UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbols Name of each exchange on which registered Common stock, par value $0.01 per share AJX New York Stock Exchange 7.25% Convertible Senior Notes due 2024 AJXA New York Stock Exchange FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fis ...

Great Ajax Corp. (NYSE:AJX) Q3 2019 Earnings Conference Call November 5, 2019 5:00 PM ET Company Participants Lawrence Mendelsohn - Chief Executive Officer Conference Call Participants Timothy Hayes - B. Riley FBR Kevin Barker - Piper Jaffray Scott Valentin - Compass Point Stephen Laws - Raymond James Operator Good day, and welcome to the Great Ajax Third Quarter 2019 Financial Results Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] Please note that this ...

Financial Performance - Consolidated net income attributable to common stockholders for the three months ended September 30, 2019, was $7.7 million, an increase of 17.3% compared to $6.6 million for the same period in 2018[13]. - The company reported a total income of $51.2 million for the nine months ended September 30, 2019, an increase of 15.7% from $44.3 million in the same period of 2018[13]. - Basic earnings per common share for the nine months ended September 30, 2019, was $1.44, up 24.1% from $1.16 in the same period of 2018[13]. - The company reported a gain on the sale of mortgage loans of $7.1 million for the nine months ended September 30, 2019, compared to no gain in the same period of 2018[13]. - Net income for the quarter ended September 30, 2019, was $7,691,000, an increase from $7,330,000 in the previous quarter[24]. - Total comprehensive income for the quarter was $1,012,000, reflecting a positive performance[26]. Assets and Liabilities - Total assets decreased to $1,553.7 million as of September 30, 2019, from $1,602.9 million at December 31, 2018, representing a decline of approximately 3.1%[9]. - The company’s total liabilities decreased to $1,195.7 million as of September 30, 2019, from $1,268.6 million at December 31, 2018, a reduction of approximately 5.7%[9]. - Total equity attributable to stockholders increased to $334.1 million as of September 30, 2019, from $300.8 million at December 31, 2018, representing an increase of 11.0%[9]. - The carrying value of the Company's mortgage loans was approximately $1.164 billion, a decrease from $1.310 billion as of December 31, 2018, representing a decline of about 11%[99]. Cash Flow and Dividends - Cash and cash equivalents increased to $57.9 million as of September 30, 2019, from $55.1 million at December 31, 2018, reflecting a growth of 5.0%[9]. - The company paid $19,462 thousand in dividends on common stock, an increase from $16,892 thousand in the previous period[19]. - The company declared dividends of $0.30 per share, with total distributions amounting to $(5,606) thousand, compared to $(7,673) thousand in the previous period[21]. - The company’s cash flows from operating activities showed a net cash outflow of $11.2 million for the nine months ended September 30, 2019, compared to an outflow of $2.6 million in the same period of 2018[18]. Investments and Acquisitions - The Company targets acquisitions of re-performing loans (RPLs) and small balance commercial loans (SBC loans) to enhance its portfolio[28]. - The Company acquired 539 RPLs with an unpaid principal balance (UPB) of $115.6 million during the nine months ended September 30, 2019, compared to 422 RPLs with a UPB of $104.5 million in the same period of 2018, reflecting a significant increase in acquisitions[102]. - The Company acquired $127.6 million in notes and beneficial interests issued by joint ventures during 2019, with senior notes valued at $93.6 million and subordinate notes at $12.6 million[118]. Debt and Borrowings - The total maximum borrowing capacity as of September 30, 2019, is $906,094,000, with outstanding amounts of $438,388,000 and collateral amounting to $588,974,000, resulting in a coverage ratio of 134%[145]. - The interest rate on the secured borrowings averages 4.26% as of September 30, 2019[145]. - The total secured borrowings as of September 30, 2019 amounted to $912.7 million, reflecting a 143% collateral coverage[161]. - The Company issued $87.5 million of 7.25% convertible senior notes due 2024, with net proceeds of approximately $84.9 million after expenses[165]. Management and Compensation - Management fees paid to Thetis rose to $2.2 million in Q3 2019, up from $1.5 million in Q3 2018, marking a 52% increase[10]. - Total stock-based management and director fees for the three months ended September 30, 2019, amounted to $1,026,000, a 26.3% increase from $813,000 in 2018[197]. - The annual retainer for independent directors increased to $100,000 effective April 1, 2019, with 40% payable in shares of common stock[16]. Real Estate and Property Management - The Company owned 23 rental properties with a carrying value of $38.3 million as of September 30, 2019, an increase from 21 properties valued at $17.6 million as of December 31, 2018[110]. - The net investments in REO held-for-sale were $16.5 million as of September 30, 2019, down from $19.4 million as of December 31, 2018, indicating a decrease in held-for-sale properties[111]. - The Company sold 30 and 32 REO properties during the three months ended September 30, 2019 and 2018, realizing a net gain of approximately $0.3 million and a net loss of $0.2 million, respectively[114]. Accounting and Compliance - The Company has maintained REIT status since 2014, which allows it to avoid U.S. federal income tax on distributed taxable income, provided certain tests are met[82]. - The Company has adopted several accounting standards, including ASU 2016-02 on leases, with no significant impact on consolidated financial statements[90]. - The Company is currently evaluating the impact of ASU 2016-13 on expected credit losses, but does not anticipate a material effect on its financial statements[94].

