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As Of Filer Filing For·On·As Docs:Size Issuer Agent 1/05/15 Great Ajax Corp. S-11 4:4.1M Toppan Vite NY Inc./FA |
Document/Exhibit Description Pages Size 1: S-11 Registration Statement for Securities of a Real HTML 1.33M Estate Company 2: EX-23.1 Consent of Experts or Counsel HTML 5K 3: EX-23.4 Consent of Experts or Counsel HTML 5K 4: EX-23.5 Consent of Experts or Counsel HTML 5K
t1402547-s11 - none - 14.4364435s |
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| Large accelerated filer ☐ | | |
Accelerated filer ☐
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| Non-accelerated filer ☒ (Do not check if a smaller reporting company) | | |
Smaller reporting company ☐
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| | ||||||||||||||
Title of Securities to be Registered
|
| |
Proposed Maximum Aggregate
Offering Price(1) |
| |
Amount of
Registration Fee |
| ||||||||
Common stock, $0.01 par value per share
|
| | | $ | 100,000,000 | | | | | $ | 11,620 | | | ||
|
| | |
Per Share
|
| |
Total
|
| ||||||
Initial public offering price
|
| | | $ | | | | | $ | | | ||
Discounts and commission to underwriters(1)
|
| | | $ | | | | | $ | | | ||
Proceeds to us, before expenses(1)(2)
|
| | | $ | | | | | $ | | | ||
Proceeds to the selling stockholders, before expenses
|
| | | $ | | | | | $ | | | |
| FBR | | | | | | | |
| | | | | ii | | | |
| | | | | 1 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| | | | | 60 | | | |
| | | | | 61 | | | |
| | | | | 63 | | | |
| | | | | 64 | | | |
| DILUTION | | | | | 65 | | |
| | | | | 67 | | | |
| | | | | 70 | | | |
| | | | | 71 | | | |
| BUSINESS | | | | | 84 | | |
| | | | | 106 | | | |
| | | | | 114 | | | |
| | | | | 120 | | | |
| | | | | 124 | | | |
| | | | | 126 | | | |
| | | | | 127 | | | |
| | | | | 133 | | | |
| | | | | 139 | | | |
| | | | | 141 | | | |
| | | | | 147 | | | |
| | | | | 172 | | | |
| | | | | 179 | | | |
| EXPERTS | | | | | 179 | | |
| | | | | 179 | | | |
| | | | | F-1 | | |
|
No. of Loans(1)
|
| | | | 1,162 | | |
|
Total UPB
|
| | | $ | 264,645,005 | | |
|
Interest-Bearing Balance
|
| | | $ | 248,045,696 | | |
|
Deferred Balance(2)
|
| | | $ | 16,599,309 | | |
|
Market Value of Collateral(3)
|
| | | $ | 274,875,050 | | |
|
Price/Total UPB(3)
|
| | | | 69.9% | | |
|
Price/Market Value of Collateral
|
| | | | 67.4% | | |
|
Weighted Average Coupon(4)
|
| | | | 5.26% | | |
|
Weighted Average LTV(5)
|
| | | | 113% | | |
|
Remaining Term (as of 11/30/2014)
|
| | | | 294.6 | | |
|
No. of first liens
|
| | | | 1,149 | | |
|
No. of second liens
|
| | | | 13 | | |
|
No. of Rental Properties
|
| | | | 2 | | |
|
Market Value of Collateral
|
| | | $ | 144,900 | | |
|
Capital Invested
|
| | | | 125,000 | | |
|
Price/Market Value of
Collateral |
| | | | 86.3% | | |
|
Gross Rent/Month
|
| | | $ | 2,050 | | |
|
Other REO
|
| | | | 4 | | |
|
Market Value of Collateral(1)
|
| | | $ | 613,900 | | |
|
No. of Loans(1)
|
| | | | 233 |
|
Total UPB
|
| | | $ | 46,903,261 |
|
Interest-Bearing Balance
|
| | | $ | 42,956,059 |
|
Deferred Balance
|
| | | $ | 3,947,202 |
|
Market Value of Collateral(2)
|
| | | $ | 46,580,118 |
|
Price/Total UPB(2)
|
| | | | 68.1% |
|
Price/Market Value of Collateral
|
| | | | 68.6% |
|
Weighted Average Coupon
|
| | | | 4.31% |
|
Weighted Average LTV(3)
|
| | | | 119% |
|
Remaining Term
|
| | | | 319.0 |
|
No. of first liens
|
| | | | 233 |
|
No. of second liens
|
| | | | 0 |
|
Loans Under Contract
|
| ||||||||||||
|
No. of Loans
|
| |
|
| | | | | | | |||
|
Total UPB
|
| | | $ | | | | | | | | | |
|
Interest Bearing Balance
|
| | | $ | | | | | | | | | |
|
Deferred Balance
|
| | | $ | | | | | | | | | |
|
Market Value of Collateral
|
| | | $ | | | | | | | | | |
|
Price/Total UPB
|
| | | | | | | | | | % | | |
|
Price/Market Value of Collateral
|
| | | | | | | | | | % | | |
|
Percentage of Non-Performing Loans
|
| | | | | | | | | | % | | |
|
Percentage of Sub-Performing Loans
|
| | | | | | | | | | % | | |
|
Percentage of Re-Performing Loans
|
| | | | | | | | | | % | | |
|
Weighted Average Coupon
|
| | | | | | | | | | % | | |
|
Weighted Average LTV(1)
|
| | | | | | | | | | % | | |
|
Remaining Term
|
| | | | | | | | | | | | |
|
No. of First Liens
|
| | | | | | | | | | | | |
|
No. of Second Liens
|
| | | | | | | | | | | | |
Year of Origination
|
| |
Percentage of UPB
|
| |||
Prior to 1990
|
| | | | % | | |
1990 – 2000 | | | | | % | | |
2001 – 2005 | | | | | % | | |
2006 – 2008 | | | | | % | | |
After 2008
|
| | | | % | | |
State
|
| |
Loan
Count |
| |
UPB
($) |
| |
% of
UPB |
| |
Collateral
Value(1) |
| |
% of Collateral
Value |
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | |
