ajx-20200804

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 4, 2020

(Exact name of registrant as specified in charter)

Maryland

001-36844

47-1271842

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

9400 SW Beaverton—Hillsdale Hwy

(Address of principal executive offices)

Registrant’s telephone number, including area code:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Common stock, par value $0.01 per share

AJX

New York Stock Exchange

7.25% Convertible Senior Notes due 2024

AJXA

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02.			Results of Operations and Financial Condition

On August 4, 2020, Great Ajax Corp., a Maryland corporation (the “Company”), issued a press release regarding its financial results for the second quarter ended June 30, 2020 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1 and is available on the Company’s website.

The information provided in Item 2.02 of this report, including Exhibit 99.1, shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.


Item 7.01.			Regulation FD Disclosure

On August 4, 2020, the Company will hold an investor conference call and webcast to discuss financial results for the second quarter ended June 30, 2020, including the Press Release and other matters relating to the Company.

The Company has also made available on its website presentation materials containing certain additional information relating to the Company and its financial results for the second quarter ended June 30, 2020 (the “Presentation Materials”). The Presentation Materials are furnished herewith as Exhibit 99.2, and are incorporated by reference in this Item 7.01. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided.

The information provided in Item 7.01 of this report, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information or Exhibit 99.2 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.


Item 9.01.			Financial Statements and Exhibits


Exhibit						Description
99.1						Press Release dated August 4, 2020
99.2						August 2020 Presentation Materials
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


Exhibit						Description
99.1						Press Release dated August 4, 2020
99.2						August 2020 Presentation Materials
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			GREAT AJAX CORP.

			By:			/s/ Mary Doyle
			Name:			Mary Doyle
			Title:			Chief Financial Officer

Dated: August 4, 2020

GREAT AJAX CORP. ANNOUNCES RESULTS FOR THE QUARTER

Second Quarter Highlights

•Interest income of $23.7 million; net interest income after reversal of provision for credit losses of $15.0 million as a result of better than expected loan performance and the related impact on future repayment rates

•Net income attributable to common stockholders of $6.2 million

•Basic earnings per common share (“EPS”) of $0.27

•Book value per common share of $15.20 at June 30, 2020

•Taxable income of $(0.09) per common share

•Collected total cash of $57.8 million from loan payments, sales of real estate owned ("REO") and investments in debt securities and beneficial interests

•Raised $125.0 million, net of offering costs, in a series of private placements of preferred stock and warrants placed with institutional accredited investors

•Held $163.4 million of cash and cash equivalents at June 30, 2020; average daily cash balance for the quarter was $125.7 million

•At June 30, 2020, approximately 72.6% of our portfolio based on current UPB made at least 12 out of the last 12 payments

New York, NY—August 4, 2020 —Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a real estate investment trust, today announces its results of operations for the quarter ended June 30, 2020. We focus primarily on acquiring, investing in and managing a portfolio of RPLs secured by single-family residences and commercial properties and, to a lesser extent, NPLs. In addition to our continued focus on residential RPLs, we also originate and acquire small-balance commercial loans ("SBCs") secured by multi-family retail/residential and mixed use properties and acquire multi-family retail/residential and mixed use and commercial properties.

Selected Financial Results (Unaudited)

($ in thousands except per share amounts)


	For the three months ended
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019
Loan interest income^(1,2)	$	18,732	$	22,121	$	22,656	$	23,869	$	24,706
Earnings from debt securities and beneficial interests^(2,3)	$	5,028	$	5,006	$	4,203	$	3,322	$	3,140
Interest expense	$	(13,058)	$	(13,070)	$	(13,884)	$	(14,317)	$	(15,439)
Net interest income	$	10,647	$	14,216	$	13,229	$	13,406	$	12,689
Provision for credit benefit/(losses)	$	4,328	$	(5,109)	$	(561)	$	(3)	$	(85)
Other income, income/(loss) on sale of mortgage loans and income/(loss) from equity method investments	$	1,352	$	(1,070)	$	1,048	$	1,913	$	8,099
Total revenue, net^(1,4,5)	$	16,327	$	8,037	$	13,716	$	15,316	$	20,703
Consolidated net income⁽¹⁾	$	8,818	$	1,496	$	7,119	$	8,223	$	13,626
Net income per basic share	$	0.27	$	0.02	$	0.31	$	0.39	$	0.67
Average equity^(1,6)	$	469,831	$	356,539	$	368,814	$	348,521	$	340,470
Average total assets⁽¹⁾	$	1,597,678	$	1,559,821	$	1,556,054	$	1,523,956	$	1,559,729
Average daily cash balance⁽⁷⁾	$	125,739	$	58,586	$	66,072	$	55,881	$	48,907
Average carrying value of RPLs⁽¹⁾	$	1,048,704	$	1,080,453	$	1,098,477	$	1,121,100	$	1,136,133
Average carrying value of NPLs⁽¹⁾	$	33,683	$	32,767	$	31,973	$	31,447	$	35,213
Average carrying value of SBC loans	$	5,413	$	22,116	$	25,002	$	27,558	$	28,075
Average carrying value of debt securities and beneficial interests	$	333,359	$	298,304	$	245,701	$	198,320	$	192,129
Average asset level debt balance^(1,8)	$	1,041,673	$	1,067,983	$	1,068,164	$	1,057,536	$	1,107,812

____________________________________________________________

(1)Reflects the impact of consolidating the assets, liabilities and non-controlling interests of Ajax Mortgage Loan Trust 2017-D ("2017-D") and Ajax Mortgage Loan Trust 2018-C ("2018-C"), which are 50% and 37%, respectively, owned by third-party institutional investors.

