lab_4LH329J9K15K_us-gaap_DirectorMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xlink:label="loc_31290F3J262G9III3F2F_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:label="loc_2JF107H7I93I_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:to="lab_4LH329J9K15K_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LongTermIncentivePlanMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_LongTermIncentivePlanMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_LongTermIncentivePlanMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_LongTermIncentivePlanMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SaleOfStockAxis" xlink:label="loc_2JF107H7I93I_ajx_SaleOfStockAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_SaleOfStockAxis" xlink:to="lab_4LH329J9K15K_ajx_SaleOfStockAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_SaleOfStockNameOfTransactionDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_SaleOfStockNameOfTransactionDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_2JF107H7I93I_us-gaap_IPOMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_IPOMember" xlink:to="lab_4LH329J9K15K_us-gaap_IPOMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_BaseManagementFees" xlink:label="loc_31290F3J262G9III3F2F_ajx_BaseManagementFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_BaseManagementFees" xml:lang="en-US">Base Management Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_BaseManagementFees" xml:lang="en-US">Management fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_BaseManagementFees" xml:lang="en-US">Represents amount of base management fees paid during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_BaseManagementFees" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_BaseManagementFees"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PaymentOfManagementFeeWithSharesOfStock" xlink:label="loc_2JF107H7I93I_ajx_PaymentOfManagementFeeWithSharesOfStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_PaymentOfManagementFeeWithSharesOfStock" xml:lang="en-US">Payment Of Management Fee With Shares Of Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_PaymentOfManagementFeeWithSharesOfStock" xml:lang="en-US">Management fee paid with shares of stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_PaymentOfManagementFeeWithSharesOfStock" xml:lang="en-US">Represents payment of management fees with shares of stock.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_PaymentOfManagementFeeWithSharesOfStock" xlink:to="lab_4LH329J9K15K_ajx_PaymentOfManagementFeeWithSharesOfStock"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfSharesIssuedForPaymentOfManagementFee" xlink:label="loc_31290F3J262G9III3F2F_ajx_NumberOfSharesIssuedForPaymentOfManagementFee"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NumberOfSharesIssuedForPaymentOfManagementFee" xml:lang="en-US">Number Of Shares Issued For Payment Of Management Fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NumberOfSharesIssuedForPaymentOfManagementFee" xml:lang="en-US">Number of shares issued for payment for management fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_NumberOfSharesIssuedForPaymentOfManagementFee" xml:lang="en-US">Represents number of shares issued for payment of management fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_NumberOfSharesIssuedForPaymentOfManagementFee" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_NumberOfSharesIssuedForPaymentOfManagementFee"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="lab_4LH329J9K15K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfDirector" xlink:label="loc_31290F3J262G9III3F2F_ajx_NumberOfDirector"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_NumberOfDirector" xml:lang="en-US">Represents number of independent directors.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_NumberOfDirector" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_NumberOfDirector"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="loc_2JF107H7I93I_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:to="lab_4LH329J9K15K_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" xlink:label="loc_31290F3J262G9III3F2F_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EarningsPerShareIncomeNumeratorAbstract" xlink:label="loc_2JF107H7I93I_ajx_EarningsPerShareIncomeNumeratorAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_EarningsPerShareIncomeNumeratorAbstract" xlink:to="lab_4LH329J9K15K_ajx_EarningsPerShareIncomeNumeratorAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_EarningsPerShareBasicAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_EarningsPerShareBasicAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_EarningsPerShareBasicAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:label="loc_2JF107H7I93I_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xml:lang="en-US">Allocation of earnings to participating restricted shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_4LH329J9K15K_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" 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_2JF107H7I93I_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:to="lab_4LH329J9K15K_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net income attributable to common stockholders</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Consolidated income attributable to unrestricted common stockholders</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DilutiveSecuritiesAbstract" xlink:label="loc_2JF107H7I93I_us-gaap_DilutiveSecuritiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DilutiveSecuritiesAbstract" xlink:to="lab_4LH329J9K15K_us-gaap_DilutiveSecuritiesAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xlink:label="loc_31290F3J262G9III3F2F_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" xlink:label="loc_2JF107H7I93I_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" xlink:to="lab_4LH329J9K15K_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_EarningsPerShareDilutedAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_EarningsPerShareDilutedAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_EarningsPerShareDilutedAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:label="loc_2JF107H7I93I_us-gaap_NetIncomeLossAttributableToParentDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_us-gaap_NetIncomeLossAttributableToParentDiluted" xml:lang="en-US">Consolidated 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_4LH329J9K15K_us-gaap_NetIncomeLossAttributableToParentDiluted" xml:lang="en-US">Income attributable to common stockholders and operating partners</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_4LH329J9K15K_us-gaap_NetIncomeLossAttributableToParentDiluted" xml:lang="en-US">Consolidated income attributable to common stockholders and dilutive securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:to="lab_4LH329J9K15K_us-gaap_NetIncomeLossAttributableToParentDiluted"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EarningsPerShareSharesDenominatorAbstract" xlink:label="loc_31290F3J262G9III3F2F_ajx_EarningsPerShareSharesDenominatorAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_EarningsPerShareSharesDenominatorAbstract" xml:lang="en-US">Earnings Per Share Shares Denominator [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_EarningsPerShareSharesDenominatorAbstract" xml:lang="en-US">Shares (Denominator)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_EarningsPerShareSharesDenominatorAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_EarningsPerShareSharesDenominatorAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_BasicEarningsPerShareSharesAbstract" xlink:label="loc_2JF107H7I93I_ajx_BasicEarningsPerShareSharesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_BasicEarningsPerShareSharesAbstract" xlink:to="lab_4LH329J9K15K_ajx_BasicEarningsPerShareSharesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_WeightedAverageNumberOfSharesIssuedBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xml:lang="en-US">Consolidated income attributable to common stockholders, shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_WeightedAverageNumberOfSharesIssuedBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_2JF107H7I93I_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="lab_4LH329J9K15K_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" xlink:label="loc_31290F3J262G9III3F2F_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" 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_31290F3J262G9III3F2F_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xlink:label="loc_2JF107H7I93I_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xlink:to="lab_4LH329J9K15K_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xlink:label="loc_31290F3J262G9III3F2F_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DilutedSharesOutstandingAbstract" xlink:label="loc_2JF107H7I93I_ajx_DilutedSharesOutstandingAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_DilutedSharesOutstandingAbstract" xml:lang="en-US">Diluted Shares Outstanding [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_DilutedSharesOutstandingAbstract" xml:lang="en-US">Diluted EPS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_DilutedSharesOutstandingAbstract" xlink:to="lab_4LH329J9K15K_ajx_DilutedSharesOutstandingAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EarningsPerShareAmountAbstract" xlink:label="loc_31290F3J262G9III3F2F_ajx_EarningsPerShareAmountAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_ajx_EarningsPerShareAmountAbstract" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_EarningsPerShareAmountAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_2JF107H7I93I_us-gaap_SubsequentEventTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_SubsequentEventTable" xlink:to="lab_4LH329J9K15K_us-gaap_SubsequentEventTable"/>



<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsDomain" xlink:label="loc_2JF107H7I93I_us-gaap_DividendsDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DividendsDomain" xlink:to="lab_4LH329J9K15K_us-gaap_DividendsDomain"/>




<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BoardOfDirectorsChairmanMember" xlink:label="loc_2JF107H7I93I_us-gaap_BoardOfDirectorsChairmanMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_us-gaap_BoardOfDirectorsChairmanMember" xml:lang="en-US">Board of Directors Chairman [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_us-gaap_BoardOfDirectorsChairmanMember" xml:lang="en-US">Board of directors</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_us-gaap_BoardOfDirectorsChairmanMember" xlink:to="lab_4LH329J9K15K_us-gaap_BoardOfDirectorsChairmanMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PaulFriedmanMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_PaulFriedmanMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PaulFriedmanMember" xml:lang="en-US">Paul Friedman [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PaulFriedmanMember" xml:lang="en-US">Paul Friedman</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_PaulFriedmanMember" xml:lang="en-US">Represents information related to Paul Friedman.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_PaulFriedmanMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_PaulFriedmanMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_2JF107H7I93I_us-gaap_SubsequentEventLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_2JF107H7I93I_us-gaap_SubsequentEventLineItems" xlink:to="lab_4LH329J9K15K_us-gaap_SubsequentEventLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xml:lang="en-US">Stock Issued During Period, Shares, Share-based Compensation, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xml:lang="en-US">Number of shares received</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_2JF107H7I93I_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="lab_4LH329J9K15K_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DividendsPayableAmountPerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_DividendsPayableAmountPerShare" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DividendsPayableAmountPerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_2JF107H7I93I_us-gaap_DividendPayableDateToBePaidDayMonthAndYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_2JF107H7I93I_us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:to="lab_4LH329J9K15K_us-gaap_DividendPayableDateToBePaidDayMonthAndYear"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_31290F3J262G9III3F2F_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_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_53412H5L484I1KKK5H4H_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_31290F3J262G9III3F2F_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:to="lab_53412H5L484I1KKK5H4H_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_FiveSellersMember" xlink:label="loc_2JF107H7I93I_ajx_FiveSellersMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_ajx_FiveSellersMember" xml:lang="en-US">Five Sellers [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_4LH329J9K15K_ajx_FiveSellersMember" xml:lang="en-US">Five Sellers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_4LH329J9K15K_ajx_FiveSellersMember" xml:lang="en-US">Represents information related to five sellers.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_FiveSellersMember" xlink:to="lab_4LH329J9K15K_ajx_FiveSellersMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EightSellersMember" xlink:label="loc_31290F3J262G9III3F2F_ajx_EightSellersMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_EightSellersMember" xml:lang="en-US">Eight Sellers [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_EightSellersMember" xml:lang="en-US">Eight Sellers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_53412H5L484I1KKK5H4H_ajx_EightSellersMember" xml:lang="en-US">Represents information related to eight sellers.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_31290F3J262G9III3F2F_ajx_EightSellersMember" xlink:to="lab_53412H5L484I1KKK5H4H_ajx_EightSellersMember"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xlink:label="loc_2JF107H7I93I_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_4LH329J9K15K_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_4LH329J9K15K_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_4LH329J9K15K_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 2016.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_2JF107H7I93I_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xlink:to="lab_4LH329J9K15K_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RealEstateHeldForSaleRollForward" xlink:label="loc_ajx_RealEstateHeldForSaleRollForward_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_RealEstateHeldForSaleRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Real Estate Held For Sale [Roll Forward]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_RealEstateHeldForSaleRollForward_1" xlink:to="lab_ajx_RealEstateHeldForSaleRollForward"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_RealEstateHeldForSaleRollForward" xml:lang="en-US">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>

<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TrustMember" xlink:label="loc_ajx_TrustMember_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_TrustMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Trust [Member]</label>
<label xlink:type="resource" xlink:label="lab_ajx_TrustMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Trust</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_TrustMember_1" xlink:to="lab_ajx_TrustMember"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_TrustMember" xml:lang="en-US">Represents information related to trust.</label>

<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_CarryingValueOfRealEstateHeldForSaleTransfer" xlink:label="loc_ajx_CarryingValueOfRealEstateHeldForSaleTransfer_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_CarryingValueOfRealEstateHeldForSaleTransfer" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Carrying Value Of Real Estate Held For Sale Transfer</label>
<label xlink:type="resource" xlink:label="lab_ajx_CarryingValueOfRealEstateHeldForSaleTransfer" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Carrying value of real estate held-for-sale transfer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_CarryingValueOfRealEstateHeldForSaleTransfer_1" xlink:to="lab_ajx_CarryingValueOfRealEstateHeldForSaleTransfer"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_CarryingValueOfRealEstateHeldForSaleTransfer" xml:lang="en-US">Reprersents carrying value of real estate held for sale transfer.</label>

<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateTable" xlink:label="loc_us-gaap_RealEstateTable"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_RealEstateTable" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Real Estate [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateTable" xlink:to="lab_us-gaap_RealEstateTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateLineItems" xlink:label="loc_us-gaap_RealEstateLineItems"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_RealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Real Estate [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="lab_us-gaap_RealEstateLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherIncomeMember" xlink:label="loc_us-gaap_OtherIncomeMember"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_OtherIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Other Income [Member]</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_OtherIncomeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Other Income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncomeMember" xlink:to="lab_us-gaap_OtherIncomeMember"/>
</labelLink></linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>ajx-20160630_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.6.0.0 on Thursday, August 04, 2016 11:47:15 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-20160630.xsd#DocumentAndEntityInformation" roleURI="http://www.great-ajax.com/role/DocumentAndEntityInformation"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDBALANCESHEETS" xlink:href="ajx-20160630.xsd#CONSOLIDATEDBALANCESHEETS"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDBALANCESHEETSParentheticals" xlink:href="ajx-20160630.xsd#CONSOLIDATEDBALANCESHEETSParentheticals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#CONSOLIDATEDSTATEMENTSOFCHANGESINEQUITYUnaudited" roleURI="http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFCHANGESINEQUITYUnaudited"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#OrganizationAndBasisOfPresentation" roleURI="http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#SummaryOfSignificantAccountingPolicies" roleURI="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPolicies"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#MortgageLoans" roleURI="http://www.great-ajax.com/role/MortgageLoans"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RealEstateAssets" roleURI="http://www.great-ajax.com/role/RealEstateAssets"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#FairValue" roleURI="http://www.great-ajax.com/role/FairValue"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#UnconsolidatedAffiliates" roleURI="http://www.great-ajax.com/role/UnconsolidatedAffiliates"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#CommitmentsAndContingencies" roleURI="http://www.great-ajax.com/role/CommitmentsAndContingencies"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#Debt" roleURI="http://www.great-ajax.com/role/Debt"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RelatedPartyTransactions" roleURI="http://www.great-ajax.com/role/RelatedPartyTransactions"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#StockBasedPaymentsAndDirectorFees" roleURI="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFees"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#IncomeTaxes" roleURI="http://www.great-ajax.com/role/IncomeTaxes"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#EarningsPerShare" roleURI="http://www.great-ajax.com/role/EarningsPerShare"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#SubsequentEvents" roleURI="http://www.great-ajax.com/role/SubsequentEvents"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#SummaryofsignificantaccountingpoliciesPolicies" roleURI="http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#MortgageloansTables" roleURI="http://www.great-ajax.com/role/MortgageloansTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RealEstateAssetsTables" roleURI="http://www.great-ajax.com/role/RealEstateAssetsTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#FairValueTables" roleURI="http://www.great-ajax.com/role/FairValueTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#UnconsolidatedaffiliatesTables" roleURI="http://www.great-ajax.com/role/UnconsolidatedaffiliatesTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#DebtTables" roleURI="http://www.great-ajax.com/role/DebtTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RelatedpartytransactionsTables" roleURI="http://www.great-ajax.com/role/RelatedpartytransactionsTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#StockbasedpaymentsanddirectorfeesTables" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#EarningspershareTables" roleURI="http://www.great-ajax.com/role/EarningspershareTables"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/OrganizationAndBasisOfPresentationDetailTextuals" xlink:href="ajx-20160630.xsd#OrganizationAndBasisOfPresentationDetailTextuals"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailTextuals" xlink:href="ajx-20160630.xsd#SummaryOfSignificantAccountingPoliciesDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#MortgageLoansDetails" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#Mortgageloansdetails1" roleURI="http://www.great-ajax.com/role/Mortgageloansdetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#MortgageLoansDetails2" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails2"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/MortgageLoansDetailTextuals" xlink:href="ajx-20160630.xsd#MortgageLoansDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RealestateassetsDetails" roleURI="http://www.great-ajax.com/role/RealestateassetsDetails"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/RealEstateAssetsDetailTextuals" xlink:href="ajx-20160630.xsd#RealEstateAssetsDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#FairValueDetails" roleURI="http://www.great-ajax.com/role/FairValueDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#FairValueDetails1" roleURI="http://www.great-ajax.com/role/FairValueDetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#UnconsolidatedaffiliatesDetails1" roleURI="http://www.great-ajax.com/role/UnconsolidatedaffiliatesDetails1"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/UnconsolidatedAffiliatesDetailTextuals" xlink:href="ajx-20160630.xsd#UnconsolidatedAffiliatesDetailTextuals"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/CommitmentsAndContingenciesDetailTextuals" xlink:href="ajx-20160630.xsd#CommitmentsAndContingenciesDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#DebtDetails" roleURI="http://www.great-ajax.com/role/DebtDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#Debtdetails1" roleURI="http://www.great-ajax.com/role/Debtdetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#Debtdetails2" roleURI="http://www.great-ajax.com/role/Debtdetails2"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#Debtdetails3" roleURI="http://www.great-ajax.com/role/Debtdetails3"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#DebtDetailsTextuals" roleURI="http://www.great-ajax.com/role/DebtDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RelatedpartytransactionsDetails" roleURI="http://www.great-ajax.com/role/RelatedpartytransactionsDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#RelatedPartyTransactionsDetails1" roleURI="http://www.great-ajax.com/role/RelatedPartyTransactionsDetails1"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailTextuals" xlink:href="ajx-20160630.xsd#RelatedPartyTransactionsDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#StockbasedpaymentsanddirectorfeesDetails" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#StockbasedpaymentsanddirectorfeesDetails1" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailTextuals" xlink:href="ajx-20160630.xsd#StockBasedPaymentsAndDirectorFeesDetailTextuals"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/IncomeTaxesDetailTextuals" xlink:href="ajx-20160630.xsd#IncomeTaxesDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#EarningspershareDetails" roleURI="http://www.great-ajax.com/role/EarningspershareDetails"/>
<roleRef xlink:type="simple" roleURI="http://www.great-ajax.com/role/SubsequentEventsDetailTextuals" xlink:href="ajx-20160630.xsd#SubsequentEventsDetailTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20160630.xsd#SubsequentEventsDetailTextuals1" roleURI="http://www.great-ajax.com/role/SubsequentEventsDetailTextuals1"/>
<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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_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_RestrictedCashAndCashEquivalents_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_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_MortgageLoansOnRealEstate_4" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_us-gaap_RealEstateHeldforsale_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_RealEstateHeldforsale_5" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RentalProperties" xlink:label="loc_us-gaap_RentalProperties_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_us-gaap_RentalProperties_6" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReceivableFromServicer" xlink:label="loc_ajx_ReceivableFromServicer_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_ReceivableFromServicer_7" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_InvestmentsInAffiliates" xlink:label="loc_ajx_InvestmentsInAffiliates_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_ajx_InvestmentsInAffiliates_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssets_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_PrepaidExpenseAndOtherAssets_9" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_10"/>
<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_10" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_11"/>
<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_11" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_us-gaap_LiabilitiesAbstract_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_11" xlink:to="loc_us-gaap_LiabilitiesAbstract_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_12" xlink:to="loc_us-gaap_SecuredDebt_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/2016/elts/us-gaap-2016-01-31.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_LiabilitiesAbstract_12" xlink:to="loc_us-gaap_SecuredDebtRepurchaseAgreements_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeePayable" xlink:label="loc_us-gaap_ManagementFeePayable_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_12" xlink:to="loc_us-gaap_ManagementFeePayable_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_12" xlink:to="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_12" xlink:to="loc_us-gaap_Liabilities_17" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_11" xlink:to="loc_us-gaap_CommitmentsAndContingencies_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_11" xlink:to="loc_us-gaap_StockholdersEquityAbstract_19" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_19" xlink:to="loc_us-gaap_PreferredStockValue_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_19" xlink:to="loc_us-gaap_CommonStockValue_21" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_19" xlink:to="loc_us-gaap_AdditionalPaidInCapitalCommonStock_22" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_19" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_23" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_19" xlink:to="loc_us-gaap_StockholdersEquity_24" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterest" xlink:label="loc_us-gaap_MinorityInterest_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_11" xlink:to="loc_us-gaap_MinorityInterest_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_11" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_26" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_11" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_27" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome_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_OtherIncome_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenuesNetOfInterestExpense" xlink:label="loc_us-gaap_RevenuesNetOfInterestExpense_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_RevenuesNetOfInterestExpense_7" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_us-gaap_CostsAndExpensesAbstract_8"/>
<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_8" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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_8" xlink:to="loc_ajx_RelatedPartyLoanServicingFeeExpense_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RelatedPartyManagementFeeExpense" xlink:label="loc_ajx_RelatedPartyManagementFeeExpense_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_8" xlink:to="loc_ajx_RelatedPartyManagementFeeExpense_10" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LoanTransactionExpense" xlink:label="loc_ajx_LoanTransactionExpense_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_8" xlink:to="loc_ajx_LoanTransactionExpense_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_8" xlink:to="loc_us-gaap_ProfessionalFees_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/2016/elts/us-gaap-2016-01-31.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_8" xlink:to="loc_us-gaap_OperatingExpenses_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherExpenses" xlink:label="loc_us-gaap_OtherExpenses_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_8" xlink:to="loc_us-gaap_OtherExpenses_14" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_us-gaap_CostsAndExpenses_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_8" xlink:to="loc_us-gaap_CostsAndExpenses_15" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_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_IncomeTaxExpenseBenefit_17" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_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_ProfitLoss_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_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_NetIncomeLossAttributableToNoncontrollingInterest_19" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_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_NetIncomeLoss_20" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_EarningsPerShareBasic_21" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_EarningsPerShareDiluted_22" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_23"/>
<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_23" order="130" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_24"/>
<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_24" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>


<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IncomeFromInvestmentInManager" xlink:label="loc_ajx_IncomeFromInvestmentInManager_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_ajx_IncomeFromInvestmentInManager_1" 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/CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="loc_us-gaap_AssetImpairmentCharges_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_AssetImpairmentCharges_8" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts_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_AmortizationOfFinancingCosts_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_10"/>
<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_10" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="loc_us-gaap_IncreaseDecreaseInRestrictedCash_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_10" xlink:to="loc_us-gaap_IncreaseDecreaseInRestrictedCash_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_10" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_12" order="10" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IncreaseDecreaseInReceivableFromServicer" xlink:label="loc_ajx_IncreaseDecreaseInReceivableFromServicer_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_10" xlink:to="loc_ajx_IncreaseDecreaseInReceivableFromServicer_13" order="20" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xlink:label="loc_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_10" xlink:to="loc_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities_14" order="30" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_10" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_15" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_16"/>
<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_16" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
























































<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
<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_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireLoansReceivable"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_PaymentsToAcquireLoansReceivable" order="0" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xlink:label="loc_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireHeldForSaleRealEstate"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_PaymentsToAcquireHeldForSaleRealEstate" order="2" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyHeldForSale"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_ProceedsFromSaleOfPropertyHeldForSale" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments" order="4" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DistributionFromAffiliate" xlink:label="loc_ajx_DistributionFromAffiliate"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="loc_ajx_DistributionFromAffiliate" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xlink:label="loc_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="loc_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" order="6" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" order="7" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
<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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfDebt"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfDebt" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSecuredNotesPayable" xlink:label="loc_us-gaap_ProceedsFromSecuredNotesPayable"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_ProceedsFromSecuredNotesPayable" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RepaymentsOnRepurchaseAgreement" xlink:label="loc_ajx_RepaymentsOnRepurchaseAgreement"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="loc_ajx_RepaymentsOnRepurchaseAgreement" order="2" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="loc_us-gaap_RepaymentsOfSecuredDebt"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_RepaymentsOfSecuredDebt" order="3" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="loc_us-gaap_PaymentsOfDividendsMinorityInterest"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_PaymentsOfDividendsMinorityInterest" order="5" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock" order="6" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" order="7" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<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_CashAndCashEquivalentsPeriodIncreaseDecrease" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<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_CashAndCashEquivalentsAtCarryingValue" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_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_CashAndCashEquivalentsAtCarryingValue_1" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract"/>
<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_SupplementalCashFlowInformationAbstract" order="6" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_us-gaap_InterestPaid"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="loc_us-gaap_InterestPaid" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_us-gaap_IncomeTaxesPaid"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="loc_us-gaap_IncomeTaxesPaid" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
<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_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" order="7" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xlink:label="loc_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="loc_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssued1" xlink:label="loc_us-gaap_StockIssued1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="loc_us-gaap_StockIssued1" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TransferOfPropertyHeldForSaleToLoans" xlink:label="loc_ajx_TransferOfPropertyHeldForSaleToLoans"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="loc_ajx_TransferOfPropertyHeldForSaleToLoans" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_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_CommonStockSharesOutstanding_12" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_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_us-gaap_StockIssuedDuringPeriodValueNewIssues_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_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_StockIssuedDuringPeriodSharesNewIssues_15" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xlink:label="loc_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee_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_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee_16" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xlink:label="loc_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense_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_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross" xlink:label="loc_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_18"/>
<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_StockGrantedDuringPeriodValueSharebasedCompensationGross_18" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_19"/>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Dividends" xlink:label="loc_us-gaap_Dividends_20"/>
<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_20" order="100" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_21"/>
<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_21" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_22"/>
<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_CommonStockSharesOutstanding_22" order="120" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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/RealEstateAssets">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="loc_us-gaap_RealEstateAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/FairValue">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:label="loc_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy_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_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock" xlink:label="loc_ajx_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock_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_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock" xlink:label="loc_ajx_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock_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_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstatePolicyTextBlock" xlink:label="loc_us-gaap_RealEstatePolicyTextBlock_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_RealEstatePolicyTextBlock_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtPolicyTextBlock" xlink:label="loc_us-gaap_DebtPolicyTextBlock_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_DebtPolicyTextBlock_5" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:label="loc_us-gaap_RepurchaseAndResaleAgreementsPolicy_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_us-gaap_RepurchaseAndResaleAgreementsPolicy_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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_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_ShareBasedCompensationOptionAndIncentivePlansPolicy_9" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DirectorsFeesPolicyTextBlock" xlink:label="loc_ajx_DirectorsFeesPolicyTextBlock_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_ajx_DirectorsFeesPolicyTextBlock_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:label="loc_us-gaap_ConsolidationVariableInterestEntityPolicy_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_ConsolidationVariableInterestEntityPolicy_11" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_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_us-gaap_CashAndCashEquivalentsPolicyTextBlock_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:label="loc_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_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_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_13" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock_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_us-gaap_EarningsPerSharePolicyTextBlock_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy_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_FairValueOfFinancialInstrumentsPolicy_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock_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_IncomeTaxPolicyTextBlock_16" order="150" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_OfferingCostsPolicyTextBlock" xlink:label="loc_ajx_OfferingCostsPolicyTextBlock_17"/>
<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_17" order="160" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock_18"/>
<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_18" order="170" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EmergingGrowthCompanyPolicyTextBlock" xlink:label="loc_ajx_EmergingGrowthCompanyPolicyTextBlock_19"/>
<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_19" order="180" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="loc_us-gaap_PriorPeriodReclassificationAdjustmentDescription_20"/>
<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_20" order="190" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock" xlink:label="loc_ajx_RecentlyAdoptedAccountingStandardsPolicyTextBlock_21"/>
<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_RecentlyAdoptedAccountingStandardsPolicyTextBlock_21" order="200" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_22"/>
<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_22" order="210" 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-20160630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/RealEstateAssetsTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="loc_us-gaap_RealEstateAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherRealEstateRollForwardTableTextBlock" xlink:label="loc_us-gaap_OtherRealEstateRollForwardTableTextBlock_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_OtherRealEstateRollForwardTableTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairValueTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/UnconsolidatedaffiliatesTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock_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_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:label="loc_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock_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_us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ScheduleOfDebtSecuritizationTableTextBlock" xlink:label="loc_ajx_ScheduleOfDebtSecuritizationTableTextBlock_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_ScheduleOfDebtSecuritizationTableTextBlock_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_StatusOfMortgageLoansTableTextBlock" xlink:label="loc_ajx_StatusOfMortgageLoansTableTextBlock_4"/>
<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_4" 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/RelatedpartytransactionsTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock" xlink:label="loc_ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_0" xlink:to="loc_ajx_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock_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/StockbasedpaymentsanddirectorfeesTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/OrganizationAndBasisOfPresentationDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_ajx_OrganizationAndBasisOfPresentationTable_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/2016/elts/us-gaap-2016-01-31.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-20160630.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/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_OrganizationAndBasisOfPresentationLineItems" xlink:label="loc_ajx_OrganizationAndBasisOfPresentationLineItems_5"/>
<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_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_5" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xlink:label="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_5" xlink:to="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned_7" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xlink:label="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_5" xlink:to="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder_8" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_5" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_9" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_5" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_10" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.xsd#ajx_EquityIncentivePlanMember" xlink:label="loc_ajx_EquityIncentivePlanMember_5"/>
<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_EquityIncentivePlanMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_6"/>
<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_6" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementAxis_6" xlink:to="loc_ajx_AgreementDomain_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingAgreementMember" xlink:label="loc_ajx_ServicingAgreementMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementDomain_7" xlink:to="loc_ajx_ServicingAgreementMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_9"/>
<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_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_9" xlink:to="loc_us-gaap_RelatedPartyDomain_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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_10" xlink:to="loc_ajx_GregoryFundingLlcMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_12"/>
<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_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_12" xlink:to="loc_us-gaap_RangeMember_13" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_13" xlink:to="loc_us-gaap_MinimumMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_13" xlink:to="loc_us-gaap_MaximumMember_15" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_16"/>
<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_16" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardTypeAxis_16" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_17" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_17" xlink:to="loc_us-gaap_RestrictedStockMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_19"/>
<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_AdjustmentsForNewAccountingPronouncementsAxis_19" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="loc_us-gaap_TypeOfAdoptionMember_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_19" xlink:to="loc_us-gaap_TypeOfAdoptionMember_20" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingStandardsUpdate201503Member" xlink:label="loc_us-gaap_AccountingStandardsUpdate201503Member_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TypeOfAdoptionMember_20" xlink:to="loc_us-gaap_AccountingStandardsUpdate201503Member_21" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SummaryOfSignificantAccountingPoliciesLineItems" xlink:label="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22"/>
<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_22" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_23" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_24" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_25" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AnnualRetainerReceivedInSharesAndCashAmount" xlink:label="loc_ajx_AnnualRetainerReceivedInSharesAndCashAmount_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_ajx_AnnualRetainerReceivedInSharesAndCashAmount_26" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_22" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentDepreciationMethods_27" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_22" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_28" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_22" xlink:to="loc_us-gaap_NumberOfOperatingSegments_29" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReductionInPrepaidExpensesAndOtherAssets" xlink:label="loc_ajx_ReductionInPrepaidExpensesAndOtherAssets_30"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_ajx_ReductionInPrepaidExpensesAndOtherAssets_30" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReductionInSecuredBorrowings" xlink:label="loc_ajx_ReductionInSecuredBorrowings_31"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_ajx_ReductionInSecuredBorrowings_31" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfFairMarketValueOfReo" xlink:label="loc_ajx_PercentageOfFairMarketValueOfReo_32"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_ajx_PercentageOfFairMarketValueOfReo_32" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfPurchasePriceOfReo" xlink:label="loc_ajx_PercentageOfPurchasePriceOfReo_33"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_ajx_PercentageOfPurchasePriceOfReo_33" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_34"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_34" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_35"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_22" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_35" 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/MortgageLoansDetails">
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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="ajx-20160630.xsd#ajx_ReportingPeriodAxis" xlink:label="loc_ajx_ReportingPeriodAxis_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_ajx_ReportingPeriodAxis_6" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReportingPeriodDomain" xlink:label="loc_ajx_ReportingPeriodDomain_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_ReportingPeriodAxis_6" xlink:to="loc_ajx_ReportingPeriodDomain_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThreeMonthsEndedMember" xlink:label="loc_ajx_ThreeMonthsEndedMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_ReportingPeriodDomain_7" xlink:to="loc_ajx_ThreeMonthsEndedMember_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SixMonthsEndedMember" xlink:label="loc_ajx_SixMonthsEndedMember_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_ReportingPeriodDomain_7" xlink:to="loc_ajx_SixMonthsEndedMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_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_MortgageLoansOnRealEstateLineItems_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_10" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_10" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference_12" order="10" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_10" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition_13" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_10" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield_14" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_10" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue_15" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Mortgageloansdetails1">
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference_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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield_12"/>
<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_12" order="40" 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-20160630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/MortgageLoansDetailTextuals">
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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="ajx-20160630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_8"/>
<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_NonperformingMortgageLoansOnRealEstateMember_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/2016/elts/us-gaap-2016-01-31.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="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_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_us-gaap_MortgageLoansOnRealEstate_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_us-gaap_InvestmentIncomeInterest_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_InvestmentIncomeInterest_11" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>








<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference_16"/>
<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference_16" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RealestateassetsDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="loc_us-gaap_RealEstateAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_us-gaap_RealEstateHeldforsale_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_RealEstateHeldForSaleRollForward" xlink:to="loc_us-gaap_RealEstateHeldforsale_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TransferToOtherRealEstate" xlink:label="loc_us-gaap_TransferToOtherRealEstate_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_RealEstateHeldForSaleRollForward" xlink:to="loc_us-gaap_TransferToOtherRealEstate_2" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RealEstateHeldForSaleAdjustments" xlink:label="loc_ajx_RealEstateHeldForSaleAdjustments_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_RealEstateHeldForSaleRollForward" xlink:to="loc_ajx_RealEstateHeldForSaleAdjustments_3" order="2" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RealEstateHeldForSaleDisposals" xlink:label="loc_ajx_RealEstateHeldForSaleDisposals_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_RealEstateHeldForSaleRollForward" xlink:to="loc_ajx_RealEstateHeldForSaleDisposals_4" order="3" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RealEstateHeldForSaleOther" xlink:label="loc_ajx_RealEstateHeldForSaleOther_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_RealEstateHeldForSaleRollForward" xlink:to="loc_ajx_RealEstateHeldForSaleOther_5" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_us-gaap_RealEstateHeldforsale_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_RealEstateHeldForSaleRollForward" xlink:to="loc_us-gaap_RealEstateHeldforsale_6" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RealEstateHeldForSaleRollForward" xlink:label="loc_ajx_RealEstateHeldForSaleRollForward"/>
<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_RealEstateHeldForSaleRollForward" order="10" use="optional"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RealEstateAssetsDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="loc_us-gaap_RealEstateAbstract_0"/>




























<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateTable" xlink:label="loc_us-gaap_RealEstateTable"/>
<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_RealEstateTable" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateLineItems" xlink:label="loc_us-gaap_RealEstateLineItems"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateTable" xlink:to="loc_us-gaap_RealEstateLineItems" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateTable" xlink:to="loc_us-gaap_IncomeStatementLocationAxis" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationAxis" xlink:to="loc_us-gaap_IncomeStatementLocationDomain" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherIncomeMember" xlink:label="loc_us-gaap_OtherIncomeMember"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain" xlink:to="loc_us-gaap_OtherIncomeMember" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesForeclosed" xlink:label="loc_ajx_NumberOfRealEstatePropertiesForeclosed_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_NumberOfRealEstatePropertiesForeclosed_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAcquiredThroughForeclosure" xlink:label="loc_us-gaap_RealEstateAcquiredThroughForeclosure_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_us-gaap_RealEstateAcquiredThroughForeclosure_1" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesHeldForRental" xlink:label="loc_ajx_NumberOfRealEstatePropertiesHeldForRental"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_NumberOfRealEstatePropertiesHeldForRental" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_CarryingValueOfReoProperties" xlink:label="loc_ajx_CarryingValueOfReoProperties"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_CarryingValueOfReoProperties" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>






<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:label="loc_ajx_NumberOfRealEstatePropertiesHeldForSale"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_NumberOfRealEstatePropertiesHeldForSale" order="7" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_CarryingValueOfRealEstateHeldForSaleTransfer" xlink:label="loc_ajx_CarryingValueOfRealEstateHeldForSaleTransfer_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_CarryingValueOfRealEstateHeldForSaleTransfer_1" order="8" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_us-gaap_RealEstateHeldforsale"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_us-gaap_RealEstateHeldforsale" order="9" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xlink:label="loc_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="loc_us-gaap_GainLossOnSaleOfProperties"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_us-gaap_GainLossOnSaleOfProperties" order="11" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" xlink:label="loc_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="loc_ajx_AjustmentToRecordReoPropertiesAtLowerOfCost" order="12" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairValueDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansFairValueDisclosure" xlink:label="loc_ajx_MortgageLoansFairValueDisclosure_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract_11" xlink:to="loc_ajx_MortgageLoansFairValueDisclosure_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_16"/>
<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_16" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_16" xlink:to="loc_us-gaap_SecuredDebt_17" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SecuredDebtFairValueDisclosure" xlink:label="loc_ajx_SecuredDebtFairValueDisclosure_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_16" xlink:to="loc_ajx_SecuredDebtFairValueDisclosure_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAgreements_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_16" xlink:to="loc_us-gaap_SecuredDebtRepurchaseAgreements_19" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure" xlink:label="loc_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_16" xlink:to="loc_ajx_SecuredDebtRepurchaseAgreementsFairValueDisclosure_20" 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/FairValueDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/UnconsolidatedaffiliatesDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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_InvestmentsInAndAdvancesToAffiliatesTable_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_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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-20160630.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="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AsAjaxELlcMember" xlink:label="loc_ajx_AsAjaxELlcMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_AsAjaxELlcMember_5" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_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/2016/elts/us-gaap-2016-01-31.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_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember" xlink:label="loc_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember_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_us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_1" xlink:to="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_10" xlink:to="loc_us-gaap_NetIncomeLoss_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_10" xlink:to="loc_us-gaap_Assets_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/2016/elts/us-gaap-2016-01-31.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_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_10" xlink:to="loc_us-gaap_Liabilities_13" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/UnconsolidatedAffiliatesDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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_InvestmentsInAndAdvancesToAffiliatesTable_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_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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-20160630.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="ajx-20160630.xsd#ajx_DoublelineCapitalLpMember" xlink:label="loc_ajx_DoublelineCapitalLpMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_DoublelineCapitalLpMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AsAjaxELlcMember" xlink:label="loc_ajx_AsAjaxELlcMember_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_AsAjaxELlcMember_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/2016/elts/us-gaap-2016-01-31.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_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.xsd#ajx_OtherInvestorsMember" xlink:label="loc_ajx_OtherInvestorsMember_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_OtherInvestorsMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_1" xlink:to="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_11" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_11" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TrustMember" xlink:label="loc_ajx_TrustMember"/>
<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_TrustMember" 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/CommitmentsAndContingenciesDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis_8"/>
<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_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis_8" xlink:to="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PurchaseCommitmentMember" xlink:label="loc_us-gaap_PurchaseCommitmentMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_9" xlink:to="loc_us-gaap_PurchaseCommitmentMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_11"/>
<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_11" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_11" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_11" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_13" 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/DebtDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateAxis" xlink:label="loc_ajx_DebtInstrumentMaturityDateAxis_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_ajx_DebtInstrumentMaturityDateAxis_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateDomain" xlink:label="loc_ajx_DebtInstrumentMaturityDateDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateAxis_5" xlink:to="loc_ajx_DebtInstrumentMaturityDateDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_March302016Member" xlink:label="loc_ajx_March302016Member_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_March302016Member_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_June232016Member" xlink:label="loc_ajx_June232016Member_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_June232016Member_8" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September092016Member" xlink:label="loc_ajx_September092016Member_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_September092016Member_9" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September302016Member" xlink:label="loc_ajx_September302016Member_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_September302016Member_10" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_November222016Member" xlink:label="loc_ajx_November222016Member_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_November222016Member_11" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_December232016Member" xlink:label="loc_ajx_December232016Member_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_6" xlink:to="loc_ajx_December232016Member_12" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_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_us-gaap_DebtInstrumentLineItems_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_us-gaap_DebtInstrumentMaturityDate_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_13" xlink:to="loc_us-gaap_DebtInstrumentMaturityDate_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentIssuanceDate1" xlink:label="loc_us-gaap_DebtInstrumentIssuanceDate1_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_13" xlink:to="loc_us-gaap_DebtInstrumentIssuanceDate1_15" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaximumBorrowingCapacity" xlink:label="loc_ajx_DebtInstrumentMaximumBorrowingCapacity_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_13" xlink:to="loc_ajx_DebtInstrumentMaximumBorrowingCapacity_16" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_13" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_17" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="loc_us-gaap_DebtInstrumentCollateralAmount_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_13" xlink:to="loc_us-gaap_DebtInstrumentCollateralAmount_18" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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_13" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_19" order="50" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAgreements_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_SecuredDebtRepurchaseAgreements_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="loc_us-gaap_DebtInstrumentCollateralAmount_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_us-gaap_DebtInstrumentCollateralAmount_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NetAmountOfLiability" xlink:label="loc_ajx_NetAmountOfLiability_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_NetAmountOfLiability_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/Debtdetails2">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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="ajx-20160630.xsd#ajx_DeferredExpensesMember" xlink:label="loc_ajx_DeferredExpensesMember_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_DeferredExpensesMember_11" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_12"/>
<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_12" 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_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_12" xlink:to="loc_dei_EntityDomain_13" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014Member_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014Member_14" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_15" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_16" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015BMember_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015BMember_17" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015CMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015CMember_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015CMember_18" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2016AApril2016Member" xlink:label="loc_ajx_AjaxMortgageLoanTrust2016AApril2016Member_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2016AApril2016Member_19" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_20"/>
<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_20" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityYear" xlink:label="loc_ajx_DebtInstrumentMaturityYear_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_20" xlink:to="loc_ajx_DebtInstrumentMaturityYear_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_20" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_22" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TrustCertificate" xlink:label="loc_ajx_TrustCertificate_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_20" xlink:to="loc_ajx_TrustCertificate_23" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_20" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_20" xlink:to="loc_us-gaap_DeferredFinanceCostsNet_25" order="40" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Debtdetails3">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_AjaxMortgageLoanTrust2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014Member_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_AjaxMortgageLoanTrust2014Member_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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-20160630.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="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015BMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015BMember_10" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015CMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015CMember_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015CMember_11" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrustA2016Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2016Member_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2016Member_12" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DeferredExpensesMember" xlink:label="loc_ajx_DeferredExpensesMember_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_DeferredExpensesMember_13" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_14"/>
<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_14" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_14" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_15" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_14" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_16" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xlink:label="loc_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_14" xlink:to="loc_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate_17" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_BondPrincipalBalanceAtCutoffDate" xlink:label="loc_ajx_BondPrincipalBalanceAtCutoffDate_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_14" xlink:to="loc_ajx_BondPrincipalBalanceAtCutoffDate_18" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_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_LongtermDebtTypeAxis_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_5" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_6" xlink:to="loc_us-gaap_MortgagesMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_8"/>
<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_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentAxis_8" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_9" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_9" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_11" order="10" 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_12"/>
<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_12" 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_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_12" xlink:to="loc_dei_EntityDomain_13" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014Member_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014Member_14" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_15" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_16" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015BMember_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015BMember_17" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AjaxMortgageLoanTrust2015CMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2015CMember_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_13" xlink:to="loc_ajx_AjaxMortgageLoanTrust2015CMember_18" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_19"/>
<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_19" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_19" xlink:to="loc_us-gaap_RangeMember_20" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_20" xlink:to="loc_us-gaap_MaximumMember_21" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateAxis" xlink:label="loc_ajx_DebtInstrumentMaturityDateAxis_22"/>
<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_DebtInstrumentMaturityDateAxis_22" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DebtInstrumentMaturityDateDomain" xlink:label="loc_ajx_DebtInstrumentMaturityDateDomain_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateAxis_22" xlink:to="loc_ajx_DebtInstrumentMaturityDateDomain_23" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_March302016Member" xlink:label="loc_ajx_March302016Member_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_23" xlink:to="loc_ajx_March302016Member_24" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_June232016Member" xlink:label="loc_ajx_June232016Member_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_23" xlink:to="loc_ajx_June232016Member_25" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September092016Member" xlink:label="loc_ajx_September092016Member_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_23" xlink:to="loc_ajx_September092016Member_26" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_September302016Member" xlink:label="loc_ajx_September302016Member_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DebtInstrumentMaturityDateDomain_23" xlink:to="loc_ajx_September302016Member_27" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>


<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_29"/>
<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_SubsequentEventTypeAxis_29" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_30"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_29" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_30" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_31"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_30" xlink:to="loc_us-gaap_SubsequentEventMember_31" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_32"/>
<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_32" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfGuarantorsBeneficialInterest" xlink:label="loc_ajx_PercentageOfGuarantorsBeneficialInterest_33"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_32" xlink:to="loc_ajx_PercentageOfGuarantorsBeneficialInterest_33" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_34"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_32" xlink:to="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_34" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_35"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_32" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_35" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_36"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_32" xlink:to="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_36" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xlink:label="loc_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo_37"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_32" xlink:to="loc_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo_37" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_38"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_32" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_38" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_39"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_32" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_39" order="60" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_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_GregoryFundingLlcMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_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_ThetisAssetManagementLlcMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_LoanServicingFeesMember" xlink:label="loc_ajx_LoanServicingFeesMember_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_LoanServicingFeesMember_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeeMember" xlink:label="loc_ajx_ManagementFeeMember_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_ManagementFeeMember_10" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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-20160630.xsd#ajx_ProfessionalFeesMember" xlink:label="loc_ajx_ProfessionalFeesMember_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_ProfessionalFeesMember_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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_us-gaap_LoanPortfolioExpense_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_LoanPortfolioExpense_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeeExpense" xlink:label="loc_us-gaap_ManagementFeeExpense_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_ManagementFeeExpense_15" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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="ajx-20160630.xsd#ajx_LegalExpenseReimbursements" xlink:label="loc_ajx_LegalExpenseReimbursements_18"/>
<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_LegalExpenseReimbursements_18" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedPartyTransactionsDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_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_GregoryFundingLlcMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_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_ThetisAssetManagementLlcMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_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_BalanceSheetLocationAxis_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_6" xlink:to="loc_us-gaap_BalanceSheetLocationDomain_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReceivablesFromServicerMember" xlink:label="loc_ajx_ReceivablesFromServicerMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_7" xlink:to="loc_ajx_ReceivablesFromServicerMember_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeePayableMember" xlink:label="loc_ajx_ManagementFeePayableMember_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_7" xlink:to="loc_ajx_ManagementFeePayableMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_7" xlink:to="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember" xlink:label="loc_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_BalanceSheetLocationDomain_7" xlink:to="loc_us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_12"/>
<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_12" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ReceivableFromServicer" xlink:label="loc_ajx_ReceivableFromServicer_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_12" xlink:to="loc_ajx_ReceivableFromServicer_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/2016/elts/us-gaap-2016-01-31.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_RelatedPartyTransactionLineItems_12" xlink:to="loc_us-gaap_ManagementFeePayable_14" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeesPayable" xlink:label="loc_ajx_ServicingFeesPayable_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_12" xlink:to="loc_ajx_ServicingFeesPayable_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InsuranceReceivableForMalpractice" xlink:label="loc_us-gaap_InsuranceReceivableForMalpractice_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_12" xlink:to="loc_us-gaap_InsuranceReceivableForMalpractice_16" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_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_RelatedPartyTransactionsByRelatedPartyAxis_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_6" xlink:to="loc_us-gaap_RelatedPartyDomain_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_7" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_7" xlink:to="loc_ajx_GregoryFundingLlcMember_9" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AspenYoLlcMember" xlink:label="loc_ajx_AspenYoLlcMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_7" xlink:to="loc_ajx_AspenYoLlcMember_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/2016/elts/us-gaap-2016-01-31.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_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RangeAxis_11" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_15"/>
<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_15" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_TermOfAgreement" xlink:label="loc_ajx_TermOfAgreement_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_TermOfAgreement_16" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFee" xlink:label="loc_ajx_PercentageOfBaseManagementFee_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_PercentageOfBaseManagementFee_17" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>


<loc xlink:type="locator" xlink:href="ajx-20160630.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_15" xlink:to="loc_ajx_DescriptionOfIncentiveManagementFeePayable_19" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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_15" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_20" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:label="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_21" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeePayable" xlink:label="loc_us-gaap_ManagementFeePayable_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_us-gaap_ManagementFeePayable_22" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFeesPayableInCash" xlink:label="loc_ajx_PercentageOfBaseManagementFeesPayableInCash_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_PercentageOfBaseManagementFeesPayableInCash_23" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfBaseManagementFeePayableInShares" xlink:label="loc_ajx_PercentageOfBaseManagementFeePayableInShares_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_PercentageOfBaseManagementFeePayableInShares_24" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ManagementFeesDescription" xlink:label="loc_ajx_ManagementFeesDescription_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_ManagementFeesDescription_25" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfRemainingIncentiveFeePayableInShares" xlink:label="loc_ajx_PercentageOfRemainingIncentiveFeePayableInShares_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_PercentageOfRemainingIncentiveFeePayableInShares_26" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfRemainingIncentiveFeePayableInCash" xlink:label="loc_ajx_PercentageOfRemainingIncentiveFeePayableInCash_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_PercentageOfRemainingIncentiveFeePayableInCash_27" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfFairMarketValueOfReo" xlink:label="loc_ajx_PercentageOfFairMarketValueOfReo_28"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_PercentageOfFairMarketValueOfReo_28" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfPurchasePriceOfReo" xlink:label="loc_ajx_PercentageOfPurchasePriceOfReo_29"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_15" xlink:to="loc_ajx_PercentageOfPurchasePriceOfReo_29" order="130" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/StockBasedPaymentsAndDirectorFeesDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_LongTermIncentivePlanMember" xlink:label="loc_ajx_LongTermIncentivePlanMember_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_LongTermIncentivePlanMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SaleOfStockAxis" xlink:label="loc_ajx_SaleOfStockAxis_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_ajx_SaleOfStockAxis_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SaleOfStockAxis_5" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_6" xlink:to="loc_us-gaap_IPOMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_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_us-gaap_AwardTypeAxis_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardTypeAxis_8" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9" xlink:to="loc_us-gaap_RestrictedStockMember_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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_BaseManagementFees" xlink:label="loc_ajx_BaseManagementFees_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_BaseManagementFees_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PaymentOfManagementFeeWithSharesOfStock" xlink:label="loc_ajx_PaymentOfManagementFeeWithSharesOfStock_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_ajx_PaymentOfManagementFeeWithSharesOfStock_13" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfSharesIssuedForPaymentOfManagementFee" xlink:label="loc_ajx_NumberOfSharesIssuedForPaymentOfManagementFee_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_NumberOfSharesIssuedForPaymentOfManagementFee_14" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AnnualRetainerReceivedInSharesAndCashAmount" xlink:label="loc_ajx_AnnualRetainerReceivedInSharesAndCashAmount_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_AnnualRetainerReceivedInSharesAndCashAmount_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_16" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfDirector" xlink:label="loc_ajx_NumberOfDirector_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_ajx_NumberOfDirector_17" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_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_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_19" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/IncomeTaxesDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_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_IncomeTaxExpenseBenefit_2" 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/EarningspershareDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/totalLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/totalLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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-20160630.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-20160630.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="ajx-20160630.xsd#ajx_DilutedSharesOutstandingAbstract" xlink:label="loc_ajx_DilutedSharesOutstandingAbstract_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareSharesDenominatorAbstract_11" xlink:to="loc_ajx_DilutedSharesOutstandingAbstract_19" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DilutedSharesOutstandingAbstract_19" xlink:to="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_20" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EarningsPerShareAmountAbstract" xlink:label="loc_ajx_EarningsPerShareAmountAbstract_21"/>
