Rithm Property Trust (RPT) 10-Q 13 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	12-May-15
Document And Entity Information [Abstract]
Entity Registrant Name	Great Ajax Corp.
Entity Central Index Key	1614806
Trading Symbol	ajx
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		15,878,104
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$27,104		$53,099
Mortgage loans, net(1)	285,834	[1]	211,159	[1]
Property held-for-sale	5,541		1,316
Rental property, net	122		290
Receivable from servicer	1,737		1,340
Investment in affiliate	2,340		2,237
Prepaid expenses and other assets	3,661		3,317
Total Assets	326,339		272,758
Liabilities:
Secured borrowings(1)	82,962	[1]	84,679	[1]
Borrowings under repurchase agreement	15,052		15,249
Management fee payable	374		258
Accrued expenses and other liabilities	2,800		1,292
Total liabilities	101,188		101,478
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, 15,226,163 shares at March 31, 2015 and 11,223,984 shares at December 2014 issued and outstanding	152		112
Additional paid-in capital	210,863		158,951
Retained earnings	4,589		2,744
Equity attributable to common stockholders	215,604		161,807
Noncontrolling interests	9,547		9,473
Total equity	225,151		171,280
Total Liabilities and Equity	$326,339		$272,758
[1]	Mortgage loans includes $127,390 and $127,559 of loans at March 31, 2015 and December 31, 2014, 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.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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
Preferred stock shares outstanding
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	15,226,163	11,223,984
Common stock shares outstanding	15,226,163	11,223,984

CONSOLIDATED_STATEMENT_OF_INCO

CONSOLIDATED STATEMENT OF INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
INCOME
Loan interest income	$6,884
Interest expense	-1,075
Net interest income	5,809
Other income	214
Total income	6,023
EXPENSE
Related party expense - management fee	747
Related party expense - loan servicing fees	656
Loan transaction expense	260
Professional fees	385
Other expense	160
Total expense	2,208
Income before provision for income taxes	3,815
Provision for income taxes
Consolidated net income	3,815
Less: consolidated net income attributable to the non-controlling interest	175
Consolidated net income attributable to common stockholders	$3,640
Basic earnings per common share (in dollars per share)	$0.28
Diluted earnings per common share (in dollars per share)	$0.28
Weighted average shares - basic (in shares)	13,008,268
Weighted average shares - diluted (in shares)	13,680,687

CONSOLIDATED_STATEMENT_OF_CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$3,815
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	423
Non-cash interest income accretion	-4,228
Loss (gain) on sale of property	2
Depreciation on property	1
Amortization of prepaid financing costs	66
Net change in operating assets and liabilities
Prepaid expenses and other	-410
Receivable from servicer	-397
Undistributed income from investment in managed entities	-123
Accrued expenses and other liabilities	1,624
Net cash from operating activities	773
CASH FLOWS FROM INVESTING ACTIVITES
Purchase of mortgage loans	-74,108
Principal paydowns	2,269
Purchase of property held-for-sale	-2,662
Proceeds from sale of property held-for-sale	36
Distribution from affiliate	20
Renovations of rental property and property held for sale	-42
Net cash from investing activities	-74,487
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments on repurchase agreement	-197
Repayments on secured notes	-1,717
Sale of corporate equity securities, net of offering costs	51,529
Distribution to non-controlling interest	-101
Dividends paid on common stock	-1,795
Net cash from financing activities	47,719
NET CHANGE IN CASH AND CASH EQUIVALENTS	-25,995
CASH AND CASH EQUIVALENTS, beginning of period	53,099
CASH AND CASH EQUIVALENTS, end of period	27,104
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	897
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Transfer of loans to rental property or property held for sale	1,392
Issuance of common stock for management fees	$373

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (USD $)	Common Stock	Additional Paid-in Capital	Retained Earnings	Stockholders' Equity	Noncontrolling Interest	Total
In Thousands, unless otherwise specified
Balance at Dec. 31, 2014	$112	$158,951	$2,744	$161,807	$9,473	$171,280
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares	40	51,489		51,529		51,529
Net income			3,640	3,640	175	3,815
Stock-based management fee expense		373		373		373
Stock-based compensation expense		50		50		50
Dividends and distributions ($0.16 per share)			-1,795	-1,795	-101	-1,896
Balance at Mar. 31, 2015	$152	$210,863	$4,589	$215,604	$9,547	$225,151

CONSOLIDATED_STATEMENTS_OF_CHA1

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parentheticals) (USD $)	3 Months Ended
	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends and distributions per share	$0.16

Organization_and_basis_of_pres

Organization and basis of presentation	3 Months Ended
	Mar. 31, 2015
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 and non-performing 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 expects to qualify and will elect to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the year ended December 31, 2014.
	The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited 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. In September 2014, the Company formed Great Ajax Funding LLC, a wholly owned subsidiary of the operating partnership, 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. In November 2014, the Company formed AJX Mortgage Trust I, a wholly owned subsidiary of the operating partnership, in connection with a repurchase facility. 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. On February 1, 2015, the Company formed GAJX Real Estate LLC, as a wholly owned subsidiary of the operating partnership, to own, maintain, improve and sell REO purchased by the Company. The Company intends to elect to treat GAJX Real Estate LLC as a TRS under the Code.
	The Company commenced its operations following the completion of its initial private offering in July 2014. On July 8, 2014, the Company closed a private offering, pursuant to which the Company sold 8,213,116 shares of common stock and 453,551 Class A Units of the operating partnership (the “OP Units”), which are redeemable on a 1-for-1 basis into shares of its common stock after one year of ownership. On August 1, 2014, the Company closed the sale of an additional 263,570 shares of common stock and 14,555 OP Units pursuant to the exercise of the option to purchase additional shares granted to the initial purchaser and placement agent. The purchase price per share and per OP Unit was $15.00. In these offerings, which are referred to collectively as the “Original Private Placement,” the net proceeds, including from the additional shares purchased pursuant to the option to purchase additional shares and OP Units, after deducting the initial purchaser’s discount and placement fee and estimated offering expenses payable, was approximately $128.4 million. The Original Private Placement was made in reliance on the exemptions from registration set forth in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D thereunder and Rule 144A under the Securities Act.
	Upon the closing of the Original Private Placement, the Company used $48.8 million of the proceeds to acquire its initial mortgage portfolio through the acquisition of 82% of the equity interests in Little Ajax II, LLC (“Little Ajax II”). Little Ajax II was an affiliated entity that acquired primarily re-performing mortgage loans and a number of non-performing mortgage loans in a series of transactions between December 1, 2013 and July 7, 2014. In September 2014, the Company completed a transaction to acquire the remaining interests in this initial mortgage-related asset portfolio. The transaction initially had Little Ajax II redeem the 82% membership interest of the operating partnership by distributing to the operating partnership 82% of all Little Ajax II loans, participation interests and real property. The operating partnership then purchased for cash the remaining 18% interest in such real estate assets for an aggregate purchase price of approximately $11.4 million. The operating partnership also purchased from Gregory its 5% interest in the 43 loans in which Little Ajax II held a 95% participation interest for approximately $0.2 million.
	On December 16, 2014, the Company closed an additional private placement (the “Second Private Placement”), pursuant to which it sold 2,725,326 shares of common stock and 156,000 OP Units. The purchase price per share was $15.00. The net proceeds from the private placement after deducting the placement fee and offering expenses paid by the Company, was approximately $41.2 million. The Company used the proceeds of the Original Private Placement and the Second Private Placement, referred to collectively as the Private Placements, to purchase re-performing and non-performing loans. The Company completed its initial public offering, or IPO, in February 2015 in which the Company 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. The Company 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 purchase additional shares granted to the underwriters. The Company is using 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.
	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, 2014 included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2015.
	Interim financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of 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, 2015.
	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“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. Comparative income statement periods have been omitted as the Company had no operations prior to July 8, 2014.
	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 balance sheet. As of March 31, 2015, the Company owned 96.1% of the outstanding OP Units and the remaining 3.9% 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 it 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.

