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| ​ | Maryland(State or other jurisdictionof incorporation or organization) | ​ | ​ | 47-1271842(I.R.S. EmployerIdentification No.) | ​ |
|---------|-----------------------------------------------------------------------|---------|---------|-----------------------------------------------|---------|
| ​ | 9400 SW Beaverton-Hillsdale Hwy,Suite 131Beaverton, OR 97005(Address of principal executive offices) | ​ | ​ | 97005(Zip Code) | ​ |
|---------|------------------------------------------------------------------------------------------------------|---------|---------|-----------------|---------|
| ​ | Title of each class                     | ​ | ​ | Name of each exchange on which registered | ​ |
|---------|-----------------------------------------|---------|---------|-------------------------------------------|---------|
| ​ | Common stock, par value $0.01 per share | ​ | ​ | New York Stock Exchange                   | ​ |
| ​ | Large accelerated filer ☐                                             | ​ | ​ | Accelerated filer ☐         | ​ |
|---------|-----------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|
| ​ | Non-accelerated filer ☒ (Do not check if a smaller reporting company) | ​ | ​ | Smaller reporting company ☐ | ​ |

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| ​                                                                                                                                           | ​ | ​ | Page    | ​ |
|---------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| PART I                                                                                                                                            | ​ | ​ |
| Cautionary Statement Regarding Forward-Looking Statements                                                                                         | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Item 1.Business​                                                                                                                            | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Item 1A.Risk Factors​                                                                                                                       | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| Item 1B.Unresolved Staff Comments​                                                                                                          | ​ | ​ | ​ | ​ | 50 | ​ | ​ |
| Item 2.Properties​                                                                                                                          | ​ | ​ | ​ | ​ | 50 | ​ | ​ |
| Item 3.Legal Proceedings​                                                                                                                   | ​ | ​ | ​ | ​ | 50 | ​ | ​ |
| Item 4.Mine Safety Disclosures​                                                                                                             | ​ | ​ | ​ | ​ | 50 | ​ | ​ |
| PART II                                                                                                                                           | ​ | ​ |
| Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer   Purchases of Equity Securities​ | ​ | ​ | ​ | ​ | 51 | ​ | ​ |
| Item 6.Selected Financial Data​                                                                                                             | ​ | ​ | ​ | ​ | 53 | ​ | ​ |
| Item 7.Management’s Discussion and Analysis of Financial Condition and Results of   Operations​                        | ​ | ​ | ​ | ​ | 53 | ​ | ​ |
| Item 7A.Quantitative and Qualitative Disclosures About Market Risk​                                                                         | ​ | ​ | ​ | ​ | 69 | ​ | ​ |
| Item 8.Financial Statements and Supplementary Data​                                                                                         | ​ | ​ | ​ | ​ | 70 | ​ | ​ |
| Item 9.Changes in and Disagreements with Accountants on Accounting and Financial   Disclosure​                               | ​ | ​ | ​ | ​ | 70 | ​ | ​ |
| Item 9A.Controls and Procedures​                                                                                                            | ​ | ​ | ​ | ​ | 71 | ​ | ​ |
| Item 9B.Other Information​                                                                                                                  | ​ | ​ | ​ | ​ | 71 | ​ | ​ |
| PART III                                                                                                                                          | ​ | ​ |
| Item 10.Directors, Executive Officers and Corporate Governance​                                                                             | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| Item 11.Executive Compensation​                                                                                                             | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| Item 12.Security Ownership of Certain Beneficial Owners and Management and Related   Stockholder Matters​                    | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| Item 13.Certain Relationships and Related Transactions, and Director Independence​                                                          | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| Item 14.Principal Accountant Fees and Services​                                                                                             | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| PART IV                                                                                                                                           | ​ | ​ |
| Item 15.Exhibits and Financial Statement Schedules​                                                                                         | ​ | ​ | ​ | ​ | 73 | ​ | ​ |

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| ​                                                           | ​ | ​ | Price Range | ​ |
|-------------------------------------------------------------------|---------|---------|-------------|---------|
| ​                                                           | ​ | ​ | High        | ​ | ​ | Low | ​ |
| For the period from February 13, 2015 to March 23, 2015 | ​ | ​ | ​     | $       | 14.70 | ​ | ​ | ​ | ​ | $ | 13.98 | ​ | ​ |
| Date Dividend Declared | ​ | ​ | Dividend Amount | ​ | ​ | Record Date | ​ | ​ | Dividend Payment Date  | ​ |
|------------------------|---------|---------|-----------------|---------|---------|-------------|---------|---------|------------------------|---------|
| November 12, 2014 | ​ | ​ | ​         | $       | 0.08    | ​     | ​ | ​ | November 21, 2014 | ​ | ​ | December 4, 2014 | ​ |
| January 16, 2015  | ​ | ​ | ​         | $       | 0.16    | ​     | ​ | ​ | January 13, 2015  | ​ | ​ | January 30, 2015 | ​ |

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| Statement of Income (Dollars in thousands except per share data)           | ​ | ​ | From Inception throughDecember 31, 2014 | ​ |
|----------------------------------------------------------------------------|---------|---------|----------------------------------------------|---------|
| INCOME                                                                     | ​ | ​ | ​                                      | ​ | ​ | ​ | ​ |
| Loan interest income                                                       | ​ | ​ | ​                                      | $       |   6,940 | ​ | ​ |
| Interest expense                                                           | ​ | ​ | ​                                      | ​ | (771) | ​ | ​ |
| Net interest income                                                        | ​ | ​ | ​                                      | ​ | 6,169 | ​ | ​ |
| Other income                                                               | ​ | ​ | ​                                      | ​ | 75 | ​ | ​ |
| Total income                                                               | ​ | ​ | ​                                      | ​ | 6,244 | ​ | ​ |
| EXPENSE                                                                    | ​ | ​ | ​                                      | ​ | ​ | ​ | ​ |
| Related party expense – management fee                               | ​ | ​ | ​                                      | ​ | 956 | ​ | ​ |
| Related party expense – loan servicing fees                          | ​ | ​ | ​                                      | ​ | 485 | ​ | ​ |
| Other fees and expenses                                                    | ​ | ​ | ​                                      | ​ | 1,053 | ​ | ​ |
| Total expense                                                              | ​ | ​ | ​                                      | ​ | 2,494 | ​ | ​ |
| Income before provision for income tax                                     | ​ | ​ | ​                                      | ​ | 3,750 | ​ | ​ |
| Provision for income tax                                                   | ​ | ​ | ​                                      | ​ | — | ​ | ​ |
| Consolidated net income                                                    | ​ | ​ | ​                                      | ​ | 3,750 | ​ | ​ |
| Less: consolidated net income attributable to the non-controlling interest | ​ | ​ | ​                                      | ​ | 326 | ​ | ​ |
| Consolidated net income attributable to the common stockholders            | ​ | ​ | ​                                      | $       | 3,424 | ​ | ​ |
| Basic earnings per common share                                            | ​ | ​ | ​                                      | $       | 0.41 | ​ | ​ |
| Diluted earnings per common share                                          | ​ | ​ | ​                                      | $       | 0.40 | ​ | ​ |
| ​                                                                    |
| Balance sheet (Dollars in thousands) | ​ | ​ | At December 31, 2014 | ​ |
|--------------------------------------|---------|---------|---------------------------|---------|
| Total assets                         | ​ | ​ | ​                   | $       | 272,758 | ​ | ​ |
| Total liabilities                    | ​ | ​ | ​                   | $       | 101,478 | ​ | ​ |
| Non-controlling interest             | ​ | ​ | ​                   | $       | 9,473 | ​ | ​ |
| Total equity                         | ​ | ​ | ​                   | $       | 171,280 | ​ | ​ |
| ​                              |