<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_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareAmountAbstract_21" xlink:to="loc_us-gaap_EarningsPerShareBasic_22" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareAmountAbstract_21" xlink:to="loc_us-gaap_EarningsPerShareDiluted_23" 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/SubsequentEventsDetailTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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_us-gaap_SubsequentEventTable_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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BoardOfDirectorsChairmanMember" xlink:label="loc_us-gaap_BoardOfDirectorsChairmanMember_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_9" xlink:to="loc_us-gaap_BoardOfDirectorsChairmanMember_11" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_12"/>
<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_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_12" xlink:to="loc_us-gaap_EquityComponentDomain_13" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_13" xlink:to="loc_us-gaap_CommonStockMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_us-gaap_TitleOfIndividualAxis_19"/>
<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_TitleOfIndividualAxis_19" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TitleOfIndividualAxis_19" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_20" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PaulFriedmanMember" xlink:label="loc_ajx_PaulFriedmanMember_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_20" xlink:to="loc_ajx_PaulFriedmanMember_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_22"/>
<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_PlanNameAxis_22" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameAxis_22" xlink:to="loc_us-gaap_PlanNameDomain_23" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_DirectorEquityPlan2014Member" xlink:label="loc_ajx_DirectorEquityPlan2014Member_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameDomain_23" xlink:to="loc_ajx_DirectorEquityPlan2014Member_24" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_ajx_AgreementAxis_25" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementAxis_25" xlink:to="loc_ajx_AgreementDomain_26" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_RepurchaseAgreementMember" xlink:label="loc_ajx_RepurchaseAgreementMember_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementDomain_26" xlink:to="loc_ajx_RepurchaseAgreementMember_27" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_28"/>
<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_LongtermDebtTypeAxis_28" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_29"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_28" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_29" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_30"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_29" xlink:to="loc_us-gaap_MortgagesMember_30" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_31"/>
<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_31" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_32"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_32" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_33"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_33" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_AnnualRetainerReceivedInSharesAndCashAmount" xlink:label="loc_ajx_AnnualRetainerReceivedInSharesAndCashAmount_34"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_ajx_AnnualRetainerReceivedInSharesAndCashAmount_34" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_35"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_35" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_36"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_36" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_37"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_37" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_38"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_38" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_39"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_us-gaap_DividendsPayableAmountPerShare_39" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_40"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_40" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_41"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_31" xlink:to="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_41" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SubsequentEventsDetailTextuals1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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_SubsequentEventTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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_us-gaap_SubsequentEventTable_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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#ajx_FiveSellersMember" xlink:label="loc_ajx_FiveSellersMember_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_FiveSellersMember_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EightSellersMember" xlink:label="loc_ajx_EightSellersMember_11"/>
<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_EightSellersMember_11" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.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_9" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_12" order="20" use="optional" preferredLabel="http://www.xbrl.org/2009/role/netLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_13"/>
<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_13" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_13" xlink:to="loc_us-gaap_EquityComponentDomain_14" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_14" xlink:to="loc_us-gaap_CommonStockMember_15" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_16"/>
<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_16" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_16" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_17" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_16" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_18" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired" xlink:label="loc_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_16" xlink:to="loc_ajx_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired_19" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_EstimatedMarketValueOfUnderlyingCollaterals" xlink:label="loc_ajx_EstimatedMarketValueOfUnderlyingCollaterals_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_16" xlink:to="loc_ajx_EstimatedMarketValueOfUnderlyingCollaterals_20" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral" xlink:label="loc_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_16" xlink:to="loc_ajx_PercentageOfEstimatedMarketValueOfUnderlyingCollateral_21" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense" xlink:label="loc_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_16" xlink:to="loc_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense_22" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20160630.xsd#ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xlink:label="loc_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_16" xlink:to="loc_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees_23" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</presentationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6846761584">
<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, 2016</div></th>
<th class="th"><div>Aug. 04, 2016</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">18,567,985<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,  2016<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">2016<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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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>13
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847155632">
<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, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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">$ 68,359<span></span>
</td>
<td class="nump">$ 30,795<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_RestrictedCashAndCashEquivalents', window );">Cash held in trust</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">382<span></span>
</td>
<td class="nump">39<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">630,534<span></span>
</td>
<td class="nump">554,877<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_RealEstateHeldforsale', window );">Property held-for-sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,551<span></span>
</td>
<td class="nump">10,333<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_RentalProperties', window );">Rental property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">760<span></span>
</td>
<td class="nump">58<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_ReceivableFromServicer', window );">Receivable from servicer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,949<span></span>
</td>
<td class="nump">5,444<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_InvestmentsInAffiliates', window );">Investment in affiliates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,900<span></span>
</td>
<td class="nump">2,625<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_PrepaidExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,320<span></span>
</td>
<td class="nump">5,634<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_Assets', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">729,755<span></span>
</td>
<td class="nump">609,805<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_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="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_SecuredDebt', window );">Secured borrowings, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">346,070<span></span>
</td>
<td class="nump">265,006<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_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">102,240<span></span>
</td>
<td class="nump">104,533<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_ManagementFeePayable', window );">Management fee payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">703<span></span>
</td>
<td class="nump">667<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_AccruedLiabilitiesAndOtherLiabilities', window );">Accrued expenses and other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,443<span></span>
</td>
<td class="nump">1,786<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_Liabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">452,456<span></span>
</td>
<td class="nump">371,992<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_CommitmentsAndContingencies', window );">Commitments and contingencies- see Note 7</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_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="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_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"> <span></span>
</td>
<td class="text"> <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_CommonStockValue', window );">Common stock $.01 par value; 125,000,000 shares authorized, 17,924,523 shares at June 30, 2016 and 15,301,946 shares at December 31, 2015 issued and outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">179<span></span>
</td>
<td class="nump">152<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_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">244,180<span></span>
</td>
<td class="nump">211,729<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_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,666<span></span>
</td>
<td class="nump">15,921<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_StockholdersEquity', window );">Equity attributable to common stockholders</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">267,025<span></span>
</td>
<td class="nump">227,802<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_MinorityInterest', window );">Non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,274<span></span>
</td>
<td class="nump">10,011<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">277,299<span></span>
</td>
<td class="nump">237,813<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_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 729,755<span></span>
</td>
<td class="nump">$ 609,805<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; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, 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. Secured borrowings are presented net of deferred issuance costs.</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 expenses incurred but not yet paid nor invoiced, and liabilities classified as 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;">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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_RestrictedCashAndCashEquivalents</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(m)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 860<br> -SubTopic 10<br> -Section 55<br> -Paragraph 51<br> -URI http://asc.fasb.org/extlink&amp;oid=68068436&amp;loc=d3e101761-111710<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568447-111683<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>14
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847184304">
<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, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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="nump">0<span></span>
</td>
<td class="nump">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_PreferredStockSharesOutstanding', window );">Preferred stock, shares outstanding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">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_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">17,924,523<span></span>
</td>
<td class="nump">15,301,946<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">17,924,523<span></span>
</td>
<td class="nump">15,301,946<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</a></td>
<td class="nump">$ 504,885<span></span>
</td>
<td class="nump">$ 398,696<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 860<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66007379&amp;loc=d3e113888-111728<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5086-111524<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>15
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6845241024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</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_SalesRevenueNetAbstract', window );"><strong>INCOME</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_InterestIncomeOperating', window );">Loan interest income</a></td>
<td class="nump">$ 16,378<span></span>
</td>
<td class="nump">$ 10,793<span></span>
</td>
<td class="nump">$ 32,192<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">(6,063)<span></span>
</td>
<td class="num">(2,269)<span></span>
</td>
<td class="num">(11,050)<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">10,315<span></span>
</td>
<td class="nump">8,524<span></span>
</td>
<td class="nump">21,142<span></span>
</td>
<td class="nump">14,333<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_IncomeFromInvestmentInManager', window );">Income from investment in Manager</a></td>
<td class="nump">46<span></span>
</td>
<td class="nump">64<span></span>
</td>
<td class="nump">90<span></span>
</td>
<td class="nump">104<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_OtherIncome', window );">Other income</a></td>
<td class="nump">327<span></span>
</td>
<td class="nump">222<span></span>
</td>
<td class="nump">867<span></span>
</td>
<td class="nump">406<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_RevenuesNetOfInterestExpense', window );">Total income</a></td>
<td class="nump">10,688<span></span>
</td>
<td class="nump">8,810<span></span>
</td>
<td class="nump">22,099<span></span>
</td>
<td class="nump">14,843<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_CostsAndExpensesAbstract', window );"><strong>EXPENSE</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="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">1,453<span></span>
</td>
<td class="nump">851<span></span>
</td>
<td class="nump">2,856<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_RelatedPartyManagementFeeExpense', window );">Related party expense - management fees</a></td>
<td class="nump">937<span></span>
</td>
<td class="nump">856<span></span>
</td>
<td class="nump">1,843<span></span>
</td>
<td class="nump">1,603<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_LoanTransactionExpense', window );">Loan transaction expense</a></td>
<td class="nump">574<span></span>
</td>
<td class="nump">729<span></span>
</td>
<td class="nump">787<span></span>
</td>
<td class="nump">989<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_ProfessionalFees', window );">Professional fees</a></td>
<td class="nump">407<span></span>
</td>
<td class="nump">356<span></span>
</td>
<td class="nump">821<span></span>
</td>
<td class="nump">741<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_OperatingExpenses', window );">Real estate operating expenses</a></td>
<td class="nump">113<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="nump">275<span></span>
</td>
<td class="nump">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_OtherExpenses', window );">Other expense</a></td>
<td class="nump">317<span></span>
</td>
<td class="nump">289<span></span>
</td>
<td class="nump">670<span></span>
</td>
<td class="nump">449<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_CostsAndExpenses', window );">Total expense</a></td>
<td class="nump">3,801<span></span>
</td>
<td class="nump">3,135<span></span>
</td>
<td class="nump">7,252<span></span>
</td>
<td class="nump">5,353<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">6,887<span></span>
</td>
<td class="nump">5,675<span></span>
</td>
<td class="nump">14,847<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">26<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="nump">23<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">6,861<span></span>
</td>
<td class="nump">5,659<span></span>
</td>
<td class="nump">14,824<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">256<span></span>
</td>
<td class="nump">223<span></span>
</td>
<td class="nump">568<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">$ 6,605<span></span>
</td>
<td class="nump">$ 5,436<span></span>
</td>
<td class="nump">$ 14,256<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">$ 0.42<span></span>
</td>
<td class="nump">$ 0.36<span></span>
</td>
<td class="nump">$ 0.92<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">$ 0.42<span></span>
</td>
<td class="nump">$ 0.36<span></span>
</td>
<td class="nump">$ 0.92<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">15,742,932<span></span>
</td>
<td class="nump">15,237,739<span></span>
</td>
<td class="nump">15,524,725<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">16,389,126<span></span>
</td>
<td class="nump">15,909,634<span></span>
</td>
<td class="nump">16,174,164<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_IncomeFromInvestmentInManager">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 Income from investment in Manager.</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_IncomeFromInvestmentInManager</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_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_CostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 costs of sales and operating expenses 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_CostsAndExpenses</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.10)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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>Amount of expense classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4,6)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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>Amount of revenue and income classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07.2(a),(b),(c),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606610-122999<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section 45<br> -Paragraph 3<br> -Subparagraph (k)<br> -URI http://asc.fasb.org/extlink&amp;oid=6488370&amp;loc=d3e13550-115849<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<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>16
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847102144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</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_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</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_ProfitLoss', window );">Consolidated net income</a></td>
<td class="nump">$ 14,824<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_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile consolidated net income to net cash from operating activities</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_ShareBasedManagementFeeAndCompensationExpense', window );">Stock-based management fee and compensation expense</a></td>
<td class="nump">514<span></span>
</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">(20,711)<span></span>
</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 );">(Gain) loss on sale of property</a></td>
<td class="num">(1,086)<span></span>
</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">11<span></span>
</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_AssetImpairmentCharges', window );">Impairment of real estate owned</a></td>
<td class="nump">200<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_AmortizationOfFinancingCosts', window );">Amortization of deferred financing costs</a></td>
<td class="nump">2,889<span></span>
</td>
<td class="nump">435<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_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Net change in operating assets and liabilities</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_IncreaseDecreaseInRestrictedCash', window );">Cash held in trust</a></td>
<td class="num">(343)<span></span>
</td>
<td class="num">(41)<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">(521)<span></span>
</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">(1,505)<span></span>
</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">(259)<span></span>
</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, Management fee payable, and other liabilities</a></td>
<td class="nump">1,693<span></span>
</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">(4,294)<span></span>
</td>
<td class="num">(5,025)<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 ACTIVITIES</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_PaymentsToAcquireLoansReceivable', window );">Purchase of mortgage loans and related balances</a></td>
<td class="num">(89,328)<span></span>
</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">23,595<span></span>
</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="text">&#160;<span></span>
</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">5,220<span></span>
</td>
<td class="nump">357<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 );">Investment in equity method investee</a></td>
<td class="num">(1,111)<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_DistributionFromAffiliate', window );">Distribution from affiliate</a></td>
<td class="nump">95<span></span>
</td>
<td class="nump">67<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_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale', window );">Renovations of rental property and property held for sale</a></td>
<td class="num">(478)<span></span>
</td>
<td class="num">(139)<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_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash from investing activities</a></td>
<td class="num">(62,007)<span></span>
</td>
<td class="num">(228,875)<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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</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_ProceedsFromIssuanceOfDebt', window );">Proceeds from repurchase transactions</a></td>
<td class="nump">71,086<span></span>
</td>
<td class="nump">153,841<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_ProceedsFromSecuredNotesPayable', window );">Proceeds from sale of secured notes</a></td>
<td class="nump">101,431<span></span>
</td>
<td class="nump">35,213<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_RepaymentsOnRepurchaseAgreement', window );">Repayments on repurchase transactions</a></td>
<td class="num">(73,379)<span></span>
</td>
<td class="num">(15,286)<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_RepaymentsOfSecuredDebt', window );">Repayments on secured notes</a></td>
<td class="num">(19,421)<span></span>
</td>
<td class="num">(3,543)<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_ProceedsFromIssuanceInitialPublicOffering', window );">Sale of common stock, net of offering costs</a></td>
<td class="nump">31,964<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_PaymentsOfDividendsMinorityInterest', window );">Distribution to non-controlling interest</a></td>
<td class="num">(305)<span></span>
</td>
<td class="num">(213)<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_PaymentsOfDividendsCommonStock', window );">Dividends paid on common stock</a></td>
<td class="num">(7,511)<span></span>
</td>
<td class="num">(4,541)<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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash from financing activities</a></td>
<td class="nump">103,865<span></span>
</td>
<td class="nump">217,000<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_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">NET CHANGE IN CASH AND CASH EQUIVALENTS</a></td>
<td class="nump">37,564<span></span>
</td>
<td class="num">(16,900)<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, beginning of period</a></td>
<td class="nump">30,795<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_CashAndCashEquivalentsAtCarryingValue', window );">CASH AND CASH EQUIVALENTS, end of period</a></td>
<td class="nump">68,359<span></span>
</td>
<td class="nump">36,199<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_SupplementalCashFlowInformationAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</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_InterestPaid', window );">Cash paid for interest</a></td>
<td class="nump">7,952<span></span>
</td>
<td class="nump">2,544<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_IncomeTaxesPaid', window );">Cash paid for income taxes</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES</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_TransferOfLoansToRentalPropertyOrPropertyHeldForSale', window );">Transfer of loans to rental property or property held-for-sale</a></td>
<td class="nump">10,930<span></span>
</td>
<td class="nump">4,965<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 and director fees</a></td>
<td class="nump">514<span></span>
</td>
<td class="nump">$ 921<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_TransferOfPropertyHeldForSaleToLoans', window );">Transfer of property held-for-sale to loans</a></td>
<td class="nump">$ 143<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_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_TransferOfPropertyHeldForSaleToLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 properties held for sale to 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_TransferOfPropertyHeldForSaleToLoans</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 amortization expense attributable to debt issuance costs.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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_AssetImpairmentCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2420-110228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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_AssetImpairmentCharges</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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>Amount of increase (decrease) in accrued expenses, and obligations classified as 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;">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>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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_IncreaseDecreaseInRestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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_IncreaseDecreaseInRestrictedCash</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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_ProceedsFromIssuanceOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt.</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_ProceedsFromIssuanceOfDebt</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<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_ProceedsFromSecuredNotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 borrowings supported by a written promise to pay an obligation that is collateralized (backed by pledge, mortgage or other lien in the entity's 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<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_ProceedsFromSecuredNotesPayable</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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>17
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6846885424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - 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>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="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_CommonStockSharesOutstanding', window );">Balance (in shares) at Dec. 31, 2014</a></td>
<td class="nump">11,223,984<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_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="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 " 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_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of shares (in shares)</a></td>
<td class="nump">3,981,714<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_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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense', window );">Stock-based management fee expense (in shares)</a></td>
<td class="nump">43,301<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_StockGrantedDuringPeriodValueSharebasedCompensationGross', 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="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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Stock-based compensation expense (in shares)</a></td>
<td class="nump">4,999<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_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>
<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_CommonStockSharesOutstanding', window );">Balance (in shares) at Jun. 30, 2015</a></td>
<td class="nump">15,253,998<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="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, 2015</a></td>
<td class="nump">$ 152<span></span>
</td>
<td class="nump">211,729<span></span>
</td>
<td class="nump">15,921<span></span>
</td>
<td class="nump">227,802<span></span>
</td>
<td class="nump">10,011<span></span>
</td>
<td class="nump">$ 237,813<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_CommonStockSharesOutstanding', window );">Balance (in shares) at Dec. 31, 2015</a></td>
<td class="nump">15,301,946<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">15,301,946<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_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,256<span></span>
</td>
<td class="nump">14,256<span></span>
</td>
<td class="nump">568<span></span>
</td>
<td class="nump">$ 14,824<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 );">Issuance of shares</a></td>
<td class="nump">$ 27<span></span>
</td>
<td class="nump">31,937<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,964<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,964<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_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of shares (in shares)</a></td>
<td class="nump">2,589,427<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_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee', window );">Stock-based management fee expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">462<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">462<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">462<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_SharesIssuedDuringPeriodStockBasedManagementFeeExpense', window );">Stock-based management fee expense (in shares)</a></td>
<td class="nump">29,826<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_StockGrantedDuringPeriodValueSharebasedCompensationGross', window );">Stock-based compensation expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Stock-based compensation expense (in shares)</a></td>
<td class="nump">3,324<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_Dividends', window );">Dividends and distributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7,511)<span></span>
</td>
<td class="num">(7,511)<span></span>
</td>
<td class="num">(305)<span></span>
</td>
<td class="num">(7,816)<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, 2016</a></td>
<td class="nump">$ 179<span></span>
</td>
<td class="nump">$ 244,180<span></span>
</td>
<td class="nump">$ 22,666<span></span>
</td>
<td class="nump">$ 267,025<span></span>
</td>
<td class="nump">$ 10,274<span></span>
</td>
<td class="nump">$ 277,299<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_CommonStockSharesOutstanding', window );">Balance (in shares) at Jun. 30, 2016</a></td>
<td class="nump">17,924,523<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">17,924,523<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_ajx_SharesIssuedDuringPeriodStockBasedManagementFeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 for stock based management fee 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_SharesIssuedDuringPeriodStockBasedManagementFeeExpense</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted 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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</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_StockGrantedDuringPeriodValueSharebasedCompensationGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, before forfeitures, of stock or other type of equity granted of any equity-based compensation plan other than an employee stock ownership plan (ESOP).</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_StockGrantedDuringPeriodValueSharebasedCompensationGross</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568447-111683<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>18
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6838359056">
<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, 2016</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"><div>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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 (&#8220;RPL&#8221;) and non-performing (&#8220;NPL&#8221;) 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 has elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 (the &#8220;Operating Partnership&#8221;), 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. Great Ajax Funding LLC is a wholly owned subsidiary of the Operating Partnership formed 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. AJX Mortgage Trust I is a wholly owned subsidiary of the Operating Partnership formed to hold mortgage loans used as collateral for financings under the Company&#8217;s repurchase agreement. 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. GAJX Real Estate LLC is a wholly owned subsidiary of the Operating Partnership formed to own, maintain, improve and sell REO properties purchased by the Company. The Company has elected to treat GAJX Real Estate LLC as a TRS under the Code. During the three-months ended June 30, 2016, the Company formed FLAIAS LLC, a wholly owned subsidiary of the operating partnership, to acquire property tax liens in the state of Florida.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 in July 2014, and completed its initial public offering, or IPO, on February 19, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 completed an additional public offering of its common stock in June 2016, in which it sold an aggregate of 2,589,427 shares of common stock, including shares sold pursuant to exercise of the option to purchase additional shares granted to the underwriters. The Company intends to use the approximately $32.0 million of proceeds net of expenses to acquire additional mortgage loans and mortgage-related assets.</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2015 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;29, 2016.</font></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 unaudited and 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 consolidated 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, 2016.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 interim 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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016, the Company owned 96.6% of the outstanding operating partnership units (&#8220;OP Units&#8221;) and the remaining 3.4% of the OP Units were owned by an unaffiliated holder.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the Company 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=35735333&amp;loc=d3e288-107754<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 272<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=d3e5614-111684<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<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>19
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6765753904">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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 2 &#8212; Summary of significant accounting policies</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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;">Mortgage loans</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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 bid price for mortgage loans, the Company uses a proprietary discounted cash flow valuation model to project expected cash flows, and consider alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include 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="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Loans acquired with deterioration in credit quality</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage loans pursuant to ASC 310-30, (Accounting for Loans with Deterioration in Credit Quality<font style="font-family: 'times new roman', times, serif; color: #545454;">).&#160;</font>The Company&#8217;s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the interest method of income recognition.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans 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&#160;characteristics and are accounted for as a single loan pool for loans acquired within each three-month calendar 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 calendar quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the closing date but prior to pooling. Any gain or loss incurred on these loans is recognized in other income in the period the loan pays in full.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 accounting for loans under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral. The Company recognizes the accretable yield as interest income on a prospective level yield basis over the life of the pool. The excess of a loan&#8217;s contractually required payments receivable over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company&#8217;s expectation of the amount of cash flows expected to be collected is evaluated at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. If the Company expects to collect lower cash flows over the life of the pool, the Company records an impairment through the allowance for loan losses.</div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Loans acquired that have not experienced a deterioration in credit quality</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">While the Company generally acquires loans that have experienced deterioration in credit quality, it may, from time to time, acquire loans that have not missed a scheduled payment and have not experienced a deterioration in credit quality.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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. 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. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 necessary, an 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 acquires real estate properties when it forecloses on the borrower and takes title to the underlying property (real estate owned or REO). Property is recorded at cost if purchased, or at the present value of future cash flows 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 its acquisition basis, net realizable value (fair market value less expected selling costs), appraisals or independent broker price opinion (BPOs). Net unrealized losses due to changes in market value are recognized through a&#160;valuation allowance by charges to income. No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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. Property is held for investment as rental property if the modeled present value of the future expected cash flows from use as a rental exceed the present value of expected cash flows from a sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years. The Company performs an impairment analysis for all rental property not held-for-sale 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. The 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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;">Secured borrowings</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business.&#160; The secured borrowings are structured as debt financings, and the loans remain on the Company&#8217;s balance sheet as the Company is the primary beneficiary of the securitization trusts, which are variable interest entities (VIEs). These secured borrowing 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 creditors do not have recourse to the primary beneficiary. Coupon interest on the debt is recognized using the accrual method of accounting.&#160; Deferred issuance costs, including original issue discount and debt issuance costs, are amortized on an effective yield basis based on the underlying cash flow of the mortgage loans.&#160; The Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date.&#160; Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.</p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Repurchase facilities</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold 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.&#160;<font style="font-family: 'times new roman', times, serif;">At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender.</font>&#160;The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company&#8217;s consolidated balance sheets, and debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up of a repurchasing contract are recorded as prepaid expense at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as prepaid expense when incurred and amortized over the contractual life of the related borrowing.</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 &#8220;Management Agreement&#8221;), 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 Note 9 &#8212; Related party transactions.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 Company&#8217;s Servicing Agreement, Gregory receives servicing fees of 0.65% annually of the Unpaid Principal Balance (UPB) for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition. Servicing fees are paid monthly. The total fees incurred by the Company 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 do not change if a re-performing loan becomes non-performing or vice versa. Servicing fees for the Company&#8217;s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. 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 Note 9 &#8212; Related party transactions.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 provides for the payment to the Manager of a management fee. The Company pays a portion of the management fee in cash, and a portion 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. On October 27, 2015, the Company entered into an amended and restated management agreement with the Manager (the &#8220;Amended and Restated Agreement&#8221;), which amended the portion of the base management fee and manager&#8217;s incentive fee to be payable in cash and shares of the Company&#8217;s common stock retroactive to July 1, 2015. 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 June 7, 2016, the Company&#8217;s stockholders approved the 2016 Equity Incentive Plan (the &#8220;2016 Plan&#8221;), to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company&#8217;s affiliates. The 2016 Plan authorized the adoption of up to 5% of outstanding shares on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible securities, including OP Units and LTIP units, into shares of common stock). At the time of the adoption of the 2016 Plan, there were 793,905 shares available under for distribution.</div>
<div style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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></b>&#160;</div>
<div style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Directors&#8217; fees</b></div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, the portion payable in common stock is reflected in stockholders&#8217; equity in the period in which it is incurred.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Variable interest entities</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the normal course of business, the Company enters into various types transactions with special purpose entities (SPEs), which have primarily consisted of trusts established for the Company&#8217;s secured borrowings (See &#8220;Secured Borrowings&#8221; above and Note 8 to the financial statements). &#160;Additionally, from time to time, the Company may enter into joint ventures with unrelated entities.&#160; The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a Variable Interest Entity (VIE). If an entity created in a transaction meets the definition of a VIE and the Company determines that Great Ajax is the primary beneficiary, the Company will include the entity in its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Cash held in trust</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 held in trust consists of cash balances legally due to lenders, and is segregated from the Company&#8217;s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations to the lender.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 and dilutive securities 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 that 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: 0px; margin: 0pt 0px 0pt 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 style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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 style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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 style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; 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>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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;</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 calculates the fair value for the senior debt consolidated on its balance sheet from securitization trusts by using the Company&#8217;s proprietary pricing model to estimate the cash flows expected to be generated from the underlying collateral with the discount rate used in the present value calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors.</p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Income taxes</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 elected 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 the Company 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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 February 22, 2016, the Company received a private letter ruling from the Internal Revenue Service regarding the consequences of owning the interest in our Manager through its operating partnership. 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 offerings of shares of common stock have been netted against, and are reflected as a reduction in, additional paid-in capital.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Certain amounts in the Company&#8217;s 2015 Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income or equity.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Recently adopted accounting standards</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 implemented this amendment for the six months ended June 30, 2016. As a result of this implementation, there was no effect on the application of the Company&#8217;s consolidation policy.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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. In June 2015, the FASB issued ASU 2015-15, which acknowledges that the scope of ASU 2015-03 does not include line-of-credit arrangements but indicates that the SEC staff would not object to an entity deferring and presenting debt issuance costs for a line-of-credit borrowing arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The Company implemented this amendment during the three months ended March 31, 2016. The result of this implementation was a reduction of approximately $4.9 million on the balance sheet in Prepaid expenses and other assets, and an offsetting reduction of approximately $4.9 million in Secured borrowings, based on the Company&#8217;s balance sheet at March 31, 2016. There was no effect on the presentation of the Company&#8217;s Borrowings under repurchase agreement in its consolidated balance sheets as these borrowings are short-term in nature and as such are unaffected by the ASU. Additionally, there was no effect on consolidated net income, or equity.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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></b>&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Recently issued accounting standards</b></div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, Financial Accounting Standards Board (the &#8220;FASB&#8221;) 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. In August 2015, the FASB issued ASU 2015-14 deferring the effective date for ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is not permitted. The Company is evaluating the impact of this amendment on its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 2016, the FASB issued ASU 2016-01Financial Instruments &#8211; Overall. ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Specifically the guidance (1) requires equity investments to be measured at fair value with changes in fair value recognized in earnings, (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost, (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option, (6) requires separate presentation of financial assets and liabilities by measurement category and form on the balance sheet or the notes to the financial statements, and (7) clarifies that the need for a valuation allowance on a deferred tax asset related to an available-for-sale security should be evaluated with other deferred tax assets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 2016, the FASB issued ASU 2016-07 Investments &#8211; Equity Method and Joint Ventures which is intended to simplify the transition to the equity method of accounting. The guidance eliminates the retrospective application of the equity method of accounting when obtaining significant influence over a previously held investment. The guidance requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 2016, the FASB issued ASU 2016-09 Compensation &#8211; Stock Compensation. The guidance primarily simplifies the accounting for employee share-based payment transactions, including a new requirement to record all of the income tax effects at settlement or expiration through the income statement, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 June 2016, the FASB issued ASU 2016-13 Financial Instruments &#8211; Credit Losses. The main objective of this guidance is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. To achieve this, the amendments in this guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Specifically, the amendments in this guidance requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted, beginning with fiscal years after December 15, 2018. The Company is currently evaluating the impact on its consolidated financial statements.</div>
</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18861-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18726-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18743-107790<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18854-107790<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>20
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6838359056">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0.5in; margin: 0pt 0px; font: 10pt '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;">Included on the Company&#8217;s consolidated balance sheet as of June 30, 2016 and December 31, 2015, are approximately $630.5 million and $554.9 million, respectively, of residential and small business commercial whole loans at carrying value. The carrying value reflects the original investment amount, plus accretion of interest income, less principal and interest cash flows received. The carrying value is decreased by the allowance for losses, if any. To date, the Company has not recorded an allowance for losses against its purchased mortgage loans.</font></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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. The Company categorizes mortgage loans as &#8220;re-performing&#8221; and as &#8220;non-performing&#8221; at acquisition and 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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 presents information regarding the accretable yield and non-accretable amount for loans acquired during the following periods. The Company&#8217;s loan acquisitions for the three and six months ended June 30, 2016 consisted entirely of re-performing loans; no non-performing loans were acquired in either of the&#160;2016 periods ($ in thousands):</div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;"><b>Three&#160;months&#160;ended&#160;June&#160;30,&#160;2016</b></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;"><b>Three&#160;months&#160;ended&#160;June&#160;30,&#160;2015</b></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>Acquisitions</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Re-performing<br  />loans</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Non-performing<br  />loans</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Re-performing<br  />loans</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Non-performing<br  />loans</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 753px;">Contractually required principal and interest</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">120,524</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 156px;">332,571</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">31,827</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;">Non-accretable amount</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;">(48,244</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;">-</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;">(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>
</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;">72,280</td>
<td style="text-align: left;">&#160;</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;">&#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>
</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;">(20,152</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;">-</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;">(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>
</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">52,128</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">-</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">150,388</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</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>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Re-performing<br  />loans</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;">Non-performing<br  />loans</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;">Re-performing<br  />loans</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;">Non-performing<br  />loans</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: 753px;">Contractually required principal and interest</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">202,703</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 156px;">486,603</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">65,675</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;">Non-accretable amount</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;">(77,392</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;">-</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;">(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>
</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;">125,311</td>
<td style="text-align: left;">&#160;</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;">&#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>
</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;">(36,005</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;">-</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;">(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>
</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">89,306</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">-</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>
</tr>
</table>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt;">The following table presents the change in the accretable yield for the total loan portfolio for the following periods ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>Accretable&#160;yield</b></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="6" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended&#160;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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Re-performing<br  />loans</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;">Non-performing<br  />loans</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;">Re-performing&#160;<br  />loans</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;">Non-performing<br  />loans</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="width: 753px;">Balance at beginning of period</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">138,768</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">16,151</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 156px;">74,045</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">22,604</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;">20,152</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;">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>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>Accretion</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(14,317</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(2,057</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(7,739</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(3,054</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Reclassification from (to) non-accretable amount, net</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;">39,570</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;">2,204</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;">-</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;">-</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;">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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">184,173</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">16,298</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>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Re-performing<br  />loans</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;">Non-performing<br  />loans</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;">Re-performing<br  />loans</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;">Non-performing<br  />loans</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="width: 753px;">Balance at beginning of period</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">136,455</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">18,425</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 156px;">54,940</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">20,686</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;">36,005</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;">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>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>Accretion</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(27,857</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(4,331</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(12,688</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(4,989</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Reclassification from (to) non-accretable amount, net</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;">39,570</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;">2,204</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;">-</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;">-</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;">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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">184,173</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">16,298</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>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 month periods ended June 30, 2016, and June 30, 2015, the Company recognized no provision for loan loss. For the three and six month periods ended June 30, 2016, the Company accreted $16.4 million and $32.2 million, respectively, into interest income with respect to its loan portfolio. For the three and six month periods ended and June 30, 2015, the Company accreted $10.8 million and $17.7 million, respectively, into interest income with respect to its loan portfolio.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016, the Company reclassified $39.6 million and $2.2 million from non-accretable amount to accretable yield for its re-performing and non-performing loans, respectively. The reclassification is based on an updated assessment of projected loan cash flows as compared to the projection at the acquisition date.&#160; Substantially fewer loans are defaulting than originally projected at acquisition, resulting in greater total cash flows being collected over a longer period of time.&#160; Performing loans &#160;have a longer duration than non-performing loans and generate higher cash flows over the expected life of the loan.&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following table sets forth the carrying value of the Company&#8217;s mortgage loans, and related UPB by delinquency status as of June 30, 2016 and December 31, 2015 ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 style="text-align: left;" 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, 2016</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, 2015</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="text-align: left;" 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;">Number<br  />of&#160;loans</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</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;">Unpaid<br  />principal<br  />balance</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;">Number<br  />of&#160;loans</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</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;">Unpaid<br  />principal<br  />balance</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: 533px;">Current</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 126px;">1,539</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 126px;">274,302</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 126px;">349,329</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;">1,161</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 125px;">212,469</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 125px;">272,577</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;">578</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">107,919</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">135,930</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">479</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">83,936</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">107,873</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;">298</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">55,254</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">67,888</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">338</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">55,573</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">70,781</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;">733</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">119,174</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">152,253</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">867</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">127,435</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">167,177</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; 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;">388</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;">73,885</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;">100,171</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;">404</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;">75,464</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;">107,301</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;">3,536</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">630,534</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">805,571</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;">3,249</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">554,877</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">725,709</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
</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>21
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6770499056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Real estate assets<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0.5in; margin: 0pt 0px; font: 10pt '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;">The Company primarily acquires REO when a mortgage loan is foreclosed upon and the Company takes title to the property on the foreclosure date. Additionally, from time to time, the Company will acquire real estate assets in purchase transactions.</font></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0.5in; margin: 0pt 0px; font: 10pt '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;">At June 30, 2016, the Company held 103 residential properties with a carrying value of $14.4 million that were acquired through foreclosure and have been reclassified out of its Mortgage Loan Portfolio. As of December 31, 2015, the Company held 55 residential properties with a carrying value of $6.8 million that were acquired through foreclosure and reclassified out of its Mortgage Loan Portfolio.</font></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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;">Rental property</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016, the Company owned 3 REO properties with an aggregate carrying value of $0.8 million held for investment as rentals, at which time all of the properties were rented. None of these properties were acquired during the three-months ended June 30, 2016, through foreclosures, and none were transferred from Property held-for sale. As of December 31, 2015, the Company had one REO property having an aggregate carrying value of $0.1 million held for use as a rental, which was rented at that time.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0px; margin: 0pt 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;">Property held-for-sale</div>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 classifies REO as property held-for sale if the property does not meet its residential rental property investment criteria. For the three-month periods ended June 30, 2016 and June 30, 2015, the Company moved 41 and 20 REO properties having aggregate carrying values of $4.8 million and $2.8 million, respectively, to real estate held-for-sale from its mortgage loan portfolio. For the six-month periods ended June 30, 2016 and June 30, 2015, the Company moved 80 and 45 REO properties having aggregate carrying values of $9.4 million and $7.7 million, respectively, to real estate held-for-sale from its mortgage loan portfolio. As of&#160; the periods ended June 30, 2016 and December 31, 2015, the Company&#8217;s net investments in REO held-for-sale were $16.6 million and $10.3 million, respectively.</div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0px; margin: 0pt 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;">
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0px; margin: 0pt 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 style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016 and June 30, 2015, the Company sold 21 and 3 REO properties, realizing net gains of approximately $0.5 million and $27,000, respectively, which are included in Other income on the Company&#8217;s consolidated statements of income. During the six months ended June 30, 2016 and 2015, the Company sold 39 and 4 REO properties realizing gains, net of selling expenses, commissions and other costs, of approximately $1.1 million and $22,000 respectively. In addition, following an updated assessment of liquidation amounts expected to be realized that was performed on all REO held at the end of the quarter, a downward adjustment of approximately $0.2 million was recorded to reflect certain REO properties at the lower of cost or estimated fair value for the three and six months ended June 30, 2016, respectively. The Company did not record any lower of cost or estimated fair market value adjustment in 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0.5in; margin: 0pt 0px; font: 10pt '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;">The following table presents the activity in the Company&#8217;s carrying value of REO held-for-sale for the three months and six months ended June 30, 2016 and June 30, 2015&#160;<i>(in thousands</i>):</font></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Property Held-for-sale</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Three months ended</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six months ended</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 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;">June 30,&#160;2016</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;">June 30, 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="2" nowrap="nowrap"><font style="font-size: 8pt;">June 30, 2016</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;">June 30, 2015</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="width: 878px;">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: 126px;">13,380</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 126px;">5,541</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 125px;">10,333</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: 125px;">1,316</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;">Transfers from mortgage loans</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5,019</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3,574</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9,851</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">7,669</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Adjustments to record at lower of cost or fair value</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(154</td>
<td style="text-align: left;">)</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;">&#160;</td>
<td style="text-align: right;">(200</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Disposals</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(2,324</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(326</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(4,137</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(363</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Other</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;">630</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;">229</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;">704</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;">396</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;">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;">16,551</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">9,018</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">16,551</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;">9,018</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
</div>
</div>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-06(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e604059-122996<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04(c)(Schedule III))<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 360<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-24)<br> -URI http://asc.fasb.org/extlink&amp;oid=34714203&amp;loc=d3e608456-123001<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>22
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6837599376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016 and December 31, 2015 ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="2" nowrap="nowrap"><font style="font-size: 8pt;">Level&#160;1</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;">Level&#160;2</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;">Level&#160;3</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; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2016</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</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;">Quoted&#160;prices&#160;in<br  />active&#160;markets</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;">Observable&#160;inputs<br  />other&#160;than&#160;Level&#160;1<br  />prices</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;">Unobservable<br  />inputs</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; 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;">$</td>
<td style="text-align: right; width: 157px;">630,534</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">689,075</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-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;">Secured borrowings, net</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">346,070</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">341,245</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;">Borrowings under repurchase agreement</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">102,240</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">102,240</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="2" nowrap="nowrap"><font style="font-size: 8pt;">Level&#160;1</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;">Level&#160;2</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;">Level&#160;3</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; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2015</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</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;">Quoted&#160;prices&#160;in<br  />active&#160;markets</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;">Observable&#160;inputs<br  />other&#160;than&#160;Level&#160;1<br  />prices</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;">Unobservable<br  />inputs</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; 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;">$</td>
<td style="text-align: right; width: 157px;">554,877</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">627,112</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-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;">Secured borrowings, net</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">265,006</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">259,649</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;">Borrowings under repurchase agreement</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">104,533</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">104,533</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 either the three or six months ended June 30, 2016 or the three or six months ended June 30, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, cash held in trust, receivable from servicer, investment in affiliates, prepaid expenses and other assets, management fee payable and accrued expenses and other liabilities are equal to or approximate 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 an internal valuation based upon recent comparable selling prices.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 borrowings under repurchase transactions are short-term in nature, and the Company&#8217;s management believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the fair value of these borrowings approximates carrying value.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 based upon the present value of future expected cash flows of the loans being transferred.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Significant changes to any of the unobservable inputs used in the fair value measurement of the Company&#8217;s mortgage loans including discount rates and loan resolution timelines among others, 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, 2016 and December 31, 2015:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; 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: top;">
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"><font style="font-size: 8pt;"><b>Range of Values</b></font></td>
</tr>
<tr style="vertical-align: top;">
<td style="border-bottom: black 1pt solid; width: 1003px;" nowrap="nowrap"><font style="font-size: 8pt;"><b>Input</b></font></td>
<td style="text-align: center; padding-bottom: 1pt; width: 16px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; width: 220px;" nowrap="nowrap"><font style="font-size: 8pt;"><b>June 30, 2016</b></font></td>
<td style="text-align: center; padding-bottom: 1pt; width: 15px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; width: 313px;" nowrap="nowrap"><font style="font-size: 8pt;"><b>December 31, 2015</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td><font style="font-size: 10pt;">Equity discount rate &#8211; Re-performing loans</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">7% - 14%</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">7% - 14%</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td><font style="font-size: 10pt;">Equity discount rate &#8211; Non-performing loans</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">10% - 18%</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">10% - 18%</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td><font style="font-size: 10pt;">Cost of debt</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">4.25%</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">4.25%</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td><font style="font-size: 10pt;">Loan resolution timelines &#8211; Re-performing loans (in years)</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">4 - 7</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">4 - 7</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td><font style="font-size: 10pt;">Loan resolution timelines &#8211; Non-performing loans (in years)</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">1.4 - 4</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">1.4 - 4</font></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13537-108611<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13504-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<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>23
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6770499056">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 holds a 40.5% interest in a Delaware trust, GA-E 2014-12, which holds an economic interest in a single small-balance commercial loan secured by a commercial property in Portland, Oregon.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 Company&#8217;s original private placement in July 2014, the Company received a 19.8% equity interest in Thetis, a privately held company for which there is no public market for its securities. The Company accounts for its investment in Thetis using the equity method.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 14, 2016, the Company formed AS Ajax E LLC, to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. DoubleLine Capital LP, an independent third party, owns 95% of the Trust. Through AS Ajax E LLC, in which the Company holds a 24% interest, the Company owns 1.2% of the Trust, and other investors own 3.8% of the Trust. The Company accounts for its investment in AS Ajax E LLC using the equity method.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 table below shows the net income, assets and liabilities for the Company&#8217;s unconsolidated affiliates at 100%, and at the Company&#8217;s share (<i>dollars in thousands</i>):</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>Net income, assets and liabilities at 100%</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Net income at 100%</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 75%; 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 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="6" nowrap="nowrap"><font style="font-size: 8pt;">Three months ended June 30,</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six months ended June 30,</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><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="2"><font style="font-size: 8pt;">2016</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="2"><font style="font-size: 8pt;">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="2"><font style="font-size: 8pt;">2016</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="2"><font style="font-size: 8pt;">2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 602px;">GA-E 2014-12</td>