| | | | |||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma
As Adjusted |
| ||||||||||||
| | |
(Dollars in thousands)
|
| ||||||||||||||||||
Cash
|
| | | $ | 23,850 | | | | | $ | | | | | $ | | | |||||
Stockholders’ equity | | | | | | | | | | | | | | | | | | | | |||
Preferred stock – $0.01 par value per share; no authorized, issued or
outstanding, actual; 25,000,000 shares authorized, none issued or outstanding, as adjusted and pro forma as adjusted |
| | | $ | — | | | | | $ | — | | | | | $ | | | ||||
Common stock – $0.01 par value per share; 125,000,000 shares authorized, 8,498,558 shares issued and outstanding, actual; 11,223,884 shares issued and outstanding, pro forma; and shares issued and outstanding, pro forma as adjusted(1)
|
| | | | 85 | | | | | | | | | | | | | | | |||
Additional paid-in capital
|
| | | $ | 119,782 | | | | | | | | | | | | | | | |||
Noncontrolling interest
|
| | | $ | 7,072 | | | | | | | | | | | | | | | |||
Total stockholders’ equity
|
| | | $ | 127,935 | | | | | | | | | | | | | | | |||
Total capitalization
|
| | | $ | 142,158 | | | | | $ | | | | | $ | | | | ||||
|
|
Initial offering price per share
|
| | | $ | | | |
|
Net tangible book value as of September 30, 2014
|
| | | $ | | | |
|
Decrease in net tangible book value attributable to this offering
|
| | | $ | | | |
|
Pro forma net tangible book value upon closing of this offering
|
| | | $ | | | |
|
Dilution per share to stockholders participating in this offering
|
| | | $ | | | |
| Numerator | | | ||||
|
Net tangible book value prior to this offering
|
| | | $ | ||
|
Assumed net proceeds from this offering
|
| | | $ | ||
|
Total pro forma net tangible book value
|
| | | $ | ||
| Denominator | | | ||||
|
Shares outstanding prior to this offering(1)
|
| | | | | |
|
Shares to be sold in this offering
|
| | | | | |
|
Total pro forma shares outstanding
|
| | | | |
| | |
Shares Purchased(1)
|
| |
Total Consideration
|
| |
Average Price
Per Share |
| ||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |||||||||||||||||||
Continuing holders
|
| |
|
| | | | % | | | | | $ | (2) | | | | | | % | | | | | $ | | | |||||
Selling stockholders
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
New investors
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Total
|
| | | | | | | 100% | | | | | $ | | | | | | 100% | | | | | $ | | | ||||||
|
Statement of Income (Dollars in thousands)
|
| |
From Inception through
September 30, 2014 |
| ||||
Income: | | | | | | | | |
Loan interest income
|
| | | $ | 2,271 | | | |
Other income
|
| | | | 20 | | | |
Total income
|
| | | | 2,291 | | | |
Expense: | | | | | | | | |
Related party expense – management fee
|
| | | | 439 | | | |
Related party expense – loan servicing fees
|
| | | | 157 | | | |
Loan transaction expense
|
| | | | 129 | | | |
Other fees and expenses
|
| | | | 342 | | | |
Total expense
|
| | | | 1,067 | | | |
Net income
|
| | | | 1,224 | | | |
Less: net income attributable to the noncontrolling interests
|
| | | | 228 | | | |
Net income attributable to common stockholders
|
| | | $ | 996 | | | |
Basic earnings per share of common stock
|
| | | $ | 0.13 | | | |
Diluted earnings per share of common stock
|
| | | $ | 0.13 | | | |
|
Balance Sheet (Dollars in thousands)
|
| | | | | ||||||||
Total assets
|
| | | $ | 1,500 | | | | | $ | 142,158 | | |
Total liabilities
|
| | | | — | | | | | | 14,223 | | |
Noncontrolling interest
|
| | | | — | | | | | | 7,072 | | |
Total equity
|
| | | $ | 1,500 | | | | | $ | 127,935 | | |
|
No. of Loans
|
| | | | 747 | | |
|
Total UPB(1)
|
| | | $ | 158,180,398 | | |
|
Interest-Bearing Balance
|
| | | $ | 146,997,333 | | |
|
Deferred Balance
|
| | | $ | 11,183,065 | | |
|
Market Value of Collateral(2)
|
| | | $ | 169,374,150 | | |
|
Price/Total UPB(2)
|
| | | | 74.4% | | |
|
Price/Market Value of Collateral
|
| | | | 69.5% | | |
|
Weighted Average Coupon
|
| | | | 4.86% | | |
|
Weighted Average LTV(3)
|
| | | | 111% | | |
|
No. of Rental Properties(2)
|
| | | | 2 | | |
|
Market Value of Collateral
|
| | | $ | 144,900 | | |
|
Price/Market Value of Collateral
|
| | | | 86.3% | | |
|
Gross Rent/Month
|
| | | $ | 2,050 | | |
|
Other REO
|
| | | | 3 | | |
|
Market Value of Collateral(1)
|
| | | $ | 468,900 | | |
Purchase Year
|
| |
Residential
Asset Count |
| |
Original
UPB of Loans Purchased |
| |
Original
Market Value of Assets Purchased as REO |
| |
Capital
Invested(1) |
| |
Total Cash
Returned |
|||||||||||||||||||
2009
|
| | | | 99 | | | | | $ | 27,073,900 | | | | | $ | 969,000 | | | | | $ | 9,650,000 | | | | | $ | 9,434,000 | |||||
2010
|
| | | | 161 | | | | | | 31,822,064 | | | | | | 240,000 | | | | | | 13,160,000 | | | | | | 12,844,903 | |||||