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| ​ | No. of Loans(1)                   | ​ | ​ | ​ | ​ | 1,340       | ​ | ​ |
|---------|-----------------------------------|---------|---------|---------|---------|-------------|---------|---------|
| ​ | Total UPB                         | ​ | ​ | ​ | $       | 304,516,485 | ​ | ​ |
| ​ | Interest-Bearing Balance          | ​ | ​ | ​ | $       | 283,981,030 | ​ | ​ |
| ​ | Deferred Balance(2)               | ​ | ​ | ​ | $       | 20,535,455  | ​ | ​ |
| ​ | Market Value of Collateral(3)     | ​ | ​ | ​ | $       | 313,669,168 | ​ | ​ |
| ​ | Price/Total UPB(3)                | ​ | ​ | ​ | ​ | 69.8%       | ​ | ​ |
| ​ | Price/Market Value of Collateral  | ​ | ​ | ​ | ​ | 67.9%       | ​ | ​ |
| ​ | Weighted Average Coupon(4)        | ​ | ​ | ​ | ​ | 5.06%       | ​ | ​ |
| ​ | Weighted Average LTV(5)           | ​ | ​ | ​ | ​ | 114%        | ​ | ​ |
| ​ | Remaining Term (as of 12/31/2014) | ​ | ​ | ​ | ​ | 299.5       | ​ | ​ |
| ​ | No. of first liens                | ​ | ​ | ​ | ​ | 1,327       | ​ | ​ |
| ​ | No. of second liens               | ​ | ​ | ​ | ​ | 13          | ​ | ​ |

| ​ | No. of Rental Properties                | ​ | ​ | ​ | ​ | 3         | ​ | ​ |
|---------|-----------------------------------------|---------|---------|---------|---------|-----------|---------|---------|
| ​ | Market Value of Rental Properties       | ​ | ​ | ​ | $       | 366,900   | ​ | ​ |
| ​ | Capital Invested                        | ​ | ​ | ​ | ​ | 289,954   | ​ | ​ |
| ​ | Price/Market Value of Rental Properties | ​ | ​ | ​ | ​ | 79.0%     | ​ | ​ |
| ​ | Gross Rent/Month                        | ​ | ​ | ​ | $       | 3,800     | ​ | ​ |
| ​ | Other REO                               | ​ | ​ | ​ | ​ | 12        | ​ | ​ |
| ​ | Market Value of Other REO               | ​ | ​ | ​ | $       | 2,068,500 | ​ | ​ |

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| Years of Origination          | ​ | ​ | Percentage of UPB | ​ |
|-------------------------------|---------|---------|-------------------|---------|
| Prior to 1990                 | ​ | ​ | ​           | ​ | 0.2% | ​ | ​ |
| 1990 – 2000 | ​ | ​ | ​           | ​ | 1.4% | ​ | ​ |
| 2001 – 2005 | ​ | ​ | ​           | ​ | 20.9% | ​ | ​ |
| 2006 – 2008 | ​ | ​ | ​           | ​ | 71.1% | ​ | ​ |
| After 2008                    | ​ | ​ | ​           | ​ | 6.4% | ​ | ​ |

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| State | ​ | ​ | LoanCount | ​ | ​ | UPB ($) | ​ | ​ | % ofUPB | ​ | ​    | CollateralValue(1) | ​ | ​ | % ofCollateralValue | ​ |
|-------|---------|---------|-----------|---------|---------|---------|---------|---------|---------|---------|------------|--------------------|---------|---------|---------------------|---------|
| FL    | ​ | ​ | ​   | ​ | 319     | ​ | ​ | ​ | ​ | ​ | 77,185,355 | ​            | ​ | ​ | ​             | ​ | 25.3% | ​ | ​ | ​ | ​ | ​ | 68,562,978 | ​ | ​ | ​ | ​ | ​ | 21.9% | ​ | ​ |
| CA    | ​ | ​ | ​   | ​ | 138     | ​ | ​ | ​ | ​ | ​ | 45,065,165 | ​            | ​ | ​ | ​             | ​ | 14.8% | ​ | ​ | ​ | ​ | ​ | 45,967,117 | ​ | ​ | ​ | ​ | ​ | 14.7% | ​ | ​ |
| NY    | ​ | ​ | ​   | ​ | 97      | ​ | ​ | ​ | ​ | ​ | 30,948,524 | ​            | ​ | ​ | ​             | ​ | 10.2% | ​ | ​ | ​ | ​ | ​ | 39,501,200 | ​ | ​ | ​ | ​ | ​ | 12.6% | ​ | ​ |
| NJ    | ​ | ​ | ​   | ​ | 84      | ​ | ​ | ​ | ​ | ​ | 28,202,761 | ​            | ​ | ​ | ​             | ​ | 9.3% | ​ | ​ | ​ | ​ | ​ | 27,035,767 | ​ | ​ | ​ | ​ | ​ | 8.6% | ​ | ​ |
| MD    | ​ | ​ | ​   | ​ | 65      | ​ | ​ | ​ | ​ | ​ | 17,542,983 | ​            | ​ | ​ | ​             | ​ | 5.8% | ​ | ​ | ​ | ​ | ​ | 18,748,900 | ​ | ​ | ​ | ​ | ​ | 6.0% | ​ | ​ |
| IL*   | ​ | ​ | ​   | ​ | 61      | ​ | ​ | ​ | ​ | ​ | 12,771,417 | ​            | ​ | ​ | ​             | ​ | 4.2% | ​ | ​ | ​ | ​ | ​ | 11,281,725 | ​ | ​ | ​ | ​ | ​ | 3.6% | ​ | ​ |
| MA    | ​ | ​ | ​   | ​ | 36      | ​ | ​ | ​ | ​ | ​ | 10,467,278 | ​            | ​ | ​ | ​             | ​ | 3.4% | ​ | ​ | ​ | ​ | ​ | 11,141,000 | ​ | ​ | ​ | ​ | ​ | 3.6% | ​ | ​ |
| AZ    | ​ | ​ | ​   | ​ | 41      | ​ | ​ | ​ | ​ | ​ | 10,150,902 | ​            | ​ | ​ | ​             | ​ | 3.3% | ​ | ​ | ​ | ​ | ​ | 8,588,000 | ​ | ​ | ​ | ​ | ​ | 2.7% | ​ | ​ |
| TX    | ​ | ​ | ​   | ​ | 66      | ​ | ​ | ​ | ​ | ​ | 7,113,129  | ​            | ​ | ​ | ​             | ​ | 2.3% | ​ | ​ | ​ | ​ | ​ | 10,017,600 | ​ | ​ | ​ | ​ | ​ | 3.2% | ​ | ​ |
| GA*   | ​ | ​ | ​   | ​ | 45      | ​ | ​ | ​ | ​ | ​ | 6,661,866  | ​            | ​ | ​ | ​             | ​ | 2.2% | ​ | ​ | ​ | ​ | ​ | 6,400,493 | ​ | ​ | ​ | ​ | ​ | 2.0% | ​ | ​ |
| VA    | ​ | ​ | ​   | ​ | 28      | ​ | ​ | ​ | ​ | ​ | 5,374,937  | ​            | ​ | ​ | ​             | ​ | 1.8% | ​ | ​ | ​ | ​ | ​ | 6,004,082 | ​ | ​ | ​ | ​ | ​ | 1.9% | ​ | ​ |
| PA    | ​ | ​ | ​   | ​ | 54      | ​ | ​ | ​ | ​ | ​ | 4,647,279  | ​            | ​ | ​ | ​             | ​ | 1.5% | ​ | ​ | ​ | ​ | ​ | 5,829,000 | ​ | ​ | ​ | ​ | ​ | 1.9% | ​ | ​ |
| OR**  | ​ | ​ | ​   | ​ | 10      | ​ | ​ | ​ | ​ | ​ | 4,401,875  | ​            | ​ | ​ | ​             | ​ | 1.4% | ​ | ​ | ​ | ​ | ​ | 5,875,614 | ​ | ​ | ​ | ​ | ​ | 1.9% | ​ | ​ |
| OH    | ​ | ​ | ​   | ​ | 39      | ​ | ​ | ​ | ​ | ​ | 4,345,413  | ​            | ​ | ​ | ​             | ​ | 1.4% | ​ | ​ | ​ | ​ | ​ | 4,695,218 | ​ | ​ | ​ | ​ | ​ | 1.5% | ​ | ​ |
| NC    | ​ | ​ | ​   | ​ | 30      | ​ | ​ | ​ | ​ | ​ | 3,202,658  | ​            | ​ | ​ | ​             | ​ | 1.1% | ​ | ​ | ​ | ​ | ​ | 3,229,004 | ​ | ​ | ​ | ​ | ​ | 1.0% | ​ | ​ |
| MI    | ​ | ​ | ​   | ​ | 21      | ​ | ​ | ​ | ​ | ​ | 2,986,830  | ​            | ​ | ​ | ​             | ​ | 1.0% | ​ | ​ | ​ | ​ | ​ | 3,233,460 | ​ | ​ | ​ | ​ | ​ | 1.0% | ​ | ​ |
| AL    | ​ | ​ | ​   | ​ | 13      | ​ | ​ | ​ | ​ | ​ | 2,984,862  | ​            | ​ | ​ | ​             | ​ | 1.0% | ​ | ​ | ​ | ​ | ​ | 2,690,800 | ​ | ​ | ​ | ​ | ​ | 0.9% | ​ | ​ |
| CT    | ​ | ​ | ​   | ​ | 10      | ​ | ​ | ​ | ​ | ​ | 2,698,765  | ​            | ​ | ​ | ​             | ​ | 0.9% | ​ | ​ | ​ | ​ | ​ | 2,935,500 | ​ | ​ | ​ | ​ | ​ | 0.9% | ​ | ​ |
| WA    | ​ | ​ | ​   | ​ | 13      | ​ | ​ | ​ | ​ | ​ | 2,533,058  | ​            | ​ | ​ | ​             | ​ | 0.8% | ​ | ​ | ​ | ​ | ​ | 2,615,500 | ​ | ​ | ​ | ​ | ​ | 0.8% | ​ | ​ |
| NV    | ​ | ​ | ​   | ​ | 12      | ​ | ​ | ​ | ​ | ​ | 2,505,495  | ​            | ​ | ​ | ​             | ​ | 0.8% | ​ | ​ | ​ | ​ | ​ | 1,923,500 | ​ | ​ | ​ | ​ | ​ | 0.6% | ​ | ​ |
| HI    | ​ | ​ | ​   | ​ | 7       | ​ | ​ | ​ | ​ | ​ | 2,165,109  | ​            | ​ | ​ | ​             | ​ | 0.7% | ​ | ​ | ​ | ​ | ​ | 3,521,405 | ​ | ​ | ​ | ​ | ​ | 1.1% | ​ | ​ |
| CO    | ​ | ​ | ​   | ​ | 10      | ​ | ​ | ​ | ​ | ​ | 2,103,192  | ​            | ​ | ​ | ​             | ​ | 0.7% | ​ | ​ | ​ | ​ | ​ | 2,405,000 | ​ | ​ | ​ | ​ | ​ | 0.8% | ​ | ​ |
| SC    | ​ | ​ | ​   | ​ | 14      | ​ | ​ | ​ | ​ | ​ | 1,991,894  | ​            | ​ | ​ | ​             | ​ | 0.7% | ​ | ​ | ​ | ​ | ​ | 1,883,000 | ​ | ​ | ​ | ​ | ​ | 0.6% | ​ | ​ |

