0001571049-16-017119.txt : 20160804 0001571049-16-017119.hdr.sgml : 20160804 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 10-Q 1 t1601896_10q.htm FORM 10-Q

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

  

 

 

FORM 10-Q

 

 

 

(Mark One)

 

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2016

 

OR

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________ to _____________

 

001-36844
(Commission file number)

 

 

 

GREAT AJAX CORP.
(Exact name of registrant as specified in its charter) 

 

 

 

Maryland   47-1271842
State or other jurisdiction
of incorporation or organization
  (I.R.S. Employer
Identification No.)

 

9400 SW Beaverton-Hillsdale Hwy,   97005
Suite 131   (Zip Code)
Beaverton, OR 97005    
(Address of principal executive offices)    

 

503-505-5670
Registrant’s telephone number, including area code

 

 

 

Indicate by check mark whether the Registrant (1) has filed all reports to be filed by Section 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 x No ¨

 

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 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes x No ¨

 

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 “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

 

Large accelerated filer ¨ Accelerated filer ¨
   
Non-accelerated filer x  (Do not check if a smaller reporting company) Smaller reporting company ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

 

As of August 4, 2016, 18,567,985 shares of the Registrant’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’s common stock.

 

 

 

 

 

 

Table of Contents

 

  Page
   
PART I Financial Information 1
   
Item 1. Consolidated Interim Financial Statements 1
   
Cautionary Statement Regarding Forward-Looking Statements 29
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 44
   
Item 4. Controls and Procedures 45
   
PART II  Other Information 47
   
Item 1. Legal Proceedings 47
   
Item 1A. Risk Factors 47
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47
   
Item 3. Defaults Upon Senior Securities 47
   
Item 4. Mine Safety Disclosures 47
   
Item 5. Other Information 47
   
Item 6. Exhibits 47

  

 -i-

 

PART I. FINANCIAL INFORMATION

 

Item 1. Consolidated Interim Financial Statements

 

GREAT AJAX CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

(Dollars in thousands except shares and per share data)

 

   June 30, 2016   December 31, 2015 
   (Unaudited)     
ASSETS          
Cash and cash equivalents  $68,359   $30,795 
Cash held in trust   382    39 
Mortgage loans(1)   630,534    554,877 
Property held-for-sale   16,551    10,333 
Rental property   760    58 
Receivable from servicer   6,949    5,444 
Investment in affiliates   3,900    2,625 
Prepaid expenses and other assets   2,320    5,634 
Total Assets  $729,755   $609,805 
           
LIABILITIES AND EQUITY          
Liabilities:          
Secured borrowings, net(1)  $346,070   $265,006 
Borrowings under repurchase agreement   102,240    104,533 
Management fee payable   703    667 
Accrued expenses and other liabilities   3,443    1,786 
Total liabilities   452,456    371,992 
Commitments and contingencies- see Note 7          
Equity:          
Preferred stock $.01 par value; 25,000,000 shares authorized, none issued or outstanding   -    - 
Common stock $.01 par value; 125,000,000 shares authorized, 17,924,523 shares at June 30, 2016 and 15,301,946 shares at December 31, 2015 issued and outstanding   179    152 
Additional paid-in capital   244,180    211,729 
Retained earnings   22,666    15,921 
Equity attributable to common stockholders   267,025    227,802 
Non-controlling interests   10,274    10,011 
Total equity   277,299    237,813 
Total Liabilities and Equity  $729,755   $609,805 

 

 

(1)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.

 

The accompanying notes are an integral part of the consolidated interim financial statements.

 

 1 

 

GREAT AJAX CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

(Dollars in thousands except shares and per share data)

 

   Three months ended   Six months ended 
   June 30,
2016
   June 30,
2015
   June 30,
2016
   June 30,
2015
 
INCOME                    
                     
Loan interest income  $16,378   $10,793   $32,192   $17,677 
Interest expense   (6,063)   (2,269)   (11,050)   (3,344)
Net interest income   10,315    8,524    21,142    14,333 
                     
Income from investment in Manager   46    64    90    104 
Other income   327    222    867    406 
Total income   10,688    8,810    22,099    14,843 
                     
EXPENSE                    
Related party expense – loan servicing fees   1,453    851    2,856    1,507 
Related party expense – management fees   937    856    1,843    1,603 
Loan transaction expense   574    729    787    989 
Professional fees   407    356    821    741 
Real estate operating expenses   113    54    275    64 
Other expense   317    289    670    449 
Total expense   3,801    3,135    7,252    5,353 
                     
Income before provision for income taxes   6,887    5,675    14,847    9,490 
Provision for income taxes   26    16    23    16 
Consolidated net income   6,861    5,659    14,824    9,474 
Less: consolidated net income attributable to the non-controlling interest   256    223    568    398 
Consolidated net income attributable to common stockholders  $6,605   $5,436   $14,256   $9,076 
Basic earnings per common share  $0.42   $0.36   $0.92   $0.64 
Diluted earnings per common share  $0.42   $0.36   $0.92   $0.64 
                     
Weighted average shares – basic   15,742,932    15,237,739    15,524,725    14,129,162 
Weighted average shares – diluted   16,389,126    15,909,634    16,174,164    14,801,319 

  

The accompanying notes are an integral part of the consolidated interim financial statements.

 

 2 

 

GREAT AJAX CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

 

  

Six months
ended

June 30, 2016

  

Six months
ended

June 30, 2015

 
CASH FLOWS FROM OPERATING ACTIVITIES          
Consolidated net income  $14,824   $9,474 
Adjustments to reconcile consolidated net income to net cash from operating activities          
Stock-based management fee and compensation expense   514    921 
Non-cash interest income accretion   (20,711)   (11,850)
(Gain) loss on sale of property   (1,086)   9 
Depreciation of property   11    1 
Impairment of real estate owned   200    - 
Amortization of deferred financing costs   2,889    435 
Net change in operating assets and liabilities          
Cash held in trust   (343)   (41)
Prepaid expenses and other assets   (521)   (3,186)
Receivable from servicer   (1,505)   (2,198)
Undistributed income from investment in affiliate   (259)   (275)
Accrued expenses, Management fee payable, and other liabilities   1,693    1,685 
Net cash from operating activities   (4,294)   (5,025)
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of mortgage loans and related balances   (89,328)   (233,626)
Principal paydowns on mortgage loans   23,595    7,260 
Purchase of property held-for-sale and related balances   -    (2,794)
Proceeds from sale of property held-for-sale   5,220    357 
Investment in equity method investee   (1,111)   - 
Distribution from affiliate   95    67 
Renovations of rental property and property held for sale   (478)   (139)
Net cash from investing activities   (62,007)   (228,875)
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from repurchase transactions   71,086    153,841 
Proceeds from sale of secured notes   101,431    35,213 
Repayments on repurchase transactions   (73,379)   (15,286)
Repayments on secured notes   (19,421)   (3,543)
Sale of common stock, net of offering costs   31,964    51,529 
Distribution to non-controlling interest   (305)   (213)
Dividends paid on common stock   (7,511)   (4,541)
Net cash from financing activities   103,865    217,000 
NET CHANGE IN CASH AND CASH EQUIVALENTS   37,564    (16,900)
CASH AND CASH EQUIVALENTS, beginning of period   30,795    53,099 
CASH AND CASH EQUIVALENTS, end of period  $68,359   $36,199 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION          
Cash paid for interest  $7,952   $2,544 
Cash paid for income taxes   -    - 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES          
Transfer of loans to rental property or property held-for-sale  $10,930   $4,965 
Issuance of common stock for management and director fees  $514   $921 
Transfer of property held-for-sale to loans  $143   $- 

 

The accompanying notes are an integral part of the consolidated interim financial statements.

 

 3 

 

GREAT AJAX CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

 

(Dollars in thousands except share data)

 

   Common Stock                     
   Shares   Amount   Additional Paid-in 
Capital
   Retained
Earnings
   Stockholders’
Equity
   Non-controlling
Interest
   Total
Equity
 
Balance at December 31, 2014   11,223,984   $112   $158,951   $2,744   $161,807   $9,473   $171,280 
Issuance of shares   3,981,714    40    51,489    -    51,529    -    51,529 
Net income   -    -    -    9,076    9,076    398    9,474 
Stock-based management fee expense   43,301    -    814    -    814    -    814 
Stock-based compensation expense   4,999    -    107    -    107    -    107 
Dividends and distributions   -    -    -    (4,541)   (4,541)   (213)   (4,754)
Balance at June 30, 2015   15,253,998   $152   $211,361   $7,279   $218,792   $9,658   $228,450 
                                    
Balance at December 31, 2015   15,301,946   $152   $211,729   $15,921   $227,802   $10,011   $237,813 
Net income   -    -    -    14,256    14,256    568    14,824 
Issuance of shares   2,589,427    27    31,937    -    31,964    -    31,964 
Stock-based management fee expense   29,826    -    462    -    462    -    462 
Stock-based compensation expense   3,324    -    52    -    52    -    52 
Dividends and distributions   -    -    -    (7,511)   (7,511)   (305)   (7,816)
Balance at June 30, 2016   17,924,523   $179   $244,180   $22,666   $267,025   $10,274   $277,299 

 

 

The accompanying notes are an integral part of the consolidated interim financial statements.

 

 4 

 

GREAT AJAX CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
June 30, 2016

(Unaudited)

 

Note 1 — Organization and basis of presentation

 

Great Ajax Corp., a Maryland corporation (the “Company”), 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 (“Aspen Yo”), a company affiliated with the Aspen Capital companies (“Aspen Capital”). 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 (“RPL”) and non-performing (“NPL”) 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’s manager is Thetis Asset Management LLC (the “Manager” or “Thetis”), an affiliated company. The Company owns 19.8% of the Manager. The Company’s mortgage loans and real properties are serviced by Gregory Funding LLC (“Gregory” or “Servicer”), 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 “Code”).

 

The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership (the “Operating Partnership”), and its subsidiaries. The Company, through a wholly owned subsidiary, is the sole general partner of the Operating Partnership. GA-TRS LLC, or Thetis TRS, is a wholly owned subsidiary of the Operating Partnership that owns the equity interest in the Manager. The Company elected to treat Thetis TRS as a “taxable REIT subsidiary” (“TRS”) 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’s repurchase agreement. In addition, the Company, through its Operating Partnership, holds real estate owned properties (“REO”) 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.

 

The Company commenced its operations in July 2014, and completed its initial public offering, or IPO, on February 19, 2015.

 

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.

 

 5 

 

Basis of presentation and use of estimates

 

These interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto for the period ended December 31, 2015 included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2016.

 

Interim financial statements are unaudited and prepared in accordance with accounting principles generally accepted in the United States (“ U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 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’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2016.

 

The consolidated interim financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to interim financial statements.

 

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 (“OP Units”) and the remaining 3.4% of the OP Units were owned by an unaffiliated holder.

 

The Company’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.

 

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.

 

Note 2 — Summary of significant accounting policies

 

Mortgage loans

 

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.

 

Loans acquired with deterioration in credit quality

 

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). The Company’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.

 

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

 

 6 

 

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.

 

The Company’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’s contractually required payments receivable over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company’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.

 

Loans acquired that have not experienced a deterioration in credit quality

 

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.

 

Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’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’s judgment, the borrower’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.

 

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’s effective interest rate, the loan’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’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.

 

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.

 

Real estate

 

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

 

 7 

 

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.

 

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.

 

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.

 

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.

 

Secured borrowings

 

The Company, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business.  The secured borrowings are structured as debt financings, and the loans remain on the Company’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’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.  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.  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.  Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.

 

Repurchase facilities

 

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. 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. The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company’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.

 

 8 

 

Management fee and expense reimbursement

 

Under the management agreement with the Manager (the “Management Agreement”), the Company pays a quarterly base management fee based on its stockholders’ 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’ equity at quarter end. See Note 9 — Related party transactions.

 

Servicing fees

 

Under the Company’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’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’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 — Related party transactions.

 

Stock-based payments

 

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’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 “Amended and Restated Agreement”), which amended the portion of the base management fee and manager’s incentive fee to be payable in cash and shares of the Company’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.

 

Pursuant to the Company’s 2014 Director Equity Plan (the “Director Plan”), 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’s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company’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’ annual retainer is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end.

 

On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”), to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company’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.

 

 9 

 

Directors’ fees

 

The expense related to directors’ fees is accrued and, the portion payable in common stock is reflected in stockholders’ equity in the period in which it is incurred.

 

Variable interest entities

 

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’s secured borrowings (See “Secured Borrowings” above and Note 8 to the financial statements).  Additionally, from time to time, the Company may enter into joint ventures with unrelated entities.  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.

 

Cash and cash equivalents

 

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 (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.

 

Cash held in trust

 

Cash held in trust consists of cash balances legally due to lenders, and is segregated from the Company’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.

 

Earnings per share

 

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’ fees.

 

Fair value of financial instruments

 

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:

 

·Level 1 — Quoted prices in active markets for identical assets or liabilities.

 

·Level 2 — 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.

 

·Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

 10 

 

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.

 

The fair value of mortgage loans is estimated using the Manager’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 Company calculates the fair value for the senior debt consolidated on its balance sheet from securitization trusts by using the Company’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.

 

Income taxes

 

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’s REIT taxable income that is distributed to the Company’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.

 

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’s judgment, it reduces a deferred tax asset by a valuation allowance if it is “more–likely-than-not” 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.

 

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 “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities.

 

The Company’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.

 

 11 

 

Offering costs

 

Costs associated with the Company’s completed offerings of shares of common stock have been netted against, and are reflected as a reduction in, additional paid-in capital.

 

Segment information

 

The Company’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.

 

Emerging growth company

 

Section 107 of the Jumpstart Our Business Startups Act (the “JOBS Act”) 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.

 

Reclassifications

 

Certain amounts in the Company’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.

 

Recently adopted accounting standards

 

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 (“VIEs”) 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’s consolidation policy.

 

In April 2015, the FASB issued ASU 2015-03 Interest – 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’s balance sheet at March 31, 2016. There was no effect on the presentation of the Company’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.

 

 12 

 

Recently issued accounting standards

 

In May 2014, Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. 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. 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.

 

In January 2016, the FASB issued ASU 2016-01Financial Instruments – 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.

 

In March 2016, the FASB issued ASU 2016-07 Investments – 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.

 

In March 2016, the FASB issued ASU 2016-09 Compensation – 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.

 

In June 2016, the FASB issued ASU 2016-13 Financial Instruments – 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.

 

 13 

 

Note 3 — Mortgage loans

 

Included on the Company’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.

 

The Company’s mortgage loans are secured by real estate. The Company categorizes mortgage loans as “re-performing” and as “non-performing” 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.

 

The following table presents information regarding the accretable yield and non-accretable amount for loans acquired during the following periods. The Company’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):

 

   Three months ended June 30, 2016   Three months ended June 30, 2015 
Acquisitions  Re-performing
loans
   Non-performing
loans
   Re-performing
loans
   Non-performing
loans
 
Contractually required principal and interest  $120,524   $-   $332,571   $31,827 
Non-accretable amount   (48,244)   -    (132,557)   (18,598)
Expected cash flows to be collected   72,280    -    200,014    13,229 
Accretable yield   (20,152)   -    (49,626)   (4,185)
Fair value at acquisition  $52,128   $-   $150,388   $9,044 

 

   Six months ended June 30, 2016   Six months ended June 30, 2015 
   Re-performing
loans
   Non-performing
loans
   Re-performing
loans
   Non-performing
loans
 
Contractually required principal and interest  $202,703   $-   $486,603   $65,675 
Non-accretable amount   (77,392)   -    (198,704)   (38,317)
Expected cash flows to be collected   125,311    -    287,899    27,358 
Accretable yield   (36,005)   -    (73,680)   (8,038)
Fair value at acquisition  $89,306   $-   $214,219   $19,320 

 

 14 

 

The following table presents the change in the accretable yield for the total loan portfolio for the following periods ($ in thousands):

 

Accretable yield  Three months ended June 30, 2016   Three months ended June 30, 2015 
   Re-performing
loans
   Non-performing
loans
   Re-performing 
loans
   Non-performing
loans
 
Balance at beginning of period  $138,768   $16,151   $74,045   $22,604 
Accretable yield additions   20,152         49,626    4,185 
Accretion   (14,317)   (2,057)   (7,739)   (3,054)
Reclassification from (to) non-accretable amount, net   39,570    2,204    -    - 
Balance at end of period  $184,173   $16,298   $115,932   $23,735 

 

   Six months ended June 30, 2016   Six months ended June 30, 2015 
   Re-performing
loans
   Non-performing
loans
   Re-performing
loans
   Non-performing
loans
 
Balance at beginning of period  $136,455   $18,425   $54,940   $20,686 
Accretable yield additions   36,005         73,680    8,038 
Accretion   (27,857)   (4,331)   (12,688)   (4,989)
Reclassification from (to) non-accretable amount, net   39,570    2,204    -    - 
Balance at end of period  $184,173   $16,298   $115,932   $23,735 

 

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.

 

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.  Substantially fewer loans are defaulting than originally projected at acquisition, resulting in greater total cash flows being collected over a longer period of time.  Performing loans  have a longer duration than non-performing loans and generate higher cash flows over the expected life of the loan. 

 

The following table sets forth the carrying value of the Company’s mortgage loans, and related UPB by delinquency status as of June 30, 2016 and December 31, 2015 ($ in thousands):

 

   June 30, 2016   December 31, 2015 
   Number
of loans
   Carrying
value
   Unpaid
principal
balance
   Number
of loans
   Carrying
value
   Unpaid
principal
balance
 
Current   1,539   $274,302   $349,329    1,161   $212,469   $272,577 
30   578    107,919    135,930    479    83,936    107,873 
60   298    55,254    67,888    338    55,573    70,781 
90   733    119,174    152,253    867    127,435    167,177 
Foreclosure   388    73,885    100,171    404    75,464    107,301 
Mortgage loans   3,536   $630,534   $805,571    3,249   $554,877   $725,709 

 

 15 

 

Note 4 — Real estate assets

 

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.

 

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.

 

Rental property

 

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.

 

Property held-for-sale

 

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’s net investments in REO held-for-sale were $16.6 million and $10.3 million, respectively.

 

Dispositions

 

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’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.

 

The following table presents the activity in the Company’s carrying value of REO held-for-sale for the three months and six months ended June 30, 2016 and June 30, 2015 (in thousands):

 

Property Held-for-sale  Three months ended   Six months ended 
   June 30, 2016   June 30, 2015   June 30, 2016   June 30, 2015 
Balance at beginning of period  $13,380   $5,541   $10,333   $1,316 
Transfers from mortgage loans   5,019    3,574    9,851    7,669 
Adjustments to record at lower of cost or fair value   (154)   -    (200)   - 
Disposals   (2,324)   (326)   (4,137)   (363)
Other   630    229    704    396 
Balance at end of period  $16,551   $9,018   $16,551   $9,018 

 

 16 

 

Note 5 — Fair value

 

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):

 

       Level 1   Level 2   Level 3 
June 30, 2016  Carrying
Value
   Quoted prices in
active markets
   Observable inputs
other than Level 1
prices
   Unobservable
inputs
 
Not recognized on consolidated balance sheet at fair value (assets)                    
Mortgage loans  $630,534    -    -   $689,075 
Not recognized on consolidated balance sheet at fair value (liabilities)                    
Secured borrowings, net  $346,070    -    -   $341,245 
Borrowings under repurchase agreement  $102,240    -   $102,240    - 

 

       Level 1   Level 2   Level 3 
December 31, 2015  Carrying
Value
   Quoted prices in
active markets
   Observable inputs
other than Level 1
prices
   Unobservable
inputs
 
Not recognized on consolidated balance sheet at fair value (assets)                    
Mortgage loans  $554,877    -    -   $627,112 
Not recognized on consolidated balance sheet at fair value (liabilities)                    
Secured borrowings, net  $265,006    -    -   $259,649 
Borrowings under repurchase agreement  $104,533    -   $104,533    - 

 

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.

 

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.

 

The Company’s borrowings under repurchase transactions are short-term in nature, and the Company’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.

 

The fair value of mortgage loans is estimated using the Manager’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.

 

Significant changes to any of the unobservable inputs used in the fair value measurement of the Company’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’s mortgage loans as of June 30, 2016 and December 31, 2015:

 

    Range of Values
Input   June 30, 2016   December 31, 2015
Equity discount rate – Re-performing loans   7% - 14%   7% - 14%
Equity discount rate – Non-performing loans   10% - 18%   10% - 18%
Cost of debt   4.25%   4.25%
Loan resolution timelines – Re-performing loans (in years)   4 - 7   4 - 7
Loan resolution timelines – Non-performing loans (in years)   1.4 - 4   1.4 - 4

 

 17 

 

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)   -    - 

 

Note 7 — Commitments and contingencies

 

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.

 

 18 

 

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.

 

Litigation, claims and assessments

 

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.

 

Note 8 — Debt

 

Repurchase agreements

 

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 “Seller”), 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 “guarantor” 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 “2014 MRA”), these mortgage loans, together with the Seller’s 100% ownership interests in its wholly owned subsidiary, a newly formed Delaware limited liability company (“REO I”), 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.

 

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.

 

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’s servicing agreement described under Note 9 — 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’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’s 100% beneficial interest in the Seller.

 

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):

 

 19 

 

          June 30, 2016 
Maturity Date  Origination date  Maximum
Borrowing
capacity
   Amount
outstanding
   Amount
 of
 collateral
   Interest rate 
September 9, 2016  March 9, 2016  $15,730   $15,730   $22,470    3.00%
September 30, 2016  March 30, 2016   10,658    10,658    15,226    3.01%
November 22, 2016  November 24, 2015   200,000    66,433    109,252    4.19%
December 23, 2016  June 23, 2016   9,419    9,419    13,391    2.91%
Totals     $235,807   $102,240   $160,339    3.77%

 

          December 31, 2015 
Maturity Date  Origination date  Maximum
Borrowing
capacity
   Amount
outstanding
   Amount
 of
 collateral
   Interest rate 
March 30, 2016  September 30, 2015  $10,838   $10,838   $15,483    2.53%
June 23, 2016  December 23, 2015   9,374    9,374    13,391    2.91%
November 22, 2016  November 24, 2015   200,000    84,321    135,736    4.17%
Totals     $220,212   $104,533   $164,610    3.91%

 

While the guaranty establishes a master netting arrangement, the arrangement does not meet the criteria for offsetting. The amount outstanding on the Company’s repurchase facility and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s balance sheets at June 30, 2016 and December 31, 2015.

 

   Gross amounts not offset in balance sheet     
Balance sheet date  Gross amount of
recognized liabilities
   Gross amount
pledged as
collateral
   Net amount 
June 30, 2016  $102,240   $160,339   $58,099 
December 31, 2015  $104,533   $164,610   $60,077 

 

Secured borrowings

 

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’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’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’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.

 

The Company’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’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 B notes have been paid in full.