2011
|
| | | | 469 | | | | | | 116,030,077 | | | | | | — | | | | | | 42,140,840 | | | | | | 32,726,373 | |||||
2012
|
| | | | 259 | | | | | | 72,522,670 | | | | | | 498,000 | | | | | | 33,392,500 | | | | | | 14,595,000 | |||||
2013
|
| | | | 1,331 | | | | | | 254,077,417 | | | | | | — | | | | | | 174,306,064 | | | | | | 121,425,407 | |||||
2014 (through November 30, 2014)
|
| | | | 1,285 | | | | | | 294,890,001 | | | | | | — | | | | | | 197,795,142 | | | | | | 1,840,000 | |||||
| | | | | 3,604 | | | | | $ | 796,416,129 | | | | | $ | 1,707,000 | | | | | $ | 470,444,546 | | | | | $ | 192,865,683 | |||||
|
| | |
No. of Loans
|
| |
Principal
Balance ($) |
| |
% by Principal
Balance |
| ||||||||||||
Current Loans
|
| | | | 1,106 | | | | | | 220,613,009 | | | | | | 39.92% | | | |||
Delinquent Loans | | | | | | | | | | | | | | | | | | | | |||
30−59 Days
|
| | | | 238 | | | | | | 48,026,191 | | | | | | 30.54% | | | |||
60−89 Days
|
| | | | 143 | | | | | | 24,555,076 | | | | | | 15.61% | | | |||
90 Days or More
|
| | | | 413 | | | | | | 84,672,251 | | | | | | 53.84% | | | |||
Total Delinquent Loans
|
| | | | 794 | | | | | | 157,253,519 | | | | | | 28.46% | | | |||
Foreclosures/Bankruptcies | | | | | | | | | | | | | | | | | | | | |||
Foreclosures
|
| | | | 299 | | | | | | 79,563,054.42 | | | | | | 60.47% | | | |||
Bankruptcies
|
| | | | 265 | | | | | | 52,008,904.73 | | | | | | 39.53% | | | |||
Total Foreclosures/Bankruptcies
|
| | | | 564 | | | | | | 131,571,959.15 | | | | | | 23.81% | | | |||
Real Estate Owned*
|
| | | | 264 | | | | | | 43,175,692.19 | | | | | | 7.81% | | | |||
TOTAL PORTFOLIO
|
| | | | 2,728 | | | | | | 552,614,178.69 | | | | | | 100.00% | | | |||
|
|
No. of Loans(1)
|
| | | | 1,162 | | |
|
Total UPB
|
| | | $ | 264,645,005 | | |
|
Interest-Bearing Balance
|
| | | $ | 248,045,696 | | |
|
Deferred Balance(2)
|
| | | $ | 16,599,309 | | |
|
Market Value of Collateral(3)
|
| | | $ | 274,875,050 | | |
|
Price/Total UPB(3)
|
| | | | 69.9% | | |
|
Price/Market Value of Collateral
|
| | | | 67.4% | | |
|
Weighted Average Coupon(4)
|
| | | | 5.26% | | |
|
Weighted Average LTV(5)
|
| | | | 113% | | |
|
Remaining Term (as of 11/30/2014)
|
| | | | 294.6 | | |
|
No. of first liens
|
| | | | 1,149 | | |
|
No. of second liens
|
| | | | 13 | | |
|
No. of Rental Properties
|
| | | | 2 | | |
|
Market Value of Collateral
|
| | | $ | 144,900 | | |
|
Capital Invested
|
| | | | 125,000 | | |
|
Price/Market Value of
Collateral |
| | | | 86.3% | | |
|
Gross Rent/Month
|
| | | $ | 2,050 | | |
|
Other REO
|
| | | | 4 | | |
|
Market Value of Collateral(1)
|
| | | $ | 613,900 | | |
|
No. of Loans(1)
|
| | | | 233 |
|
Total UPB
|
| | | $ | 46,903,261 |
|
Interest-Bearing Balance
|
| | | $ | 42,956,059 |
|
Deferred Balance
|
| | | $ | 3,947,202 |
|
Market Value of Collateral(2)
|
| | | $ | 46,580,118 |
|
Price/Total UPB(2)
|
| | | | 68.1% |
|
Price/Market Value of Collateral
|
| | | | 68.6% |
|
Weighted Average Coupon
|
| | | | 4.31% |
|
Weighted Average LTV(3)
|
| | | | 119% |
|
Remaining Term
|
| | | | 319.0 |
|
No. of first liens
|
| | | | 233 |
|
No. of second liens
|
| | | | 0 |
Years of Origination
|
| |
Percentage of UPB
|
| |||
Prior to 1990
|
| | | | 0.22% | | |
1990 – 2000 | | | | | 1.30% | | |
2001 – 2005 | | | | | 21.99% | | |
2006 – 2008 | | | | | 69.75% | | |
After 2008
|
| | | | 6.75% | | |
State
|
| |
Loan
Count |
| |
UPB ($)
|
| |
% of
UPB |
| |
Collateral
Value ($)(1) |
| |
% of
Collateral Value |
| |||||||||||||||
FL
|
| | | | 278 | | | | | | 68,578,569 | | | | | | 25.9% | | | | | | 62,313,695 | | | | | | 22.7% | | |
CA
|
| | | | 111 | | | | | | 35,428,974 | | | | | | 13.4% | | | | | | 36,899,517 | | | | | | 13.4% | | |
NY
|
| | | | 91 | | | | | | 29,532,859 | | | | | | 11.2% | | | | | | 37,029,800 | | | | | | 13.5% | | |
NJ
|
| | | | 80 | | | | | | 26,719,609 | | | | | | 10.1% | | | | | | 25,893,800 | | | | | | 9.4% | | |
MD
|
| | | | 64 | | | | | | 16,722,345 | | | | | | 6.3% | | | | | | 18,382,400 | | | | | | 6.7% | | |
MA
|
| | | | 33 | | | | | | 9,584,276 | | | | | | 3.6% | | | | | | 10,256,000 | | | | | | 3.7% | | |
IL*
|
| | | | 43 | | | | | | 8,085,916 | | | | | | 3.1% | | | | | | 6,836,225 | | | | | | 2.5% | | |
TX
|
| | | | 62 | | | | | | 6,594,940 | | | | | | 2.5% | | | | | | 9,368,500 | | | | | | 3.4% | | |
AZ
|
| | | | 26 | | | | | | 6,331,708 | | | | | | 2.4% | | | | | | 5,474,000 | | | | | | 2.0% | | |
GA*
|
| | | | 38 | | | | | | 5,680,101 | | | | | | 2.1% | | | | | | 5,374,950 | | | | | | 2.0% | | |
VA
|
| | | | 26 | | | | | | 4,907,713 | | | | | | 1.9% | | | | | | 5,665,180 | | | | | | 2.1% | | |
PA
|