(2)All quarters for loan interest income and interest income on investment in debt securities and beneficial interests have been updated to reflect gross interest income from interest income net of provision for credit benefit/(losses).

(3)Interest income on investment in debt securities and beneficial interests issued by our joint ventures is net of servicing fees.

(4)Total revenue includes net interest income, income from equity method investments and other income.

(5)Total revenue for the quarter ended June 30, 2019 includes approximately $5.2 million net gain from an RPL sale, after adjusting for foregone interest income, reduced interest expense and other loan related expenses.

(6)Average equity includes the effect of an aggregate of $115.1 million of preferred stock issued during the quarter ended June 30, 2020.

(7)Average daily cash balance includes cash and cash equivalents, and excludes cash held in trust.

(8)All quarters have been updated to reflect average asset level debt balance from total average debt balance.

Our consolidated net income attributable to common stockholders increased $5.8 million for the quarter ended June 30, 2020 compared to the quarter ended March 31, 2020 primarily as a result of a recovery of $4.3 million of provision for credit losses on our loan and securities portfolios. The reversal of the provision for credit losses was primarily triggered by better than expected loan performance and its related impact on future cash flows as the COVID-19 impact on cash flow extension has not been as material as we anticipated. Our book value increased to $15.20 per common share from $14.37 at March 31, 2020 primarily from the effects of a $23.2 million mark to market increase in the fair value of our debt securities as prices of mortgage backed securities generally recovered from March 31, 2020 levels.

Net interest income prior to the reversal of the provision for credit losses decreased $3.6 million over the prior quarter primarily driven by a decrease in the average balance of our mortgage loan portfolio and decreases in the average yields on our loan and securities portfolios. Our overall cost of funds increased approximately 11 basis points during the second quarter

primarily due to higher rates on certain of our mark to market securities repurchase lines of credit caused by recent market disruption offset by lower costs on our mortgage loan repurchase lines of credit.

We acquired no mortgage loans or securities during the quarter ended June 30, 2020, and ended the quarter with $1.1 billion carrying value of mortgage loans with an aggregate UPB of $1.2 billion and investments in debt and equity securities of $327.9 million. We closed on a second pool of 677 loans with UPB of $123.2 million for a purchase price of $114.0 million that was prefunded into our joint venture, Ajax Mortgage Loan Trust 2020-A, in which we hold 20.0% of each class of the securities. 2020-A was formed in the quarter ended March 31, 2020 and is not consolidated in our financial statements.

We recorded $0.1 million in impairments on our REO held-for-sale portfolio in real estate operating expense for the quarter ended June 30, 2020 compared to $0.9 million for the quarter ended March 31, 2020. We continue to liquidate our REO properties held-for-sale at a faster rate than we acquire properties, with 14 properties sold in the second quarter while two were added to REO held-for-sale through foreclosures. The carrying value of our inventory of REO held-for-sale declined by 50% year-to-date through June 30, 2020 and we expect the rate of new foreclosures to continue to decline due to the continuing impact of COVID-19.

We recorded income from our investments in affiliates of $0.7 million for the quarter ended June 30, 2020 compared to a loss of $1.1 million for the quarter ended March 31, 2020. The increase is driven by mark to market gains on shares of our stock held by our Manager and our Servicer, in which we hold an investment, versus mark to market losses recorded at March 31, 2020. We account for our investments in our Manager and our Servicer using the equity method of accounting.

Other expense increased for the quarter ended June 30, 2020 over the quarter ended March 31, 2020 primarily due to the amortization of our put option liability associated with the preferred stock capital raise we completed during the quarter.

We use security and loan repurchase agreements, among other means, to fund our investment activities. Our securities repurchase agreements are subject to margin calls based on the fair value of the security. Due to the turmoil in the financial markets resulting from the COVID-19 outbreak, we received an unusually high volume of margin calls from our financing counterparties during the first quarter of 2020. During the quarter ended June 30, 2020, we recovered cash collateral on a net basis in the amount of $24.7 million from lenders and had $7.6 million of cash collateral on deposit with financing counterparties at June 30, 2020. We reduced our mark to market financing by $30.2 million during the quarter.

We collected $57.8 million of cash during the quarter as a result of loan payments, loan payoffs, sales of REO and cash collections on our securities portfolio to end the second quarter with $163.4 million in cash and cash equivalents. $42.5 million of our cash collections were derived from our mortgage loan and REO portfolios as a result of loan payments, loan payoffs and sales of REO during the quarter and $15.3 million were derived from interest and principal payments on investments in debt securities and beneficial interests. Of the $42.5 million of cash collections from mortgage loans and REO, we received $18.8 million from loans paying the full amount of principal, past due interest and charges.

The following table provides an overview of our portfolio at June 30, 2020 ($ in thousands):


No. of loans	5,948			Weighted average LTV⁽⁵⁾	73.6		%
Total UPB	$	1,181,161		Weighted average remaining term (months)	302
Interest-bearing balance	$	1,105,494		No. of first liens	5,890
Deferred balance⁽¹⁾	$	75,667		No. of second liens	58
Market value of collateral⁽²⁾	$	1,897,367		No. of rental properties	9
Price/total UPB⁽³⁾	82.3		%	Capital invested in rental properties	$	1,389
Price/market value of collateral	54.3		%	No. of REO held-for-sale	33
Re-performing loans	97.0		%	Market value of REO held-for-sale⁽⁶⁾	$	7,156
Non-performing loans	2.6		%	Carrying value of debt securities and beneficial interests in trusts	$	333,359
SBC commercial loans⁽⁴⁾	0.4		%	Loans with 12 for 12 payments as an approximate percentage of UPB⁽⁷⁾	72.6		%
Weighted average coupon	4.5		%	Loans with 24 for 24 payments as an approximate percentage of UPB⁽⁸⁾	65.6		%

____________________________________________________________

(1)Amounts that have been deferred in connection with a loan modification on which interest does not accrue. These amounts generally become payable at maturity.