| State | ​ | ​ | LoanCount | ​ | ​ | UPB ($) | ​ | ​ | % ofUPB | ​ | ​     | CollateralValue(1) | ​ | ​ | % ofCollateralValue | ​ |
|-------|---------|---------|-----------|---------|---------|---------|---------|---------|---------|---------|-------------|--------------------|---------|---------|---------------------|---------|
| TN    | ​ | ​ | ​   | ​ | 18      | ​ | ​ | ​ | ​ | ​ | 1,908,929   | ​            | ​ | ​ | ​             | ​ | 0.6% | ​ | ​ | ​ | ​ | ​ | 2,457,000 | ​ | ​ | ​ | ​ | ​ | 0.8% | ​ | ​ |
| WI    | ​ | ​ | ​   | ​ | 12      | ​ | ​ | ​ | ​ | ​ | 1,673,355   | ​            | ​ | ​ | ​             | ​ | 0.5% | ​ | ​ | ​ | ​ | ​ | 1,790,500 | ​ | ​ | ​ | ​ | ​ | 0.6% | ​ | ​ |
| IN    | ​ | ​ | ​   | ​ | 16      | ​ | ​ | ​ | ​ | ​ | 1,612,255   | ​            | ​ | ​ | ​             | ​ | 0.5% | ​ | ​ | ​ | ​ | ​ | 1,909,755 | ​ | ​ | ​ | ​ | ​ | 0.6% | ​ | ​ |
| UT    | ​ | ​ | ​   | ​ | 9       | ​ | ​ | ​ | ​ | ​ | 1,559,641   | ​            | ​ | ​ | ​             | ​ | 0.5% | ​ | ​ | ​ | ​ | ​ | 1,880,000 | ​ | ​ | ​ | ​ | ​ | 0.6% | ​ | ​ |
| DC    | ​ | ​ | ​   | ​ | 6       | ​ | ​ | ​ | ​ | ​ | 1,433,495   | ​            | ​ | ​ | ​             | ​ | 0.5% | ​ | ​ | ​ | ​ | ​ | 2,677,000 | ​ | ​ | ​ | ​ | ​ | 0.9% | ​ | ​ |
| MO*   | ​ | ​ | ​   | ​ | 9       | ​ | ​ | ​ | ​ | ​ | 1,285,120   | ​            | ​ | ​ | ​             | ​ | 0.4% | ​ | ​ | ​ | ​ | ​ | 1,297,975 | ​ | ​ | ​ | ​ | ​ | 0.4% | ​ | ​ |
| RI    | ​ | ​ | ​   | ​ | 5       | ​ | ​ | ​ | ​ | ​ | 1,040,121   | ​            | ​ | ​ | ​             | ​ | 0.3% | ​ | ​ | ​ | ​ | ​ | 937,375 | ​ | ​ | ​ | ​ | ​ | 0.3% | ​ | ​ |
| MS    | ​ | ​ | ​   | ​ | 8       | ​ | ​ | ​ | ​ | ​ | 832,574     | ​            | ​ | ​ | ​             | ​ | 0.3% | ​ | ​ | ​ | ​ | ​ | 885,000 | ​ | ​ | ​ | ​ | ​ | 0.3% | ​ | ​ |
| LA    | ​ | ​ | ​   | ​ | 6       | ​ | ​ | ​ | ​ | ​ | 663,838     | ​            | ​ | ​ | ​             | ​ | 0.2% | ​ | ​ | ​ | ​ | ​ | 718,900 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ |
| MN    | ​ | ​ | ​   | ​ | 5       | ​ | ​ | ​ | ​ | ​ | 587,585     | ​            | ​ | ​ | ​             | ​ | 0.2% | ​ | ​ | ​ | ​ | ​ | 660,000 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ |
| KY*   | ​ | ​ | ​   | ​ | 5       | ​ | ​ | ​ | ​ | ​ | 555,458     | ​            | ​ | ​ | ​             | ​ | 0.2% | ​ | ​ | ​ | ​ | ​ | 643,000 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ |
| DE    | ​ | ​ | ​   | ​ | 2       | ​ | ​ | ​ | ​ | ​ | 429,552     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 370,000 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| OK    | ​ | ​ | ​   | ​ | 5       | ​ | ​ | ​ | ​ | ​ | 370,383     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 388,000 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| AR    | ​ | ​ | ​   | ​ | 3       | ​ | ​ | ​ | ​ | ​ | 363,282     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 466,000 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| ID    | ​ | ​ | ​   | ​ | 3       | ​ | ​ | ​ | ​ | ​ | 360,686     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 630,000 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ |
| WV    | ​ | ​ | ​   | ​ | 3       | ​ | ​ | ​ | ​ | ​ | 354,776     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 287,000 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| KS    | ​ | ​ | ​   | ​ | 3       | ​ | ​ | ​ | ​ | ​ | 320,300     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 308,500 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| IA    | ​ | ​ | ​   | ​ | 4       | ​ | ​ | ​ | ​ | ​ | 294,595     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 279,400 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| PR    | ​ | ​ | ​   | ​ | 1       | ​ | ​ | ​ | ​ | ​ | 294,298     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 370,000 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| SD    | ​ | ​ | ​   | ​ | 1       | ​ | ​ | ​ | ​ | ​ | 218,248     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 229,900 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| NE    | ​ | ​ | ​   | ​ | 2       | ​ | ​ | ​ | ​ | ​ | 171,826     | ​            | ​ | ​ | ​             | ​ | 0.1% | ​ | ​ | ​ | ​ | ​ | 183,000 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| MT    | ​ | ​ | ​   | ​ | 1       | ​ | ​ | ​ | ​ | ​ | 135,419     | ​            | ​ | ​ | ​             | ​ | 0.0% | ​ | ​ | ​ | ​ | ​ | 215,000 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| Total | ​ | ​ | ​   | ​ | 1340    | ​ | ​ | ​ | ​ | ​ | 304,516,485 | ​            | ​ | ​ | ​             | ​ | 100.0% | ​ | ​ | ​ | ​ | ​ | 313,669,168 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |

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| ​                               | ​ | ​ | Payments Due by Period | ​ |
|---------------------------------------|---------|---------|------------------------|---------|
| ​                               | ​ | ​ | Total                  | ​ | ​ | Less than1 Year | ​ | ​ | 1 – 3 Years | ​ | ​ | 3 – 5 Years | ​ | ​ | More than5 Years | ​ |
| ​                               | ​ | ​ | (in thousands)         | ​ |
| Secured borrowings                    | ​ | ​ | ​                | $       | 84,679 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 84,679 | ​ | ​ |
| Borrowings under repurchase agreement | ​ | ​ | ​                | ​ | 15,249 | ​ | ​ | ​ | ​ | ​ | 15,249 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total                                 | ​ | ​ | ​                | $       | 99,928 | ​ | ​ | ​ | ​ | $ | 15,249 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 84,679 | ​ | ​ |
| ​                               |

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| Exhibit Number | ​ | ​ | Exhibit Description                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ​ |
|----------------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 3.1            | ​ | ​ | Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                                                                                                                                                          | ​ |
| 3.2            | ​ | ​ | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                                                                                                                                                                    | ​ |
| 10.1           | ​ | ​ | Agreement of Limited Partnership of Great Ajax Operating Partnership LP (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                                                                                                                       | ​ |
| 10.2           | ​ | ​ | Management Agreement, dated as of July 8, 2014, among the registrant, Great Ajax Operating Partnership LP and Thetis Asset management LLC incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                                                 | ​ |
| 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 (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                         | ​ |
| 10.4           | ​ | ​ | Form of Indemnification Agreement between registrant and each of its directors and officer (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                                                                                                    | ​ |
| 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 (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                          | ​ |
| 10.6           | ​ | ​ | 2014 Director Equity Plan (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                                                                                                                                                                     | ​ |
| 10.7           | ​ | ​ | Form of Restricted Stock Award (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                                                                                                                                                                | ​ |
| 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 (incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | ​ |
| 10.9           | ​ | ​ | Trademark License Agreement dated as of July 8, 2014 between the registrant and Aspen Yo LLC (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)).                                                                                                                                                                                             | ​ |

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| Exhibit Number | ​ | ​ | Exhibit Description                                                                                                                                                                                                                                                                                                                                    | ​ |
|----------------|---------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 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 (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-11 confidentially submitted to the SEC on December 29, 2014 (File No.:333-00787)). | ​ |
| 21.1*          | ​ | ​ | List of subsidiaries.                                                                                                                                                                                                                                                                                                                                  | ​ |
| 31.1*          | ​ | ​ | Rule 13a-14(a) Certification of Chief Executive Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                               | ​ |
| 31.2*          | ​ | ​ | Rule 13a-14(a) Certification of Chief Financial Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                               | ​ |
| 32.1*          | ​ | ​ | Section 1350 Certification of Chief Executive Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                            | ​ |
| 32.2*          | ​ | ​ | Section 1350 Certification of Chief Financial Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                            | ​ |

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| ​ | GREAT AJAX CORP. | ​ |
|---------|------------------|---------|
| ​ | By:              | ​ | ​ | /s/ Lawrence Mendelsohn | ​ |
| ​ | ​          | ​ | ​ | Lawrence Mendelsohn | ​ |
| ​ | Signature                                                               | ​ | ​ | Title                                                               | ​ | ​ | Date           | ​ |
|---------|-------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------|---------|---------|----------------|---------|
| ​ | /s/ Lawrence Mendelsohn​Lawrence Mendelsohn                       | ​ | ​ | Chairman and Chief Executive Officer(Principal Executive Officer)   | ​ | ​ | March 26, 2015 | ​ |
| ​ | /s/ Glenn J. Ohl​Glenn J. Ohl                                     | ​ | ​ | Chief Financial Officer(Principal Financial and Accounting Officer) | ​ | ​ | March 26, 2015 | ​ |
| ​ | /s/ Steven L. Begleiter​Steven L. Begleiter                       | ​ | ​ | Director                                                            | ​ | ​ | March 26, 2015 | ​ |
| ​ | /s/ John Condas​John Condas                                       | ​ | ​ | Director                                                            | ​ | ​ | March 26, 2015 | ​ |
| ​ | /s/ Jonathan Bradford Handley, Jr.​Jonathan Bradford Handley, Jr. | ​ | ​ | Director                                                            | ​ | ​ | March 26, 2015 | ​ |
| ​ | /s/ Daniel Hoffman​Daniel Hoffman                                 | ​ | ​ | Director                                                            | ​ | ​ | March 26, 2015 | ​ |
| ​ | /s/ J. Kirk Ogren, Jr.​J. Kirk Ogren, Jr.                         | ​ | ​ | Director                                                            | ​ | ​ | March 26, 2015 | ​ |
| ​ | /s/ Russell Schaub​Russell Schaub                                 | ​ | ​ | President and Director                                              | ​ | ​ | March 26, 2015 | ​ |

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| ​                                                                                                           | ​ | ​ | Page    | ​ |
|-------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| Report of Independent Registered Public Accounting Firm                                                           | ​ | ​ | ​ | ​ | F-2 | ​ | ​ |
| Consolidated Balance Sheet of December 31, 2014                                                              | ​ | ​ | ​ | ​ | F-3 | ​ | ​ |
| Consolidated Statement of Income from Inception (January 30, 2014) through December 31, 2014            | ​ | ​ | ​ | ​ | F-4 | ​ | ​ |
| Consolidated Statement of Cash Flows from Inception (January 30, 2014) through December 31, 2014        | ​ | ​ | ​ | ​ | F-5 | ​ | ​ |
| Consolidated Statement of Changes in Equity from Inception (January 30, 2014) through December 31, 2014 | ​ | ​ | ​ | ​ | F-6 | ​ | ​ |
| Notes to Consolidated Financial Statements                                                                        | ​ | ​ | ​ | ​ | F-7 | ​ | ​ |
| Schedule IV — Mortgage Loans on Real Estate                                                     | ​ | ​ | ​ | ​ | F-24 | ​ | ​ |