| | | | 51 | | | | | | 4,244,642 | | | | | | 1.6% | | | | | | 5,444,100 | | | | | | 2.0% | | |
OR**
|
| | | | 7 | | | | | | 3,998,108 | | | | | | 1.5% | | | | | | 5,005,000 | | | | | | 1.8% | | |
OH
|
| | | | 32 | | | | | | 3,529,514 | | | | | | 1.3% | | | | | | 3,932,318 | | | | | | 1.4% | | |
NC
|
| | | | 26 | | | | | | 3,008,796 | | | | | | 1.1% | | | | | | 3,006,500 | | | | | | 1.1% | | |
AL
|
| | | | 13 | | | | | | 2,989,951 | | | | | | 1.1% | | | | | | 2,690,800 | | | | | | 1.0% | | |
MI
|
| | | | 20 | | | | | | 2,819,809 | | | | | | 1.1% | | | | | | 2,978,460 | | | | | | 1.1% | | |
CT
|
| | | | 10 | | | | | | 2,702,095 | | | | | | 1.0% | | | | | | 2,935,500 | | | | | | 1.1% | | |
WA
|
| | | | 12 | | | | | | 2,368,748 | | | | | | 0.9% | | | | | | 2,422,000 | | | | | | 0.9% | | |
TN
|
| | | | 18 | | | | | | 1,911,645 | | | | | | 0.7% | | | | | | 2,457,000 | | | | | | 0.9% | | |
SC
|
| | | | 12 | | | | | | 1,890,653 | | | | | | 0.7% | | | | | | 1,814,000 | | | | | | 0.7% | | |
CO
|
| | | | 7 | | | | | | 1,858,196 | | | | | | 0.7% | | | | | | 1,898,000 | | | | | | 0.7% | | |
State
|
| |
Loan
Count |
| |
UPB ($)
|
| |
% of
UPB |
| |
Collateral
Value ($)(1) |
| |
% of
Collateral Value |
| |||||||||||||||
NV
|
| | | | 9 | | | | | | 1,838,217 | | | | | | 0.7% | | | | | | 1,414,500 | | | | | | 0.5% | | |
IN
|
| | | | 13 | | | | | | 1,455,536 | | | | | | 0.5% | | | | | | 1,723,755 | | | | | | 0.6% | | |
DC
|
| | | | 6 | | | | | | 1,435,192 | | | | | | 0.5% | | | | | | 2,677,000 | | | | | | 1.0% | | |
MO*
|
| | | | 8 | | | | | | 1,233,852 | | | | | | 0.5% | | | | | | 1,264,975 | | | | | | 0.5% | | |
WI
|
| | | | 7 | | | | | | 1,162,213 | | | | | | 0.4% | | | | | | 1,125,000 | | | | | | 0.4% | | |
UT
|
| | | | 6 | | | | | | 1,089,915 | | | | | | 0.4% | | | | | | 1,170,000 | | | | | | 0.4% | | |
RI
|
| | | | 5 | | | | | | 1,041,710 | | | | | | 0.4% | | | | | | 937,375 | | | | | | 0.3% | | |
MS
|
| | | | 6 | | | | | | 715,427 | | | | | | 0.3% | | | | | | 814,000 | | | | | | 0.3% | | |
HI
|
| | | | 3 | | | | | | 701,758 | | | | | | 0.3% | | | | | | 835,000 | | | | | | 0.3% | | |
LA
|
| | | | 6 | | | | | | 665,124 | | | | | | 0.3% | | | | | | 718,900 | | | | | | 0.3% | | |
KY*
|
| | | | 5 | | | | | | 556,758 | | | | | | 0.2% | | | | | | 643,000 | | | | | | 0.2% | | |
DE
|
| | | | 2 | | | | | | 431,567 | | | | | | 0.2% | | | | | | 370,000 | | | | | | 0.1% | | |
OK
|
| | | | 5 | | | | | | 370,839 | | | | | | 0.1% | | | | | | 388,000 | | | | | | 0.1% | | |
WV
|
| | | | 3 | | | | | | 354,776 | | | | | | 0.1% | | | | | | 287,000 | | | | | | 0.1% | | |
MN
|
| | | | 4 | | | | | | 352,102 | | | | | | 0.1% | | | | | | 438,000 | | | | | | 0.2% | | |
AR
|
| | | | 2 | | | | | | 308,160 | | | | | | 0.1% | | | | | | 418,000 | | | | | | 0.2% | | |
PR
|
| | | | 1 | | | | | | 295,119 | | | | | | 0.1% | | | | | | 370,000 | | | | | | 0.1% | | |
IA
|
| | | | 4 | | | | | | 293,963 | | | | | | 0.1% | | | | | | 279,400 | | | | | | 0.1% | | |
KS
|
| | | | 2 | | | | | | 247,680 | | | | | | 0.1% | | | | | | 255,500 | | | | | | 0.1% | | |
SD
|
| | | | 1 | | | | | | 218,594 | | | | | | 0.1% | | | | | | 229,900 | | | | | | 0.1% | | |
ID
|
| | | | 2 | | | | | | 215,253 | | | | | | 0.1% | | | | | | 255,000 | | | | | | 0.1% | | |
NE
|
| | | | 2 | | | | | | 172,085 | | | | | | 0.1% | | | | | | 183,000 | | | | | | 0.1% | | |
Total | | | | | 1,162 | | | | | | 264,645,005 | | | | | | 100.0% | | | | | | 274,875,050 | | | | | | 100.0% | | |
State
|
| |
Loan
Count |
| |
UPB ($)
|
| |
% of
UPB |
| |
Collateral
Value ($)(1) |
| |
% of
Collateral Value |
| |||||||||||||||
FL
|
| | | | 52 | | | | | | 10,586,090 | | | | | | 22.6% | | | | | | 8,318,283 | | | | | | 17.9% | | |
CA
|
| | | | 29 | | | | | | 10,100,508 | | | | | | 21.5% | | | | | | 9,449,600 | | | | | | 20.3% | | |
IL*
|
| | | | 23 | | | | | | 5,327,767 | | | | | | 11.4% | | | | | | 5,028,500 | | | | | | 10.8% | | |
AZ
|
| | | | 15 | | | | | | 3,827,196 | | | | | | 8.2% | | | | | | 3,114,000 | | | | | | 6.7% | | |
GA*
|
| | | | 17 | | | | | | 2,123,980 | | | | | | 4.5% | | | | | | 2,033,143 | | | | | | 4.4% | | |
NJ
|
| | | | 6 | | | | | | 1,879,897 | | | | | | 4.0% | | | | | | 1,611,867 | | | | | | 3.5% | | |
NY
|
| | | | 7 | | | | | | 1,809,872 | | | | | | 3.9% | | | | | | 2,716,400 | | | | | | 5.8% | | |
HI
|
| | | | 5 | | | | | | 1,640,955 | | | | | | 3.5% | | | | | | 2,911,405 | | | | | | 6.3% | | |
MD
|
| | | | 3 | | | | | | 1,103,352 | | | | | | 2.4% | | | | | | 772,500 | | | | | | 1.7% | | |
TX
|
| | | | 12 | | | | | | 1,048,515 | | | | | | 2.2% | | | | | | 1,726,100 | | | | | | 3.7% | | |
MA
|
| | | | 3 | | | | | | 874,006 | | | | | | 1.9% | | | | | | 885,000 | | | | | | 1.9% | | |
OH
|
