GREAT AJAX CORP. (NYSE:AJX) Files An 8-K Results of Operations and Financial Condition

Item 2.02

Portfolio Update

During the first quarter of 2017, Great Ajax Corp. (the
Company) acquired 26 mortgage loans with an
aggregate unpaid principal balance (UPB) of $5.9
million with an estimated market value of the collateral
underlying such mortgage loans of approximately $10.8 million.
The loans were acquired at a cost of 94.3% of UPB and 51.4% of
the estimated market value of the underlying collateral.
Additionally, the Company has agreed to acquire, subject to due
diligence, 1,385 mortgage loans with aggregate UPB of $269.3
million. The purchase price equals approximately 86.3% of UPB and
57.5% of the estimated market value of the underlying collateral
of $404.4 million. However, there is no assurance that the
Company will actually close any or all of these acquisitions or
that the terms will not change.

Dividend

On April 19, 2017, the Board of Directors of the Company declared
a dividend of $0.28 per share of common stock, which will be
payable on May 30, 2017 to common stockholders of record as of
May 16, 2017. A copy of the press release announcing the dividend
is furnished as Exhibit 99.1.

Preliminary Financial Results

Set forth below are certain preliminary estimates of the Companys
results of operations as of and for the three-month period ended
March 31, 2017. These estimates are subject to the completion of
the Companys financial closing procedures and financial review
and are not a comprehensive statement of its financial results as
of and for the three-month period ended March 31, 2017. The
Company advises you that its actual results may differ materially
from these estimates as a result of the completion of its
financial closing procedures, review adjustments and other
developments which may arise between now and the time that the
Companys financial results are finalized. These preliminary
estimates have been prepared by, and are the responsibility of,
the Companys management and have not been reviewed, audited,
compiled or subject to any other procedures by Moss Adams LLP,
the Companys independent registered public accounting firm.
Accordingly, Moss Adams LLP does not express an opinion or any
other form of assurance with respect to these estimates.

For the quarter ended March 31, 2017, the Company expects to
report earnings per share of between $0.43 and $0.46 per diluted
share.

The Company expects to report that its book value per common
share was between $15.26 and $15.29 as of March 31, 2017.

Indenture

On April 19, 2017, the Company entered into an indenture (the
Indenture) with Wilmington Savings Fund Society,
FSB, as trustee (the Trustee), for each series
of debt securities issued on or after the date hereof to the
Companys registration statement on Form S-3 (File No. 333-209513)
(the Registration Statement) unless otherwise
expressly stated in the applicable prospectus supplement included
in the Registration Statement. The Indenture is subject to, and
governed by, the Trust Indenture Act of 1939, as amended. A copy
of the Indenture is filed as Exhibit 4.1 to this Current Report
on Form 8-K and is incorporated by reference herein.
Additionally, a copy of the Trustees statement of eligibility on
Form T-1 is filed as Exhibit 25.1 to this Form 8-K and is
incorporated by reference herein.

Public Offering

On April 19, 2017, the Company issued a press release announcing
that it has commenced an underwritten public offering of
convertible senior notes due 2024 (the Notes) to
a preliminary prospectus supplement, dated April 19, 2017, to the
Companys prospectus, dated April 12, 2016, filed as part of its
effective shelf registration statement on Form S-3 (File No.
333-209513) previously filed with, and declared effective by, the
Securities and Exchange Commission. The offering is subject to
market conditions, and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering. A copy of the press release announcing the
offering is furnished as Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

About GREAT AJAX CORP. (NYSE:AJX)

Great Ajax Corp. is an externally managed real estate company. The Company is focused on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgage loans secured by single-family residences and single-family properties. Its segment is focused on non-performing mortgages and re-performing mortgages. It also invests in loans secured by multi-family residential and commercial mixed use retail/residential properties, as well as in the properties directly. It also 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. It is managed by Thetis Asset Management LLC, an affiliated entity. Its mortgage loans and other real estate assets are serviced by Gregory Funding LLC, an affiliated entity. The Company conducts its business through its operating partnership, Great Ajax Operating Partnership L.P.

GREAT AJAX CORP. (NYSE:AJX) Recent Trading Information

GREAT AJAX CORP. (NYSE:AJX) closed its last trading session down -0.01 at 13.08 with 22,527 shares trading hands.