(2)As of date of acquisition.

(3)Our loan portfolio consists of fixed rate (52.1% of UPB), ARM (9.4% of UPB) and Hybrid ARM (38.5% of UPB) mortgage loans.

(4)SBC loans includes both purchased and originated loans.

(5)UPB as of June 30, 2020 divided by market value of collateral and weighted by the UPB of the loan.

(6)Market value of other REO is the estimated expected gross proceeds from the sale of the REO less estimated costs to sell, including repayment of servicer advances.

(7)Loans that have made at least 12 of the last 12 payments, or for which the full dollar amount to cover at least 12 payments has been made in the last 12 months.

(8)Loans that have made at least 24 of the last 24 payments, or for which the full dollar amount to cover at least 24 payments has been made in the last 24 months.

Since quarter end, we have acquired 239 residential RPLs with aggregate UPB of $45.4 million in four transactions from four sellers. The purchase price equaled 88.9% of UPB and 66.2% of the estimated market value of the underlying collateral of $60.9 million.

We also have agreed to acquire, subject to due diligence, 29 residential RPLs and three NPLs with aggregate UPB of $8.1 million and $0.9 million, respectively, in nine transactions and one transaction, respectively, from eight sellers and one seller, respectively. The purchase price of the residential RPLs equals 87.1% of UPB and 61.3% of the estimated market value of the underlying collateral of $11.4 million. The purchase price of the NPLs equals 77.2% of UPB and 58.0% of the estimated market value of the underlying collateral of $1.2 million. We also agreed to acquire two SBC loans with UPB of $2.1 million. The purchase price of the SBC loans equals 100.0% of UPB.

On July 30, 2020, we priced Ajax Mortgage Loan Trust 2020-B ("2020-B") with $97.2 million of AAA-rated senior securities, and $17.3 million of A-rated securities issued with respect to $156.5 million of mortgage loans, all of which were RPLs. The AAA- and A-rated securities have a weighted average coupon of 1.874% and represent 73.2% of the UPB of the underlying mortgage loans. Our cost of funds on our securities and mortgage loan repurchase lines of credit decreased materially subsequent to the end of the quarter ended June 30, 2020. We expect this reduction, combined with the closing of 2020-B, to have a favorable impact on our overall cost of funds.

On August 4, 2020, our Board of Directors declared a cash dividend of $0.17 per share to be paid on August 31, 2020 to our common stockholders of record as of August 14, 2020.

Great Ajax Corp. will host a conference call at 5:00 p.m. EST on Tuesday, August 4, 2020 to review our financial results for the quarter. A live Webcast of the conference call will be accessible from the Investor Relations section of our website www.greatajax.com. An archive of the Webcast will be available for 90 days.

About Great Ajax Corp.

Great Ajax Corp. is a Maryland corporation that is a real estate investment trust, that focuses primarily on acquiring, investing in and managing RPLs secured by single-family residences and commercial properties and, to a lesser extent, NPLs. We also originate and acquire loans secured by multi-family residential and smaller commercial mixed use retail/residential properties and acquire multi-family retail/residential and mixed use and commercial properties. We are externally managed by Thetis Asset Management LLC. Our mortgage loans and other real estate assets are serviced by Gregory Funding LLC, an affiliated entity. We have elected to be taxed as a real estate investment trust under the Internal Revenue Code.

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of Great Ajax, including, without limitation, risks relating to the impact of the COVID-19 outbreak and the risk factors and other matters set forth in our Annual Report on Form 10-K for the period ended December 31, 2019 filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2020 and, when filed with the SEC, our Quarterly Report on Form 10-Q for the period ended June 30, 2020. The COVID-19 outbreak has caused significant volatility and disruption in the financial markets both globally and in the United States. If COVID-19 continues to spread or the response to contain it is unsuccessful, Great Ajax could experience material adverse effects on its business, financial condition, liquidity and results of operations. Great Ajax undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.


CONTACT:			Lawrence Mendelsohn
			Chief Executive Officer
			Or
			Mary Doyle
			Chief Financial Officer
			Mary.Doyle@aspencapital.com
			503-444-4224

GREAT AJAX CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)


	Three months ended
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
INCOME:
Interest income	$	23,705	$	27,286	$	27,113	$	27,723
Interest expense	(13,058)		(13,070)		(13,884)		(14,317)
Net interest income	10,647		14,216		13,229		13,406
Provision for credit benefit/(losses)	4,328		(5,109)		(561)		(3)
Net interest income after provision for credit benefit/(losses)	14,975		9,107		12,668		13,403

Income/(loss) from equity method investments	672		(1,112)		31		583
Income/(loss) on sale of mortgage loans⁽¹⁾	—		(705)		—		109
Other income	680		747		1,017		1,221
Total revenue, net	16,327		8,037		13,716		15,316

EXPENSE:
Related party expense - loan servicing fees	1,936		2,014		2,156		2,197
Related party expense - management fee	2,143		1,799		1,801		2,215
Loan transaction expense	65		(103)		16		52
Professional fees	732		805		608		446
Real estate operating expense	188		912		796		1,216
Other expense	2,325		1,025		985		940
Total expense	7,389		6,452		6,362		7,066
Loss on debt extinguishment	—		408		247		—
Income before provision for income tax	8,938		1,177		7,107		8,250
Provision for income tax (benefit)	120		(319)		(12)		27
Consolidated net income	8,818		1,496		7,119		8,223
Less: consolidated net income attributable to non-controlling interests	735		1,096		462		532
Consolidated net income attributable to Company	8,083		400		6,657		7,691
Less: dividends on preferred stock	1,841		—		—		—
Consolidated net income attributable to common stockholders	$	6,242	$	400	$	6,657	$	7,691
Basic earnings per common share	$	0.27	$	0.02	$	0.31	$	0.39
Diluted earnings per common share	$	0.27	$	0.02	$	0.31	$	0.36