<td style="width: 13px;">&#160;</td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">191</td>
<td style="text-align: left; width: 13px;">&#160;</td>
<td style="width: 13px;">&#160;</td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">221</td>
<td style="text-align: left; width: 12px;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">384</td>
<td style="text-align: left; width: 12px;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">423</td>
<td style="text-align: left; width: 12px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Thetis Asset Management</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">231</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">295</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">453</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">500</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">AS Ajax E LLC</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">57</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">57</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 75%; 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 style="font-weight: bold;" colspan="5">Assets and liabilities at 100%</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td 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="6" nowrap="nowrap"><font style="font-size: 8pt;">June 30, 2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">December 31, 2015</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><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="2"><font style="font-size: 8pt;">Assets</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="2"><font style="font-size: 8pt;">Liabilities</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="2"><font style="font-size: 8pt;">Assets</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="2"><font style="font-size: 8pt;">Liabilities</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 602px;">GA-E 2014-12</td>
<td style="width: 13px;">&#160;</td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">6,120</td>
<td style="text-align: left; width: 13px;">&#160;</td>
<td style="width: 13px;">&#160;</td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">3</td>
<td style="text-align: left; width: 12px;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">5,763</td>
<td style="text-align: left; width: 12px;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">10</td>
<td style="text-align: left; width: 12px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Thetis Asset Management</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,897</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">685</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,028</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">520</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">AS Ajax E LLC</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">4,642</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3</td>
<td style="text-align: left;">&#160;</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;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>Net income, assets and liabilities at Company share</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 75%; 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 style="font-weight: bold;">Net income at Company share</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td 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="6" nowrap="nowrap"><font style="font-size: 8pt;">Three months ended June 30,</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six months ended June 30,</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><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="2"><font style="font-size: 8pt;">2016</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="2"><font style="font-size: 8pt;">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="2"><font style="font-size: 8pt;">2016</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="2"><font style="font-size: 8pt;">2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 602px;">GA-E 2014-12</td>
<td style="width: 13px;">&#160;</td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">77</td>
<td style="text-align: left; width: 13px;">&#160;</td>
<td style="width: 13px;">&#160;</td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">90</td>
<td style="text-align: left; width: 12px;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">156</td>
<td style="text-align: left; width: 12px;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">171</td>
<td style="text-align: left; width: 12px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Thetis Asset Management</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">46</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">58</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">90</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">99</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">AS Ajax E LLC</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">14</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="font: 10pt/normal 'times new roman', times, serif; width: 75%; 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 style="font-weight: bold;" colspan="5">Assets and liabilities at Company share</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td 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="6" nowrap="nowrap"><font style="font-size: 8pt;">June 30, 2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">December 31, 2015</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><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="2"><font style="font-size: 8pt;">Assets</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="2"><font style="font-size: 8pt;">Liabilities</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="2"><font style="font-size: 8pt;">Assets</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="2"><font style="font-size: 8pt;">Liabilities</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 602px;">GA-E 2014-12</td>
<td style="width: 13px;">&#160;</td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">2,479</td>
<td style="text-align: left; width: 13px;">&#160;</td>
<td style="width: 13px;">&#160;</td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">1</td>
<td style="text-align: left; width: 12px;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">2,334</td>
<td style="text-align: left; width: 12px;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">4</td>
<td style="text-align: left; width: 12px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Thetis Asset Management</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">772</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">136</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">600</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">103</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">AS Ajax E LLC</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,125</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">(1)</td>
<td style="text-align: left;">&#160;</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;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611322-123010<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>24
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6768756848">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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, 2016, the Company had commitments to purchase 1,063 RPLs secured by single and one-to-four family residences with aggregate UPB of $189.3 million.</div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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>
<div style="widows: 1; text-transform: none; text-indent: 40.5pt; margin: 0pt 0px; font: 10pt '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, 2016, the Company was not a party to, and its properties were not 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></div>
</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=68068213&amp;loc=d3e12565-110249<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25287-109308<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>25
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6837612896">
<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, 2016</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="font: bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Note 8 &#8212; Debt</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Repurchase agreements</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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, AJX Mortgage Trust I (the &#8220;Seller&#8221;), which is wholly owned by the Operating Partnership, 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. 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 a master repurchase agreement (the &#8220;2014 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 at any point in time, with a simultaneous agreement by the Seller to repurchase such mortgage loans and other property, as provided in the 2014 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 was amended on May 13, 2015 to increase the transaction limit, and on November 24, 2015 to extend the termination date. The facility termination date is November 22, 2016.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">On July 15, 2016, the Company entered into a repurchase financing arrangement, as Seller, with JPMorgan Chase Bank, N.A., as Buyer, under which it will sell to Buyer the beneficial interests in mortgage loans and will pledge to Buyer the beneficial interests in such assets, with a simultaneous agreement by Buyer to transfer to the Company and the Company to repurchase such assets on a future date. The arrangement terminates on July 12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5% and an annual percentage facility fee of 25 basis points on the committed amount.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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 its 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.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Additionally, we have sold subordinate securities from our mortgage securitizations in repurchase transactions. The following table sets forth the details of the repurchase transactions ($ in thousands):</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" 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 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2016</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-size: 8pt;">Origination&#160;date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Amount<br  />&#160;of<br  />&#160;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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest&#160;rate</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; background-color: #cceeff;">
<td style="width: 455px;">September 9, 2016</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 283px;">March 9, 2016</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">15,730</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">15,730</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;">22,470</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 156px; text-align: right;">3.00</td>
<td style="width: 15px; text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>September 30, 2016</td>
<td>&#160;</td>
<td>March 30, 2016</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">10,658</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">10,658</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">15,226</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.01</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>November 22, 2016</td>
<td>&#160;</td>
<td>November 24, 2015</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">200,000</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">66,433</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">109,252</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.19</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;">December 23, 2016</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">June 23, 2016</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;">9,419</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;">9,419</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;">13,391</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;">2.91</td>
<td style="text-align: left; padding-bottom: 1pt;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt;">Totals</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<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;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">235,807</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;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">102,240</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">160,339</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;">3.77</td>
<td style="text-align: left; padding-bottom: 2.5pt;">%</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" 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 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2015</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-size: 8pt;">Origination&#160;date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Amount<br  />&#160;of<br  />&#160;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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest&#160;rate</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; background-color: #cceeff;">
<td style="width: 455px;">March 30, 2016</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 283px;">September 30, 2015</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">10,838</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">10,838</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;">15,483</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 156px; text-align: right;">2.53</td>
<td style="width: 15px; text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>June 23, 2016</td>
<td>&#160;</td>
<td>December 23, 2015</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9,374</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9,374</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">13,391</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.91</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 1pt;">November 22, 2016</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td>November 24, 2015</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;">200,000</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;">84,321</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;">135,736</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;">4.17</td>
<td style="text-align: left; padding-bottom: 1pt;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;">Totals</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<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;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">220,212</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;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">104,533</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">164,610</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;">3.91</td>
<td style="text-align: left; padding-bottom: 2.5pt;">%</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">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, 2016 and December 31, 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" 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; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Gross amounts not offset in balance sheet</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;" 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>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-size: 8pt;">Balance sheet date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross amount of&#160;<br  />recognized liabilities</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross amount&#160;<br  />pledged as&#160;<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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Net amount</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; background-color: #cceeff;">
<td style="width: 956px; padding-bottom: 1pt;">June 30, 2016</td>
<td style="width: 16px; padding-bottom: 1pt;">&#160;</td>
<td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">102,240</td>
<td style="width: 16px; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="width: 16px; padding-bottom: 1pt;">&#160;</td>
<td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">160,339</td>
<td style="width: 16px; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="width: 15px; padding-bottom: 1pt;">&#160;</td>
<td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="width: 156px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">58,099</td>
<td style="width: 15px; text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;">December 31, 2015</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">104,533</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;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">164,610</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">60,077</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Secured borrowings</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">From the commencement of operations to June 30, 2016, the Company has completed six 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 VIEs. 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="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company&#8217;s securitizations are structured with Class A notes, Class B notes, and trust certificates which have rights to the residual interests in the mortgages once the notes are repaid. For each of the Company&#8217;s six securitizations through June 30, 2016, 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 trusts after the Class A notes and Class&#160;B notes have been paid in full.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-size: 8pt;">Issuing Trust/Issue Date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-size: 8pt;">Original Principal</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest Rate</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; background-color: #cceeff;">
<td style="width: 612px; text-align: left;">Ajax Mortgage Loan Trust 2014-A/ October 2014</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 392px; text-align: left;">Class A notes due 2057</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 330px;">$45 million</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 156px; text-align: right;">4.00</td>
<td style="width: 15px; text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2057<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$8 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2057<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$8 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$20.4 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(0.9) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2014-B / November 2014</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2054</td>
<td>&#160;</td>
<td>$41.2 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2054<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$13.7 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2054<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$13.7 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$22.9 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(0.8) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2015-A / May 2015</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2054</td>
<td>&#160;</td>
<td>$35.6 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2054<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$8.7 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2054<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$8.7 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$22.8 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(0.8) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2015-B / July 2015</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2060</td>
<td>&#160;</td>
<td>$87.2 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2060<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$15.9 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2060<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$7.9 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$47.5 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(1.5) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2015-C / November 2015</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2057</td>
<td>&#160;</td>
<td>$82.0 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2057<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$6.5 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2057<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$6.5 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$35.1 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(2.7) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2016-A/ April 2016</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2064</td>
<td>&#160;</td>
<td>$101.4 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2064<sup>(1)</sup></font></td>
<td>&#160;</td>
<td>$7.9 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2064<sup>(1)</sup></font></td>
<td>&#160;</td>
<td>$7.9 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Trust certificates&#160;<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$41.3 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(2.7) million</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="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;<b>&#160;</b></p>
<div align="left" style="color: #000000; text-transform: none; line-height: normal; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: normal; margin-top: 3pt; margin-bottom: 3pt; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal;">
<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: 0pt 0px 0pt 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; 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 B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes.</td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0in;"></td>
<td style="width: 0.25in; text-align: left;">(2)</td>
<td style="text-align: left;">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, the Company is 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>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0in;"></td>
<td style="width: 0.25in; text-align: left;">(3)</td>
<td style="text-align: justify;">These securities are encumbered under a repurchase agreement.</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Servicing for the mortgage loans in the Company&#8217;s securitizations is provided by the Servicer at a servicing fee rate of 0.65% annually of UPB for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition, and is paid monthly. The following table sets forth the status of the notes held by others at June 30, 2016, December 31, 2015, and the securitization cutoff date ($ in thousands):</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" 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; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Balances&#160;at&#160;June&#160;30,&#160;2016</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Balances&#160;at&#160;December&#160;31,&#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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Original&#160;balances&#160;at&#160;securitization&#160;cutoff date</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-size: 8pt;">Class&#160;of&#160;Notes</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br  />value&#160;of<br  />mortgages</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond<br  />principal<br  />balance</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br  />value&#160;of<br  />mortgages</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond<br  />principal<br  />balance</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Mortgage<br  />UPB</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond&#160;Principal<br  />Balance</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; background-color: #cceeff;">
<td style="width: 345px;">2014-A</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">53,606</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">34,659</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">55,098</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">36,463</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">81,405</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">45,000</td>
<td style="width: 15px; text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>2014-B</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">64,696</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">32,919</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">66,292</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">35,646</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="vertical-align: bottom; background-color: #cceeff;">
<td>2015-A</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">52,991</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">31,615</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">53,673</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">33,674</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">75,835</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">35,643</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>2015-B</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">110,799</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">81,305</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">115,395</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">84,973</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">158,498</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">87,174</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>2015-C</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">104,015</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">72,783</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">108,238</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">79,824</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">130,130</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">81,982</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;">2016-A</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;">118,778</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;">99,309</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;">-</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;">-</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;">158,485</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;">101,431</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;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">504,885</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">352,590</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;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">398,696</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">270,580</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;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">695,888</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">392,421</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: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20,22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>26
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6750099600">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 statements of income included the following significant related party transactions ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="7" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended&#160;June&#160;30,&#160;2015</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;" 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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated<br />Statement&#160;of<br />Income&#160;location</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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated<br />Statement&#160;of<br />Income&#160;location</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 283px; vertical-align: top;"><font style="font-size: 8pt;">Loan servicing fees</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">1,453</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 157px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 283px;"><font style="font-size: 8pt;">Related party expense-loan servicing fees</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">851</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 156px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 282px;"><font style="font-size: 8pt;">Related party expense-loan servicing fees</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Management fee</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">937</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Related party expense-management fee</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size:
 8pt;">856</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Related party expense-management fee</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Due diligence and related loan acquisition costs</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">24</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Loan transaction expense</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</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;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Loan transaction expense</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Expense reimbursements</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Aspen Yo</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Professional fees</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="7" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2015</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;" 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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated<br />Statement&#160;of<br />Income&#160;location</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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated<br />Statement&#160;of<br />Income&#160;location</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 283px; vertical-align: top;"><font style="font-size: 8pt;">Loan servicing fees</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">2,856</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 157px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 283px;"><font style="font-size: 8pt;">Related party expense-loan servicing fees</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">1,507</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 156px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 282px;"><font style="font-size: 8pt;">Related party expense-loan servicing fees</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Management fee</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">1,843</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Related party expense-management fee</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">1,603</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Related party expense-management fee</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Due diligence and related loan acquisition costs</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">50</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Loan transaction expense</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">19</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Loan transaction expense</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Expense reimbursements</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</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;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Aspen Yo</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Professional fees</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 balance sheets included the following significant related party balances ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2016</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="7" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2015</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;" 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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated&#160;Balance<br />sheet&#160;location</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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated&#160;Balance<br />Sheet&#160;Location</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 283px; vertical-align: top;"><font style="font-size: 8pt;">Receivables from Servicer</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">6,949</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 157px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 283px;"><font style="font-size: 8pt;">Receivable from servicer</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">5,444</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 156px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 282px;"><font style="font-size: 8pt;">Receivable from servicer</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Management fee payable</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">703</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Management fee payable</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">667</font></td>
<td style="text-align: left;"><font
 style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Management fee payable</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Servicing fees payable</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</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;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Accrued expenses and other liabilities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">152</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Accrued expenses and other liabilities</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Expense reimbursement receivable</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">37</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Prepaid expenses and other assets</font></td>
</tr>
</table>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the Management Agreementwith the Manager, which has a 15-year term. 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 (other than its Chief Financial Officer) and does not expect to have any other 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 Servicer.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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)&#160;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 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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 initial $1 million of the quarterly base management fee will be payable 75% in cash and 25% in shares of the Company&#8217;s common stock. Any amount of the base management fee in excess of $1 million will be payable in shares of the Company&#8217;s common stock until payment is 50% in cash and 50% in shares (the &#8220;50/50 split&#8221;). Any remaining amount of the quarterly base management fee after the 50/50 split threshold is reached will be payable in equal amounts of cash and shares. As for the Manager&#8217;s Incentive Fee, in the event that the payment of the quarterly base management fee has not reached the 50/50 split, all of the incentive fee will be payable in shares of the Company&#8217;s common stock until the 50/50 split occurs. In the event that the total payment of the quarterly base management fee and the incentive fee has reached the 50/50 split, 20% of the remaining incentive fee is payable in shares of the Company&#8217;s common stock and 80% of the remaining incentive fee 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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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&#160;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.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the Company defaults 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: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 are 0.65% annually of UPB for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition, and are paid monthly. The total fees incurred by the Company 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 do not change if a performing loan becomes non-performing or vice versa. Servicing fees for the Company&#8217;s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the Company 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 use of the name &#8220;Thetis.&#8221;</div>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<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>27
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6837614480">
<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, 2016</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="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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 10 &#8212; Stock-based payments and director fees</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 terms of the Management Agreement, the Company pays a portion 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 its common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of its common stock is paid. The Company paid the Manager a base management fee for the three and six months ended June 30, 2016 of $0.9 million and $1.8 million, respectively, of which the Company paid $0.2 million and $0.5 million, respectively, in 15,684 and 30,600 shares, respectively, of its common stock. The shares issued to the Manager are restricted securities subject to transfer restrictions.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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 except share amounts).</p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Management fees and director fees</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;">For&#160;the&#160;three-months&#160;ended<br />&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">For&#160;the&#160;three-months&#160;ended&#160;<br />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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Number&#160;of<br />shares</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;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<sup>(1)</sup></b></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;">Number&#160;of<br />shares</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;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<sup>(1)</sup></b></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: 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;">15,684</td>
<td style="text-align:
 left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">234</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">29,790</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">411</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;">1,672</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;">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>
</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;">17,356</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">259</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">31,530</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">436</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: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;">For&#160;the&#160;six-months&#160;ended<br />&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">For&#160;the&#160;six-months&#160;ended&#160;<br />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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Number&#160;of<br />shares</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;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<sup>(1)</sup></b></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;">Number&#160;of<br />shares</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;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<sup>(1)</sup></b></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: 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;">30,600</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">462</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td
 style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">55,877</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</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;">3,320</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;">52</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;">33,920</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">514</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">59,365</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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: 0pt 0px; font: 10pt '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>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 activity in its restricted stock plan ($ in thousands, except share and per share amounts):</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; padding-bottom: 1pt; vertical-align: top;" nowrap="nowrap"><font style="font-size: 8pt;"><b>Restricted&#160;stock</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Number&#160;of<br />shares</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Per&#160;share<br />value</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Total&#160;cost&#160;of<br />grant</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Grant&#160;expense<br />recognized&#160;for&#160;the<br />three&#160;months&#160;ended<br />June&#160;30,&#160;2016</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Grant&#160;expense<br />recognized&#160;for&#160;the&#160;six<br />months&#160;ended&#160;June&#160;30,&#160;<br />2016</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></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;">$</td>
<td style="text-align: right; width: 156px;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">-</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;">-</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;">2</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;">-</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;">2</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: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px;
 width: 99%; 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; 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;">Number&#160;of<br />shares</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;">Per&#160;share<br />value</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;">Total&#160;cost&#160;of<br />grant</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;">Grant&#160;expense<br />recognized&#160;for&#160;the<br />three&#160;months&#160;ended<br />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="2" nowrap="nowrap"><font style="font-size: 8pt;">Grant&#160;expense<br />recognized&#160;for&#160;the&#160;six<br />months&#160;ended&#160;June&#160;30,&#160;<br />2015</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="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: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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: 0pt 0px; font: 10pt '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>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 40<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65895303&amp;loc=d3e17540-113929<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68057994&amp;loc=d3e25284-112666<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<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>28
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6595221728">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Provisions for income taxes of $26,000 and $23,000 were recorded for the three- and six-month periods ended June 30, 2016. Provisions for income taxes of $16,000 were recorded for both the three- and six-month periods ended June 30, 2015, respectively.&#160;<b></b>The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheet at June 30, 2016 or December 31, 2015. The Company also recorded no interest or penalties for either of the three- or six-month periods ended June 30, 2016 or the three- or six-month periods ended June 30, 2015.</div>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32559-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32718-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<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>29
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6837588096">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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;&#160;</div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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;">Three&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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;">Three&#160;months&#160;ended&#160;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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Income<br  />(Numerator)</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;">Shares<br  />(Denominator)</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;">Per&#160;Share<br  />Amount</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;">Income<br  />(Numerator)</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;">Shares<br  />(Denominator)</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;">Per&#160;Share<br  />Amount</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><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Basic EPS</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; width: 533px;"><font style="font-size: 8pt;">Consolidated income attributable to common stockholders</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">6,605</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">15,742,932</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">5,436</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">15,237,739</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Allocation of earning to participating restricted shares</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(9</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(17</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Consolidated income attributable to unrestricted common stockholders</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">6,596</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">15,742,932</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">0.42</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">5,419</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">15,237,739</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">0.36</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Effect of dilutive securities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Operating partnership units</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">257</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">624,106</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">223</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">624,106</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Restricted stock grants and Manager and director fee shares</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">9</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">22,088</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">17</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">47,789</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Diluted EPS</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">Consolidated income attributable to common stockholders and dilutive securities</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">6,862</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">16,389,126</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">0.42</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">5,659</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">15,909,634</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">0.36</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2015</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; 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;">Income<br  />(Numerator)</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;">Shares<br  />(Denominator)</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;">Per&#160;Share<br  />Amount</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;">Income<br  />(Numerator)</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;">Shares<br  />(Denominator)</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;">Per&#160;Share<br  />Amount</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><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Basic EPS</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; width: 533px;"><font style="font-size: 8pt;">Consolidated income attributable to common stockholders</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">14,256</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">15,524,725</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">9,076</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">14,129,162</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Allocation of earning to participating restricted shares</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(23</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(31</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Consolidated income attributable to unrestricted common stockholders</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">14,233</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">15,524,725</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">0.92</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">9,045</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">14,129,162</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">0.64</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Effect of dilutive securities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Operating partnership units</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">569</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">624,106</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">398</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">624,106</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Restricted stock grants and Manager and director fee shares</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">23</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">25,333</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">31</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">48,051</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Diluted EPS</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">Consolidated income attributable to common stockholders and dilutive securities</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">14,825</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">16,174,164</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">0.92</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">9,474</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">14,801,319</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">0.64</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
</table>
</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1278-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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>XML
<SEQUENCE>30
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6595221440">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 13 &#8212; Subsequent events&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Director appointment</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 7, 2016, the Company&#8217;s Board of Directors appointed Paul Friedman to fill a vacancy on the Board. Mr. Friedman will serve as a member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. Mr. Friedman is an independent director, as defined by the NYSE. In connection with his appointment, Mr. Friedman received a stock award of 2,000 shares of the Company&#8217;s common stock subject to a one-year vesting period pursuant to the 2014 Director Equity Plan. As a director, Mr. Friedman will be entitled to an annual retainer of $50,000, payable quarterly, half in shares of the Company&#8217;s common stock and half in cash.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>Repurchase facility</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 15, 2016, the Company entered into a repurchase financing arrangement, as Seller, with JPMorgan Chase Bank, N.A., as Buyer, under which it will sell to Buyer the beneficial interests in mortgage loans and will pledge to Buyer the beneficial interests in such assets, with a simultaneous agreement by Buyer to transfer to the Company and the Company to repurchase such assets on a future date. The arrangement terminates on July 12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5%, and an annual percentage facility fee of 25 basis points on the committed amount.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, 2016 the Company&#8217;s Board of Directors declared a dividend of $0.25 per share, to be paid on August 31, 2016, to stockholders of record as of August 16, 2016.</p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>&#160;</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Mortgage loan pool acquisitions</b></p>
<p style="widows: 1; text-transform: none; text-indent: 31.5pt; margin: 0pt 0px; font: 10pt '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: 31.5pt; margin: 0pt 0px; font: 10pt '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 July 2016, we completed the acquisitions of 882 RPLs with aggregate UPB of $149.2 million in five transactions from five different sellers. The loans were acquired at 83.6% of UPB and the estimated market value of the underlying collateral is $211.2 million. The purchase price equaled 59.1% of the estimated market value of the underlying collateral. All of these acquisitions had closed as of July 31, 2016.</p>
<p style="widows: 1; text-transform: none; text-indent: 31.5pt; margin: 0pt 0px; font: 10pt '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: 31.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal;
 letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Additionally, we have agreed to acquire, subject to due diligence, 626 RPLs with aggregate UPB of $124.0 million in eight transactions from eight different sellers. The purchase price equals 82.6% of UPB and 59.9% of the estimated market value of the underlying collateral of $171.0 million. We have not entered into a definitive agreement with respect to these loans, and there is no assurance that we will enter into a definitive agreement relating to these loans or, if such an agreement is executed, that we will actually close the acquisitions or that the terms will not change.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 1, 2016 the Company issued 15,684 shares of its common stock to the Manager in payment of the stock-based portion of the management fee due for the second quarter of 2016 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the second quarter of 2016.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 1, 2016 the Company issued each of its independent directors 418 shares of its common stock in payment of half of their quarterly director fees for the second quarter of 2016.</div>
</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>31
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6834533952">
<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, 2016</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_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy', window );">Mortgage loans</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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;">Mortgage loans</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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 bid price for mortgage loans, the Company uses a proprietary discounted cash flow valuation model to project expected cash flows, and consider alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include 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.</div>
</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_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock', window );">Loans acquired with deterioration in credit quality</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Loans acquired with deterioration in credit quality</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage loans pursuant to ASC 310-30, (Accounting for Loans with Deterioration in Credit Quality<font style="font-family: 'times new roman', times, serif; color: #545454;">).&#160;</font>The Company&#8217;s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the interest method of income recognition.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans 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 calendar 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 calendar quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the closing date but prior to pooling. Any gain or loss incurred on these loans is recognized in other income in the period the loan pays in full.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 accounting for loans under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral. The Company recognizes the accretable yield as interest income on a prospective level yield basis over the life of the pool. The excess of a loan&#8217;s contractually required payments receivable over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company&#8217;s expectation of the amount of cash flows expected to be collected is evaluated at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. If the Company expects to collect lower cash flows over the life of the pool, the Company records an impairment through the allowance for loan losses.</div>
</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_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock', window );">Loans acquired that have not experienced a deterioration in credit quality</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Loans acquired that have not experienced a deterioration in credit quality</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">While the Company generally acquires loans that have experienced deterioration in credit quality, it may, from time to time, acquire loans that have not missed a scheduled payment and have not experienced a deterioration in credit quality.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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. 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. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 necessary, an 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.</div>
</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_RealEstatePolicyTextBlock', window );">Real estate</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 acquires real estate properties when it forecloses on the borrower and takes title to the underlying property (real estate owned or REO). Property is recorded at cost if purchased, or at the present value of future cash flows 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 its acquisition basis, net realizable value (fair market value less expected selling costs), appraisals or independent broker price opinion (BPOs). Net unrealized losses due to changes in market value are recognized through a&#160;valuation allowance by charges to income. No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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. Property is held for investment as rental property if the modeled present value of the future expected cash flows from use as a rental exceed the present value of expected cash flows from a sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years. The Company performs an impairment analysis for all rental property not held-for-sale 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. The 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.</div>
</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_DebtPolicyTextBlock', window );">Secured borrowings</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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;">Secured borrowings</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business.&#160; The secured borrowings are structured as debt financings, and the loans remain on the Company&#8217;s balance sheet as the Company is the primary beneficiary of the securitization trusts, which are variable interest entities (VIEs). These secured borrowing 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 creditors do not have recourse to the primary beneficiary. Coupon interest on the debt is recognized using the accrual method of accounting.&#160; Deferred issuance costs, including original issue discount and debt issuance costs, are amortized on an effective yield basis based on the underlying cash flow of the mortgage loans.&#160; The Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date.&#160; Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.</div>
</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_RepurchaseAndResaleAgreementsPolicy', window );">Repurchase facilities</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Repurchase facilities</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold 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.&#160;<font style="font-family: 'times new roman', times, serif;">At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender.</font>&#160;The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company&#8217;s consolidated balance sheets, and debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up of a repurchasing contract are recorded as prepaid expense at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as prepaid expense when incurred and amortized over the contractual life of the related borrowing.</div>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 &#8220;Management Agreement&#8221;), 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 Note 9 &#8212; Related party transactions.</div>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 Company&#8217;s Servicing Agreement, Gregory receives servicing fees of 0.65% annually of the Unpaid Principal Balance (UPB) for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition. Servicing fees are paid monthly. The total fees incurred by the Company 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 do not change if a re-performing loan becomes non-performing or vice versa. Servicing fees for the Company&#8217;s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. 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 Note 9 &#8212; Related party transactions.</div>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 provides for the payment to the Manager of a management fee. The Company pays a portion of the management fee in cash, and a portion 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. On October 27, 2015, the Company entered into an amended and restated management agreement with the Manager (the &#8220;Amended and Restated Agreement&#8221;), which amended the portion of the base management fee and manager&#8217;s incentive fee to be payable in cash and shares of the Company&#8217;s common stock retroactive to July 1, 2015. 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 June 7, 2016, the Company&#8217;s stockholders approved the 2016 Equity Incentive Plan (the &#8220;2016 Plan&#8221;), to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company&#8217;s affiliates. The 2016 Plan authorized the adoption of up to 5% of outstanding shares on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible securities, including OP Units and LTIP units, into shares of common stock). At the time of the adoption of the 2016 Plan, there were 793,905 shares available under for distribution.</div>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Directors&#8217; fees</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, the portion payable in common stock is reflected in stockholders&#8217; equity in the period in which it is incurred.</div>
</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_ConsolidationVariableInterestEntityPolicy', window );">Variable interest entities</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Variable interest entities</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 the normal course of business, the Company enters into various types transactions with special purpose entities (SPEs), which have primarily consisted of trusts established for the Company&#8217;s secured borrowings (See &#8220;Secured Borrowings&#8221; above and Note 8 to the financial statements). &#160;Additionally, from time to time, the Company may enter into joint ventures with unrelated entities.&#160; The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a Variable Interest Entity (VIE). If an entity created in a transaction meets the definition of a VIE and the Company determines that Great Ajax is the primary beneficiary, the Company will include the entity in its consolidated financial statements.</div>
</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_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and cash equivalents</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>
</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_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy', window );">Cash held in trust</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Cash held in trust</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 held in trust consists of cash balances legally due to lenders, and is segregated from the Company&#8217;s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations to the lender.</div>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 and dilutive securities 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>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 that 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: 0px; margin: 0pt 0px 0pt 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 style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" 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: 0px; margin: 0pt 0px 0pt 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 style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; 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: 0px; margin: 0pt 0px 0pt 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 style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" 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>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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;</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 calculates the fair value for the senior debt consolidated on its balance sheet from securitization trusts by using the Company&#8217;s proprietary pricing model to estimate the cash flows expected to be generated from the underlying
 collateral with the discount rate used in the present value calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors.</div>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Income taxes</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 elected 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 the Company 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="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 February 22, 2016, the Company received a private letter ruling from the Internal Revenue Service regarding the consequences of owning the interest in our Manager through its operating partnership. 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.</div>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 offerings of shares of common stock have been netted against, and are reflected as a reduction in, additional paid-in capital.</div>
</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_SegmentReportingPolicyPolicyTextBlock', window );">Segment information</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>
</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_EmergingGrowthCompanyPolicyTextBlock', window );">Emerging growth company</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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>
</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_PriorPeriodReclassificationAdjustmentDescription', window );">Reclassifications</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Certain amounts in the Company&#8217;s 2015 Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income or equity.</div>
</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_RecentlyAdoptedAccountingStandardsPolicyTextBlock', window );">Recently adopted accounting standards</a></td>
<td class="text"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Recently adopted accounting standards</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 implemented this amendment for the six months ended June 30, 2016. As a result of this implementation, there was no effect on the application of the Company&#8217;s consolidation policy.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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. In June 2015, the FASB issued ASU 2015-15, which acknowledges that the scope of ASU 2015-03 does not include line-of-credit arrangements but indicates that the SEC staff would not object to an entity deferring and presenting debt issuance costs for a line-of-credit borrowing arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The Company implemented this amendment during the three months ended March 31, 2016. The result of this implementation was a reduction of approximately $4.9 million on the balance sheet in Prepaid expenses and other assets, and an offsetting reduction of approximately $4.9 million in Secured borrowings, based on the Company&#8217;s balance sheet at March 31, 2016. There was no effect on the presentation of the Company&#8217;s Borrowings under repurchase agreement in its consolidated balance sheets as these borrowings are short-term in nature and as such are unaffected by the ASU. Additionally, there was no effect on consolidated net income, or equity.</div>
</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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>Recently issued accounting standards</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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, Financial Accounting Standards Board (the &#8220;FASB&#8221;) 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. In August 2015, the FASB issued ASU 2015-14 deferring the effective date for ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is not permitted. The Company is evaluating the impact of this amendment on its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 2016, the FASB issued ASU 2016-01Financial Instruments &#8211; Overall. ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Specifically the guidance (1) requires equity investments to be measured at fair value with changes in fair value recognized in earnings, (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost, (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option, (6) requires separate presentation of financial assets and liabilities by measurement category and form on the balance sheet or the notes to the financial statements, and (7) clarifies that the need for a valuation allowance on a deferred tax asset related to an available-for-sale security should be evaluated with other deferred tax assets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 2016, the FASB issued ASU 2016-07 Investments &#8211; Equity Method and Joint Ventures which is intended to simplify the transition to the equity method of accounting. The guidance eliminates the retrospective application of the equity method of accounting when obtaining significant influence over a previously held investment. The guidance requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 March 2016, the FASB issued ASU 2016-09 Compensation &#8211; Stock Compensation. The guidance primarily simplifies the accounting for employee share-based payment transactions, including a new requirement to record all of the income tax effects at settlement or expiration through the income statement, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 June 2016, the FASB issued ASU 2016-13 Financial Instruments &#8211; Credit Losses. The main objective of this guidance is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. To achieve this, the amendments in this guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Specifically, the amendments in this guidance requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted, beginning with fiscal years after December 15, 2018. The Company is currently evaluating the impact on its consolidated financial statements.</div>
</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_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 policy related to loans acquired that have not experiences a deterioration in credit quality.</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_LoansAcquiredThatHaveNotExperiencedDeteriorationInCreditQualityPolicyTextBlock</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_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 policy related to loans acquired with deterioration in credit quality.</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_LoansAcquiredWithDeteriorationInCreditQualityPolicyTextBlock</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_RecentlyAdoptedAccountingStandardsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 policy regarding recently adopted accounting standards.</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_RecentlyAdoptedAccountingStandardsPolicyTextBlock</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<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_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Entity's cash and cash equivalents accounting policy with respect to restricted balances.  Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<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_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy</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_ConsolidationVariableInterestEntityPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64801991&amp;loc=SL6759159-111685<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64801991&amp;loc=d3e5728-111685<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2AA<br> -Subparagraph a<br> -URI http://asc.fasb.org/extlink&amp;oid=64801991&amp;loc=SL6759068-111685<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<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_ConsolidationVariableInterestEntityPolicy</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_DebtPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 related to debt. Includes, but is not limited to, debt issuance costs, the effects of refinancings, method of amortizing debt issuance costs and original issue discount, and classifications 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<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_DebtPolicyTextBlock</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13279-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 60<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7493716&amp;loc=d3e21868-110260<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65884525&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e32280-109318<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6490322&amp;loc=d3e48700-111005<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 605<br> -Section 25<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=68055831&amp;loc=d3e44416-110987<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<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_RealEstatePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 entities that primarily develop and then sell real property at retail or otherwise.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68075621&amp;loc=d3e24546-110282<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 15<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6450852&amp;loc=d3e24871-108386<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_RealEstatePolicyTextBlock</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_RepurchaseAndResaleAgreementsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 repurchase and resale agreements. This disclosure may address (a) the reasons for entering into repurchase and resale agreements, (b) how securities transferred under such agreements are classified in the entity's financial statements, (c) whether multiple agreements with the same counterparty are offset (d) the entity's accounting policy for requiring collateral or other security for such transactions, and (e) how the entity ensures that the market value of the underlying assets remains sufficient to protect the entity in the event of default by the counterparty.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(m)(2)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 860<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64858031&amp;loc=SL6224234-111729<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=49176635&amp;loc=d3e9760-107771<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_RepurchaseAndResaleAgreementsPolicy</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6761619968">
<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, 2016</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"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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;"><b>&#160;</b></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;"><b>Three&#160;months&#160;ended&#160;June&#160;30,&#160;2016</b></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;"><b>Three&#160;months&#160;ended&#160;June&#160;30,&#160;2015</b></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>Acquisitions</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Re-performing<br />loans</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Non-performing<br />loans</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Re-performing<br />loans</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Non-performing<br />loans</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 753px;">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;">120,524</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 156px;">332,571</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;">31,827</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;">Non-accretable amount</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;">(48,244</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;">-</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;">(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>
</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;">72,280</td>
<td style="text-align: left;">&#160;</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;">&#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>
</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;">(20,152</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;">-</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;">(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>
</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;">52,128</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">-</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">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>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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;" 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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Re-performing<br />loans</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;">Non-performing<br />loans</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;">Re-performing<br />loans</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;">Non-performing<br />loans</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: 753px;">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;">202,703</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 156px;">486,603</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;">65,675</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;">Non-accretable amount</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;">(77,392</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;">-</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;">(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>
</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;">125,311</td>
<td style="text-align: left;">&#160;</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;">&#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>
</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;">(36,005</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;">-</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;">(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>
</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;">89,306</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">-</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</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>
</tr>
</table>
</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_AccretableYieldTableTextBlock', window );">Schedule of accretable yield</a></td>
<td class="text"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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;" nowrap="nowrap"><font style="font-size: 8pt;"><b>Accretable&#160;yield</b></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="6" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended&#160;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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Re-performing<br />loans</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;">Non-performing<br />loans</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;">Re-performing&#160;<br />loans</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;">Non-performing<br />loans</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="width: 753px;">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;">138,768</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">16,151</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 156px;">74,045</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;">22,604</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;">20,152</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;">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>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>Accretion</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(14,317</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(2,057</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(7,739</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(3,054</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Reclassification from (to) non-accretable amount, net</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;">39,570</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;">2,204</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;">-</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;">-</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;">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;">184,173</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">16,298</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</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>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Re-performing<br />loans</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;">Non-performing<br />loans</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;">Re-performing<br />loans</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;">Non-performing<br />loans</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="width: 753px;">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;">136,455</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">18,425</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 156px;">54,940</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;">20,686</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;">36,005</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;">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>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>Accretion</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(27,857</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(4,331</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(12,688</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(4,989</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Reclassification from (to) non-accretable amount, net</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;">39,570</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;">2,204</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;">-</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;">-</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;">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;">184,173</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">16,298</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</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>