Financial Data and Key Metrics Changes - Q2 2019 was a strong quarter with approximately $200 million of primarily non-clean-pay loans sold into a joint venture, resulting in a gain of $7 million [3][7] - Interest income for the quarter was $28.1 million, with net interest income impacted by the sale of loans into the joint venture [9][10] - Book value at the end of Q2 was $15.85 per share, with taxable income for the first half of the year reported at $0.86 per share [10][34] Business Line Data and Key Metrics Changes - The company purchased $90.7 million of reperforming loans (RPLs) at a weighted average of 20 days on the balance sheet, with a purchase price of 56% of property value and 85% of unpaid principal balance [6][12] - The company continues to focus on acquiring lower loan-to-value (LTV) loans, with the purchase price to property value for RPLs at approximately 62% [12] - The non-performing loan (NPL) portfolio has seen a decline in absolute dollars invested, with a purchase price to property value of approximately 57% [12] Market Data and Key Metrics Changes - Over 80% of the portfolio is concentrated in target markets, with California representing the largest segment [13] - The company has observed consistent payment patterns in California urban centers, while higher-end property values in states like New York and Illinois have shown a decrease [14][15] - The market has seen a shrinkage in value differences between higher and middle property value deciles, particularly in deciles 8, 9, and 10 [15] Company Strategy and Development Direction - The company aims to maximize returns asset by asset using proprietary analytics for acquisition and management processes [5] - The strategy includes a focus on urban multifamily properties, with ongoing acquisitions in this asset class [17] - The company is also leveraging securitization to reduce funding costs and increase leverage, as seen in the recent 2019-D securitization [17][19] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in prepayment rates and cash flow exceeding expectations, indicating a positive outlook for the current interest rate environment [11][36] - The company is cautious about the potential impacts of market volatility and is monitoring the situation closely before making dividend decisions [22] - Management expressed confidence in the stability of lower decile properties while remaining cautious about higher decile properties [44] Other Important Information - The company has a significant cash flow from its loan and joint venture portfolio, with average cash held during the quarter at approximately $50 million [11] - The Board approved a dividend of $0.32 per share to be paid on August 30, 2019 [18] Q&A Session Summary Question: Will the company pay out more than the $0.32 run rate suggests? - Management indicated a predisposition to increase the quarterly dividend depending on market conditions, with a focus on stability [21][22] Question: How does the company foresee the pace of additional loan sales? - Management expects both loan sales and securitization to continue, with a focus on clean-pay loans that have higher intrinsic value [23][24] Question: What are the characteristics of the properties acquired in Q3? - The properties are primarily multifamily, located in Dallas, Boston, and Saint Paul, with varying cap rates and potential for repositioning [30][31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 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 State or other jurisdiction of incorpora ...

Great Ajax Corp. (NYSE:AJX) Q1 2019 Results Conference Call May 7, 2019 5:00 PM ET Company Participants Lawrence Mendelsohn - CEO Mary Doyle - CFO Conference Call Participants Mike Smyth - B. Riley FBR Scott Valentin - Compass Point Kevin Barker - Piper Jaffray Operator Good afternoon, and welcome to the Great Ajax First Quarter 2019 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the ...