Weighted average shares – basic	22,808,943		22,070,354		21,083,719		19,751,142
Weighted average shares – diluted	22,929,849		22,189,984		29,487,273		28,200,653

(1)We sold no mortgage loans during the three months ended June 30, 2020. During the three months ended March 31, 2020, we sold 26 SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million for a loss of $0.7 million. During the three months ended December 31, 2019, we sold no mortgage loans. During the three months ended September 30, 2019, we sold three mortgage loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million.

GREAT AJAX CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands except per share amounts)


	June 30, 2020		December 31, 2019
	(unaudited)
ASSETS
Cash and cash equivalents	$	163,422	$	64,343
Cash held in trust	190		20
Mortgage loans, net^(1,2)	1,080,617		1,151,469
Property held-for-sale, net⁽³⁾	6,879		13,537
Rental property, net	1,354		1,534
Investments at fair value⁽⁴⁾	257,990		231,685
Investments in beneficial interests⁽⁵⁾	69,876		57,954
Receivable from servicer	15,460		17,013
Investments in affiliates	28,487		29,649
Prepaid expenses and other assets	15,649		9,637
Total assets	$	1,639,924	$	1,576,841

LIABILITIES AND EQUITY
Liabilities:
Secured borrowings, net^(1,2,6)	$	609,812	$	652,747
Borrowings under repurchase transactions	400,035		414,114
Convertible senior notes, net⁽⁶⁾	111,773		118,784
Management fee payable	2,139		1,634
Accrued expenses and other liabilities	17,295		5,478
Total liabilities	1,141,054		1,192,757

Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized
Series A 7.25% Fixed-to-Floating Rate Cumulative Redeemable, $25.00 liquidation preference per share, 2,307,400 shares issued and outstanding at June 30, 2020 and no shares issued or outstanding at December 31, 2019	51,100		—
Series B 5.00% Fixed-to-Floating Rate Cumulative Redeemable, $25.00 liquidation preference per share, 2,892,600 shares issued and outstanding at June 30, 2020 and no shares issued and outstanding at December 31, 2019	64,044		—
Common stock $0.01 par value; 125,000,000 shares authorized, 22,924,982 shares issued and outstanding at June 30, 2020 and 22,142,143 shares issued and outstanding at December 31, 2019	230		222
Additional paid-in capital	317,029		309,395
Treasury stock	(564)		(458)
Retained earnings	45,084		49,446
Accumulated other comprehensive gain/(loss)	(3,936)		1,277
Equity attributable to stockholders	472,987		359,882
Non-controlling interests⁽⁷⁾	25,883		24,202
Total equity	498,870		384,084
Total liabilities and equity	$	1,639,924	$	1,576,841

___________________________________________________________

(1)Mortgage loans, net include $871.7 million and $908.6 million of loans at June 30, 2020 and December 31, 2019, 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.). Mortgage loans, net include $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.

(2)As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from the 50% and 63% owned joint ventures. As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which we consolidate under U.S. Generally Accepted Accounting Principles ("U.S. GAAP.")

(3)Property held-for-sale, net, includes valuation allowances of $1.3 million and $1.8 million at June 30, 2020 and December 31, 2019, respectively.

(4)As of June 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $261.9 million and $230.4 million, respectively, and unrealized losses of $3.9 million and unrealized gains of $1.3 million, respectively.

(5)Investments in beneficial interests includes allowance for credit losses of $7.0 million at June 30, 2020. No allowance for credit losses were recorded as of December 31, 2019.

(6)Secured borrowings and convertible senior notes are presented net of deferred issuance costs.

(7)Non-controlling interests includes $24.2 million at June 30, 2020, from 50% and 63% owned joint ventures. Non-controlling interests includes $22.4 million at December 31, 2019, from a 50% and 63% owned joint ventures, all of which we consolidate under U.S. GAAP.

Second Quarter Investor Presentation August 4, 2020

Safe Harbor Disclosure  We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend to identify forward-looking statements.  Statements regarding the following subjects, among others, may be forward-looking: market trends in our industry, interest rates, real estate values, the debt financing markets or the general economy or the demand for and availability of residential and small-balance commercial real estate loans; our business and investment strategy; our projected operating results; actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of these actions, initiatives and policies; the state of the U.S. economy generally or in specific geographic regions; economic trends and economic recoveries; our ability to obtain and maintain financing arrangements; changes in the value of our mortgage portfolio; changes to our portfolio of properties; impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; our ability to satisfy the real estate investment trust qualification requirements for U.S. federal income tax purposes; availability of qualified personnel; estimates relating to our ability to make distributions to our stockholders in the future; general volatility of the capital markets and the market price of our shares of common stock; and the degree and nature of our competition.  The forward-looking statements included in this presentation are based on our current beliefs, assumptions and expectations of our future performance. Forward-looking statements are not predictions of future events. Our beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are currently known to us or reasonably expected to occur at this time. If a change in our beliefs, assumptions or expectations occurs, our business, financial condition, liquidity and results of operations may vary materially from the forward-looking statements included in this presentation. Forward-looking statements are subject to risks and uncertainties, including, among other things, those resulting from the pandemic caused by the global novel coronavirus outbreak and those described under Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, which can be accessed through the link to our Securities and Exchange Commission ("SEC") filings on our website (www.great-ajax.com) or at the SEC's website (www.sec.gov). Other risks, uncertainties and factors that could cause actual results to differ materially from the forward-looking statements included in this presentation may be described from time to time in reports we file with the SEC. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Unless stated otherwise, financial information included in this presentation is as of June 30, 2020. 2