</tr>
</table>
</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_PastDueFinancingReceivablesTableTextBlock', window );">Schedule of carrying value of mortgage loans and related UPB by delinquency status</a></td>
<td class="text"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left;" 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, 2016</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, 2015</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="text-align: left;" 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;">Number<br />of&#160;loans</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</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;">Unpaid<br />principal<br />balance</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;">Number<br />of&#160;loans</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</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;">Unpaid<br />principal<br />balance</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: 533px;">Current</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 126px;">1,539</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: 126px;">274,302</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 126px;">349,329</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 125px;">1,161</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 125px;">212,469</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: 125px;">272,577</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;">578</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">107,919</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">135,930</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">479</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">83,936</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">107,873</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;">298</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">55,254</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">67,888</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">338</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">55,573</td>
<td style="text-align:
 left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">70,781</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;">733</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">119,174</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">152,253</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">867</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">127,435</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">167,177</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; 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;">388</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;">73,885</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;">100,171</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;">404</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;">75,464</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;">107,301</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;">3,536</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;">630,534</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">805,571</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">3,249</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">554,877</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;">725,709</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5111-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7A<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=SL6953401-111524<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>33
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6751795744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Real estate assets (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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_OtherRealEstateRollForwardTableTextBlock', window );">Schedule of activity in the Company's carrying value of REO held-for-sale</a></td>
<td class="text"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Property Held-for-sale</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Three months ended</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Six months ended</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 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;">June 30,&#160;2016</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;">June 30, 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="2" nowrap="nowrap"><font style="font-size: 8pt;">June 30, 2016</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;">June 30, 2015</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="width: 878px;">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: 126px;">13,380</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 126px;">5,541</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 125px;">10,333</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: 125px;">1,316</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;">Transfers from mortgage loans</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5,019</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3,574</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9,851</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">7,669</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Adjustments to record at lower of cost or fair value</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(154</td>
<td style="text-align: left;">)</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;">&#160;</td>
<td style="text-align: right;">(200</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Disposals</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(2,324</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(326</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(4,137</td>
<td style="text-align: left;">)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">(363</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Other</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;">630</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;">229</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;">704</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;">396</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;">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;">16,551</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">9,018</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">16,551</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;">9,018</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
</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_OtherRealEstateRollForwardTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 change in other real estate on properties owned. Excludes real estate assets taken in settlement of troubled loans through surrender or foreclosure by banks.</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_OtherRealEstateRollForwardTableTextBlock</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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6594122448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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="2" nowrap="nowrap"><font style="font-size: 8pt;">Level&#160;1</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;">Level&#160;2</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;">Level&#160;3</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; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2016</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</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;">Quoted&#160;prices&#160;in<br />active&#160;markets</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;">Observable&#160;inputs<br />other&#160;than&#160;Level&#160;1<br />prices</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;">Unobservable<br />inputs</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; 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;">630,534</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;">-</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;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">689,075</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (liabilities)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Secured borrowings, net</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">346,070</td>
<td style="text-align: left;">&#160;</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;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">341,245</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr
 style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Borrowings under repurchase agreement</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">102,240</td>
<td style="text-align: left;">&#160;</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;">$</td>
<td style="text-align: right;">102,240</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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="2" nowrap="nowrap"><font style="font-size: 8pt;">Level&#160;1</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;">Level&#160;2</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;">Level&#160;3</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; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2015</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</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;">Quoted&#160;prices&#160;in<br />active&#160;markets</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;">Observable&#160;inputs<br />other&#160;than&#160;Level&#160;1<br />prices</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;">Unobservable<br />inputs</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; 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;">554,877</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;">-</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;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">627,112</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (liabilities)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align:
 left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Secured borrowings, net</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">265,006</td>
<td style="text-align: left;">&#160;</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;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">259,649</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Borrowings under repurchase agreement</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">104,533</td>
<td style="text-align: left;">&#160;</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;">$</td>
<td style="text-align: right;">104,533</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
</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>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: top;">
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"><font style="font-size: 8pt;"><b>Range of Values</b></font></td>
</tr>
<tr style="vertical-align: top;">
<td style="border-bottom: black 1pt solid; width: 1003px;" nowrap="nowrap"><font style="font-size: 8pt;"><b>Input</b></font></td>
<td style="text-align: center; padding-bottom: 1pt; width: 16px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; width: 220px;" nowrap="nowrap"><font style="font-size: 8pt;"><b>June 30, 2016</b></font></td>
<td style="text-align: center; padding-bottom: 1pt; width: 15px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; width: 313px;" nowrap="nowrap"><font style="font-size: 8pt;"><b>December 31, 2015</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td><font style="font-size: 10pt;">Equity discount rate &#8211; Re-performing loans</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">7% - 14%</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">7% - 14%</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td><font style="font-size: 10pt;">Equity discount rate &#8211; Non-performing loans</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">10% - 18%</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">10% - 18%</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td><font style="font-size: 10pt;">Cost of debt</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">4.25%</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">4.25%</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td><font style="font-size: 10pt;">Loan resolution timelines &#8211; Re-performing loans (in years)</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">4 - 7</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">4 - 7</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td><font style="font-size: 10pt;">Loan resolution timelines &#8211; Non-performing loans (in years)</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">1.4 - 4</font></td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">1.4 - 4</font></td>
</tr>
</table>
</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13476-108611<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13467-108611<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6447952&amp;loc=d3e13220-108610<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<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>35
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6589970912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Unconsolidated affiliates (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock', window );">Schedule of assets and liabilities for the Company's unconsolidated affiliates at 100%, and at the Company's share</a></td>
<td class="text"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Net income, assets and liabilities at 100%</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Net income at 100%</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" 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; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three months ended June 30,</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six months ended June 30,</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><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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">2016</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">2016</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 602px;">GA-E 2014-12</td>
<td style="width: 13px;">&#160;</td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">191</td>
<td style="width: 13px; text-align: left;">&#160;</td>
<td style="width: 13px;">&#160;</td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">221</td>
<td style="width: 12px; text-align: left;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">384</td>
<td style="width: 12px; text-align: left;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">423</td>
<td style="width: 12px; text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Thetis Asset Management</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">231</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">295</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">453</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">500</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">AS Ajax E LLC</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">57</td>
<td style="text-align: left;">&#160;</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;">$</td>
<td style="text-align: right;">57</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" colspan="5">Assets and liabilities at 100%</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">June 30, 2016</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">December 31, 2015</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><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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">Assets</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">Liabilities</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">Assets</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">Liabilities</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 602px;">GA-E 2014-12</td>
<td style="width: 13px;">&#160;</td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">6,120</td>
<td style="width: 13px; text-align: left;">&#160;</td>
<td style="width: 13px;">&#160;</td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">3</td>
<td style="width: 12px; text-align: left;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">5,763</td>
<td style="width: 12px; text-align: left;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">10</td>
<td style="width: 12px; text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Thetis Asset Management</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,897</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">685</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,028</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">520</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">AS Ajax E LLC</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">4,642</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3</td>
<td style="text-align: left;">&#160;</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;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Net income, assets and liabilities at Company share</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;">Net income at Company share</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three months ended June 30,</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six months ended June 30,</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><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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">2016</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">2016</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 602px;">GA-E 2014-12</td>
<td style="width: 13px;">&#160;</td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">77</td>
<td style="width: 13px; text-align: left;">&#160;</td>
<td style="width: 13px;">&#160;</td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">90</td>
<td style="width: 12px; text-align: left;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">156</td>
<td style="width: 12px; text-align: left;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">171</td>
<td style="width: 12px; text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Thetis Asset Management</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">46</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">58</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">90</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">99</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">AS Ajax E LLC</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">14</td>
<td style="text-align: left;">&#160;</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;">$</td>
<td style="text-align: right;">1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; 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; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" colspan="5">Assets and liabilities at Company share</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">June 30, 2016</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">December 31, 2015</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><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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">Assets</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">Liabilities</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">Assets</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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"><font style="font-size: 8pt;">Liabilities</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 602px;">GA-E 2014-12</td>
<td style="width: 13px;">&#160;</td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">2,479</td>
<td style="width: 13px; text-align: left;">&#160;</td>
<td style="width: 13px;">&#160;</td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">1</td>
<td style="width: 12px; text-align: left;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">2,334</td>
<td style="width: 12px; text-align: left;">&#160;</td>
<td style="width: 12px;">&#160;</td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">4</td>
<td style="width: 12px; text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Thetis Asset Management</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">772</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">136</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">600</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">103</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">AS Ajax E LLC</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,125</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">(1</td>
<td style="text-align: left;">)</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;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#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_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_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 tabular presentation of the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates, as prescribed by the SEC. It reflects specified information about ownership, financial results from, and financial position in such entities. Includes the tabular presentations that disaggregate investments in and advances to majority-owned subsidiaries, other controlled companies, and other 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_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock</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>36
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6634109872">
<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, 2016</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"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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 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;2016</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;" nowrap="nowrap"><font style="font-size: 8pt;">Origination&#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;">Amount<br />&#160;of<br />&#160;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&#160;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="width: 455px;">September 9, 2016</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 283px;">March 9, 2016</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">15,730</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">15,730</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">22,470</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: 156px;">3.00</td>
<td style="text-align: left; width: 15px;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>September 30, 2016</td>
<td>&#160;</td>
<td>March 30, 2016</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">10,658</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">10,658</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">15,226</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.01</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>November 22, 2016</td>
<td>&#160;</td>
<td>November 24, 2015</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">200,000</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">66,433</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">109,252</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.19</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">December 23, 2016</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">June 23, 2016</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;">9,419</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;">9,419</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;">13,391</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;">2.91</td>
<td style="text-align: left; padding-bottom: 1pt;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">Totals</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">235,807</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">102,240</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;">160,339</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;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">3.77</td>
<td style="text-align: left; padding-bottom: 2.5pt;">%</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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 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;">December&#160;31,&#160;2015</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;" nowrap="nowrap"><font style="font-size: 8pt;">Origination&#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;">Amount<br />&#160;of<br />&#160;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&#160;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="width: 455px;">March 30, 2016</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 283px;">September 30, 2015</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">10,838</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">10,838</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">15,483</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: 156px;">2.53</td>
<td style="text-align: left; width: 15px;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>June 23, 2016</td>
<td>&#160;</td>
<td>December 23, 2015</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9,374</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9,374</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">13,391</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.91</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">November 22, 2016</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td>November 24, 2015</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;">200,000</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;">84,321</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;">135,736</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;">4.17</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;">Totals</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">220,212</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">104,533</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;">164,610</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;">3.91</td>
<td style="text-align: left; padding-bottom: 2.5pt;">%</td>
</tr>
</table>
</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_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock', window );">Schedule of amount outstanding on repurchase transactions and carrying value collateral</a></td>
<td class="text"><div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 99%; 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 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; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Gross amounts not offset in balance sheet</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;" 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>
</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;">Balance sheet 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;">Gross amount of&#160;<br  />recognized liabilities</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;">Gross amount&#160;<br  />pledged as&#160;<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;">Net amount</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: 1pt; width: 956px;">June 30, 2016</td>
<td style="padding-bottom: 1pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">$</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 157px;">102,240</td>
<td style="text-align: left; padding-bottom: 1pt; width: 16px;">&#160;</td>
<td style="padding-bottom: 1pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">$</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 157px;">160,339</td>
<td style="text-align: left; padding-bottom: 1pt; width: 16px;">&#160;</td>
<td style="padding-bottom: 1pt; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 156px;">58,099</td>
<td style="text-align: left; padding-bottom: 1pt; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">December 31, 2015</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">104,533</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">164,610</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;">60,077</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
</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_ScheduleOfDebtSecuritizationTableTextBlock', window );">Schedule of securitization of notes</a></td>
<td class="text"><table 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; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-size: 8pt;">Issuing Trust/Issue Date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" 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="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-size: 8pt;">Original Principal</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest Rate</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; background-color: #cceeff;">
<td style="width: 612px; text-align: left;">Ajax Mortgage Loan Trust 2014-A/ October 2014</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 392px; text-align: left;">Class A notes due 2057</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 330px;">$45 million</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 156px; text-align: right;">4.00</td>
<td style="width: 15px; text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2057<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$8 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2057<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$8 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$20.4 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(0.9) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2014-B / November 2014</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2054</td>
<td>&#160;</td>
<td>$41.2 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2054<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$13.7 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2054<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$13.7 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$22.9 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(0.8) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2015-A / May 2015</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2054</td>
<td>&#160;</td>
<td>$35.6 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2054<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$8.7 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2054<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$8.7 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$22.8 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(0.8) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2015-B / July 2015</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2060</td>
<td>&#160;</td>
<td>$87.2 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2060<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$15.9 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2060<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$7.9 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$47.5 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(1.5) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2015-C / November 2015</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2057</td>
<td>&#160;</td>
<td>$82.0 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2057<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$6.5 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2057<sup>(1) (3)</sup></font></td>
<td>&#160;</td>
<td>$6.5 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font-size: 10pt;">Trust certificates<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$35.1 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(2.7) million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<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>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2016-A/ April 2016</td>
<td>&#160;</td>
<td style="text-align: left;">Class A notes due 2064</td>
<td>&#160;</td>
<td>$101.4 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-1 notes due 2064<sup>(1)</sup></font></td>
<td>&#160;</td>
<td>$7.9 million</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="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Class B-2 notes due 2064<sup>(1)</sup></font></td>
<td>&#160;</td>
<td>$7.9 million</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="vertical-align: bottom; background-color: white;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;"><font style="font-size: 10pt;">Trust certificates&#160;<sup>(2)</sup></font></td>
<td>&#160;</td>
<td>$41.3 million</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Deferred issuance costs</td>
<td>&#160;</td>
<td>$(2.7) million</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="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;<b>&#160;</b></p>
<div align="left" style="color: #000000; text-transform: none; line-height: normal; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: normal; margin-top: 3pt; margin-bottom: 3pt; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal;">
<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: 0pt 0px 0pt 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; 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 B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes.</td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0in;"></td>
<td style="width: 0.25in; text-align: left;">(2)</td>
<td style="text-align: left;">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, the Company is 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>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0in;"></td>
<td style="width: 0.25in; text-align: left;">(3)</td>
<td style="text-align: justify;">These securities are encumbered under a repurchase agreement.</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_StatusOfMortgageLoansTableTextBlock', window );">Schedule of status of mortgage loans</a></td>
<td class="text"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">Balances&#160;at&#160;December&#160;31,&#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="6" nowrap="nowrap"><font style="font-size: 8pt;">Original&#160;balances&#160;at&#160;securitization&#160;cutoff date</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;">Class&#160;of&#160;Notes</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 />mortgages</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;">Bond<br />principal<br />balance</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 />mortgages</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;">Bond<br />principal<br />balance</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;">Mortgage<br />UPB</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;">Bond&#160;Principal<br />Balance</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="width: 345px;">2014-A</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">53,606</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">34,659</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">55,098</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">36,463</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;">64,696</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">32,919</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">66,292</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">35,646</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>2015-A</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">52,991</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align:
 left;">&#160;</td>
<td style="text-align: right;">31,615</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">53,673</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">33,674</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">75,835</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">35,643</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>2015-B</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">110,799</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">81,305</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">115,395</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">84,973</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">158,498</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">87,174</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>2015-C</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">104,015</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">72,783</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">108,238</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">79,824</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">130,130</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">81,982</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">2016-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;">118,778</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;">99,309</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;">-</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;">-</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;">158,485</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;">101,431</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">504,885</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">352,590</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">398,696</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">270,580</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">695,888</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">392,421</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
</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_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_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 860<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=64858031&amp;loc=SL6224234-111729<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 860<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66007379&amp;loc=d3e113888-111728<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_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(m)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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>37
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6762265328">
<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, 2016</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"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="7" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended&#160;June&#160;30,&#160;2015</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;" 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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated<br />Statement&#160;of<br />Income&#160;location</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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated<br />Statement&#160;of<br />Income&#160;location</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 283px; vertical-align: top;"><font style="font-size: 8pt;">Loan servicing fees</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">1,453</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 157px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 283px;"><font style="font-size: 8pt;">Related party expense-loan servicing fees</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">851</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 156px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 282px;"><font style="font-size: 8pt;">Related party expense-loan servicing fees</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Management fee</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">937</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Related party expense-management fee</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">856</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Related party expense-management fee</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Due diligence and related loan acquisition costs</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">24</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Loan transaction expense</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size:
 8pt;">&#160;</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;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Loan transaction expense</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Expense reimbursements</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Aspen Yo</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Professional fees</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="7" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2015</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;" 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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated<br />Statement&#160;of<br />Income&#160;location</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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated<br />Statement&#160;of<br />Income&#160;location</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 283px; vertical-align: top;"><font style="font-size: 8pt;">Loan servicing fees</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">2,856</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size:
 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 157px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 283px;"><font style="font-size: 8pt;">Related party expense-loan servicing fees</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">1,507</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 156px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 282px;"><font style="font-size: 8pt;">Related party expense-loan servicing fees</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Management fee</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">1,843</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Related party expense-management fee</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">1,603</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Related party expense-management fee</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Due diligence and related loan acquisition costs</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">50</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Loan transaction expense</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">19</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Loan transaction expense</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Expense reimbursements</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</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;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Aspen Yo</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Professional fees</font></td>
</tr>
</table>
</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_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock', window );">Schedule of related party transactions for consolidated balance sheet</a></td>
<td class="text"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; vertical-align: top;" 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="7" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2016</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="7" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2015</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;" 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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated&#160;Balance<br />sheet&#160;location</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</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;" nowrap="nowrap"><font style="font-size: 8pt;">Counterparty</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;" nowrap="nowrap"><font style="font-size: 8pt;">Consolidated&#160;Balance<br />Sheet&#160;Location</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 283px; vertical-align: top;"><font style="font-size: 8pt;">Receivables from Servicer</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">6,949</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 157px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 283px;"><font style="font-size: 8pt;">Receivable from servicer</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">5,444</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 156px;"><font style="font-size: 8pt;">Gregory</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 282px;"><font style="font-size: 8pt;">Receivable from servicer</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Management fee payable</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">703</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Management fee payable</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">667</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Management fee payable</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Servicing fees payable</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</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;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Accrued expenses and other liabilities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">152</font></td>
<td style="text-align: left;"><font style="font-size:
 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Gregory</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Accrued expenses and other liabilities</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; vertical-align: top;"><font style="font-size: 8pt;">Expense reimbursement receivable</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">-</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">37</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">Thetis</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">Prepaid expenses and other assets</font></td>
</tr>
</table>
</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_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 regarding consolidated balance sheet under related party 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_ScheduleOfRelatedPartyTransactionsForConsolidatedBalanceSheetTableTextBlock</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_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>38
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6756514320">
<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, 2016</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"><div>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt '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>Management fees and director fees</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;">For&#160;the&#160;three-months&#160;ended<br />&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">For&#160;the&#160;three-months&#160;ended&#160;<br />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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Number&#160;of<br />shares</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;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<sup>(1)</sup></b></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;">Number&#160;of<br />shares</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;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<sup>(1)</sup></b></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: 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;">15,684</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">234</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">29,790</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">411</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;">1,672</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;">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>
</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;">17,356</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">259</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">31,530</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">436</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: 0pt 0px; font: 10pt '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 style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;">For&#160;the&#160;six-months&#160;ended<br />&#160;June&#160;30,&#160;2016</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="6" nowrap="nowrap"><font style="font-size: 8pt;">For&#160;the&#160;six-months&#160;ended&#160;<br />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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Number&#160;of<br />shares</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;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<sup>(1)</sup></b></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;">Number&#160;of<br />shares</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;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<sup>(1)</sup></b></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: 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;">30,600</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">462</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">55,877</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</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;">3,320</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;">52</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;">33,920</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;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">514</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">59,365</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</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: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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: 0pt 0px; font: 10pt '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>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 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.</p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt '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><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"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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: left; padding-bottom: 1pt; vertical-align: top;" nowrap="nowrap"><font style="font-size: 8pt;"><b>Restricted&#160;stock</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Number&#160;of<br />shares</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Per&#160;share<br />value</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Total&#160;cost&#160;of<br />grant</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Grant&#160;expense<br />recognized&#160;for&#160;the<br />three&#160;months&#160;ended<br />June&#160;30,&#160;2016</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Grant&#160;expense<br />recognized&#160;for&#160;the&#160;six<br />months&#160;ended&#160;June&#160;30,&#160;<br />2016</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></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;">$</td>
<td style="text-align: right; width: 156px;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">-</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;">-</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;">2</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;">-</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;">2</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;">Number&#160;of<br />shares</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;">Per&#160;share<br />value</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;">Total&#160;cost&#160;of<br />grant</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;">Grant&#160;expense<br />recognized&#160;for&#160;the<br />three&#160;months&#160;ended<br />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="2" nowrap="nowrap"><font style="font-size: 8pt;">Grant&#160;expense<br />recognized&#160;for&#160;the&#160;six<br />months&#160;ended&#160;June&#160;30,&#160;<br />2015</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="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: 0px; margin: 0pt 0px; font: 10pt '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: 0pt 0px; font: 10pt '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 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: 0pt 0px; font: 10pt '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: 0px; margin: 0pt 0px 0pt 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>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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>39
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6837622272">
<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, 2016</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"><div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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; 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;">Three&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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;">Three&#160;months&#160;ended&#160;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>
</tr>
<tr style="vertical-align: bottom;">
<td 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;">Income<br />(Numerator)</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;">Shares<br />(Denominator)</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;">Per&#160;Share<br />Amount</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;">Income<br />(Numerator)</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;">Shares<br />(Denominator)</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;">Per&#160;Share<br />Amount</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><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Basic EPS</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td
 style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; width: 533px;"><font style="font-size: 8pt;">Consolidated income attributable to common stockholders</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">6,605</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">15,742,932</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">5,436</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">15,237,739</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Allocation of earning to participating restricted shares</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(9</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(17</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Consolidated income attributable to unrestricted common stockholders</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">6,596</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">15,742,932</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">0.42</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">5,419</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size:
 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">15,237,739</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">0.36</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Effect of dilutive securities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Operating partnership units</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">257</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">624,106</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">223</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">624,106</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Restricted stock grants and Manager and director fee shares</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">9</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">22,088</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">17</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">47,789</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Diluted EPS</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">Consolidated income attributable to common stockholders and dilutive securities</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">6,862</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">16,389,126</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom:
 black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">0.42</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">5,659</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">15,909,634</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">0.36</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 99%; 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="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;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2016</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="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended&#160;June&#160;30,&#160;2015</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; 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;">Income<br />(Numerator)</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;">Shares<br />(Denominator)</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;">Per&#160;Share<br />Amount</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;">Income<br />(Numerator)</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;">Shares<br />(Denominator)</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;">Per&#160;Share<br />Amount</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><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Basic EPS</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size:
 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; width: 533px;"><font style="font-size: 8pt;">Consolidated income attributable to common stockholders</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">14,256</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">15,524,725</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">9,076</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">14,129,162</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Allocation of earning to participating restricted shares</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(23</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(31</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Consolidated income attributable to unrestricted common stockholders</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">14,233</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font
 style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">15,524,725</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">0.92</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">9,045</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">14,129,162</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">0.64</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Effect of dilutive securities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Operating partnership units</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">569</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">624,106</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size:
 8pt;">398</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">624,106</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">Restricted stock grants and Manager and director fee shares</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">23</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">25,333</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">31</font></td>
<td style="text-align: left; 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: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">48,051</font></td>
<td style="text-align: left; 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: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Diluted EPS</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align:
 left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">Consolidated income attributable to common stockholders and dilutive securities</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">14,825</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">16,174,164</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">0.92</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">9,474</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">14,801,319</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-size: 8pt;">0.64</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
</table>
</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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>40
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6775435008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and basis of presentation (Detail Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2016</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_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>
</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="nump">96.60%<span></span>
</td>
<td class="nump">96.60%<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_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder', window );">Percentage of outstanding OP owned by an unaffiliated holder</a></td>
<td class="nump">3.40%<span></span>
</td>
<td class="nump">3.40%<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 );">Issuance of shares (in shares)</a></td>
<td class="nump">2,589,427<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="nump">$ 32,000<span></span>
</td>
<td class="nump">$ 31,964<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_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>
</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>
</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">19.80%<span></span>
</td>
<td class="nump">19.80%<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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6845353712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of significant accounting policies (Detail Textuals)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jun. 07, 2016 </div>
<div>shares</div>
</th>
<th class="th"><div>Jul. 08, 2014</div></th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>USD ($) </div>
<div>Segment </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AnnualRetainerReceivedInSharesAndCashAmount', window );">Annual retainer amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50,000<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">straight-line method<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">three to 27.5 years<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<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_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201503Member', window );">Accounting Standards 2015 - 03</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_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [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_ReductionInPrepaidExpensesAndOtherAssets', window );">Reduction in prepaid expenses and other assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,900,000<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_ReductionInSecuredBorrowings', window );">Reduction in secured borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,900,000<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_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement | Gregory</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_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [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_PercentageOfFairMarketValueOfReo', window );">Percentage of fair market value of REO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<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_PercentageOfPurchasePriceOfReo', window );">Percentage of purchase price of REO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<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_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement | Gregory | Minimum</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_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [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="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 | Gregory | 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="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="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="nump">1.25%<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_PlanNameAxis=ajx_DirectorEquityPlan2014Member', window );">2014 Director Equity Plan | Restricted stock</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_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [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_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod', window );">Number of shares issued to independent directors | shares</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<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_AnnualRetainerReceivedInSharesAndCashAmount', 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_EquityIncentivePlanMember', window );">2016 Equity 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_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [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_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Percentage of outstanding shares on a fully diluted basis</a></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 " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Number of shares available under for distribution | shares</a></td>
<td class="nump">793,905<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_AnnualRetainerReceivedInSharesAndCashAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 annual retainer paid in shares of common stock and in cash.</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_AnnualRetainerReceivedInSharesAndCashAmount</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_PercentageOfFairMarketValueOfReo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fair market value of the REO.</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_PercentageOfFairMarketValueOfReo</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_PercentageOfPurchasePriceOfReo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 of any REO.</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_PercentageOfPurchasePriceOfReo</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_ReductionInPrepaidExpensesAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 reduction in prepaid expenses and 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;">ajx_ReductionInPrepaidExpensesAndOtherAssets</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_ReductionInSecuredBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 reduction in secured borrowings.</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_ReductionInSecuredBorrowings</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_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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 35<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68071081&amp;loc=d3e1205-110223<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of vesting of share-based compensation 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</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_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201503Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201503Member</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_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_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_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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=ajx_EquityIncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EquityIncentivePlanMember</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>42
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847204960">
<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, 2016</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_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="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">$ 120,524<span></span>
</td>
<td class="nump">$ 332,571<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 amount</a></td>
<td class="num">(48,244)<span></span>
</td>
<td class="num">(132,557)<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">72,280<span></span>
</td>
<td class="nump">200,014<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">(20,152)<span></span>
</td>
<td class="num">(49,626)<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">52,128<span></span>
</td>
<td class="nump">150,388<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="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">202,703<span></span>
</td>
<td class="nump">486,603<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 amount</a></td>
<td class="num">(77,392)<span></span>
</td>
<td class="num">(198,704)<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">125,311<span></span>
</td>
<td class="nump">287,899<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">(36,005)<span></span>
</td>
<td class="num">(73,680)<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">89,306<span></span>
</td>
<td class="nump">214,219<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="text"> <span></span>
</td>
<td class="nump">31,827<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 amount</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(18,598)<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"> <span></span>
</td>
<td class="nump">13,229<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"> <span></span>
</td>
<td class="num">(4,185)<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"> <span></span>
</td>
<td class="nump">9,044<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="text"> <span></span>
</td>
<td class="nump">65,675<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 amount</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(38,317)<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"> <span></span>
</td>
<td class="nump">27,358<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"> <span></span>
</td>
<td class="num">(8,038)<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"> <span></span>
</td>
<td class="nump">$ 19,320<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 15<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 15<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 15<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<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>43
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6846765728">
<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="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</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_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>
<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>
<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">$ 138,768<span></span>
</td>
<td class="nump">$ 74,045<span></span>
</td>
<td class="nump">$ 136,455<span></span>
</td>
<td class="nump">$ 54,940<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">20,152<span></span>
</td>
<td class="nump">49,626<span></span>
</td>
<td class="nump">36,005<span></span>
</td>
<td class="nump">73,680<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">(14,317)<span></span>
</td>
<td class="num">(7,739)<span></span>
</td>
<td class="num">(27,857)<span></span>
</td>
<td class="num">(12,688)<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference', window );">Reclassification from (to) non-accretable amount, net</a></td>
<td class="nump">39,570<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">39,570<span></span>
</td>
<td class="text"> <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 end of period</a></td>
<td class="nump">184,173<span></span>
</td>
<td class="nump">115,932<span></span>
</td>
<td class="nump">184,173<span></span>
</td>
<td class="nump">115,932<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>
<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_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>
<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield', window );">Balance at beginning of period</a></td>
<td class="nump">16,151<span></span>
</td>
<td class="nump">22,604<span></span>
</td>
<td class="nump">18,425<span></span>
</td>
<td class="nump">20,686<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions', window );">Accretable yield additions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,185<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,038<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion', window );">Accretion</a></td>
<td class="num">(2,057)<span></span>
</td>
<td class="num">(3,054)<span></span>
</td>
<td class="num">(4,331)<span></span>
</td>
<td class="num">(4,989)<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference', window );">Reclassification from (to) non-accretable amount, net</a></td>
<td class="nump">2,204<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">2,204<span></span>
</td>
<td class="text"> <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">$ 16,298<span></span>
</td>
<td class="nump">$ 23,735<span></span>
</td>
<td class="nump">$ 16,298<span></span>
</td>
<td class="nump">$ 23,735<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 15<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<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 accretion recognized for 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 15<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 15<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 reclassification (to) from nonaccretable difference (from) 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 15<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference</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_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>44
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6835014512">
<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, 2016 </div>
<div>USD ($) </div>
<div>Loan</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </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">3,536<span></span>
</td>
<td class="nump">3,249<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_MortgageLoansOnRealEstate', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 630,534<span></span>
</td>
<td class="nump">$ 554,877<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">$ 805,571<span></span>
</td>
<td class="nump">$ 725,709<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">1,539<span></span>
</td>
<td class="nump">1,161<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">$ 274,302<span></span>
</td>
<td class="nump">$ 212,469<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">$ 349,329<span></span>
</td>
<td class="nump">$ 272,577<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">578<span></span>
</td>
<td class="nump">479<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">$ 107,919<span></span>
</td>
<td class="nump">$ 83,936<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">$ 135,930<span></span>
</td>
<td class="nump">$ 107,873<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">298<span></span>
</td>
<td class="nump">338<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">$ 55,254<span></span>
</td>
<td class="nump">$ 55,573<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">$ 67,888<span></span>
</td>
<td class="nump">$ 70,781<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">733<span></span>
</td>
<td class="nump">867<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">$ 119,174<span></span>
</td>
<td class="nump">$ 127,435<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">$ 152,253<span></span>
</td>
<td class="nump">$ 167,177<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">388<span></span>
</td>
<td class="nump">404<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">$ 73,885<span></span>
</td>
<td class="nump">$ 75,464<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">$ 100,171<span></span>
</td>
<td class="nump">$ 107,301<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; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, 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. Secured borrowings are presented net of deferred issuance costs.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<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>45
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847884592">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Mortgage loans (Detail Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 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_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [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>
<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">$ 630,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 630,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 554,877<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_InvestmentIncomeInterest', window );">Interest income on loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,400<span></span>
</td>
<td class="nump">$ 10,800<span></span>
</td>
<td class="nump">32,200<span></span>
</td>
<td class="nump">$ 17,700<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</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>
<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="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>
<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference', window );">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,570<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">39,570<span></span>
</td>
<td class="text"> <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="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>
<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="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>
<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference', window );">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,204<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 2,204<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, 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. Secured borrowings are presented net of deferred issuance costs.</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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 reclassification (to) from nonaccretable difference (from) 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 30<br> -Section 15<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<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_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference</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_InvestmentIncomeInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 before accretion (amortization) of purchase discount (premium) of interest income on nonoperating 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_InvestmentIncomeInterest</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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_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_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>46
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6775449696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Real estate assets (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</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_ajx_RealEstateHeldForSaleRollForward', window );"><strong>Real Estate Held For Sale [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>
</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 );">Balance at beginning of period</a></td>
<td class="nump">$ 13,380<span></span>
</td>
<td class="nump">$ 5,541<span></span>
</td>
<td class="nump">$ 10,333<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_TransferToOtherRealEstate', window );">Transfers from mortgage loans</a></td>
<td class="nump">5,019<span></span>
</td>
<td class="nump">3,574<span></span>
</td>
<td class="nump">9,851<span></span>
</td>
<td class="nump">7,669<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_RealEstateHeldForSaleAdjustments', window );">Adjustments to record at lower of cost or fair value</a></td>
<td class="num">(154)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(200)<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_RealEstateHeldForSaleDisposals', window );">Disposals</a></td>
<td class="num">(2,324)<span></span>
</td>
<td class="num">(326)<span></span>
</td>
<td class="num">(4,137)<span></span>
</td>
<td class="num">(363)<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_RealEstateHeldForSaleOther', window );">Other</a></td>
<td class="nump">630<span></span>
</td>
<td class="nump">229<span></span>
</td>
<td class="nump">704<span></span>
</td>
<td class="nump">396<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 );">Balance at end of period</a></td>
<td class="nump">$ 16,551<span></span>
</td>
<td class="nump">$ 9,018<span></span>
</td>
<td class="nump">$ 16,551<span></span>
</td>
<td class="nump">$ 9,018<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_RealEstateHeldForSaleAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments made to real estate held for sale to record at lower of cost or 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_RealEstateHeldForSaleAdjustments</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_RealEstateHeldForSaleDisposals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disposals of real estate 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_RealEstateHeldForSaleDisposals</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_RealEstateHeldForSaleOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 other real estate 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_RealEstateHeldForSaleOther</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_RealEstateHeldForSaleRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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;">ajx_RealEstateHeldForSaleRollForward</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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_TransferToOtherRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 transferred from mortgage loans to real estate owned (REO) in noncash transactions.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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_TransferToOtherRealEstate</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>47
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6834509568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Real estate assets (Detail Textuals)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jun. 30, 2016 </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>Jun. 30, 2016 </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, 2015 </div>
<div>USD ($) </div>
<div>Property</div>
</th>
<th class="th">
<div>Mar. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</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_RealEstateLineItems', window );"><strong>Real Estate [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>
<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">103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55<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_RealEstateAcquiredThroughForeclosure', window );">Foreclosed residential properties</a></td>
<td class="nump">$ 14,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,800,000<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_NumberOfRealEstatePropertiesHeldForRental', window );">Number of REO properties held for rental | Property</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<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_CarryingValueOfReoProperties', window );">Aggregate carrying value REO properties</a></td>
<td class="nump">$ 800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<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_NumberOfRealEstatePropertiesHeldForSale', window );">Number of REO properties held-for-sale | Property</a></td>
<td class="nump">41<span></span>
</td>
<td class="nump">20<span></span>
</td>
<td class="nump">80<span></span>
</td>
<td class="nump">45<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_CarryingValueOfRealEstateHeldForSaleTransfer', window );">Carrying value of real estate held-for-sale transfer</a></td>
<td class="nump">$ 4,800,000<span></span>
</td>
<td class="nump">$ 2,800,000<span></span>
</td>
<td class="nump">$ 9,400,000<span></span>
</td>
<td class="nump">$ 7,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_RealEstateHeldforsale', window );">Aggregate carrying value of held for sale</a></td>