[PART I Financial Information](index=3&type=section&id=PART%20I%20Financial%20Information) This section presents Great Ajax Corp.'s unaudited consolidated financial statements and management's discussion and analysis of financial performance [Consolidated Interim Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Interim%20Financial%20Statements) This section presents Great Ajax Corp.'s unaudited consolidated financial statements and comprehensive notes for the period ended March 31, 2019 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Great Ajax Corp. reported total assets of $1.616 billion and total liabilities of $1.280 billion as of March 31, 2019, reflecting slight increases from year-end 2018 Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $41,542 | $55,146 | | Mortgage loans, net | $1,313,677 | $1,310,873 | | Investments at fair value | $152,083 | $146,811 | | **Total assets** | **$1,616,182** | **$1,602,871** | | **Liabilities & Equity** | | | | Secured borrowings, net | $593,121 | $610,199 | | Borrowings under repurchase transactions | $560,404 | $534,089 | | Convertible senior notes, net | $117,838 | $117,525 | | **Total liabilities** | **$1,279,507** | **$1,268,592** | | **Total equity** | **$336,675** | **$334,279** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) For Q1 2019, consolidated net income attributable to common stockholders was $7.3 million, with diluted EPS of $0.36, a slight decrease from the prior year Consolidated Statements of Income (in thousands, except per share data) | Metric | Three months ended March 31, 2019 | Three months ended March 31, 2018 | | :--- | :--- | :--- | | Net interest income | $13,767 | $13,097 | | Total income | $15,184 | $14,743 | | Total expense | $6,992 | $6,405 | | Consolidated net income | $8,121 | $8,322 | | Consolidated net income attributable to common stockholders | $7,330 | $7,665 | | Basic earnings per common share | $0.39 | $0.41 | | Diluted earnings per common share | $0.36 | $0.38 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to $5.0 million in Q1 2019, contributing to a $13.6 million decrease in cash and cash equivalents Net Cash Flow Summary (in thousands) | Cash Flow Activity | Three months ended March 31, 2019 | Three months ended March 31, 2018 | | :--- | :--- | :--- | | Net cash from operating activities | $(5,044) | $(715) | | Net cash from investing activities | $(5,593) | $12,824 | | Net cash from financing activities | $(2,968) | $(45,386) | | **Net change in cash** | **$(13,605)** | **$(33,277)** | [Notes to Consolidated Interim Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Interim%20Financial%20Statements) These notes detail the company's business, accounting policies, asset and liability composition, debt financing, and related party transactions - The company primarily acquires **re-performing loans (RPLs)** and **small balance commercial (SBC) loans**, and is externally managed by **Thetis Asset Management LLC** with loans serviced by the affiliated **Gregory Funding LLC**[15](index=15&type=chunk) - Acquired loans with credit deterioration are accounted for under **ASC 310-30**, which involves estimating expected cash flows to determine an **accretable yield**, recognized as interest income over the life of the loan pool[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk) - The company uses various financing methods, including **securitization trusts (VIEs)**, **repurchase facilities**, and **convertible senior notes** to fund its operations and acquisitions[41](index=41&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2019 financial performance, highlighting net income of $7.3 million, portfolio composition, liquidity, and $63.2 million cash collection from assets - For Q1 2019, net income attributable to common stockholders was **$7.3 million**, with basic EPS of **$0.39** and diluted EPS of **$0.36**[260](index=260&type=chunk) - The company collected **$63.2 million** in cash during the quarter, including **$49.8 million** from its mortgage loan and REO portfolio and **$13.4 million** from its investments in debt securities and beneficial interests[262](index=262&type=chunk) Portfolio Carrying Value (in millions) | Asset Type | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Residential RPL loan pools | $1,229.0 | $1,242.2 | | SBC loan pools & non-pooled | $49.7 | $32.3 | | Residential NPL loan pools | $35.0 | $36.3 | | REO | $37.8 | $37.0 | | Investment in debt securities | $152.1 | $146.8 | | Investment in beneficial interests | $30.8 | $22.1 | | **Total Real Estate Assets** | **$1,534.4** | **$1,516.7** | [Results of Operations](index=49&type=section&id=Results%20of%20Operations) Net interest income after provision increased to $13.6 million in Q1 2019, while total expenses rose to $7.0 million, impacting overall profitability Results of Operations Summary (in thousands) | Metric | Three months ended March 31, 2019 | Three months ended March 31, 2018 | | :--- | :--- | :--- | | Net interest income after provision | $13,613 | $13,097 | | Total income | $15,184 | $14,743 | | Total expense | $6,992 | $6,405 | | Net income attributable to common stockholders | $7,330 | $7,665 | - Book value per share remained stable at **$15.59** at March 31, 2019, the same as at December 31, 2018[273](index=273&type=chunk)[274](index=274&type=chunk) [Mortgage Loan