 

 20 

 

The following table sets forth the original terms of all securitization notes at their respective cutoff dates:

 

Issuing Trust/Issue Date  Security  Original Principal  Interest Rate 
Ajax Mortgage Loan Trust 2014-A/ October 2014  Class A notes due 2057  $45 million   4.00%
   Class B-1 notes due 2057(1) (3)  $8 million   5.19%
   Class B-2 notes due 2057(1) (3)   $8 million   5.19%
   Trust certificates(2)  $20.4 million    
   Deferred issuance costs  $(0.9) million    
            
Ajax Mortgage Loan Trust 2014-B / November 2014  Class A notes due 2054  $41.2 million   3.85%
   Class B-1 notes due 2054(1) (3)  $13.7 million   5.25%
   Class B-2 notes due 2054(1) (3)  $13.7 million   5.25%
   Trust certificates(2)  $22.9 million    
   Deferred issuance costs  $(0.8) million    
            
Ajax Mortgage Loan Trust 2015-A / May 2015  Class A notes due 2054  $35.6 million   3.88%
   Class B-1 notes due 2054(1) (3)  $8.7 million   5.25%
   Class B-2 notes due 2054(1) (3)  $8.7 million   5.25%
   Trust certificates(2)  $22.8 million    
   Deferred issuance costs  $(0.8) million    
            
Ajax Mortgage Loan Trust 2015-B / July 2015  Class A notes due 2060  $87.2 million   3.88%
   Class B-1 notes due 2060(1) (3)  $15.9 million   5.25%
   Class B-2 notes due 2060(1) (3)  $7.9 million   5.25%
   Trust certificates(2)  $47.5 million    
   Deferred issuance costs  $(1.5) million    
            
Ajax Mortgage Loan Trust 2015-C / November 2015  Class A notes due 2057  $82.0 million   3.88%
   Class B-1 notes due 2057(1) (3)  $6.5 million   5.25%
   Class B-2 notes due 2057(1) (3)  $6.5 million   5.25%
   Trust certificates(2)  $35.1 million    
   Deferred issuance costs  $(2.7) million    
            
Ajax Mortgage Loan Trust 2016-A/ April 2016  Class A notes due 2064  $101.4 million   4.25%
   Class B-1 notes due 2064(1)  $7.9 million   5.25%
   Class B-2 notes due 2064(1)  $7.9 million   5.25%
   Trust certificates (2)  $41.3 million    
   Deferred issuance costs  $(2.7) million    

  

 

(1)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.
(2)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.
(3)These securities are encumbered under a repurchase agreement.

 

Servicing for the mortgage loans in the Company’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):

 

 21 

 

   Balances at June 30, 2016   Balances at December 31, 2015   Original balances at securitization cutoff date 
Class of Notes  Carrying
value of
mortgages
   Bond
principal
balance
   Carrying
value of
mortgages
   Bond
principal
balance
   Mortgage
UPB
   Bond Principal
Balance
 
2014-A  $53,606   $34,659   $55,098   $36,463   $81,405   $45,000 
2014-B   64,696    32,919    66,292    35,646    91,535    41,191 
2015-A   52,991    31,615    53,673    33,674    75,835    35,643 
2015-B   110,799    81,305    115,395    84,973    158,498    87,174 
2015-C   104,015    72,783    108,238    79,824    130,130    81,982 
2016-A   118,778    99,309    -    -    158,485    101,431 
   $504,885   $352,590   $398,696   $270,580   $695,888   $392,421 

 

The Company’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.  Accordingly, a projection of contractual maturities over the next five years is inapplicable.

 

Note 9 — Related party transactions

 

The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands):

 

   Three months ended June 30, 2016  Three months ended June 30, 2015
   Amount   Counterparty  Consolidated
Statement of
Income location
  Amount   Counterparty  Consolidated
Statement of
Income location
Loan servicing fees  $1,453   Gregory  Related party expense-loan servicing fees  $851   Gregory  Related party expense-loan servicing fees
Management fee   937   Thetis  Related party expense-management fee   856   Thetis  Related party expense-management fee
Due diligence and related loan acquisition costs   24   Gregory  Loan transaction expense   1   Gregory  Loan transaction expense
                       
Expense reimbursements   -               -  -   -   Aspen Yo  Professional fees

 

   Six months ended June 30, 2016  Six months ended June 30, 2015
   Amount   Counterparty  Consolidated
Statement of
Income location
  Amount   Counterparty  Consolidated
Statement of
Income location
Loan servicing fees  $2,856   Gregory  Related party expense-loan servicing fees  $1,507   Gregory  Related party expense-loan servicing fees
Management fee   1,843   Thetis  Related party expense-management fee   1,603   Thetis  Related party expense-management fee
Due diligence and related loan acquisition costs   50   Gregory  Loan transaction expense   19   Gregory  Loan transaction expense
                       
Expense reimbursements   -              -  -   3   Aspen Yo  Professional fees

 

The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands):

 

   June 30, 2016  December 31, 2015
   Amount   Counterparty  Consolidated Balance
sheet location
  Amount   Counterparty  Consolidated Balance
Sheet Location
Receivables from Servicer  $6,949   Gregory  Receivable from servicer  $5,444   Gregory  Receivable from servicer
Management fee payable   703   Thetis  Management fee payable   667   Thetis  Management fee payable
Servicing fees payable   123   Gregory  Accrued expenses and other liabilities   152   Gregory  Accrued expenses and other liabilities
Expense reimbursement receivable   -                -  -   37   Thetis  Prepaid expenses and other assets

 

 22 

 

Management Agreement

 

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’s business strategy and manages the Company’s business and investment activities and day-to-day operations, subject to oversight by the Company’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’s executive officers is an employee or officer, or both, of the Manager or the Servicer.

 

Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager.

 

The base management fee equals 1.5% of our stockholders’ equity per annum and calculated and payable quarterly in arrears. For purposes of calculating the management fee, the Company’s stockholders’ equity means: (a) the sum of (i) the net proceeds from any issuances of common stock or other equity securities issued by the Company or the operating partnership (without double counting) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), and (ii) the Company’s and the operating partnership’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’ equity as reported in the Company’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’s independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s consolidated financial statements.

 

The initial $1 million of the quarterly base management fee will be payable 75% in cash and 25% in shares of the Company’s common stock. Any amount of the 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”). 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’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’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’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.

 

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%. Notwithstanding the foregoing, no incentive fee will be payable to the Manager with respect to any calendar quarter unless its cumulative core earnings, as

 

 23 

 

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.

 

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.

 

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’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 “investment company” 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’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.

 

Servicing Agreement

 

On July 8, 2014, the Company entered into a 15-year servicing agreement (the “Servicing Agreement”) with the Servicer. The Company’s overall servicing costs under the servicing agreement will vary based on the types of assets serviced.

 

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’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.

 

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.

 

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.

 

Trademark Licenses

 

Aspen Yo has granted the Company a non-exclusive, non-transferable, non-sublicensable, royalty-free license to use the name “Great Ajax” and the related logo. The Company also has a similar license to use the name “Thetis.” 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 “Great Ajax” 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 “Thetis.”

 

 24 

 

Note 10 — Stock-based payments and director fees

 

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.

 

In addition, each of the Company’s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company’s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts).

 

Management fees and director fees

 

   For the three-months ended
 June 30, 2016
   For the three-months ended 
June 30, 2015
 
   Number of
shares
   Amount of
expense
recognized(1)
   Number of
shares
   Amount of
expense
recognized(1)
 
Management Fees   15,684   $234    29,790   $411 
Independent Director Fees   1,672    25    1,740    25 
    17,356   $259    31,530   $436 

 

   For the six-months ended
 June 30, 2016
   For the six-months ended 
June 30, 2015
 
   Number of
shares
   Amount of
expense
recognized(1)
   Number of
shares
   Amount of
expense
recognized(1)
 
Management Fees   30,600   $462    55,877   $814 
Independent Director Fees   3,320    52    3,488    50 
    33,920   $514    59,365   $864 

 

 

(1) All management fees and independent director fees are fully expensed in the period in which they are incurred.

 

The Director Plan is designed to promote the Company’s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company’s Board of Directors. The total number of shares of common stock or other stock-based award, including grants of long term incentive plan (“LTIP”) 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. 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 its common stock, subject to a one-year vesting period.

 

The following table sets forth the activity in its restricted stock plan ($ in thousands, except share and per share amounts):

 

Restricted stock  Number of
shares
   Per share
value
   Total cost of
grant
   Grant expense
recognized for the
three months ended
June 30, 2016
   Grant expense
recognized for the six
months ended June 30, 
2016
 
July 8, 2014, Directors’ Grants(1)    6,000   $15.00   $90   $-   $- 
February 19, 2015 Director Grant(1)   2,000    14.25    29    -    2 
    8,000        $119   $-   $2 

 

 25 

 

   Number of
shares
   Per share
value
   Total cost of
grant
   Grant expense
recognized for the
three months ended
June 30, 2015
   Grant expense
recognized for the six
months ended June 30, 
2015
 
July 8, 2014, Directors’ Grants(1)    6,000   $15.00   $90   $23   $45 
February 19, 2015 Director Grant(1)   2,000    14.25    29    7    12 
    8,000        $119   $30   $57 

 

 

(1) Vesting period is one year from grant date.

 

Note 11 — Income taxes

 

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.

 

The Company’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’s taxable income.

 

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. 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.

 

Note 12 — Earnings per share

 

The following table sets forth the components of basic and diluted earnings per share ($ in thousands, except share and per share amounts):

 

 

   Three months ended June 30, 2016   Three months ended June 30, 2015 
   Income
(Numerator)
   Shares
(Denominator)
   Per Share
Amount
   Income
(Numerator)
   Shares
(Denominator)
   Per Share
Amount
 
                         
Basic EPS                              
Consolidated income attributable to common stockholders  $6,605    15,742,932        $5,436    15,237,739      
Allocation of earning to participating restricted shares   (9)   -         (17)   -      
Consolidated income attributable to unrestricted common stockholders  $6,596    15,742,932   $0.42   $5,419    15,237,739   $0.36 
                               
Effect of dilutive securities                              
Operating partnership units   257    624,106         223    624,106      
Restricted stock grants and Manager and director fee shares   9    22,088         17    47,789      
                               
Diluted EPS                              
Consolidated income attributable to common stockholders and dilutive securities  $6,862    16,389,126   $0.42   $5,659    15,909,634   $0.36 

 

 26 

 

   Six months ended June 30, 2016   Six months ended June 30, 2015 
   Income
(Numerator)
   Shares
(Denominator)
   Per Share
Amount
   Income
(Numerator)
   Shares
(Denominator)
   Per Share
Amount
 
                         
Basic EPS                              
Consolidated income attributable to common stockholders  $14,256    15,524,725        $9,076    14,129,162      
Allocation of earning to participating restricted shares   (23)   -         (31)   -      
Consolidated income attributable to unrestricted common stockholders  $14,233    15,524,725   $0.92   $9,045    14,129,162   $0.64 
                               
Effect of dilutive securities                              
Operating partnership units   569    624,106         398    624,106      
Restricted stock grants and Manager and director fee shares   23    25,333         31    48,051      
                               
Diluted EPS                              
Consolidated income attributable to common stockholders and dilutive securities  $14,825    16,174,164   $0.92   $9,474    14,801,319   $0.64 

  

Note 13 — Subsequent events 

 

Director appointment

 

On July 7, 2016, the Company’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’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’s common stock and half in cash.

 

Repurchase facility

 

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.

 

Dividend declaration

 

On July 28, 2016 the Company’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.

 

Mortgage loan pool acquisitions

 

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.

 

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

 

 27 

 

 

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.

 

Management fees

 

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.

 

Directors’ retainer

 

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.

 

 28 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

Some of the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” 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 “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will” and “would” or the negatives of these terms or other comparable terminology.

 

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:

 

·the factors referenced in this report, including those set forth under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations”;

 

·our ability to implement our business strategy;

 

·difficulties in identifying re-performing and non-performing loans and properties to acquire;

 

·the impact of changes to the supply of, value of and the returns on re-performing and non-performing loans;

 

·our ability to convert non-performing loans into performing loans, or to modify or otherwise resolve such loans;

 

·our ability to convert non-performing loans to properties that can generate attractive returns either through sale or rental;

 

·our ability to compete with our competitors;

 

·our ability to control our costs;

 

·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;

 

·our ability to obtain financing arrangements on favorable terms, or at all;

 

·our ability to retain our Manager;

 

·the failure of the Servicer to perform its obligations under the servicing agreement;

 

·general volatility of the capital markets;

 

·the impact of adverse real estate, mortgage or housing markets and changes in the general economy;

 

·changes in our business strategy;

 

·our failure to maintain qualification as a real estate investment trust (“REIT”);

 

·our expectations regarding the time during which we will be an emerging growth company under the JOBS Act;

 

·our failure to maintain our exemption from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and

 

·the impact of adverse legislative or regulatory tax changes.

 

 29 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

In this quarterly report on Form 10-Q (“report”), unless the context indicates otherwise, references to “Great Ajax,” “we,” “the company,” “our” and “us” refer to the activities of and the assets and liabilities of the business and operations of Great Ajax Corp.; “operating partnership” refers to Great Ajax Operating Partnership L.P., a Delaware limited partnership; “our Manager” refers to Thetis Asset Management LLC, a Delaware limited liability company; “Aspen Capital” refers to the Aspen Capital group of companies; “Aspen” and “Aspen Yo” refers to Aspen Yo LLC, an Oregon limited liability company that is part of Aspen Capital; “the Servicer” and “Gregory” refer to Gregory Funding LLC, an Oregon limited liability company and our affiliate, and an indirect subsidiary of Aspen Yo.

 

Our Management’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 1. Consolidated Interim Financial Statements of this report and in Item 8. Financial Statements and Supplementary Data in our most recent Annual Report on Form 10-K, as well as the sections entitled “Risk Factors” in Item 1A. of our most recent Annual Report on Form 10-K and Part II, Item 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.

 

Overview

 

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 million. We refer to these as “smaller commercial properties.” 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.

 

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.  Currently, our interest in the Manager is held through a taxable REIT subsidiary and is subject to federal and state income taxes.  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.  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 wholly owned subsidiary of the operating partnership, was formed to own, maintain, improve and sell REO purchased by us. We have elected to treat GAJX Real Estate LLC as a TRS under the Code.

 

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.

 

 30 

 

Market Trends and Outlook

 

We believe that cyclical trends continue to drive a significant realignment within the mortgage sector. These trends and their effects include:

 

·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;

 

·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;

 

·rising home prices are increasing homeowner equity and reducing the incidence of strategic default;

 

·low interest rates combined with rising prices has resulted in millions of homeowners being in the money to refinance and;

 

·the Dodd-Frank risk retention rules for asset backed securities have reduced the universe of participants in the securitization markets.

 

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.

 

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 “qualified mortgages” 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.

 

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.

 

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.

 

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

 

 31 

 

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.

 

Factors That May Affect Our Operating Results

 

Acquisitions. 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 “real estate owned” properties, or REO, for the following reasons.

 

·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’s value, the lender will receive all appreciation until such time as the home price appreciation (“HPA”) exceeds the UPB. While the return to the mortgage loan owner is thus capped, conversely, there is also risk mitigation if the REO value decreases, until the value is less than the price the lender paid for the loan.

 

·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—either through rental, sale with carryback financing, which we believe will increase the potential pool of purchasers, or sale without our financing the purchase.

 

·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.

 

·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 “all or none” 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.

 

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.

 

 32 

 

Financing. 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.

 

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.

 

Resolution Methodologies. 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 “primarily for sale to customers in the ordinary course of a trade or business” by contributing or selling the asset to a TRS prior to marketing the asset for sale.

 

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.

 

Conversion to rental property. 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

 

 33 

 

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.

 

Expenses. 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.

 

Changes in home prices. 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.

 

Changes in market interest rates. 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.

 

Market conditions. 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 “over-correction” in the repricing of real estate assets, creating a potential opportunity for us to capitalize on these market dislocations and capital void.

 

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.

 

Critical Accounting Policies and Estimates

 

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

 

 34 

 

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.

 

Recent Accounting Pronouncements

 

Refer to the notes to our interim consolidated financial statements for a description of relevant recent accounting pronouncements.

 

Emerging growth company.

 

Section 107 of the JOBS Act 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. 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.

 

Results of Operations

 

For the 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.

 

(Dollars in thousands except shares and per share data)

 

  

Three months ended June 30,

(unaudited)

  

Six months ended June 30,

(unaudited)

 
   2016   2015   2016   2015 
INCOME                    
                     
Loan interest income  $16,378   $10,793   $32,192   $17,677 
Interest expense   (6,063)   (2,269)   (11,050)   (3,344)
Net interest income   10,315    8,524    21,142    14,333 
                     
Income from investment in manager   46    64    90    104 
Other income   327    222    867    406 
Total income   10,688    8,810    22,099    14,843 
                     
EXPENSE                    
Related party expense – loan servicing fees   1,453    851    2,856    1,507 
Related party expense – management fees   937    856    1,843    1,603 
Loan transaction expense   574    729    787    989 
Professional fees   407    356    821    741 
Real estate operating expenses   113    54    275    64 
Other expense   317    289    670    449 
Total expense   3,801    3,135    7,252    5,353 
                     
Income before provision for income taxes   6,887    5,675    14,847    9,490 
Provision (benefit) for income taxes   26    16    23    16 
Consolidated net income  $6,861   $5,659   $14,824   $9,474 
Less: consolidated net income attributable to the non-controlling interest   256    223    568    398 
Consolidated net income attributable to common stockholders  $6,605   $5,436   $14,256   $9,076 

 

 35 

 

Net Interest Income

 

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.

 

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.  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.  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.

 

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 ($ in thousands):

 

Average Balance

 

   Three months ended June 30,
   2016  2015
Mortgage loan portfolio  $607,906   $355,815 
Total debt  $433,595   $190,834 

 

Other Income

 

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.

 

Other Income

($ in thousands)

 

   Three months ended June 30,   Six months ended June 30, 
   2016   2015   2016   2015 
Net gain (loss) on sale of Property held-for-sale  $236   $(7)  $494   $(11)
Impairment of Property held-for-sale   (155)   -    (200)   - 
Late fee income   81    21    163    39 
HAMP fees *   56    89    149    170 
Other income   109    119    261    208 
Total Other Income  $327   $222   $867   $406 

 

 

* Fees received pursuant to the government’s Home Affordable Modification Program.

 

Operating Expenses

 

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’ 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).

 

Equity and Net Book Value Per Share

 

Our net book value per share was $14.94 and $14.92 at June 30, 2016 and December 31, 2015, respectively, an increase of $0.02 due to the increase in equity from our earnings, partially offset by an increase in the number of shares outstanding from our offering of common stock completed during the second quarter of 2016. The net book value per share is calculated by dividing equity by total adjusted shares outstanding, including OP Units (which are redeemable on a 1-for-1 basis into shares of our common stock after one year of ownership) and Manager and director shares not issued as of the date indicated ($ in thousands except per share amounts):

 

 36 

 

   June 30, 2016   December 31, 2015 
Outstanding shares   17,924,523    15,301,946 
Adjustments for:          
Operating partnership units   624,106    624,106 
Manager and director shares earned but not issued as of the date indicated   17,356    16,586 
Total adjusted shares outstanding   18,565,985    15,942,638 
Total equity  $277,299   $237,813 
Book value per share  $14.94   $14.92 

 

Mortgage loan portfolio

 

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.

 

Portfolio acquisitions

($ in thousands)

 

   Three months ended June 30,   Six months ended June 30, 
   2016   2015   2016   2015 
RPLs                    
Count   251    758    469    1,179 
UPB  $70,262   $188,935   $119,947   $274,883 
Purchase price  $52,128   $150,390   $89,335   $213,922 
Purchase price % of UPB   74.2%   79.6%   74.5%   77.8%
                     
NPLs                    
Count   -    69    -    158 
UPB  $-   $15,710   $-   $31,822 
Purchase price  $-   $9,044   $-   $19,617 
Purchase price % of UPB   -    57.6%   -    61.6%

 

Loan portfolio activity

($ in thousands)

 

   Three months ended June 30,   Six months ended June 30, 
   2016   2015   2016   2015 
Beginning carrying value  $584,298   $285,834   $554,877   $211,159 
Mortgage loan portfolio acquisitions   52,128    159,434    89,328    233,539 
Payments received   (20,083)   (8,382)   (38,630)   (13,449)
Accretion recognized   16,375    10,793    32,188    17,677 
Reclassifications to REO   (5,019)   (3,574)   (10,787)   (7,669)
Other non-cash adjustments to principal   2,835    303    3,558    3,151 
Ending carrying value  $630,534   $444,408   $630,534   $444,408 

 

 37 

 

As of June 30, 2016, our portfolio of mortgage-related assets consisted of the following ($ in thousands):

 

No. of Loans   3,536   Weighted Average Remaining Term (months)   324.2 
Total UPB  $805,571   No. of first liens   3,515 
Interest-Bearing Balance  $744,387   No. of second liens   21 
Deferred Balance(1)  $61,184   No. of Rental Properties   3 
Market Value of Collateral(2)  $915,415   Market Value of Rental Properties  $923 
Price/Total UPB(3)   73.8%  Capital Invested in Rental Properties  $760 
Price/Market Value of Collateral   65.6%  Price/Market Value of Rental Properties   82.4%
Weighted Average Coupon(4)   4.44%  No. of Other REO   111 
Weighted Average LTV(4)   101.9%  Market Value of Other REO  $21,427 

 

(1)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.
(2)As of date of acquisition.
(3)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.
(4)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.

 

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.

 

Portfolio composition by re-performing and non-performing loans

 

   June 30,
2016
  December 31,
2015
Re-performing loans   88.7%   85.0%
Non-performing loans   11.3%   15.0%
Total loans   100.0%   100.0%

 

The following table presents certain characteristics about our mortgage loans by years of origination as of June 30, 2016 (dollars in thousands):

 

   Years of Origination
  
Portfolio Characteristics:   After 2008    2006-2008     2001-2005    1990-2000    Prior to 1990 
                          
Number of loans   269    2,247    810    196    14 
Current unpaid principal balance  $56,133   $582,580   $152,196   $14,145   $517 
Mortgage loan portfolio by year of origination   6.9%   72.4%   18.8%   1.8%   0.1%
Loan Attributes:                         
Weighted average loan age (months)   63.2    113.6    142.6    220.6    351.0 
Weighted Average loan-to-value (as of 6/30/16)   89.3%   106.4%   88.9%   65.1%   23.3%
Delinquency Performance: (as of 6/30/16)                         
30 days delinquent   19.3%   16.6%   17.2%   15.6%   40.1%
60 days delinquent   7.9%   8.4%   9.0%   7.6%   0.0%
90+ days delinquent   18.2%   18.7%   18.8%   30.1%   12.0%
Foreclosure   6.4%   12.4%   14.5%   15.5%   26.2%

 

 38 

 

Loans by state

 

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 ($ in thousands):

 

State  Loan
Count
  UPB
($)
  % of
UPB
  Collateral
Value ($) (1)
  % of
Collateral
Value
  State  Loan
Count
  UPB ($)  % of
UPB
  Collateral
Value ($) (1)
  % of
Collateral
Value
CA   546    205,686    25.8%   249,794    27.1%  MN   30    5,234    0.6%   6,795    0.7%
FL   531    112,680    14.0%   114,318    12.5%  MO   33    4,547    0.6%   4,706    0.5%
NY   242    83,532    10.4%   106,608    11.6%  LA   29    3,602    0.4%   4,277    0.5%
NJ   200    58,937    7.3%   57,300    6.3%  DE   17    3,171    0.4%   4,105    0.4%
MD   132    34,970    4.3%   37,255    4.1%  RI   14    3,094    0.4%   3,049    0.3%
IL *   148    30,595    3.8%   29,119    3.2%  WI   21    3,007    0.4%   3,212    0.4%
MA   101    28,051    3.5%   33,092    3.6%  DC   9    2,685    0.3%   4,292    0.5%
TX   211    24,927    3.1%   34,253    3.7%  KY   20    2,237    0.3%   2,547    0.3%
GA*   141    19,541    2.4%   20,327    2.2%  HI   9    2,195    0.3%   3,302    0.4%
VA   78    17,200    2.1%   18,584    2.0%  NM   9    2,004    0.2%   2,472    0.3%
AZ   77    15,483    1.9%   14,982    1.6%  NH   9    1,994    0.2%   2,453    0.3%
WA   61    15,220    1.9%   17,430    1.9%  MS   16    1,562    0.2%   1,746    0.2%
NC   107    13,905    1.7%   15,245    1.7%  OK   12    1,381    0.2%   1,294    0.1%
PA   116    11,916    1.5%   14,833    1.6%  PR   10    1,271    0.2%   1,626    0.2%
OH   84    11,408    1.4%   11,479    1.3%  IA   11    964    0.1%   1,035    0.1%
OR   42    10,485    1.3%   12,612    1.4%  ME   6    920    0.1%   863    0.1%
NV   41    9,604    1.2%   9,564    1.0%  KS   9    804    0.1%   915    0.1%
CO   42    9,205    1.1%   12,299    1.3%  ID   7    761    0.1%   1,282    0.1%
SC   60    8,433    1.0%   9,130    1.0%  AR   9    661    0.1%   762    0.1%
MI   60    8,207    1.0%   9,299    1.0%  SD   3    623    0.1%   787    0.1%
TN   60    7,369    0.9%   8,793    1.0%  WV   6    544    0.1%   608    0.1%
CT   33    6,670    0.8%   6,519    0.7%  NE   4    306    0.0%   325    0.0%
UT   35    6,356    0.8%   7,362    0.8%  MT   1    132    0.0%   215    0.0%
AL   33    5,741    0.7%   5,715    0.6%  ND   1    72    0.0%   159    0.0%
IN   60    5,679    0.7%   6,676    0.7%  Total   3,536    805,571    100.0%   915,415    100.0%

 

 

 

*Information reflects two loans in which we have a 95% participation interest and are owned by the Servicer because neither we nor our subsidiaries have the necessary licenses in certain states.