Summary_of_significant_account

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of significant accounting policies	Note 2 — Summary of significant accounting policies
	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 high quality 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.
	Organizational expenses
	Organizational expenses are expensed as incurred or when they become reimbursable. Organizational expenses consisted mainly of legal fees.
	Offering costs
	Costs associated with the Company’s completed offering of shares of common stock have been netted against, and are reflected as a reduction in additional paid-in capital.
	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 quarter. 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 by the weighted average common stock outstanding for the quarter 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.
	Stock-based payments
	The Management Agreement (as defined below) provides for the payment to the Manager of a management fee. The Company pays half of the management fee in cash, and half 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. Shares issued to the Manager are determined based on the higher of the most recently reported book value or market value of its common stock. 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.
	Directors’ fees
	The expense related to directors’ fees is accrued and reflected in stockholders’ equity in the period in which it is incurred.
	Management fee and expense reimbursement
	Under the management agreement with the Manager, 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 servicing agreement, Gregory receives servicing fees ranging from 0.65% – 1.25% annually of unpaid principal balance (“UPB”) (or the fair market value or purchase price of REO that the Company owns or acquires). 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.”
	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 which 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.
	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 broker price opinion (“BPO”), or management’s judgment as to the selling price of similar properties.
	Income taxes
	The Company intends to elect 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 after electing to
	be taxed as a REIT, the Company subsequently 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 January 13, 2015, the Company applied for a private letter ruling from the Internal Revenue Service that would allow it to exclude its proportionate share of gross income from the Manager if it held its interest in the Manager through the operating partnership. If the Company receives such a ruling, it expects that it will hold its interest in the Manager through the operating partnership, instead of through Thetis TRS; however, there is no assurance that such a ruling will be issued. Income taxes are provided for using the asset and liability method. No provision for income taxes for the three months ended March 31, 2015 has been presented as the Company's provision is immaterial. 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 will furnish annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.
	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 purchase price for mortgage loans, the Company uses a discounted cash flow valuation model to model expected cash flows, and which considers alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include current 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.
	Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have some degree of credit quality deterioration since origination and 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. The re-performing mortgage loans were determined to have common risk characteristics and have been accounted for as a single loan pool. Similarly, non-performing mortgage loans were determined to have common risk characteristics and have been accounted for as a single non-performing pool. Under ASC 310-30, the Company estimates cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. The Company determines the excess of the loan pool’s contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, the non-accretable yield. The difference between expected cash flows and the purchase price (at acquisition) or the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the quarter ended March 31, 2015, the Company recognized no provision for loan loss and no adjustments to the amount of the accretable yield. For the quarter ended March 31, 2015, the Company accreted $6.9 million into interest income with respect to its loan portfolio. As of March 31, 2015, these loans had a UPB of $399.0 million and a carrying
	value of $285.8 million, which excludes one loan in which the Company holds a 40.5% beneficial interest through an equity method investee.
	Generally, the Company acquires loans at a discount associated with some degree of credit impairment. The Company elects to aggregate certain pools of loans with common risk characteristics and accrue interest income thereon at a composite interest rate, based on expectations of cash flows to be collected for the pool. Expectations of pool cash flow are reviewed quarterly. Adjustments to a pool’s prospective composite interest rate or an allowance for impairment are made to the extent revised expectations differ from original estimates.
	For loans that do not qualify for pool aggregation treatment, including performing loans that are not purchased at discounts resulting from credit-related issues, interest is recognized using the simple-interest method on daily balances of the principal amount outstanding, adjusted for the amortization or accretion of the loan premium or discount over the contractual life of the loan.
	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.
	The 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.
	Purchased non-performing loans that are accounted for as individual loans are recorded at fair value, which is generally the purchase price. Interest income is recognized on a cash basis and loan purchase discount is accreted to income in proportion to the actual principal paid. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the fair market value of the underlying collateral falls below net book value.
	While the Company generally intends to hold its assets as long-term investments, it may sell certain of its loans in order to manage its interest rate risk and liquidity needs, meet other operating objectives and adapt  to market conditions.  The timing and impact of future sales of loans, if any, cannot be predicted with any certainty.  Since the Company expects that its assets will generally be financed, it expects that a significant portion of the proceeds from sales of its assets (if any), prepayments and scheduled amortization will be used to repay balances under its financing sources.
	Residential properties
	Property is recorded at cost if purchased, or at fair value of the asset less estimated selling costs 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 cost or fair market value. Net unrealized losses 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. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years.
	With respect to residential rental properties not held-for-sale, the Company performs an impairment analysis 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. These 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.
	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
	The December 31, 2014 amounts included in the delinquency table in Note 3 – Mortgage loans have been reclassified from delinquent to current to reflect a correction of an error in the presentation of the disclosure that is immaterial to the financial statements taken as a whole. Such reclassifications did not affect cash flows, net revenues, net income, total assets, total liabilities or total equity.
	Recently issued accounting standards
	In January 2014, FASB issued Accounting Standards Update ("ASU") 2014-04, Troubled Debt Restructurings by Creditors. It provides that if a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amended guidance may be applied using either a prospective transition method or a modified retrospective transition method and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We adopted this standard in the first quarter of 2015 and it did not have a material impact on our financial statements.
	In May 2014, 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 and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. On April 29, 2015, the FASB proposed a one-year deferral of the effective date for ASU 2014-09. The Company is evaluating the impact of this amendment on its financial position and results of operations.
	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 is evaluating the impact of this amendment on its financial position and results of operations.
	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. The Company is evaluating the impact of this amendment on its financial position and results of operations.