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| (Dollars in thousands)                                                                                | ​ | ​ |
|-------------------------------------------------------------------------------------------------------|---------|---------|
| ASSETS                                                                                                | ​ | ​ |
| Cash and cash equivalents                                                                             | ​ | ​ | ​ | $ | 53,099 | ​ | ​ |
| Mortgage loans, net(1)                                                                                | ​ | ​ | ​ | ​ | 211,159 | ​ | ​ |
| Property held-for-sale                                                                                | ​ | ​ | ​ | ​ | 1,316 | ​ | ​ |
| Rental property, net                                                                                  | ​ | ​ | ​ | ​ | 290 | ​ | ​ |
| Receivable from servicer                                                                              | ​ | ​ | ​ | ​ | 1,340 | ​ | ​ |
| Investment in affiliate                                                                               | ​ | ​ | ​ | ​ | 2,237 | ​ | ​ |
| Prepaid expenses and other assets                                                                     | ​ | ​ | ​ | ​ | 3,317 | ​ | ​ |
| Total Assets                                                                                          | ​ | ​ | ​ | $ | 272,758 | ​ | ​ |
| LIABILITIES AND EQUITY                                                                                | ​ | ​ |
| Liabilities:                                                                                          | ​ | ​ |
| Secured borrowings(1)                                                                                 | ​ | ​ | ​ | $ | 84,679 | ​ | ​ |
| Borrowings under repurchase agreement                                                                 | ​ | ​ | ​ | ​ | 15,249 | ​ | ​ |
| Management fee payable                                                                                | ​ | ​ | ​ | ​ | 258 | ​ | ​ |
| Accrued expenses and other liabilities                                                                | ​ | ​ | ​ | ​ | 1,292 | ​ | ​ |
| Total liabilities                                                                                     | ​ | ​ | ​ | ​ | 101,478 | ​ | ​ |
| Commitments and contingencies – see Note 7.                                                     | ​ | ​ |
| Equity:                                                                                               | ​ | ​ |
| Preferred stock $0.01 par value; 25,000,000 shares authorized, none issued or outstanding             | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Common stock $0.01 par value; 125,000,000 shares authorized, 11,223,984 shares issued and outstanding | ​ | ​ | ​ | ​ | 112 | ​ | ​ |
| Additional paid-in capital                                                                            | ​ | ​ | ​ | ​ | 158,951 | ​ | ​ |
| Retained earnings                                                                                     | ​ | ​ | ​ | ​ | 2,744 | ​ | ​ |
| Stockholders’ equity attributable to common stockholders                                        | ​ | ​ | ​ | ​ | 161,807 | ​ | ​ |
| Non-controlling interest                                                                              | ​ | ​ | ​ | ​ | 9,473 | ​ | ​ |
| Total equity                                                                                          | ​ | ​ | ​ | ​ | 171,280 | ​ | ​ |
| Total Liabilities and Equity                                                                          | ​ | ​ | ​ | $ | 272,758 | ​ | ​ |
| ​                                                                                               |

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| (Dollars in thousands except per share data)                               | ​ | ​ | From Inception(January 30, 2014)throughDecember 31, 2014 | ​ |
|----------------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------|---------|
| INCOME                                                                     | ​ | ​ |
| Loan interest income                                                       | ​ | ​ | ​                                                            | $       | 6,940 | ​ | ​ |
| Interest expense                                                           | ​ | ​ | ​                                                            | ​ | (771) | ​ | ​ |
| Net interest income                                                        | ​ | ​ | ​                                                            | ​ | 6,169 | ​ | ​ |
| Other income                                                               | ​ | ​ | ​                                                            | ​ | 75 | ​ | ​ |
| Total income                                                               | ​ | ​ | ​                                                            | ​ | 6,244 | ​ | ​ |
| EXPENSE                                                                    | ​ | ​ |
| Related party expense – management fee                               | ​ | ​ | ​                                                            | ​ | 956 | ​ | ​ |
| Related party expense – loan servicing fees                          | ​ | ​ | ​                                                            | ​ | 485 | ​ | ​ |
| Loan transaction expense                                                   | ​ | ​ | ​                                                            | ​ | 503 | ​ | ​ |
| Professional fees                                                          | ​ | ​ | ​                                                            | ​ | 277 | ​ | ​ |
| Other expense                                                              | ​ | ​ | ​                                                            | ​ | 273 | ​ | ​ |
| Total expense                                                              | ​ | ​ | ​                                                            | ​ | 2,494 | ​ | ​ |
| Income before provision for income taxes                                   | ​ | ​ | ​                                                            | ​ | 3,750 | ​ | ​ |
| Provision for income taxes                                                 | ​ | ​ | ​                                                            | ​ | — | ​ | ​ |
| Consolidated net income                                                    | ​ | ​ | ​                                                            | ​ | 3,750 | ​ | ​ |
| Less: consolidated net income attributable to the non-controlling interest | ​ | ​ | ​                                                            | ​ | 326 | ​ | ​ |
| Consolidated net income attributable to common stockholders                | ​ | ​ | ​                                                            | $       | 3,424 | ​ | ​ |
| Basic earnings per common share                                            | ​ | ​ | ​                                                            | $       | 0.41 | ​ | ​ |
| Diluted earnings per common share                                          | ​ | ​ | ​                                                            | $       | 0.40 | ​ | ​ |
| Weighted average shares – basic                                      | ​ | ​ | ​                                                            | ​ | 8,360,432 | ​ | ​ |
| Weighted average shares – diluted                                    | ​ | ​ | ​                                                            | ​ | 8,849,055 | ​ | ​ |
| ​                                                                    |

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| (Dollars in thousands)                                                                 | ​ | ​ | From Inception(January 30, 2014)throughDecember 31, 2014 | ​ |
|----------------------------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------|---------|
| CASH FLOWS FROM OPERATING ACTIVITIES                                                   | ​ | ​ |
| Consolidated net income                                                                | ​ | ​ | ​                                                            | $       | 3,750 | ​ | ​ |
| Adjustments to reconcile consolidated net income to net cash from operating activities | ​ | ​ |
| Stock-based management fee and compensation expense                                    | ​ | ​ | ​                                                            | ​ | 560 | ​ | ​ |
| Non-cash interest income accretion                                                     | ​ | ​ | ​                                                            | ​ | (4,098) | ​ | ​ |
| Income from affiliates                                                                 | ​ | ​ | ​                                                            | ​ | (51) | ​ | ​ |
| Depreciation on property                                                               | ​ | ​ | ​                                                            | ​ | 4 | ​ | ​ |
| Amortization of prepaid financing costs                                                | ​ | ​ | ​                                                            | ​ | 109 | ​ | ​ |
| Net change in operating assets and liabilities                                         | ​ | ​ |
| Accrued interest receivable and other assets                                           | ​ | ​ | ​                                                            | ​ | (4,766) | ​ | ​ |
| Accrued expenses and other liabilities                                                 | ​ | ​ | ​                                                            | ​ | 1,550 | ​ | ​ |
| Net cash from operating activities                                                     | ​ | ​ | ​                                                            | $       | (2,942) | ​ | ​ |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                   | ​ | ​ |
| Purchase of mortgage loans                                                             | ​ | ​ | ​                                                            | ​ | (209,881) | ​ | ​ |
| Principal paydowns                                                                     | ​ | ​ | ​                                                            | ​ | 2,471 | ​ | ​ |
| Purchase of property held for sale                                                     | ​ | ​ | ​                                                            | ​ | (814) | ​ | ​ |
| Purchase of rental property                                                            | ​ | ​ | ​                                                            | ​ | (435) | ​ | ​ |
| Investment in affiliate                                                                | ​ | ​ | ​                                                            | ​ | (2,187) | ​ | ​ |
| Renovations of rental property and property held for sale                              | ​ | ​ | ​                                                            | ​ | (9) | ​ | ​ |
| Net cash from investing activities                                                     | ​ | ​ | ​                                                            | $       | (210,855) | ​ | ​ |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                   | ​ | ​ |
| Proceeds from repurchase agreement                                                     | ​ | ​ | ​                                                            | ​ | 15,249 | ​ | ​ |
| Proceeds from sale of secured notes                                                    | ​ | ​ | ​                                                            | ​ | 86,191 | ​ | ​ |
| Repayments on secured notes                                                            | ​ | ​ | ​                                                            | ​ | (1,512) | ​ | ​ |
| Sale of corporate equity securities, net of offering costs                             | ​ | ​ | ​                                                            | ​ | 158,501 | ​ | ​ |
| Sale of operating partnership units of subsidiary                                      | ​ | ​ | ​                                                            | ​ | 9,362 | ​ | ​ |
| Distribution to non-controlling interest                                               | ​ | ​ | ​                                                            | ​ | (215) | ​ | ​ |
| Dividends paid on common stock                                                         | ​ | ​ | ​                                                            | ​ | (680) | ​ | ​ |
| Net cash from financing activities                                                     | ​ | ​ | ​                                                            | $       | 266,896 | ​ | ​ |
| NET CHANGE IN CASH AND CASH EQUIVALENTS                                                | ​ | ​ | ​                                                            | ​ | 53,099 | ​ | ​ |
| CASH AND CASH EQUIVALENTS, beginning of period                                         | ​ | ​ | ​                                                            | ​ | — | ​ | ​ |
| CASH AND CASH EQUIVALENTS, end of period                                               | ​ | ​ | ​                                                            | $       | 53,099 | ​ | ​ |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                                       | ​ | ​ |
| Cash paid for interest                                                                 | ​ | ​ | ​                                                            | $       | 587 | ​ | ​ |
| Cash paid for income taxes                                                             | ​ | ​ | ​                                                            | $       | — | ​ | ​ |
| SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES                  | ​ | ​ |
| Transfer of loans to rental property or property held-for-sale                         | ​ | ​ | ​                                                            | $       | 349 | ​ | ​ |
| Exchange of membership interest in Little Ajax II for mortgage loans                   | ​ | ​ | ​                                                            | $       | 48,280 | ​ | ​ |
| Issuance of common stock for management fees                                           | ​ | ​ | ​                                                            | $       | 219 | ​ | ​ |
| ​                                                                                |