 

(1)As of date of acquisition.

 

 39 

 

Liquidity and Capital Resources

 

Source and Uses of Cash

 

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.

 

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.

 

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.

 

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.

 

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.

 

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.

 

Financing activities – equity offerings

 

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

 

 40 

 

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’ 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.

 

Financing activities – secured borrowings and repurchase arrangements

 

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 (“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. 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.

 

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.

 

The following table sets forth the original terms of all securitization notes at their respective cutoff dates as of June 30, 2016:

 

Issuing Trust/Issue Date  Security  Original Principal  Interest Rate
Ajax Mortgage Loan Trust 2014-A/ October 2014  Class A notes due 2057  $45 million   4.00%
   Class B-1 notes due 2057(1) (3)  $8 million   5.19%
   Class B-2 notes due 2057(1) (3)   $8 million   5.19%
   Trust certificates(2)  $20.4 million    
   Deferred issuance costs  $(0.9) million    
            
Ajax Mortgage Loan Trust 2014-B / November 2014  Class A notes due 2054  $41.2 million   3.85%
   Class B-1 notes due 2054(1) (3)  $13.7 million   5.25%
   Class B-2 notes due 2054(1) (3)  $13.7 million   5.25%
   Trust certificates(2)  $22.9 million    
   Deferred issuance costs  $(0.8) million    
            
Ajax Mortgage Loan Trust 2015-A / May 2015  Class A notes due 2054  $35.6 million   3.88%
   Class B-1 notes due 2054(1) (3)  $8.7 million   5.25%
   Class B-2 notes due 2054(1) (3)  $8.7 million   5.25%
   Trust certificates(2)  $22.8 million    
   Deferred issuance costs  $(0.8) million    
            
Ajax Mortgage Loan Trust 2015-B / July 2015  Class A notes due 2060  $87.2 million   3.88%
   Class B-1 notes due 2060(1) (3)  $15.9 million   5.25%
   Class B-2 notes due 2060(1) (3)  $7.9 million   5.25%
   Trust certificates(2)  $47.5 million    
   Deferred issuance costs  $(1.5) million    
            
Ajax Mortgage Loan Trust 2015-C / November 2015  Class A notes due 2057  $82.0 million   3.88%
   Class B-1 notes due 2057(1) (3)  $6.5 million   5.25%
   Class B-2 notes due 2057(1) (3)  $6.5 million   5.25%
   Trust certificates(2)  $35.1 million    
   Deferred issuance costs  $(2.7) million    
            
Ajax Mortgage Loan Trust 2016-A/ April 2016  Class A notes due 2064  $101.4 million   4.25%
   Class B-1 notes due 2064(1)  $7.9 million   5.25%
   Class B-2 notes due 2064(1)  $7.9 million   5.25%
   Trust certificates (2)  $41.3 million   - 
   Deferred issuance costs  $(2.7) million    

 

 41 

 

 

 

(1)We have retained the Class B notes.

 

(2)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.

 

(3)These securities are encumbered under a repurchase agreement.

 

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.

 

Repurchase transactions

 

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 “Seller,” 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 “Guarantor” 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 “2014 MRA”), these mortgage loans, together with the Seller’s 100% ownership interests in its wholly owned subsidiary, a newly formed Delaware limited liability company (“REO I”), 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:

 

         June 30, 2016
Maturity Date  Origination date  Maximum
Borrowing
capacity
  Amount
outstanding
  Amount
 of
 collateral
  Interest
rate
September 9, 2016  March 9, 2016  $15,730   $15,730   $22,470    3.00%
September 30, 2016  March 30, 2016   10,658    10,658    15,226    3.01%
November 22, 2016  November 24, 2015   200,000    66,433    109,252    4.19%
December 23, 2016  June 23, 2016   9,419    9,419    13,391    2.91%
Totals     $235,807   $102,240   $160,339    3.77%

 

 42 

 

         December 31, 2015
Maturity Date  Origination date  Maximum
Borrowing
capacity
  Amount
outstanding
  Amount
of
collateral
  Interest
rate
March 30, 2016  September 30, 2015  $10,838   $10,838   $15,483    2.53%
June 23, 2016  December 23, 2015   9,374    9,374    13,391    2.91%
November 22, 2016  November 24, 2015   200,000    84,321    135,736    4.17%
Totals     $220,212   $104,533   $164,610    3.91%

 

As of June 30, 2016, we had $102.2 million outstanding under our repurchase transactions. 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 $104.5 million. The following table sets summarizes our repurchase transactions for the three-month periods ended June 30, 2016, and December 31, 2015 ($ in thousands):

 

   Three months ended
June 30, 2016
  Three months ended
December 31, 2015
Balance at the end of period  $102,240   $104,533 
Maximum month-end balance outstanding during the period  $102,240   $104,533 
Average balance  $83,107   $91,558 

 

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.

 

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%.

 

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.

 

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.

 

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.

 

We believe that our capital resources will be sufficient to enable us to meet anticipated short-term and long-term liquidity requirements.

 

Off-Balance Sheet Arrangements

 

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

 

 43 

 

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.

 

Contractual Obligations

 

A summary of our contractual obligations as of June 30, 2016 and December 31, 2015 is as follows:

 

June 30, 2016  Payments Due by Period
   Total  Less than 1
Year
  1-3 Years  3-5 Years  More than 5
Years
         (In Thousands)      
Borrowings under repurchase agreement  $102,240   $102,240   $-   $-   $- 
Interest on repurchase agreement   1,740    1,740    -    -    - 
Total  $103,980   $103,980   $-   $-   $- 

 

December 31, 2015  Payments Due by Period
   Total  Less than 1
Year
  1-3 Years  3-5 Years  More than 5
Years
         (In Thousands)      
Borrowings under repurchase agreement  $104,533   $104,533   $-   $-   $- 
Interest on repurchase agreement   3,833    3,833    -    -    - 
Total  $108,366   $108,366   $-   $-   $- 

 

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.

 

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.

 

Inflation

 

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.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

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.

 

Real Estate Risk

 

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.

 

Interest Rate Risk

 

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

 

 44 

 

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.

 

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.

 

Prepayment Risk

 

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.

 

Credit Risk

 

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.

 

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.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

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 “Exchange Act”), such as this Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the SEC’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.

 

 45 

 

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.

 

Internal Control Over Financial Reporting

 

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.

 

 46 

 

PART II. other information

 

Item 1. Legal Proceedings

 

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.

 

Item 1A. Risk Factors

 

For information regarding factors that could affect our results of operations, financial condition, and liquidity, see the risk factors discussed under “Risk Factors” 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.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Unregistered Sales of Equity Securities

 

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.

 

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.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

The exhibits listed in the accompanying Exhibit Index are filed or furnished as part of this Quarterly Report on Form 10-Q.

 

 47 

 

SIGNATURES

 

Pursuant to the requirements of Section 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.

 

    GREAT AJAX CORP.  
       
Date: August 4, 2016 By: /s/ Lawrence Mendelsohn  
    Lawrence Mendelsohn  
   

Chairman and Chief Executive Officer

(Principal Executive Officer)

 
       
Date: August 4, 2016 By: /s/ Mary Doyle  
    Mary Doyle  
   

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

 48 

 

EXHIBIT INDEX

 

Exhibit
Number
  Exhibit Description
31.1*   Rule 13a-14(a) Certification of Chief Executive Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*   Rule 13a-14(a) Certification of Chief Financial Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*   Section 1350 Certification of Chief Executive Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*   Section 1350 Certification of Chief Financial Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**   XBRL Instance Document
101.SCH**   XBRL Taxonomy Extension Schema
101.CAL**   XBRL Taxonomy Extension Calculation Linkbase
101.DEF**   XBRL Taxonomy Definition Linkbase
101.LAB**   XBRL Taxonomy Extension Label Linkbase
101.PRE**   XBRL Taxonomy Extension Presentation Linkbase

 

 

* Filed herewith.

** Furnished herewith.

 

 49 

EX-31.1 2 t1601896_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Lawrence Mendelsohn, certify that:

 

1.I have reviewed this Report on Form 10-Q of Great Ajax Corp.;

 

2.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;

 

3.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;

 

4.The registrant’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:

 

(a)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;

 

(b)Not used

 

(c)Evaluated the effectiveness of the registrant’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

 

(d)Disclosed in this report any change in the registrant’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’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

a)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’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: August 4, 2016

 

/s/ Lawrence Mendelsohn  
Lawrence Mendelsohn  
Chief Executive Officer  

 

 

 

EX-31.2 3 t1601896_ex31-2.htm EXHIBIT 31.2

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Mary Doyle, certify that:

 

1.I have reviewed this Report on Form 10-Q of Great Ajax Corp.;

 

2.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;

 

3.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;

 

4.The registrant’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:

 

(a)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;

 

(b)Not used

 

(c)Evaluated the effectiveness of the registrant’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

 

(d)Disclosed in this report any change in the registrant’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’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

a)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’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: August 4, 2016

 

/s/ Mary Doyle  
Mary Doyle  
Chief Financial Officer  

 

 

EX-32.1 4 t1601896_ex32-1.htm EXHIBIT 32.1

 

EXHIBIT 32.1

 

GREAT AJAX CORP.

 

CERTIFICATION

 

In connection with the Quarterly Report of Great Ajax Corp. (the “Company”) on Form 10-Q for the quarter ended June 30, 2016 as filed with the Securities and Exchange Commission (the “Report”), 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 1350 of the United States Code, that to the best of my knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

 

(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.

 

This Certification has not been, and shall not be deemed, “filed” with the Securities and Exchange Commission.

 

Dated: August 4, 2016

 

/s/ Lawrence Mendelsohn  
Lawrence Mendelsohn  
Chief Executive Officer  

 

 

 

EX-32.2 5 t1601896_ex32-2.htm EXHIBIT 32.2

 

EXHIBIT 32.2

 

GREAT AJAX CORP.

 

CERTIFICATION

 

In connection with the Quarterly Report of Great Ajax Corp. (the “Company”) on Form 10-Q for the quarter ended June 30, 2016 as filed with the Securities and Exchange Commission (the “Report”), 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 1350 of the United States Code, that to the best of my knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

 

(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.

 

This Certification has not been, and shall not be deemed, “filed” with the Securities and Exchange Commission.

 

Dated: August 4, 2016

 

/s/ Mary Doyle  
Mary Doyle  
Chief Financial Officer  

 

 

 