Mortgage_loans

Mortgage loans	3 Months Ended
	Mar. 31, 2015
Mortgage Loans [Abstract]
Mortgage loans	Note 3 — Mortgage loans
	The carrying values and UPBs of our mortgage loans at March 31, 2015 were $285,834 and $399,041 respectively. At December 31, 2014, the carrying values and UPBs of our mortgage loans were $211,159 and $298,573, respectively. These balances do not include one loan in which we hold a 40.5% beneficial interest through an equity method investee.
	The following tables present information regarding the contractually required payments and the estimated cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands):
		31-Mar-15						31-Dec-14
		Re-performing loans			Non-performing loans			Re-performing loans			Non-performing loans
	Contractually required principal and interest	$	547,689		$	291,638		$	393,657		$	257,790
	Non-accretable yield		(239,649	)		(203,814	)		(173,502	)		(184,096	)
	Expected cash flows to be collected		308,040			87,824			220,155			73,694
	Accretable yield		(84,549	)		(25,924	)		(60,495	)		(22,071	)
	Fair value at date of acquisition	$	223,491		$	61,900		$	159,660		$	51,623
	Accretable yield	Three months ended						Period from inception to
		31-Mar-15						31-Dec-14
		Re-performing loans			Non-performing loans			Re-performing loans			Non-performing loans
	Balance at beginning of period	$	54,940		$	20,686		$	—		$	—
	Accretable yield additions		24,054			3,853			60,495			22,071
	Accretion		(4,949	)		(1,935	)		(5,555	)		(1,385	)
	Balance at end of period	$	74,045		$	22,604		$	54,940		$	20,686
	The following table presents the contractually required payments receivable, cash flows expected to be collected and fair value at acquisition date of loans acquired during the three months ended March 31, 2015:
		Re-performing loans			Non-performing loans
	Contractually required principal and interest	$	154,032		$	33,848
	Non-accretable yield		(66,147	)		(19,719	)
	Expected cash flows to be collected		87,885			14,131
	Accretable yield		(24,054	)		(3,853	)
	Fair value at date of acquisition	$	63,831		$	10,278
	During the quarter ended March 31, 2015, the Company recognized $0.3 million for due diligence costs related to these and other transactions in loan transaction expense.
	The following table sets forth the carrying value of its mortgage loans, and related UPB by delinquency status as of March 31, 2015 and December 31, 2014 ($ in thousands):
		31-Mar-15									31-Dec-14
		Number of			Carrying			Unpaid			Number of			Carrying		Unpaid
		loans			value			principal			loans			value		principal
								balance								balance
	Current		852		$	140,650		$	190,166			439		$	72,727	$	94,993
	30		249			32,546			44,088			237			36,954		53,739
	60		67			9,653			12,774			99			13,849		17,766
	90		397			59,305			83,905			352			53,987		76,691
	Foreclosure		262			43,680			68,108			212			33,642		55,384
	Mortgage loans		1,827		$	285,834		$	399,041			1,339		$	211,159	$	298,573
	These balances do not include one loan in which we hold a 40.5% beneficial interest through an equity method investee.
	As of March 31, 2015, the Company held 17 residential properties with a carrying value of $1.7 million that had been foreclosed.
	The Company’s mortgage loans are secured by real estate. As such, the Company believes that the credit quality indicators for each of its mortgage loans are the timeliness of payments and the value of the underlying real estate. The Company categorizes mortgage loans as “re-performing” and as “non-performing.” The Company 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.

Real_estate_assets_net

Real estate assets, net	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Real estate assets, net	Note 4 — Real estate assets, net
	Real estate held for use
	As of March 31, 2015, the Company had two REO properties having an aggregate carrying value of $0.1 million held for use as rentals. Both of these properties had been rented.
	Real estate held-for-sale
	As of March 31, 2015, the Company classified 36 REO properties having an aggregate carrying value of $5.5 million as real estate held for sale as they do not meet its residential rental property investment criteria.
	Dispositions
	During the quarter ended March 31, 2015, the Company disposed of one residential property and recognized a loss of $2,000.

Fair_value_of_financial_instru

Fair value of financial instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Note 5 — Fair value of financial instruments
	The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of March 31, 2015 and December 31, 2014 ($ in thousands):
				Level 1		Level 2		Level 3
	31-Mar-15	Carrying		Quoted		Observable		Unobservable
		Value		prices in		inputs		inputs
				active		other than
				markers		Level 1
						prices
	Not recognized on consolidated balance sheet at fair value (assets)
	Mortgage loans	$	285,834		—		—	$	318,602
	Not recognized on consolidated balance sheet at fair value (liabilities)
	Borrowings under repurchase agreement		15,052		—	$	15,052		—
	Secured borrowings		82,962		—		82,962		—
				Level 1		Level 2		Level 3
	31-Dec-14	Carrying		Quoted		Observable		Unobservable
		Value		prices in		inputs		inputs
				active		other than
				markers		Level 1
						prices
	Not recognized on consolidated balance sheet at fair value (assets)
	Mortgage loans	$	211,159		—		—	$	235,623
	Not recognized on consolidated balance sheet at fair value (liabilities)
	Borrowings under repurchase agreement		15,249		—	$	15,249		—
	Secured borrowings		84,679		—		84,679		—
	The Company has not transferred any assets from one level to another level during the quarter ended March 31, 2015.
	The carrying values of its cash and cash equivalents, related party receivables, accounts payable and accrued liabilities, related party payables and investments in the Manager and affiliate 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 management’s judgment as to the selling price of similar properties. No properties held-for-sale were measured at fair value at March 31, 2015.
	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 fair value of transfers of mortgage loans to real estate owned is estimated using BPOs.
	The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans are the same as those used to calculate the acquisition price, including discount rates and loan resolution timelines. Significant changes to any of these inputs 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 March 31, 2015:
	Input	Range of
		Values
	Equity discount rate –Re-performing loans	8% – 14%
	Equity discount rate –Non-performing loans	10% – 18%
	Cost of debt	4.25%
	Loan resolution timelines –Re-performing loans (in years)	4 – 7
	Loan resolution timelines –Non-performing loans (in years)	1.4 – 4

Unconsolidated_affiliates

Unconsolidated affiliates	3 Months Ended
	Mar. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Unconsolidated affiliates	Note 6 — Unconsolidated affiliates
	On December 5, 2014, the Company acquired a 40.5% interest in GA-E 2014-12, a Delaware trust, for $2.2 million. GA-E 2014-12 holds an economic interest in a single small-balance commercial loan secured by a commercial property in Portland, Oregon. GA-E 2014-12 had a basis in the loan of $5.5 million at March 31, 2015, and net income of $0.2 million for the quarter ended March 31, 2015, of which 40.5% is the Company’s share. The Company accounts for this investment using the equity method.
	Upon the closing of the Original Private Placement, the Company received a 19.8% equity interest in Thetis. At March 31, 2015, Thetis had total assets of $2.3 million, liabilities of $0.2 million, and net income of $0.2 million for the quarter ended March 31, 2015, of which 19.8% is the Company’s share. The Company accounts for its investment in Thetis using the equity method. Thetis is a privately held company and there is no public market for its securities.