<td class="nump">$ 16,551,000<span></span>
</td>
<td class="nump">$ 9,018,000<span></span>
</td>
<td class="nump">$ 16,551,000<span></span>
</td>
<td class="nump">$ 9,018,000<span></span>
</td>
<td class="nump">$ 10,333,000<span></span>
</td>
<td class="nump">$ 13,380,000<span></span>
</td>
<td class="nump">$ 5,541,000<span></span>
</td>
<td class="nump">$ 1,316,000<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_NumberOfHeldForSaleResidentialPropertiesDisposedOf', window );">Number of held-for-sale residential properties disposed | Property</a></td>
<td class="nump">21<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">39<span></span>
</td>
<td class="nump">4<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_GainLossOnSaleOfProperties', window );">Gain (loss) on sale of property</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,086,000<span></span>
</td>
<td class="num">$ (9,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_AjustmentToRecordReoPropertiesAtLowerOfCost', window );">Adjustment to record REO properties at lower of cost</a></td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_IncomeStatementLocationAxis=us-gaap_OtherIncomeMember', window );">Other Income</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>
<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_RealEstateLineItems', window );"><strong>Real Estate [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>
<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_GainLossOnSaleOfProperties', window );">Gain (loss) on sale of property</a></td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="nump">$ 27,000<span></span>
</td>
<td class="nump">$ 1,100,000<span></span>
</td>
<td class="nump">$ 22,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_AjustmentToRecordReoPropertiesAtLowerOfCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 adjustment to real estate properties recorded to reflect properties at the lower of cost or estimated 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_AjustmentToRecordReoPropertiesAtLowerOfCost</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_CarryingValueOfRealEstateHeldForSaleTransfer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reprersents carrying value of real estate held for sale transfer.</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_CarryingValueOfRealEstateHeldForSaleTransfer</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_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_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 foreclosed 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_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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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_RealEstateAcquiredThroughForeclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 land and buildings obtained through foreclosure proceedings or defeasance in full or partial satisfaction of a debt arrangement.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04(c)(Schedule III))<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5162-111524<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65884687&amp;loc=d3e4437-111522<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 360<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<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_RealEstateAcquiredThroughForeclosure</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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_RealEstateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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_RealEstateLineItems</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_IncomeStatementLocationAxis=us-gaap_OtherIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=us-gaap_OtherIncomeMember</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>48
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847908128">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Fair value (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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">$ 630,534<span></span>
</td>
<td class="nump">$ 554,877<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_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_SecuredDebt', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">346,070<span></span>
</td>
<td class="nump">265,006<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_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">102,240<span></span>
</td>
<td class="nump">104,533<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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansFairValueDisclosure', window );">Mortgage loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SecuredDebtFairValueDisclosure', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_SecuredDebtRepurchaseAgreementsFairValueDisclosure', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansFairValueDisclosure', window );">Mortgage loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SecuredDebtFairValueDisclosure', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_SecuredDebtRepurchaseAgreementsFairValueDisclosure', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">102,240<span></span>
</td>
<td class="nump">104,533<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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansFairValueDisclosure', window );">Mortgage loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">689,075<span></span>
</td>
<td class="nump">627,112<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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SecuredDebtFairValueDisclosure', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">341,245<span></span>
</td>
<td class="nump">259,649<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_SecuredDebtRepurchaseAgreementsFairValueDisclosure', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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">630,534<span></span>
</td>
<td class="nump">554,877<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_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_SecuredDebt', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">346,070<span></span>
</td>
<td class="nump">265,006<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_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 102,240<span></span>
</td>
<td class="nump">$ 104,533<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; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, 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. Secured borrowings are presented net of deferred issuance costs.</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_MortgageLoansFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fair value 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_MortgageLoansFairValueDisclosure</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_SecuredDebtFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fair value for secured debt.</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_SecuredDebtFairValueDisclosure</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_SecuredDebtRepurchaseAgreementsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fair value for borrowings under 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_SecuredDebtRepurchaseAgreementsFairValueDisclosure</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(m)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 860<br> -SubTopic 10<br> -Section 55<br> -Paragraph 51<br> -URI http://asc.fasb.org/extlink&amp;oid=68068436&amp;loc=d3e101761-111710<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>49
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847886656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value (Details 1)<br></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, 2016</div></th>
<th class="th"><div>Dec. 31, 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_FairValueInputsAssetsQuantitativeInformationLineItems', window );"><strong>Fair Value Inputs, Assets, Quantitative Information [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_FairValueInputsCostOfDebtRate', window );">Cost of debt</a></td>
<td class="nump">4.25%<span></span>
</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>
<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>
<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">7.00%<span></span>
</td>
<td class="nump">7.00%<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>
<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>
<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>
<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>
<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>
<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>
<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>
<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>
<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>
<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>
<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>
<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>
<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>
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<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>50
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6835595776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Unconsolidated affiliates (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to 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>
<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 );">Total income</a></td>
<td class="nump">$ 6,605<span></span>
</td>
<td class="nump">$ 5,436<span></span>
</td>
<td class="nump">$ 14,256<span></span>
</td>
<td class="nump">$ 9,076<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 );">Assets</a></td>
<td class="nump">729,755<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">729,755<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 609,805<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 );">Liabilities</a></td>
<td class="nump">452,456<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">452,456<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">371,992<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 );">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>
<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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to 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>
<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_NetIncomeLoss', window );">Total income</a></td>
<td class="nump">77<span></span>
</td>
<td class="nump">90<span></span>
</td>
<td class="nump">156<span></span>
</td>
<td class="nump">171<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_Assets', window );">Assets</a></td>
<td class="nump">2,479<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,479<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,334<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_Liabilities', window );">Liabilities</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<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 );">GA-E 2014-12 | Unconsolidated affiliates</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to 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>
<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 );">Total income</a></td>
<td class="nump">191<span></span>
</td>
<td class="nump">221<span></span>
</td>
<td class="nump">384<span></span>
</td>
<td class="nump">423<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 );">Assets</a></td>
<td class="nump">6,120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,763<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 );">Liabilities</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<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_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>
</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to 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>
<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_NetIncomeLoss', window );">Total income</a></td>
<td class="nump">46<span></span>
</td>
<td class="nump">58<span></span>
</td>
<td class="nump">90<span></span>
</td>
<td class="nump">99<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_Assets', window );">Assets</a></td>
<td class="nump">772<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">772<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">600<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_Liabilities', window );">Liabilities</a></td>
<td class="nump">136<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">136<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">103<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_ThetisAssetManagementLlcMember', window );">Thetis Asset Management LLC | Unconsolidated affiliates</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to 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>
<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 );">Total income</a></td>
<td class="nump">231<span></span>
</td>
<td class="nump">295<span></span>
</td>
<td class="nump">453<span></span>
</td>
<td class="nump">500<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 );">Assets</a></td>
<td class="nump">3,897<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,897<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,028<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 );">Liabilities</a></td>
<td class="nump">685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">520<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_AsAjaxELlcMember', window );">AS Ajax E 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>
</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to 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>
<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_NetIncomeLoss', window );">Total income</a></td>
<td class="nump">14<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text"> <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_Assets', window );">Assets</a></td>
<td class="nump">1,125<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,125<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <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_Liabilities', window );">Liabilities</a></td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <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_AsAjaxELlcMember', window );">AS Ajax E LLC | Unconsolidated affiliates</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to 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>
<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 );">Total income</a></td>
<td class="nump">57<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">57<span></span>
</td>
<td class="text"> <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 );">Assets</a></td>
<td class="nump">4,642<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,642<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <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 );">Liabilities</a></td>
<td class="nump">$ 3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_InvestmentsInAndAdvancesToAffiliatesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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_InvestmentsInAndAdvancesToAffiliatesLineItems</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=us-gaap_MajorityOwnedSubsidiaryUnconsolidatedMember</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_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;">dei_LegalEntityAxis=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_AsAjaxELlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AsAjaxELlcMember</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>51
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6834744784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Unconsolidated affiliates (Detail Textuals)<br></strong></div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Mar. 14, 2016</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_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember', window );">Thetis Asset Management LLC</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to Affiliates [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_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="nump">19.80%<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_OtherInvestorsMember', window );">Other investors</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to Affiliates [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_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.80%<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_TrustMember', window );">Trust</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to Affiliates [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_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.20%<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>
</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to Affiliates [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_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="nump">40.50%<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_DoublelineCapitalLpMember', window );">DoubleLine Capital LP</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to Affiliates [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_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">95.00%<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_dei_LegalEntityAxis=ajx_AsAjaxELlcMember', window );">AS Ajax E LLC</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_InvestmentsInAndAdvancesToAffiliatesLineItems', window );"><strong>Investments in and Advances to Affiliates [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_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24.00%<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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_InvestmentsInAndAdvancesToAffiliatesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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_InvestmentsInAndAdvancesToAffiliatesLineItems</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_RelatedPartyTransactionsByRelatedPartyAxis=ajx_OtherInvestorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_OtherInvestorsMember</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_TrustMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_TrustMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_DoublelineCapitalLpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DoublelineCapitalLpMember</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_AsAjaxELlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AsAjaxELlcMember</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>52
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6775141504">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and contingencies (Detail Textuals) - One-to-four family residences - Re-performing loans - Purchase commitment<br> $ in Millions</strong></div></th>
<th class="th">
<div>Jun. 30, 2016 </div>
<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_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 | Property</a></td>
<td class="nump">1,063<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 | $</a></td>
<td class="nump">$ 189.3<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_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>instant</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>53
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6835213600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt (Details) - 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, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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 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">$ 235,807<span></span>
</td>
<td class="nump">$ 220,212<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_DebtInstrumentCarryingAmount', window );">Amount outstanding</a></td>
<td class="nump">102,240<span></span>
</td>
<td class="nump">104,533<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_DebtInstrumentCollateralAmount', window );">Amount of collateral</a></td>
<td class="nump">$ 160,339<span></span>
</td>
<td class="nump">$ 164,610<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="nump">3.77%<span></span>
</td>
<td class="nump">3.91%<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 | March 30, 2016</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_DebtInstrumentMaturityDate', window );">Maturity Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Mar. 30,  2016<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_DebtInstrumentIssuanceDate1', window );">Origination date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sep. 30,  2015<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_DebtInstrumentMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,838<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_DebtInstrumentCarryingAmount', window );">Amount outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,838<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_DebtInstrumentCollateralAmount', window );">Amount of collateral</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,483<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">2.53%<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 | June 23, 2016</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_DebtInstrumentMaturityDate', window );">Maturity Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Jun. 23,  2016<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_DebtInstrumentIssuanceDate1', window );">Origination date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Dec. 23,  2015<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_DebtInstrumentMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,374<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_DebtInstrumentCarryingAmount', window );">Amount outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,374<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_DebtInstrumentCollateralAmount', window );">Amount of collateral</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,391<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">2.91%<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 | September 09, 2016</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_DebtInstrumentMaturityDate', window );">Maturity Date</a></td>
<td class="text">Sep.  09,  2016<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_DebtInstrumentIssuanceDate1', window );">Origination date</a></td>
<td class="text">Mar.  09,  2016<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_DebtInstrumentMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="nump">$ 15,730<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_DebtInstrumentCarryingAmount', window );">Amount outstanding</a></td>
<td class="nump">15,730<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_DebtInstrumentCollateralAmount', window );">Amount of collateral</a></td>
<td class="nump">$ 22,470<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="nump">3.00%<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 | September 30, 2016</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_DebtInstrumentMaturityDate', window );">Maturity Date</a></td>
<td class="text">Sep. 30,  2016<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_DebtInstrumentIssuanceDate1', window );">Origination date</a></td>
<td class="text">Mar. 30,  2016<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_DebtInstrumentMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="nump">$ 10,658<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_DebtInstrumentCarryingAmount', window );">Amount outstanding</a></td>
<td class="nump">10,658<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_DebtInstrumentCollateralAmount', window );">Amount of collateral</a></td>
<td class="nump">$ 15,226<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="nump">3.01%<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 | November 22, 2016</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_DebtInstrumentMaturityDate', window );">Maturity Date</a></td>
<td class="text">Nov. 22,  2016<span></span>
</td>
<td class="text">Nov. 22,  2016<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_DebtInstrumentIssuanceDate1', window );">Origination date</a></td>
<td class="text">Nov. 24,  2015<span></span>
</td>
<td class="text">Nov. 24,  2015<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_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="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_DebtInstrumentCarryingAmount', window );">Amount outstanding</a></td>
<td class="nump">66,433<span></span>
</td>
<td class="nump">84,321<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_DebtInstrumentCollateralAmount', window );">Amount of collateral</a></td>
<td class="nump">$ 109,252<span></span>
</td>
<td class="nump">$ 135,736<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="nump">4.19%<span></span>
</td>
<td class="nump">4.17%<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 | December 23, 2016</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_DebtInstrumentMaturityDate', window );">Maturity Date</a></td>
<td class="text">Dec. 23,  2016<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_DebtInstrumentIssuanceDate1', window );">Origination date</a></td>
<td class="text">Jun. 23,  2016<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_DebtInstrumentMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="nump">$ 9,419<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_DebtInstrumentCarryingAmount', window );">Amount outstanding</a></td>
<td class="nump">9,419<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_DebtInstrumentCollateralAmount', window );">Amount of collateral</a></td>
<td class="nump">$ 13,391<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="nump">2.91%<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_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, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_DebtInstrumentIssuanceDate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 debt instrument was issued, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_DebtInstrumentIssuanceDate1</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DebtInstrumentMaturityDateAxis=ajx_March302016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_March302016Member</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_DebtInstrumentMaturityDateAxis=ajx_June232016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_June232016Member</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_DebtInstrumentMaturityDateAxis=ajx_September092016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_September092016Member</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_DebtInstrumentMaturityDateAxis=ajx_September302016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_September302016Member</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_DebtInstrumentMaturityDateAxis=ajx_November222016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_November222016Member</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_DebtInstrumentMaturityDateAxis=ajx_December232016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_December232016Member</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>54
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6753502528">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Debt (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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>
<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 );">Gross amount of recognized liabilities</a></td>
<td class="nump">$ 102,240<span></span>
</td>
<td class="nump">$ 104,533<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 );">Gross amount pledged as collateral</a></td>
<td class="nump">160,339<span></span>
</td>
<td class="nump">164,610<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_NetAmountOfLiability', window );">Net amount</a></td>
<td class="nump">$ 58,099<span></span>
</td>
<td class="nump">$ 60,077<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NetAmountOfLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 net liability.</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_NetAmountOfLiability</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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(m)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 860<br> -SubTopic 10<br> -Section 55<br> -Paragraph 51<br> -URI http://asc.fasb.org/extlink&amp;oid=68068436&amp;loc=d3e101761-111710<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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6849101504">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Debt (Details 2) - USD ($)<br> $ in Millions</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, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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>
<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.77%<span></span>
</td>
<td class="nump">3.91%<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 | 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>
<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>
<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></sup></td>
<td class="text">2057<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 45.0<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4.00%<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_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | 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>
<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>
<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></sup></td>
<td class="text">2054<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 41.2<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.85%<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 | 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>
<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>
<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></sup></td>
<td class="text">2054<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 35.6<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.88%<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 | Class A Notes | Ajax Mortgage Loan Trust 2015-B / July 2015</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_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>
<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></sup></td>
<td class="text">2060<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 87.2<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.88%<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 | Class A Notes | Ajax Mortgage Loan Trust 2015-C / November 2015</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_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>
<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></sup></td>
<td class="text">2057<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 82.0<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.88%<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 | Class A Notes | Ajax Mortgage Loan Trust 2016-A/ April 2016</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_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>
<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></sup></td>
<td class="text">2064<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 101.4<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4.25%<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 | 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>
<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>
<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],[2]</sup></td>
<td class="text">2057<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 8.0<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="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.19%<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 | 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>
<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>
<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],[2]</sup></td>
<td class="text">2054<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 13.7<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.25%<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 | 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>
<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>
<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],[2]</sup></td>
<td class="text">2054<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 8.7<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="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.25%<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 | Class B 1 Notes | Ajax Mortgage Loan Trust 2015-B / July 2015</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_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>
<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],[2]</sup></td>
<td class="text">2060<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 15.9<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.25%<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 | Class B 1 Notes | Ajax Mortgage Loan Trust 2015-C / November 2015</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_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>
<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],[2]</sup></td>
<td class="text">2057<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 6.5<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="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.25%<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 | Class B 1 Notes | Ajax Mortgage Loan Trust 2016-A/ April 2016</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_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>
<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">2064<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 7.9<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5.25%<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 | 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>
<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>
<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],[2]</sup></td>
<td class="text">2057<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 8.0<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="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.19%<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 | 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>
<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>
<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],[2]</sup></td>
<td class="text">2054<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 13.7<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.25%<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 | 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>
<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>
<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],[2]</sup></td>
<td class="text">2054<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 8.7<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="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.25%<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 | Class B 2 Notes | Ajax Mortgage Loan Trust 2015-B / July 2015</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_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>
<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],[2]</sup></td>
<td class="text">2060<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 7.9<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.25%<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 | Class B 2 Notes | Ajax Mortgage Loan Trust 2015-C / November 2015</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_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>
<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],[2]</sup></td>
<td class="text">2057<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 );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 6.5<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="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5.25%<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 | Class B 2 Notes | Ajax Mortgage Loan Trust 2016-A/ April 2016</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_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>
<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">2064<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_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 7.9<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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5.25%<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 | 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>
<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>
<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_TrustCertificate', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">$ 20.4<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 | 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>
<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>
<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_TrustCertificate', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">22.9<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 | 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>
<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>
<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_TrustCertificate', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">22.8<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_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2015-B / July 2015</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_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>
<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_TrustCertificate', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">47.5<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 | Trust Certificate | Ajax Mortgage Loan Trust 2015-C / November 2015</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_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>
<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_TrustCertificate', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">35.1<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 | Trust Certificate | Ajax Mortgage Loan Trust 2016-A/ April 2016</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_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>
<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_TrustCertificate', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">41.3<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 | Deferred issuance costs | 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>
<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>
<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_DeferredFinanceCostsNet', window );">Deferred issuance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.9)<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 | Deferred issuance costs | 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>
<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>
<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_DeferredFinanceCostsNet', window );">Deferred issuance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.8)<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_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Deferred issuance costs | 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>
<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>
<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_DeferredFinanceCostsNet', window );">Deferred issuance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.8)<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_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2015-B / July 2015</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_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>
<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_DeferredFinanceCostsNet', window );">Deferred issuance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1.5)<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 | Deferred issuance costs | Ajax Mortgage Loan Trust 2015-C / November 2015</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_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>
<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_DeferredFinanceCostsNet', window );">Deferred issuance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2.7)<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 | Deferred issuance costs | Ajax Mortgage Loan Trust 2016-A/ April 2016</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_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>
<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_DeferredFinanceCostsNet', window );">Deferred issuance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (2.7)<span></span>
</td>
<td class="text">&#160;<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; width: 12pt;" valign="top">[1]</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. The Company has retained the Class B notes.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">These securities are encumbered under a repurchase agreement.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">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, the Company is 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></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_ajx_TrustCertificate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents the residual amount entitled to after all debts of the trust satisfied.</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_TrustCertificate</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64930739&amp;loc=d3e28878-108400<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28551-108399<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_DeferredFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_DeferredFinanceCostsNet</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_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_AjaxMortgageLoanTrust2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2014Member</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_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2015BMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2015BMember</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_AjaxMortgageLoanTrust2015CMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2015CMember</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_AjaxMortgageLoanTrust2016AApril2016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2016AApril2016Member</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=ajx_DeferredExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DeferredExpensesMember</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>56
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6846903552">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Debt (Details 3) - Mortgage loans - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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">$ 504,885<span></span>
</td>
<td class="nump">$ 398,696<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">352,590<span></span>
</td>
<td class="nump">270,580<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">695,888<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">392,421<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">53,606<span></span>
</td>
<td class="nump">55,098<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">34,659<span></span>
</td>
<td class="nump">36,463<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">64,696<span></span>
</td>
<td class="nump">66,292<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">32,919<span></span>
</td>
<td class="nump">35,646<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">52,991<span></span>
</td>
<td class="nump">53,673<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">31,615<span></span>
</td>
<td class="nump">33,674<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>
<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-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">110,799<span></span>
</td>
<td class="nump">115,395<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">81,305<span></span>
</td>
<td class="nump">84,973<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">158,498<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">87,174<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-C</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">104,015<span></span>
</td>
<td class="nump">108,238<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">72,783<span></span>
</td>
<td class="nump">79,824<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">130,130<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">81,982<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 );">2016-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">118,778<span></span>
</td>
<td class="text"> <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">99,309<span></span>
</td>
<td class="text"> <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">158,485<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">$ 101,431<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<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_AjaxMortgageLoanTrust2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2014Member</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_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2015BMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2015BMember</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_AjaxMortgageLoanTrust2015CMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2015CMember</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_AjaxMortgageLoanTrustA2016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrustA2016Member</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>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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6834896928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt (Detail Textuals) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jul. 15, 2016</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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="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">3.77%<span></span>
</td>
<td class="nump">3.91%<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="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 | 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">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="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-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">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-C</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 | 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="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 | 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">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="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-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">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-C</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_ajx_AgreementAxis=ajx_RepurchaseAgreementMember', window );">Master Repurchase Agreement | March 30, 2016</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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.53%<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 | June 23, 2016</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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.91%<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 | September 09, 2016</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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<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 | September 30, 2016</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_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.01%<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 | Mortgage 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="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_MinorityInterestOwnershipPercentageByParent', window );">Ownership interests in subsidiary</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="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_DebtInstrumentDescriptionOfVariableRateBasis', window );">Variable rate basis of borrowing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">One-month LIBOR<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_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo', window );">Percentage of purchase price for each mortgage loan or REO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">65.00%<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 | Mortgage loans | 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>
</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_DebtInstrumentFaceAmount', window );">Loan amount</a></td>
<td class="nump">$ 150<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">LIBOR plus 2.5%<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="nump">0.25%<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_RepurchaseAgreementMember', window );">Master Repurchase Agreement | Mortgage loans | 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="text">&#160;<span></span>
</td>
<td class="nump">$ 200<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64930739&amp;loc=d3e28878-108400<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28551-108399<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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_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_AjaxMortgageLoanTrust2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2014Member</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_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2015BMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2015BMember</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_AjaxMortgageLoanTrust2015CMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AjaxMortgageLoanTrust2015CMember</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>
<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_ajx_DebtInstrumentMaturityDateAxis=ajx_March302016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_March302016Member</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_DebtInstrumentMaturityDateAxis=ajx_June232016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_June232016Member</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_DebtInstrumentMaturityDateAxis=ajx_September092016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_September092016Member</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_DebtInstrumentMaturityDateAxis=ajx_September302016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtInstrumentMaturityDateAxis=ajx_September302016Member</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_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>58
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6760947600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</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_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>
<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>
<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_LoanPortfolioExpense', window );">Loan servicing fees</a></td>
<td class="nump">$ 1,453<span></span>
</td>
<td class="nump">$ 851<span></span>
</td>
<td class="nump">$ 2,856<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>
<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>
<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_DueDiligenceAndRelatedLoanAcquisitionCosts', window );">Due diligence and related loan acquisition costs</a></td>
<td class="nump">24<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">50<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_ThetisAssetManagementLlcMember', window );">Thetis | Management fees</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_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>
<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">$ 937<span></span>
</td>
<td class="nump">856<span></span>
</td>
<td class="nump">$ 1,843<span></span>
</td>
<td class="nump">1,603<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>
<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>
<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_LegalExpenseReimbursements', window );">Expense reimbursements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</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_ajx_LegalExpenseReimbursements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 legal expense reimbursements.</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_LegalExpenseReimbursements</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<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_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_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_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_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_ProfessionalFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ProfessionalFeesMember</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>59
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6760933056">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Related party transactions (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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_ReceivableFromServicer', window );">Receivable from servicer</a></td>
<td class="nump">$ 6,949<span></span>
</td>
<td class="nump">$ 5,444<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="nump">703<span></span>
</td>
<td class="nump">667<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 | Receivables from Servicer</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_ReceivableFromServicer', window );">Receivable from servicer</a></td>
<td class="nump">6,949<span></span>
</td>
<td class="nump">5,444<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 | Accrued expenses and other liabilities</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_ServicingFeesPayable', window );">Servicing fees payable</a></td>
<td class="nump">123<span></span>
</td>
<td class="nump">152<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 payable</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_ManagementFeePayable', window );">Management fee payable</a></td>
<td class="nump">703<span></span>
</td>
<td class="nump">667<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 | Prepaid expenses and other assets</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_InsuranceReceivableForMalpractice', window );">Expense reimbursement receivable</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 37<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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_ajx_ServicingFeesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fees from providing services.</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_ServicingFeesPayable</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_InsuranceReceivableForMalpractice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 receivable from insurance and similar arrangements for reimbursement and payment of malpractice claims and litigation costs.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 845<br> -SubTopic 10<br> -Section 15<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68052645&amp;loc=d3e30298-108410<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 845<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457341&amp;loc=d3e32102-108422<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_InsuranceReceivableForMalpractice</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_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_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_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_BalanceSheetLocationAxis=ajx_ReceivablesFromServicerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BalanceSheetLocationAxis=ajx_ReceivablesFromServicerMember</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_BalanceSheetLocationAxis=us-gaap_AccountsPayableAndAccruedLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BalanceSheetLocationAxis=us-gaap_AccountsPayableAndAccruedLiabilitiesMember</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_us-gaap_BalanceSheetLocationAxis=ajx_ManagementFeePayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BalanceSheetLocationAxis=ajx_ManagementFeePayableMember</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_BalanceSheetLocationAxis=us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BalanceSheetLocationAxis=us-gaap_PrepaidExpensesAndOtherCurrentAssetsMember</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>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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847013536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions (Detail Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></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, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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>
<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</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 805,571<span></span>
</td>
<td class="nump">$ 725,709<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="text">&#160;<span></span>
</td>
<td class="nump">703<span></span>
</td>
<td class="nump">$ 667<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_ManagementAgreementMember', window );">Management agreement | Manager</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_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>
<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>
<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_PercentageOfBaseManagementFee', window );">Base management fee percentage</a></td>
<td class="nump">1.50%<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_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>
<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_ManagementFeePayable', window );">Management fee payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<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_PercentageOfBaseManagementFeesPayableInCash', window );">Percentage of base management fees payable in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<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_PercentageOfBaseManagementFeePayableInShares', window );">Percentage of base management fee payable in shares of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<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_ManagementFeesDescription', window );">Management fees, description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Base management fee in excess of $1 million will be payable in shares of the Company's common stock until payment is 50% in cash and 50% in shares (the "50/50 split").<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_PercentageOfRemainingIncentiveFeePayableInShares', window );">Percentage of remaining incentive fee payable in common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<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_PercentageOfRemainingIncentiveFeePayableInCash', window );">Percentage of remaining incentive fee payable in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<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_ServicingAgreementMember', window );">Servicing agreement | Servicer</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_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>
<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>
<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_PercentageOfFairMarketValueOfReo', window );">Percentage of fair market value of REO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<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_PercentageOfPurchasePriceOfReo', window );">Percentage of purchase price of REO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<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_ServicingAgreementMember', window );">Servicing agreement | Servicer | Minimum</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_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>
<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">0.65%<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 | Servicer | 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="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>
<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">1.25%<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_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_ManagementFeesDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 related to management 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_ManagementFeesDescription</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_PercentageOfBaseManagementFeesPayableInCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fees payable in cash.</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_PercentageOfBaseManagementFeesPayableInCash</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_PercentageOfFairMarketValueOfReo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fair market value of the REO.</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_PercentageOfFairMarketValueOfReo</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_PercentageOfPurchasePriceOfReo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 of any REO.</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_PercentageOfPurchasePriceOfReo</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_PercentageOfRemainingIncentiveFeePayableInCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 incentive fee payable in cash.</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_PercentageOfRemainingIncentiveFeePayableInCash</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_PercentageOfRemainingIncentiveFeePayableInShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 incentive 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_PercentageOfRemainingIncentiveFeePayableInShares</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_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_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_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_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_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>61
<FILENAME>R50.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6761104080">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Stock based payments and director fees (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</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_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>
<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">17,356<span></span>
</td>
<td class="nump">31,530<span></span>
</td>
<td class="nump">33,920<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">$ 259<span></span>
</td>
<td class="nump">$ 436<span></span>
</td>
<td class="nump">$ 514<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 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>
<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>
<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">15,684<span></span>
</td>
<td class="nump">29,790<span></span>
</td>
<td class="nump">30,600<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">$ 234<span></span>
</td>
<td class="nump">$ 411<span></span>
</td>
<td class="nump">$ 462<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>
<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>
<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">1,672<span></span>
</td>
<td class="nump">1,740<span></span>
</td>
<td class="nump">3,320<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">$ 25<span></span>
</td>
<td class="nump">$ 52<span></span>
</td>
<td class="nump">$ 50<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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>62
<FILENAME>R51.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6836335536">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Stock based payments and director fees (Details 1) - Restricted stock - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</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_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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text"> <span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
<td class="nump">$ 2<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>
<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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text"> <span></span>
</td>
<td class="nump">23<span></span>
</td>
<td class="text"> <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>
<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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text"> <span></span>
</td>
<td class="nump">$ 7<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
<td class="nump">$ 12<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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>63
<FILENAME>R52.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6835042784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock based payments and director fees (Detail 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, 2016 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>USD ($) </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_BaseManagementFees', window );">Management fees | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="nump">$ 1,800,000<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_PaymentOfManagementFeeWithSharesOfStock', window );">Management fee paid with shares of stock | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="nump">$ 500,000<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_NumberOfSharesIssuedForPaymentOfManagementFee', window );">Number of shares issued for payment for management fee | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,684<span></span>
</td>
<td class="nump">30,600<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_AnnualRetainerReceivedInSharesAndCashAmount', 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="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 " 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 | shares</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="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_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 | Restricted stock</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_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 " 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 | shares</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">1 year<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_AnnualRetainerReceivedInSharesAndCashAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 annual retainer paid in shares of common stock and in cash.</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_AnnualRetainerReceivedInSharesAndCashAmount</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_BaseManagementFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 base management fees paid 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_BaseManagementFees</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_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 number of independent 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_NumberOfSharesIssuedForPaymentOfManagementFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 for payment of management 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_NumberOfSharesIssuedForPaymentOfManagementFee</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_PaymentOfManagementFeeWithSharesOfStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fees with shares of stock.</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_PaymentOfManagementFeeWithSharesOfStock</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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>64
<FILENAME>R53.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6834727088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income taxes (Detail Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</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_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [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>
<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="text">&#160;<span></span>
</td>
<td class="nump">90.00%<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_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
<td class="nump">$ 26<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="nump">$ 23<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<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>65
<FILENAME>R54.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6835125840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</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_EarningsPerShareBasicAbstract', window );"><strong>Basic EPS</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_NetIncomeLoss', window );">Consolidated income attributable to common stockholders</a></td>
<td class="nump">$ 6,605<span></span>
</td>
<td class="nump">$ 5,436<span></span>
</td>
<td class="nump">$ 14,256<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">(9)<span></span>
</td>
<td class="num">(17)<span></span>
</td>
<td class="num">(23)<span></span>
</td>
<td class="num">(31)<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_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Consolidated income attributable to unrestricted common stockholders</a></td>
<td class="nump">6,596<span></span>
</td>
<td class="nump">5,419<span></span>
</td>
<td class="nump">14,233<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>
<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">257<span></span>
</td>
<td class="nump">223<span></span>
</td>
<td class="nump">569<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">9<span></span>
</td>
<td class="nump">17<span></span>
</td>
<td class="nump">23<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>
<td class="text">&#160;<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_NetIncomeLossAttributableToParentDiluted', window );">Consolidated income attributable to common stockholders and dilutive securities</a></td>
<td class="nump">$ 6,862<span></span>
</td>
<td class="nump">$ 5,659<span></span>
</td>
<td class="nump">$ 14,825<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>
<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 );">Consolidated income attributable to common stockholders, shares</a></td>
<td class="nump">15,742,932<span></span>
</td>
<td class="nump">15,237,739<span></span>
</td>
<td class="nump">15,524,725<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"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_WeightedAverageNumberOfSharesOutstandingBasic', window );">Consolidated income attributable to unrestricted common stockholders, shares</a></td>
<td class="nump">15,742,932<span></span>
</td>
<td class="nump">15,237,739<span></span>
</td>
<td class="nump">15,524,725<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</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="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>
<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">22,088<span></span>
</td>
<td class="nump">47,789<span></span>
</td>
<td class="nump">25,333<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_ajx_DilutedSharesOutstandingAbstract', window );"><strong>Diluted EPS</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="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_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Consolidated income attributable to common stockholders and dilutive securities, shares</a></td>
<td class="nump">16,389,126<span></span>
</td>
<td class="nump">15,909,634<span></span>
</td>
<td class="nump">16,174,164<span></span>
</td>
<td class="nump">14,801,319<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_EarningsPerShareAmountAbstract', window );"><strong>Per Share Amount</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_EarningsPerShareBasic', window );">Consolidated income attributable to unrestricted common stockholders (in dollars per share)</a></td>
<td class="nump">$ 0.42<span></span>
</td>
<td class="nump">$ 0.36<span></span>
</td>
<td class="nump">$ 0.92<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_EarningsPerShareDiluted', window );">Consolidated income attributable to unrestricted common stockholders (in dollars per share)</a></td>
<td class="nump">$ 0.42<span></span>
</td>
<td class="nump">$ 0.36<span></span>
</td>
<td class="nump">$ 0.92<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_DilutedSharesOutstandingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DilutedSharesOutstandingAbstract</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28A<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1500-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=SL5780133-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e2646-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<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>66
<FILENAME>R55.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6847267296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events (Detail Textuals) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jul. 15, 2016</div></th>
<th class="th"><div>Jul. 07, 2016</div></th>
<th class="th"><div>Jul. 28, 2016</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AnnualRetainerReceivedInSharesAndCashAmount', window );">Annual retainer amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 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_ajx_AgreementAxis=ajx_RepurchaseAgreementMember', window );">Repurchase financing arrangement | Mortgage loans</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_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>
</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_DebtInstrumentDescriptionOfVariableRateBasis', window );">Variable rate basis of borrowing</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">One-month LIBOR<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 | Repurchase financing arrangement | Mortgage loans</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_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>
</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">$ 150,000,000<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="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_DebtInstrumentDescriptionOfVariableRateBasis', window );">Variable rate basis of borrowing</a></td>
<td class="text">LIBOR plus 2.5%<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="nump">0.25%<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_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent events | Common Stock | Paul Friedman | 2014 Director Equity Plan</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_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>
</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_StockIssuedDuringPeriodSharesShareBasedCompensationGross', window );">Number of shares received</a></td>
<td class="text">&#160;<span></span>
</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">&#160;<span></span>
</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="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_AnnualRetainerReceivedInSharesAndCashAmount', window );">Annual retainer amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50,000<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 | Board of directors</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_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>
</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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Jul. 28,  2016<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.25<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Aug. 31,  2016<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Aug. 16,  2016<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_AnnualRetainerReceivedInSharesAndCashAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 annual retainer paid in shares of common stock and in cash.</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_AnnualRetainerReceivedInSharesAndCashAmount</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64930739&amp;loc=d3e28878-108400<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28551-108399<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_StockIssuedDuringPeriodSharesShareBasedCompensationGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP). Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</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_StockIssuedDuringPeriodSharesShareBasedCompensationGross</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_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_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_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_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_TitleOfIndividualAxis=ajx_PaulFriedmanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=ajx_PaulFriedmanMember</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_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=us-gaap_BoardOfDirectorsChairmanMember</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>67
<FILENAME>R56.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6836805520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events (Detail Textuals 1)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Aug. 01, 2016 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 31, 2016 </div>
<div>USD ($) </div>
<div>Property</div>
</th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>shares</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_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>
</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>
</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_SharesIssuedDuringPeriodStockBasedManagementFeeExpense', window );">Stock issued in lieu of management fee | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29,826<span></span>
</td>
<td class="nump">43,301<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>
</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>
</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_NumberOfSharesIssuedInPaymentOfDirectorsFees', window );">Number of shares issued in payment of half of their quarterly director fees | shares</a></td>
<td class="nump">418<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 | Manager | 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>
</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>
</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_SharesIssuedDuringPeriodStockBasedManagementFeeExpense', window );">Stock issued in lieu of management fee | shares</a></td>
<td class="nump">15,684<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 | Re-performing loans | Five Sellers</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_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>
</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 | Property</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">882<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_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance', window );">Aggregate unpaid principal balance of mortgage loans on real estate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 149.2<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_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired', window );">Percentage of unpaid principal balance of loan acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83.60%<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_EstimatedMarketValueOfUnderlyingCollaterals', window );">Estimated market value of the underlying collateral</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 211.2<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_PercentageOfEstimatedMarketValueOfUnderlyingCollateral', window );">Percentage of estimated market value of the underlying collateral</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.10%<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 | Re-performing loans | Eight Sellers</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_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>
</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_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber', window );">Number of mortgage loans on real estate | Property</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">626<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_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance', window );">Aggregate unpaid principal balance of mortgage loans on real estate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 124.0<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_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired', window );">Percentage of unpaid principal balance of loan acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">82.60%<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_EstimatedMarketValueOfUnderlyingCollaterals', window );">Estimated market value of the underlying collateral</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 171.0<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_PercentageOfEstimatedMarketValueOfUnderlyingCollateral', window );">Percentage of estimated market value of the underlying collateral</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.90%<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_EstimatedMarketValueOfUnderlyingCollaterals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 market value of the underlying collateral.</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_EstimatedMarketValueOfUnderlyingCollaterals</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_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>instant</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_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 2016.</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_PercentageOfEstimatedMarketValueOfUnderlyingCollateral">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 estimated market value of the underlying collateral.</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_PercentageOfEstimatedMarketValueOfUnderlyingCollateral</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_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 percentage of unpaid principal balance of loan acquired.</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_PercentageOfUnpaidPrincipalBalanceOfLoanAcquired</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_SharesIssuedDuringPeriodStockBasedManagementFeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 for stock based management fee 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_SharesIssuedDuringPeriodStockBasedManagementFeeExpense</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_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_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_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_RelatedPartyTransactionsByRelatedPartyAxis=ajx_FiveSellersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_FiveSellersMember</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_EightSellersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EightSellersMember</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>EXCEL
<SEQUENCE>68
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M61L461L469M76=GT3Y*+GU!+ P04    " !NA@1)2'4%[L4    K @  "P
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M=%]\&M=)B(Z Z2CIQ RXLY[H-Y@K4IX9AF"."=@+G9BMFI5$4O*4YH.KX]R
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M1_,+?D,@*WA;H)#C7T\")2[QJ JY.& ;M[R-S\QU&_!D"T/2ERT,.<$NU9Q
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M/A-[;*,"XP*.NW^_@!TWK=*\ #.<<^8,EV)$^^HZ $_>M3)N2SOO^PUCKNI
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M/[)KK=[$_0?_7(.M<"]J:7^C_54JT3Q"XJAA'_VQ:NWQWC]9/L+< ?@9@$/
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M\L:O37I2:>-P.'V0Y9>6_P%02P,$%     @ ;H8$20H,8Q^P 0  %@0  !D
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MG]UDDEC8F:SM-.S?XTL:"BJ\V)[Q.6=N=C&A>;4=@"-O6O5V1SOGABUCMNI
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M?>(%J+1VX$,D=SY%XQ_I-!!0N=#=^KX9[NTP<+J]O,+I5Y!_ E!+ P04
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M]7%Y&]9V?E+SQN-P_B#K+ZW^ 5!+ P04    " !NA@1)J@J;$T$"  !M!P
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M,2YX;6R-F%UOFS 4AO\*XK[#/L;85&FDE6G:+B9-N]BN:>(TJ( SH$WW[V?