EX-101.INS 6 ajx-20160630.xml XBRL INSTANCE FILE 0001614806 ajx:ServicingAgreementMember ajx:GregoryFundingLlcMember us-gaap:MinimumMember 2014-07-01 2014-07-08 0001614806 ajx:ManagementAgreementMember ajx:ThetisAssetManagementLlcMember 2014-07-01 2014-07-08 0001614806 ajx:GregoryFundingLlcMember us-gaap:MaximumMember ajx:ServicingAgreementMember 2014-07-01 2014-07-08 0001614806 ajx:GregoryFundingLlcMember ajx:ServicingAgreementMember 2014-07-01 2014-07-08 0001614806 us-gaap:RestrictedStockMember us-gaap:IPOMember ajx:LongTermIncentivePlanMember 2015-02-01 2015-02-28 0001614806 2015-04-01 2015-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2015-04-01 2015-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2015-04-01 2015-06-30 0001614806 ajx:DelawareTrustGaE201412Member 2015-04-01 2015-06-30 0001614806 ajx:ThetisAssetManagementLlcMember ajx:ManagementFeeMember 2015-04-01 2015-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:LoanServicingFeesMember 2015-04-01 2015-06-30 0001614806 ajx:ManagementFeeMember 2015-04-01 2015-06-30 0001614806 ajx:IndependentDirectorFeeMember 2015-04-01 2015-06-30 0001614806 us-gaap:RestrictedStockMember ajx:July82014DirectorsGrantsMember us-gaap:DirectorMember 2015-04-01 2015-06-30 0001614806 us-gaap:RestrictedStockMember ajx:February192015DirectorGrantMember us-gaap:DirectorMember 2015-04-01 2015-06-30 0001614806 us-gaap:RestrictedStockMember 2015-04-01 2015-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:LoanTransactionExpenseMember 2015-04-01 2015-06-30 0001614806 ajx:AsAjaxELlcMember 2015-04-01 2015-06-30 0001614806 ajx:DelawareTrustGaE201412Member us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-04-01 2015-06-30 0001614806 ajx:AsAjaxELlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-04-01 2015-06-30 0001614806 ajx:ThetisAssetManagementLlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-04-01 2015-06-30 0001614806 ajx:ThetisAssetManagementLlcMember 2015-04-01 2015-06-30 0001614806 ajx:AspenYoLlcMember ajx:ProfessionalFeesMember 2015-04-01 2015-06-30 0001614806 2015-01-01 2015-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2015-01-01 2015-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2015-01-01 2015-06-30 0001614806 us-gaap:CommonStockMember 2015-01-01 2015-06-30 0001614806 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-06-30 0001614806 us-gaap:RetainedEarningsMember 2015-01-01 2015-06-30 0001614806 us-gaap:ParentMember 2015-01-01 2015-06-30 0001614806 us-gaap:NoncontrollingInterestMember 2015-01-01 2015-06-30 0001614806 ajx:DelawareTrustGaE201412Member 2015-01-01 2015-06-30 0001614806 ajx:ThetisAssetManagementLlcMember ajx:ManagementFeeMember 2015-01-01 2015-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:LoanServicingFeesMember 2015-01-01 2015-06-30 0001614806 ajx:ManagementFeeMember 2015-01-01 2015-06-30 0001614806 ajx:IndependentDirectorFeeMember 2015-01-01 2015-06-30 0001614806 us-gaap:RestrictedStockMember ajx:July82014DirectorsGrantsMember us-gaap:DirectorMember 2015-01-01 2015-06-30 0001614806 us-gaap:RestrictedStockMember ajx:February192015DirectorGrantMember us-gaap:DirectorMember 2015-01-01 2015-06-30 0001614806 us-gaap:RestrictedStockMember 2015-01-01 2015-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:LoanTransactionExpenseMember 2015-01-01 2015-06-30 0001614806 ajx:AsAjaxELlcMember 2015-01-01 2015-06-30 0001614806 ajx:DelawareTrustGaE201412Member us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-01-01 2015-06-30 0001614806 ajx:AsAjaxELlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-01-01 2015-06-30 0001614806 ajx:ThetisAssetManagementLlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-01-01 2015-06-30 0001614806 ajx:ThetisAssetManagementLlcMember 2015-01-01 2015-06-30 0001614806 ajx:AspenYoLlcMember ajx:ProfessionalFeesMember 2015-01-01 2015-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember ajx:ThreeMonthsEndedMember 2015-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember ajx:ThreeMonthsEndedMember 2015-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember ajx:SixMonthsEndedMember 2015-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember ajx:SixMonthsEndedMember 2015-06-30 0001614806 2015-01-01 2015-12-31 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0001614806 ajx:RepurchaseAgreementMember ajx:November222016Member 2015-01-01 2015-12-31 0001614806 ajx:RepurchaseAgreementMember ajx:March302016Member 2015-01-01 2015-12-31 0001614806 ajx:RepurchaseAgreementMember ajx:June232016Member 2015-01-01 2015-12-31 0001614806 2015-12-31 0001614806 ajx:DelawareTrustGaE201412Member 2015-12-31 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrust2014Member 2015-12-31 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrust2014BMember 2015-12-31 0001614806 us-gaap:MortgagesMember 2015-12-31 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrustA2015Member 2015-12-31 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrust2015BMember 2015-12-31 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrust2015CMember 2015-12-31 0001614806 ajx:FinancingReceivablesCurrentPastDueMember 2015-12-31 0001614806 us-gaap:FinancingReceivables30To59DaysPastDueMember 2015-12-31 0001614806 us-gaap:FinancingReceivables60To89DaysPastDueMember 2015-12-31 0001614806 ajx:FinancingReceivablesForeclosurePastDueMember 2015-12-31 0001614806 ajx:RepurchaseAgreementMember ajx:November222016Member 2015-12-31 0001614806 ajx:RepurchaseAgreementMember ajx:March302016Member 2015-12-31 0001614806 ajx:RepurchaseAgreementMember ajx:June232016Member 2015-12-31 0001614806 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2015-12-31 0001614806 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2015-12-31 0001614806 us-gaap:FairValueInputsLevel1Member 2015-12-31 0001614806 us-gaap:FairValueInputsLevel2Member 2015-12-31 0001614806 us-gaap:FairValueInputsLevel3Member 2015-12-31 0001614806 ajx:GregoryFundingLlcMember ajx:ReceivablesFromServicerMember 2015-12-31 0001614806 ajx:ThetisAssetManagementLlcMember ajx:ManagementFeePayableMember 2015-12-31 0001614806 ajx:GregoryFundingLlcMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2015-12-31 0001614806 ajx:ThetisAssetManagementLlcMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2015-12-31 0001614806 ajx:AsAjaxELlcMember 2015-12-31 0001614806 ajx:DelawareTrustGaE201412Member us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-12-31 0001614806 ajx:AsAjaxELlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-12-31 0001614806 ajx:ThetisAssetManagementLlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2015-12-31 0001614806 ajx:ThetisAssetManagementLlcMember 2015-12-31 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrustA2016Member 2015-12-31 0001614806 ajx:DoublelineCapitalLpMember 2016-03-14 0001614806 ajx:AsAjaxELlcMember 2016-03-14 0001614806 ajx:OtherInvestorsMember 2016-03-14 0001614806 ajx:EquityIncentivePlanMember 2016-06-07 0001614806 ajx:EquityIncentivePlanMember 2016-06-01 2016-06-07 0001614806 2016-04-01 2016-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2016-04-01 2016-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2016-04-01 2016-06-30 0001614806 ajx:DelawareTrustGaE201412Member 2016-04-01 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember ajx:ManagementFeeMember 2016-04-01 2016-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:LoanServicingFeesMember 2016-04-01 2016-06-30 0001614806 ajx:ManagementFeeMember 2016-04-01 2016-06-30 0001614806 ajx:IndependentDirectorFeeMember 2016-04-01 2016-06-30 0001614806 us-gaap:RestrictedStockMember ajx:July82014DirectorsGrantsMember us-gaap:DirectorMember 2016-04-01 2016-06-30 0001614806 us-gaap:RestrictedStockMember ajx:February192015DirectorGrantMember us-gaap:DirectorMember 2016-04-01 2016-06-30 0001614806 us-gaap:RestrictedStockMember 2016-04-01 2016-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:LoanTransactionExpenseMember 2016-04-01 2016-06-30 0001614806 ajx:AsAjaxELlcMember 2016-04-01 2016-06-30 0001614806 ajx:DelawareTrustGaE201412Member us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-04-01 2016-06-30 0001614806 ajx:AsAjaxELlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-04-01 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-04-01 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember 2016-04-01 2016-06-30 0001614806 2016-01-01 2016-06-30 0001614806 ajx:ServicingAgreementMember ajx:GregoryFundingLlcMember us-gaap:MinimumMember 2016-01-01 2016-06-30 0001614806 ajx:ManagementAgreementMember ajx:ThetisAssetManagementLlcMember 2016-01-01 2016-06-30 0001614806 ajx:GregoryFundingLlcMember us-gaap:MaximumMember ajx:ServicingAgreementMember 2016-01-01 2016-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:ServicingAgreementMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:RepurchaseAgreementMember 2016-01-01 2016-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2016-01-01 2016-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2016-01-01 2016-06-30 0001614806 us-gaap:CommonStockMember 2016-01-01 2016-06-30 0001614806 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-06-30 0001614806 us-gaap:RetainedEarningsMember 2016-01-01 2016-06-30 0001614806 us-gaap:ParentMember 2016-01-01 2016-06-30 0001614806 us-gaap:NoncontrollingInterestMember 2016-01-01 2016-06-30 0001614806 us-gaap:RestrictedStockMember us-gaap:IPOMember ajx:LongTermIncentivePlanMember 2016-01-01 2016-06-30 0001614806 ajx:DelawareTrustGaE201412Member 2016-01-01 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember ajx:ManagementFeeMember 2016-01-01 2016-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:LoanServicingFeesMember 2016-01-01 2016-06-30 0001614806 ajx:ManagementFeeMember 2016-01-01 2016-06-30 0001614806 ajx:IndependentDirectorFeeMember 2016-01-01 2016-06-30 0001614806 us-gaap:RestrictedStockMember ajx:July82014DirectorsGrantsMember us-gaap:DirectorMember 2016-01-01 2016-06-30 0001614806 us-gaap:RestrictedStockMember ajx:February192015DirectorGrantMember us-gaap:DirectorMember 2016-01-01 2016-06-30 0001614806 us-gaap:RestrictedStockMember 2016-01-01 2016-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:LoanTransactionExpenseMember 2016-01-01 2016-06-30 0001614806 ajx:FinancingReceivablesCurrentPastDueMember 2016-01-01 2016-06-30 0001614806 us-gaap:FinancingReceivables30To59DaysPastDueMember 2016-01-01 2016-06-30 0001614806 us-gaap:FinancingReceivables60To89DaysPastDueMember 2016-01-01 2016-06-30 0001614806 ajx:FinancingReceivablesForeclosurePastDueMember 2016-01-01 2016-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember us-gaap:MinimumMember 2016-01-01 2016-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember us-gaap:MaximumMember 2016-01-01 2016-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember us-gaap:MinimumMember 2016-01-01 2016-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember us-gaap:MaximumMember 2016-01-01 2016-06-30 0001614806 ajx:RepurchaseAgreementMember ajx:November222016Member 2016-01-01 2016-06-30 0001614806 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2016-01-01 2016-06-30 0001614806 ajx:AsAjaxELlcMember 2016-01-01 2016-06-30 0001614806 ajx:RepurchaseAgreementMember ajx:September302016Member 2016-01-01 2016-06-30 0001614806 ajx:DirectorEquityPlan2014Member us-gaap:RestrictedStockMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrust2014Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrust2014BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:NonperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrust2014Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:NonperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrust2014BMember 2016-01-01 2016-06-30 0001614806 ajx:LongTermIncentivePlanMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrustA2015Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:NonperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrustA2015Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2014Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2014Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2014Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2014BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2014BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2014BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrustA2015Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrustA2015Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrustA2015Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2015BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2015BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2015BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrust2015BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:NonperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrust2015BMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2015CMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2015CMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2015CMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrust2015CMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:NonperformingMortgageLoansOnRealEstateMember ajx:AjaxMortgageLoanTrust2015CMember 2016-01-01 2016-06-30 0001614806 ajx:RepurchaseAgreementMember ajx:September092016Member 2016-01-01 2016-06-30 0001614806 ajx:RepurchaseAgreementMember ajx:December232016Member 2016-01-01 2016-06-30 0001614806 ajx:DelawareTrustGaE201412Member us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-01-01 2016-06-30 0001614806 ajx:AsAjaxELlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-01-01 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-01-01 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2016AApril2016Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2016AApril2016Member 2016-01-01 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2016AApril2016Member 2016-01-01 2016-06-30 0001614806 2016-06-30 0001614806 ajx:ManagementAgreementMember ajx:ThetisAssetManagementLlcMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:RepurchaseAgreementMember 2016-06-30 0001614806 us-gaap:MaximumMember us-gaap:MortgagesMember ajx:RepurchaseAgreementMember 2016-06-30 0001614806 ajx:DelawareTrustGaE201412Member 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrust2014Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrust2014BMember 2016-06-30 0001614806 us-gaap:MortgagesMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrustA2015Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrust2015BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrust2015CMember 2016-06-30 0001614806 ajx:FinancingReceivablesCurrentPastDueMember 2016-06-30 0001614806 us-gaap:FinancingReceivables30To59DaysPastDueMember 2016-06-30 0001614806 us-gaap:FinancingReceivables60To89DaysPastDueMember 2016-06-30 0001614806 ajx:FinancingReceivablesForeclosurePastDueMember 2016-06-30 0001614806 ajx:RepurchaseAgreementMember ajx:November222016Member 2016-06-30 0001614806 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2016-06-30 0001614806 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2016-06-30 0001614806 us-gaap:FairValueInputsLevel1Member 2016-06-30 0001614806 us-gaap:FairValueInputsLevel2Member 2016-06-30 0001614806 us-gaap:FairValueInputsLevel3Member 2016-06-30 0001614806 ajx:GregoryFundingLlcMember ajx:ReceivablesFromServicerMember 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember ajx:ManagementFeePayableMember 2016-06-30 0001614806 ajx:GregoryFundingLlcMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2016-06-30 0001614806 ajx:AsAjaxELlcMember 2016-06-30 0001614806 ajx:RepurchaseAgreementMember ajx:September302016Member 2016-06-30 0001614806 us-gaap:PurchaseCommitmentMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:SingleAndOneToFourFamilyResidencesMember 2016-06-30 0001614806 ajx:LongTermIncentivePlanMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2014Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2014Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2014Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2014BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2014BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2014BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrustA2015Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrustA2015Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrustA2015Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2015BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2015BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2015BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2015CMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2015CMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2015CMember 2016-06-30 0001614806 ajx:RepurchaseAgreementMember ajx:September092016Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:TrustCertificateMember ajx:AjaxMortgageLoanTrust2014Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:TrustCertificateMember ajx:AjaxMortgageLoanTrust2014BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:TrustCertificateMember ajx:AjaxMortgageLoanTrustA2015Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:TrustCertificateMember ajx:AjaxMortgageLoanTrust2015BMember 2016-06-30 0001614806 us-gaap:AccountingStandardsUpdate201503Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:TrustCertificateMember ajx:AjaxMortgageLoanTrust2015CMember 2016-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember ajx:ThreeMonthsEndedMember 2016-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember ajx:ThreeMonthsEndedMember 2016-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember ajx:SixMonthsEndedMember 2016-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember ajx:SixMonthsEndedMember 2016-06-30 0001614806 ajx:RepurchaseAgreementMember ajx:December232016Member 2016-06-30 0001614806 ajx:DelawareTrustGaE201412Member us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-06-30 0001614806 ajx:AsAjaxELlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2016-06-30 0001614806 ajx:ThetisAssetManagementLlcMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassNotesMember ajx:AjaxMortgageLoanTrust2016AApril2016Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB1NotesMember ajx:AjaxMortgageLoanTrust2016AApril2016Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:ClassB2NotesMember ajx:AjaxMortgageLoanTrust2016AApril2016Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:TrustCertificateMember ajx:AjaxMortgageLoanTrust2016AApril2016Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:DeferredExpensesMember ajx:AjaxMortgageLoanTrust2014Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:DeferredExpensesMember ajx:AjaxMortgageLoanTrust2014BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:DeferredExpensesMember ajx:AjaxMortgageLoanTrustA2015Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:DeferredExpensesMember ajx:AjaxMortgageLoanTrust2015BMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:DeferredExpensesMember ajx:AjaxMortgageLoanTrust2015CMember 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:DeferredExpensesMember ajx:AjaxMortgageLoanTrust2016AApril2016Member 2016-06-30 0001614806 us-gaap:MortgagesMember ajx:AjaxMortgageLoanTrustA2016Member 2016-06-30 0001614806 2016-06-01 2016-06-30 0001614806 us-gaap:CommonStockMember ajx:PaulFriedmanMember ajx:DirectorEquityPlan2014Member us-gaap:SubsequentEventMember 2016-07-01 2016-07-07 0001614806 ajx:RepurchaseAgreementMember us-gaap:MortgagesMember us-gaap:SubsequentEventMember 2016-07-15 0001614806 ajx:RepurchaseAgreementMember us-gaap:MortgagesMember us-gaap:SubsequentEventMember 2016-07-01 2016-07-15 0001614806 us-gaap:SubsequentEventMember us-gaap:BoardOfDirectorsChairmanMember 2016-07-28 0001614806 us-gaap:SubsequentEventMember us-gaap:BoardOfDirectorsChairmanMember 2016-07-01 2016-07-28 0001614806 us-gaap:SubsequentEventMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:FiveSellersMember 2016-07-31 0001614806 us-gaap:SubsequentEventMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:EightSellersMember 2016-07-31 0001614806 us-gaap:SubsequentEventMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:FiveSellersMember 2016-07-01 2016-07-31 0001614806 us-gaap:SubsequentEventMember ajx:ReperformingMortgageLoansOnRealEstateMember ajx:EightSellersMember 2016-07-01 2016-07-31 0001614806 us-gaap:SubsequentEventMember us-gaap:CommonStockMember ajx:ThetisAssetManagementLlcMember 2016-07-30 2016-08-01 0001614806 us-gaap:CommonStockMember us-gaap:SubsequentEventMember 2016-07-30 2016-08-01 0001614806 2016-08-04 0001614806 2015-03-31 0001614806 2015-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2015-03-31 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2015-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2015-03-31 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2015-06-30 0001614806 2014-12-31 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2014-12-31 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2014-12-31 0001614806 us-gaap:CommonStockMember 2014-12-31 0001614806 us-gaap:CommonStockMember 2015-06-30 0001614806 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001614806 us-gaap:AdditionalPaidInCapitalMember 2015-06-30 0001614806 us-gaap:RetainedEarningsMember 2014-12-31 0001614806 us-gaap:RetainedEarningsMember 2015-06-30 0001614806 us-gaap:ParentMember 2014-12-31 0001614806 us-gaap:ParentMember 2015-06-30 0001614806 us-gaap:NoncontrollingInterestMember 2014-12-31 0001614806 us-gaap:NoncontrollingInterestMember 2015-06-30 0001614806 2016-03-31 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2016-03-31 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2016-06-30 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2016-03-31 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2016-06-30 0001614806 ajx:ReperformingMortgageLoansOnRealEstateMember 2015-12-31 0001614806 ajx:NonperformingMortgageLoansOnRealEstateMember 2015-12-31 0001614806 us-gaap:CommonStockMember 2015-12-31 0001614806 us-gaap:CommonStockMember 2016-06-30 0001614806 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001614806 us-gaap:AdditionalPaidInCapitalMember 2016-06-30 0001614806 us-gaap:RetainedEarningsMember 2015-12-31 0001614806 us-gaap:RetainedEarningsMember 2016-06-30 0001614806 us-gaap:ParentMember 2015-12-31 0001614806 us-gaap:ParentMember 2016-06-30 0001614806 us-gaap:NoncontrollingInterestMember 2015-12-31 0001614806 us-gaap:NoncontrollingInterestMember 2016-06-30 xbrli:shares iso4217:USD iso4217:USDxbrli:shares xbrli:pure ajx:Segment ajx:Loan ajx:Property ajx:Director Great Ajax Corp. 0001614806 ajx --12-31 Non-accelerated Filer 18567985 10-Q 2016-06-30 false 2016 Q2 30795000 68359000 36199000 53099000 39000 382000 554877000 212469000 83936000 55573000 75464000 127435000 554877000 630534000 274302000 107919000 55254000 73885000 119174000 630534000 10333000 16551000 5541000 9018000 1316000 13380000 58000 760000 5444000 5444000 6949000 6949000 2625000 3900000 5634000 2320000 609805000 2334000 5763000 3028000 600000 729755000 2479000 1125000 6120000 4642000 3897000 772000 265006000 265006000 346070000 346070000 104533000 104533000 102240000 102240000 667000 667000 703000 1000000 703000 1786000 3443000 371992000 4000 10000 520000 103000 452456000 1000 -1000 3000 3000 685000 136000 152000 179000 211729000 244180000 15921000 22666000 227802000 267025000 10011000 10274000 237813000 277299000 228450000 171280000 112000 152000 158951000 211361000 2744000 7279000 161807000 218792000 9473000 9658000 152000 179000 211729000 244180000 15921000 22666000 227802000 267025000 10011000 10274000 609805000 729755000 0.01 0.01 25000000 25000000 0 0 0 0 0.01 0.01 125000000 125000000 15301946 17924523 15301946 17924523 11223984 15253998 15301946 17924523 398696000 504885000 10793000 17677000 16378000 32192000 2269000 3344000 6063000 11050000 8524000 14333000 10315000 21142000 64000 104000 46000 90000 222000 406000 327000 867000 8810000 14843000 10688000 22099000 851000 1507000 1453000 2856000 856000 1603000 937000 1843000 729000 989000 574000 787000 356000 741000 407000 821000 54000 64000 113000 275000 289000 449000 317000 670000 3135000 5353000 3801000 7252000 5675000 9490000 6887000 14847000 16000 16000 26000 23000 5659000 9474000 9076000 9076000 398000 6861000 14824000 14256000 14256000 568000 223000 398000 256000 568000 5436000 90000 221000 295000 58000 9076000 171000 423000 500000 99000 6605000 77000 14000 191000 57000 231000 46000 14256000 156000 1000 384000 57000 453000 90000 0.36 0.64 0.42 0.92 0.36 0.64 0.42 0.92 15237739 14129162 15742932 15524725 15909634 14801319 16389126 16174164 921000 514000 11850000 20711000 -9000 1086000 1000 11000 200000 435000 2889000 41000 343000 3186000 521000 2198000 1505000 275000 259000 1685000 1693000 -5025000 -4294000 233626000 89328000 7260000 23595000 2794000 357000 5220000 1111000 67000 95000 139000 478000 -228875000 -62007000 153841000 71086000 15286000 73379000 3543000 19421000 51529000 31964000 213000 305000 4541000 7511000 217000000 103865000 -16900000 37564000 2544000 7952000 4965000 10930000 921000 514000 143000 51529000 40000 51489000 51529000 31964000 27000 31937000 31964000 32000000 3981714 2589427 2589427 814000 814000 814000 462000 462000 462000 43301 29826 15684 107000 107000 107000 52000 52000 52000 4999 3324 4754000 4541000 4541000 213000 7816000 7511000 7511000 305000 <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> <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> <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> <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;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">9,018</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> </div> </div> </div> <p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>Note 5 &#8212; Fair value</b></p> <p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of June 30, 2016 and December 31, 2015 ($ 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> <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> <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> <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> <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> <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> <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 $16,000 were recorded for both the three- and six-month periods ended June 30, 2015, respectively.&#160;<b></b>The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheet at June 30, 2016 or December 31, 2015. The Company also recorded no interest or penalties for either of the three- or six-month periods ended June 30, 2016 or the three- or six-month periods ended June 30, 2015.</div> </div> <div> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 12 &#8212; Earnings per share</p> <p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following table sets forth the components of basic and diluted earnings per share ($ 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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> <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> 0.95 0.24 0.038 0.405 0.198 0.966 0.034 2000 P1Y P1Y P1Y P1Y 0.0065 0.0125 0.0065 0.0125 0.0065 0.0065 0.0125 0.0125 0.0065 0.0125 0.0065 0.0125 0.0065 0.0125 0.0025 50000 50000 50000 straight-line method three to 27.5 years 1 4900000 4900000 0.0100 0.0100 332571000 31827000 486603000 65675000 120524000 202703000 132557000 18598000 198704000 38317000 48244000 77392000 200014000 13229000 287899000 27358000 72280000 125311000 -49626000 -4185000 -73680000 -8038000 -20152000 -36005000 150388000 9044000 214219000 19320000 52128000 89306000 74045000 115932000 22604000 23735000 54940000 20686000 138768000 184173000 16151000 16298000 136455000 18425000 73680000 8038000 20152000 36005000 7739000 3054000 12688000 4989000 14317000 2057000 27857000 4331000 3536 1539 578 298 388 733 725709000 272577000 107873000 70781000 107301000 167177000 805571000 349329000 135930000 67888000 100171000 152253000 10800000 17700000 16400000 32200000 1 3 100000 800000 20 45 41 80 3 4 21 39 627112000 689075000 259649000 341245000 104533000 102240000 0.07 0.14 0.10 0.18 0.07 0.14 0.10 0.18 0.0425 0.0425 P4Y P7Y P1Y4M24D P4Y P4Y P7Y P1Y4M24D P4Y 200000000 45000000 8000000 8000000 41200000 13700000 13700000 35600000 8700000 8700000 87200000 15900000 7900000 82000000 6500000 6500000 101400000 7900000 7900000 150000000 1063 882 626 189300000 149200000 124000000 0.836 0.826 211200000 171000000 0.591 0.599 2016-11-22 2016-03-30 2016-06-23 2016-11-22 2016-09-30 2016-09-09 2016-12-23 220212000 200000000 10838000 9374000 235807000 200000000 10658000 15730000 9419000 104533000 84321000 10838000 9374000 102240000 66433000 10658000 15730000 9419000 164610000 135736000 15483000 13391000 160339000 109252000 15226000 22470000 13391000 0.0391 0.0417 0.0253 0.0291 0.0377 0.0419 0.0301 0.0400 0.0519 0.0519 0.0385 0.0525 0.0525 0.0388 0.0525 0.0525 0.0388 0.0525 0.0525 0.0388 0.0525 0.0525 0.03 0.0291 0.0425 0.0525 0.0525 60077000 58099000 2057 2057 2057 2054 2054 2054 2054 2054 2054 2060 2060 2060 2057 2057 2057 2064 2064 2064 20400000 22900000 22800000 47500000 35100000 41300000 55098000 66292000 398696000 53673000 115395000 108238000 53606000 64696000 504885000 52991000 110799000 104015000 118778000 36463000 35646000 270580000 33674000 84973000 79824000 34659000 32919000 352590000 31615000 81305000 72783000 99309000 81405000 91535000 695888000 75835000 158498000 130130000 158485000 45000000 41191000 392421000 35643000 87174000 81982000 101431000 1.00 1.00 One-month LIBOR LIBOR plus 2.5% 0.65 851000 1507000 1453000 2856000 856000 1603000 937000 1843000 1000 19000 24000 50000 152000 123000 37000 P15Y P15Y 0.015 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%. 0.75 0.25 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"). 0.20 0.80 31530 29790 1740 59365 55877 3488 17356 15684 1672 33920 30600 3320 436000 411000 25000 864000 814000 50000 259000 234000 25000 514000 462000 52000 6000 2000 8000 6000 2000 8000 15.00 14.25 15.00 14.25 90000 29000 119000 90000 29000 119000 23000 7000 30000 45000 12000 57000 2000 2000 900000 1800000 200000 500000 15684 30600 100000 3 2000 2000 0.90 17000 31000 9000 23000 5419000 9045000 6596000 14233000 223000 398000 257000 569000 17000 31000 9000 23000 5659000 9474000 6862000 14825000 15237739 14129162 15742932 15524725 624106 624106 624106 624106 47789 48051 22088 25333 2016-07-28 0.25 2016-08-31 2016-08-16 418 0.05 793905 39570000 2204000 39570000 2204000 35213000 101431000 <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> <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> <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> <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> 3574000 7669000 5019000 9851000 326000 363000 2324000 4137000 154000 200000 229000 396000 630000 704000 900000 800000 800000 1500000 2700000 2700000 200000 200000 3000 2000 2015-11-24 2015-09-30 2015-12-23 2015-11-24 2016-03-30 2016-03-09 2016-06-23 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. 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. These securities are encumbered under a repurchase agreement. 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. All management fees and independent director fees are fully expensed in the period in which they are incurred. Vesting period is one year from grant date. 103 14400000 55 6800000 0001614806ajx:TrustMember2016-03-14 0.012 4800000 2800000 9400000 7700000 0001614806us-gaap:OtherIncomeMember2016-04-012016-06-30 500000 0001614806us-gaap:OtherIncomeMember2015-04-012015-06-30 27000 0001614806us-gaap:OtherIncomeMember2016-01-012016-06-30 1100000 0001614806us-gaap:OtherIncomeMember2015-01-012015-06-30 22000 4185000 49626000 3249 0001614806ajx:FinancingReceivablesCurrentPastDueMember2015-01-012015-12-31 1161 0001614806us-gaap:FinancingReceivables30To59DaysPastDueMember2015-01-012015-12-31 479 0001614806us-gaap:FinancingReceivables60To89DaysPastDueMember2015-01-012015-12-31 338 0001614806us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2015-01-012015-12-31 867 0001614806ajx:FinancingReceivablesForeclosurePastDueMember2015-01-012015-12-31 404 EX-101.SCH 7 ajx-20160630.xsd XBRL SCHEMA FILE 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONSOLIDATED STATEMENTS OF INCOME (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Organization and basis of presentation link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Summary of significant accounting policies link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Mortgage loans link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Real estate assets link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Fair value link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Unconsolidated affiliates link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Commitments and contingencies link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Debt link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Related party transactions link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Stock based payments and director fees link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Income taxes link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Earnings per share link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Subsequent events link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Summary of significant accounting policies (Policies) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Mortgage loans (Tables) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Real estate assets (Tables) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Fair value (Tables) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Unconsolidated affiliates (Tables) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Debt (Tables) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Related party transactions (Tables) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Stock based payments and director fees (Tables) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Earnings per share (Tables) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Organization and basis of presentation (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Summary of significant accounting policies (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Mortgage loans (Details) link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Mortgage loans (Details 1) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - Mortgage loans (Details 2) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - Mortgage loans (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - Real estate assets (Details) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - Real estate assets (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 037 - Disclosure - Fair value (Details) link:presentationLink link:definitionLink link:calculationLink 038 - Disclosure - Fair value (Details 1) link:presentationLink link:definitionLink link:calculationLink 039 - Disclosure - Unconsolidated affiliates (Details) link:presentationLink link:definitionLink link:calculationLink 040 - Disclosure - Unconsolidated affiliates (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 041 - Disclosure - Commitments and contingencies (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 042 - Disclosure - Debt (Details) link:presentationLink link:definitionLink link:calculationLink 043 - Disclosure - Debt (Details 1) link:presentationLink link:definitionLink link:calculationLink 044 - Disclosure - Debt (Details 2) link:presentationLink link:definitionLink link:calculationLink 045 - Disclosure - Debt (Details 3) link:presentationLink link:definitionLink link:calculationLink 046 - Disclosure - Debt (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 047 - Disclosure - Related party transactions (Details) link:presentationLink link:definitionLink link:calculationLink 048 - Disclosure - Related party transactions (Details 1) link:presentationLink link:definitionLink link:calculationLink 049 - Disclosure - Related party transactions (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 050 - Disclosure - Stock based payments and director fees (Details) link:presentationLink link:definitionLink link:calculationLink 051 - Disclosure - Stock based payments and director fees (Details 1) link:presentationLink link:definitionLink link:calculationLink 052 - Disclosure - Stock based payments and director fees (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 053 - Disclosure - Income taxes (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 054 - Disclosure - Earnings per share (Details) link:presentationLink link:definitionLink link:calculationLink 055 - Disclosure - Subsequent events (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 056 - Disclosure - Subsequent events (Detail Textuals 1) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 ajx-20160630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 ajx-20160630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 ajx-20160630_lab.xml XBRL LABEL FILE EX-101.PRE 11 ajx-20160630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2016
Aug. 04, 2016
Document And Entity Information [Abstract]    
Entity Registrant Name Great Ajax Corp.  
Entity Central Index Key 0001614806  
Trading Symbol ajx  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding   18,567,985
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Amendment Flag false  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q2  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 68,359 $ 30,795
Cash held in trust 382 39
Mortgage loans [1] 630,534 554,877
Property held-for-sale 16,551 10,333
Rental property 760 58
Receivable from servicer 6,949 5,444
Investment in affiliates 3,900 2,625
Prepaid expenses and other assets 2,320 5,634
Total Assets 729,755 609,805
Liabilities:    
Secured borrowings, net [1] 346,070 265,006
Borrowings under repurchase agreement 102,240 104,533
Management fee payable 703 667
Accrued expenses and other liabilities 3,443 1,786
Total liabilities 452,456 371,992
Commitments and contingencies- see Note 7
Equity:    
Preferred stock $.01 par value; 25,000,000 shares authorized, none issued or outstanding
Common stock $.01 par value; 125,000,000 shares authorized, 17,924,523 shares at June 30, 2016 and 15,301,946 shares at December 31, 2015 issued and outstanding 179 152
Additional paid-in capital 244,180 211,729
Retained earnings 22,666 15,921
Equity attributable to common stockholders 267,025 227,802
Non-controlling interests 10,274 10,011
Total equity 277,299 237,813
Total Liabilities and Equity $ 729,755 $ 609,805
[1] Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8-Debt. Secured borrowings are presented net of deferred issuance costs.
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Preferred stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 25,000,000 25,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 125,000,000 125,000,000
Common stock, shares issued 17,924,523 15,301,946
Common stock, shares outstanding 17,924,523 15,301,946
Mortgage loans $ 504,885 $ 398,696
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
INCOME        
Loan interest income $ 16,378 $ 10,793 $ 32,192 $ 17,677
Interest expense (6,063) (2,269) (11,050) (3,344)
Net interest income 10,315 8,524 21,142 14,333
Income from investment in Manager 46 64 90 104
Other income 327 222 867 406
Total income 10,688 8,810 22,099 14,843
EXPENSE        
Related party expense - loan servicing fees 1,453 851 2,856 1,507
Related party expense - management fees 937 856 1,843 1,603
Loan transaction expense 574 729 787 989
Professional fees 407 356 821 741
Real estate operating expenses 113 54 275 64
Other expense 317 289 670 449
Total expense 3,801 3,135 7,252 5,353
Income before provision for income taxes 6,887 5,675 14,847 9,490
Provision for income taxes 26 16 23 16
Consolidated net income 6,861 5,659 14,824 9,474
Less: consolidated net income attributable to the non-controlling interest 256 223 568 398
Consolidated net income attributable to common stockholders $ 6,605 $ 5,436 $ 14,256 $ 9,076
Basic earnings per common share (in dollars per share) $ 0.42 $ 0.36 $ 0.92 $ 0.64
Diluted earnings per common share (in dollars per share) $ 0.42 $ 0.36 $ 0.92 $ 0.64
Weighted average shares - basic (in shares) 15,742,932 15,237,739 15,524,725 14,129,162
Weighted average shares - diluted (in shares) 16,389,126 15,909,634 16,174,164 14,801,319
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 14,824 $ 9,474
Adjustments to reconcile consolidated net income to net cash from operating activities    
Stock-based management fee and compensation expense 514 921
Non-cash interest income accretion (20,711) (11,850)
(Gain) loss on sale of property (1,086) 9
Depreciation of property 11 1
Impairment of real estate owned 200  
Amortization of deferred financing costs 2,889 435
Net change in operating assets and liabilities    
Cash held in trust (343) (41)
Prepaid expenses and other assets (521) (3,186)
Receivable from servicer (1,505) (2,198)
Undistributed income from investment in affiliate (259) (275)
Accrued expenses, Management fee payable, and other liabilities 1,693 1,685
Net cash from operating activities (4,294) (5,025)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of mortgage loans and related balances (89,328) (233,626)
Principal paydowns on mortgage loans 23,595 7,260
Purchase of property held-for-sale and related balances   (2,794)
Proceeds from sale of property held-for-sale 5,220 357
Investment in equity method investee (1,111)  
Distribution from affiliate 95 67
Renovations of rental property and property held for sale (478) (139)
Net cash from investing activities (62,007) (228,875)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from repurchase transactions 71,086 153,841
Proceeds from sale of secured notes 101,431 35,213
Repayments on repurchase transactions (73,379) (15,286)
Repayments on secured notes (19,421) (3,543)
Sale of common stock, net of offering costs 31,964 51,529
Distribution to non-controlling interest (305) (213)
Dividends paid on common stock (7,511) (4,541)
Net cash from financing activities 103,865 217,000
NET CHANGE IN CASH AND CASH EQUIVALENTS 37,564 (16,900)
CASH AND CASH EQUIVALENTS, beginning of period 30,795 53,099
CASH AND CASH EQUIVALENTS, end of period 68,359 36,199
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 7,952 2,544
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Transfer of loans to rental property or property held-for-sale 10,930 4,965
Issuance of common stock for management and director fees 514 $ 921
Transfer of property held-for-sale to loans $ 143  
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)
$ in Thousands
Common Stock
Additional Paid-in Capital
Retained Earnings
Stockholders' Equity
Noncontrolling Interest
Total
Balance at Dec. 31, 2014 $ 112 $ 158,951 $ 2,744 $ 161,807 $ 9,473 $ 171,280
Balance (in shares) at Dec. 31, 2014 11,223,984          
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income     9,076 9,076 398 9,474
Issuance of shares $ 40 51,489   51,529   51,529
Issuance of shares (in shares) 3,981,714          
Stock-based management fee expense   814   814   814
Stock-based management fee expense (in shares) 43,301          
Stock-based compensation expense   107   107   107
Stock-based compensation expense (in shares) 4,999          
Dividends and distributions     (4,541) (4,541) (213) (4,754)
Balance at Jun. 30, 2015 $ 152 211,361 7,279 218,792 9,658 228,450
Balance (in shares) at Jun. 30, 2015 15,253,998          
Balance at Dec. 31, 2015 $ 152 211,729 15,921 227,802 10,011 $ 237,813
Balance (in shares) at Dec. 31, 2015 15,301,946         15,301,946
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income     14,256 14,256 568 $ 14,824
Issuance of shares $ 27 31,937   31,964   31,964
Issuance of shares (in shares) 2,589,427          
Stock-based management fee expense   462   462   462
Stock-based management fee expense (in shares) 29,826          
Stock-based compensation expense   52   52   52
Stock-based compensation expense (in shares) 3,324          
Dividends and distributions     (7,511) (7,511) (305) (7,816)
Balance at Jun. 30, 2016 $ 179 $ 244,180 $ 22,666 $ 267,025 $ 10,274 $ 277,299
Balance (in shares) at Jun. 30, 2016 17,924,523         17,924,523
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Organization and basis of presentation
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and basis of presentation