Commitments_and_contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, we had commitments to purchase 262 mortgage loans secured by single and one-to-four family residences with aggregate UPB of $61.3 million, of which re-performing loans represent $47.9 million UPB and non-performing loans represent $13.4 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 March 31, 2015, 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.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Note 8 — Debt
	Repurchase agreement
	On November 25, 2014, the Company 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 the Master Repurchase Agreement (the “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 $100 million, with a simultaneous agreement by the Seller to repurchase such mortgage loans and other property, as provided in the 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 termination date is November 24, 2015.
	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 their 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. The following table sets forth the details of the repurchase agreement ($ in thousands):
				31-Mar-15							31-Dec-14
	Maturity Date	Maximum borrowing capacity		Amount outstanding		Carrying value of collateral		Interest rate			Amount outstanding		Carrying value of collateral		Interest rate
	24-Nov-15	$	100,000	$	15,052	$	23,800		4	%	$	15,249	$	23,460		4	%
	Secured borrowings
	The Company has completed two securitizations from the commencement of operations to March 31, 2015. 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 variable interest entities. On October 7, 2014, the operating partnership as seller entered into a securitization transaction pursuant to Rule 144A under the Securities Act of a pool of seasoned, performing and non-performing mortgage loans primarily secured by first liens on one-to-four family residential properties. Ajax Mortgage Loan Trust 2014-A issued $61 million in securities consisting of approximately $45 million 4.00% Class A Notes due 2057, $8 million 5.19344% Class B-1 Notes due 2057, $8 million 5.19344% Class B-2 Notes due 2057 and a $20.4 million Trust Certificate. The Company has retained the Class B Notes. The Trust Certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC as the depositor. 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 in September 2017 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 Certificate, the Company is entitled to receive any remaining amounts in the trust after the Class A Notes and Class B Notes have been paid in full. The Class A Notes and Class B Notes are secured solely by mortgage loans of 2014-A and not by any of its other assets. The assets of 2014-A are the only source of repayment and interest on the Class A Notes and the Class B Notes. The Company does not guaranty any of the obligations of 2014-A under the terms of the agreement governing the notes or otherwise.
	On November 19, 2014, the operating partnership as seller entered into a securitization transaction pursuant to Rule 144A of a pool of seasoned, performing and non-performing mortgage loans primarily secured by first liens on one-to-four family residential properties. Ajax Mortgage Loan Trust 2014-B issued $68.7 million in securities, consisting of approximately $41.2 million 3.85% Class A Notes due 2054, $13.7 million 5.25% Class B-1 Notes due 2054, and $13.7 million 5.25% Class B-2 Notes due 2054 and a $22.9 million Trust Certificate. The Company has retained the Class B Notes. The Trust Certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC as the depositor. The Class A Notes are senior, sequential pay, fixed rate notes. The Class B Notes are subordinate, sequential pay, fixed rate notes with Class B-2 Notes subordinate to Class B-1 Notes. If the Class A Notes have not been redeemed by the payment date in October 2018 or otherwise paid in full by that date, an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the Class B-1 and the Class B-2 Notes will be paid as principal to the Class A Notes on that date until the Class A Notes are paid in full. After the Class A Notes are paid in full, the Class B-1 and Class B-2 Notes will resume receiving their respective interest payment amounts and any interest that accrued but was not paid to the Class B Notes while the Class A Notes were outstanding. As the holder of the Trust Certificate, the Company is entitled to receive any remaining amounts in the trust after the Class A Notes and Class B Notes have been paid in full. The Class A Notes and Class B Notes are secured solely by the mortgage loans of 2014-B and not by any of its other assets. The assets of 2014-B are the only source of repayment and interest on the Class A Notes and the Class B Notes. The Company does not guaranty any of the obligations of 2014-B under the terms of the agreement governing the notes or otherwise.
	Servicing for the mortgage loans in 2014-A and 2014-B is provided by the Servicer at a servicing fee rate of 0.65% annually of UPB for re-performing loans and 1.25% annually of UPB for non-performing loans, and is paid monthly by us. The following table sets forth the status of the 2014-A and 2014-B notes held by others at the cutoff date and at March 31, 2015 ($ in thousands):
		Balances at March 31, 2015				Balances at December 31, 2014					Balances at 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	$	58,802	$	42,925	$	58,905	$	44,016		$	81,405	$	45,000
	2014-B		68,588		40,037		68,654		40,663			91,535		41,191
		$	127,390	$	82,962	$	127,559	$	84,679		$	172,940	$	86,191
	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.

Related_party_transactions

Related party transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related party transactions	Note 9 — Related party transactions
	Our Consolidated Statement of Income included the following significant related party transactions ($ in thousands):
	Three months ended	Amount		Counterparty	Consolidated Statement of Income location
	March 31, 2015
	Management fee	$	747	Thetis	Related party expense – management fee
	Loan servicing fees	$	656	Gregory	Related party expense – loan servicing fees
	Due diligence and related loan acquisition costs	$	18	Gregory	Loan transaction expense
	Expense reimbursements	$	3	Aspen Yo	Professional fees
	Management Agreement
	On July 8, 2014, the Company entered into a 15-year management agreement (the “Management Agreement”) with the Manager. 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 and does not expect to have any employees in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Company’s 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. 50% of the base management fee is payable in shares of the Company’s common stock so long as the ownership of such additional number of shares by the Manager would not violate the 9.8% stock ownership limit set forth in the Company’s charter, and the balance is payable in cash. The common stock will be determined using the higher of the most recently reported book value or market value when determining the number of shares. 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 we default 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 range from 0.65% – 1.25% annually of UPB (or the fair market value or purchase of REO the Company owns or acquires), and are paid monthly. The total fees incurred by us 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 are determined based on the loan’s status at acquisition and do not change if a performing loan becomes non-performing or vice versa.
	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 us 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 to use of the name “Thetis.”

Stock_based_payments_and_direc

Stock based payments and director fees	3 Months Ended
	Mar. 31, 2015
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 50% 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 market value of its common stock. The Company paid the Manager a base fee for the quarter ended March 31, 2015 of $0.7 million of which the Company paid half, or $0.4 million, in 26,087 shares of its common stock. The stock issued to the Manager
	are restricted securities subject to transfer restrictions, and were issued in a private placement transaction on April 28, 2015.
	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 per share amounts):
	Management fees and director fees
		For the three months ended
		March 31, 2015
	(Dollars in thousands except share amount)	Number of		Amount of expense
		shares		recognized (1)
	Management fees		26,087	$	373
	Independent director fees		1,748		25
			27,835	$	398
	______________________
	(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 ($ in thousands except per share amounts):
	Restricted Stock
		Number of shares		Per share value		Total cost of grant		Grant expense recognized for the three months ended March 31, 2015
	(Dollars in thousands except share and per share amounts)
	July 8, 2014, Directors’ Grants(1)		6,000	$	15	$	90	$	22
	February 19, 2015 Director Grant(1)		2,000		14.25		29		5
			8,000			$	119	$	27
	______________________
	(1) Vesting period is one year from grant date.

Income_taxes

Income taxes	3 Months Ended
	Mar. 31, 2015
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.
	For the quarter ended March 31, 2015, the Company’s taxable income was $1.6 million. The Company recorded no income tax expense for the quarter ended March 31, 2015 and the Company recognized no deferred income tax assets or liabilities on its balance sheet at March 31, 2015 or December 31, 2014 due to immateriality. The Company also recorded no interest or penalty for the period ended March 31, 2015.
	The Company’s 2014 U.S. federal, state and local tax returns remain open for examination. The Company has concluded that it had no uncertain tax positions for its 2014 tax year.

Earnings_per_share

Earnings per share	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015
		Income			Shares		Per Share
		(Numerator)			(Denominator)		Amount
	Basic EPS
	Income attributable to common stockholders	$	3,640			13,008,268
	Allocation of earnings to participating restricted shares		(13	)		—
	Income attributable to unrestricted common stockholders	$	3,627			13,008,268	$	0.28
	Effect of dilutive securities
	Operating partnership units		175			624,106
	Restricted stock grants and Manager and director fee shares		13			48,313
	Diluted EPS
	Income attributable to common stockholders and operating partners	$	3,815			13,680,687	$	0.28

Subsequent_events

Subsequent events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent events	Note 13 — Subsequent events
	Dividend Declaration
	On May 4, 2015, the Company declared a dividend of $0.18 per share, to be paid on May 29, 2015, to stockholders of record as of May 15, 2015.
	Management Fees
	On April 28, 2015, the Company issued 26,087 shares of its common stock to the Manager in payment of 50% of the management fee due for the first quarter of 2015 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the first quarter of 2015.
	Directors’ Retainer
	On April 28, 2015, the Company issued each of Jonathan Bradford Handley, Jr., Daniel Hoffman, J. Kirk Ogren Jr. and John Condas 437 shares of its common stock in payment of half of their quarterly director fees for the first quarter of 2015.
	Securitization
	Subsequent to March 31, 2015, the Company began marketing our third securitization, which closed on May 7, 2015. An aggregate of $35.6 million of senior securities was issued in private offerings to institutional investors with respect to $75.8 million UPB of mortgage loans.
	Resale Registration Statement
	The resale registration statement for 10,445,784 shares of the Company’s common stock was declared effective by the SEC on April 17, 2015. The purchasers of the Company’s common stock issued in private placements in 2014 were entitled to have their shares registered with the SEC for public resale at its expense pursuant to registration rights agreements with the Company.

