Great Ajax : Fourth Quarter 2020 Earnings Conference Call - Presentation

Fourth Quarter and Year‐End 2020 Investor Presentation

March 4, 2021

Safe Harbor Disclosure

•  We make forward‐looking statements in this presentation that are subject to risks and uncertainties. These forward‐looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward‐looking statements.

•  Statements regarding the following subjects, among others, may be forward‐looking: market trends in our industry, interest rates, real estate values, the debt financing markets or the general economy or the demand for and availability of residential and small‐balance commercial real estate loans; our business and investment strategy; our projected operating results; actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of these actions, initiatives and policies; the state of the U.S. economy generally or in specific geographic regions; economic trends and economic recoveries; our ability to obtain and maintain financing arrangements; changes in the value of our mortgage portfolio; changes to our portfolio of properties; impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; our ability to satisfy the real estate investment trust qualification requirements for U.S. federal income tax purposes; availability of qualified personnel; estimates relating to our ability to make distributions to our stockholders in the future; general volatility of the capital markets and the market price of our shares of common stock; and the degree and nature of our competition.

•  The forward‐looking statements included in this presentation are based on our current beliefs, assumptions and expectations of our future performance. Forward‐looking statements are not predictions of future events. Our beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are currently known to us or reasonably expected to occur at this time. If a change in our beliefs, assumptions or expectations occurs, our business, financial condition, liquidity and results of operations may vary materially from the forward‐looking statements included in this presentation. Forward‐looking statements are subject to risks and uncertainties, including, among other things, those resulting from the pandemic caused by the global novel coronavirus outbreak and those described under Item 1A of our Annual Report on Form 10‐K for the year ended December 31, 2020, which can be accessed through the link to our Securities and Exchange Commission ("SEC") filings on our website (www.greatajax.com) or at the SEC's website (www.sec.gov). Other risks, uncertainties and factors that could cause actual results to differ materially from the forward‐looking statements included in this presentation may be described from time to time in reports we file with the SEC. Any forward‐looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Unless stated otherwise, financial information included in this presentation is as of December 31, 2020.

Business Overview

•  Leverage longstanding relationships to acquire mortgage loans through privately negotiated transactions from a diverse group of customers and in joint venture investments with institutional investors - Acquisitions made in 326 transactions since inception. Twelve transactions closed in Q4 2020

•  Use our manager's proprietary analytics to price each mortgage pool on an asset‐by‐asset basis - We own 19.8% of our manager - Adjust individual loan bid price to accumulate clusters of loans in attractive demographic metropolitan areas

•  Our affiliated servicer services the loans asset‐by‐asset and borrower‐by‐borrower - We own 8% and hold warrants to purchase up to an additional 12% of our affiliated servicer - Analytics and processes of our manager and servicer enable us to broaden our reach through joint ventures with third‐party institutional investors

•  We use modest mark to market leverage to fund our investments in debt securities and primarily non mark to market leverage to fund our mortgage portfolio

•  We own a 23% equity interest in Gaea Real Estate Corp., an equity REIT that invests in multifamily and mixed use properties with a focus on property appreciation and triple net lease pet clinics

Highlights - Quarter Ended December 31, 2020

•  Purchased $12.7 million re‐performing mortgage loans ("RPLs"), with unpaid principal balance ("UPB") of $13.5 million and 52.3% of property value, $13.4 million of non‐performing mortgage loans ("NPLs"), with UPB of $15.3 million and 50.0% of property value, and $18.0 million small‐balance commercial loans ("SBCs") with UPB of $18.4 million and 53.5% of property value, to end the quarter with $1.1 billion in net mortgage loans

•  Interest income of $25.1 million; net interest income of $14.3 million excluding the impact of a net $7.6 million reversal of our provision for credit losses

•  Net income attributable to common stockholders of $10.8 million

•  Basic earnings per common share of $0.47

•  Book value per common share of $15.59 at December 31, 2020

•  Taxable income of $0.47 per common share

•  Collected total cash of $63.7 million from loan payments, sales of real estate owned ("REO") and investments in debt securities and beneficial interests

•  Held $107.1 million of cash and cash equivalents at December 31, 2020; average daily cash balance for the quarter was $128.7 million

•  At December 31, 2020, approximately 71.9% of portfolio based on current UPB made at least 12 out of the last 12 payments