| | | | 8 | | | | | | 857,982 | | | | | | 1.8% | | | | | | 796,400 | | | | | | 1.7% | | |
NV
|
| | | | 4 | | | | | | 829,377 | | | | | | 1.8% | | | | | | 614,000 | | | | | | 1.3% | | |
PA
|
| | | | 9 | | | | | | 755,636 | | | | | | 1.6% | | | | | | 930,900 | | | | | | 2.0% | | |
WI
|
| | | | 5 | | | | | | 512,769 | | | | | | 1.1% | | | | | | 665,500 | | | | | | 1.4% | | |
VA
|
| | | | 2 | | | | | | 475,167 | | | | | | 1.0% | | | | | | 338,902 | | | | | | 0.7% | | |
UT
|
| | | | 3 | | | | | | 471,073 | | | | | | 1.0% | | | | | | 710,000 | | | | | | 1.5% | | |
OR
|
| | | | 2 | | | | | | 343,627 | | | | | | 0.7% | | | | | | 735,614 | | | | | | 1.6% | | |
State
|
| |
Loan
Count |
| |
UPB ($)
|
| |
% of
UPB |
| |
Collateral
Value ($)(1) |
| |
% of
Collateral Value |
| |||||||||||||||
CO
|
| | | | 3 | | | | | | 250,099 | | | | | | 0.5% | | | | | | 507,000 | | | | | | 1.1% | | |
NH
|
| | | | 1 | | | | | | 239,572 | | | | | | 0.5% | | | | | | 539,000 | | | | | | 1.2% | | |
MN
|
| | | | 1 | | | | | | 235,730 | | | | | | 0.5% | | | | | | 222,000 | | | | | | 0.5% | | |
MI
|
| | | | 2 | | | | | | 209,336 | | | | | | 0.4% | | | | | | 285,000 | | | | | | 0.6% | | |
NC
|
| | | | 4 | | | | | | 197,351 | | | | | | 0.4% | | | | | | 222,504 | | | | | | 0.5% | | |
WA
|
| | | | 1 | | | | | | 166,923 | | | | | | 0.4% | | | | | | 193,500 | | | | | | 0.4% | | |
IN
|
| | | | 3 | | | | | | 160,191 | | | | | | 0.3% | | | | | | 186,000 | | | | | | 0.4% | | |
ID
|
| | | | 1 | | | | | | 145,595 | | | | | | 0.3% | | | | | | 375,000 | | | | | | 0.8% | | |
MT
|
| | | | 1 | | | | | | 135,419 | | | | | | 0.3% | | | | | | 215,000 | | | | | | 0.5% | | |
MS
|
| | | | 2 | | | | | | 118,139 | | | | | | 0.3% | | | | | | 71,000 | | | | | | 0.2% | | |
SC
|
| | | | 2 | | | | | | 102,996 | | | | | | 0.2% | | | | | | 69,000 | | | | | | 0.1% | | |
MO*
|
| | | | 2 | | | | | | 100,341 | | | | | | 0.2% | | | | | | 63,000 | | | | | | 0.1% | | |
KS
|
| | | | 1 | | | | | | 73,319 | | | | | | 0.2% | | | | | | 53,000 | | | | | | 0.1% | | |
TN
|
| | | | 1 | | | | | | 67,071 | | | | | | 0.1% | | | | | | 40,000 | | | | | | 0.1% | | |
AR
|
| | | | 1 | | | | | | 56,000 | | | | | | 0.1% | | | | | | 48,000 | | | | | | 0.1% | | |
LA
|
| | | | 1 | | | | | | 50,965 | | | | | | 0.1% | | | | | | 105,000 | | | | | | 0.2% | | |
AL
|
| | | | 1 | | | | | | 26,445 | | | | | | 0.1% | | | | | | 28,000 | | | | | | 0.1% | | |
Total
|
| | | | 233 | | | | | | 46,903,261 | | | | | | 100.0% | | | | | | 46,580,118 | | | | | | 100.0% | | |
Name
|
| |
Age
|
| |
Title
|
|
| |
53
|
| | Chairman of the Board of Directors and Chief Executive Officer; Manager of our Manager | | |
Russell Schaub
|
| |
51
|
| | President; Vice-President and Chief Operating Officer of the Servicer; Director-nominee | |
| |
60
|
| | Chief Financial Officer; Chief Financial Officer of the Manager and the Servicer | | |
| |
52
|
| | Director | | |
John C. Condas
|
| |
53
|
| | Director-nominee | |
| |
45
|
| | Director | | |
Daniel Hoffman(1)(2)(3)
|
| |
54
|
| | Director | |
J. Kirk Ogren, Jr.(1)(2)(3)
|
| |
55
|
| | Director | |
| | |
Shares Beneficially Owned
Before the Offering |
| |
Shares Beneficially Owned
After the Offering |
| |||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |||||||||
Ithan Creek Master Investors (Cayman) L.P.(1)
|
| | | | 2,309,918 | | | | | | 19.5% | | | | | | | | | % | | |
Flexpoint Great Ajax Holdings LLC(2)
|
| | | | 1,837,000 | | | | | | 15.5% | | | | | | | | | % | | |
Aspen Yo LLC(3)
|
| | | | 347,954 | | | | | | 3.9% | | | | | | | | | % | | |
Thetis Asset Management LLC
|
| | | | 81,287 | | | | | | * | | | | | | | | | | | |
Lawrence Mendelsohn(4)(5)
|
| | | | 809,954 | | | | | | 6.82% | | | | | | | | | % | | |
Russell Schaub**(5)
|
| | | | 462,000 | | | | | | 3.89% | | | | | | | | | | | |
Glenn Ohl
|
| | | | — | | | | | | | | | | | | | | | | | |
| | | | — | | | | | | | | | | | | | | | | | | |
John C. Condas**
|
| | | | — | | | | | | ||||||||||||
| | | | 2,417 | | | | | | * | | | | | | | | | | | | |
| | | | 2,417 | | | | | | * | | | | | | | | | | | | |
J. Kirk Ogren, Jr.(7)(8)
|
| | | | 2,417 | | | | | | * | | | | | | | | | | | |
Executive officers and directors as a group
(7 persons)(9)(10) |
| | | | 817,205 | | | | | | 6.89% | | | | | | | | | % | | |
| | |
Beneficial Ownership
Prior to this Offering |
| |
Shares Offered
Pursuant to this Prospectus (Maximum Number that may be Sold) |
| |
Beneficial Ownership
After this Offering(1) |
| ||||||
Name of Selling Stockholder
|
| |
Shares
Owned |
| |
Percentage
|
| |
Shares
Owned |
| |
Percentage
|
| |||
| | | | | | | | | | | | | | | | |
Underwriter
|
| |
Number of
Shares |
| ||||
FBR Capital Markets & Co.