Business Overview  Leverage longstanding relationships to acquire mortgage loans through privately negotiated transactions from a diverse group of customers – Acquisitions made in 302 transactions since inception. One transaction closed in Q2 2020  Use our manager’s proprietary analytics to price each mortgage pool on an asset-by-asset basis – We own 19.8% of our manager  Adjust individual loan bid price to accumulate clusters of loans in attractive demographic metropolitan areas – Typical acquisition contains 25 – 100 loans with a total market value between $5 – $20 million  Our affiliated servicer services the loans asset-by-asset and borrower-by-borrower – We own 8% and hold warrants to purchase up to an additional 12% of our affiliated servicer  Our objective is to maximize returns for each asset by utilizing a full menu of loss mitigation and asset optimization techniques  Analytics and processes of our manager and servicer enable us to broaden our reach through joint ventures with third-party institutional investors  Use primarily moderate non-mark-to-market leverage 3

Highlights – Quarter Ended June 30, 2020  Interest income of $23.7 million; net interest income after reversal of provision for credit loss of $15.0 million. The reversal of the provision for credit losses was primarily triggered by better than expected loan performance and its related impact on future cash flows as the COVID-19 impact on cash flow extension has not been as material as we anticipated.  Net income attributable to common stockholders of $6.2 million  Basic earnings per common share (“EPS”) of $0.27  Book value per common share of $15.20 at June 30, 2020  Taxable income of $(0.09) per common share  Collected total cash of $57.8 million from loan payments, sales of real estate owned ("REO") and investments in debt securities and beneficial interests  Raised $125.0 million, net of offering costs, in a series of private placements of preferred stock and warrants placed with institutional accredited investors  Held $163.4 million of cash and cash equivalents at June 30, 2020; average daily cash balance for the quarter was $125.7 million  At June 30, 2020, approximately 72.6% of our portfolio based on current UPB made at least 12 out of the last 12 payments 4

Portfolio Overview – as of June 30, 2020 1 Unpaid Principal Balance Property Value 0.4% 2.7% 3% RPL RPL NPL NPL REO 96.8% 97% $1,181.2 MM $1,905.9 MM RPL: $1,144.6 MM RPL: $1,845.5 MM NPL: $ 36.6 MM NPL: $ 51.9 MM REO & Rental2: $ 8.5 MM 1 Includes $339.8 million UPB in RPLs included in joint ventures with third-party institutional investors that are required to be consolidated for GAAP purposes 2 Real estate owned (“REO”) and rental property value is presented at estimated property fair value less expected liquidation costs 5

Portfolio Growth Re-performing Loans 2,000 $1,857 UPB $1,814 $1,845 1,800 Property Value Millions Price 1,600 $1,536 $1,372 1,400 $1,299 $1,194 1,200 $1,152 $1,127 $1,145 $965 $1,004 1,000 $817 800 $712 $541 $543 600 $481 $375 400 200 0 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020  RPL UPB includes $3.65 million of Small Balance Commercial (SBC) loans, which are performing loans. Includes $339.8 million UPB in RPLs included in joint ventures with third- party institutional investors that are required to be consolidated for GAAP purposes  RPL status stays constant based on initial purchase status 6

Portfolio Growth Non-performing Loans 140 UPB $122 Property Value $118 Millions 120 Price $99 100 $93 80 $70 $66 $63 $58 $57 60 $52 $46 $46 $39 40 $35 $37 $30 $26 $27 20 0 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020  NPL status stays constant based on initial purchase status 7

Portfolio Concentrated in Attractive Markets  Clusters of loans in attractive, densely populated markets  Stable liquidity and home prices  Over 80% of the portfolio in our target markets Portland New York / New Jersey Metro Area Washington DC Metro Area Los Angeles San Diego Phoenix Atlanta Dallas Target Markets Houston Orlando Target States Property Management Tampa Miami, Business Management Ft. Lauderdale, REIT, Servicer & Manager Headquarters W. Palm Beach 8

Portfolio Migration Total Pre 2Q2020 Acquisitions ($ in thousands) Acquisition Current Based on Count UPB Count UPB Liquidated - - 2,570 557,929 Sold - - 980 228,834 24for24 829 150,431 4,039 833,456 12for12 576 121,398 421 88,668 7for7 3,250 728,384 157 33,481 4f4-6f6 1,768 389,846 145 29,172 Less than 4f4 2,445 518,218 457 101,199 REO 34 8,074 42 12,865 NPL 608 141,129 699 171,876 9,510 2,057,480 9,510 2,057,480  24 for 24: Loans that have made at least 24 of the last 24 payments, or for which the full dollar amount to cover at least 24 payments has been made in the last 24 months  12 for 12: Loans that have made at least 12 of the last 12 payments, or for which the full dollar amount to cover at least 12 payments has been made in the last 12 months  7 for 7: Loans that have made at least 7 of the last 7 payments, or for which the full dollar amount to cover at least 7 payments has been made in the last 7 months 9  NPL: <1 full payment in the last three months