Summary_of_significant_account1

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
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 high quality 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.
Organizational expenses	Organizational expenses
	Organizational expenses are expensed as incurred or when they become reimbursable. Organizational expenses consisted mainly of legal fees.
Offering costs	Offering costs
	Costs associated with the Company’s completed offering of shares of common stock have been netted against, and are reflected as a reduction in additional paid-in capital.
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 quarter. 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 by the weighted average common stock outstanding for the quarter 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.
Stock-based payments	Stock-based payments
	The Management Agreement (as defined below) provides for the payment to the Manager of a management fee. The Company pays half of the management fee in cash, and half 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. Shares issued to the Manager are determined based on the higher of the most recently reported book value or market value of its common stock. 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.
Directors' fees	Directors’ fees
	The expense related to directors’ fees is accrued and reflected in stockholders’ equity in the period in which it is incurred.
Management fee and expense reimbursement	Management fee and expense reimbursement
	Under the management agreement with the Manager, 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 servicing agreement, Gregory receives servicing fees ranging from 0.65% – 1.25% annually of unpaid principal balance (“UPB”) (or the fair market value or purchase price of REO that the Company owns or acquires). 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.”
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 which 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.
	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 broker price opinion (“BPO”), or management’s judgment as to the selling price of similar properties.
Income taxes	Income taxes
	The Company intends to elect 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 after electing to be taxed as a REIT, the Company subsequently 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 January 13, 2015, the Company applied for a private letter ruling from the Internal Revenue Service that would allow it to exclude its proportionate share of gross income from the Manager if it held its interest in the Manager through the operating partnership. If the Company receives such a ruling, it expects that it will hold its interest in the Manager through the operating partnership, instead of through Thetis TRS; however, there is no assurance that such a ruling will be issued. Income taxes are provided for using the asset and liability method. No provision for income taxes for the three months ended March 31, 2015 has been presented as the Company's provision is immaterial. 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 will furnish annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.
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 purchase price for mortgage loans, the Company uses a discounted cash flow valuation model to model expected cash flows, and which considers alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include current 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.
	Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have some degree of credit quality deterioration since origination and 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. The re-performing mortgage loans were determined to have common risk characteristics and have been accounted for as a single loan pool. Similarly, non-performing mortgage loans were determined to have common risk characteristics and have been accounted for as a single non-performing pool. Under ASC 310-30, the Company estimates cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. The Company determines the excess of the loan pool’s contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, the non-accretable yield. The difference between expected cash flows and the purchase price (at acquisition) or the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the quarter ended March 31, 2015, the Company recognized no provision for loan loss and no adjustments to the amount of the accretable yield. For the quarter ended March 31, 2015, the Company accreted $6.9 million into interest income with respect to its loan portfolio. As of March 31, 2015, these loans had a UPB of $399.0 million and a carrying value of $285.8 million, which excludes one loan in which the Company holds a 40.5% beneficial interest through an equity method investee.
	Generally, the Company acquires loans at a discount associated with some degree of credit impairment. The Company elects to aggregate certain pools of loans with common risk characteristics and accrue interest income thereon at a composite interest rate, based on expectations of cash flows to be collected for the pool. Expectations of pool cash flow are reviewed quarterly. Adjustments to a pool’s prospective composite interest rate or an allowance for impairment are made to the extent revised expectations differ from original estimates.
	For loans that do not qualify for pool aggregation treatment, including performing loans that are not purchased at discounts resulting from credit-related issues, interest is recognized using the simple-interest method on daily balances of the principal amount outstanding, adjusted for the amortization or accretion of the loan premium or discount over the contractual life of the loan.
	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.
	The 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.
	Purchased non-performing loans that are accounted for as individual loans are recorded at fair value, which is generally the purchase price. Interest income is recognized on a cash basis and loan purchase discount is accreted to income in proportion to the actual principal paid. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the fair market value of the underlying collateral falls below net book value.
	While the Company generally intends to hold its assets as long-term investments, it may sell certain of its loans in order to manage its interest rate risk and liquidity needs, meet other operating objectives and adapt to market conditions. The timing and impact of future sales of loans, if any, cannot be predicted with any certainty. Since the Company expects that its assets will generally be financed, it expects that a significant portion of the proceeds from sales of its assets (if any), prepayments and scheduled amortization will be used to repay balances under its financing sources.
Residential properties	Residential properties
	Property is recorded at cost if purchased, or at fair value of the asset less estimated selling costs 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 cost or fair market value. Net unrealized losses 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. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years.
	With respect to residential rental properties not held-for-sale, the Company performs an impairment analysis 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. These 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.
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
	The December 31, 2014 amounts included in the delinquency table in Note 3 – Mortgage loans have been reclassified from delinquent to current to reflect a correction of an error in the presentation of the disclosure that is immaterial to the financial statements taken as a whole. Such reclassifications did not affect cash flows, net revenues, net income, total assets, total liabilities or total equity.
Recently issued accounting standards	Recently issued accounting standards
	In January 2014, FASB issued Accounting Standards Update ("ASU") 2014-04, Troubled Debt Restructurings by Creditors. It provides that if a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amended guidance may be applied using either a prospective transition method or a modified retrospective transition method and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We adopted this standard in the first quarter of 2015 and it did not have a material impact on our financial statements.
	In May 2014, 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 and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. On April 29, 2015, the FASB proposed a one-year deferral of the effective date for ASU 2014-09. The Company is evaluating the impact of this amendment on its financial position and results of operations.
	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 is evaluating the impact of this amendment on its financial position and results of operations.
	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. The Company is evaluating the impact of this amendment on its financial position and results of operations.

Mortgage_loans_Tables

Mortgage loans (Tables)	3 Months Ended
	Mar. 31, 2015
Mortgage Loans [Abstract]
Schedule of contractually required payments and estimated cash flows expected to be collected
			31-Mar-15							31-Dec-14
			Re-performing loans			Non-performing loans				Re-performing loans				Non-performing loans
	Contractually required principal and interest		$	547,689		$	291,638			$	393,657			$	257,790
	Non-accretable yield			(239,649	)		(203,814	)			(173,502	)			(184,096	)
	Expected cash flows to be collected			308,040			87,824				220,155				73,694
	Accretable yield			(84,549	)		(25,924	)			(60,495	)			(22,071	)
	Fair value at date of acquisition		$	223,491		$	61,900			$	159,660			$	51,623
Schedule of accretable yield		Three months ended							Period from inception to
			31-Mar-15							31-Dec-14
			Re-performing loans			Non-performing loans				Re-performing loans				Non-performing loans
	Balance at beginning of period		$	54,940		$	20,686			$	—			$	—
	Accretable yield additions			24,054			3,853				60,495				22,071
	Accretion			(4,949	)		(1,935	)			(5,555	)			(1,385	)
	Balance at end of period		$	74,045		$	22,604			$	54,940			$	20,686
Schedule of contractually required payments receivable, cash flows expected to be collected and fair value at acquisition date of loans
			Re-performing loans			Non-performing loans
	Contractually required principal and interest		$	154,032		$	33,848
	Non-accretable yield			(66,147	)		(19,719	)
	Expected cash flows to be collected			87,885			14,131
	Accretable yield			(24,054	)		(3,853	)
	Fair value at date of acquisition		$	63,831		$	10,278
Schedule of carrying value of mortgage loans and related UPB by delinquency status		31-Mar-15											31-Dec-14
			Number of			Carrying				Unpaid				Number of			Carrying		Unpaid
			loans			value				principal				loans			value		principal
										balance									balance
	Current			852		$	140,650			$	190,166				439		$	72,727	$	94,993
	30			249			32,546				44,088				237			36,954		53,739
	60			67			9,653				12,774				99			13,849		17,766
	90			397			59,305				83,905				352			53,987		76,691
	Foreclosure			262			43,680				68,108				212			33,642		55,384
	Mortgage loans			1,827		$	285,834			$	399,041				1,339		$	211,159	$	298,573