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M7<#F"MTS)JDR&C^HHG%4C[N^4].]U$VLVMP^=VQ'LM/U]=8_(<M_4$L#!!0
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MS7CN&Q\Z=KD?8Z>S=/H74$L#!!0    ( &Z&!$FR[3)+8@,  %H0   9
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M<"?+MO_T=I>VD]4MQ/>J_&.X%G5_O0XSG(YA]@ R!I![0(S  #H&T'L 9F
M&P/80T PE-(OQ#;O\BQMY-5KAF_OG&N1X">FEGKGJ>I;7T_UZZL16?J>41ZF
MP;M.9& V X;T&&)#; W$9Y) $;BS(  +TL?3D45D3T"!!+1/P 8"B8WC>@JA
MR(340Z$#A/>0B**0,AML.X6%(8LYMQ-F &%F5.Q($ ()PFG%B%I+#N=+'B#1
M &$1XE;8=@HC4:B\P\XX AA'4S:)E4TT>0U&A# [&Q/&0DKM;#C AD_9\-B>
M( 82Q$LTFP )DEG-;J80QJQ;SP$Q6&C_<SL 6B)%#)H(GA?CQ@ YBG%A3"J0
MDV "J.S&A"Q@XL"83"!+PH;A\,21 C()S)9H#$,V@<-YE1D8UWHX,"83:/OC
M:)'.H#V+^1*=\075.# F%6CWXWC>S4;,K)T]X-Q^AB$[P5,GH#&RIR"0%1"T
M1&\$L@*" ;V-ZS)BAGJC.$&/YXYQ74P<X1@3!R/P;$&6Z(Y 6YE02'>WJJCQ
M4XH)<U0UQ9$PB9C#&@AD#83-^YR!<>P$%\9D CD,,4X9,7:D@*R!1(MT!UD#
MX0MTQZ=Z<I_O#!QTP".00Y!XD>Z@+4V2);I+EAWA#!QTAJ.015 T[WLCAL_Y
MW@/.[7O4ZCCUR$@W+_^'0)9 C4,"LFV,M8$)'S=&,.FR*M$<^W:U]7;R4G?#
M=WX?O;?$Z[Z!?1RG^&E#;3.*@9KIN^C@\Q59>LZ/XF?>'(NZ]5YEI_K#OL,[
M2-D)11Q]4?OQI!K]^T,I#IV^Y>J^&5K?X:&3YULG?_\[(?L'4$L#!!0    (
M &Z&!$E9_8LN@P(  , *   9    >&PO=V]R:W-H965T<R]S:&5E=#,X+GAM
M;(V6W8Z;,!"%7P7Q  OF+R$B2$FJJKVHM-J+]MHA3D +F-I.V+Y];9.PF95M
M<;-@^.9P[-F93#%2]LYK0H3WT;4]W_JU$,,F"'A5DP[S%SJ07KXY4]9A(9?L
M$O"!$7S205T;1&&8!1UN>K\L]+-75A;T*MJF)Z_,X]>NP^S?GK1TW/K(?SQX
M:RZU4 ^"L@CFN%/3D9XWM/<8.6_]'=H<HE AFOC=D)$_W7O*_)'2=[7X>=KZ
MH?) 6E())8'EY48.I&V5DOSRW[OHYS=5X//]0_V[WJZT?\2<'&C[ISF)6KH-
M?>]$SOC:BC<Z_B#W/:1*L*(MUW^]ZLH%[1XAOM?AC^G:]/HZ3F^R1Y@Y(+H'
M1'- E#@#XGM _"4@F)SI?7W# I<%HZ/'IF0,6.4<;6)Y<I4G-\-]]4H?ER+*
MXE;&ZZ@(;DH(,/N)B32#3,3AF8CC]<P$TL%L([+;V$=/ D83!T"DYB_$CHW&
M.CZ^;S0V"R0.@40+)'>!Q'A2D$F-&[$QP$CJ,)("@<PLD#D$LB5'L7((K("#
ME?$H(+,V'H6- 4;6#B-K() ;C0 F#XU&; PPDCN,Y$  F0545[$78K@D*\A9
MRVA!7B"4FXO-"D$SCHK>H6A!;B"4QV8S-@B:<14_BH%$8I%PE3]*%N7'5;@H
M79(? .7F'F*%H!E7$T#9DOP *,_,9FP0-.-J* AT@GQED7"U K1>E!]7$:-\
M27Y@J9L;FQ6"/XBN?A"%"_(#(4MSLT*3F>!I8.@(N^A!BGL5O?9BF@SFI_.P
MMHOTP/&)E\6 +^079I>FY]Z1"CFVZ,'C3*D@TD7X(O]E:SE.SHN6G(6Z7<E[
M-@U8TT+0X3$OSD-K^1]02P,$%     @ ;H8$2:9!I69!!   CQ<  !D   !X
M;"]W;W)K<VAE971S+W-H965T,SDN>&ULC9C;CN(X$(9?)>)^)W'9<0BBD;J!
M:/=BI=%<[%RGP1PT2<PFH9E]^\T)VFZ5"]^0 W^5?U>*#\?+FZY_-2>EVN!W
M653-R^S4MI=%&#:[DRKSYIN^J*K[YJ#K,F^[R_H8-I=:Y?LAJ"Q"B"(9EOFY
MFJV6P[WO]6JIKVUQKM3W.FBN99G7_[VI0M]>9FQVO_'C?#RU_8UPM0P?<?MS
MJ:KFK*N@5H>7V2M;9%SVDD'QSUG=&N,\Z,V_:_VKO_AK_S*+>@^J4+NV3Y%W
MAP^U5D719^I&_G=*^CEF'VB>W[-GPW0[^^]YH]:Z^'G>MZ?.;30+]NJ07XOV
MA[[]J:8YQ'W"G2Z:X3/879M6E_>065#FO\?CN1J.M_$;R:8P/ "F '@$/,;!
M _@4P#\#!!D@I@#A.T(\!<2^(\@I0'X)",=B#:7>Y&V^6M;Z%M1C?USRO@W9
M0G8/<Q=T]6UF_5?#$^P5J^7'BJ?I,OSH$UF:MU$#@T9*3+(Q)>RA"#L##Q?@
M=O$&1CA@ ZQ-A4Q0#T^3;)\GR:PD,3X33M23#_%\B!=1A"<01 (Q)!!#@D38
M'JNQ6J,DF9Y'%&.BM2F*!9>8:&.*F( 856U-51HE$I]43$PJ-B8E(H;.:M3(
M<>*0)C$ZKXV?+(O-&D7I/'(\2TFXEI9K0%U+PXZ(0> EW/C),E/&$Y:F@+M.
M"->)Y9KC">9$@KE/"Z=$@O1Y"Z?F4TS0!C8E:816U90P1_-:FL3!IOXOR(W(
MR*-[)]$X#H@D10U[J3);Q;EPF":YSCR:=Q+)+]BV'#^59);$Y96@_RL#RZLK
M!85=YL5=1H&7>9!WTDS52-%ZK"T1@*.NIHC/T>&VEDB X[?,*/(R'_0R$ZJ2
M ?YK\U)EEBI.I,LT!5[F0UYFP1)W_%2261+FZAN*M\P$+LQ=\Z6(R[R0RRCF
M,@_H,I.% L7EVM+$<[RLS]&\M34I/B.@L L^V 43E4F"=LK&1Y19(NEZ!D Q
M%WR8"Q90'>LR'U%FBUS_]$"1%VSR.M9(0)$7O,@+%'G!@[Q@097CY+5%*;Z
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M^2D&*>JJ<B:5T;KR4PQ2Q-U%<DZ6\;KRTQGT2,B(NN%*SLLR69=^.H/"M4K
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MF9Y%\*5G<3;YX7E2F&,W'$;]<3/ML4\G77U]_&3P_-UB]S]02P,$%     @
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MMS!]Z7\Y/]!BNET@ZRU6_0-02P,$%     @ ;H8$2;ZX^6=?!P  6#<  !D
M  !X;"]W;W)K<VAE971S+W-H965T-#0N>&ULG9M+;]M&%(7_BJ!])<Y[)K -
MQ Z*=E$@Z*)=*S9M"Y%$5Z+C]-]7%"E%5^$]/F@6L27>>=V9\W&&/KQZ:[9?
M=\]UW4Z^KU>;W?7TN6U?/LSGN_OG>KW8S9J7>K._\MALUXMV_W'[--^];.O%
MPZ'0>C6W517GZ\5R,[VY.GSW>7MSU;RVJ^6F_KR=[%[7Z\7VW]MZU;Q=3\WT
M^,6?RZ?GMOMB?G,U/Y5[6*[KS6[9;";;^O%Z^M%\^&2<[V(.(7\MZ[?=V>^3
MKO=?FN9K]^'WA^MIU76B7M7W;5?'8O_C6WU7KU9=5?NF_QEJ_=%H5_#\]V/M
MOQ[&N^__E\6NOFM6?R\?VN=]=ZOIY*%^7+RNVC^;M]_J81"AJ_"^6>T._T_N
M7W=MLSX6F4[6B^_]S^7F\/.MOY*KH=AX 3L4L&P!-Q1PIP*GCHT7\$,!_Z/
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MV^[7[FG[MG_OJ__0-B_7PWMLIY?I;OX#4$L#!!0    ( &Z&!$FI/0!BZP,
M /@3   9    >&PO=V]R:W-H965T<R]S:&5E=#0U+GAM;(U8VX[C-@S]%2,?
ML!9UUR 3H)NB:!\*+/:A??8DRL18.TYMSV3[]Y4O2:5 (@0,)K9S2!Y*Y(GH
M[:WK?PQG:\?B9]M<AM?->1RO+V4Y',ZVK88OW=5>W#>GKF^KT=WV[^5P[6UU
MG(W:IJ2$R+*MZLMFMYV??>MWV^YC;.J+_=87PT?;5OV_7VW3W5XWL+D_^%Z_
MG\?I0;G;E@^[8]W:RU!WEZ*WI]?-+_"RYW2"S(B_:GL;O.MB(O_6=3^FFS^.
MKQLR<;"-/8R3B\I]?-J];9K)DXO\S^KT_YB3H7]]]_[;G*ZC_U8-=M\U?]?'
M\>S8DDUQM*?JHQF_=[??[9J#F!P>NF:8_Q>'CV'LVKO)IFBKG\MG?9D_;\LW
M"E:SN %=#>C# #AJP%8#]F10+LSFO'ZMQFJW[;M;T2^;<:VF/8<7YE;N4+AD
MALWTU;Q<$V*W_=P)PK?EY^0HP'Q=,'3&T!AB'R#$ U(Z @\6%&%!9WLVVW/*
MX@X8XH#-#OB:A@A)7I8T%HRZIZIU%+;W8<QH:62<#D?H\(".C-)9,'*)(Z@P
M)$K'AU%%A"9Q.@*A(P(Z*DI'>'&D$5KK>!R)Q)%!'!V-(_VT#>44XG$4$D<%
M<4S<@48<Z)QZ,X@#DU%OQLM4,!DO@WV <LDDEGU2I'03DXQZ6T'KRG,I3)1/
M")-<)E8'4%6!C(I;04LD#9PDA ,PY0":47,K:(G$!2&)'@),8B#0&$BYP&0!
M>$[= =;*(#(J#X)FYKZ$!5L=P"0U-$$(ZWF0.;47=#TUD*B] "8<\P0A3!Q
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MQ]$\0>D4Y@Z(IX!X#H#^@&0*2#X% *-,Y_4="UP6C(X!,\T8L.HYW":R<H=
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M6O"RU!MX^Z)B=5OPVFG88>D^HL46$071B-\%N[;&O:.2?^7\33W\W"]=7^7
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MTTN##Y0_INRY%S<F\4+)^78!G&ZAY3]02P,$%     @ ;X8$2;.6<B"& @
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MZT[V8?LO_39_D=EQN2CDJ1M.@_Z\F3YF3!==?7U\FUD^$.W^ U!+ P04
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M;>A[!W+$EXJ_T=L/,M202,(]K9CZ]_87QFE]#_&]&G_TU[)1UUO_),N&,',
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MYU7R$NZ[+:O6P-Z7VY-LN<SA&KABQ5?WS;+<;&!-KYIR^5.:7-%&)Q>[IFZ
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M?N#=\]US 3*#@E::G[@$_@[CS[=+N!C$  SH?=GDR6ET(\JB;^O[;)G_PZ]
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MQ8?O0<9>O.]T\=(ZLHK7HUU%5_4K@GO&\_[B/0W)L$B8[R&'Y:-X6[S7AG2
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M=[,#.<9>IR3;8%(0>\4>,-8=#-F,3%Y'"B!F L!SUGB=3@?=UH/D?;@S?F7
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MW F6:WFAY,"L^:3X'"/.XZ$WA[<2^V.[232CK7%]VM"ITYUBIXU+ U.'6'
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M3M.U*GV\.>X@&C_;IQG+,>YJ ][I,@M&I74@==Z"';H#6E,$R&2;D8^>UDX
MXZ6I+(TZ=X6M<![C-.8>"=23&I9VZK["'_I4W^\S;1A]6/-.,6%= \^0_4Q/
MA@L71"%!\5+ P44'>JDP>8/@%DDKW<#>W2%",_85 +-&>N4II^3,9(I9LW1C
M9X':E(20H6Y$O972K.\+T3I=@A30Q6V)LH,<_E(_S' H,L*$K7&1;>(HL9$@
M3/F5&)N)-90.88E37=FUSVH)JF#MMPZD_X-=#TVHD')@%ZY8AJMI0 >YPX,W
M?=6,%K>AS?S7S#R2!@AM24JWP?5E*KH7T'80.]E6K:-YK^29GPQ'GH3>FF@\
MZC 7#^1;'-BKT<%4Y8S;["*ZO(PT(K?GJ4U#2X,#GBHJE>GKV)EQ-TBN[)KB
M))R\1[O,9:FYJ@V?)<Y!(A>PRAJ;P<$;X4&$S$]A'$AS/U.RM&IDXJ@[\#Y8
M;%)<D=IE!;>'@V\L=XU+YW*- M$"]*^G*(H])]Q_@[40\Q*$,&$TT4<SC)0,
M-F</*GB-,S,X?D/+SBH.ZSQJJIHVC0:A4[/I@G03LV":%V"-H.O<O8<#G]T)
ME79W/"86"O24S+F@X>BN-KZS0EH 4.$\U:0&>831$'LS.J4<2>E0(_GP]IEY
M>Y #J2DP-7=6S0F(1K// V;H\B9:J1:,E. #D1$ ILD#]>4H@M=KHI=WN9G+
MB4OGLGG]M"RT8CS^R'FF"9*L([E\N."H=!BN\>K>\Z$^GILUT^5I27:_$3UQ
MYNO'(($5%59">!!<UTVW,B0FI'2F[Z\Z8MYS?/H<:W J/<N9HN8+N79'8:G>
MKR.8:JLGMCY1T\,02];7HZD \LV@V%/0</)A*PS_]S&V3@\PM@*$*X]-92.R
MPA-9X3FP HC4&=03GQ)4I\;KP?)):E._9\,-%^#W5!3V1U<4IN7#%O5;F/BC
MURT<!"R=E*!!= 0(^-%*H!:?M=9DA[-ASY/YH#)B/FE[W9VG">'4^E*EM$67
M)1J@89\2I1 NYOJ0=U*KC-,1+5VNH$(^U*=>FWW3\JJ= [;48@IBZ1[&7D'@
MH^:$^# VP_/5/B9K;7%FC,Y!UCUR*TWL!/X^YVW^O\!Y6]#[7:D.'CBJ=P^^
MCBC.EYM&JE*4AN#*P2D(&B*Z!'IO #LLYD6@SG )O,UV,9%;WCFJB[!E6XA0
M?%^('6 [Q\FM;KG2) QL$'4SV (*TH+H4<C'9&MS@QY,&HCNE@HR%[8NPQ:M
M__M3GOK"]A'>:)+TFR32VO>=]//#L3(",/FL&$N _2UV'4EMX\A Q]"0%U1B
MG%$^T HT*2RY/Q$ :1LOSZY1BV<E5)/6>4R^LTRWKFD ILL-++8S4P0N6QY#
M+)T2P:*0!"8/86>R.\H/QCE*3\>V-]E( $($JI6Z&1V%>:LW7ICSE>OREG19
MC?A1/L1WY^>7VHW87B=50F1@UWUKP7$;$4*A^4UZ[G559N3,X52ZFQ@/K=[=
MXQ)(E,QO G4E(5W0O,_7$X1FXR&KI(I^K)TFQZ0,W@*+N.]27I_O,6$$"T)0
MAIS3WJF:C;HI^GJ&"GD;7;B\Z5MI"Q?LL,W:='N/[<ZY[87EK+ :35GA<IFN
MD*DC!-NKCK>T=Y>TI[KJ'#9V&#=)8J5)@L':+^#<:2D;K-9%,>US 7U/9V5"
MW7-%,! F!BZ+;^Y^^TWSN]]^4Q>_^RW^O_G=]YJ>PIVX_N7\NB8?S7^++DP^
M;];?UL#H\G_XU;TTW_K5[PC<8$)P9=^'93%O%>BSPS_:[Y:D9*V;,-Q%LXAS
M^&>"'QTZ;>>3X6#FW+9XW[/9S'AR4Y.&B>>!#IJ'^*<]W* $-=TV-QL$*<&J
M$-#,7"/Y)FI_HMT_@I8HCBO@ GA\;-/<@O8Z%21A:DDK+"'J09ER^7X/[+DI
M>=&L\<[Q4*TF][=U?MNX@5E-5G]!4(C$9U>N]:!-/,'PB&^3U>Z#QEQ/&VHV
MM0$=V),0Q8T-0T(BG[2',S:NOKA*B<QCRG.-'T')E4&>%&%TL%,;?@KSJ^BW
M-BSKIMPR'CL=XK 'KL,HBQL T-1].A@7LVYO2RVX)E1&V51$!'X,.L!J+W$F
M%B1;4;!L'U4MJ0D JNQ^L;=,9%]O!Z3V^-,.[Q$;*UU%4UZJNYH^8C\NM5=3
M1/!;[>NF)HEI^9F%'3W#%M@K<EGZC.U(1)CB$GJ:")LZ8(IA541G4_7.7MA=
M'>Y-,,R_V_6ZB2F;.XIZLO*%,AQ)8^?COM"_ :]!GD45H,3$8NS;^C<8=(GR
M!GGPA$[D9H"N75;?+9J1*M''SUA) ",;!E<___;H8SOF%X[PB0MF1^=V 3X$
M(W\?CG??CT<O>WJC=[/(9\EH/$QGXRG\=0+_GTS&Z>QTA'^-TK/QZ='[SBT_
MGIZEX^DT>0XW'8_PGMDI?#@>G:6SQ5GR_.AUQW&*M)?D=)R.SX;PA/%PF&+Y
MV6B2CL>+H_.8](YAB*/9F-\V7:3S\1Q?-DU'9S-XEZFZC]C3LV0V3D?C,YG<
M:#9,)V?X:9$.I].CJ_TTM??GV='?;XO&PW%Z.IS(+*9G\W1.G^:S='XZZ]NB
MT]-TLI!%&RW.X FX7\>3LW0R.CUPBT;C&5P]PCTZ.TW/%@O$_)S,SCKV:#)/
MA\,9O^YTDLYA9^%M9^EP<O;$'ITMTLEP+K,;CZ;I>+3 W8*OQ\/]_(M$3N#P
M;O$MQTK(I<Z2PPD>7Y 7,:F.$]Z:\L\_\E]/0HJF3HXW->BQ\)Z3,&'U8)]/
MYTCK8$N/9GBB3Z= ]3-<XS$0T+0](163F"-*!T[.&ATTN9Q@AF"/B(;@9*9#
M/OFGZ>ED0?0%WP"A'<6YJ2Q-CYOR>;<8X::9DP6PGV$"G &H]20YL1-%&SB8
MXAD,['3"4QPO:*Z@ "\F8YSC! 8T^P\[X@?LSSR=SF8TC70ZQC]FTQ1S\_"\
MP_&9[]L?.6QRSNB0V?V!0WK&VP(;-1D19X8]!]9'7RW.%O]9-HCZ:O=(>G<6
M.W:.E:A@MUIEHAJEW99]O84'7__Z0)&DI8)KGHWF@VEH9TW&@W&?F44P=9%%
MHYF?C&8CC2A"KO4EHWYBE<S(AX.S<.2CT\'I+S[R5WNSI/:L<9"$_FRR&,S#
MT9IE9D+NUE4Q M<E(1C9+^@:(?INK">&2Z&97-%1LMX6K'.[7TF-E$T"\*V(
M:)5L$Z):R@9R5T$O%]-\&Y%T7H@RB \VZFLRQ6^ZR;%'L3<65_E-)J%B*F14
MPWO]:$82"N?4A)=!&FI'!XE.^_%R0Q^O-D@<BMJ;5J[EZ UA-@Z2RUCS%A09
MN5R1'1(IM^Q0U7%O%+5"<5G,<'S#655Q;)=!#^01JQ44;>8*L2 3-K#R^DUR
M]7UQ+ I["2#R5\LB/=R7TZ&$A'>U[CAZSP@R+W7HTH:E^^NCE^*_&Z6S":I<
M8U 1)D/DSI,I:E\+^&4T'Y%:-DZG<[X&+833H\DPF9V>8;%4N@!];31!QCY,
MIJ>+Y&P"?\[II[/3R=$<Q 4P_]DL'8-F,(<O01!-)O3-#,3#Z3 ]/1L=+88@
MSR8@(18@-, 8 -5]/)LD9_-34$-/TRD(BQ'</()WOS&-PE&A!SEX!J; ".R(
M$1@O4Q!-IS,8[Y3&,!F.CB(OW 0FC!KG')9R-D'CYVPX(\,'3) I3G,&TOCL
M]!35)M"!3X>+)/80VM[M[.SMO$+@$[[&@3B5?@?Q>\+> RZBYIK&8VL*\B1D
M41L5;HV<2]H-U2?'5=$=+>-=OPP%2C&K+^AA7P+3R@TE>*Q!AII,KO!(G%%W
MA_-FGX2@N,@(#*..[J2N6B/K.-7/1E,CM1F@+? %=/6G9QR8SA(I]*,+BDS@
M14XNO1P\)Q[0X;UMS0ATQ"^>T-S(\B^8SQ?/(FZX?M[F;.&,$,-EE4RBYBD.
ML#6[%0C/KDE9!65O&W5DQ(T",5!3$A_[M2_-B?ZVY"4#]5TY?-V^JLNO1>K+
MR7[UI;7,(B.V^#9ZLJ:N.MPUURQ>FSY+ _;#""9#C2.WRTLH9ZS//+6\H_;R
M1CWDM0;ADZRU1JOP/RS:X]%SPDC@CU82J[41TWWGE!4]V?WJJADVE-O.4,SN
M7,2MW@UA+*N"FJA'>O/)DUK^4]KSAI#PIR.Z;CR,J5H7OF?5:4.?36.U>^R_
MB+5NRF;P_#)<8Z*>5K?=+JL!;(5?:NY@?.)UT]E7S7T1&TM[+(Z?.?=SW]?Z
MB3GO/V*D]G%R?M"G%J<?CHF.-QJ$D:$"AM:D>Y*#HU=%[6 @CK[ 5'IJLZ@[
MYYCI-&:^J<"[X+MP8A2;ZBC\:$4002>C[ASA/IEN1*:EX05YTK66]XG(IZFI
MIH@?WA18CD_$ O@T=JX!:+E$KS&Y^B6@Z;.K R$8\C5A2FGY3,JI&74= 7A(
MZ][VJHT,5^55XPXLH0T9A*B\5=)K.3+FN<2R)2 4)0FXO#F6_UFM#>#$* 61
MJ#2K!J6X;_!/Z1"28CHKR&P"A<M6/^Z$HW91AS>_63I(#)3.+85[73E M/;R
M=I@S!UNXYUQE$!D[D!4/#0QU6>L.4J]8F7@MX9H]-8B@G:!9$)B5+VC=ZZUV
MT<J.RORV5&ZSE7 !9.('!,A:'"(YMJ;ED9/<_QA)[A;GB7VFD4T:OF3/;X?X
M2-/)&3I$P32;HA4Z&J:3"?D3T\EH?O11E">)U$91YEDZ!+L4+#TP)A?IV6R4
MG*;S^>+HW&U;;?,#F_;F&[H['LTDVC4>8F#C1'@U:)OH!)^,.;;B E,3\KY.
MYI/D^1$S/S UDS%8U!B&F2SF>_VF\W1&'OL%3.&L_45L9_K@2N<O?Z09O')5
M#'NR6=CNG)'=:4(V'52-"?R-<9;T%5/TY_ SYC&J_G(4.A&H?XZS1'"<%<19
M$9PC@G5.D3\$2,<HM5IHU#\8A.JC]\([Q,T<E_"UJATM.4EV6.R7\!Z)$XJ&
MS<]@QRG$]_6O,LO^_*BK7A-E'7I\YO"JH;QX,AVEXRF<T8/**O%DCN'Z(8=9
M]>_>#6AOWG^N35#GCVP":#JCT?COL0GC.7"MX5Q>/)XMTOET\06;, 7:F<@F
MZ-\?[]HI2M;LU%281M@H&I!\-JE<A14<_D+,7TF,\&((3;;]XJ?\DLMG75E:
MOEU=7Y>5E+\)NGFDDOG%N8<,L$P5FE5J342L(W#]OZ@6\:FJZ9Z6<)0[)2VG
M.NZ.X3*YF1NL,V:1>HTJP@[OM*F+L#J.9%9'=E90+V]OZ-2Y#,FN.<V/>QI1
M;P*J;MJ6VPK)MW*96EU8X"V3WHW9X]&Y (G7L;1E 1]^10DTS0,I5I%S8 37
M*RMJ]$J$%R4O+B^H:IJ^%@Q87Z[%[R7GIW2F-!!-JO#S$-JI2M=[CF)0CMM7
M,M["H>1 @J<FP7>N,0T,\;2X;3#%(\1;WPF40'GE#AJ&.H:K6"4XV0YHZ58&
M6U3T[NDQ5DW_CX9_]ROFU,_V]"-W!?L]753088Z'(T3%B;%_NR9L!J(1-\/&
M0W14K5PF#N[2,+OZ:]CU,AL:)97O#WR91/%@,T3M*XF*05#N.*Q7;# FAK]N
M$/J;."-EF\,"E6LI %]2':1 9 @,8#P_5\;9.6YL:K+*EVOJQ+;M(!7[0D$W
M@8E0&G#T6,HZ=[_)P_KFU?5<32]N/?>),.2_8J<XK>[NKC*QR]*[P5$I;SMW
M=5^B\:$:^+=''[1,@TR.^N@M#B%Y*F8I59KAYF MSX=V^F9R^FM0:4;37[L_
M^F]_WQ4Z'@WIOK-?^[^.7DJ7>X*-F0[&LU_S?X_>]9)NW_#0J";LZN<)ZO"G
M_-\G'M0Y4/.DT0"?,M5_8YOMAVV@AWI%)K[P;>BSQ$T\1V!$0<DX-QK0U?(N
M7^T81<+>]C5AS#F9D[VC#!74<HVU<\ET.(!=L/CK&5#.&FOK<M7LOCL_><W8
M&J.QZVG)]X-2 6\K-\4R>H9BB6(UPXEJ[*:8@0ZU2:O/[(\FN$!1,+A[E287
M57Z+=8X_*%/7SMH=1\L5.[3[L1=;[@_.L"U1ZHLBWH\6 Z!<AQ[A9_:1H/M3
M#XJOM;\*H^([_S3:\@_SHG;7:U@C17Z31!C?\"MTF$F-9NTN##5H'H,1]E'=
M[(46EN($V[%!<4Z>7W&+R=?<<4!:@].6MJ<=$X4^!#7J3]L@0!1S-<8>-_&C
M.! ]2%Z5L#SY.^3I+P70^-UE2]ML[HI*4 =3?&N=++@A,$[N(XX*5Y%#@='D
M KSX^ B,I_X M**HP,@&X_ MJ;$S>&.P* .788)$$P_HX&T-QMR_N_A$EE^@
MP9:?4/G]Q"Y/BV74XP[JZBV[ZV488+V,AL-?"W15T[J36_ =)RNLPJCJP"V4
MO']Z-/)\<ZE^M3?-OS>9](@$'_DYW%]'EGM1MC.EV8PI]?X,,U*FX\F1'"EJ
M_R6ZL]CZXPE=O\#$T>D,?:*SX? HW"OX[I2< ?C/44\/,9W94U):;G]G;FU_
M%<]JGH[&Z,"E\:6G<_+=#O=,:Y*>+4[)\36C3T-*WI^-VU.;IO,I92J1L^2P
M776Q("20HW![P]_^9OM,*46+(54C8 ;2Z'2T9SFF>,GL3&]9+%K+,)JRNV?O
M!H=S^YOL]#C%S"\<"/X]H9RJZ9Z9G9Z..0L:-WM(ZS&<M&<'](.$@%A.N,VQ
M1O/2%$H+"#^:=/EV6;35G_CBE_9BXQ]_RCU^2OK,WE<'_!7T \&QS4T3;^>X
M8RM-\J$,.GN'P-*O3C3)4+U1MBT C6/'QMBZN,T%F$;PP1R)2."2L,;0 E>M
MQ=?R*AZ?] <$=0%1G[BK;ZOM3Y#514(JZ# 2&XP,356P[<E"R/BMG$\S<V:O
M@FBRF^)), 'I"DRX4_=E71>NB([<D.0?T<X&0>49]2*0S@I/Y)MEJ[A0W[F"
M1ND0>-V'RW>U529%^:35W^8G37E"C:!NLDU!=4"DC2Q=/I3+G<!44LI3.UOX
MW($!G,9&.@H3#$6QD=ZV+E1<)V^>[IA^;?"782^TM[QY((,:>\=644L^,#[*
MM9!H-[ ?/)T/]DG\T9F@-C>E;ES=2L+"ZSR=IT0UJ(.1JDT]F3 [&?TL/&"X
M'UMG"Y9,QNBF#\6*JZXH=XPCLKK.7#IMX^B2F(R.H8K0&@)$"T]W[LQHPC0W
MDO)-X4J;GSR(N<HKL#N[OOL"GG1&/(EN^M 1'*A1^7Y?/C"G'S/21V1F$',B
M(B#$1./8O,F67)-O>]=+H@="KJR=\NZT<4IU;A"52XPU;"?FXBRDA"9O'>[D
M5;Y>HU/PWY^G'I()Z\K7FC(H5=D7KMG6I4<A3P/FTYE_>E^6ZTXWG8)J&UP:
M?UYOBJI&V.-\2][5_C,;9V:Z?"2KM&Y7WQ"9.FN!G,T$FOF1F%HTMJA9*39_
M04.H-;N]:Z.(D+#(M[L,VS67%77.8<\9+WRPKP%_C!.(.\).UPR\9AN0N3=1
M(VZ>I?=[7^EG7_Q.P9A.%#D>"9FLY<T@N30#Q7-9-WW1,"4MZFOX_8=S)JZF
M8Z'1QKSE$FSW6B7(_UFS)>![#P9P[T43D2E&6XI5 ?PP[3T:BJ/O\?341D=4
M?\SX>,N#S:39GOB$\1?W?.**'0=$-I04D@ KU"=QWP2[X)HEE>OX(;#&[\L-
M"'Q@$15V60,^\V;'#/=\DR,<""P>]P5$_.A'?%[7X3.;1FFV%:/HA#!.R-X1
MC9\[[SS#- N7.-4PLR?LMF(KCY7TY[K8 ,/-MCE*K8 LPZD8*B&IWZ%>A2N5
M2FZJZ[2"SU-R8GNWO%Z+!*[#=26>(L<@][O3TRO0<VS?JPM3]97M4O#%PEI(
MW]F5*3)*ZGM$#I4UEOS.=V]?7'Q(M"W03?$Y-_6P!O[:17UX6FZA&$&3\+BR
M>,D2:EUZ$<;T7#QS[ET@5K/S#_3JJ(\-YQY:Z,7EA1LI7<4C\TW^ H83I&7I
M:QUD.'UR8/;XJ1L;NHZN% ='J/.YL)IK-T;Z2H@@J%A2%";(:4>IZQY\WV@1
MEV" W*QW6 CN:,AA:I(G,8"1^$:+E;-BC0PAZA#&-"Z]=TR,$"&$FUV[N1Q!
M?;I@%^%)E&M?.Z6F0JMW56&/F:PO][P1?5O\24)KF4%-"D.6&D44*B? \PVO
M8<D0UJ.)I(=0M:$)H=A^]\1/Q?EEE9RIOU< M)3LM6W;RH&EN$'$/^-\_"/'
M"E1^(<Y:CYEVH";5M0[$:#P_AD7^_26H2K=PQE[272^R[4]I\GYP/J!+7S"G
M94XAZI(T;*0X/;R4+F%"H$9'@C5F1%<'^Z,GW%-G@<.>84S* ]BQ/*_T<-UA
M*\QV*5*;:0M1$L,3L>@WT;8-T'UDO#7>*]Z]14J@==G]/>=!/!O-ACX?F_-*
M*I*OCN'"5<Q)"8]HC)$) <T7E#U@ZYA(@,OI*.F&F\2/9P+S1=*KUN1G-APM
MKM5W%:/8>MSR+J50URC*H=VCP/'S.!D_TMDX_LI22Y-BK&Y NDC<]!>_O#)J
M#A-@UUON'!KYAEKV\.A=5@R/4:X)W+<=SUKE];(JKC%V3F1/1L]"ZN-LWY^P
M8NQCG]#%]SHU52A?F38O(>DSINV17$T*E*I6BJVFN'G"D?G6@O+#ML+O&5!<
M[F. -<O3:Z]P6J7"=^[\_MWEN<T-I_=4));-@+#A+7"8QO5:Y>=*,DR@03Y:
M5&**^KCJU(R1ZI&P&>]:$->8.JBA+<M@\^;K#!.?_(M%#T)3A(H,^N\LT)7S
M0 6RLBXBI?>-'1LG$3G*+0)N[16U[V2[R GAD&HUPM&]QGI/&EHQ(6/4& JU
M6N.*[[R=3_*=-[;4ANC@HCI87JRXCO)3S@X(4LUA[NQJ:7(3GY.,O5WE^83^
M^&??C[XG1^F@(NA5WE _];;F%*0[/5&I?/2]J"#)*YS !8=!O93]/OL,<F,#
M9@4I7_*/ZY>$IL?157[?L!Q>B.N:HXGZ"3WJZ>ED:/\8HUMZF$P&8$W\VCS!
M>;^E XE^' W3^>S,_3-+Q^,YWCV"NUMJ0(>N04A&\*[Y/)UB+?-PD8X11V4P
M6L 3G*M]/+$)\>[3(IW"=?Q?S'U?C$#8+/#='['BOJ:PSRP]&YZ:+%O,#L>T
M^ 6,\_34OL4Y]'^!Q8_6J;62,\[./YN<!7_,TNG9!"7F))$(DYMLO!@SF/B$
M4O7QO^'TOV3ISZ;I9#RB>O33R1R7_C18P/$P'7/$33)D<0&GZ7R$9()OD\8=
MA@4\4F 86 ;WG%6_PU;:Y02J7!,I(F'5(HE^*4<D9N2[[FCG+[8^=@WU<R'?
M9KM0I,LWIYK!TZ@%K$DP/ULQUH0W,ZH BK1&9-.ZWM=.,FZ?$^?[=*8*#8Z^
M"YY+7:5H*1*2)>:1KE""\ZJ)8NW-.,/@\WL'G!I%NKK.#$;7TN%BT9&2WD4A
M&*M*AW#,VBG<XFL7W0Z%G";/&3\PB-J]$07;"QA3I&-F;O4\ZODWFD[/C00+
M6[XR2<7/8/=LA69GQ7M,>4_.-*FE1+D!F?O]VY=4C&O:I]N,/R]NXY=(O^RG
MFT %ZI_:X*['L(K,ZM$K!?9%[%VN;=DAMH_LFCC]T#'Y>[ I$@<^'W1NU)X_
M/<!L,CD#^Q@V('9=II&9H!8EB)6N_83VZ):I46N*=LHQ*,P< I"[.IQ.-+7
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M404/:_=0ZL9T<1U#%% MAE+3Y'2GNZH6I!4$MGU:!(OI^K87V][9-;Y#T98
MZO.$2F075"'[(6CK;@]8ASYJL97W_VKVWFH9'?C]J0/^=D0=@3C#D6Q#Z..3
M?]A2[=BE4YRT<_SQ#Y<OGO\'(NQWM@'XWQAL/US6_XNW_Y\";U_WG,2/:PCT
MOR:Z/FT:AM"ZS<$<JX+^1H#[7W.\T@BFO_Z%</HI)/O_MW=MNVTDZ?DZ?(K&
MPL9*0$O31[)[@PP@R_;$"WODC#P#!(M<T!)E,T.17%*TQX O]AURF_?(?1YE
MGR3_J4Y=5<VF9'LW0;#8,45VU_&OO_[C][N8Z-,=;B.A@9-<@/6/I# X11*@
ME4=ER=,A=Y(GF>8_;C 1>*F*V$#'>&JI+8R%Q51_ <RZ8I',7DTQV\D^S^*0
M_78AR XN?& F!NM=*3$(XTLQ> K%-X#D/X\RL$X!*CH&1'!(^P^Z%0.(XT.>
MB:^&.'0,.U3!@YW\0Q)571&E"Y$=@BGW*QFC*",)Y?L?'@9C8%M3PGC43GKC
M6L&$ZF2#,%2U 2B]-%^>7<'U=+%,+D#KP(-33-( /*>;*XL^%2F*Q";X.\G,
M/41./;.:^$DUT9%891GD25NL,Y;>8)7?6ZM$LEOJ4*7-.T5U$U-I>2_$Q&9V
MMUFQ;QX;8W "7K-3A044!Q'_UK#T?_]E>KOIQ@JGW,7U&"KZ:R</%]4.R?#=
M\@7V3D>Q3C39.MB^OEZ%#)VB0#U<XH[U"6.X?"!?MOO\S2%\_Q^R7LYL&D"4
ML>\CI;H;EZ*5ZMV=_GSKQ'L@7I>$]+)UR!PB$QBK'3&X3^E0$B?<D>4L#LGD
MHE.I\H'X%&6B"^&;XO+.$:!'+/)?*9SQQ(",1\#"4\$M(,D*XT'))?WK[)-5
MYY-XL:".RVV^<0W+\B*+T]WZH$YN&#RY0)^:'#X]<I27WJ\V$B*$(7>KM2*.