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| (Dollars in thousands)                              | ​ | ​ | From Inception (January 30, 2014) through December 31, 2014 | ​ |
|-----------------------------------------------------|---------|---------|-----------------------------------------------------------------------|---------|
| ​                                             | ​ | ​ | CommonStock                                                           | ​ | ​ | AdditionalPaid-In-Capital | ​ | ​ | RetainedEarnings | ​ | ​ | Stockholders’Equity | ​ | ​ | Non-controllingInterest | ​ | ​ | TotalEquity | ​ |
| Initial capitalization                              | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2 | ​ | ​ |
| Consolidation of majority-owned subsidiary          | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 10,598 | ​ | ​ | ​ | ​ | ​ | 10,598 | ​ | ​ |
| Issuance of shares                                  | ​ | ​ | ​                                                               | $       | 112 | ​ | ​ | ​ | ​ | ​ | 158,389 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 158,501 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 158,501 | ​ | ​ |
| Issuance of operating partnership units             | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9,362 | ​ | ​ | ​ | ​ | ​ | 9,362 | ​ | ​ |
| Net income                                          | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,424 | ​ | ​ | ​ | ​ | ​ | 3,424 | ​ | ​ | ​ | ​ | ​ | 326 | ​ | ​ | ​ | ​ | ​ | 3,750 | ​ | ​ |
| Stock-based management fee and compensation expense | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 477 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 477 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 477 | ​ | ​ |
| Stock-based compensation expense                    | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 83 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 83 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 83 | ​ | ​ |
| Dissolution of majority-owned subsidiary            | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (10,598) | ​ | ​ | ​ | ​ | ​ | (10,598) | ​ | ​ |
| Distribution to non-controlling interest            | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (178) | ​ | ​ | ​ | ​ | ​ | (178) | ​ | ​ |
| Dividends ($0.08 per share)                         | ​ | ​ | ​                                                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (680) | ​ | ​ | ​ | ​ | ​ | (680) | ​ | ​ | ​ | ​ | ​ | (37) | ​ | ​ | ​ | ​ | ​ | (717) | ​ | ​ |
| Balance at December 31, 2014                   | ​ | ​ | ​                                                               | $       | 112 | ​ | ​ | ​ | ​ | $ | 158,951 | ​ | ​ | ​ | ​ | $ | 2,744 | ​ | ​ | ​ | ​ | $ | 161,807 | ​ | ​ | ​ | ​ | $ | 9,473 | ​ | ​ | ​ | ​ | $ | 171,280 | ​ | ​ |
| ​                                             |

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| ​                                       | ​ | ​ | Re-performingloans | ​ | ​   | Non-performingloans | ​ |
|-----------------------------------------------|---------|---------|--------------------|---------|-----------|---------------------|---------|
| Contractually required principal and interest | ​ | ​ | ​            | $       | 393,657   | ​             | ​ | ​ | ​ | $ | 257,790 | ​ | ​ |
| Non-accretable yield                          | ​ | ​ | ​            | ​ | (173,502) | ​             | ​ | ​ | ​ | ​ | (184,096) | ​ | ​ |
| Expected cash flows to be collected           | ​ | ​ | ​            | ​ | 220,155   | ​             | ​ | ​ | ​ | ​ | 73,694 | ​ | ​ |
| Accretable yield                              | ​ | ​ | ​            | ​ | (60,495)  | ​             | ​ | ​ | ​ | ​ | (22,071) | ​ | ​ |
| Fair value at date of acquisition             | ​ | ​ | ​            | $       | 159,660   | ​             | ​ | ​ | ​ | $ | 51,623 | ​ | ​ |
| ​                                       |
| ​                        | ​ | ​ | Re-performingloans | ​ | ​ | Non-performingloans | ​ |
|--------------------------------|---------|---------|--------------------|---------|---------|---------------------|---------|
| December 31, 2014         | ​ | ​ | ​            |
| Balance at beginning of period | ​ | ​ | ​            | $       | — | ​             | ​ | ​ | ​ | $ | — | ​ | ​ |
| Accretable yield additions     | ​ | ​ | ​            | ​ | 60,495  | ​             | ​ | ​ | ​ | ​ | 22,071 | ​ | ​ |
| Accretion                      | ​ | ​ | ​            | ​ | (5,555) | ​             | ​ | ​ | ​ | ​ | (1,385) | ​ | ​ |
| Balance at end of period       | ​ | ​ | ​            | $       | 54,940  | ​             | ​ | ​ | ​ | $ | 20,686 | ​ | ​ |
| ​                        |
| December 31, 2014 | ​ | ​ | Number ofloans | ​ | ​ | Carryingvalue | ​ | ​ | Unpaidprincipalbalance | ​ |
|------------------------|---------|---------|----------------|---------|---------|---------------|---------|---------|------------------------|---------|
| Current                | ​ | ​ | ​        | ​ | 45      | ​       | ​ | ​ | ​                | $       | 6,794 | ​ | ​ | ​ | ​ | $ | 8,792 | ​ | ​ |
| 30                     | ​ | ​ | ​        | ​ | 519     | ​       | ​ | ​ | ​                | ​ | 86,904 | ​ | ​ | ​ | ​ | ​ | 118,099 | ​ | ​ |
| 60                     | ​ | ​ | ​        | ​ | 138     | ​       | ​ | ​ | ​                | ​ | 20,291 | ​ | ​ | ​ | ​ | ​ | 27,817 | ​ | ​ |
| 90                     | ​ | ​ | ​        | ​ | 425     | ​       | ​ | ​ | ​                | ​ | 63,528 | ​ | ​ | ​ | ​ | ​ | 88,481 | ​ | ​ |
| Foreclosure            | ​ | ​ | ​        | ​ | 212     | ​       | ​ | ​ | ​                | ​ | 33,642 | ​ | ​ | ​ | ​ | ​ | 55,384 | ​ | ​ |
| Mortgage loans         | ​ | ​ | ​        | ​ | 1,339   | ​       | ​ | ​ | ​                | $       | 211,159 | ​ | ​ | ​ | ​ | $ | 298,573 | ​ | ​ |
| ​                |