Portfolio](index=53&type=section&id=Mortgage%20Loan%20Portfolio) In Q1 2019, the company acquired $7.2 million in RPLs and $17.8 million UPB in SBC loans, bringing the total mortgage loan portfolio to a $1.3 billion carrying value - Acquired **38 RPLs** for **$7.2 million** (**84.8% of UPB**) and **19 SBC loans** with **$17.8 million UPB** during Q1 2019[275](index=275&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk) Loan Portfolio Activity Q1 2019 (in thousands) | Activity | Amount | | :--- | :--- | | Beginning carrying value | $1,310,873 | | Portfolio acquisitions | $24,998 | | Accretion recognized | $26,586 | | Payments received, net | $(44,460) | | Reclassifications to REO | $(4,171) | | **Ending carrying value** | **$1,313,677** | [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by securities offerings and secured borrowings, with $41.5 million in cash and $739.9 million in total contractual obligations as of March 31, 2019 - Cash and cash equivalents decreased by **$13.6 million** during the quarter to **$41.5 million** as of March 31, 2019[291](index=291&type=chunk) - The company had **$560.4 million** outstanding under repurchase agreements and **six outstanding secured borrowings** as of March 31, 2019[298](index=298&type=chunk)[306](index=306&type=chunk) Contractual Obligations as of March 31, 2019 (in thousands) | Obligation | Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | More than 5 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Convertible senior notes | $123,850 | $— | $— | $— | $123,850 | | Borrowings under repurchase agreements | $560,404 | $560,404 | $— | $— | $— | | Interest on convertible senior notes | $47,514 | $8,979 | $17,958 | $17,958 | $2,619 | | Interest on repurchase agreements | $8,083 | $8,083 | $— | $— | $— | | **Total** | **$739,851** | **$577,466** | **$17,958** | **$17,958** | **$126,469** | [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies real estate, interest rate, prepayment, and credit risks as primary market exposures, each impacting asset values, financing costs, or yields - Key market risks include **real estate risk** from property value volatility, **interest rate risk** affecting asset values and financing costs, **prepayment risk** impacting yields, and **credit risk** from borrower defaults[328](index=328&type=chunk) - **Rising interest rates** may slow refinancing and home price increases, but could also be accompanied by inflation and higher household incomes, potentially benefiting rental income and property values[329](index=329&type=chunk)[331](index=331&type=chunk) - An **increase in prepayments** on the company's discounted loan portfolio would accelerate the repayment of the discount and increase yield, but also introduces **re-investment risk**[332](index=332&type=chunk) [Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2019, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of the end of Q1 2019, the company's disclosure controls and procedures were **effective**[336](index=336&type=chunk) - **No material changes** were made to the company's internal control over financial reporting during the first quarter of 2019[337](index=337&type=chunk) [PART II Other Information](index=69&type=section&id=PART%20II%20Other%20Information) This section provides additional information including legal proceedings, risk factors, equity sales, and a list of exhibits filed with the report [Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) The company and its affiliates are not subject to any material legal or regulatory proceedings as of the report date - As of the report date, the company is **not involved in any material legal proceedings**[339](index=339&type=chunk) [Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2018 Annual Report on Form 10-K - **No material changes** have occurred to the risk factors disclosed in the 2018 Form 10-K[340](index=340&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=69&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued common stock in private transactions to its Manager and independent directors for fees, exempt from registration under Section 4(a)(2) of the Securities Act - On February 19, 2019, issued **1,549 shares** to the Manager for the incentive fee[341](index=341&type=chunk) - On March 6, 2019, issued **51,007 shares** to the Manager for the management fee[342](index=342&type=chunk) - On March 6, 2019, issued **606 shares** to each of the four independent directors for their quarterly fees[343](index=343&type=chunk) [Exhibits](index=69&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - The report includes **required certifications** from the CEO and CFO, as well as **XBRL instance documents**[344](index=344&type=chunk)[346](index=346&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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. (E ...

Great Ajax Corp (NYSE:AJX) Q4 2018 Earnings Conference Call March 5, 2019 5:00 PM ET Company Participants Lawrence Mendelsohn - Chairman & CEO Mary Doyle - CFO Conference Call Participants Timothy Hayes - B. Riley FBR Steven Delaney - JMP Securities Peter Stettler - Piper Jaffray Operator Good day everyone and welcome to the Great Ajax Corp Fourth Quarter and Year-End 2018 Financial Results Conference Call. All participants will be listen only mode. [Operator Instructions] Please note that today's event is ...