Note 1 — Organization and basis of presentation

 

Great Ajax Corp., a Maryland corporation (the “Company”), 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 (“Aspen Yo”), a company affiliated with the Aspen Capital companies (“Aspen Capital”). 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 (“RPL”) and non-performing (“NPL”) 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’s manager is Thetis Asset Management LLC (the “Manager” or “Thetis”), an affiliated company. The Company owns 19.8% of the Manager. The Company’s mortgage loans and real properties are serviced by Gregory Funding LLC (“Gregory” or “Servicer”), 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 “Code”).

 

The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership (the “Operating Partnership”), and its subsidiaries. The Company, through a wholly owned subsidiary, is the sole general partner of the Operating Partnership. GA-TRS LLC, or Thetis TRS, is a wholly owned subsidiary of the Operating Partnership that owns the equity interest in the Manager. The Company elected to treat Thetis TRS as a “taxable REIT subsidiary” (“TRS”) 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’s repurchase agreement. In addition, the Company, through its Operating Partnership, holds real estate owned properties (“REO”) 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.

 

The Company commenced its operations in July 2014, and completed its initial public offering, or IPO, on February 19, 2015.

 

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.

 

Basis of presentation and use of estimates

 

These interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto for the period ended December 31, 2015 included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2016.

 

Interim financial statements are unaudited and prepared in accordance with accounting principles generally accepted in the United States (“ U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 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’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2016.

 

The consolidated interim financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to interim financial statements.

 

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 (“OP Units”) and the remaining 3.4% of the OP Units were owned by an unaffiliated holder.

 

The Company’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.

 

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.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of significant accounting policies
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Summary of significant accounting policies

Note 2 — Summary of significant accounting policies

 

Mortgage loans

 

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.

 

Loans acquired with deterioration in credit quality

 

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). The Company’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.

 

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.

 

The Company’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’s contractually required payments receivable over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company’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.

 

Loans acquired that have not experienced a deterioration in credit quality

 

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.

 

Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’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’s judgment, the borrower’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.

 

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’s effective interest rate, the loan’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’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.

 

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.

 

Real estate

 

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 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.

 

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.

 

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.

 

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.

 

Secured borrowings

 

The Company, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business.  The secured borrowings are structured as debt financings, and the loans remain on the Company’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’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.  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.  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.  Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.

 

Repurchase facilities

 

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. 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. The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company’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.

 

Management fee and expense reimbursement

 

Under the management agreement with the Manager (the “Management Agreement”), the Company pays a quarterly base management fee based on its stockholders’ 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’ equity at quarter end. See Note 9 — Related party transactions.

 

Servicing fees

 

Under the Company’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’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’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 — Related party transactions.

 

Stock-based payments

 

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’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 “Amended and Restated Agreement”), which amended the portion of the base management fee and manager’s incentive fee to be payable in cash and shares of the Company’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.

 

Pursuant to the Company’s 2014 Director Equity Plan (the “Director Plan”), 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’s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company’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’ annual retainer is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end.

 

On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”), to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company’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.
 
Directors’ fees

 

The expense related to directors’ fees is accrued and, the portion payable in common stock is reflected in stockholders’ equity in the period in which it is incurred.

 

Variable interest entities

 

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’s secured borrowings (See “Secured Borrowings” above and Note 8 to the financial statements).  Additionally, from time to time, the Company may enter into joint ventures with unrelated entities.  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.

 

Cash and cash equivalents

 

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 (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.

 

Cash held in trust

 

Cash held in trust consists of cash balances legally due to lenders, and is segregated from the Company’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.

 

Earnings per share

 

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’ fees.

 

Fair value of financial instruments

 

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:

 

· Level 1 — Quoted prices in active markets for identical assets or liabilities.

 

· Level 2 — 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.

 

· Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
 

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.

 

The fair value of mortgage loans is estimated using the Manager’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 Company calculates the fair value for the senior debt consolidated on its balance sheet from securitization trusts by using the Company’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.

 

Income taxes

 

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’s REIT taxable income that is distributed to the Company’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.

 

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’s judgment, it reduces a deferred tax asset by a valuation allowance if it is “more–likely-than-not” 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.

 

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 “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities.

 

The Company’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.

 

Offering costs

 

Costs associated with the Company’s completed offerings of shares of common stock have been netted against, and are reflected as a reduction in, additional paid-in capital.

 

Segment information

 

The Company’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.

 

Emerging growth company

 

Section 107 of the Jumpstart Our Business Startups Act (the “JOBS Act”) 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.

 

Reclassifications

 

Certain amounts in the Company’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.

 

Recently adopted accounting standards

 

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 (“VIEs”) 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’s consolidation policy.

 

In April 2015, the FASB issued ASU 2015-03 Interest – 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’s balance sheet at March 31, 2016. There was no effect on the presentation of the Company’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.

 

Recently issued accounting standards

 

In May 2014, Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or servicesWhile ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. 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.

 

In January 2016, the FASB issued ASU 2016-01Financial Instruments – 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.

 

In March 2016, the FASB issued ASU 2016-07 Investments – 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.

 

In March 2016, the FASB issued ASU 2016-09 Compensation – 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.

 

In June 2016, the FASB issued ASU 2016-13 Financial Instruments – 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.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Mortgage loans
6 Months Ended
Jun. 30, 2016
Mortgage Loans [Abstract]  
Mortgage loans

Note 3 — Mortgage loans

 

Included on the Company’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.

 

The Company’s mortgage loans are secured by real estate. The Company categorizes mortgage loans as “re-performing” and as “non-performing” 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.

 

The following table presents information regarding the accretable yield and non-accretable amount for loans acquired during the following periods. The Company’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):

 

    Three months ended June 30, 2016     Three months ended June 30, 2015  
Acquisitions   Re-performing
loans
    Non-performing
loans
    Re-performing
loans
    Non-performing
loans
 
Contractually required principal and interest   $ 120,524     $ -     $ 332,571     $ 31,827  
Non-accretable amount     (48,244 )     -       (132,557 )     (18,598 )
Expected cash flows to be collected     72,280       -       200,014       13,229  
Accretable yield     (20,152 )     -       (49,626 )     (4,185 )
Fair value at acquisition   $ 52,128     $ -     $ 150,388     $ 9,044  

 

    Six months ended June 30, 2016     Six months ended June 30, 2015  
    Re-performing
loans
    Non-performing
loans
    Re-performing
loans
    Non-performing
loans
 
Contractually required principal and interest   $ 202,703     $ -     $ 486,603     $ 65,675  
Non-accretable amount     (77,392 )     -       (198,704 )     (38,317 )
Expected cash flows to be collected     125,311       -       287,899       27,358  
Accretable yield     (36,005 )     -       (73,680 )     (8,038 )
Fair value at acquisition   $ 89,306     $ -     $ 214,219     $ 19,320  
 

The following table presents the change in the accretable yield for the total loan portfolio for the following periods ($ in thousands):

 

Accretable yield   Three months ended June 30, 2016     Three months ended June 30, 2015  
    Re-performing
loans
    Non-performing
loans
    Re-performing 
loans
    Non-performing
loans
 
Balance at beginning of period   $ 138,768     $ 16,151     $ 74,045     $ 22,604  
Accretable yield additions     20,152               49,626       4,185  
Accretion     (14,317 )     (2,057 )     (7,739 )     (3,054 )
Reclassification from (to) non-accretable amount, net     39,570       2,204       -       -  
Balance at end of period   $ 184,173     $ 16,298     $ 115,932     $ 23,735  

 

    Six months ended June 30, 2016     Six months ended June 30, 2015  
    Re-performing
loans
    Non-performing
loans
    Re-performing
loans
    Non-performing
loans
 
Balance at beginning of period   $ 136,455     $ 18,425     $ 54,940     $ 20,686  
Accretable yield additions     36,005               73,680       8,038  
Accretion     (27,857 )     (4,331 )     (12,688 )     (4,989 )
Reclassification from (to) non-accretable amount, net     39,570       2,204       -       -  
Balance at end of period   $ 184,173     $ 16,298     $ 115,932     $ 23,735  

 

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.

 

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.  Substantially fewer loans are defaulting than originally projected at acquisition, resulting in greater total cash flows being collected over a longer period of time.  Performing loans  have a longer duration than non-performing loans and generate higher cash flows over the expected life of the loan. 

 

The following table sets forth the carrying value of the Company’s mortgage loans, and related UPB by delinquency status as of June 30, 2016 and December 31, 2015 ($ in thousands):

 

    June 30, 2016     December 31, 2015  
    Number
of loans
    Carrying
value
    Unpaid
principal
balance
    Number
of loans
    Carrying
value
    Unpaid
principal
balance
 
Current     1,539     $ 274,302     $ 349,329       1,161     $ 212,469     $ 272,577  
30     578       107,919       135,930       479       83,936       107,873  
60     298       55,254       67,888       338       55,573       70,781  
90     733       119,174       152,253       867       127,435       167,177  
Foreclosure     388       73,885       100,171       404       75,464       107,301  
Mortgage loans     3,536     $ 630,534     $ 805,571       3,249     $ 554,877     $ 725,709  
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Real estate assets
6 Months Ended
Jun. 30, 2016
Real Estate [Abstract]  
Real estate assets

Note 4 — Real estate assets

 

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.

 

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.

 

Rental property

 

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.

 

Property held-for-sale
 
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’s net investments in REO held-for-sale were $16.6 million and $10.3 million, respectively.

 

 

Dispositions

 

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’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.

 

The following table presents the activity in the Company’s carrying value of REO held-for-sale for the three months and six months ended June 30, 2016 and June 30, 2015 (in thousands):

 

Property Held-for-sale   Three months ended     Six months ended  
    June 30, 2016     June 30, 2015     June 30, 2016     June 30, 2015  
Balance at beginning of period   $ 13,380     $ 5,541     $ 10,333     $ 1,316  
Transfers from mortgage loans     5,019       3,574       9,851       7,669  
Adjustments to record at lower of cost or fair value     (154 )     -       (200 )     -  
Disposals     (2,324 )     (326 )     (4,137 )     (363 )
Other     630       229       704       396  
Balance at end of period   $ 16,551     $ 9,018     $ 16,551     $ 9,018  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair value
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Fair value

Note 5 — Fair value

 

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):

 

          Level 1     Level 2     Level 3  
June 30, 2016   Carrying
Value
    Quoted prices in
active markets
    Observable inputs
other than Level 1
prices
    Unobservable
inputs
 
Not recognized on consolidated balance sheet at fair value (assets)                                
Mortgage loans   $ 630,534       -       -     $ 689,075  
Not recognized on consolidated balance sheet at fair value (liabilities)                                
Secured borrowings, net   $ 346,070       -       -     $ 341,245  
Borrowings under repurchase agreement   $ 102,240       -     $ 102,240       -  

 

          Level 1     Level 2     Level 3  
December 31, 2015   Carrying
Value
    Quoted prices in
active markets
    Observable inputs
other than Level 1
prices
    Unobservable
inputs
 
Not recognized on consolidated balance sheet at fair value (assets)                                
Mortgage loans   $ 554,877       -       -     $ 627,112  
Not recognized on consolidated balance sheet at fair value (liabilities)                                
Secured borrowings, net   $ 265,006       -       -     $ 259,649  
Borrowings under repurchase agreement   $ 104,533       -     $ 104,533       -  

 

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.

 

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.

 

The Company’s borrowings under repurchase transactions are short-term in nature, and the Company’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.

 

The fair value of mortgage loans is estimated using the Manager’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.

 

Significant changes to any of the unobservable inputs used in the fair value measurement of the Company’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’s mortgage loans as of June 30, 2016 and December 31, 2015:

 

    Range of Values
Input   June 30, 2016   December 31, 2015
Equity discount rate – Re-performing loans   7% - 14%   7% - 14%
Equity discount rate – Non-performing loans   10% - 18%   10% - 18%
Cost of debt   4.25%   4.25%
Loan resolution timelines – Re-performing loans (in years)   4 - 7   4 - 7
Loan resolution timelines – Non-performing loans (in years)   1.4 - 4   1.4 - 4
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unconsolidated affiliates
6 Months Ended
Jun. 30, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Unconsolidated affiliates

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)       -       -  
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and contingencies
6 Months Ended
Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies

Note 7 — Commitments and contingencies

 

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.

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.

 

Litigation, claims and assessments

 

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.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Debt

Note 8 — Debt

 

Repurchase agreements

 

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 “Seller”), 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 “guarantor” 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 “2014 MRA”), these mortgage loans, together with the Seller’s 100% ownership interests in its wholly owned subsidiary, a newly formed Delaware limited liability company (“REO I”), 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.

 

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.

 

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’s servicing agreement described under Note 9 — 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’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’s 100% beneficial interest in the Seller.

 

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):

 

              June 30, 2016  
Maturity Date   Origination date   Maximum
Borrowing
capacity
    Amount
outstanding
    Amount
 of
 collateral
    Interest rate  
September 9, 2016   March 9, 2016   $ 15,730     $ 15,730     $ 22,470       3.00 %
September 30, 2016   March 30, 2016     10,658       10,658       15,226       3.01 %
November 22, 2016   November 24, 2015     200,000       66,433       109,252       4.19 %
December 23, 2016   June 23, 2016     9,419       9,419       13,391       2.91 %
Totals       $ 235,807     $ 102,240     $ 160,339       3.77 %

 

              December 31, 2015  
Maturity Date   Origination date   Maximum
Borrowing
capacity
    Amount
outstanding
    Amount
 of
 collateral
    Interest rate  
March 30, 2016   September 30, 2015   $ 10,838     $ 10,838     $ 15,483       2.53 %
June 23, 2016   December 23, 2015     9,374       9,374       13,391       2.91 %
November 22, 2016   November 24, 2015     200,000       84,321       135,736       4.17 %
Totals       $ 220,212     $ 104,533     $ 164,610       3.91 %

 

While the guaranty establishes a master netting arrangement, the arrangement does not meet the criteria for offsetting. The amount outstanding on the Company’s repurchase facility and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s balance sheets at June 30, 2016 and December 31, 2015.

 

    Gross amounts not offset in balance sheet        
Balance sheet date   Gross amount of 
recognized liabilities
    Gross amount 
pledged as 
collateral
    Net amount  
June 30, 2016   $ 102,240     $ 160,339     $ 58,099  
December 31, 2015   $ 104,533     $ 164,610     $ 60,077  

 

Secured borrowings

 

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’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’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’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.

 

The Company’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’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 B notes have been paid in full.

 

The following table sets forth the original terms of all securitization notes at their respective cutoff dates:

 

Issuing Trust/Issue Date   Security   Original Principal   Interest Rate  
Ajax Mortgage Loan Trust 2014-A/ October 2014   Class A notes due 2057   $45 million     4.00 %
    Class B-1 notes due 2057(1) (3)   $8 million     5.19 %
    Class B-2 notes due 2057(1) (3)   $8 million     5.19 %
    Trust certificates(2)   $20.4 million      
    Deferred issuance costs   $(0.9) million      
                 
Ajax Mortgage Loan Trust 2014-B / November 2014   Class A notes due 2054   $41.2 million     3.85 %
    Class B-1 notes due 2054(1) (3)   $13.7 million     5.25 %
    Class B-2 notes due 2054(1) (3)   $13.7 million     5.25 %
    Trust certificates(2)   $22.9 million      
    Deferred issuance costs   $(0.8) million      
                 
Ajax Mortgage Loan Trust 2015-A / May 2015   Class A notes due 2054   $35.6 million     3.88 %
    Class B-1 notes due 2054(1) (3)   $8.7 million     5.25 %
    Class B-2 notes due 2054(1) (3)   $8.7 million     5.25 %
    Trust certificates(2)   $22.8 million      
    Deferred issuance costs   $(0.8) million      
                 
Ajax Mortgage Loan Trust 2015-B / July 2015   Class A notes due 2060   $87.2 million     3.88 %
    Class B-1 notes due 2060(1) (3)   $15.9 million     5.25 %
    Class B-2 notes due 2060(1) (3)   $7.9 million     5.25 %
    Trust certificates(2)   $47.5 million      
    Deferred issuance costs   $(1.5) million      
                 
Ajax Mortgage Loan Trust 2015-C / November 2015   Class A notes due 2057   $82.0 million     3.88 %
    Class B-1 notes due 2057(1) (3)   $6.5 million     5.25 %
    Class B-2 notes due 2057(1) (3)   $6.5 million     5.25 %
    Trust certificates(2)   $35.1 million      
    Deferred issuance costs   $(2.7) million      
                 
Ajax Mortgage Loan Trust 2016-A/ April 2016   Class A notes due 2064   $101.4 million     4.25 %
    Class B-1 notes due 2064(1)   $7.9 million     5.25 %
    Class B-2 notes due 2064(1)   $7.9 million     5.25 %
    Trust certificates (2)   $41.3 million      
    Deferred issuance costs   $(2.7) million      

  

 

(1) 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.
(2) 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.
(3) These securities are encumbered under a repurchase agreement.

 

Servicing for the mortgage loans in the Company’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):

 

 

    Balances at June 30, 2016     Balances at December 31, 2015     Original balances at securitization cutoff date  
Class of Notes   Carrying
value of
mortgages
    Bond
principal
balance
    Carrying
value of
mortgages
    Bond
principal
balance
    Mortgage
UPB
    Bond Principal
Balance
 
2014-A   $ 53,606     $ 34,659     $ 55,098     $ 36,463     $ 81,405     $ 45,000  
2014-B     64,696       32,919       66,292       35,646       91,535       41,191  
2015-A     52,991       31,615       53,673       33,674       75,835       35,643  
2015-B     110,799       81,305       115,395       84,973       158,498       87,174  
2015-C     104,015       72,783       108,238       79,824       130,130       81,982  
2016-A     118,778       99,309       -       -       158,485       101,431  
    $ 504,885     $ 352,590     $ 398,696     $ 270,580     $ 695,888     $ 392,421  

 

The Company’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.  Accordingly, a projection of contractual maturities over the next five years is inapplicable.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions
6 Months Ended
Jun. 30, 2016
Related Party Transactions [Abstract]  
Related party transactions

Note 9 — Related party transactions

 

The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands):

 

    Three months ended June 30, 2016   Three months ended June 30, 2015
    Amount     Counterparty   Consolidated
Statement of
Income location
  Amount     Counterparty   Consolidated
Statement of
Income location
Loan servicing fees   $ 1,453     Gregory   Related party expense-loan servicing fees   $ 851     Gregory   Related party expense-loan servicing fees
Management fee     937     Thetis   Related party expense-management fee     856     Thetis   Related party expense-management fee
Due diligence and related loan acquisition costs     24     Gregory   Loan transaction expense     1     Gregory   Loan transaction expense
                                 
Expense reimbursements     -                 -   -     -     Aspen Yo   Professional fees

 

    Six months ended June 30, 2016   Six months ended June 30, 2015
    Amount     Counterparty   Consolidated
Statement of
Income location
  Amount     Counterparty   Consolidated
Statement of
Income location
Loan servicing fees   $ 2,856     Gregory   Related party expense-loan servicing fees   $ 1,507     Gregory   Related party expense-loan servicing fees
Management fee     1,843     Thetis   Related party expense-management fee     1,603     Thetis   Related party expense-management fee
Due diligence and related loan acquisition costs     50     Gregory   Loan transaction expense     19     Gregory   Loan transaction expense
                                 
Expense reimbursements     -                -   -     3     Aspen Yo   Professional fees

 

The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands):

 

    June 30, 2016   December 31, 2015
    Amount     Counterparty   Consolidated Balance
sheet location
  Amount     Counterparty   Consolidated Balance
Sheet Location
Receivables from Servicer   $ 6,949     Gregory   Receivable from servicer   $ 5,444     Gregory   Receivable from servicer
Management fee payable     703     Thetis   Management fee payable     667     Thetis   Management fee payable
Servicing fees payable     123     Gregory   Accrued expenses and other liabilities     152     Gregory   Accrued expenses and other liabilities
Expense reimbursement receivable     -                  -   -     37     Thetis   Prepaid expenses and other assets
 
Management Agreement

 

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’s business strategy and manages the Company’s business and investment activities and day-to-day operations, subject to oversight by the Company’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’s executive officers is an employee or officer, or both, of the Manager or the Servicer.