|
| | ||||||
| | | | | | | ||
Total
|
| | | | | | | |
|
| | | | | | | | |
Total
|
| |||||||||
| | |
Per
Share |
| |
No
Exercise |
| |
Full
Exercise |
| |||||||||
Public Offering Price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discounts and commissions to be paid by: | | | | | |||||||||||||||
Us
|
| | | $ | | | | | $ | | | | | $ | | | |||
The selling stockholders
|
| | | $ | | | | | $ | | | | | $ | | | |||
Total
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to us
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to the selling stockholders
|
| | | $ | | | | | $ | | | | | $ | | | |
| | |
Page
|
| |||
March 31, 2014 | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | | | | |
September 30, 2014 | | | | | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
| | | | F-9 | | | |
| | | | F-10 | | | |
| | | | F-11 | | |
| ASSETS | | | | | |
|
Cash and cash equivalents
|
| | | $ | 1,500 |
|
Total assets
|
| | | $ | 1,500 |
| COMMITMENTS AND CONTINGENCIES (NOTE 3) | | | | | |
| EQUITY | | | | | | |
|
Common Stock
|
| | | $ | 1,500 | |
|
Total Equity
|
| | | $ | 1,500 | |
|
(Dollars in thousands)
|
| | | | | |
ASSETS | | | | | | |
Cash and cash equivalents
|
| | | $ | 23,850 | |
Mortgage loans, net
|
| | | | 116,484 | |
Property held-for-sale
|
| | | | 278 | |
Rental property, net
|
| | | | 124 | |
Cash collections due from servicer
|
| | | | 722 | |
Prepaid expenses and other assets
|
| | | | 700 | |
Total Assets
|
| | | $ | 142,158 | |
LIABILITIES AND EQUITY | | | | | | |
Liabilities: | | | | | | |
Loan acquisition payable
|
| | | $ | 11,401 | |
Management fee payable
|
| | | | 219 | |
Accrued expenses and other liabilities
|
| | | | 2,603 | |
Total Liabilities
|
| | | | 14,223 | |
Commitments and contingencies—See Note 6 | | | | | | |
Equity: | | | | | | |
Preferred Stock (no par value; 25,000,000 shares authorized, none issued or outstanding)
|
| | | | — | |
Common stock ($.01 par value; 125,000,000 shares authorized, 8,498,558 shares issued and outstanding)
|
| | | | 85 | |
Additional paid-in capital
|
| | | | 119,782 | |
Retained earnings
|
| | | | 996 | |
Noncontrolling interest
|
| | | | 7,072 | |
Total Equity
|
| | | | 127,935 | |
Total Liabilities and Equity
|
| | | $ | 142,158 | |
|
(Dollars in thousands)
|
| | | | ||||||
INCOME | | | | | | | | | | |
Loan interest income
|
| | | $ | 2,271 | | | | ||
Other income
|
| | | | 20 | | | | ||
Total income
|
| | | | 2,291 | | | | ||
EXPENSE | | | | | | | | | | |
Related party expense – management fee
|
| | | | 439 | | | | ||
Related party expense – loan servicing fees
|
| | | | 157 | | | | ||
Loan transaction expense
|
| | | | 129 | | | | ||
Professional fees
|
| | | | 200 | | | | ||
Other expense
|
| | | | 142 | | | | ||
Total expense
|
| | | | 1,067 | | | | ||
Income before provision for income taxes
|
| | | | 1,224 | | | | ||
Provision for income taxes
|
| | | | — | | | | ||
Consolidated net income
|
| | | | 1,224 | | | | ||
Less: consolidated net income attributable to the noncontrolling interests
|
| | | | 228 | | | | ||
Consolidated net income attributable to common stockholders
|
| | | $ | 996 | | | | ||
Basic earnings per common share
|
| | | $ | 0.13 | | | | ||
Diluted earnings per common share
|
| | | $ | 0.13 | | | | ||
Weighted average shares – basic
|
| | | | 7,762,963 | | | | ||
Weighted average shares – diluted
|
| | | | 8,207,705 | | | | ||
|
(Dollars in thousands)
|
| | | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | |
Consolidated net income
|
| | | $ | 1,224 | | | |
Adjustments to reconcile net income to net cash from operating activities
|
| | | | | | | |
Stock-based management fee and compensation expense
|
| | | | 260 | | | |
Net change in operating assets and liabilities
|
| | | | | | | |
Accrued interest receivable and other assets
|
| | | | (1,422) | | | |
Accrued expenses and other liabilities
|
| | | | 2,822 | | | |
Net cash from operating activities
|
| | | | 2,884 | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | |
Purchase of mortgage loans
|
| | | | (105,744) | | | |
Net change in mortgage loans
|
| | | | 663 | | | |
Purchase of property held for sale
|
| | | | (278) | | | |
Purchase of rental property
|
| | | | (124) | | | |
Net cash from investing activities
|
| | | | (105,483) | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | |
Sale of corporate equity securities, net of offering costs
|
| | | | 119,605 | | | |
Sale of operating units of subsidiary
|
| | | | 7,022 | | | |
Distribution to non-controlling interest
|
| | | | (178) | | | |
Net cash from financing activities
|
| | | | 126,449 | | | |
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
| | | | 23,850 | | | |
CASH AND CASH EQUIVALENTS, beginning of period
|
| | | | — | | | |
CASH AND CASH EQUIVALENTS, end of period
|
| | | $ | 23,850 | | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | | | |
Cash paid for interest
|
| | | $ | — | | | |
Cash paid for income taxes
|
| | | $ | — | | | |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
| | | | | | | |
Transfer of loans to rental property or property held-for-sale
|
| | | $ | — | | | |
Exchange of membership interest in Little Ajax II for mortgage loans
|
| | | $ | 48,280 | | | |
Loan acquisition payable
|
| | | $ | 11,401 | | | |
|
Dollars in thousands
|
| |
From Inception (January 30, 2014) through September 30, 2014
|
||||||||||||||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Additional
Paid-In-Capital |
| |
Retained
Earnings |
| |