Subsequent Events  Acquisitions Closed in July, 2020  Acquisitions Under Contract1,2  RPL  RPL  UPB: $39.9MM  UPB: $8.1MM  Collateral Value: $53.8MM  Collateral Value: $11.4MM  Price/UPB: 89.3%  Price/UPB: 87.1%  Price/Collateral Value: 66.2%  Price/Collateral Value: 61.3%  215 loans in 3 transactions  29 loans in 9 transactions  Acquisitions Closed in August, 2020  NPL  RPL  UPB: $0.9MM  UPB: $5.5MM  Collateral Value: $1.2MM  Collateral Value: $7.1MM  Price/UPB: 77.2%  Price/UPB: 86.0%  Price/Collateral Value: 58.0%  Price/Collateral Value: 66.7%  3 loans in 1 transaction  24 loans in 1 transaction  SBC  UPB: $2.1MM  Collateral Value: $3.2MM  Price/UPB: 100%  Price/Collateral Value: 65.0%  2 loans in 2 transactions  On July 30, 2020, we priced Ajax Mortgage Loan Trust 2020 -B with $97.2 million of AAA rated senior securities, and $17.3 million of A rated securities issued with respect to $156.5 million of mortgage loans, all of which were RPLs. The AAA and A rated securities have a weighted average coupon of 1.874% and represent 73.2% of the UPB of the underlying mortgage loans.  A dividend of $0.17 per share, to be paid on August 31, 2020 to common stockholders of record as of August 14, 2020 1 While these acquisitions are expected to close, there can be no assurance that these acquisitions will close or that the terms thereof may not change. 2 Some of the acquisitions may close through joint ventures with third-party institutional accredited investors 10

Financial Metrics – Excluding consolidation of the portion of securitizations owned by third-party institutional investors* Excluding the consolidation of 2017 D and 2018 ($ in thousands) Q2-20 Q1-20 Q4-19 Q3-19 Interest Income on Loans1 16,178 18,696 20,441 21,596 Benefit/(impairment) on Loans 1,847 (1,455) (561) (3) Interest Income on Debt Securities and Beneficial Interests1,2 4,769 4,837 4,203 3,322 Benefit/(impairment) on Beneficial Interests 3,062 (2,818) - - Average Loans 953,847 992,907 1,007,559 1,028,267 Average Loan Yield - ex net of loan benefit/impairments 7.0% 7.7% 8.4% 8.7% Average Loan Yield - Net of loan benefit/impairments 0.8% -0.6% -0.2% 0.0% Average Loan Yield - Total 7.7% 7.2% 8.1% 8.7% Average Debt Securities and Beneficial Interests 333,359 298,304 245,701 198,320 Average Debt Securities and Beneficial Interests Yield - ex net of credit benefit/loss 5.8% 6.6% 7.0% 6.9% Average Debt Securities and Beneficial Interests Yield - Net of credit benefit/loss 3.7% -3.7% 0.0% 0.0% Average Debt Securities and Beneficial Interests Yield - Total 9.6% 2.9% 7.0% 6.9% Average Total Asset Yield3 8.3% 6.1% 7.9% 8.4% Total Interest Expense 11,773 11,732 12,492 12,873 Asset Level Interest Expense 9,321 9,284 9,927 10,312 Average Asset Level Debt 935,712 957,291 952,748 937,317 Average Asset Level Debt Cost 4.0% 3.9% 4.2% 4.5% Asset Level Net Interest Margin3 4.2% 2.2% 3.7% 3.9% Total Average Debt 1,047,254 1,073,111 1,071,327 1,055,673 Average Asset Yield 6.7% 7.5% 8.1% 8.4% Total Average Debt Cost 4.6% 4.4% 4.7% 5.0% Net Interest Margin Before Provision for Benefit/Losses 2.1% 3.0% 3.4% 3.4% Provision for Benefit/Losses 1.5% -1.3% -0.2% 0.0% Total Net Interest Margin 3.6% 1.7% 3.2% 3.4% Non-Interest Operating Expenses/Avg Assets 1.9% 1.5% 1.5% 1.6% ROAA - ex net REO and loan benefit/impairments and credit losses 1.2% 2.1% 2.4% 2.7% ROAA - Net REO and loan benefit/impairments, gains and credit losses 1.2% -1.7% -0.4% -0.3% ROAA - Total 2.4% 0.5% 2.1% 2.4% ROAE - ex net REO and loan benefit/impairments and credit losses 3.7% 8.7% 9.6% 10.9% ROAE - Net REO and loan benefit/impairments, gains and credit losses 3.9% -6.6% -1.5% -1.1% ROAE - Total 7.6% 2.1% 8.1% 9.9% Average Leverage Ratio - Asset Backed 2.0 2.7 2.6 2.7 Average Leverage Ratio - Convertbile Debt 0.2 0.3 0.3 0.3 Average Leverage Ratio - Total 2.2 3.0 2.9 3.0 Ending Leverage Ratio - Asset Backed4 1.9 2.9 2.7 2.9 Ending Leverage Ratio - Convertible Debt 0.2 0.3 0.3 0.4 Ending Leverage Ratio - Total5 2.2 3.2 3.0 3.2 1Includes the impact of the credit loss expense 2Interest income on debt securities is net of servicing fees 3Includes the impact of the reversal of/(increase in) provision for credit losses on mortgage loans and beneficial interests 4Excludes the impact of consolidating trusts and convertible debt 5Excludes the impact of consolidating trusts *The Company believes these financial metrics provide investors with useful supplemental information relating to the Company’s results of operation and financial performance. These adjusted financial metrics are non-GAAP financial measures and should be considered in addition to, but not as a substitute for, the financial measures prepared in accordance with GAAP as reflected on other slides in this presentation. The following slide provides a reconciliation of these financial metrics to the most comparable GAAP measure. 11