 

Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager.

 

The base management fee equals 1.5% of our stockholders’ equity per annum and calculated and payable quarterly in arrears. For purposes of calculating the management fee, the Company’s stockholders’ equity means: (a) the sum of (i) the net proceeds from any issuances of common stock or other equity securities issued by the Company or the operating partnership (without double counting) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), and (ii) the Company’s and the operating partnership’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’ equity as reported in the Company’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’s independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s consolidated financial statements.

 

The initial $1 million of the quarterly base management fee will be payable 75% in cash and 25% in shares of the Company’s common stock. Any amount of the 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”). 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’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’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’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.

 

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%. Notwithstanding the foregoing, no incentive fee will be payable to the Manager with respect to any calendar quarter unless its cumulative core earnings, as defined in the agreement, is greater than zero for the most recently completed eight calendar quarters, or the number of completed calendar quarters since the closing date of the Original Private Placement, whichever is less.

 

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.

 

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’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 “investment company” 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’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.

 

Servicing Agreement

 

On July 8, 2014, the Company entered into a 15-year servicing agreement (the “Servicing Agreement”) with the Servicer. The Company’s overall servicing costs under the servicing agreement will vary based on the types of assets serviced.

 

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’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.

 

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.

 

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.

 

Trademark Licenses

 

Aspen Yo has granted the Company a non-exclusive, non-transferable, non-sublicensable, royalty-free license to use the name “Great Ajax” and the related logo. The Company also has a similar license to use the name “Thetis.” 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 “Great Ajax” 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 “Thetis.”
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock based payments and director fees
6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock based payments and director fees

Note 10 — Stock-based payments and director fees

 

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.

 

In addition, each of the Company’s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company’s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts).

 

Management fees and director fees

 

    For the three-months ended
 June 30, 2016
    For the three-months ended 
June 30, 2015
 
    Number of
shares
    Amount of
expense
recognized(1)
    Number of
shares
    Amount of
expense
recognized(1)
 
Management Fees     15,684     $ 234       29,790     $ 411  
Independent Director Fees     1,672       25       1,740       25  
      17,356     $ 259       31,530     $ 436  

 

    For the six-months ended
 June 30, 2016
    For the six-months ended 
June 30, 2015
 
    Number of
shares
    Amount of
expense
recognized(1)
    Number of
shares
    Amount of
expense
recognized(1)
 
Management Fees     30,600     $ 462       55,877     $ 814  
Independent Director Fees     3,320       52       3,488       50  
      33,920     $ 514       59,365     $ 864  

 

 

(1) All management fees and independent director fees are fully expensed in the period in which they are incurred.

 

The Director Plan is designed to promote the Company’s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company’s Board of Directors. The total number of shares of common stock or other stock-based award, including grants of long term incentive plan (“LTIP”) 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. 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 its common stock, subject to a one-year vesting period.

 

The following table sets forth the activity in its restricted stock plan ($ in thousands, except share and per share amounts):

 

Restricted stock   Number of
shares
    Per share
value
    Total cost of
grant
    Grant expense
recognized for the
three months ended
June 30, 2016
    Grant expense
recognized for the six
months ended June 30, 
2016
 
July 8, 2014, Directors’ Grants(1)     6,000     $ 15.00     $ 90     $ -     $ -  
February 19, 2015 Director Grant(1)     2,000       14.25       29       -       2  
      8,000             $ 119     $ -     $ 2  

 

    Number of
shares
    Per share
value
    Total cost of
grant
    Grant expense
recognized for the
three months ended
June 30, 2015
    Grant expense
recognized for the six
months ended June 30, 
2015
 
July 8, 2014, Directors’ Grants(1)     6,000     $ 15.00     $ 90     $ 23     $ 45  
February 19, 2015 Director Grant(1)     2,000       14.25       29       7       12  
      8,000             $ 119     $ 30     $ 57  

 

 

(1) Vesting period is one year from grant date.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income taxes
6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Income taxes

Note 11 — Income taxes

 

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.

 

The Company’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’s taxable income.

 

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. 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.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Earnings per share
6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings per share

Note 12 — Earnings per share

 

The following table sets forth the components of basic and diluted earnings per share ($ in thousands, except share and per share amounts):

  
    Three months ended June 30, 2016     Three months ended June 30, 2015  
    Income
(Numerator)
    Shares
(Denominator)
    Per Share
Amount
    Income
(Numerator)
    Shares
(Denominator)
    Per Share
Amount
 
                                     
Basic EPS                                                
Consolidated income attributable to common stockholders   $ 6,605       15,742,932             $ 5,436       15,237,739          
Allocation of earning to participating restricted shares     (9 )     -               (17 )     -          
Consolidated income attributable to unrestricted common stockholders   $ 6,596       15,742,932     $ 0.42     $ 5,419       15,237,739     $ 0.36  
                                                 
Effect of dilutive securities                                                
Operating partnership units     257       624,106               223       624,106          
Restricted stock grants and Manager and director fee shares     9       22,088               17       47,789          
                                                 
Diluted EPS                                                
Consolidated income attributable to common stockholders and dilutive securities   $ 6,862       16,389,126     $ 0.42     $ 5,659       15,909,634     $ 0.36  
    Six months ended June 30, 2016     Six months ended June 30, 2015  
    Income
(Numerator)
    Shares
(Denominator)
    Per Share
Amount
    Income
(Numerator)
    Shares
(Denominator)
    Per Share
Amount
 
                                     
Basic EPS                                                
Consolidated income attributable to common stockholders   $ 14,256       15,524,725             $ 9,076       14,129,162          
Allocation of earning to participating restricted shares     (23 )     -               (31 )     -          
Consolidated income attributable to unrestricted common stockholders   $ 14,233       15,524,725     $ 0.92     $ 9,045       14,129,162     $ 0.64  
                                                 
Effect of dilutive securities                                                
Operating partnership units     569       624,106               398       624,106          
Restricted stock grants and Manager and director fee shares     23       25,333               31       48,051          
                                                 
Diluted EPS                                                
Consolidated income attributable to common stockholders and dilutive securities   $ 14,825       16,174,164     $ 0.92     $ 9,474       14,801,319     $ 0.64  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent events
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent events

Note 13 — Subsequent events 

 

Director appointment

 

On July 7, 2016, the Company’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’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’s common stock and half in cash.

 

Repurchase facility

 

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.

 

Dividend declaration

 

On July 28, 2016 the Company’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.

 

Mortgage loan pool acquisitions

 

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.

 

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.

 

Management fees

 

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.

 

Directors’ retainer

 

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.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of significant accounting policies (Policies)
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Mortgage loans

Mortgage loans

 

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.
Loans acquired with deterioration in credit quality

Loans acquired with deterioration in credit quality

 

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). The Company’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.

 

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.

 

The Company’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’s contractually required payments receivable over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company’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.
Loans acquired that have not experienced a deterioration in credit quality

Loans acquired that have not experienced a deterioration in credit quality

 

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.

 

Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’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’s judgment, the borrower’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.

 

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’s effective interest rate, the loan’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’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.

 

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.
Real estate

Real estate

 

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 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.

 

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.

 

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.

 

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.
Secured borrowings

Secured borrowings

 

The Company, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business.  The secured borrowings are structured as debt financings, and the loans remain on the Company’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’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.  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.  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.  Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.
Repurchase facilities

Repurchase facilities

 

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. 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. The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company’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.
Management fee and expense reimbursement

Management fee and expense reimbursement

 

Under the management agreement with the Manager (the “Management Agreement”), the Company pays a quarterly base management fee based on its stockholders’ 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’ equity at quarter end. See Note 9 — Related party transactions.
Servicing fees

Servicing fees

 

Under the Company’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’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’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 — Related party transactions.
Stock-based payments

Stock-based payments

 

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’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 “Amended and Restated Agreement”), which amended the portion of the base management fee and manager’s incentive fee to be payable in cash and shares of the Company’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.

 

Pursuant to the Company’s 2014 Director Equity Plan (the “Director Plan”), 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’s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company’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’ annual retainer is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end.

 

On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”), to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company’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.
Directors' fees

Directors’ fees

 

The expense related to directors’ fees is accrued and, the portion payable in common stock is reflected in stockholders’ equity in the period in which it is incurred.
Variable interest entities

Variable interest entities

 

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’s secured borrowings (See “Secured Borrowings” above and Note 8 to the financial statements).  Additionally, from time to time, the Company may enter into joint ventures with unrelated entities.  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.
Cash and cash equivalents

Cash and cash equivalents

 

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 (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
Cash held in trust

Cash held in trust

 

Cash held in trust consists of cash balances legally due to lenders, and is segregated from the Company’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.
Earnings per share

Earnings per share

 

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’ fees.
Fair value of financial instruments

Fair value of financial instruments

 

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:

 

· Level 1 — Quoted prices in active markets for identical assets or liabilities.

 

· Level 2 — 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.

 

· Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
 

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.

 

The fair value of mortgage loans is estimated using the Manager’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 Company calculates the fair value for the senior debt consolidated on its balance sheet from securitization trusts by using the Company’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.
Income taxes

Income taxes

 

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’s REIT taxable income that is distributed to the Company’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.

 

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’s judgment, it reduces a deferred tax asset by a valuation allowance if it is “more–likely-than-not” 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.

 

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 “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities.

 

The Company’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.
Offering costs

Offering costs

 

Costs associated with the Company’s completed offerings of shares of common stock have been netted against, and are reflected as a reduction in, additional paid-in capital.
Segment information

Segment information

 

The Company’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.
Emerging growth company

Emerging growth company

 

Section 107 of the Jumpstart Our Business Startups Act (the “JOBS Act”) 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.
Reclassifications

Reclassifications

 

Certain amounts in the Company’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.
Recently adopted accounting standards

Recently adopted accounting standards

 

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 (“VIEs”) 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’s consolidation policy.

 

In April 2015, the FASB issued ASU 2015-03 Interest – 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’s balance sheet at March 31, 2016. There was no effect on the presentation of the Company’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.
Recently issued accounting standards

Recently issued accounting standards

 

In May 2014, Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or servicesWhile ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. 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.

 

In January 2016, the FASB issued ASU 2016-01Financial Instruments – 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.

 

In March 2016, the FASB issued ASU 2016-07 Investments – 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.

 

In March 2016, the FASB issued ASU 2016-09 Compensation – 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.

 

In June 2016, the FASB issued ASU 2016-13 Financial Instruments – 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.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Mortgage loans (Tables)
6 Months Ended
Jun. 30, 2016
Mortgage Loans [Abstract]  
Schedule of contractually required payments and estimated cash flows expected to be collected
    Three months ended June 30, 2016     Three months ended June 30, 2015  
Acquisitions   Re-performing
loans
    Non-performing
loans
    Re-performing
loans
    Non-performing
loans
 
Contractually required principal and interest   $ 120,524     $ -     $ 332,571     $ 31,827  
Non-accretable amount     (48,244 )     -       (132,557 )     (18,598 )
Expected cash flows to be collected     72,280       -       200,014       13,229  
Accretable yield     (20,152 )     -       (49,626 )     (4,185 )
Fair value at acquisition   $ 52,128     $ -     $ 150,388     $ 9,044  

 

    Six months ended June 30, 2016     Six months ended June 30, 2015  
    Re-performing
loans
    Non-performing
loans
    Re-performing
loans
    Non-performing
loans
 
Contractually required principal and interest   $ 202,703     $ -     $ 486,603     $ 65,675  
Non-accretable amount     (77,392 )     -       (198,704 )     (38,317 )
Expected cash flows to be collected     125,311       -       287,899       27,358  
Accretable yield     (36,005 )     -       (73,680 )     (8,038 )
Fair value at acquisition   $ 89,306     $ -     $ 214,219     $ 19,320  
Schedule of accretable yield
Accretable yield   Three months ended June 30, 2016     Three months ended June 30, 2015  
    Re-performing
loans
    Non-performing
loans
    Re-performing 
loans
    Non-performing
loans
 
Balance at beginning of period   $ 138,768     $ 16,151     $ 74,045     $ 22,604  
Accretable yield additions     20,152               49,626       4,185  
Accretion     (14,317 )     (2,057 )     (7,739 )     (3,054 )
Reclassification from (to) non-accretable amount, net     39,570       2,204       -       -  
Balance at end of period   $ 184,173     $ 16,298     $ 115,932     $ 23,735  

 

    Six months ended June 30, 2016     Six months ended June 30, 2015  
    Re-performing
loans
    Non-performing
loans
    Re-performing
loans
    Non-performing
loans
 
Balance at beginning of period   $ 136,455     $ 18,425     $ 54,940     $ 20,686  
Accretable yield additions     36,005               73,680       8,038  
Accretion     (27,857 )     (4,331 )     (12,688 )     (4,989 )
Reclassification from (to) non-accretable amount, net     39,570       2,204       -       -  
Balance at end of period   $ 184,173     $ 16,298     $ 115,932     $ 23,735  
Schedule of carrying value of mortgage loans and related UPB by delinquency status
    June 30, 2016     December 31, 2015  
    Number
of loans
    Carrying
value
    Unpaid
principal
balance
    Number
of loans
    Carrying
value
    Unpaid
principal
balance
 
Current     1,539     $ 274,302     $ 349,329       1,161     $ 212,469     $ 272,577  
30     578       107,919       135,930       479       83,936       107,873  
60     298       55,254       67,888       338       55,573       70,781  
90     733       119,174       152,253       867       127,435       167,177  
Foreclosure     388       73,885       100,171       404       75,464       107,301  
Mortgage loans     3,536     $ 630,534     $ 805,571       3,249     $ 554,877     $ 725,709  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Real estate assets (Tables)
6 Months Ended
Jun. 30, 2016
Real Estate [Abstract]  
Schedule of activity in the Company's carrying value of REO held-for-sale
Property Held-for-sale   Three months ended     Six months ended  
    June 30, 2016     June 30, 2015     June 30, 2016     June 30, 2015  
Balance at beginning of period   $ 13,380     $ 5,541     $ 10,333     $ 1,316  
Transfers from mortgage loans     5,019       3,574       9,851       7,669  
Adjustments to record at lower of cost or fair value     (154 )     -       (200 )     -  
Disposals     (2,324 )     (326 )     (4,137 )     (363 )
Other     630       229       704       396  
Balance at end of period   $ 16,551     $ 9,018     $ 16,551     $ 9,018  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair value (Tables)
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of fair value of financial assets and liabilities
          Level 1     Level 2     Level 3  
June 30, 2016   Carrying
Value
    Quoted prices in
active markets
    Observable inputs
other than Level 1
prices
    Unobservable
inputs
 
Not recognized on consolidated balance sheet at fair value (assets)                                
Mortgage loans   $ 630,534       -       -     $ 689,075  
Not recognized on consolidated balance sheet at fair value (liabilities)                                
Secured borrowings, net   $ 346,070       -       -     $ 341,245  
Borrowings under repurchase agreement   $ 102,240       -     $ 102,240       -  

 

          Level 1     Level 2     Level 3  
December 31, 2015   Carrying
Value
    Quoted prices in
active markets
    Observable inputs
other than Level 1
prices
    Unobservable
inputs
 
Not recognized on consolidated balance sheet at fair value (assets)                                
Mortgage loans   $ 554,877       -       -     $ 627,112  
Not recognized on consolidated balance sheet at fair value (liabilities)                                
Secured borrowings, net   $ 265,006       -       -     $ 259,649  
Borrowings under repurchase agreement   $ 104,533       -     $ 104,533       -  
Schedule of quantitative information about significant unobservable inputs
    Range of Values
Input   June 30, 2016   December 31, 2015
Equity discount rate – Re-performing loans   7% - 14%   7% - 14%
Equity discount rate – Non-performing loans   10% - 18%   10% - 18%
Cost of debt   4.25%   4.25%
Loan resolution timelines – Re-performing loans (in years)   4 - 7   4 - 7
Loan resolution timelines – Non-performing loans (in years)   1.4 - 4   1.4 - 4
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unconsolidated affiliates (Tables)
6 Months Ended
Jun. 30, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Schedule of assets and liabilities for the Company's unconsolidated affiliates at 100%, and at the Company's share

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 )     -       -  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Tables)
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Schedule of details of repurchase agreement
              June 30, 2016  
Maturity Date   Origination date   Maximum
Borrowing
capacity
    Amount
outstanding
    Amount
 of
 collateral
    Interest rate  
September 9, 2016   March 9, 2016   $ 15,730     $ 15,730     $ 22,470       3.00 %
September 30, 2016   March 30, 2016     10,658       10,658       15,226       3.01 %
November 22, 2016   November 24, 2015     200,000       66,433       109,252       4.19 %
December 23, 2016   June 23, 2016     9,419       9,419       13,391       2.91 %
Totals       $ 235,807     $ 102,240     $ 160,339       3.77 %

 

              December 31, 2015  
Maturity Date   Origination date   Maximum
Borrowing
capacity
    Amount
outstanding
    Amount
 of
 collateral
    Interest rate  
March 30, 2016   September 30, 2015   $ 10,838     $ 10,838     $ 15,483       2.53 %
June 23, 2016   December 23, 2015     9,374       9,374       13,391       2.91 %
November 22, 2016   November 24, 2015     200,000       84,321       135,736       4.17 %
Totals       $ 220,212     $ 104,533     $ 164,610       3.91 %
Schedule of amount outstanding on repurchase transactions and carrying value collateral
    Gross amounts not offset in balance sheet        
Balance sheet date   Gross amount of 
recognized liabilities
    Gross amount 
pledged as 
collateral
    Net amount  
June 30, 2016   $ 102,240     $ 160,339     $ 58,099  
December 31, 2015   $ 104,533     $ 164,610     $ 60,077  
Schedule of securitization of notes
Issuing Trust/Issue Date   Security   Original Principal   Interest Rate  
Ajax Mortgage Loan Trust 2014-A/ October 2014   Class A notes due 2057   $45 million     4.00 %
    Class B-1 notes due 2057(1) (3)   $8 million     5.19 %
    Class B-2 notes due 2057(1) (3)   $8 million     5.19 %
    Trust certificates(2)   $20.4 million      
    Deferred issuance costs   $(0.9) million      
                 
Ajax Mortgage Loan Trust 2014-B / November 2014   Class A notes due 2054   $41.2 million     3.85 %
    Class B-1 notes due 2054(1) (3)   $13.7 million     5.25 %
    Class B-2 notes due 2054(1) (3)   $13.7 million     5.25 %
    Trust certificates(2)   $22.9 million      
    Deferred issuance costs   $(0.8) million      
                 
Ajax Mortgage Loan Trust 2015-A / May 2015   Class A notes due 2054   $35.6 million     3.88 %
    Class B-1 notes due 2054(1) (3)   $8.7 million     5.25 %
    Class B-2 notes due 2054(1) (3)   $8.7 million     5.25 %
    Trust certificates(2)   $22.8 million      
    Deferred issuance costs   $(0.8) million      
                 
Ajax Mortgage Loan Trust 2015-B / July 2015   Class A notes due 2060   $87.2 million     3.88 %
    Class B-1 notes due 2060(1) (3)   $15.9 million     5.25 %
    Class B-2 notes due 2060(1) (3)   $7.9 million     5.25 %
    Trust certificates(2)   $47.5 million      
    Deferred issuance costs   $(1.5) million      
                 
Ajax Mortgage Loan Trust 2015-C / November 2015   Class A notes due 2057   $82.0 million     3.88 %
    Class B-1 notes due 2057(1) (3)   $6.5 million     5.25 %
    Class B-2 notes due 2057(1) (3)   $6.5 million     5.25 %
    Trust certificates(2)   $35.1 million      
    Deferred issuance costs   $(2.7) million      
                 
Ajax Mortgage Loan Trust 2016-A/ April 2016   Class A notes due 2064   $101.4 million     4.25 %
    Class B-1 notes due 2064(1)   $7.9 million     5.25 %
    Class B-2 notes due 2064(1)   $7.9 million     5.25 %
    Trust certificates (2)   $41.3 million      
    Deferred issuance costs   $(2.7) million      

  

 

(1) 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.
(2) 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.
(3) These securities are encumbered under a repurchase agreement.
Schedule of status of mortgage loans
    Balances at June 30, 2016     Balances at December 31, 2015     Original balances at securitization cutoff date  
Class of Notes   Carrying
value of
mortgages
    Bond
principal
balance
    Carrying
value of
mortgages
    Bond
principal
balance
    Mortgage
UPB
    Bond Principal
Balance
 
2014-A   $ 53,606     $ 34,659     $ 55,098     $ 36,463     $ 81,405     $ 45,000  
2014-B     64,696       32,919       66,292       35,646       91,535       41,191  
2015-A     52,991       31,615       53,673       33,674       75,835       35,643  
2015-B     110,799       81,305       115,395       84,973       158,498       87,174  
2015-C     104,015       72,783       108,238       79,824       130,130       81,982  
2016-A     118,778       99,309       -       -       158,485       101,431  
    $ 504,885     $ 352,590     $ 398,696     $ 270,580     $ 695,888     $ 392,421  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions (Tables)
6 Months Ended
Jun. 30, 2016
Related Party Transactions [Abstract]  
Schedule of consolidated statement of income
    Three months ended June 30, 2016   Three months ended June 30, 2015
    Amount     Counterparty   Consolidated
Statement of
Income location
  Amount     Counterparty   Consolidated
Statement of
Income location
Loan servicing fees   $ 1,453     Gregory   Related party expense-loan servicing fees   $ 851     Gregory   Related party expense-loan servicing fees
Management fee     937     Thetis   Related party expense-management fee     856     Thetis   Related party expense-management fee
Due diligence and related loan acquisition costs     24     Gregory   Loan transaction expense     1     Gregory   Loan transaction expense
                                 
Expense reimbursements     -                 -   -     -     Aspen Yo   Professional fees

 

    Six months ended June 30, 2016   Six months ended June 30, 2015
    Amount     Counterparty   Consolidated
Statement of
Income location
  Amount     Counterparty   Consolidated
Statement of
Income location
Loan servicing fees   $ 2,856     Gregory   Related party expense-loan servicing fees   $ 1,507     Gregory   Related party expense-loan servicing fees
Management fee     1,843     Thetis   Related party expense-management fee     1,603     Thetis   Related party expense-management fee
Due diligence and related loan acquisition costs     50     Gregory   Loan transaction expense     19     Gregory   Loan transaction expense
                                 
Expense reimbursements     -                -   -     3     Aspen Yo   Professional fees
Schedule of related party transactions for consolidated balance sheet
    June 30, 2016   December 31, 2015
    Amount     Counterparty   Consolidated Balance
sheet location
  Amount     Counterparty   Consolidated Balance
Sheet Location
Receivables from Servicer   $ 6,949     Gregory   Receivable from servicer   $ 5,444     Gregory   Receivable from servicer
Management fee payable     703     Thetis   Management fee payable     667     Thetis   Management fee payable
Servicing fees payable     123     Gregory   Accrued expenses and other liabilities     152     Gregory   Accrued expenses and other liabilities
Expense reimbursement receivable     -                  -   -     37     Thetis   Prepaid expenses and other assets
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock based payments and director fees (Tables)
6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of management fees and director fees

Management fees and director fees

 

    For the three-months ended
 June 30, 2016
    For the three-months ended 
June 30, 2015
 
    Number of
shares
    Amount of
expense
recognized(1)
    Number of
shares
    Amount of
expense
recognized(1)
 
Management Fees     15,684     $ 234       29,790     $ 411  
Independent Director Fees     1,672       25       1,740       25  
      17,356     $ 259       31,530     $ 436  

 

    For the six-months ended
 June 30, 2016
    For the six-months ended 
June 30, 2015
 
    Number of
shares
    Amount of
expense
recognized(1)
    Number of
shares
    Amount of
expense
recognized(1)
 
Management Fees     30,600     $ 462       55,877     $ 814  
Independent Director Fees     3,320       52       3,488       50  
      33,920     $ 514       59,365     $ 864  

 

 

(1) All management fees and independent director fees are fully expensed in the period in which they are incurred.