MW1JG5#]FMF7J\"HJ9/2:!?$ZA@9C8CLB@S(9NU"OT[H3KS[,>W,U9V\/JA!V
MRZNUR0P@-FY2J^7ICX2.8V*O/Z!0R^B0ZB:W5TA7',;'$=V<,=-2OK_#6-C'
M0>1N>V'N[!44?RPCKTS:,FVS6K5LO- L<N#IL(T]GABH$1)^'RE^8YTJNB3>
MO)]99C,=?GSM/<A)L6005$[D(:8AQQ >L0U%P/PY&C[JE_PEZAT;_J2JV+3D
MX&W?C1@0WL1ZK<*@N0:C8Q(F28V\'6@S8.^&Y;J[?/ULJT4R<E*PJVE.A2^7
MVSEG;MV(1] )HPV9)@).SB-4)*A0)?_T1/]$M;G>HM>=X=I )FD4JPYA[QYW
MX7 "24C=:]O":?EW!'M**!:.H#]P93 2D0E-K8E[H:L\O*VDZ)JE95<08\)C
M_#L<T  F%]&OD@Z5+D9=D=*-<4F>W<GJ8_N>XN?1?>5$ADX334<Z N 9MXK>
MV&.*V$%'&W]W138A#AEQVD<(<.4K8P@;X4[HV?3 O_1$C(XO-;UZ/,R!:G8V
MA+*,4/#U]\(O>R?O7 GZ)/'C(?Z V9'0UC^#\$T.602X<!RQG#"_-+Y,V]5Q
M9P/@4E;$5B*:C5VI@Q[2[=HE(0I_P&PFHY1X8\4 E.663\YT^2O[/T!ZN]L)
M&,FY0@@71 1Q]V]5W.1S03I_.J/D?Z *A5JD8 \I!A>.X?.G+\ZI+,9</W*U
M$H6#F*E5T5A=!Y140HD8F)^C$0,X&8\2Y"UVK<2<%6;5\V@HV$\E[^(  IV'
M=Y;"J.82D) $OA(FM=6YM7IEE'--0HO9XR,1%9@D,=/P#=HK9',R%4R#+@V>
MQO8T- "I26YNQPZ"GC*K&,_RG:X4R8:9N[O%3&'YZ/A_.]A 6HSXK *(TXQ5
M&P"-INR1VS7+-Z+6<:B0=>Z6,YVT/00&54R)'PD=# ^'$),KQ5N"D27_VJ4X
M-,0@<A6T:WS@+!1/1Q(%BZ40[5T2V?W*Q@-=DTAC]*29A5J)HBSLS<ULSK-3
M*NXV58%G!FO7,K>0,0:E0(DQN/NX.B'>K$(J2*-87.T$_.MM9"L00"J*[?TU
MMBF&5GOP]FD3G "+HJN;:7J]NINI@HR!KDQPL0WAFRKYTLH7>ZLM9"IFQE2Q
M-%(PF<2NT;(D2121HD)N>KEE%#)]*#"X_:!ENJ)A3S4T3V#USNQS)V347'3(
M]#>[H,%TP"N)]<S<@-1.]=VL0>S4*FL$6E0@$*=T*D4H*+:$R@E:V*!3N$Q5
MT,I\R3<H>8X<F4)%W:JD2'62E@:5ZW8VQ<N.F!X'N)S94;3OYT""<-=^,I5V
MW?0M"A&3'"0CY70C6J6 IX\A1;9$D':Z3^X">%.<*4[CY4@4-4H)ZL-3@6B?
MU[/M%9S!F2K91-'E;+@1X"J3RL7QNSA<7@>KU3^,_ON_DI>$C)&;CX7Y6%*W
MUWAYT9A5"G,"IVVA\%="X[4"0ZY  J?[VKI:L&W$X]JPDT MQ%SR[,7'B#4I
MYAH?2P$I3J]17;"BE%6.TY]W*W(9B.&2=49FQ]; KL@WJA9#KN-(&YVZ+PR&
MJ>RL9E6"TQ!S/@ITSL.#EQ!#[DB'IYJ3T_": .7.^$2@-0?FRY565HP_"&,V
M4Z#1PVN8 $</]H[;F^0!XWX=;!<U6F"*5W+-V#D..E_#]4\JCY_F$9HAX#4[
MHUN 565TNBFL-F8$Y$B%M?B$F0'F.!LG7Q=D26+TK@**D?C>'9;8#<O=.J'4
M:@:O+!^"#<:G5IZ!Y9A&39A_* -)^T <]#D=F\\LU\YDTF(!HDK-Y#<U+C/6
M;G"DE0+O"DJJ/3\-P6 ]+M&927%?CNP@ 3MNT#"=NV @L$E@Z$K)\25$^[?,
MB7<W"GS#!R("032RHK>^W(I;<?;:)B9RST:%@G(TJW6[LBE%RH.#$#LU]CW2
M@>3,]%;_<HT+8HVBPD2"D*&=[&CCY*Q]*O&!+@RKC!7C0BA#-B.1[-BTA;J0
MJ4LTETN:;G@J2/5)?&FLE<(@0 D6AG!#B;5Z,(2OP@@-BXX>KVM(2:3K@-)0
M]O#U1I.C@AV!3T$6(?8CX,<5#H<!\9<A+Z%-AL%:79**:Z+!KT/.(5=(YE1*
M_#=8DRN)5N$B<114@ .J<;$,]<FI9D6X&^'B9FNTO=S)+.S27:0PJ5Q-JW)6
M;/&U)JK8Q+":6J*V,6MTRFCA*B]T!HQM?:-ZCBY)2![WQBUNA;(!V@/>$Y8;
MGI13JYY6&BFFQ9B&GT3]P,);.L_14K]OMWM)D[=U>C>SU@F'<&&7MRQ"=06L
M&@[*<[\ C1[K1>_H &M2)T,=6IM^0FUF-Y-(+Q3"WTTW^HI%/DTQO\K7^W&I
M?K+ <,CUJG0.E41A'7VWN(H5V8\$$)%<.DG6FCHX0P]?=,;653I-XMU6ZP#,
M^)V<NJUCYH@-A46"^<:J[D4C0/5K.WPZ6J:43-HE"SL;]U)'HQ6H]*1!=)B(
M7"M\*+0WP/(R:K0R2C2YF]VBL8W ?<UJ\#6'2_N![(54@!>E/K%\S*1<SM($
MX>N2:5,=5;ADQD]#]Q 7@UB+=BEBU0R"$6 ,[J6+$6)S1(.*A-8]A$<AZ.)K
M;\U9: REX,]O1 S\ZU_^$^2RV5__\A^+^:\@%Y^@W>L$.!K:_NFP;N7X3S5$
M?J@GFQ$J[(!3*IJYF$J: U<M^$T%SFLP? U73\=GC9Y,OAK%\@&=@"XOJKM%
M;N^H2HSD+\-#1*[L8&0_P:6%BZUE<3NR?6Z .:CP&[#>U5;A*W6-ZS:D(A(Z
M6=#)C+KX9-83%S/AI603(JX)1^ Z'5@<;RLX%B19S'Z;Z@ TF3\YBH%WD:#F
M3O-3S!GBS"7A*,2A)GPK8LG=$3:5NA@U)F_ZDT7FPITM&&$F'0.<2#$.75^0
M7F)9+%EC43B7IC-W*=T=$(H^B=&SD%3?3@3V(4!>;SK'THA].@_03CJW&E28
MX&Y:+'$V#08C8K05JF\R2$.[VPD8%4.&-0!5:.!I-_[?$; ZHLW;F6:X6/U"
MI5"J JC3!=8W9*0>(_R1%=$=NPR'2ZDS;*8-BB&9K1K-UA1*UX%-JDN$<9^R
M[Y/<+S,B,5QU]C!00^ZQN($?4955Q6WY(B%_H35W*O(D9X#8OY#X77<N9':S
M;>0H8I!X0&*8N1JC)6Z5/.AI(A?("G5J</^O,#T2:_WJ"=U8':D5LY+7Z=J*
MV&(-X/)RQH5V&.<OM8(<E8]>_% &G2NURXCC*IV0K9UWQ,^]$'YLTND'/.(#
M*RJ'I@JDFRND3@X)6:H@J_G2A"@R[!A2+(C1\Y5OG'#I1R 9MNR>%?SHK0SN
M9G6UDXC""):U"@T/_N9[BVYG&QK@N\WJ(P)-\R &/H8QIK1.>3917.2/N]LU
M4/;F+KD F?2)6JA+_&JWIEA4'63TQXLGE_@%.2!U4"_?7\ 4(YVB@1"Y$(*,
M3+FBD_3-J?HH*:!M:&YGM&L,&%A5->K)T?3XJ#@^>G*L&G!C9AE5 RF:!%8B
M>#1D$1S'ASFY?LW]I&R_C.C K/,CXLVF^R9S/5M(OIL=B7/E^GB=+G1"/DJ9
MYELVY)O4!RW&*EV$>_7"&M!DH*P/)/2&%M>((.INC:XVK,"@JY^@8^\,Y(-(
M=#3*C7&GK-@>KP>?"# J;HR88? .&+(U?C:JBJ1@W360KMIYP/C>17^9^^D6
M5&'>J2/Y7$__TDS?L+_-S KH((\=,2$-A"G8G)J6R7)E:E93@%1WG @>N%Q9
MVH1*L+"CC2VO(4)=4-!3:)$X2)G(,[*T]WH)3XK1J'5$^O.SRR?*'7=V^3/]
M<I(5"863.ZG[9I&1^LX$Z4<MRE0__X?D*#]&4R1:2=B%J/44BD9E8[5*U[>4
MY:W*%28['^,9Z8"I?5 (P.,0$X#X&R9VK>1RZ#SXCPFP(32]24*',ET*KI"2
MZ$5:4J-3X4#6.2.?G#<%:+X\QCA)DLW$J&!63>,CK6Z$,%@YMB$8&&SLPVKQ
M0=W\.*]4W'D[*J^@E%Z-]$R!^J;BG[J9[,01KHH%P\&5_D=ZX*C2=P$!1,-]
M*,6L22E X=P=_SNL6*-P'@,3H.$Z51$[NV@E/YHD9)N]('R) "4)0]YPC^+Q
MHK>$+C4"E%",YF#PYD\[()-B>J(ORQ<&#$?QXC/V.^=ME<F$WF'4'8X*!*>9
M0@H$,7.)5XU]/.8V0"WCMJ'[Y%8,8Q*HK-9'55%_"QTLR:C$"0':\"J5,VOW
MKIBC@(<C)M<KRC_JD!D_0V\EYK"BIILURAH&GDZW+@\3#75AH8[Y(JA-' R%
M35?R&=R"B[U<IC0A='_]RW\@M/#.@/>KGR31S+ CN@00BFE-QU!(@JDA@(-!
M!ESFXL99X6&VJ+*KT((2>[7Y,(B]13U9/C@5LJE2=.AWY2W9"CR:/CY?B7RD
M[NB,6(06<+3YNCL*!7(EMP9EXB@C#"9^;L1@,&5N/N\^HP)O"-58;L];\OI\
MT*8UUUXF6OJU>'\44)5%9D0^1,1[J(=FR_%%5[\N5Q\)<F!K+ ',S: 3F]ZT
M\T0%0B(.%*:52D2=PT(1Q%'!^%D-7SX[QUOUYL:&6#99(#HH@FUI"N[#<H&%
MB)0,,-W1&$@&NY@KU\HSZ&D.&KN%G.+8\T)] I.E9&"-PT@:NW)Z1A=F,(^R
M-&DGM),9U2N,,['*;6*CO8R*.)2MEZYNV(+V&WD382*/JM-65]-<A4XZ'/_7
ME-9KY0T;ZXLJWBL%FT"M5M:"H9VRQM.)PT[=U+0>[*B[T*K$>+,MFH:8LXGV
MEF-LX818F:@!VZ$S*I7ULYUY^%GO@=84]FFRG)*S@M9.BBK@0[LE"T,SG?D,
MY[$;31ZY@2)!=^D0^5G8Q4'B<\\[R)5>34EPKE)+Q;#JG5WJ9[D*L=*\D7MQ
MV*_#P:J3K-4.*;IKS@6#7\2H<X4Q>>J\(A'!M[#][Q$('<MW@#:VD9:$V7*,
M.84#\ 7)EA&E"A/RBS+)JE<I8'X]%\%5QYX!:;U;X?5#SA/)46>8'QEAPD8$
MN1[%CF1[U3!:6_R5EM]FI='&.$J9W20LV: 4Y_=Z*F56[/50L2J2<JY=/U?N
M:EJ(G5Q(Q6CL2OL7$ZR=PZ'")NE"05Q8DMLM4&PFQ+741H";:[I4"M8X>GF-
M3[+<D- +*] !Q:"+#V2G/;6?1OO;9L;PZ-H[SLNXNK'W/+4C_%*'1Z0*H4U!
M:<>"&4^32WM-<1):9$#53@< ZL0=$^#/#C?M_)O>V<$QO!$&4,OZR?6IJ<#<
ME)2U+=X#*'[P/MC OK@B6QW![0\'>USM[G2DG"XEBDJDZ9X\4O8YX3(W+,A8
MG2"F#D/Q?K*&D9+.IU5*!<JD-17VA6U-!6$6FY2V:Y5XM>!M5:"B$\EC+9B*
ML;#UJ+<SW0\[D<.QJO;N&'PXE E2T@CU_MZ9 $TV^<VET@:!,U 2LQ.BV1EB
M-%A6\M<4':JH".B]MGIWPDM5=-%VAN8JNGCUB769H8Y!\<)6&(W#.'4[Z+%6
MB*U)+!*P:\L3_'YFS>5$1\K9*1FT++1B//Z.S4_%GK*8I4,-G:,2T'V[J[OF
M0WTTMM9,+8\G')B-B/CLX0#8L<$H\Q**B( BWX;E*=%""<:Q+W^,><_1Y!BS
MJ3;J+$]5<0HAU[!'FQ)$ XYI._%E:6)@#8:W!-1]LG*Y3'$W-C;<<5RG%]+P
M;?2UR0!]S4%N,YAKMG=;>"++3,-RN5B<05%SWT4UL0PG?#]),O,KUOUP ?Y(
MZ7V_Z/0^E6]N0^8+$_]D9 N-GTPGA1L-@V.^L6\@C\_:"FG 7M'3,A]4+C=!
MTI[%B^?+FP6%VP@\L&W2E30DM2R= 5KL4YPKPL54J9DPM<HX-='2XPJXRKA-
ME>&G;UI&M-,@KRK3A5BZJ0&A*BATBHUB8ZS)SZ[[F*RMSC-CU#:V\,CMV\2>
MP+<Y;^/_!>>MI?YU'A4>. )(<+[N4)Q)'.Z(2IV0#HT?0#YB%P+(D7L=S&Y1
M+QQQAC$3[,@ARPO..T<I)W:*'<)[K^>B!]B5(.55O5QIXOI7B+H9G0,OTCG1
MHY"/%0C/=; P */SMF3[Z1" E5MR^?\^Y2ES6A_AY6425TFD5/=+KL])8V4T
M;#)[,?@$FVSL=22QC9T+@:$A+]B(<D:Q5=<@22%&PXF@K]O! =.W*,6S$*KR
M 7A,IH!36-:TT-E7M[#86DT1K'EIAE@Z!=5UO!H8B(4% -]3K#7.46JT^@9I
MZP8@"*FMHFZ&TV'>:I07YGRKQ>H=R;+*\4BQ)3^<G;U6U<7MYR0!BQ3L;6PM
MV/4CEY"K?I.<^W:SFI(]B,,2;[J8>]O=&I= '&UF$ZBD#\F"5G\F5<-5&X>L
MDA+TN])I<D3"X#M@$>N0\'K<H\((>(C 4FF[OQ8U[Y29(E8#6,C;DH57-[&5
MMJ&S-7Z>3[?KZ585>[0Y*ZS&W6J#RV457TTU(=@E(7E+H[M$()'3K?:)V>['
M;BTR%IK$)ZV*;9QI*>46,ZOQFC9QE:9&NV)"X;DB>@P3 P,<L)*KO71VM*.R
M.MHE<[X-)V[W<.+4:H$>O %%%7KB..1PF\W78]\>W+&;:G7T!O=_>^P%6$FM
M7X[EZ*_3;>W;;%#I]4YGR6^WBS]L85JS?_K=6@H2_N[[-[[%WW%-)GL>J$=G
M!L)VF_SD!%G]Z,9C]?TX.H],/US@X%&2%UE:%Q5\.H'_EV61UI,</^5I4TQ&
M/X8JD2='59,6594<PTM'.;Y33^"/H[Q)Z[9)CD?/ FELG65-)D5:-!FT4&19
MBEDX>9D613LZZY8#/X(AYG7!O55M.B[&V%F5YDT-?5FYR!U0X4=)7:1YT<CD
M\CI+RP;_:M.LJD:7O<[DI/?G>O3MMJC(BG22E3*+JAFG8_IK7*?C21W;HLDD
M+5M9M+QMH 7<KZ.R2<M\,G"+\J*&IW/<HV:2-FV+^(YEW03VJ!RG659S=Y,R
M'</.0F]-FI7-GCUJVK3,QC*[(J_2(F]QM^#K(DOZCGJW</R@D^H-_>%']_ZD
MH$"S2?=5?!C3BCD<"U8!]FLR1IH%<3:O\61.*J#>&M>J $*H_+U0P:L8+48'
M1\X,'1AYG$!:8*V)%N"$I1F?X$DZ*5NB$_@&"&;4C5)C$^'1W>I8E]UV"(^+
M/I8ML)$L@1,.5'>2G-@313'4F6(# YN4/,6BI;G"3=.6!<ZQA '5?[.C.F!_
MQFE5US2-M"KP0UVE&&&#YQ:.P;AO?^30R'FAPV+O#QRVAK<%-JK,B</"G@,+
MHZ_:IOU[V:#>8]JI!.AG4-O!6PC1C$@D5LUXSA$==+A=LN@F>@*OY+SS<S4B
M0;$/?STZ%]$T3^L265(!1Z_,<-9EA=RIA5_R<4YLJTBK,3^#-^AD5&9)/6DP
M?#EM@9_E)2Y8EE23-FE*^#BFGYI).1K#-L"BUG5:P(D;PY>PP65)W]2P[),L
MG33YJ,V 3DI8^18V RY+N-J*NDR:\038]"2M8!-R>#F'OI];!63QP@/Z:N"J
MS.&>S>%RKV#+)S6,MZ(QE%D^ZLA9)4P8.?(8EK(N43AHLIH$ [BB*YQF#53>
M3";(CN".F&2M1P%V35\QP@\1WPB.P<+'$RGS]]L &2%$MU/'<A"-Z#JD_^R4
MP QP^2Y;&;GDY3"9I.>W(6P$)!/D&;#*%1)4#J)*24<.6/1X]$:\TU*.M'-^
M:A"?6MPTH(L66$:>3-+Q&"2IZW_?69Y*9<6Z,W5[&?]]8SM:CO):!#N0R_##
MZ.E\NUY1^5VX)\J"Q0@M@Y7$H,IQ";SH@BP/0#5P-[4)2AQE.^YE+6,0'7.6
MR/+&_Z('FV8(,<6\<V&GT"#J$<@4A9>BP%(ZI*$YR;\XH") TQ<>\,O/%A@,
M"'-WMG.X&Q7B!=#8&R?6@NYA-L?XA$2L,0A<&<F-]^_*6K7C42@$".\89)-P
MP4TRZ;BL<N ><!H&1>K@&0 65V4LNZO/H]@&>,S^[VP3%,>430"6G>?%M]B$
M O2$# 1L[KBH01BLV@,VH0+:*643U.>^0_=GQ)A4T02^=<CV.@5PD+QK1%GM
M?J'(A=$+?"K9=\^+T\Z%[T#3[D]>M91M,GD,,\JKQ_I#_/6.[,COYQF]USPV
MGT;G4EB# A$K*FQ#_QV]Q'(GP$U6BQU;&>>W*.K,MM'A'0'!DCGF.,$C/.'_
M[FDH.%"KI?P46ZG4O]U5_WGID*$!0AYVAX=][AT8U]\CY<6Z 5('<>6Q!"?>
M==XCA\X@=OVC%4872]_GKI(?;9@[^FK4I_E%=8X1T21Q(/UI],/9R3..X<H+
M4FY):BS(TM*@@%45)71'.!2$@64#VZ.43<^WJ%]4-<H%=9:-SBX9$_49@E3@
M=Q,ZIOC/* *DI6:V[P#)ZR^M5_VONK,"#;5 (8;&!VHKR2]9S[1 +FTG="75
M]%=&MIJZ\*=6 =,BP9O8V+!=509*HI:1N[WN;U]MGTE";C,R/J% #>)WSW)4
M^$C=J%?:UEN&O&)&W+O![MR^RDZ#MC,A(PU]+DE%J'IF-ID4K"SC9F>T'EGI
MSP[H!PGA*"<!U+]FGB(W'<*!KA%%?J'RCKQ[K?NJLT:C5PJD]RFR_0O&[B4>
M2Y[_5PC]M[M-SMC0)O_HU Z\*^ V7M_Q.K>R\.P.5W\A/8#>G-D?"ES4+"E/
M87T>6RWHO9-@:?4GJ CCNM'_@/H(,CF\G</;/ZX^\,L*2R8QWU2I(EJJI9",
MQZ \@F*9M:!0%G!-@2[QV(A3H.!;*HW^JTTK>([_B]H+,+3BM,6^WV#<V9:8
M5ITVV<22WE"^1\4&E)53.!J/?:'M2RQ^9YV\E:Q9OVK*QOD &G%3PB2 O0I_
MU)/M+D8-$R])V<+_NM,_9.F;"O2IG(P#$S@;L/039P&++"WXOA#)"Q<06&&.
M9(*]]=["DKYC5PI8)M&*GH06[6C8!A!MT%7[PP;]HRIWE=)$**, !6Y'CM4*
M(4NUM*_VRSAXY^\?M1NSP\U"E(4<-,V =_H*06@=D1^!CC+I%6D[6'6K&PX!
M]/#7MML=+M\;Q++[[@75+28ROE113A<*"-S43=2T^Q/2+O%#K3N0C$>M,>\]
M^\X46D*/R3GA 9])0"+B3Q=HQWU4U3I%HV)VPD\^.<F[SV*$,\;S/FKT*S5S
M /5*,?P5'BJ&;+,Y$N7% AXL,A SU;,@GHXB]9^31T?9:7OL/-J_(D^2[ZSS
M%5T3N)^J_+30#9>G('%$5Z4R4\R!45FS+.KXPNQY*[HVA950LV]MFN%K4Y^<
MP=I($D<=79:R/AW;R](,6I;F/JL2>*EG49JOLRA(,%1T*[HJ8V *S<0EEOBJ
MP--FVVMK*WN7Q7YKXK\46Y9J<EH/7);\M#YD6<X[YRA",,!;FN(T&T@P%JL8
M6P/O)YC^EV(K V2<#UR9XG0R?&7&R'-U>N\X3#!PC/(LMUA<Y<XP[SZ.,PSM
M>X18XB]$"24_+>^['-@7Q7?P8&0H4OV+D9/N0.^2)$RJ]H)@&S?SWV8,>"=O
M<%979T96$QIHP5TE'S]$*F!=VT_+LR.<[1L*L?860D+^%/@:X\LJ,#2K@HK!
MUU2)$_(HI>U+U]"*583D^8[E*51;IJJL"0%98>GU,_Y&T)CL1IT!>H7*9U;1
M )4JQH!MMQ*QW0$&40/5U?9<ZL2YNIMH8$%4;32L1 6K6!X+KH5=@(#J&%R1
M:VQVK7.C0_J4#XID"T^,-^NY_08)E4]4D8UIU^AG_^*+>EK0>FL]UA'CKG9W
M(*&2_"DG#\;X(RV4-AT_6>$B.G]I3D%_:4%NQ!(:RI]E.J: AA)$S)J]92"1
MHI*!WF(RBS1Y6F5LS4%-8"3"# JE+6AQ!3D-Q^AN+1+0#L85:%SHAJR3"K3D
M-A_)#5_#DZ (P+S',&OL>5(F)?Y#/KX&7J#7RY'<?CDH/).VQ0&4, !TY)9M
MC9I("V_F(#M7,-(&'8G52*X&E)IQ42=%.FE04VS2 G2F29LV!:H_60K_QQ;;
MIA@QTX2&FW0R:9(6HSM:TN:I<?)#PN3+?(1&K(H\D[ P,)&:K!YEV] :H"LU
M2VORBHW;FKRB^"MHR: R^=[&6-'8H4%CQ@SIA$ZSR:C[[A<(]V+5YAS_.]OP
ML!U<GWT/L &X4ZX=;2AH'U1%D=UED1SPDT7P3?0;'OS>R*V_F;3E1,'IAMOH
MU$ULZO$ASX^>[C#I;S%_1[DJ=N  #<Z.+.(+#@A438H6S"X@H4K Y7L?H6@I
MKA8GU;S9JWHB_SO;PL_)OZZ ':QNL/0S0<?1 CTL=.5KD4F1XLK?ATR "V63
MAQ-*GC95>1"IY!3V]E6)I<X&$$O[0&HI>ZBECT=MXBR.T>1B?L->:V?((KR/
MYI3]9NB#&*,$T@RQ80Y@$$3J#3D-VJJUZ$D]J:H$Z ?KM*JJO0]VZ4Q5SYD8
MVHD\,1Y/^I\87;IG0;V8%X;AGDFUR #<AFVEQZB\PUX)TY3(B30,H2X]B;W(
M'\%*Z4FG4KI=9HBG/>0^O>U49?9:&23\=6L[>ZU@I),!7#EQ^&C\)Q4%AF Y
MVN!HRH%J9SPJ0L,?M0GO^8SV.!V3:Z\HJZ1H0>I"4:;*\]$+J_2Q+@C-[X#@
M5B2@VN7II,K@PRC'@-LQ.^[QB-;D*ZC*L9[[=OY;>.;='[[1O(&SL(NG&A<H
M^7*86)-7/?,N*=87#D4)$F(#?'@$,FQ+SL0ZKY(:A,@QBHG-N"+]]&RQ"-)8
MJ*BT_(K5CZCL;K<0> ##_).@TDD1UCU!R"9@K5M!SI=2.Q7FS#*_UC79WG#>
MO@00_("UR_32.W^-R([5I(+2XI2Y_8'K_>):C<G5@ Z.4_J7R!"]B"<C#9"8
MMZ(WZ6WAGO!]K@^>DTVC0$F^&#6J28K4IK"2T=]L*D5):M2])H.QDYW9T/FJ
M)T1FOSB%S5%'7RVE2 5=.E18C@N+#2B6&&.<: * =J5B =?QTT7T9J&Z?=\H
M)47JR5PRQ#)N*WU,(M^/N!KDL]>7(T<*.*!V((H#8U1+:^!_A808P\6/X;(U
M*)T4GCZ"T[\RN;*R/)1_Z113M$\C#_6HE7R("04V#ADE9H_K9F)#KMNQ.^3L
MM)*1HWM4CYQ^ =;]3#"?;D+5"T<7H<H:7((;;H%),BZJ-,_&20&4+Y]''F=Y
M9PI^ARH&DEPCJ]*BJS(#M@O+4L$XFW:D2D8^9"]C=2!QP1JX&O)Q6C9MFA=C
M>\'08(+!Y5F;CBFL@!;L84K4WX*.,8^E)JJH88LF%-> <9=C_"4'<2 ?%P\@
M9-AZHF3*"OABE(R#QE  >]#9:5OPV*O:&CO] K?Q_4FY'K>:E,NV^2*D#,N"
M*4LP!UB8"AA[G7]E6H85:5!>&Z/!#!:FLI>LPN@ >"##*.Y6ELR3)BXV[Z9+
M993$GCBGEZH+6K V1T\IJ"5Y,_L-4\>VN/\_7SY-CAX=0\MSA)1?[;;POB?8
MY\DK/AS/\'#T=G^VO*:BOMODX@8U"-/]GUYB8?$7=[/;[;]UFX"C@YAR NEM
M1QQ<O);=1BN[UW4[/AUG7A!#;VO4#J6N+QELCR,&K\7<WFVK/*W\#C">8+U9
M83UKT4<5,N=Z]W8!1U]5&/#-?N$ IY<OS[U5U5Z%M9Z.MR_M:>./[G)W2Y4
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ML-H![R3*.9<ZTB]?=Q]J@_:N(GB"SRT(8"G5C18]T N"S@,X!Q?+V<G="N2
M'8K5MW.R'Y$H@#1^$L2G.$E>*Z.LP1SFD_2*TTIZA*8.DA$EJ!KI9XBTMHOH
MCD-:?^3O(2:8'\P8Z#6#(MU[_%4&LZEV=C5=3Z_F@3EZ";RQ)V[BN;K?.[G1
M/LE/)A[98&JQ]^6K*9:*! +0%O@SR\SMIES[[UHYW6'-)$M'__ /P3/;R0#W
MS>YKZ_7:.QBG=7G@7)S4[Z .!S]&1DLJE/XY,)J#5]9DKV=M>$BT FUL1+2\
MT5_+$-L8.J#8=KM;$NKST$7P<NI]2>'#*?X8Z9)_KF+;@I 'WH@P&?_ 87J8
M"?WD$?C9XCZ'F(J[V?.6AA''-W/?6E-!22IF%^<E)A&_?^B%-_383>!DO^\Q
MWGW6^6V<I/4Y.2A;/J"*<8IEA.582?H^;82.S<-&ZV6R!\037QMY4*=NBGB@
MO^9+]^=D7W_AMKT4YB_:?B<1>&#;3T!M_B+$^J?\W](_%9XP48<XUX/'LI<4
MZY!B_,!N^XGQP8W?A_*&MWY?VAO:PWVIK_@RU/?@]O=2U -[N"?Q#&W\?L0S
MM/7[$\^P'@XE'G[QW*2J/YAYE;X6]/!.#Z>I0_LXD*H.;_XPNCJ\_<,IZ] ^
M#J6M& [% RDLTNQ7&\[AM'>_G@ZDP/MV<A@=WK>7PZGQ?CWMH<G_+=@F'A?U
MQ;\OBMGQ_S J#X11Z=>)2]2).Q0^5+_W?<3*LND]2J D>P-I#H1',>/^^?63
MA[8U;(3,]8/?>B-@1AG\-ORLYZI@KM&W@?&0H9AI@P+K54'$[H]N^.N[W11S
M7# :USI1L1#-/ LZU3SN&?8!AA?VD)>]-1W^<F";#GGY03U[F^Z]'/$W#ERQ
MOK?W#SS^]I UZWO[87W[J];O".B-Z3)),8JVB0G#Q;F=7\^G?A[!+]/-G (*
MZ.[5>5':=^)UL)14_^3EBR<7/_6?NDXN 96,G5Z]=[U&&& 62#$8!]UPAZP-
MFM)AWBQI2+G$;GLDUX0-KC2_9+W8;1&RUAM)%K30'#:\B)^]#VKI8,^9R8\(
MX-3$>GY-/;^Q@%?Z'&X#&NZ,(@#IXET-!T++!(0M]+]_[D"-^!J+\[/G_U-
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MGKDW#B_FVU7NC2KF$YL&%/M".Q3#%_M"S:<Q#GA?0H@U^"4((M9VSU['7GG
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M;VYT96YT7U1Y<&5S72YX;6Q02P$"% ,4    " !NA@1)2'4%[L4    K @
M"P              @ $L @  7W)E;',O+G)E;'-02P$"% ,4    " !NA@1)
M4S)NIOT!   E(@  &@              @ $: P  >&PO7W)E;',O=V]R:V)O
M;VLN>&UL+G)E;'-02P$"% ,4    " !NA@1)!1!\D"$#  "0#0  $
M        @ %/!0  9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0    ( &Z&!$DK
M+AXY/P$  &D#   1              "  9X(  !D;V-0<F]P<R]C;W)E+GAM
M;%!+ 0(4 Q0    ( &Z&!$F97)PC$ 8  )PG   3              "  0P*
M  !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%     @ ;H8$20:A)29, @
ML H   T              ( !31   'AL+W-T>6QE<RYX;6Q02P$"% ,4
M" !NA@1)- !FY'<$  "@$0  #P              @ '$$@  >&PO=V]R:V)O
M;VLN>&UL4$L! A0#%     @ ;H8$20YN[0E. @  ] <  !@
M ( !:!<  'AL+W=O<FMS:&5E=',O<VAE970Q+GAM;%!+ 0(4 Q0    ( &Z&
M!$G9\Y"5]0,  .D1   8              "  >P9  !X;"]W;W)K<VAE971S
M+W-H965T,BYX;6Q02P$"% ,4    " !NA@1)&@,2>D$"   A"   &
M        @ $7'@  >&PO=V]R:W-H965T<R]S:&5E=#,N>&UL4$L! A0#%
M  @ ;H8$221QM%'9!   >1<  !@              ( !CB   'AL+W=O<FMS
M:&5E=',O<VAE970T+GAM;%!+ 0(4 Q0    ( &Z&!$GYU!+=!04  %@9   8
M              "  9TE  !X;"]W;W)K<VAE971S+W-H965T-2YX;6Q02P$"
M% ,4    " !NA@1)K"9'>'($  #)%0  &               @ '8*@  >&PO
M=V]R:W-H965T<R]S:&5E=#8N>&UL4$L! A0#%     @ ;H8$2>(C![R@ 0
ML0,  !@              ( !@"\  'AL+W=O<FMS:&5E=',O<VAE970W+GAM
M;%!+ 0(4 Q0    ( &Z&!$EZQ/EBH $  +$#   8              "  58Q
M  !X;"]W;W)K<VAE971S+W-H965T."YX;6Q02P$"% ,4    " !NA@1)&D:"
M*Z0!  "O P  &               @ $L,P  >&PO=V]R:W-H965T<R]S:&5E
M=#DN>&UL4$L! A0#%     @ ;H8$2:M&7%RA 0  L0,  !D
M ( !!C4  'AL+W=O<FMS:&5E=',O<VAE970Q,"YX;6Q02P$"% ,4    " !N
MA@1)R1IWI:,!  "Q P  &0              @ '>-@  >&PO=V]R:W-H965T
M<R]S:&5E=#$Q+GAM;%!+ 0(4 Q0    ( &Z&!$G?1S:KH0$  +$#   9
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M970Q-BYX;6Q02P$"% ,4    " !NA@1)+SKQQJ(!  "Q P  &0
M    @ 'R00  >&PO=V]R:W-H965T<R]S:&5E=#$W+GAM;%!+ 0(4 Q0    (
M &Z&!$FMN?25H@$  +$#   9              "  <M#  !X;"]W;W)K<VAE
M971S+W-H965T,3@N>&UL4$L! A0#%     @ ;H8$2?)G-,ZB 0  L0,  !D
M             ( !I$4  'AL+W=O<FMS:&5E=',O<VAE970Q.2YX;6Q02P$"
M% ,4    " !NA@1)+K1?O\0"   H#   &0              @ %]1P  >&PO
M=V]R:W-H965T<R]S:&5E=#(P+GAM;%!+ 0(4 Q0    ( &Z&!$D&7;BAOP$
M 'L$   9              "  7A*  !X;"]W;W)K<VAE971S+W-H965T,C$N
M>&UL4$L! A0#%     @ ;H8$2>0%NRBE 0  L0,  !D              ( !
M;DP  'AL+W=O<FMS:&5E=',O<VAE970R,BYX;6Q02P$"% ,4    " !NA@1)
M"@QC'[ !   6!   &0              @ %*3@  >&PO=V]R:W-H965T<R]S
M:&5E=#(S+GAM;%!+ 0(4 Q0    ( &Z&!$GLB-I-H0$  +$#   9
M      "  3%0  !X;"]W;W)K<VAE971S+W-H965T,C0N>&UL4$L! A0#%
M  @ ;H8$28/8AWS- 0  X 0  !D              ( !"5(  'AL+W=O<FMS
M:&5E=',O<VAE970R-2YX;6Q02P$"% ,4    " !NA@1)^:/46:\!   6!
M&0              @ $-5   >&PO=V]R:W-H965T<R]S:&5E=#(V+GAM;%!+
M 0(4 Q0    ( &Z&!$DO$6>EL@$  !8$   9              "  ?-5  !X
M;"]W;W)K<VAE971S+W-H965T,C<N>&UL4$L! A0#%     @ ;H8$23H7)CZF
M 0  L0,  !D              ( !W%<  'AL+W=O<FMS:&5E=',O<VAE970R
M."YX;6Q02P$"% ,4    " !NA@1)J@J;$T$"  !M!P  &0
M@ &Y60  >&PO=V]R:W-H965T<R]S:&5E=#(Y+GAM;%!+ 0(4 Q0    ( &Z&
M!$G_J2<OV0(    -   9              "  3%<  !X;"]W;W)K<VAE971S
M+W-H965T,S N>&UL4$L! A0#%     @ ;H8$26/). ]Z P  +A   !D
M         ( !05\  'AL+W=O<FMS:&5E=',O<VAE970S,2YX;6Q02P$"% ,4
M    " !NA@1);H;:N4,#  "E#0  &0              @ 'R8@  >&PO=V]R
M:W-H965T<R]S:&5E=#,R+GAM;%!+ 0(4 Q0    ( &Z&!$E5W_03O@,  )\1
M   9              "  6QF  !X;"]W;W)K<VAE971S+W-H965T,S,N>&UL
M4$L! A0#%     @ ;H8$24!!N:JX @  3@H  !D              ( !86H
M 'AL+W=O<FMS:&5E=',O<VAE970S-"YX;6Q02P$"% ,4    " !NA@1),O5$
M@YX"  !0"0  &0              @ %0;0  >&PO=V]R:W-H965T<R]S:&5E
M=#,U+GAM;%!+ 0(4 Q0    ( &Z&!$ED5EF'70,  %</   9
M  "  25P  !X;"]W;W)K<VAE971S+W-H965T,S8N>&UL4$L! A0#%     @
M;H8$2;+M,DMB P  6A   !D              ( !N7,  'AL+W=O<FMS:&5E
M=',O<VAE970S-RYX;6Q02P$"% ,4    " !NA@1)6?V++H,"  # "@  &0
M            @ %2=P  >&PO=V]R:W-H965T<R]S:&5E=#,X+GAM;%!+ 0(4
M Q0    ( &Z&!$FF0:5F000  (\7   9              "  0QZ  !X;"]W
M;W)K<VAE971S+W-H965T,SDN>&UL4$L! A0#%     @ ;H8$2:DBZ1TL @
M:0@  !D              ( !A'X  'AL+W=O<FMS:&5E=',O<VAE970T,"YX
M;6Q02P$"% ,4    " !NA@1)Q?-PT9X!  "A P  &0              @ 'G
M@   >&PO=V]R:W-H965T<R]S:&5E=#0Q+GAM;%!+ 0(4 Q0    ( &Z&!$E&
M(R1E700  ,,8   9              "  ;R"  !X;"]W;W)K<VAE971S+W-H
M965T-#(N>&UL4$L! A0#%     @ ;H8$22C07EO3 0  T00  !D
M     ( !4(<  'AL+W=O<FMS:&5E=',O<VAE970T,RYX;6Q02P$"% ,4
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M+GAM;%!+ 0(4 Q0    ( &Z&!$DK-XY)2 (  '<(   9              "
M <.;  !X;"]W;W)K<VAE971S+W-H965T-#@N>&UL4$L! A0#%     @ ;X8$
M2?O7([_6 @  F P  !D              ( !0IX  'AL+W=O<FMS:&5E=',O
M<VAE970T.2YX;6Q02P$"% ,4    " !OA@1):;&]P  #   .#   &0
M        @ %/H0  >&PO=V]R:W-H965T<R]S:&5E=#4P+GAM;%!+ 0(4 Q0
M   ( &^&!$G7H3T7.0,  )$.   9              "  8:D  !X;"]W;W)K
M<VAE971S+W-H965T-3$N>&UL4$L! A0#%     @ ;X8$2;.6<B"& @  < D
M !D              ( !]J<  'AL+W=O<FMS:&5E=',O<VAE970U,BYX;6Q0
M2P$"% ,4    " !OA@1)^29#N@ "  #+!0  &0              @ &SJ@
M>&PO=V]R:W-H965T<R]S:&5E=#4S+GAM;%!+ 0(4 Q0    ( &^&!$GTO7$*
MV@,  "P2   9              "  >JL  !X;"]W;W)K<VAE971S+W-H965T
M-30N>&UL4$L! A0#%     @ ;X8$28*J%1>? @  Q0H  !D
M ( !^[   'AL+W=O<FMS:&5E=',O<VAE970U-2YX;6Q02P$"% ,4    " !O
MA@1)VO3NJKH"  "5"P  &0              @ '1LP  >&PO=V]R:W-H965T
M<R]S:&5E=#4V+GAM;%!+ 0(4 Q0    ( &^&!$D^F@HC0J4  %21 @ 4
M          "  <*V  !X;"]S:&%R9613=')I;F=S+GAM;%!+!08     00!!
+ +D1   V7 $    !