Fair_value_of_financial_instru1

Fair value of financial instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value of financial assets and liabilities				Level 1		Level 2		Level 3
	31-Mar-15	Carrying		Quoted		Observable		Unobservable
		Value		prices in		inputs		inputs
				active		other than
				markers		Level 1
						prices
	Not recognized on consolidated balance sheet at fair value (assets)
	Mortgage loans	$	285,834		—		—	$	318,602
	Not recognized on consolidated balance sheet at fair value (liabilities)
	Borrowings under repurchase agreement		15,052		—	$	15,052		—
	Secured borrowings		82,962		—		82,962		—
				Level 1		Level 2		Level 3
	31-Dec-14	Carrying		Quoted		Observable		Unobservable
		Value		prices in		inputs		inputs
				active		other than
				markers		Level 1
						prices
	Not recognized on consolidated balance sheet at fair value (assets)
	Mortgage loans	$	211,159		—		—	$	235,623
	Not recognized on consolidated balance sheet at fair value (liabilities)
	Borrowings under repurchase agreement		15,249		—	$	15,249		—
	Secured borrowings		84,679		—		84,679		—
Schedule of quantitative information about significant unobservable inputs	Input	Range of
		Values
	Equity discount rate – Re-performing loans	8% – 14%
	Equity discount rate – Non-performing loans	10% – 18%
	Cost of debt	4.25%
	Loan resolution timelines – Re-performing loans (in years)	4 – 7
	Loan resolution timelines – Non-performing loans (in years)	1.4 – 4

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of details of repurchase agreement
					31-Mar-15									31-Dec-14
	Maturity Date		Maximum borrowing capacity		Amount outstanding			Carrying value of collateral		Interest rate				Amount outstanding		Carrying value of collateral		Interest rate
	24-Nov-15		$	100,000	$	15,052		$	23,800		4	%		$	15,249	$	23,460		4	%
Schedule of status of mortgage loans		Balances at March 31, 2015					Balances at December 31, 2014						Balances at 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		$	58,802	$	42,925		$	58,905	$	44,016			$	81,405	$	45,000
	2014-B			68,588		40,037			68,654		40,663				91,535		41,191
			$	127,390	$	82,962		$	127,559	$	84,679			$	172,940	$	86,191

Related_party_transactions_Tab

Related party transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Schedule of consolidated statement of income	Three months ended	Amount		Counterparty	Consolidated Statement of Income location
	March 31, 2015
	Management fee	$	747	Thetis	Related party expense – management fee
	Loan servicing fees	$	656	Gregory	Related party expense – loan servicing fees
	Due diligence and related loan acquisition costs	$	18	Gregory	Loan transaction expense
	Expense reimbursements	$	3	Aspen Yo	Professional fees

Stock_based_payments_and_direc1

Stock based payments and director fees (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of management fees and director fees
		For the three months ended
		31-Mar-15
	(Dollars in thousands except share amount)	Number of		Amount of expense
		shares		recognized (1)
	Management fees		26,087	$	373
	Independent director fees		1,748		25
			27,835	$	398
Schedule of activity in restricted stock
	(Dollars in thousands except share and per share amounts)	Number of shares		Per share value		Total cost of grant		Grant expense recognized for the three months ended March 31, 2015
	July 8, 2014, Directors’ Grants(1)		6,000	$	15	$	90	$	22
	February 19, 2015 Director Grant(1)		2,000		14.25		29		5
			8,000			$	119	$	27
	______________________
	(1) Vesting period is one year from grant date.

Earnings_per_share_Tables

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share		Three months ended March 31, 2015
		Income			Shares		Per Share
		(Numerator)			(Denominator)		Amount
	Basic EPS
	Income attributable to common stockholders	$	3,640			13,008,268
	Allocation of earnings to participating restricted shares		(13	)		—
	Income attributable to unrestricted common stockholders	$	3,627			13,008,268	$	0.28
	Effect of dilutive securities
	Operating partnership units		175			624,106
	Restricted stock grants and Manager and director fee shares		13			48,313
	Diluted EPS
	Income attributable to common stockholders and operating partners	$	3,815			13,680,687	$	0.28

Organization_and_basis_of_pres1

Organization and basis of presentation (Details Textuals) (USD $)	1 Months Ended	3 Months Ended	0 Months Ended	1 Months Ended		0 Months Ended	1 Months Ended
	7-May-15	Mar. 31, 2015	Jul. 08, 2014	Sep. 30, 2014	Aug. 01, 2014	Dec. 16, 2014	Feb. 28, 2015	Dec. 31, 2014
Organization And Basis Of Presentation [Line Items]
Ownership percentage		40.50%						40.50%
Net proceeds from initial public offering	$35,600,000	$51,529,000
Percentage of outstanding OP units owned		96.10%
Percentage of outstanding OP owned by an unaffiliated holder		3.90%
Thetis Asset Management LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage		19.80%
Little Ajax II LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage			82.00%	95.00%
Redemption of ownership and other transactions				82.00%
Remaining partnership interest				18.00%
Acquisition of equity interests			48,800,000
Aggregate purchase price				11,400,000
Value of participation interest				200,000
Gregory
Organization And Basis Of Presentation [Line Items]
Ownership percentage				5.00%
Number of loans				43
Initial private offering
Organization And Basis Of Presentation [Line Items]
Number of shares sold in private offering			8,213,116
Number of units Class A Units of operating partnership			453,551
Description of operating partnership units redeemed			The “OP Units” are redeemable on a 1-for-1 basis into shares of its common stock after one year of ownership.
Number of additional shares					263,570
Number of operating units					14,555
Purchase price per share and per OP Unit					$15
Net proceeds from the private placement					128,400,000
Second Private Placement
Organization And Basis Of Presentation [Line Items]
Number of shares sold in private offering						2,725,326
Number of units Class A Units of operating partnership						156,000
Purchase price per share and per OP Unit						$15
Net proceeds from the private placement						41,200,000
Initial public offering
Organization And Basis Of Presentation [Line Items]
Number of shares sold in initial public offering							5,276,797
Number of shares sold in initial public offering by company							3,976,464
Number of shares sold in initial public offering by selling stockholders							1,300,333
Net proceeds from initial public offering							$53,900,000

Summary_of_significant_account2

Summary of significant accounting policies (Details Textuals) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015		Jul. 08, 2014	Dec. 31, 2014
	Segment
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount	$50,000
Interest income related to loan portfolio	6,884,000
Unpaid principal balance of mortgage loans on real estate	399,041,000			298,573,000
Carrying value of mortgage loans on real estate	285,834,000	[1]		211,159,000	[1]
Loan percentage of beneficial interest through equity method investee	40.50%
Depreciation method	Straight line method
Estimated useful lives of an assets	27.5 years
Number of operating segment	1
Servicing agreement | Maximum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage			1.25%
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%
2014 Director Equity Plan | Restricted stock
Summary Of Significant Accounting Policies [Line Items]
Number of shares issued to independent directors	2,000
Vesting period	1 year
Annual retainer amount	$50,000
[1]	Mortgage loans includes $127,390 and $127,559 of loans at March 31, 2015 and December 31, 2014, 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.