Stockholders’
Equity |
| |
Noncontrolling
Interest |
| |
Total
Equity |
|||||||||||||||||||||||
Initial capitalization
|
| | | | | | | | | $ | 2 | | | | | | | | | | | $ | 2 | | | | | | | | | | | $ | 2 | ||||||
Consolidation of majority-owned subsidiary
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,598 | | | | | | 10,598 | ||||||
Issuance of shares
|
| | | $ | 85 | | | | | | 119,520 | | | | | | | | | | | | 119,605 | | | | | | | | | | | | 119,605 | ||||||
Issuance of operating partnership units
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,022 | | | | | | 7,022 | ||||||
Net income
|
| | | | | | | | | | — | | | | | $ | 996 | | | | | | 996 | | | | | | 228 | | | | | | 1,224 | ||||||
Stock-based management fee and compensation expense
|
| | | | | | | | | | 219 | | | | | | | | | | | | 219 | | | | | | | | | | | | 219 | ||||||
Stock-based compensation expense
|
| | | | | | | | | | 41 | | | | | | | | | | | | 41 | | | | | | | | | | | | 41 | ||||||
Dissolution of majority-owned subsidiary
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (10,598) | | | | | | (10,598) | ||||||
Distribution to non-controlling interest
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (178) | | | | | | (178) | ||||||
| | | | $ | 85 | | | | | $ | 119,782 | | | | | $ | 996 | | | | | $ | 120,863 | | | | | $ | 7,072 | | | | | $ | 127,935 | ||||||
|
| | |
Re-performing
loans |
| |
Non-performing
loans |
| ||||||||
Contractually required principal and interest
|
| | | $ | 266,016 | | | | | $ | 21,620 | | | ||
Non-accretable yield
|
| | | | (117,317) | | | | | | (12,279) | | | ||
Expected cash flows to be collected
|
| | | | 148,699 | | | | | | 9,341 | | | ||
Accretable yield
|
| | | | (37,625) | | | | | | (2,651) | | | ||
Fair value at date of acquisition
|
| | | $ | 111,074 | | | | | $ | 6,690 | | | ||
|
| | |
Re-performing
loans |
| |
Non-performing
loans |
| ||||||||
September 30, 2014 | | | | | | | | | | | | | | ||
Balance at beginning of period
|
| | | $ | — | | | | | $ | — | | | ||
Accretable discount purchased
|
| | | | 37,625 | | | | | | 2,651 | | | ||
Accretion | | | | | (2,186) | | | | | | (85) | | | ||
Balance at end of period
|
| | | $ | 35,439 | | | | | $ | 2,566 | | | ||
|
| | |
Number
of loans |
| |
Carrying
value |
| |
Unpaid
principal balance |
|||||||||||
September 30, 2014 | | | | | | | | | | | | | | | | | | |||
Current
|
| | | | 146 | | | | | $ | 22,685 | | | | | $ | 27,910 | |||
30
|
| | | | 252 | | | | | | 42,574 | | | | | | 58,268 | |||
60
|
| | | | 70 | | | | | | 8,903 | | | | | | 12,288 | |||
90
|
| | | | 252 | | | | | | 38,035 | | | | | | 52,791 | |||
Foreclosure
|
| | | | 27 | | | | | | 4,287 | | | | | | 6,410 | |||
Mortgage loans
|
| | | | 747 | | | | | $ | 116,484 | | | | | $ | 157,667 | |||
|
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
| | |
Quoted
prices in active markets |
| |
Observable
inputs other than Level 1 prices |
| |
Unobservable
inputs |
| |||||||||
September 30, 2014 | | | | | | | | | | | | | | | | | | | |
Recurring basis (assets) | | | | | | | | | | | | | | | | | | | |
Mortgage loans
|
| | | | — | | | | | | — | | | | | $ | 116,484 | | |
Nonrecurring basis (assets) | | | | | | | | | | | | | | | | | | | |
Real estate assets held for sale
|
| | | | — | | | | | $ | 278 | | | | | | — | | |
Input
|
| |
Range of Values
|
|
Equity discount rate – RPLs
|
| |
8% – 14%
|
|
Equity discount rate – NPLs
|
| |
10% – 18%
|
|
Cost of debt
|
| |
4.25%
|
|
Loan resolution timelines – RPLs (in years)
|
| |
4 – 7
|
|
Loan resolution timelines – NPLs (in years)
|
| |
1.4 – 4
|
|
| | | |
Period ended
September 30, 2014 |
| |
Counterparty
|
| |
Consolidated Statement of
Income location |
| |||
|
Management fee
|
| | | $ | 439 | | | |
Thetis
|
| | Related party expense – management fee | |
|
Loan servicing fees
|
| | | | 157 | | | |
Gregory
|
| | Related party expense – loan servicing fees | |
|
Legal fees(1)
|
| | | | 54 | | | |
Gregory
|
| | Professional fees | |
|
Due diligence and related loan
acquisition costs |
| | | | 12 | | | |
Aspen Yo
|
| | Loan transaction expense | |
|
Expense reimbursements
|
| | | | 5 | | | |
Thetis
|
| | Professional fees | |
| | |
Period ended September 30, 2014
|
| |||||||||||||||
Dollars in thousands
|
| |
Income
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |||||||||
Basic EPS | | | | | | | | | | | | | | | |||||
Income attributable to common stockholders
|
| | | $ | 996 | | | | | | 7,762,963 | | | | | | | | |
Allocation of earnings to participating restricted shares
|
| | | | (2) | | | | | | | | | | | | | | |
Income attributable to unrestricted common stockholders
|
| | | $ | 994 | | | | | | 7,762,963 | | | | | $ | 0.13 | | |
Effect of dilutive securities | | | | | | | | | | | | | | | |||||
Operating partnership units
|
| | | | 50 | | | | | | 428,692 | | | | | | | | |
Restricted stock grants
|
| | | | 2 | | | | | | 16,050 | | | | | | | | |
Diluted EPS | | | | | | | | | | | | | | | |||||
Income attributable to common stockholders and operating partners
|
| | | $ | 1,046 | | | | | | 8,207,705 | | | | | $ | 0.13 | | |
|
SEC registration fee
|
| | | $ | 11,620 | | | |
|
FINRA filing fees*
|
| | | | | | | |
|
NYSE listing fees*
|
| | | | | | | |
|
Printing and engraving expenses*
|
| | | | | | | |
|
Legal fees and expenses*
|
| | | | | | | |
|
Accounting fees and expenses*
|
| | | | | | | |
|
Transfer agent and registrar fees*
|
| | | | | | | |
|
Miscellaneous expenses*
|
| | | | | | | |
|
Total*
|
| | | $ | | | | |
|
Exhibit No.