Financial Metrics - Reconciliation of GAAP consolidated financial metrics to non-GAAP financial metrics excluding the portion of securitizations owned by third-party institutional investors Reconciliation of GAAP Consolidated to GAAP Consolidated Excluding the Consolidation of 2017 D and 2018 C Q2-20 Excluding the Q1-20 Excluding the Q4-19 Excluding the Q3-19 Excluding the Q2-20 GAAP Consolidation Consolidation Consolidation of Consolidation of Consolidation of Consolidation of ($ in thousands) Consolidated Impact of 2017 D Impact of 2018 C 2017 D and 2018 C 2017 D and 2018 C 2017 D and 2018 C 2017 D and 2018 C Interest Income on Loans1 18,458 1,183 1,097 16,178 18,696 20,441 21,596 Benefit/(impairment) on Loans 1,799 (112) 64 1,847 (1,455) (561) (3) Interest Income on Debt Securities and Beneficial Interests1,2 4,769 - - 4,769 4,837 4,203 3,322 Benefit/(impairment) on Beneficial Interests 3,062 - - 3,062 (2,818) - - Average Loans 1,087,800 69,498 64,455 953,847 992,907 1,007,559 1,028,267 Average Loan Yield - ex net of loan benefit/impairments 7.0% 0.0% 0.0% 7.0% 7.7% 8.4% 8.7% Average Loan Yield - Net of loan benefit/impairments 0.7% 0.1% 0.0% 0.8% -0.6% -0.2% 0.0% Average Loan Yield - Total 7.6% 0.1% 0.0% 7.7% 7.2% 8.1% 8.7% Average Debt Securities and Beneficial Interests 333,359 - - 333,359 298,304 245,701 198,320 Average Debt Securities and Beneficial Interests Yield - ex net of credit benefit/loss 5.8% 0.0% 0.0% 5.8% 6.6% 7.0% 6.9% Average Debt Securities and Beneficial Interests Yield - Net of credit benefit/loss 3.7% 0.0% 0.0% 3.7% -3.7% 0.0% 0.0% Average Debt Securities and Beneficial Interests Yield - Total 9.6% 0.0% 0.0% 9.6% 2.9% 7.0% 6.9% Average Total Asset Yield3 8.1% 0.1% 0.0% 8.3% 6.1% 7.9% 8.4% Total Interest Expense 13,058 577 708 11,773 11,732 12,492 12,873 Asset Level Interest Expense 10,606 577 708 9,321 9,284 9,927 10,312 Average Asset Level Debt 1,041,673 56,625 49,336 935,712 957,291 952,748 937,317 Average Asset Level Debt Cost 4.1% 0.0% -0.1% 4.0% 3.9% 4.2% 4.5% Asset Level Net Interest Margin3 4.0% 0.1% 0.1% 4.2% 2.2% 3.7% 3.9% Total Average Debt 1,153,215 56,625 49,336 1,047,254 1,073,111 1,071,327 1,055,673 Average Asset Yield 6.7% 0.0% 0.0% 6.7% 7.5% 8.1% 8.4% Total Average Debt Cost 4.6% 0.0% -0.1% 4.6% 4.4% 4.7% 5.0% Net Interest Margin Before Provision for Benefit/Losses 2.1% 0.0% 0.0% 2.1% 3.0% 3.4% 3.4% Provision for Benefit/Losses 1.4% 0.1% 0.0% 1.5% -1.3% -0.2% 0.0% Total Net Interest Margin 3.5% 0.0% 0.1% 3.6% 1.7% 3.2% 3.4% Non-Interest Operating Expenses/Avg Assets 1.8% 0.1% 0.0% 1.9% 1.5% 1.5% 1.6% ROAA - ex net REO and loan benefit/impairments and credit losses 1.1% 0.1% 0.0% 1.2% 2.1% 2.4% 2.7% ROAA - Net REO and loan benefit/impairments, gains and credit losses 1.1% 0.1% 0.0% 1.2% -1.7% -0.4% -0.3% ROAA - Total 2.2% 0.1% 0.1% 2.4% 0.5% 2.1% 2.4% ROAE - ex net REO and loan benefit/impairments and credit losses 3.7% 0.0% 0.0% 3.7% 8.7% 9.6% 10.9% ROAE - Net REO and loan benefit/impairments, gains and credit losses 3.9% 0.0% 0.0% 3.9% -6.6% -1.5% -1.1% ROAE - Total 7.6% 0.0% 0.0% 7.6% 2.1% 8.1% 9.9% Average Leverage Ratio - Asset Backed 2.2 (0.1) (0.1) 2.0 2.7 2.6 2.7 Average Leverage Ratio - Convertbile Debt 0.2 - - 0.2 0.3 0.3 0.3 Average Leverage Ratio - Total 2.5 (0.1) (0.1) 2.2 3.0 2.9 3.0 Ending Leverage Ratio - Asset Backed4 2.0 (0.0) (0.1) 1.9 2.9 2.7 2.9 Ending Leverage Ratio - Convertible Debt 0.2 0.0 0.0 0.2 0.3 0.3 0.4 Ending Leverage Ratio - Total5 2.2 (0.0) (0.0) 2.2 3.2 3.0 3.2 (1) Includes the impact of the credit loss expense (2) Interest income on debt securities is net of servicing fee. (3) Includes the impact of the reversal of/(increase in) provision for credit losses on mortgage loans and beneficial interests 12 (4) Excludes the impact of consolidating trusts and convertible debt. (5) Excludes the impact of consolidating trusts.