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| ​                                                                       | ​ | ​ | ​       | ​ | ​ | ​                       | ​ | ​ | Level 1                                  | ​ | ​ | Level 2            | ​ | ​ | Level 3 | ​ |
|-------------------------------------------------------------------------------|---------|---------|---------------|---------|---------|-------------------------------|---------|---------|------------------------------------------|---------|---------|--------------------|---------|---------|---------|---------|
| December 31, 2014                                                        | ​ | ​ | CarryingValue | ​ | ​ | Quotedprices inactive markers | ​ | ​ | Observableinputs otherthan Level 1prices | ​ | ​ | Unobservableinputs | ​ |
| 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 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

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| 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   | ​ |

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| Maturity Date     | ​ | ​ | Maximum borrowingcapacity | ​ | ​ | Amountoutstanding | ​ | ​ | Carrying value ofcollateral | ​ | ​ | Interest rate atDecember 31, 2014 | ​ |
|-------------------|---------|---------|---------------------------|---------|---------|-------------------|---------|---------|-----------------------------|---------|---------|----------------------------------------|---------|
| November 24, 2015 | ​ | ​ | ​                   | $       | 100,000 | ​           | ​ | ​ | ​                     | $       | 15,249  | ​                                | ​ | ​ | ​ | $ | 23,460 | ​ | ​ | ​ | ​ | ​ | 4.00% | ​ | ​ |
| ​           |

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| ​        | ​ | ​ | ​      | ​ | ​ | ​  | ​ | ​ | ​               | ​ | ​ | Balances at cutoff date | ​ | ​ | Balances at December 31, 2014 | ​ |
|----------------|---------|---------|--------------|---------|---------|----------|---------|---------|-----------------------|---------|---------|-------------------------|---------|---------|------------------------------------|---------|
| Class of Notes | ​ | ​ | Interestrate | ​ | ​ | Due date | ​ | ​ | MortgageUPB           | ​ | ​ | Bondprincipalbalance    | ​ | ​ | Carryingvalueof mortgages          | ​ | ​ | Fair Valueof mortgages | ​ | ​ | Bond principalbalance | ​ |
| 2014-A         | ​ | ​ | ​      | ​ | 4.00%   | ​  | ​ | ​ | October 25, 2057 | ​ | ​ | ​                 | $       | 81,405  | ​                            | ​ | ​ | ​ | $ | 45,000 | ​ | ​ | ​ | ​ | $ | 58,905 | ​ | ​ | ​ | ​ | $ | 66,630 | ​ | ​ | ​ | ​ | $ | 44,016 | ​ | ​ |
| 2014-B         | ​ | ​ | ​      | ​ | 3.85%   | ​  | ​ | ​ | August 25, 2054  | ​ | ​ | ​                 | ​ | 91,535  | ​                            | ​ | ​ | ​ | ​ | 41,191 | ​ | ​ | ​ | ​ | ​ | 68,654 | ​ | ​ | ​ | ​ | ​ | 73,964 | ​ | ​ | ​ | ​ | ​ | 40,663 | ​ | ​ |
| ​        | ​ | ​ | ​      | ​ | ​ | ​  | ​ | ​ | ​               | ​ | ​ | ​                 | $       | 172,940 | ​                            | ​ | ​ | ​ | $ | 86,191 | ​ | ​ | ​ | ​ | $ | 127,559 | ​ | ​ | ​ | ​ | $ | 140,594 | ​ | ​ | ​ | ​ | $ | 84,679 | ​ | ​ |
| ​        |
| ​                                          | ​ | ​ | Period endedDecember 31, 2014 | ​ | ​ | Counterparty | ​ | ​ | Consolidated Statement of Income location | ​ |
|--------------------------------------------------|---------|---------|------------------------------------|---------|---------|--------------|---------|---------|-------------------------------------------|---------|
| Management fee                                   | ​ | ​ | ​                            | $       | 956     | ​      | ​ | ​ | Thetis                                    | ​ | ​ | Related party expense – management fee | ​ |
| Loan servicing fees                              | ​ | ​ | ​                            | ​ | 485     | ​      | ​ | ​ | Gregory                                   | ​ | ​ | Related party expense – loan servicing fees | ​ |
| Legal fees(1)                                    | ​ | ​ | ​                            | ​ | 58      | ​      | ​ | ​ | Gregory                                   | ​ | ​ | Professional fees | ​ |
| Due diligence and related loan acquisition costs | ​ | ​ | ​                            | ​ | 12      | ​      | ​ | ​ | Aspen Yo                                  | ​ | ​ | Loan transaction expense | ​ |
| Expense reimbursements                           | ​ | ​ | ​                            | ​ | 5       | ​      | ​ | ​ | Thetis                                    | ​ | ​ | Professional fees | ​ |
| Expense reimbursements                           | ​ | ​ | ​                            | ​ | 1       | ​      | ​ | ​ | Thetis                                    | ​ | ​ | Other expense | ​ |

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| From inception (January 30, 2014) through December 31, 2014 | ​ | ​ | Numberof shares | ​ | ​ | Per share value | ​ | ​ | Total cost | ​ | ​ | Amount of grantexpense recognized in2014(1) | ​ |
|-----------------------------------------------------------------------|---------|---------|-----------------|---------|---------|-----------------|---------|---------|------------|---------|---------|---------------------------------------------|---------|
| Management fees                                                       | ​ | ​ | ​         | ​ | 31,835  | ​         | ​ | ​ | ​    | ​ | 15.00   | ​                                     | ​ | ​ | ​ | ​ | 477 | ​ | ​ | ​ | ​ | ​ | 477 | ​ | ​ |
| Independent director fees                                             | ​ | ​ | ​         | ​ | 2,502   | ​         | ​ | ​ | ​    | ​ | 15.00   | ​                                     | ​ | ​ | ​ | ​ | 38 | ​ | ​ | ​ | ​ | ​ | 38 | ​ | ​ |
| Management and director fees                                          | ​ | ​ | ​         | ​ | 34,337  | ​         | ​ | ​ | ​    | $       | 15.00   | ​                                     | ​ | ​ | ​ | $ | 515 | ​ | ​ | ​ | ​ | $ | 515 | ​ | ​ |
| ​                                                               |
| ​                                      | ​ | ​ | Number ofshares | ​ | ​                    | Per share value | ​ | ​ | Total costof grant | ​ | ​                    | Amount of grantexpense recognizedin 2014(2) | ​ |
|----------------------------------------------|---------|---------|-----------------|---------|----------------------------|-----------------|---------|---------|--------------------|---------|----------------------------|---------------------------------------------|---------|
| January 30, 2014, Date of inception     | ​ | ​ | ​         | ​ | —                    | ​         | ​ | ​ | ​            | $       | —                    | ​                                     | ​ | ​ | ​ | $ |   — | ​ | ​ | ​ | ​ | $ |   — | ​ | ​ |
| July 8, 2014, Directors’ Grant(1) | ​ | ​ | ​         | ​ | 6,000                      | ​         | ​ | ​ | ​            | ​ | 15.00                      | ​                                     | ​ | ​ | ​ | ​ | 90 | ​ | ​ | ​ | ​ | ​ | 45 | ​ | ​ |
| Restricted stock totals                      | ​ | ​ | ​         | ​ |    6,000 | ​         | ​ | ​ | ​            | $       |    15.00 | ​                                     | ​ | ​ | ​ | $ |       90 | ​ | ​ | ​ | ​ | $ |              45 | ​ | ​ |
| ​                                      |