Mortgage_loans_Details_1

Mortgage loans (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	$547,689	$393,657
Non-accretable yield	-239,649	-173,502
Expected cash flows to be collected	308,040	220,155
Accretable yield	-84,549	-60,495
Fair value at date of acquisition	223,491	159,660
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	291,638	257,790
Non-accretable yield	-203,814	-184,096
Expected cash flows to be collected	87,824	73,694
Accretable yield	-25,924	-22,071
Fair value at date of acquisition	$61,900	$51,623

Mortgage_loans_Details_2

Mortgage loans (Details 2) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
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	$54,940
Accretable yield additions	24,054	60,495
Accretion	-4,949	-5,555
Balance at end of period	74,045	54,940
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	20,686
Accretable yield additions	3,853	22,071
Accretion	-1,935	-1,385
Balance at end of period	$22,604	$20,686

Mortgage_loans_Details_3

Mortgage loans (Details 3) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	$154,032
Non-accretable yield	-66,147
Expected cash flows to be collected	87,885
Accretable yield	-24,054	-60,495
Fair value at date of acquisition	63,831
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	33,848
Non-accretable yield	-19,719
Expected cash flows to be collected	14,131
Accretable yield	-3,853	-22,071
Fair value at date of acquisition	$10,278

Mortgage_loans_Details_4

Mortgage loans (Details 4) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
	Loan		Loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans	1,827		1,339
Carrying value	$285,834	[1]	$211,159	[1]
Unpaid principal balance	399,041		298,573
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans	852		439
Carrying value	140,650		72,727
Unpaid principal balance	190,166		94,993
30
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans	249		237
Carrying value	32,546		36,954
Unpaid principal balance	44,088		53,739
60
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans	67		99
Carrying value	9,653		13,849
Unpaid principal balance	12,774		17,766
90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans	397		352
Carrying value	59,305		53,987
Unpaid principal balance	83,905		76,691
Foreclosure
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans	262		212
Carrying value	43,680		33,642
Unpaid principal balance	$68,108		$55,384
[1]	Mortgage loans includes $127,390 and $127,559 of loans at March 31, 2015 and December 31, 2014, 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.

Mortgage_loans_Details_Textual

Mortgage loans (Details Textuals) (USD $)	3 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
	Property
Mortgage Loans [Abstract]
Mortgage loans, net(1)	$285,834,000	[1]	$211,159,000	[1]
Unpaid principal balance	399,041,000		298,573,000
Due diligence costs related to loan transaction	300,000
Ownership percentage beneficial interest through equity method investee	40.50%		40.50%
Mortgage Loans on Real Estate [Line Items]
Number of REO properties	36
Residential properties
Mortgage Loans on Real Estate [Line Items]
Number of REO properties	17
Foreclosed residential properties	$1,700,000
[1]	Mortgage loans includes $127,390 and $127,559 of loans at March 31, 2015 and December 31, 2014, 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.

Real_estate_assets_net_Details

Real estate assets, net (Details Textuals) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
	Property
Real Estate [Abstract]
Number of REO properties	2
Aggregate carrying value REO properties	$100,000
Number of REO properties	36
Aggregate carrying value of held for sale	5,541,000	1,316,000
Loss recognized on disposition of residential property	$2,000

Fair_value_of_financial_instru2

Fair value of financial instruments (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans, net(1)	$285,834	[1]	$211,159	[1]
Not recognized on consolidated balance sheet at fair value (liabilities)
Borrowings under repurchase agreement	15,052		15,249
Secured borrowings(1)	82,962	[1]	84,679	[1]
Level 1 Quoted prices in active markets
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans, net(1)
Not recognized on consolidated balance sheet at fair value (liabilities)
Borrowings under repurchase agreement
Secured borrowings(1)
Level 2 Observable inputs other than Level 1 prices
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans, net(1)
Not recognized on consolidated balance sheet at fair value (liabilities)
Borrowings under repurchase agreement	15,052		15,249
Secured borrowings(1)	82,962		84,679
Level 3 Unobservable inputs
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans, net(1)	318,602		235,623
Not recognized on consolidated balance sheet at fair value (liabilities)
Borrowings under repurchase agreement
Secured borrowings(1)
Carrying Value
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans, net(1)	285,834		211,159
Not recognized on consolidated balance sheet at fair value (liabilities)
Borrowings under repurchase agreement	15,052		15,249
Secured borrowings(1)	$82,962		$84,679
[1]	Mortgage loans includes $127,390 and $127,559 of loans at March 31, 2015 and December 31, 2014, 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.

Fair_value_of_financial_instru3

Fair value of financial instruments (Details 1)	3 Months Ended
	Mar. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cost of debt	4.25%
Re-performing loans | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Equity discount rate	8.00%
Loan resolution timelines	4 years
Re-performing loans | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Equity discount rate	14.00%
Loan resolution timelines	7 years
Non-performing loans | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Equity discount rate	10.00%
Loan resolution timelines	1 year 4 months 24 days
Non-performing loans | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Equity discount rate	18.00%
Loan resolution timelines	4 years

Unconsolidated_affiliates_Deta

Unconsolidated affiliates (Details Textuals) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Dec. 05, 2014	Dec. 31, 2014
Unconsolidated Affiliates [Line Items]
Ownership percentage	40.50%		40.50%
Total assets	$326,339,000		$272,758,000
Total liabilities	101,188,000		101,478,000
Net income	3,640,000
Thetis Asset Management LLC
Unconsolidated Affiliates [Line Items]
Ownership percentage	19.80%
Total assets	2,300,000
Total liabilities	200,000
Net income	200,000
Delaware Trust GA-E 2014-12
Unconsolidated Affiliates [Line Items]
Ownership percentage		40.50%
Acquiring interest amount		2,200,000
Loan amount	5,500,000
Net income	$200,000

Commitments_and_contingencies_

Commitments and contingencies (Detail Textuals) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	Loan	Loan
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate	1,827	1,339
Unpaid principal balance of mortgage loans on real estate	$399,041	$298,573
One-to-four family residences
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate	262
Unpaid principal balance of mortgage loans on real estate	61,300
One-to-four family residences | Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance of mortgage loans on real estate	47,900
One-to-four family residences | Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance of mortgage loans on real estate	$13,400

Debt_Details_1

Debt (Details 1) (Master Repurchase Agreement, USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Master Repurchase Agreement
Debt Instrument [Line Items]
Maturity Date	24-Nov-15	24-Nov-15
Maximum borrowing capacity	$100,000
Amount outstanding	15,052	15,249
Carrying value of collateral	$23,800	$23,460
Interest rate	4.00%	4.00%

