Note 6 — Unconsolidated affiliates

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.

Upon the closing of the Company’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.

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.

The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share (dollars in thousands):

Net income, assets and liabilities at 100%

Net income at 100%

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
GA-E 2014-12	$	191	$	221	$	384	$	423
Thetis Asset Management	$	231	$	295	$	453	$	500
AS Ajax E LLC	$	57		-	$	57		-

Assets and liabilities at 100%
	June 30, 2016				December 31, 2015
	Assets		Liabilities		Assets		Liabilities
GA-E 2014-12	$	6,120	$	3	$	5,763	$	10
Thetis Asset Management	$	3,897	$	685	$	3,028	$	520
AS Ajax E LLC	$	4,642	$	3		-		-

Net income, assets and liabilities at Company share

Net income at Company share
	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
GA-E 2014-12	$	77	$	90	$	156	$	171
Thetis Asset Management	$	46	$	58	$	90	$	99
AS Ajax E LLC	$	14		-	$	1		-

Assets and liabilities at Company share
	June 30, 2016				December 31, 2015
	Assets		Liabilities		Assets		Liabilities
GA-E 2014-12	$	2,479	$	1	$	2,334	$	4
Thetis Asset Management	$	772	$	136	$	600	$	103
AS Ajax E LLC	$	1,125	$	(1)		-		-