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>69
<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>70
<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>72
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='UTF-8'?>
<FilingSummary>
  <Version>3.5.0.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>312</ContextCount>
  <ElementCount>269</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>81</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>8</UnitCount>
  <MyReports>
    <Report instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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/CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF INCOME (Unaudited)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>4</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <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/CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>5</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>010 - Disclosure - Real estate assets</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RealEstateAssets</Role>
      <ShortName>Real estate assets</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>10</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>011 - Disclosure - Fair value</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/FairValue</Role>
      <ShortName>Fair value</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>11</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <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 instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R22.htm</HtmlFileName>
      <LongName>022 - Disclosure - Real estate assets (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RealEstateAssetsTables</Role>
      <ShortName>Real estate assets (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RealEstateAssets</ParentRole>
      <Position>22</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R23.htm</HtmlFileName>
      <LongName>023 - Disclosure - Fair value (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/FairValueTables</Role>
      <ShortName>Fair value (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/FairValue</ParentRole>
      <Position>23</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R24.htm</HtmlFileName>
      <LongName>024 - Disclosure - Unconsolidated affiliates (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/UnconsolidatedaffiliatesTables</Role>
      <ShortName>Unconsolidated affiliates (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/UnconsolidatedAffiliates</ParentRole>
      <Position>24</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R25.htm</HtmlFileName>
      <LongName>025 - 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>25</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R26.htm</HtmlFileName>
      <LongName>026 - 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>26</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R27.htm</HtmlFileName>
      <LongName>027 - 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>27</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R28.htm</HtmlFileName>
      <LongName>028 - 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>28</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R29.htm</HtmlFileName>
      <LongName>029 - Disclosure - Organization and basis of presentation (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/OrganizationAndBasisOfPresentationDetailTextuals</Role>
      <ShortName>Organization and basis of presentation (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation</ParentRole>
      <Position>29</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R30.htm</HtmlFileName>
      <LongName>030 - Disclosure - Summary of significant accounting policies (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailTextuals</Role>
      <ShortName>Summary of significant accounting policies (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies</ParentRole>
      <Position>30</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R31.htm</HtmlFileName>
      <LongName>031 - 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>31</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R32.htm</HtmlFileName>
      <LongName>032 - 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>32</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R33.htm</HtmlFileName>
      <LongName>033 - 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>33</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R34.htm</HtmlFileName>
      <LongName>034 - Disclosure - Mortgage loans (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/MortgageLoansDetailTextuals</Role>
      <ShortName>Mortgage loans (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/MortgageloansTables</ParentRole>
      <Position>34</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R35.htm</HtmlFileName>
      <LongName>035 - Disclosure - Real estate assets (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RealestateassetsDetails</Role>
      <ShortName>Real estate assets (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RealEstateAssetsTables</ParentRole>
      <Position>35</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R36.htm</HtmlFileName>
      <LongName>036 - Disclosure - Real estate assets (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RealEstateAssetsDetailTextuals</Role>
      <ShortName>Real estate assets (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RealEstateAssetsTables</ParentRole>
      <Position>36</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R37.htm</HtmlFileName>
      <LongName>037 - Disclosure - Fair value (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/FairValueDetails</Role>
      <ShortName>Fair value (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/FairValueTables</ParentRole>
      <Position>37</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R38.htm</HtmlFileName>
      <LongName>038 - Disclosure - Fair value (Details 1)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/FairValueDetails1</Role>
      <ShortName>Fair value (Details 1)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/FairValueTables</ParentRole>
      <Position>38</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R39.htm</HtmlFileName>
      <LongName>039 - Disclosure - Unconsolidated affiliates (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/UnconsolidatedaffiliatesDetails1</Role>
      <ShortName>Unconsolidated affiliates (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/UnconsolidatedaffiliatesTables</ParentRole>
      <Position>39</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R40.htm</HtmlFileName>
      <LongName>040 - Disclosure - Unconsolidated affiliates (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/UnconsolidatedAffiliatesDetailTextuals</Role>
      <ShortName>Unconsolidated affiliates (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/UnconsolidatedaffiliatesTables</ParentRole>
      <Position>40</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R41.htm</HtmlFileName>
      <LongName>041 - 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>41</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R42.htm</HtmlFileName>
      <LongName>042 - 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>42</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R43.htm</HtmlFileName>
      <LongName>043 - 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>43</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R44.htm</HtmlFileName>
      <LongName>044 - 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>44</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R45.htm</HtmlFileName>
      <LongName>045 - Disclosure - Debt (Details 3)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/Debtdetails3</Role>
      <ShortName>Debt (Details 3)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/DebtTables</ParentRole>
      <Position>45</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R46.htm</HtmlFileName>
      <LongName>046 - Disclosure - Debt (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/DebtDetailsTextuals</Role>
      <ShortName>Debt (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/DebtTables</ParentRole>
      <Position>46</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R47.htm</HtmlFileName>
      <LongName>047 - 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>47</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R48.htm</HtmlFileName>
      <LongName>048 - Disclosure - Related party transactions (Details 1)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RelatedPartyTransactionsDetails1</Role>
      <ShortName>Related party transactions (Details 1)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RelatedpartytransactionsTables</ParentRole>
      <Position>48</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R49.htm</HtmlFileName>
      <LongName>049 - Disclosure - Related party transactions (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RelatedPartyTransactionsDetailTextuals</Role>
      <ShortName>Related party transactions (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RelatedpartytransactionsTables</ParentRole>
      <Position>49</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R50.htm</HtmlFileName>
      <LongName>050 - 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>50</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R51.htm</HtmlFileName>
      <LongName>051 - 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>51</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R52.htm</HtmlFileName>
      <LongName>052 - Disclosure - Stock based payments and director fees (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailTextuals</Role>
      <ShortName>Stock based payments and director fees (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables</ParentRole>
      <Position>52</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R53.htm</HtmlFileName>
      <LongName>053 - Disclosure - Income taxes (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/IncomeTaxesDetailTextuals</Role>
      <ShortName>Income taxes (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/IncomeTaxes</ParentRole>
      <Position>53</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R54.htm</HtmlFileName>
      <LongName>054 - 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>54</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R55.htm</HtmlFileName>
      <LongName>055 - Disclosure - Subsequent events (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/SubsequentEventsDetailTextuals</Role>
      <ShortName>Subsequent events (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/SubsequentEvents</ParentRole>
      <Position>55</Position>
    </Report>
    <Report instance="ajx-20160630.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R56.htm</HtmlFileName>
      <LongName>056 - Disclosure - Subsequent events (Detail Textuals 1)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/SubsequentEventsDetailTextuals1</Role>
      <ShortName>Subsequent events (Detail Textuals 1)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/SubsequentEvents</ParentRole>
      <Position>56</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File>ajx-20160630.xml</File>
    <File>ajx-20160630.xsd</File>
    <File>ajx-20160630_cal.xml</File>
    <File>ajx-20160630_def.xml</File>
    <File>ajx-20160630_lab.xml</File>
    <File>ajx-20160630_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies/>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>74
<FILENAME>0001571049-16-017119-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001571049-16-017119-xbrl.zip
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M6^\K,=TK"GU$+DEH!<X4% M<NZ _@1+A\HE"-_:#"97TA2_8#Y&SSOH9(Z^
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MR'0\8E^9@4=E^9X<MI:DFOS%:7)9GUSH(9;L2[>#)8E$79(FC?5)@]J$\)7
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MC8JT+E;@"Y<@7U--]]OO/*;Y0LQ%*R[C4*(SITI3L<NTZTL+B96=M'-JG.I
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MU+ZI9+]WOA\1J==!KN=A7-/YUJ7Z<1%Z+63ZT5-Z2?D E\3"^]H=G0ZP3CI
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M?GT*SV;+YZ[E-G@T/=Y7[4*.IP M 16+)(1<LE3/-?!T<7C#2R>T7#^, _)
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MIPW#-#Z;P<P%*K/H+SZK 3#>1D]$TF2[^0&DFNG-Y"^M#S\T#$J3IF=0($A
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M8#(G(RW9Y4"A=]A1Y0;VLHQ8\E1YQ$54&H_^"T5;:W@Z^'=!H_Q+"U:09C/
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M:"K)F11WA&O'B< (9R]\I+K_D4O8=J,W&#:Z[3.#Y2K ;^K[X!66&Z/5R>_
M]ZA.+?(=_#4A240_LQ!](S$W%*N-O>61Y>"@+J//H*YZH:85511IQ0?F.43Q
MZ(W@"8*;S2G5'=^="5T#Y=V_=MJG36/BN"Y\%<,GK $8W7>T%PC+$PU5Y:,
ME&,/BI]. I;M2G4JC%N98VS;>=:T.\?:^2'!T@* ?_FW_0P!?LP+[R&YQ8QW
MP%4/-!UJ :GUQ\KHH8B JP(7>"=SL;]_=1U" X6$>4.<";BQ>)H!%7]CD57
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M;_2*TC?J3DI:G6ZB3I,YH[DC9AML=BSXBUUFWF%>@S)6/F>H*T_&D)*2:I6
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M>+K#? 9Y"KJ0=\RF3RDC9M&2>Z*TQS(TZ5L\$ZN@$)<A[QH90),%9E^SGD,
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M*?++3-,WY$-<T2KQC_H>2*AE#69QDF >P0E#S/+CRPJ<5,HQ6^%,% V!0!\
M$[NMSH<@;L)W0<"E(FI.=2C]:NE$=LY9ZF3O@G_%M2"@V ,P]";N8\P!,?\S
MXI,-V5)9EH4M"N.\&G=_;^[^GS$H4KN[+*&WQM5?ML#(@F6&'E;OG[?@RX]
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MW5#T84$JO4IIZ^M"VOJS+BO1NS2YL$B'&<O"!H0C#<BUBDW<3D52BLB GDD
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MST:H/;]:(V^[XKY#Y[IN16Z'7GDK?&6$IF6$IFI"<Q ]L[%@W"TD O,BT3J
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M<$,W/-27E-6#:%_,W;:?%/*3A^0C&B)N3<3,7<?G^Z'J=?(E\=PSC-+>7/3
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M.$.7X%NAT4 M@VN[I3YG2GVU:&?*'E9R9E#T.\LF1PWU#?,!^% .\GF@2@/
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M8-*6Q86<.B['&<*)X_T,_(LBD"K\%DB5?9]$ITWZ?_ R2%_V%,U]\<#[_PB
M&\&441C\PR_TS4LI;/@]C]QQ.G J$WW\XV,0<6:WF1* JY;=^IEE#&&<.#(G
M'?U4-*:&J,N(:NA5CEYODF,DSG0:"#^: *J&<NLH5Q2P/1"GT17^V9#GD\_^
MC+T9N[08V@( =,S9ZV R=?Q9JN@N?Y;L5>"$ ^S.E$B@3$20#]BM$WOL]U#P
M 6"+Z;>A\#SFL'O'=7QWQ@*?QJ4Q&NQ#V,@>?L G@2SWG#DP))OP29^'.!&^
M<1,/1(3P3 00AUL$&O>ENB4N_9Y2>Q^#B?#5(7_\^#H(IT'H@,[^([CGH0^
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M RQQ2,)U( 4]G'N0MO]#3.#Z4@PHG4&U"86@GZKK\.JAQ,<=\*0N(>?X]L5
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M*):L K]#^$A%\410&6-"/98<)H@5XO#H:DKK)-%:1(2&_$^)2T0#_2PJXV<
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MXO,4A"P#&<IY! MN>98+F)K]3^INQ9!F05[/31T<*:#R/_AHWI(EAV&#\9J
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M\T?(%&;.W/5>?E&BESG>PG/B'9GT!?#<AK?E@HF?2$-X/1-!3-4DDQ+T/\N
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M)=Z8&>)JCN)SY6,>4H6W:X^<]Z$@A O2@%P30CB!%KPD]--Z$)BQ*X=MRG:
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M4H:Q<KT,E4MN^^[@H^6"=%=:*SO_^_7E'7R1J_V8M*^B@6Q?0<6:2T#P$ [
MGAOT.<PT]\'S87V10"8T:L;+NM#123B>SV+XVOGIM?'3Z\N?^ #YKE DD$A\
M47*S15Q6D%( %U;/+JG"F48=>;I]1#IZT!@&,)]$^;=.9HH\YV6M)OLD7VXS
M]PH%/O#8=53Z*:V=D+;S3.Z[^*4E?6O2]3';'H4C7<CM6!%ST[L('C'=R&W,
M@5(!W;GSPLIY0I=4E5_M$"K#M!I-0$L@),13#:&"88 _",:4$<TNC[[,CI7U
M[&^@U>4-F?0M(G63$HC%Q?0_2UKM]1VIOT %*W>[O1JH52'(<(7<Y^J$*[CM
M96 &=W.;8.AJ!\E.J:E+L,*P"7)3EP8IPD1%J;7%%@&XRN_H255YZ.;(]RV"
MAW9H0_![TF X7%5R/#HD#&4@!KPQ<+8W7J; &C:3M,9]*9^_JI'C[O\M:\]W
M ;L:FEXD!OF.V^/NG@6ZIM$)3IH+A?H:&_9)":"65__UV?,QBZ=+&JE^N+B[
MY"4*+^[^(-^<:89"NI]2(YG E+@U!8_IPG>\E\B-N/5SDN=_45[K/T$N"\!J
M:5G%!)U$.MK1+$O/G;N\W3:#RK&65"Q-A%1<II6Z.*3LV0E=AA!C:+SDZVP!
M^S\_OH]RAQAL6)\#%N19^>$;!9\U ,O-.I#S3!A\?J+Y/!2_P^XF.;5*]$2<
M^HPS36J=K4T)#V_^!&VQR$TH@QBF7'08%X$Q(0_>I)-*DOE=_SGPGGF 'N:G
MLC)IT,64X(T(! Z>)WL:Z2\++:P>V4Y'(TS9#N?D+]BG@/-OR .OK>3 !W&L
M2;! I!P_907!5>3I?USB?P'8;$9<_+4)$'(YS\F&O2+59(8),(L6%DW.$% E
MA4;7%';J"ND;6>HV^173T[3T =6@Y)B"?WF[Q&IC.&?)"?ECTO8A.7!=T-J<
M^MC2V(0>W8CV%YYCZ_#"$X%G2Q_.D]GE @>O)'>1E(6"2;MS!I-ES0XY?Z@7
M 5!-;%@(Q)3VK4V0_+ Z:6/>[('0A?L7H)B4M(,X)E]T:0*;^YUWJ*"G0-*V
MSM0H?+888Y,,F^)LH,^8$^6=%X9'\SA6?6L+RJR2+(@[(1$OTN>OMVM=+$+7
MV[EEF13D#;8]@W!5/D*!XT1A^2-T7:5[%CU*N)!%1&PYLRO4I-!LQ@@:Z9(N
M)"2_,\F73!,H\\FAY$Z3UNC%(_"KS021OH+,IG!C\J9,10+6C@#Q=N7D>Y[!
M2;9>3')B@_=D@U3Z;D3VF204EB31K%+!X#;<CR5=QSEN%P] 0( 4\D)<!'?U
M&5[A^ANQ0O3L-2>9J,\)6CL/P6:HO"G+2'5]%TI?96T5B?T12[A#B\AL:2'O
MR5]^\,U#TT>^2Q'S2K9$_)*LWB4I7;34!&" ?706S,Y8VYO</ORPA.>F0%AV
MX+OW5^#GSV8L6@C#!6F;XJ1B*85?TSS<Y!@*?Q8I*0%@KE+S (7$2$)2ABZB
MK;R0*P-I)Q Q4%&L,__+04<)!+SHG7BGQAX:EO,S X5FRXYM9DSIC2X#?LKU
M8Z*[W6<H LOSX 9TT*V['=GFLMB#8$9!U]])AC.>R#^L\[&"_0F/8D<+5CI>
M_C=X70$TB_7*RP+F:(8$SY<!Z 0'>)5]*8V-TQ907'AX0%HX/-@< UFQ1W$1
M=S9M]-D Q[:=_C(AB"UKS C6#$MQH,X+N]Q?QQ+GJ.-MJ?&OTBE27^X)ZQY%
MZD&S6X?DPQ!>1JQ27PA9[]3#IF5@@%:\/K&SDV!(O)>-;LV&:O=JR6A,K8A*
M-E;]!7U+?W 3!GX N.5,*KN,QAPO&L/V!QF,D<&8UMW:SPZ)PUAJ)C2=6@(E
ML1W8QD(N]^IM+?@O^2Y].5_&.M/&2;8C\3K!5D!Y*G8JOUI&,;9S87J0)3]A
M#?SF> -XPEL9.%V$GVPDYG:1;8&6*Z&N,@7,\.M3[+*DR1G\IY#OA18NBX,D
M)>+QYO(8@"-*,O-(5B8).>'1&(4*O7AFCC)##693-J'9(LN?SB0%!CP_E#45
MI#EX]* ,08&UMZX6@^0*H,^L\7!*Y7:^HM?90I ;"TGNTDLR\O][<CV4$P4O
M'T90XR%*4AHG>4%R-D4D5Y DB_,+9GY9S:#[:?FQ**ER2[Q:QT,T @6AF22O
M' 2[H%CQXDEGB>5N/VE:D^1\NM0%H@5H\VY^L.4(0)PA9_)$_/:+Y2-T1-OE
MN5L9WSA.$CMAM"DO2Y.EEWC5-8]$PVQ5.7[(XC\&F;@L;K@Z]+GR/G^*8FW>
M<H>IC!L<Y7(4(<.*5+M+?-G4+0Y*9FO)*(S<K.IL5MBSY!<'@XVK<'"FZ>E>
MEJG)E(O(7#^3+)_S[*\ [AU"6<MLN1!JQXE=2C8=-=L)1,T=4U36%2F:> 'I
MD;&I3\ZY<I>UK#"9)'H!5Q=)HY"DX7C:()BFDR>I[7B-9ZJ(47-,]AD24<I\
ME<\8Y\VX5'+Y$,&1%,Q@E*QQ-V2G<LR1*.GBN$X.O#%8QDD)TRF"DQ*>-%R2
MI*\G^=39C9HD.<4TII)Y"9X=;6<P>\F0H9([C.2*A%*9B;S33&["=AJPH1$<
M?IN3)F+C-[%KE2AI:)(K=99A&"\^D[T7>$#)>VB)A$+QYJ3#0A>D91OD'L -
M1R+?.&WD0G%J>/^D/6^P42;!@7PKEQ42-^D7+8&6ZB$O$X/?;F?>GFM#PXNO
M10@P5B0&D.S;>6\L*<ZS5M<G#B"/+2U9D"<UVXJ'AD22"AFY.@<DCY?/Y2PI
M89IMX4S80CA&Z5\!JO$>-33BD]2 S2V5@KN<5>XNZ*)^/<CPC+-G+3Z1"F)#
M10J\ +(]A"#\]AB$M*03 7H4AG;8K0I6A[34<-&V2FW/Z^%/RL1S0KZ666S/
M1TQ=B^LTP!]%916RC;+]M#@QM!,\(QX;JSSXPB\C'Y*K5GY12/5G?>P#A8Z'
M)4+'.6^'H6R\ETU^C_1RI)>SUR,Y!$AW^3C#S-UQWK5Y3W?HS_0& ];.[P%>
M2<J?^,DEV"]ZMP!1:)^C= .^_[^DYV)ZOF;VAFW[[%H$+'D2)* +*%G%:UOT
MRIEJ]>IVR\C4Q@</X(J1L%=F&W?]F4?J$-$@OY.%M;$NUIP]*P1F=EX&)F<;
M(,4M1!L,':,SL7?D\0<$^V"4R=?F=^#;II6&)7CAIJ0Q*O$&?%[ 1H',;((,
M9WGA>#-G+:#8?12:;MN?LY=2=$]-X ;%E&<=D>P$#F.J!])4BV2+I*ENQU2/
MB<HFG9JSMOJ.9"EGOUXQ5C1Q$$Y5*P>TE9HV"'\9O"!$$Z%Y/U_GA1Z-,C&W
M;-3(85'5W"$*C%,XS5;;RE1NH(N>-,2D!<SHL3"$@*?+PI_<IF5^FJPT5<EC
MA(EA_$8"S."^TT@=LSSY?C#4N5W]-767T[(5I (&KU0MC5975^6//T@TTWXC
M:0R&LLUNZ::R.XYV14_DGX(HXIECI/ /A8V0$#L+$V>7(8DU4(1G@6:#%Q*R
M>P52SFZ*C_\17E1G^(O9TLNFZ2O. X2>:.2$MXB@-'F$)EA.Q0&2%!T!)2/<
M-+9&D]?X,,29)/4-5Z"E+WBZ^%0\>2(5E&&.E)D%@*Z,[[GPG F/L?G$%$R9
M5Y=&W*C/A57@D01@>-H'*:?SV\7%#66-DWN.A?K)M52TB1<4?\O<W_RE%0G.
M/(2!0_ 3M%(DN8R) AK(HX <T@6,H9]3(4#(CF:J9-Z7=N_(QSK+<(E'IU9#
M*LIK$L%XQ#O,HBCB\M.6N!M@55P>/$UQ<TE\).:7>RL-#J"! ?F;J7<F@$,*
MF19RVHU2:$R(//3LY,M+,+U=.( "?Z;1FW1CQMR(@Y#T<X7Q0Q<..FJB"% N
M/%LE<HN4('D2[X@),#F+ 2?36JFXE60$45Z<*Q?)^6@.%V!P0$A+6?I)K)?O
M8<5SQ40Q92!7MBPRFT"ELP4F.4K'#?$)!W .$W2@C7R\8R-7,R.0!V=N!!*B
MI6&+QQSM>???D9U5%=;#L[/X+3VI%7;+@M\WU)N,+OSI>]XKYPH[6Q_ UWK/
MEL%]<(FN^(*Y!Q7<.V:H6FO+==P0VS3'XW^^81UMSTC/DD6$-VK^KVI[?==:
M[])FG&_RW2W]X%OH+'Y]1?^[N5-EA"WL+\IH$:_@EU;\L!2EM*5O96[@;\A]
M?&+9QGC*QZ2'Z05O6OJ -_&_%'T!Q8GQ(F5:Q9@)J"T4,LFMS &K$Q:5_^NK
M077Z[P%IFDZ"0D[3OTDD+_T3/+ST+U-3TS]@075?)*+1TS<5L;LJDER?V(HV
MCSW+S&<B3!W(:CR5"RCXQ(J65F=N$4V%"M2K16 TG\]MMJ05^314?H8O2 VM
MG@JB$T2*J"U?<M71I+H(1*2(ZB*-BZA$BJ@MIV1<-KAA#U@,$+[SIV<\R#V9
M(#3#I^8J'EI6>AZ:Q<DQ?FB;^-C,"@MGHA@IAF\1NO[$7;"F3[PNP!8FLY'U
M 1]XA1G%O]I(83K./TK^/ 11IK^WAWP W=!4V[":45%J-N+RX.P49Y\,8)J&
M:@_U6E38M7A0[5<EWMZ<![HZ,H9[8T%I0T9N^)J:L<*C)]\[G,D$&MN00#^)
MSU?<&LK+K<KN20C?S]!4YF3LU]9(-:QJMFXC#WXZ(<95,Y#-9M\WWKW6P;[:
MU8R+U#K"N9%JCT?[8MR!O4ORU/ODJC>!&*U>$1=,M_Y666^7S<A@:*C&2&OW
ME4><3B5#)O1,#$U3-;W27B;T?'13-8QQFZ\4Q.FZ2!VN%Q=Y1>N[MP8<GRUU
MVY [G_2W#NGDC]6!,9!*MS;TCS_L9)VJC^R>^%MKI!GG-B?N0YJ>"?BQ]%*U
M@K@SP]67"AE$F09+O#ULDOFVX$;%03.RM@U5-YKYUE4YT#,.-C/2)\X\W=94
M<R3UKP$+QZK6,)95C@$YN_TS\633OV6UM2W)(A)6NA]8Z5X@5IOK81WKXK0R
M17O #]8E_L[]WBK.M)/R$(^B7FJ(W35Y-(&72N45 8Y3 K/521:+1Y% 0B\#
MO>HDC\6C2""IRZ5^@D+OV5*70,K]@P@-S5"'FMF,BFY""260D@Q@C0;JH*8&
M] 5(.;#5P;#:%9($4HIW5;CKHG X5,VQO-B7%_L'A0..1WB'E?#=ZIPS1ZJI
M[PV!*H&4&W[ZXP^Y*T_#QE*HE&<A-&*O1UC*T5 =C5L%'QYW/GAWMBO=K7?$
M[SIE+*4Y4#5M;^"L_C).NEQ-_'Q3'52#_TNE(XP;J9K9E\P5B:3<BL,:C553
M:X8W/G$DFT12-F">H5NJH5=R7B4+5\"H> 4;S7:Y%J"4^5Z\>ZF?R8MSIG[T
MO\&-ED4V)1IR8\$YKBFI6J='KP?^;)<N0X5$P[5?F;.3$A&/HI[JB,1,2O65
M0"HI= FDDE+?]U+/S42*O__B[]FBWV^X=1TK><E:]Y+FD+Q=2#!C74BV,$PX
M:%Q:9=(<J<-!M8!X3^"!*0\&JF[7*[/8<18D PPM5;/VAP[L D#2,-1!10R3
ML #)PCMY!:QVVJ! '%!$Y5I$0F,\]O7:(TZI>N$>L:=3M9A.:VN[DA^2KN'B
M6]LC<O"U;E7%+6Y$&AQS&H:J5:O_*>0LANK0K(Z1$VT6)I9%]:J)#3 8^T7$
MW:*5?L:S,)@KK^/@)[A'6T]24*%+9<4S5Y>!..98M8<M 9A.$@)FJ$9;D/N3
MY)^$'XK,N_V&=K: 1#(Q'F@472:ZTS?0S0@[R,-JV9)U60"5+_O)Q(%J-*R0
M?NK8+]U6QV:S5,839Z%AXI-!L\P$68E05B+L(O9.WC>* (R2Q0:%I*B7&B*!
M<U)Y)7!."EUB:*34Y5+O+D4"";UG2UW"Y5J RPU4RZX'E.HX5BSEP4BUC)-D
M03* ;:ECJ]KE9>_@<IHZ&%5+KI=PN3: $M7+S0@-QNHA7*YZ;1:AIU.Y8HJ$
MRZWAS(;JJ = ,TLUS>IE\D2;A6[@Y5E=H46;!G9!1FV@_B1>KN$A5.+EA&5@
MOLZG1,R)COJ2O).(N0[B; Z)F.LK"R5>3N+ECLU",?!R^7)S6RO"0=FX973V
MZ#B+7VZ<*'ZW1!]<'UMC3!)VJ)'[#(]'LHQ<EZ%L&\]S\I:PQ5M"7:M-_1HN
M29& M?Y*^QVVJ_,'%&8DKA.)GQ0 31JE0ZAI ^C"DNBHET(6@EDZH4["%T2F
M2"#)7SEA^+("5R%UX+O+7?$H$DC>?_@+QYUFI9WT[LQ^^$"C--UEN7@4":0$
MTMR?JN2EN3\M>??;W!^I'[9MIOVPEV&(MO:,W1LLL28<(!G(2$;25;M:1:">
M(#13#AA#2S6U:M'POO' M*!]2J?UH/&2L-,EH0_JU?CL-F(WY8"A&ZHUJ*<.
MO>'!T%#M8;6&NV+#ELTB3%!]GC?&I=G#5K&B1YV+K@W5<;4.7F+/QX0KXOX@
MDZUA?V0S,K%H^E-C%9;.J!HDYK@ IV)R!H)9UXH8&:%5Q+95HT;%3U&G,\ *
M7P-6+NITS'9S/HZM:7996_3C#QV8T%!3AZ/JF1A".:YCP4SKT&QUMSKN[JN/
M57W8']NJVP;>*_HCG]&@>C*8J'/1C:%J54--BCT?O)'KU4($@GFNF],'/@0A
MFGA!M S1EOGU+??"K.:6R<R5U6SF4;5V&9*!*T=A#1N4:K%GR<%<G$>F[359
MP+9J#20#FRS@H6IJ^U_ Q\W$SF2N? ["^-%Y1$H*'"HGZ8/E_^QC]*S'H-K5
M8K$RDVHE&&9JF(7-C,Z)LW"D0=2JF=7I# OWOIX-J]K%=V<YN1]EM&U+'56\
M-Y<LS+MAAJT.M4-H8<GLTLJ)H]ELTP^.&_X),-/+%Y;_?_>$4/P;]E,6>(SD
M-S+9M%O)ID<%^1X"T=L"!+<[D]WR>@FH9L1_0L_(2V>@=Y>IXE$DKIB-[C)5
M/(K$%;/9-::VD).]2QHMSJJW/7L$TNBB!*\_98)7;^7]/\L@SG8]6H3N!&6:
M(KE^5A.<2>P^9];@W G_0K%,]NRG;EP_X+,F.9IG]6&QI )/4G_CIVQYDOC)
M\=._BMS=3"8AJ%IG)24>10+ISA]^D&I/1NBI_G2)Q<>"U,!?ORC:N6&[/OWM
MER!60C0)'GT\DZD2^!#R(N)UL!U76"*N$D%X#&IDSAPW5$B&MO+:B2)LK 6K
M++VOU\HIR2D=84K'N57/V0D>;1X:8YY#6/J*7;3TXK0/4)T[WIZE%Z?,J%;?
MN6]L&#1C0[>SB]/9#T9C51O6:XW5:G:QT$Z/YSH/KN?&+I*>CYR2G%*?/1_R
MVSLT689@%8(P#+[A9Z)-S5L:\J*: :?((&N 379_4N(K;<!R)OM5+5TUK%83
MHU96](\_'-$%N$Q6LX)?BT+L#RR6X>3)B9#B/(8(S8O+:!U>$+IF8$'(-2[,
MRI "J8O>6S2 O,V=\-'UX8\X19F5!;<1%X&@V%"*;-N$>.,F2"/_UR("KH!U
MBPS3)2908@(E)K!;%SE"WI5)3. IBEEB D]"S!(3N%=,8&%_G!PNL'.-<H34
M:HD+/"UY2UR@8!0)I!L2%]@QB@32'8D+%.^*7.("Y93DE'I_.]Y/7&"=6A%]
M \1)7*#$!69P@<90U?5ZS8@D+K"O&U"GIM2)LNA23MWQ?<AO148&&@-;U;3^
M=&01"S74GYG442U[K ZJ%:3KC@O0)5R@I=H]ZOK0^74A!5(7%[A>U:]L@;["
MHGX?2>SW@D0A_V?I^+$;.W"?]-$'!!W^9^#G2P/*,G_"0OKB8%%LU#>7J/;V
M<>51=*5Q8!)JW+IDKEC,\I3A9Q[@'[>._XB48*:0547#>0\)D4T!'QLENVN>
M/+:@::3M=>T[&3Y-8B[*3JZZ1N0#4V)?TC%2#4-KA;-08$LQ-55)RFGME\-V
M9SALZNWH+H<KX0$)E^V&B[2"Q[VV?G<0#_L3_<'[OY=N_*),W6B"WQ0KH1,C
MA;)_9.AX?[Q%9PL4PMZ(19VY2ZBG,_4<H=R/R\QJ^$_E3-&M?_:%TJ91ECWJ
MQY? [Z""Z!KA^Z@#&E*2U&,:D:L@BL$WF:*'6'R&6N>&W0&YER#S>&;A$U[F
M2HCPYKJ$(QPYV'BNCX\[._8.Y;7K*R_("=G-C-@BP MOV LRCVD=RNE*T3[2
M*671ST$.5D\(K1LCJASOR4:-[B9/:+KTT/7L-HGT7O! ;R0C0\)&ADXSV;/W
M$Y39K+U$>.N:+-->*3S:)!^NK'1JSO2S$R]#?$)/9_P.G]"[)@=AV'D=NH^N
M3]R4E/:IY&@["2*?G>_N?#F'1WEN2'+'G_UPXH [@I6ZLTP7CR*!U.!B#J'$
MK, #?&:('7_*]*";'!:/(J%EGDXGF!5_3LY.F"C'ZZX(Q*-((*7X"*.C*$XG
M$79PJ]TO8(Z=Y2T[@>_?H45,+QK'F=O<8AXU2@,Q1F:23.2$DZ>]O>\0N42Z
MK0[-2H7B1,NA.5T6M)<_8QBJ5:U&JV@I1.UE4IGG6D-._+.^+:R0#I"W>3D(
M2T5\9FK)FHRRD4%-Y,.N>M6!/6KWE7(ZK4W'5@VC/UD<>/GKE5_88,57\G[@
MWU^"9[KDL=%NM.33@:P,,$L801B:IFK53+'0BC48J%:/H/>Z-E8-NU+*K=#S
ML<[UZOE"A]GIMUX!P8,)Q-(P=QY%-B/"RS!OXZ\)CG;OKZ]R2*^H%E6&SJC-
M6+6JZ<T62'XC 4C^G23_=%,UQY4<%LE R+7/.AKG;3'P4&[@)ED8YS8GY3Z(
M'6];>9LMOZVE!X?^?:&XR2#*-%@^>&B3,FT+EE0<-*M$IJV.M&HU>20+FS:M
MD"Q<8>% 4TVSV7[:&1;N8_1<(*!BB:TMC-BQ,;35A.2<U#R3;4@D,K46=*OW
M6,;>3U B4WL))6B 3.UALP")3A5##L*P4Z)3)3I5[B02G2IE+M&I4BDD.E5$
M=.I.?%4SD. Z-'4-&K:M3[; X$Q-'9F5P%*"@#,E"UK$I^JV:HTJ86?ZBT\U
MSNV&G#@</G47*F0G9[(A##Z08#BUL6H.K7;?*&?3%DBM,CI"Z.E412H( 4I(
MT!%E@*O-4";YMVQ&M>X#R_+C#R+ @6J 9B4>*,?!D:6:A@14-4&D03Y5I80
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MQ^6P>!0))/.[),,ND?D[Y =SUY=2[Z_4;U"8TD]4(*L!%_-@B6?364:+1Y%
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M>13@#K3_8Q0MT?3=,L2_PD.YP93RFG[^(0CIR6N#+E:]Q,A,BJZF[+0^?OD
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MQ\$$],(Y7$1VQ@@^ G'#)^R6]/ZT?V%P@RUC19O.D0BFR\)Y<CTO"3?I(A9
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M"!^?@E+)N!K")RW>$@WAJGR:LWQHU35=-!M]^@74_97/RE ^-.MMX7;WTT=
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MRYQ;7"8?\G\_V"%U</D\=,1I^Q2P<#UR%Z"/[(&#-_&>:WNSO>;ZC/6/?T_
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M6SR'2L3VJ5,&[M%,"=NW47L>M*.I@Z8XJ"E.M:"L>0K!>9/3;EVF+<\"R"3
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M6IB440-FF5!PR[N7!'0\@S.*$^J*J3#/BAJ:)-P%QS9Q.>%)/)X5IY8F.9L
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MF?%2FW6LGU:P?FHKZS+;=PG+,+"#7M_Q9VJW2(0!G5$FOIY\([3N@O%VBT2
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M_OI*B@UQ;,M*XMB*V^E,=Q?T<<[S''T<Z>CXQY]>9G[K"2C# 3D[ZAZ?'+6
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MOPKN\(Q>BMG^(G*+<%H!\'88X;$/*9\ARWJXKOQ7- @-U(=-?/D<!#*K"O:
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MIL%+Q>7&I7Q,EC1AC7@)#T 7RI'0 #E5[&#4Q!T$DVE"%F$\$QI:5;<2W1&
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M4I27:2*:,'].\9\YI?/ZA5D8/ </[E-SIQ,2*.CB(]!OGQ1ES!ZGN8_P.[$
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M+AI+92OOY+=FD:Z<U3S .6(=I?5R8M+UE];+3FTA4&FCW%@);:7U$EH+A=R
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M;6SDO6MSY,:1*/K]1MS_4-?GW+ 404KSD+0>[]D]T<,A)=J<:9JDO.M0W'"
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MJ57[>CYH/HC&P)J3Q96&V8S\[5RYJ;YII=%!7:A5&IUE6TB>#]0%G:2UJ^P
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MXN\H3!K->KO/3;O7U=Q7V;:=%<&8B^*<AHP>H,TBGHR^(4I2FA<#9#2!J3#
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M^!4KY*4-WRL"*%+!PB,F'6E \VS&A0"\Y*1]X)W%Q M5GIGXB7[F?W&0MB9
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MH460T-5#3D4K"6FP5B,O]"#]:QX3M ?J!%>S>&16S"/M1$2QUWFQWP1AG/
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ML'BOHSG0/L!+]#'P;GJ,(65U^3-[.D; N.?,]]N"9?ES03?[Y(K)-?LZC5;
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M'#LX2X*B^)25+EU3>W-]Q@P&$#FF$SZ$\#$$V2-HX]6OQ/KQ1 H,5GX'O6:
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M ;]QG_"Q(.]()M]Q7!D_4TLY@\NI247<@K6D.!%!BM,Q MS JVI?K=*HSG&
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MD")>XS=>A*0E>O1-+YO[<]NTZBTHX1MR1^5=@\(V10#F"C3K34QC4D[W4@F
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M:)TPSDG600+=T145_W.E?JO_((#\ZC]02P,$%     @ ;X8$2>B[Z_A92P
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MU&UB5G!H,RO6/'?DSRFEFS[\R/!Q!%IJ!6PP4-XUJZ2/PQYXT.$(J^)\);_
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M+(([K!#Z8V?Z(PHZ(&Q4TT6=]>/(_#?$8SYPX-FH]+X<T];9=YV=]&_]\OX
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MUJPJ)S:ZR+F@3 R4KA!,P<SP8(JZ+2]@K9YM9"B+JZ]\X!!/X$H+7[O%7FX
MZ(Q!IUKQY;DQCIM,FAH).21+$D='2JV6%[#V"04!T25<PP):%X*ZH)<(E%_.
M^9V6%["FA=9"DX,VNJGXC'8)OG!;$9JN0X18R6TD>RXO8*T+.J<L"Q^T<4$T
MDVETMYK=D@,M)[ W?ETS7@%NCQ7C@ +3+LZ1:5KOLJ,H#=(MINQ/4@O>A,H@
MPZX4WQ+R2-6FM\(@L$:6MD)65!DJ[C]Q81#8R#%%,36/9VI03;29GKHPB*%%
MHF0%KHAU'-?Q9\M?(\&YH&AC:H$GR<V^C&/@$7LI%&$H1JD5<+Q5A?4<Z6B/
MG0(Z8;F^NTVV0@%5V@$'1M7XSSC\U @>AU?8^BXGK7([X%@F.6G5"!['EE6+
MO\I<97]/+#]VB1C>\,_))IY;K.1CD%3&@XXUZEQ_OBWH@0<,U7 3JQ)Y$_+,
MCP'A]#(F2$A9D%**48=JXCVG1C)YOSU?I69UNE2%?: C>W3)5 HH]*8@(U*R
MRCVC*/ 20MK"W2(\ (KDY<L9 #H$J$=A"U#WZ$T\D2OIJV\'/L;G.J02A+5:
MN9Z+_Q9!>9:.)>>BF3_UG:GS9ODVBA;!M* MWZ#GJU)K"?=3Y[$!?%0R-(O<
M5-)C 'NJ=,B'L2>KL,"$BW.$[!_7P=L'![E$5SZ1OQ 5^512$?RCY3U:XV,K
M6>A8KBE**V"/DY(LJN*D@]&<(%J6]QD-3"]/O0F0"X?!LB9?:[1J8"KU7'*#
M/.L;IG@1)E'\Q;HEC+U@/X<3=0'RD= 8UCQ," CO*[RX2\:K:(J/![?WGLV5
M2+T9D.-"3@H48GL, 6K/^\4&Q6YV>GVP?&N=I6H72(+?"<C=("<7(>G0L7JZ
M4G-ZY&C]9(7Q/DT[B@\J&$5TM2__1N1 DAX$V$W187-OA77H7J@2(F&\2+,Q
MM,-#25)B:1>@3#B"=_&&_#,(\>(W_^8CYR5YC5S'M<)]]:HMX2N1'@7:DT(5
M(<NAHH)J%,XQF251QLNB- ZT=T7#/J",=^".E4<49]5V2(I<CAY4VD$[3]2%
M1!=V ]2PMX#,!LT18M8 VDVB2WI'- ,_CY6>HW"$5VH%[?O0)<$:I#Z64A"/
MQK3FT8"JM7KV:YS]&F>_QMFO<?9KG/T:?Q:_ADG&]9L@P3,/MT+7ULZ-+>]^
MQY<-J[W1K@X>U49&*;7U-YGLUZ 0>_9DG#T99T_&V9,!_'JU#P^S^:X'*1 F
MGED.!=C),A2$$5=(M*;0+@!9V;!HASZP#-K[8[[%0Z_WYV+HWI_;/Q)\KGQ
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MAF4>OB#/^^KO+-=Y"EW?=G>6=V5YQ+VJ13-X'X!^#'4B?1&QH+_ E?*?4[E
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MRW,$[CD"5V;%.T?@GB-PS93A.0)WL*(\1^ :<#[L-PS I(.?0A0 SR%G5A
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M4]J?#K1+/,_I-C#HXYV4+')X=\J$3\.0N#53,J_VQS8'TJ??K-"1?]#3\1O
MCWPZ"Y=A^-#)'[/".W%[O$/A><YY%U1M9,S#( VBH'@7ZU@-%1?WN5"]&>![
MH28_>3PW_<50FVI$<*^$:'P5&!6,?B TPZ>;'3GB^/'-X80B$@BO"^!#(3G)
M"(@?1UB2<!5G+>+W$H%+W0<WYG61]MU.*X\&_A(IO07-HBA!SDT2NOX:W_W<
MP,FL;-G/[X+PD/>&JW!* T$7^]0B>896J3)"UX8#Z!RF\U-Y>0)^']6K5K
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MC*R4Q"BZ[TM%D?5X5,F!S+)*=4H.=*DO(F_0R8& +5-"(=&%RP0S;&-CQ^1
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M2OD#H?<5*QS^Q_\'4$L! A0#%     @ ;X8$22Y<2$U<:0$ Q,05 !
M         ( !     &%J>"TR,#$V,#8S,"YX;6Q02P$"% ,4    " !OA@1)
MC)7[)],5   I]   $               @ &*:0$ 86IX+3(P,38P-C,P+GAS
M9%!+ 0(4 Q0    ( &^&!$F>/VZ)2 P  .ZA   4              "  8M_
M 0!A:G@M,C Q-C V,S!?8V%L+GAM;%!+ 0(4 Q0    ( &^&!$F;:\CH4S
M &1_ P 4              "  06, 0!A:G@M,C Q-C V,S!?9&5F+GAM;%!+
M 0(4 Q0    ( &^&!$GHR;6Y:GT   @3!P 4              "  8J\ 0!A
M:G@M,C Q-C V,S!?;&%B+GAM;%!+ 0(4 Q0    ( &^&!$GHN^OX64L   YQ
M!0 4              "  28Z @!A:G@M,C Q-C V,S!?<')E+GAM;%!+!08
1    !@ & (0!  "QA0(    !

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