Debt_Details_2

Debt (Details 2) (Mortgage loans, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]
Carrying value of mortgages	$127,390	$127,559
Bond principal balance	82,962	84,679
Balances at cutoff date Mortgage UPB	172,940
Balances at cutoff date Bond principal balance	86,191
2014-A
Debt Instrument [Line Items]
Carrying value of mortgages	58,802	58,905
Bond principal balance	42,925	44,016
Balances at cutoff date Mortgage UPB	81,405
Balances at cutoff date Bond principal balance	45,000
2014-B
Debt Instrument [Line Items]
Carrying value of mortgages	68,588	68,654
Bond principal balance	40,037	40,663
Balances at cutoff date Mortgage UPB	91,535
Balances at cutoff date Bond principal balance	$41,191

Debt_Details_Textuals

Debt (Details Textuals) (USD $)	1 Months Ended	0 Months Ended	1 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Nov. 25, 2014	Oct. 07, 2014	Nov. 19, 2014	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest				100.00%
Master Repurchase Agreement
Debt Instrument [Line Items]
Ownership interests in subsidiary	100.00%
Percentage of purchase price for each mortgage loan	65.00%
Interest rate				4.00%	4.00%
Mortgage loans | Master Repurchase Agreement
Debt Instrument [Line Items]
Loan amount	$100
Variable rate basis of borrowing	One-month LIBOR
Percentage of purchase price for each mortgage loan or REO	65.00%
Mortgage loans | 2014-A
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable		61
Interest rate				4.00%
Mortgage loans | 2014-B
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable			68.7
Interest rate				3.85%
Mortgage loans | Class A Notes | 2014-A
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable		45
Interest rate		4.00%
Mortgage loans | Class A Notes | 2014-B
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable			41.2
Interest rate			3.85%
Mortgage loans | Class B 1 Notes | 2014-A
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable		8
Interest rate		5.19%
Mortgage loans | Class B 1 Notes | 2014-B
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable			13.7
Interest rate			5.25%
Mortgage loans | Class B 2 Notes | 2014-A
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable		8
Interest rate		5.19%
Mortgage loans | Class B 2 Notes | 2014-B
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable			13.7
Interest rate			5.25%
Mortgage loans | Trust Certificate | 2014-A
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable		20.4
Mortgage loans | Trust Certificate | 2014-B
Debt Instrument [Line Items]
Proceeds from Secured Notes Payable			$22.90
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 | 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%

Related_party_transactions_Det

Related party transactions (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Thetis | Management fee
Related Party Transaction [Line Items]
Management fee	$747
Gregory | Loan servicing fees
Related Party Transaction [Line Items]
Loan servicing fees	656
Gregory | Loan transaction expense
Related Party Transaction [Line Items]
Due diligence and related loan acquisition costs	18
Aspen Yo | Professional fees
Related Party Transaction [Line Items]
Expense reimbursements	$3

Related_party_transactions_Det1

Related party transactions (Details Textuals)	0 Months Ended	3 Months Ended
	Jul. 08, 2014	Mar. 31, 2015
Management agreement | Thetis
Related Party Transaction [Line Items]
Term of agreement	15 years
Base management fee percentage	1.50%
Percentage of base management fee payable in shares	50.00%
Stock ownership limit percentage	9.80%
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%.
Servicing agreement
Related Party Transaction [Line Items]
Term of agreement	15 years
Servicing agreement | Minimum | Servicer
Related Party Transaction [Line Items]
Servicing fees percentage	0.65%	0.65%
Servicing agreement | Maximum
Related Party Transaction [Line Items]
Servicing fees percentage	1.25%
Servicing agreement | Maximum | Servicer
Related Party Transaction [Line Items]
Servicing fees percentage		1.25%

Stock_based_payments_and_direc2

Stock based payments and director fees (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	27,835
Amount of expense recognized	$398	[1]
Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	26,087
Amount of expense recognized	373	[1]
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	1,748
Amount of expense recognized	$25	[1]
[1]	All management fees and independent director fees are fully expensed in the period in which they are incurred.

Stock_based_payments_and_direc3

Stock based payments and director fees (Details 1) (Restricted stock, USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	8,000
Total cost of grant	$119
Grant expense recognized	27
July 8, 2014 Directors Grants | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	6,000	[1]
Per share value	$15	[1]
Total cost of grant	90	[1]
Grant expense recognized	22	[1]
February 19, 2015 Director Grant | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	2,000	[1]
Per share value	$14.25	[1]
Total cost of grant	29	[1]
Grant expense recognized	$5	[1]
[1]	Vesting period is one year from grant date.

Stock_based_payments_and_direc4

Stock based payments and director fees (Details Textuals) (USD $)	3 Months Ended
	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of management fee payment in shares	50.00%
Management fee paid amount	$400,000
Number of shares issuable in lieu of management fee	26,087
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	100,000
Number of independent directors	3
Restricted stock | Long term incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued	2,000
Vesting period	1 year

Income_taxes_Details_Textuals

Income taxes (Details Textuals) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Distribution percentage of Real Estate Investment Trust (REIT) taxable income	90.00%
Taxable income	$1.60

Earnings_per_share_Details

Earnings per share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
Basic EPS
Income attributable to common stockholders	$3,640
Allocation of earnings to participating restricted shares	-13
Income attributable to unrestricted common stockholders	3,627
Effect of dilutive securities
Operating partnership units	175
Restricted stock grants and Manager and director fee shares	13
Diluted EPS
Income attributable to common stockholders and operating partners	$3,815
Basic EPS
Income attributable to common stockholders, shares	13,008,268
Allocation of earnings to participating restricted shares, shares
Income attributable to unrestricted common stockholders, Shares Basic	13,008,268
Effect of dilutive securities, shares
Operating partnership units, shares	624,106
Restricted stock grants and Manager and director fee shares, shares	48,313
Income attributable to common stockholders and operating partners, Shares diluted	13,680,687
Per Share Amount
Basic EPS Per Share Amount (in dollars per share)	$0.28
Diluted EPS Per Share Amount (in dollars per share)	$0.28

Subsequent_events_Details_Text

Subsequent events (Details Textuals) (USD $)	1 Months Ended	3 Months Ended		1 Months Ended
	7-May-15	Mar. 31, 2015	Apr. 17, 2015	Apr. 28, 2015	4-May-15
Subsequent Event [Line Items]
Stock issued in lieu of management fee		27,835
Percent of management fee payment in shares		50.00%
Senior securities was issued in private offerings to institutional investors	$35,600,000	$51,529,000
UPB of mortgage loans	75,800,000
Common Stock
Subsequent Event [Line Items]
Senior securities was issued in private offerings to institutional investors		$40,000
Subsequent events
Subsequent Event [Line Items]
Number of common stock for resale registration statement			10,445,784
Subsequent events | Common Stock
Subsequent Event [Line Items]
Number of shares issued in payment of half of their quarterly director fees				437
Subsequent events | Common Stock | Manager
Subsequent Event [Line Items]
Stock issued in lieu of management fee				26,087
Percent of management fee payment in shares				50.00%
Subsequent events | Dividend declared
Subsequent Event [Line Items]
Dividend declared date					4-May-15
Dividends payable, amount per share					$0.18
Dividend paid date					29-May-15
Dividend record date					15-May-15