Consolidated Statements of Income (Dollars in thousands except per share amounts) (Unaudited) Three months ended June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 (unaudited) (unaudited) (unaudited) (unaudited) INCOME: Interest income $ 23,705 $ 27,286 $ 27,113 $ 27,723 Interest expense (13,058) (13,070) (13,884) (14,317) Net interest income 10,647 14,216 13,229 13,406 Provision for credit benefit/(losses) 4,328 (5,109) (561) (3) Net interest income after provision for credit 14,975 9,107 12,668 13,403 benefit/(losses) Income/(loss) from investments in affiliates 672 (1,112) 31 583 Income/(loss) on sale of mortgage loans (1) - (705) - 109 Other income 680 747 1,017 1,221 Total revenue, net 16,327 8,037 13,716 15,316 EXPENSE: Related party expense - loan servicing fees 1,936 2,014 2,156 2,197 Related party expense - management fee 2,143 1,799 1,801 2,215 Loan transaction expense 65 (103) 16 52 Professional fees 732 805 608 446 Real estate operating expense 188 912 796 1,216 Other expense 2,325 1,025 985 940 Total expense 7,389 6,452 6,362 7,066 Loss on debt extinguishment - 408 247 - Income before provision for income tax 8,938 1,177 7,107 8,250 Provision for income tax (benefit) 120 (319) (12) 27 Consolidated net income 8,818 1,496 7,119 8,223 Less: consolidated net income attributable to non- 735 1,096 462 532 controlling interests Consolidated net income attributable to Company 8,083 400 6,657 7,691 Less: dividends on preferred stock 1,841 - - - Consolidated net income attributable to common $ 6,242 $ 400 $ 6,657 $ 7,691 stockholders Basic earnings per common share $ 0.27 $ 0.02 $ 0.31 $ 0.39 Diluted earnings per common share $ 0.27 $ 0.02 $ 0.31 $ 0.36 Weighted average shares – basic 22,808,943 22,070,354 21,083,719 19,751,142 Weighted average shares – diluted 22,929,849 22,189,984 29,487,273 28,200,653 (1) We sold no mortgage loans during the three months ended June 30, 2020. During the three months ended March 31, 2020, we sold 26 SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million for a loss of $0.7 million. During the three months ended December 31, 2019, we sold no mortgage loans. During the three months ended September 30, 2019, we sold three mortgage loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. 13

Consolidated Balance Sheets (Dollars in thousands except per share amounts) ASSETS June 30, 2020 December 31, 2019 (unaudited) Cash and cash equivalents $ 163,422 $ 64,343 Cash held in trust 190 20 Mortgage loans, net(1,2) 1,080,617 1,151,469 Property held-for-sale, net(3) 6,879 13,537 Rental property, net 1,354 1,534 Investments at fair value(4) 257,990 231,685 Investments in beneficial interests(5) 69,876 57,954 Receivable from servicer 15,460 17,013 Investment in affiliates 28,487 29,649 Prepaid expenses and other assets 15,649 9,637 Total assets $ 1,639,924 $ 1,576,841 LIABILITIES AND EQUITY Liabilities: Secured borrowings, net(1,2,6) $ 609,812 $ 652,747 Borrowings under repurchase transactions 400,035 414,114 Convertible senior notes, net(6) 111,773 118,784 Management fee payable 2,139 1,634 Accrued expenses and other liabilities 17,295 5,478 Total liabilities 1,141,054 1,192,757 Equity: Preferred stock, $0.01 par value, 25,000,000 shares authorized Series A 7.25% Fixed-to-Floating Rate Cumulative Redeemable, $25.00 liquidation preference per share, 2,307,400 shares issued 51,100 — and outstanding at June 30, 2020 and no shares issued and outstanding at December 31, 2019 Series B 5.00% Series B Fixed-to-Floating Rate Cumulative Redeemable, $25.00 liquidation preference per share, 2,892,600 64,044 — shares issued and outstanding at June 30, 2020 and no shares issued and outstanding at December 31, 2019 Common stock $0.01 par value; 125,000,000 shares authorized, 22,924,982 shares issued and outstanding at June 30, 2020 and 230 222 22,142,143 shares issued and outstanding at December 31, 2019 Additional paid-in capital 317,029 309,395 Treasury stock (564) (458) Retained earnings 45,084 49,446 Accumulated other comprehensive gain/(loss) (3,936) 1,277 Equity attributable to stockholders 472,987 359,882 Non-controlling interests(7) 25,883 24,202 Total equity 498,870 384,084 Total liabilities and equity $ 1,639,924 $ 1,576,841 (1) Mortgage loans net include $871.7 million and $908.6 million of loans at June 30, 2020 and December 31, 2019, 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.). Mortgage loans, net include $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively. (2) As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). (3) Property held-for-sale, net, includes valuation allowances of $1.3 million and $1.8 million at June 30, 2020 and December 31, 2019, respectively. (4) As of June 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $261.9 million and $230.4 million, respectively, and unrealized losses of $3.9 million and unrealized gains of $1.3 million, respectively. 14 (5) Investments in beneficial interests includes allowance for credit losses of $7.0 million at June 30, 2020. No allowance for credit losses were recorded as of December 31, 2019. (6) Secured borrowings and convertible senior notes are presented net of deferred issuance costs. (7) As of June 30, 2020 and December 31, 2019 non-controlling interests includes $24.2 million and $22.4 million, respectively, from the 50% and 63% owned joint ventures, which the Company consolidates under U.S. GAAP.

Cover Page	Aug. 04, 2020
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 04, 2020
Entity Registrant Name	GREAT AJAX CORP.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-36844
Entity Tax Identification Number	47-1271842
Entity Address, Address Line One	9400 SW Beaverton—Hillsdale Hwy
Entity Address, Address Line Two	Suite 131
Entity Address, City or Town	Beaverton
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97005
City Area Code	503
Local Phone Number	505-5670
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001614806
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	AJX
Security Exchange Name	NYSE
AJXA
Document Information [Line Items]
Title of 12(b) Security	7.25% Convertible Senior Notes due 2024
Trading Symbol	AJXA
Security Exchange Name	NYSE