|
| |
Description
|
|
1.1* | | | Form of Underwriting Agreement. | |
3.1† | | | Articles of Amendment and Restatement. | |
3.2† | | | Amended and Restated Bylaws. | |
5.1† | | | Opinion of Morrison & Foerster LLP. | |
8.1† | | | Opinion of Morrison & Foerster LLP as to tax matters. | |
10.1† | | | Agreement of Limited Partnership of Great Ajax Operating Partnership LP. | |
10.2† | | | Management Agreement, dated as of July 8, 2014, among the registrant, Great Ajax Operating Partnership LP and Thetis Asset Management LLC | |
10.3† | | | Servicing Agreement dated as of July 8, 2014 by and among Gregory Funding LLC and the registrant and its affiliates Great Ajax Operating Partnership L.P and Little Ajax II LLC | |
10.4† | | | Form of Indemnification Agreement between registrant and each of its directors and officers. | |
10.5† | | | Assignment Agreement made as of July 8, 2014, by and between the entities identified on Exhibit A thereto and the registrant with respect to Little Ajax II LLC | |
10.6† | | | 2014 Director Equity Plan | |
10.7† | | | Form of Restricted Stock Award | |
10.8† | | | Registration Rights Agreement made and entered into as of July 8, 2014, by and among the registrant and FBR Capital Markets & Co., as the initial purchaser/placement agent (“FBR”) for the benefit of FBR and certain purchasers of the registrant’s common stock | |
10.9† | | | Trademark License Agreement dated as of July 8, 2014 between the registrant and Aspen Yo LLC | |
10.10† | | | Registration Rights Agreement made and entered into as of December 16, 2014, by and among the registrant and certain purchasers of the registrant’s common stock. | |
21.1† | | | List of subsidiaries. | |
23.1 | | | Consent of Moss Adams LLP. | |
23.2† | | | Consent of Morrison & Foerster LLP (included in Exhibit 5.1). | |
23.3† | | | Consent of Morrison & Foerster LLP (included in Exhibit 8.1). | |
23.4 | | | Consent of John C. Condas to be named as a director-nominee. | |
23.5 | | | Consent of Russell Schaub to be named as a director-nominee. | |
24.1 | | | Power of Attorney (included in the signature page to this registration statement). | |
| | | | GREAT AJAX CORP. | | |||
| | | | By: | | | /s/ Lawrence Mendelsohn | |
| | | | | | | Lawrence Mendelsohn Chairman and Chief Executive Officer |
|
|
Name
|
| |
Capacity
|
| |
Date
|
|
| | | | | | | | |
|
|
| | Chairman and Chief Executive Officer (principal executive officer) |
| | | |
|
/s/ Glenn J. Ohl
|
| | Chief Financial Officer (principal financial officer and principal accounting officer) | | | | |
|
|
| | Director | | | | |
|
|
| | Director | | | | |
|
/s/ Daniel Hoffman
|
| | Director | | | | |
|
|
| | Director | | | |
Exhibit No.
|
| |
Description
|
|
1.1* | | | Form of Underwriting Agreement. | |
3.1† | | | Articles of Amendment and Restatement. | |
3.2† | | | Amended and Restated Bylaws. | |
5.1† | | | Opinion of Morrison & Foerster LLP. | |
8.1† | | | Opinion of Morrison & Foerster LLP as to tax matters. | |
10.1† | | | Agreement of Limited Partnership of Great Ajax Operating Partnership LP. | |
10.2† | | | Management Agreement, dated as of July 8, 2014, among the registrant, Great Ajax Operating Partnership LP and Thetis Asset Management LLC | |
10.3† | | | Servicing Agreement dated as of July 8, 2014 by and among Gregory Funding LLC and the registrant and its affiliates Great Ajax Operating Partnership L.P and Little Ajax II LLC | |
10.4† | | | Form of Indemnification Agreement between registrant and each of its directors and officers. | |
10.5† | | | Assignment Agreement made as of July 8, 2014, by and between the entities identified on Exhibit A thereto and the registrant with respect to Little Ajax II LLC | |
10.6† | | | 2014 Director Equity Plan | |
10.7† | | | Form of Restricted Stock Award | |
10.8† | | | Registration Rights Agreement made and entered into as of July 8, 2014, by and among the registrant and FBR Capital Markets & Co., as the initial purchaser/placement agent (“FBR”) for the benefit of FBR and certain purchasers of the registrant’s common stock | |
10.9† | | | Trademark License Agreement dated as of July 8, 2014 between the registrant and Aspen Yo LLC | |
10.10† | | | Registration Rights Agreement made and entered into as of December 16, 2014, by and among the registrant and certain purchasers of the registrant’s common stock. | |
21.1† | | | List of subsidiaries. | |
23.1 | | | Consent of Moss Adams LLP. | |
23.2† | | | Consent of Morrison & Foerster LLP (included in Exhibit 5.1). | |
23.3† | | | Consent of Morrison & Foerster LLP (included in Exhibit 8.1). | |
23.4 | | | Consent of John C. Condas to be named as a director-nominee. | |
23.5 | | | Consent of Russell Schaub to be named as a director-nominee. | |
24.1 | | | Power of Attorney (included in the signature page to this registration statement). | |
This ‘S-11’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/17 | None on these Dates | |||
12/31/16 | ||||
12/15/16 | ||||
12/31/15 | ||||
12/16/15 | ||||
11/24/15 | ||||
8/1/15 | ||||
7/8/15 | ||||
Filed on: | 1/5/15 | |||
1/2/15 | ||||
12/31/14 | ||||
12/29/14 | ||||
12/16/14 | ||||
12/15/14 | ||||
12/4/14 | ||||
11/30/14 | ||||
11/25/14 | ||||
11/21/14 | ||||
11/20/14 | ||||
11/19/14 | ||||
11/12/14 | ||||
10/7/14 | ||||
9/30/14 | ||||
9/22/14 | ||||
9/15/14 | ||||
8/1/14 | ||||
7/8/14 | ||||
7/7/14 | ||||
6/30/14 | ||||
3/31/14 | ||||
3/28/14 | ||||
2/11/14 | ||||
1/30/14 | ||||
1/10/14 | ||||
12/1/13 | ||||
12/7/12 | ||||
4/5/12 | ||||
1/1/12 | ||||
8/31/11 | ||||
9/11/01 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/23/15 SEC UPLOAD¶ 9/15/17 1:160K Great Ajax Corp. |