 
Schedule of activity in restricted stock
Restricted stock   Number of
shares
    Per share
value
    Total cost of
grant
    Grant expense
recognized for the
three months ended
June 30, 2016
    Grant expense
recognized for the six
months ended June 30, 
2016
 
July 8, 2014, Directors’ Grants(1)     6,000     $ 15.00     $ 90     $ -     $ -  
February 19, 2015 Director Grant(1)     2,000       14.25       29       -       2  
      8,000             $ 119     $ -     $ 2  
    Number of
shares
    Per share
value
    Total cost of
grant
    Grant expense
recognized for the
three months ended
June 30, 2015
    Grant expense
recognized for the six
months ended June 30, 
2015
 
July 8, 2014, Directors’ Grants(1)     6,000     $ 15.00     $ 90     $ 23     $ 45  
February 19, 2015 Director Grant(1)     2,000       14.25       29       7       12  
      8,000             $ 119     $ 30     $ 57  

 

 

(1) Vesting period is one year from grant date.
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Earnings per share (Tables)
6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Components of basic and diluted earnings per share
    Three months ended June 30, 2016     Three months ended June 30, 2015  
    Income
(Numerator)
    Shares
(Denominator)
    Per Share
Amount
    Income
(Numerator)
    Shares
(Denominator)
    Per Share
Amount
 
                                     
Basic EPS                                                
Consolidated income attributable to common stockholders   $ 6,605       15,742,932             $ 5,436       15,237,739          
Allocation of earning to participating restricted shares     (9 )     -               (17 )     -          
Consolidated income attributable to unrestricted common stockholders   $ 6,596       15,742,932     $ 0.42     $ 5,419       15,237,739     $ 0.36  
                                                 
Effect of dilutive securities                                                
Operating partnership units     257       624,106               223       624,106          
Restricted stock grants and Manager and director fee shares     9       22,088               17       47,789          
                                                 
Diluted EPS                                                
Consolidated income attributable to common stockholders and dilutive securities   $ 6,862       16,389,126     $ 0.42     $ 5,659       15,909,634     $ 0.36  
    Six months ended June 30, 2016     Six months ended June 30, 2015  
    Income
(Numerator)
    Shares
(Denominator)
    Per Share
Amount
    Income
(Numerator)
    Shares
(Denominator)
    Per Share
Amount
 
                                     
Basic EPS                                                
Consolidated income attributable to common stockholders   $ 14,256       15,524,725             $ 9,076       14,129,162          
Allocation of earning to participating restricted shares     (23 )     -               (31 )     -          
Consolidated income attributable to unrestricted common stockholders   $ 14,233       15,524,725     $ 0.92     $ 9,045       14,129,162     $ 0.64  
                                                 
Effect of dilutive securities                                                
Operating partnership units     569       624,106               398       624,106          
Restricted stock grants and Manager and director fee shares     23       25,333               31       48,051          
                                                 