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| ​                                                           | ​ | ​ | Period ended December 31, 2014 | ​ |
|-------------------------------------------------------------------|---------|---------|-------------------------------------|---------|
| ​                                                           | ​ | ​ | Income(Numerator)                   | ​ | ​ | Shares(Denominator) | ​ | ​ | Per ShareAmount | ​ |
| Basic EPS                                                         | ​ | ​ | ​                             | ​ |
| Income attributable to common stockholders                        | ​ | ​ | ​                             | $       | 3,424 | ​ | ​ | ​ | ​ | ​ | 8,360,432 | ​ | ​ | ​ | ​ | $ | 0.41 | ​ | ​ |
| Allocation of earnings to participating restricted shares         | ​ | ​ | ​                             | ​ | (11) | ​ | ​ | ​ | ​ |
| Income attributable to unrestricted common stockholders           | ​ | ​ | ​                             | $       | 3,413 | ​ | ​ | ​ | ​ | ​ | 8,360,432 | ​ | ​ | ​ |
| Effect of dilutive securities                                     | ​ | ​ | ​                             | ​ |
| Operating partnership units                                       | ​ | ​ | ​                             | ​ | 147 | ​ | ​ | ​ | ​ | ​ | 461,964 | ​ | ​ | ​ |
| Restricted stock grants                                           | ​ | ​ | ​                             | ​ | 11 | ​ | ​ | ​ | ​ | ​ | 26,659 | ​ | ​ | ​ | ​ | $ | 0.40 | ​ | ​ |
| Diluted EPS                                                       | ​ | ​ | ​                             | ​ |
| Income attributable to common stockholders and operating partners | ​ | ​ | ​                             | $       | 3,571 | ​ | ​ | ​ | ​ | ​ | 8,849,055 | ​ | ​ | ​ |
| ​                                                     | ​ | ​ | Quarter endedMarch 31, 2014 | ​ | ​        | Quarter endedJune 30, 2014 | ​ | ​ | Quarter endedSeptember 30, 2014 | ​ | ​        | Quarter endedDecember 31, 2014 | ​ |
|-------------------------------------------------------------|---------|---------|----------------------------------|---------|----------------|---------------------------------|---------|---------|--------------------------------------|---------|----------------|-------------------------------------|---------|
| Total income                                                | ​ | ​ | ​                          | $       |  — | ​                         | ​ | ​ | ​                              | $       |  — | ​                             | ​ | ​ | ​ | $ | 2,291 | ​ | ​ | ​ | ​ | $ | 3,953 | ​ | ​ |
| Income before provision for income tax                      | ​ | ​ | ​                          | $       | —        | ​                         | ​ | ​ | ​                              | $       | —        | ​                             | ​ | ​ | ​ | $ | 1,224 | ​ | ​ | ​ | ​ | $ | 2,526 | ​ | ​ |
| Consolidated net income attributable to common stockholders | ​ | ​ | ​                          | $       | —        | ​                         | ​ | ​ | ​                              | $       | —        | ​                             | ​ | ​ | ​ | $ | 996 | ​ | ​ | ​ | ​ | $ | 2,428 | ​ | ​ |
| Basic earnings per common share                             | ​ | ​ | ​                          | $       | —        | ​                         | ​ | ​ | ​                              | $       | —        | ​                             | ​ | ​ | ​ | $ | 0.13 | ​ | ​ | ​ | ​ | $ | 0.27 | ​ | ​ |
| Diluted earnings per common share                           | ​ | ​ | ​                          | $       | —        | ​                         | ​ | ​ | ​                              | $       | —        | ​                             | ​ | ​ | ​ | $ | 0.13 | ​ | ​ | ​ | ​ | $ | 0.27 | ​ | ​ |

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| Description(face value of loan)      | ​ | ​ | Loancount | ​ | ​ | Interest rate | ​ | ​ | Maturity                                 | ​ | ​ | Carryingamount ofmortgages(1) | ​ | ​                                   | Principalamount subjectto delinquentprincipal andinterest | ​ | ​ | Amount ofballoonpayments atmaturity | ​ |
|--------------------------------------|---------|---------|-----------|---------|---------|---------------|---------|---------|------------------------------------------|---------|---------|-------------------------------|---------|-------------------------------------------|-----------------------------------------------------------|---------|---------|-------------------------------------|---------|
| $0 – 49,999        | ​ | ​ | ​   | ​ | 240     | ​       | ​ | ​ | 2.00% –  14.78%​ | ​ | ​ | ​                       | ​ | 09/25/2005 – 11/01/2051 | ​                                                   | ​ | ​ | ​                             | $       | 7,139 | ​ | ​ | ​ | ​ | $ | 5,510 | ​ | ​ | ​ | ​ | $ | 461 | ​ | ​ |
| $50,000 – 99,999   | ​ | ​ | ​   | ​ | 291     | ​       | ​ | ​ | 2.00% –  12.54%​ | ​ | ​ | ​                       | ​ | 09/01/2013 – 03/01/2054 | ​                                                   | ​ | ​ | ​                             | ​ | 21,962 | ​ | ​ | ​ | ​ | ​ | 17,740 | ​ | ​ | ​ | ​ | ​ | 2,729 | ​ | ​ |
| $100,000 – 149,999 | ​ | ​ | ​   | ​ | 283     | ​       | ​ | ​ | 1.73% –  12.13%​ | ​ | ​ | ​                       | ​ | 03/03/2014 – 04/01/2054 | ​                                                   | ​ | ​ | ​                             | ​ | 34,770 | ​ | ​ | ​ | ​ | ​ | 28,995 | ​ | ​ | ​ | ​ | ​ | 3,738 | ​ | ​ |
| $150,000 – 199,999 | ​ | ​ | ​   | ​ | 166     | ​       | ​ | ​ | 1.00% –  10.95%​ | ​ | ​ | ​                       | ​ | 02/01/2014 – 11/01/2056 | ​                                                   | ​ | ​ | ​                             | ​ | 28,628 | ​ | ​ | ​ | ​ | ​ | 23,347 | ​ | ​ | ​ | ​ | ​ | 3,026 | ​ | ​ |
| $200,000 – 249,999 | ​ | ​ | ​   | ​ | 104     | ​       | ​ | ​ | 2.00% –  12.25%​ | ​ | ​ | ​                       | ​ | 05/01/2015 – 02/01/2057 | ​                                                   | ​ | ​ | ​                             | ​ | 23,253 | ​ | ​ | ​ | ​ | ​ | 19,224 | ​ | ​ | ​ | ​ | ​ | 2,590 | ​ | ​ |
| $250,000+                            | ​ | ​ | ​   | ​ | 255     | ​       | ​ | ​ | 1.00% –  11.75%​ | ​ | ​ | ​                       | ​ | 08/01/2013 – 02/01/2057 | ​                                                   | ​ | ​ | ​                             | ​ | 95,407 | ​ | ​ | ​ | ​ | ​ | 75,907 | ​ | ​ | ​ | ​ | ​ | 7,940 | ​ | ​ |
| Total                                | ​ | ​ | ​   | ​ | 1,339   | ​       | ​ | ​ | ​                                  | ​ | ​ | ​                       | ​ | ​                                   | ​                                                   | ​ | ​ | ​                             | $       | 211,159 | ​ | ​ | ​ | ​ | $ | 170,723 | ​ | ​ | ​ | ​ | $ | 20,484 | ​ | ​ |
| ​                              |
| Mortgage loans                        | ​ | ​ | From inception(January 30, 2014)throughDecember 31, 2014 | ​ |
|---------------------------------------|---------|---------|--------------------------------------------------------------------|---------|
| Beginning balance                     | ​ | ​ | ​                                                            | $       | — | ​ | ​ |
| Investment in mortgage loans          | ​ | ​ | ​                                                            | ​ | 208,484 | ​ | ​ |
| Real estate tax advances to borrowers | ​ | ​ | ​                                                            | ​ | 1,397 | ​ | ​ |
| Accretion of purchase discount        | ​ | ​ | ​                                                            | ​ | 4,098 | ​ | ​ |
| Mortgage loan payments                | ​ | ​ | ​                                                            | ​ | (2,471) | ​ | ​ |
| Transfers of mortgage loans to REO    | ​ | ​ | ​                                                            | ​ | (349) | ​ | ​ |
| Ending balance                        | ​ | ​ | ​                                                            | $       | 211,159 | ​ | ​ |
| ​                               |

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