Diluted EPS                                                
Consolidated income attributable to common stockholders and dilutive securities   $ 14,825       16,174,164     $ 0.92     $ 9,474       14,801,319     $ 0.64  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Organization and basis of presentation (Detail Textuals) - USD ($)
$ in Thousands
1 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Jun. 30, 2015
Organization And Basis Of Presentation [Line Items]      
Percentage of outstanding OP units owned 96.60% 96.60%  
Percentage of outstanding OP owned by an unaffiliated holder 3.40% 3.40%  
Issuance of shares (in shares) 2,589,427    
Net proceeds from initial public offering $ 32,000 $ 31,964 $ 51,529
Thetis Asset Management LLC      
Organization And Basis Of Presentation [Line Items]      
Ownership percentage 19.80% 19.80%  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of significant accounting policies (Detail Textuals)
6 Months Ended
Jun. 07, 2016
shares
Jul. 08, 2014
Jun. 30, 2016
USD ($)
Segment
shares
Summary Of Significant Accounting Policies [Line Items]      
Annual retainer amount     $ 50,000
Depreciation method     straight-line method
Estimated useful lives of an assets     three to 27.5 years
Number of operating segment | Segment     1
Accounting Standards 2015 - 03      
Summary Of Significant Accounting Policies [Line Items]      
Reduction in prepaid expenses and other assets     $ 4,900,000
Reduction in secured borrowings     $ 4,900,000
Servicing agreement | Gregory      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of fair market value of REO     1.00%
Percentage of purchase price of REO     1.00%
Servicing agreement | Gregory | Minimum      
Summary Of Significant Accounting Policies [Line Items]      
Servicing fees percentage   0.65% 0.65%
Servicing agreement | Gregory | Maximum      
Summary Of Significant Accounting Policies [Line Items]      
Servicing fees percentage   1.25% 1.25%
2014 Director Equity Plan | Restricted stock      
Summary Of Significant Accounting Policies [Line Items]      
Number of shares issued to independent directors | shares     2,000
Vesting period     1 year
Annual retainer amount     $ 50,000
2016 Equity Incentive Plan      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of outstanding shares on a fully diluted basis 5.00%    
Number of shares available under for distribution | shares 793,905    
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Mortgage loans (Details) - USD ($)
$ in Thousands
Jun. 30, 2016
Jun. 30, 2015
Re-performing loans | Three months ended    
Mortgage Loans on Real Estate [Line Items]    
Contractually required principal and interest $ 120,524 $ 332,571
Non-accretable amount (48,244) (132,557)
Expected cash flows to be collected 72,280 200,014
Accretable yield (20,152) (49,626)
Fair value at acquisition 52,128 150,388
Re-performing loans | Six months ended    
Mortgage Loans on Real Estate [Line Items]    
Contractually required principal and interest 202,703 486,603
Non-accretable amount (77,392) (198,704)
Expected cash flows to be collected 125,311 287,899
Accretable yield (36,005) (73,680)
Fair value at acquisition 89,306 214,219
Non-performing loans | Three months ended    
Mortgage Loans on Real Estate [Line Items]    
Contractually required principal and interest 31,827
Non-accretable amount (18,598)
Expected cash flows to be collected 13,229
Accretable yield (4,185)
Fair value at acquisition 9,044
Non-performing loans | Six months ended    
Mortgage Loans on Real Estate [Line Items]    
Contractually required principal and interest 65,675
Non-accretable amount (38,317)
Expected cash flows to be collected 27,358
Accretable yield (8,038)
Fair value at acquisition $ 19,320
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Mortgage loans (Details 1) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Re-performing loans        
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]        
Balance at beginning of period $ 138,768 $ 74,045 $ 136,455 $ 54,940
Accretable yield additions 20,152 49,626 36,005 73,680
Accretion (14,317) (7,739) (27,857) (12,688)
Reclassification from (to) non-accretable amount, net 39,570 39,570
Balance at end of period 184,173 115,932 184,173 115,932
Non-performing loans        
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]        
Balance at beginning of period 16,151 22,604 18,425 20,686
Accretable yield additions   4,185   8,038
Accretion (2,057) (3,054) (4,331) (4,989)
Reclassification from (to) non-accretable amount, net 2,204 2,204
Balance at end of period $ 16,298 $ 23,735 $ 16,298 $ 23,735
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Mortgage loans (Details 2)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2016
USD ($)
Loan
Dec. 31, 2015
USD ($)
Loan
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Number of loans | Loan 3,536 3,249
Carrying value [1] $ 630,534 $ 554,877
Unpaid principal balance $ 805,571 $ 725,709
Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Number of loans | Loan 1,539 1,161
Carrying value $ 274,302 $ 212,469
Unpaid principal balance $ 349,329 $ 272,577
30    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Number of loans | Loan 578 479
Carrying value $ 107,919 $ 83,936
Unpaid principal balance $ 135,930 $ 107,873
60    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Number of loans | Loan 298 338
Carrying value $ 55,254 $ 55,573
Unpaid principal balance $ 67,888 $ 70,781
90    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Number of loans | Loan 733 867
Carrying value $ 119,174 $ 127,435
Unpaid principal balance $ 152,253 $ 167,177
Foreclosure    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Number of loans | Loan 388 404
Carrying value $ 73,885 $ 75,464
Unpaid principal balance $ 100,171 $ 107,301
[1] Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8-Debt. Secured borrowings are presented net of deferred issuance costs.
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Mortgage loans (Detail Textuals) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]          
Mortgage loans [1] $ 630,534   $ 630,534   $ 554,877
Interest income on loans 16,400 $ 10,800 32,200 $ 17,700  
Re-performing loans          
Mortgage Loans on Real Estate [Line Items]          
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference 39,570 39,570  
Non-performing loans          
Mortgage Loans on Real Estate [Line Items]          
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference $ 2,204 $ 2,204  
[1] Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8-Debt. Secured borrowings are presented net of deferred issuance costs.
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Real estate assets (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Real Estate Held For Sale [Roll Forward]        
Balance at beginning of period $ 13,380 $ 5,541 $ 10,333 $ 1,316
Transfers from mortgage loans 5,019 3,574 9,851 7,669
Adjustments to record at lower of cost or fair value (154)   (200)  
Disposals (2,324) (326) (4,137) (363)
Other 630 229 704 396
Balance at end of period $ 16,551 $ 9,018 $ 16,551 $ 9,018
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
Real estate assets (Detail Textuals)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
USD ($)
Property
Jun. 30, 2015
USD ($)
Property
Jun. 30, 2016
USD ($)
Property
Jun. 30, 2015
USD ($)
Property
Dec. 31, 2015
USD ($)
Property
Mar. 31, 2016
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Real Estate [Line Items]                
Number of REO properties foreclosed | Property 103   103   55      
Foreclosed residential properties $ 14,400,000   $ 14,400,000   $ 6,800,000      
Number of REO properties held for rental | Property     3   1      
Aggregate carrying value REO properties $ 800,000   $ 800,000   $ 100,000      
Number of REO properties held-for-sale | Property 41 20 80 45        
Carrying value of real estate held-for-sale transfer $ 4,800,000 $ 2,800,000 $ 9,400,000 $ 7,700,000        
Aggregate carrying value of held for sale $ 16,551,000 $ 9,018,000 $ 16,551,000 $ 9,018,000 $ 10,333,000 $ 13,380,000 $ 5,541,000 $ 1,316,000
Number of held-for-sale residential properties disposed | Property 21 3 39 4        
Gain (loss) on sale of property     $ 1,086,000 $ (9,000)        
Adjustment to record REO properties at lower of cost $ 200,000   200,000          
Other Income                
Real Estate [Line Items]                
Gain (loss) on sale of property $ 500,000 $ 27,000 $ 1,100,000 $ 22,000        
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair value (Details) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Not recognized on consolidated balance sheet at fair value (assets)    
Mortgage loans [1] $ 630,534 $ 554,877
Not recognized on consolidated balance sheet at fair value (liabilities)    
Secured borrowings [1] 346,070 265,006
Borrowings under repurchase agreement 102,240 104,533
Level 1 Quoted prices in active markets    
Not recognized on consolidated balance sheet at fair value (assets)    
Mortgage loans
Not recognized on consolidated balance sheet at fair value (liabilities)    
Secured borrowings
Borrowings under repurchase agreement
Level 2 Observable inputs other than Level 1 prices    
Not recognized on consolidated balance sheet at fair value (assets)    
Mortgage loans
Not recognized on consolidated balance sheet at fair value (liabilities)    
Secured borrowings
Borrowings under repurchase agreement 102,240 104,533
Level 3 Unobservable inputs    
Not recognized on consolidated balance sheet at fair value (assets)    
Mortgage loans 689,075 627,112
Not recognized on consolidated balance sheet at fair value (liabilities)    
Secured borrowings 341,245 259,649
Borrowings under repurchase agreement
Carrying Value    
Not recognized on consolidated balance sheet at fair value (assets)    
Mortgage loans 630,534 554,877
Not recognized on consolidated balance sheet at fair value (liabilities)    
Secured borrowings 346,070 265,006
Borrowings under repurchase agreement $ 102,240 $ 104,533
[1] Mortgage loans include $504,885 and $398,696 of loans at June 30, 2016 and December 31, 2015, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8-Debt. Secured borrowings are presented net of deferred issuance costs.
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair value (Details 1)
6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Cost of debt 4.25% 4.25%
Re-performing loans | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Equity discount rate 7.00% 7.00%
Loan resolution timelines 4 years 4 years
Re-performing loans | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Equity discount rate 14.00% 14.00%
Loan resolution timelines 7 years 7 years
Non-performing loans | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Equity discount rate 10.00% 10.00%
Loan resolution timelines 1 year 4 months 24 days 1 year 4 months 24 days
Non-performing loans | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Equity discount rate 18.00% 18.00%
Loan resolution timelines 4 years 4 years
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unconsolidated affiliates (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]          
Total income $ 6,605 $ 5,436 $ 14,256 $ 9,076  
Assets 729,755   729,755   $ 609,805
Liabilities 452,456   452,456   371,992
GA-E 2014-12          
Investments in and Advances to Affiliates [Line Items]          
Total income 77 90 156 171  
Assets 2,479   2,479   2,334
Liabilities 1   1   4
GA-E 2014-12 | Unconsolidated affiliates          
Investments in and Advances to Affiliates [Line Items]          
Total income 191 221 384 423  
Assets 6,120   6,120   5,763
Liabilities 3   3   10
Thetis Asset Management LLC          
Investments in and Advances to Affiliates [Line Items]          
Total income 46 58 90 99  
Assets 772   772   600
Liabilities 136   136   103
Thetis Asset Management LLC | Unconsolidated affiliates          
Investments in and Advances to Affiliates [Line Items]          
Total income 231 295 453 500  
Assets 3,897   3,897   3,028
Liabilities 685   685   520
AS Ajax E LLC          
Investments in and Advances to Affiliates [Line Items]          
Total income 14 1  
Assets 1,125   1,125  
Liabilities (1)   (1)  
AS Ajax E LLC | Unconsolidated affiliates          
Investments in and Advances to Affiliates [Line Items]          
Total income 57 57  
Assets 4,642   4,642  
Liabilities $ 3   $ 3  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unconsolidated affiliates (Detail Textuals)
Jun. 30, 2016
Mar. 14, 2016
Thetis Asset Management LLC    
Investments in and Advances to Affiliates [Line Items]    
Ownership percentage 19.80%  
Other investors    
Investments in and Advances to Affiliates [Line Items]    
Ownership percentage   3.80%
Trust    
Investments in and Advances to Affiliates [Line Items]    
Ownership percentage   1.20%
Delaware Trust GA-E 2014-12    
Investments in and Advances to Affiliates [Line Items]    
Ownership percentage 40.50%  
DoubleLine Capital LP    
Investments in and Advances to Affiliates [Line Items]    
Ownership percentage   95.00%
AS Ajax E LLC    
Investments in and Advances to Affiliates [Line Items]    
Ownership percentage   24.00%
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and contingencies (Detail Textuals) - One-to-four family residences - Re-performing loans - Purchase commitment
$ in Millions
Jun. 30, 2016
USD ($)
Property
Mortgage Loans on Real Estate [Line Items]  
Number of mortgage loans on real estate | Property 1,063
Aggregate unpaid principal balance of mortgage loans on real estate | $ $ 189.3
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 235,807 $ 220,212
Amount outstanding 102,240 104,533
Amount of collateral $ 160,339 $ 164,610
Interest rate 3.77% 3.91%
Master Repurchase Agreement | March 30, 2016    
Debt Instrument [Line Items]    
Maturity Date   Mar. 30, 2016
Origination date   Sep. 30, 2015
Maximum borrowing capacity   $ 10,838
Amount outstanding   10,838
Amount of collateral   $ 15,483
Interest rate   2.53%
Master Repurchase Agreement | June 23, 2016    
Debt Instrument [Line Items]    
Maturity Date   Jun. 23, 2016
Origination date   Dec. 23, 2015
Maximum borrowing capacity   $ 9,374
Amount outstanding   9,374
Amount of collateral   $ 13,391
Interest rate   2.91%
Master Repurchase Agreement | September 09, 2016    
Debt Instrument [Line Items]    
Maturity Date Sep. 09, 2016  
Origination date Mar. 09, 2016  
Maximum borrowing capacity $ 15,730  
Amount outstanding 15,730  
Amount of collateral $ 22,470  
Interest rate 3.00%  
Master Repurchase Agreement | September 30, 2016    
Debt Instrument [Line Items]    
Maturity Date Sep. 30, 2016  
Origination date Mar. 30, 2016  
Maximum borrowing capacity $ 10,658  
Amount outstanding 10,658  
Amount of collateral $ 15,226  
Interest rate 3.01%  
Master Repurchase Agreement | November 22, 2016    
Debt Instrument [Line Items]    
Maturity Date Nov. 22, 2016 Nov. 22, 2016
Origination date Nov. 24, 2015 Nov. 24, 2015
Maximum borrowing capacity $ 200,000 $ 200,000
Amount outstanding 66,433 84,321
Amount of collateral $ 109,252 $ 135,736
Interest rate 4.19% 4.17%
Master Repurchase Agreement | December 23, 2016    
Debt Instrument [Line Items]    
Maturity Date Dec. 23, 2016  
Origination date Jun. 23, 2016  
Maximum borrowing capacity $ 9,419  
Amount outstanding 9,419  
Amount of collateral $ 13,391  
Interest rate 2.91%  
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Details 1) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Debt Disclosure [Abstract]    
Gross amount of recognized liabilities $ 102,240 $ 104,533
Gross amount pledged as collateral 160,339 164,610
Net amount $ 58,099 $ 60,077
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Details 2) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Debt Instrument [Line Items]    
Interest Rate 3.77% 3.91%
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2014-A/ October 2014    
Debt Instrument [Line Items]    
Notes due 2057  
Original Principal $ 45.0  
Interest Rate 4.00%  
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2014-B / November 2014    
Debt Instrument [Line Items]    
Notes due 2054  
Original Principal $ 41.2  
Interest Rate 3.85%  
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2015-A / May 2015    
Debt Instrument [Line Items]    
Notes due 2054  
Original Principal $ 35.6  
Interest Rate 3.88%  
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2015-B / July 2015    
Debt Instrument [Line Items]    
Notes due 2060  
Original Principal $ 87.2  
Interest Rate 3.88%  
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2015-C / November 2015    
Debt Instrument [Line Items]    
Notes due 2057  
Original Principal $ 82.0  
Interest Rate 3.88%  
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2016-A/ April 2016    
Debt Instrument [Line Items]    
Notes due 2064  
Original Principal $ 101.4  
Interest Rate 4.25%  
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2014-A/ October 2014    
Debt Instrument [Line Items]    
Notes due [1],[2] 2057  
Original Principal [1],[2] $ 8.0  
Interest Rate [1],[2] 5.19%  
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2014-B / November 2014    
Debt Instrument [Line Items]    
Notes due [1],[2] 2054  
Original Principal [1],[2] $ 13.7  
Interest Rate [1],[2] 5.25%  
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2015-A / May 2015    
Debt Instrument [Line Items]    
Notes due [1],[2] 2054  
Original Principal [1],[2] $ 8.7  
Interest Rate [1],[2] 5.25%  
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2015-B / July 2015    
Debt Instrument [Line Items]    
Notes due [1],[2] 2060  
Original Principal [1],[2] $ 15.9  
Interest Rate [1],[2] 5.25%  
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2015-C / November 2015    
Debt Instrument [Line Items]    
Notes due [1],[2] 2057  
Original Principal [1],[2] $ 6.5  
Interest Rate [1],[2] 5.25%  
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2016-A/ April 2016    
Debt Instrument [Line Items]    
Notes due [1] 2064  
Original Principal [1] $ 7.9  
Interest Rate [1] 5.25%  
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2014-A/ October 2014    
Debt Instrument [Line Items]    
Notes due [1],[2] 2057  
Original Principal [1],[2] $ 8.0  
Interest Rate [1],[2] 5.19%  
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2014-B / November 2014    
Debt Instrument [Line Items]    
Notes due [1],[2] 2054  
Original Principal [1],[2] $ 13.7  
Interest Rate [1],[2] 5.25%  
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2015-A / May 2015    
Debt Instrument [Line Items]    
Notes due [1],[2] 2054  
Original Principal [1],[2] $ 8.7  
Interest Rate [1],[2] 5.25%  
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2015-B / July 2015    
Debt Instrument [Line Items]    
Notes due [1],[2] 2060  
Original Principal [1],[2] $ 7.9  
Interest Rate [1],[2] 5.25%  
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2015-C / November 2015    
Debt Instrument [Line Items]    
Notes due [1],[2] 2057  
Original Principal [1],[2] $ 6.5  
Interest Rate [1],[2] 5.25%  
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2016-A/ April 2016    
Debt Instrument [Line Items]    
Notes due [1] 2064  
Original Principal [1] $ 7.9  
Interest Rate [1] 5.25%  
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2014-A/ October 2014    
Debt Instrument [Line Items]    
Original Principal [3] $ 20.4  
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2014-B / November 2014    
Debt Instrument [Line Items]    
Original Principal [3] 22.9  
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2015-A / May 2015    
Debt Instrument [Line Items]    
Original Principal [3] 22.8  
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2015-B / July 2015    
Debt Instrument [Line Items]    
Original Principal [3] 47.5  
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2015-C / November 2015    
Debt Instrument [Line Items]    
Original Principal [3] 35.1  
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2016-A/ April 2016    
Debt Instrument [Line Items]    
Original Principal [3] 41.3  
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2014-A/ October 2014    
Debt Instrument [Line Items]    
Deferred issuance costs (0.9)  
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2014-B / November 2014    
Debt Instrument [Line Items]    
Deferred issuance costs (0.8)  
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2015-A / May 2015    
Debt Instrument [Line Items]    
Deferred issuance costs (0.8)  
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2015-B / July 2015    
Debt Instrument [Line Items]    
Deferred issuance costs (1.5)  
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2015-C / November 2015    
Debt Instrument [Line Items]    
Deferred issuance costs (2.7)  
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2016-A/ April 2016    
Debt Instrument [Line Items]    
Deferred issuance costs $ (2.7)  
[1] 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.
[2] These securities are encumbered under a repurchase agreement.
[3] 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.
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Details 3) - Mortgage loans - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Debt Instrument [Line Items]    
Carrying value of mortgages $ 504,885 $ 398,696
Bond principal balance 352,590 270,580
Original balances at securitization cutoff date Mortgage UPB 695,888  
Original balances at securitization cutoff date Bond principal balance 392,421  
2014-A    
Debt Instrument [Line Items]    
Carrying value of mortgages 53,606 55,098
Bond principal balance 34,659 36,463
Original balances at securitization cutoff date Mortgage UPB 81,405  
Original balances at securitization cutoff date Bond principal balance 45,000  
2014-B    
Debt Instrument [Line Items]    
Carrying value of mortgages 64,696 66,292
Bond principal balance 32,919 35,646
Original balances at securitization cutoff date Mortgage UPB 91,535  
Original balances at securitization cutoff date Bond principal balance 41,191  
2015-A    
Debt Instrument [Line Items]    
Carrying value of mortgages 52,991 53,673
Bond principal balance 31,615 33,674
Original balances at securitization cutoff date Mortgage UPB 75,835  
Original balances at securitization cutoff date Bond principal balance 35,643  
2015-B    
Debt Instrument [Line Items]    
Carrying value of mortgages 110,799 115,395
Bond principal balance 81,305 84,973
Original balances at securitization cutoff date Mortgage UPB 158,498  
Original balances at securitization cutoff date Bond principal balance 87,174  
2015-C    
Debt Instrument [Line Items]    
Carrying value of mortgages 104,015 108,238
Bond principal balance 72,783 79,824
Original balances at securitization cutoff date Mortgage UPB 130,130  
Original balances at securitization cutoff date Bond principal balance 81,982  
2016-A    
Debt Instrument [Line Items]    
Carrying value of mortgages 118,778
Bond principal balance 99,309
Original balances at securitization cutoff date Mortgage UPB 158,485  
Original balances at securitization cutoff date Bond principal balance $ 101,431  
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Detail Textuals) - USD ($)
$ in Millions
6 Months Ended
Jul. 15, 2016
Jun. 30, 2016
Dec. 31, 2015
Debt Instrument [Line Items]      
Percentage of guarantors beneficial interest   100.00%  
Interest Rate   3.77% 3.91%
Mortgage loans | Re-performing loans | 2014-A      
Debt Instrument [Line Items]      
Servicing fees percentage   0.65%  
Mortgage loans | Re-performing loans | 2014-B      
Debt Instrument [Line Items]      
Servicing fees percentage   0.65%  
Mortgage loans | Re-performing loans | 2015-A      
Debt Instrument [Line Items]      
Servicing fees percentage   0.65%  
Mortgage loans | Re-performing loans | 2015-B      
Debt Instrument [Line Items]      
Servicing fees percentage   0.65%  
Mortgage loans | Re-performing loans | 2015-C      
Debt Instrument [Line Items]      
Servicing fees percentage   0.65%  
Mortgage loans | Non-performing loans | 2014-A      
Debt Instrument [Line Items]      
Servicing fees percentage   1.25%  
Mortgage loans | Non-performing loans | 2014-B      
Debt Instrument [Line Items]      
Servicing fees percentage   1.25%  
Mortgage loans | Non-performing loans | 2015-A      
Debt Instrument [Line Items]      
Servicing fees percentage   1.25%  
Mortgage loans | Non-performing loans | 2015-B      
Debt Instrument [Line Items]      
Servicing fees percentage   1.25%  
Mortgage loans | Non-performing loans | 2015-C      
Debt Instrument [Line Items]      
Servicing fees percentage   1.25%  
Master Repurchase Agreement | March 30, 2016      
Debt Instrument [Line Items]      
Interest Rate     2.53%
Master Repurchase Agreement | June 23, 2016      
Debt Instrument [Line Items]      
Interest Rate     2.91%
Master Repurchase Agreement | September 09, 2016      
Debt Instrument [Line Items]      
Interest Rate   3.00%  
Master Repurchase Agreement | September 30, 2016      
Debt Instrument [Line Items]      
Interest Rate   3.01%  
Master Repurchase Agreement | Mortgage loans      
Debt Instrument [Line Items]      
Ownership interests in subsidiary   100.00%  
Variable rate basis of borrowing   One-month LIBOR  
Percentage of purchase price for each mortgage loan or REO   65.00%  
Master Repurchase Agreement | Mortgage loans | Subsequent events      
Debt Instrument [Line Items]      
Loan amount $ 150    
Variable rate basis of borrowing LIBOR plus 2.5%    
Servicing fees percentage 0.25%    
Master Repurchase Agreement | Mortgage loans | Maximum      
Debt Instrument [Line Items]      
Loan amount   $ 200  
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Gregory | Loan servicing fees        
Related Party Transaction [Line Items]        
Loan servicing fees $ 1,453 $ 851 $ 2,856 $ 1,507
Gregory | Loan transaction expense        
Related Party Transaction [Line Items]        
Due diligence and related loan acquisition costs 24 1 50 19
Thetis | Management fees        
Related Party Transaction [Line Items]        
Management fee $ 937 856 $ 1,843 1,603
Aspen Yo | Professional Fees        
Related Party Transaction [Line Items]        
Expense reimbursements     $ 3
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions (Details 1) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Related Party Transaction [Line Items]    
Receivable from servicer $ 6,949 $ 5,444
Management fee payable 703 667
Gregory | Receivables from Servicer    
Related Party Transaction [Line Items]    
Receivable from servicer 6,949 5,444
Gregory | Accrued expenses and other liabilities    
Related Party Transaction [Line Items]    
Servicing fees payable 123 152
Thetis | Management fee payable    
Related Party Transaction [Line Items]    
Management fee payable 703 667
Thetis | Prepaid expenses and other assets    
Related Party Transaction [Line Items]    
Expense reimbursement receivable $ 37
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions (Detail Textuals) - USD ($)
$ in Thousands
6 Months Ended
Jul. 08, 2014
Jun. 30, 2016
Dec. 31, 2015
Related Party Transaction [Line Items]      
Unpaid principal balance   $ 805,571 $ 725,709
Management fee payable   703 $ 667
Management agreement | Manager      
Related Party Transaction [Line Items]      
Term of agreement 15 years    
Base management fee percentage 1.50%    
Description of incentive management fee payable 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%.    
Management fee payable   $ 1,000  
Percentage of base management fees payable in cash   75.00%  
Percentage of base management fee payable in shares of common stock   25.00%  
Management fees, description   Base management fee in excess of $1 million will be payable in shares of the Company's common stock until payment is 50% in cash and 50% in shares (the "50/50 split").  
Percentage of remaining incentive fee payable in common stock   20.00%  
Percentage of remaining incentive fee payable in cash   80.00%  
Servicing agreement | Servicer      
Related Party Transaction [Line Items]      
Term of agreement 15 years    
Percentage of fair market value of REO   1.00%  
Percentage of purchase price of REO   1.00%  
Servicing agreement | Servicer | Minimum      
Related Party Transaction [Line Items]      
Servicing fees percentage 0.65% 0.65%  
Servicing agreement | Servicer | Maximum      
Related Party Transaction [Line Items]      
Servicing fees percentage 1.25% 1.25%  
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock based payments and director fees (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares 17,356 31,530 33,920 59,365
Amount of expense recognized [1] $ 259 $ 436 $ 514 $ 864
Management fees        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares 15,684 29,790 30,600 55,877
Amount of expense recognized [1] $ 234 $ 411 $ 462 $ 814
Independent director fees        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares 1,672 1,740 3,320 3,488
Amount of expense recognized [1] $ 25 $ 25 $ 52 $ 50
[1] All management fees and independent director fees are fully expensed in the period in which they are incurred.
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock based payments and director fees (Details 1) - Restricted stock - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares     8,000 8,000
Total cost of grant     $ 119 $ 119
Grant expense recognized $ 30 $ 2 $ 57
July 8, 2014 Directors Grants | Director        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares [1]     6,000 6,000
Per share value (in dollars per share) [1]     $ 15.00 $ 15.00
Total cost of grant [1]     $ 90 $ 90
Grant expense recognized [1] 23 $ 45
February 19, 2015 Director Grant | Director        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares [1]     2,000 2,000
Per share value (in dollars per share) [1]     $ 14.25 $ 14.25
Total cost of grant [1]     $ 29 $ 29
Grant expense recognized [1] $ 7 $ 2 $ 12
[1] Vesting period is one year from grant date.
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock based payments and director fees (Detail Textuals)
1 Months Ended 3 Months Ended 6 Months Ended
Feb. 28, 2015
shares
Jun. 30, 2016
USD ($)
shares
Jun. 30, 2016
USD ($)
Director
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Management fees | $   $ 900,000 $ 1,800,000
Management fee paid with shares of stock | $   $ 200,000 $ 500,000
Number of shares issued for payment for management fee | shares   15,684 30,600
Annual retainer amount | $     $ 50,000
Long term incentive plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for issuance under Director Plan | shares   100,000 100,000
Number of independent directors | Director     3
Long term incentive plan | Initial public offering | Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of restricted stock awards issued to independent directors | shares 2,000   2,000
Vesting period 1 year   1 year
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income taxes (Detail Textuals) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Tax Disclosure [Abstract]        
Distribution percentage of Real Estate Investment Trust (REIT) taxable income     90.00%  
Provision for income taxes $ 26 $ 16 $ 23 $ 16
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.5.0.2
Earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Basic EPS        
Consolidated income attributable to common stockholders $ 6,605 $ 5,436 $ 14,256 $ 9,076
Allocation of earnings to participating restricted shares (9) (17) (23) (31)
Consolidated income attributable to unrestricted common stockholders 6,596 5,419 14,233 9,045
Effect of dilutive securities        
Operating partnership units 257 223 569 398
Restricted stock grants and Manager and director fee shares 9 17 23 31
Diluted EPS        
Consolidated income attributable to common stockholders and dilutive securities $ 6,862 $ 5,659 $ 14,825 $ 9,474
Basic EPS        
Consolidated income attributable to common stockholders, shares 15,742,932 15,237,739 15,524,725 14,129,162
Allocation of earnings to participating restricted shares, shares
Consolidated income attributable to unrestricted common stockholders, shares 15,742,932 15,237,739 15,524,725 14,129,162
Effect of dilutive securities        
Operating partnership units, shares 624,106 624,106 624,106 624,106
Restricted stock grants and Manager and director fee shares, shares 22,088 47,789 25,333 48,051
Diluted EPS        
Consolidated income attributable to common stockholders and dilutive securities, shares 16,389,126 15,909,634 16,174,164 14,801,319
Per Share Amount        
Consolidated income attributable to unrestricted common stockholders (in dollars per share) $ 0.42 $ 0.36 $ 0.92 $ 0.64
Consolidated income attributable to unrestricted common stockholders (in dollars per share) $ 0.42 $ 0.36 $ 0.92 $ 0.64
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent events (Detail Textuals) - USD ($)
1 Months Ended 6 Months Ended
Jul. 15, 2016
Jul. 07, 2016
Jul. 28, 2016
Jun. 30, 2016
Subsequent Event [Line Items]        
Annual retainer amount       $ 50,000
Repurchase financing arrangement | Mortgage loans        
Subsequent Event [Line Items]        
Variable rate basis of borrowing       One-month LIBOR
Subsequent events | Repurchase financing arrangement | Mortgage loans        
Subsequent Event [Line Items]        
Loan amount $ 150,000,000      
Variable rate basis of borrowing LIBOR plus 2.5%      
Servicing fees percentage 0.25%      
Subsequent events | Common Stock | Paul Friedman | 2014 Director Equity Plan        
Subsequent Event [Line Items]        
Number of shares received   2,000    
Vesting period   1 year    
Annual retainer amount   $ 50,000    
Subsequent events | Board of directors        
Subsequent Event [Line Items]        
Dividend declared date     Jul. 28, 2016  
Dividends payable, amount per share     $ 0.25  
Dividend paid date     Aug. 31, 2016  
Dividend record date     Aug. 16, 2016  
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent events (Detail Textuals 1)
$ in Millions
1 Months Ended 6 Months Ended
Aug. 01, 2016
shares
Jul. 31, 2016
USD ($)
Property
Jun. 30, 2016
shares
Jun. 30, 2015
shares
Common Stock        
Subsequent Event [Line Items]        
Stock issued in lieu of management fee | shares     29,826 43,301
Subsequent events | Common Stock        
Subsequent Event [Line Items]        
Number of shares issued in payment of half of their quarterly director fees | shares 418      
Subsequent events | Manager | Common Stock        
Subsequent Event [Line Items]        
Stock issued in lieu of management fee | shares 15,684      
Subsequent events | Re-performing loans | Five Sellers        
Subsequent Event [Line Items]        
Number of mortgage loans on real estate | Property   882    
Aggregate unpaid principal balance of mortgage loans on real estate   $ 149.2    
Percentage of unpaid principal balance of loan acquired   83.60%    
Estimated market value of the underlying collateral   $ 211.2    
Percentage of estimated market value of the underlying collateral   59.10%    
Subsequent events | Re-performing loans | Eight Sellers        
Subsequent Event [Line Items]        
Number of mortgage loans on real estate | Property   626    
Aggregate unpaid principal balance of mortgage loans on real estate   $ 124.0    
Percentage of unpaid principal balance of loan acquired   82.60%    
Estimated market value of the underlying collateral   $ 171.0    
Percentage of estimated market value of the underlying collateral   59.90%    
EXCEL 68 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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report.css IDEA: XBRL DOCUMENT /* 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; } XML 72 FilingSummary.xml IDEA: XBRL DOCUMENT 3.5.0.2 html 312 269 1 true 81 0 false 8 false false R1.htm 001 - Document - Document and Entity Information Sheet http://www.great-ajax.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 002 - Statement - CONSOLIDATED BALANCE SHEETS Sheet http://www.great-ajax.com/role/CONSOLIDATEDBALANCESHEETS CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 003 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals) Sheet http://www.great-ajax.com/role/CONSOLIDATEDBALANCESHEETSParentheticals CONSOLIDATED BALANCE SHEETS (Parentheticals) Statements 3 false false R4.htm 004 - Statement - CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Sheet http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFINCOMEUnaudited CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Statements 4 false false R5.htm 005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Sheet http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFCASHFLOWSUnaudited CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Statements 5 false false R6.htm 006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) Sheet http://www.great-ajax.com/role/CONSOLIDATEDSTATEMENTSOFCHANGESINEQUITYUnaudited CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) Statements 6 false false R7.htm 007 - Disclosure - Organization and basis of presentation Sheet http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation Organization and basis of presentation Notes 7 false false R8.htm 008 - Disclosure - Summary of significant accounting policies Sheet http://www.great-ajax.com/role/SummaryOfSignificantAccountingPolicies Summary of significant accounting policies Notes 8 false false R9.htm 009 - Disclosure - Mortgage loans Sheet http://www.great-ajax.com/role/MortgageLoans Mortgage loans Notes 9 false false R10.htm 010 - Disclosure - Real estate assets Sheet http://www.great-ajax.com/role/RealEstateAssets Real estate assets Notes 10 false false R11.htm 011 - Disclosure - Fair value Sheet http://www.great-ajax.com/role/FairValue Fair value Notes 11 false false R12.htm 012 - Disclosure - Unconsolidated affiliates Sheet http://www.great-ajax.com/role/UnconsolidatedAffiliates Unconsolidated affiliates Notes 12 false false R13.htm 013 - Disclosure - Commitments and contingencies Sheet http://www.great-ajax.com/role/CommitmentsAndContingencies Commitments and contingencies Notes 13 false false R14.htm 014 - Disclosure - Debt Sheet http://www.great-ajax.com/role/Debt Debt Notes 14 false false R15.htm 015 - Disclosure - Related party transactions Sheet http://www.great-ajax.com/role/RelatedPartyTransactions Related party transactions Notes 15 false false R16.htm 016 - Disclosure - Stock based payments and director fees Sheet http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFees Stock based payments and director fees Notes 16 false false R17.htm 017 - Disclosure - Income taxes Sheet http://www.great-ajax.com/role/IncomeTaxes Income taxes Notes 17 false false R18.htm 018 - Disclosure - Earnings per share Sheet http://www.great-ajax.com/role/EarningsPerShare Earnings per share Notes 18 false false R19.htm 019 - Disclosure - Subsequent events Sheet http://www.great-ajax.com/role/SubsequentEvents Subsequent events Notes 19 false false R20.htm 020 - Disclosure - Summary of significant accounting policies (Policies) Sheet http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies Summary of significant accounting policies (Policies) Policies 20 false false R21.htm 021 - Disclosure - Mortgage loans (Tables) Sheet http://www.great-ajax.com/role/MortgageloansTables Mortgage loans (Tables) Tables http://www.great-ajax.com/role/MortgageLoans 21 false false R22.htm 022 - Disclosure - Real estate assets (Tables) Sheet http://www.great-ajax.com/role/RealEstateAssetsTables Real estate assets (Tables) Tables http://www.great-ajax.com/role/RealEstateAssets 22 false false R23.htm 023 - Disclosure - Fair value (Tables) Sheet http://www.great-ajax.com/role/FairValueTables Fair value (Tables) Tables http://www.great-ajax.com/role/FairValue 23 false false R24.htm 024 - Disclosure - Unconsolidated affiliates (Tables) Sheet http://www.great-ajax.com/role/UnconsolidatedaffiliatesTables Unconsolidated affiliates (Tables) Tables http://www.great-ajax.com/role/UnconsolidatedAffiliates 24 false false R25.htm 025 - Disclosure - Debt (Tables) Sheet http://www.great-ajax.com/role/DebtTables Debt (Tables) Tables http://www.great-ajax.com/role/Debt 25 false false R26.htm 026 - Disclosure - Related party transactions (Tables) Sheet http://www.great-ajax.com/role/RelatedpartytransactionsTables Related party transactions (Tables) Tables http://www.great-ajax.com/role/RelatedPartyTransactions 26 false false R27.htm 027 - Disclosure - Stock based payments and director fees (Tables) Sheet http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables Stock based payments and director fees (Tables) Tables http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFees 27 false false R28.htm 028 - Disclosure - Earnings per share (Tables) Sheet http://www.great-ajax.com/role/EarningspershareTables Earnings per share (Tables) Tables http://www.great-ajax.com/role/EarningsPerShare 28 false false R29.htm 029 - Disclosure - Organization and basis of presentation (Detail Textuals) Sheet http://www.great-ajax.com/role/OrganizationAndBasisOfPresentationDetailTextuals Organization and basis of presentation (Detail Textuals) Details http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation 29 false false R30.htm 030 - Disclosure - Summary of significant accounting policies (Detail Textuals) Sheet http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailTextuals Summary of significant accounting policies (Detail Textuals) Details http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies 30 false false R31.htm 031 - Disclosure - Mortgage loans (Details) Sheet http://www.great-ajax.com/role/MortgageLoansDetails Mortgage loans (Details) Details http://www.great-ajax.com/role/MortgageloansTables 31 false false R32.htm 032 - Disclosure - Mortgage loans (Details 1) Sheet http://www.great-ajax.com/role/Mortgageloansdetails1 Mortgage loans (Details 1) Details http://www.great-ajax.com/role/MortgageloansTables 32 false false R33.htm 033 - Disclosure - Mortgage loans (Details 2) Sheet http://www.great-ajax.com/role/MortgageLoansDetails2 Mortgage loans (Details 2) Details http://www.great-ajax.com/role/MortgageloansTables 33 false false R34.htm 034 - Disclosure - Mortgage loans (Detail Textuals) Sheet http://www.great-ajax.com/role/MortgageLoansDetailTextuals Mortgage loans (Detail Textuals) Details http://www.great-ajax.com/role/MortgageloansTables 34 false false R35.htm 035 - Disclosure - Real estate assets (Details) Sheet http://www.great-ajax.com/role/RealestateassetsDetails Real estate assets (Details) Details http://www.great-ajax.com/role/RealEstateAssetsTables 35 false false R36.htm 036 - Disclosure - Real estate assets (Detail Textuals) Sheet http://www.great-ajax.com/role/RealEstateAssetsDetailTextuals Real estate assets (Detail Textuals) Details http://www.great-ajax.com/role/RealEstateAssetsTables 36 false false R37.htm 037 - Disclosure - Fair value (Details) Sheet http://www.great-ajax.com/role/FairValueDetails Fair value (Details) Details http://www.great-ajax.com/role/FairValueTables 37 false false R38.htm 038 - Disclosure - Fair value (Details 1) Sheet http://www.great-ajax.com/role/FairValueDetails1 Fair value (Details 1) Details http://www.great-ajax.com/role/FairValueTables 38 false false R39.htm 039 - Disclosure - Unconsolidated affiliates (Details) Sheet http://www.great-ajax.com/role/UnconsolidatedaffiliatesDetails1 Unconsolidated affiliates (Details) Details http://www.great-ajax.com/role/UnconsolidatedaffiliatesTables 39 false false R40.htm 040 - Disclosure - Unconsolidated affiliates (Detail Textuals) Sheet http://www.great-ajax.com/role/UnconsolidatedAffiliatesDetailTextuals Unconsolidated affiliates (Detail Textuals) Details http://www.great-ajax.com/role/UnconsolidatedaffiliatesTables 40 false false R41.htm 041 - Disclosure - Commitments and contingencies (Detail Textuals) Sheet http://www.great-ajax.com/role/CommitmentsAndContingenciesDetailTextuals Commitments and contingencies (Detail Textuals) Details http://www.great-ajax.com/role/CommitmentsAndContingencies 41 false false R42.htm 042 - Disclosure - Debt (Details) Sheet http://www.great-ajax.com/role/DebtDetails Debt (Details) Details http://www.great-ajax.com/role/DebtTables 42 false false R43.htm 043 - Disclosure - Debt (Details 1) Sheet http://www.great-ajax.com/role/Debtdetails1 Debt (Details 1) Details http://www.great-ajax.com/role/DebtTables 43 false false R44.htm 044 - Disclosure - Debt (Details 2) Sheet http://www.great-ajax.com/role/Debtdetails2 Debt (Details 2) Details http://www.great-ajax.com/role/DebtTables 44 false false R45.htm 045 - Disclosure - Debt (Details 3) Sheet http://www.great-ajax.com/role/Debtdetails3 Debt (Details 3) Details http://www.great-ajax.com/role/DebtTables 45 false false R46.htm 046 - Disclosure - Debt (Detail Textuals) Sheet http://www.great-ajax.com/role/DebtDetailsTextuals Debt (Detail Textuals) Details http://www.great-ajax.com/role/DebtTables 46 false false R47.htm 047 - Disclosure - Related party transactions (Details) Sheet http://www.great-ajax.com/role/RelatedpartytransactionsDetails Related party transactions (Details) Details http://www.great-ajax.com/role/RelatedpartytransactionsTables 47 false false R48.htm 048 - Disclosure - Related party transactions (Details 1) Sheet http://www.great-ajax.com/role/RelatedPartyTransactionsDetails1 Related party transactions (Details 1) Details http://www.great-ajax.com/role/RelatedpartytransactionsTables 48 false false R49.htm 049 - Disclosure - Related party transactions (Detail Textuals) Sheet http://www.great-ajax.com/role/RelatedPartyTransactionsDetailTextuals Related party transactions (Detail Textuals) Details http://www.great-ajax.com/role/RelatedpartytransactionsTables 49 false false R50.htm 050 - Disclosure - Stock based payments and director fees (Details) Sheet http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails Stock based payments and director fees (Details) Details http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables 50 false false R51.htm 051 - Disclosure - Stock based payments and director fees (Details 1) Sheet http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1 Stock based payments and director fees (Details 1) Details http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables 51 false false R52.htm 052 - Disclosure - Stock based payments and director fees (Detail Textuals) Sheet http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailTextuals Stock based payments and director fees (Detail Textuals) Details http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables 52 false false R53.htm 053 - Disclosure - Income taxes (Detail Textuals) Sheet http://www.great-ajax.com/role/IncomeTaxesDetailTextuals Income taxes (Detail Textuals) Details http://www.great-ajax.com/role/IncomeTaxes 53 false false R54.htm 054 - Disclosure - Earnings per share (Details) Sheet http://www.great-ajax.com/role/EarningspershareDetails Earnings per share (Details) Details http://www.great-ajax.com/role/EarningspershareTables 54 false false R55.htm 055 - Disclosure - Subsequent events (Detail Textuals) Sheet http://www.great-ajax.com/role/SubsequentEventsDetailTextuals Subsequent events (Detail Textuals) Details http://www.great-ajax.com/role/SubsequentEvents 55 false false R56.htm 056 - Disclosure - Subsequent events (Detail Textuals 1) Sheet http://www.great-ajax.com/role/SubsequentEventsDetailTextuals1 Subsequent events (Detail Textuals 1) Details http://www.great-ajax.com/role/SubsequentEvents 56 false false All Reports Book All Reports ajx-20160630.xml ajx-20160630.xsd ajx-20160630_cal.xml ajx-20160630_def.xml ajx-20160630_lab.xml ajx-20160630_pre.xml true true ZIP 74 0001571049-16-017119-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001571049-16-017119-xbrl.zip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

  •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end