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<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on July 22, 2016</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 12pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, D.C. 20549</B><BR>
<B>__________________________</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>FORM S-8</B></FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 14pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>GREAT AJAX CORP.</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><I>(Exact Name of Registrant as Specified in its
Charter)</I></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>__________________________</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse; font-size: 12pt">
<tr style="vertical-align: top">
    <TD STYLE="width: 41%; font-family: Times New Roman,serif; text-align: center"><b>Maryland</b></td>
    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="width: 44%; font-family: Times New Roman,serif; text-align: center"><b>47-1271842</b></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif; text-align: center"><i>(State or other jurisdiction of<BR>
 incorporation or<BR>
 organization)</i></td>
    <td style="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <td style="font-family: Times New Roman,serif; text-align: center"><i>(I.R.S. Employer Identification<BR>
 No.)</i></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>9400 SW Beaverton-Hillsdale Hwy,</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Suite 131</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Beaverton, OR 97005</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>503-505-5670</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><I>(Address of principal executive offices)</I><BR>
<B>__________________________</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>2014 Director Equity Plan</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>2016 Equity Incentive Plan</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(Full title of the Plans)</I></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Lawrence Mendelsohn</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Chairman and Chief Executive Officer</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>9400 SW Beaverton-Hillsdale Hwy, Suite 131</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Beaverton, OR 97005</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>503-505-5670</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><I>(Name, Address, including
zip code, and telephone number, including area code, of agent for service)</I><BR>
<B>__________________________</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center">Copies of all correspondence to:</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 60%">
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Lawrence Mendelsohn</b></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Chairman and Chief Executive Officer</b></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>9400 SW Beaverton-Hillsdale Hwy, Suite 131</b></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Beaverton, OR 97005</b></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Tel: (503) 505-5670</b></P></td>
    <td style="width: 40%">
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Anna T. Pinedo, Esq.</b></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Brian D. Hirshberg, Esq.</b><br>
        <b>Morrison &amp; Foerster LLP</b><br>
        <b>250 West 55<sup>th</sup> Street</b><br>
        <b>New York, NY 10019</b></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Tel: (212) 468-8000</b></P></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition of &ldquo;large accelerated filer&rdquo; and &ldquo;accelerated
filer&rdquo; in Rule 12b-2 of the Exchange Act. (check one):</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 12pt">
<tr style="vertical-align: top">
    <td style="width: 30%; font-family: Times New Roman,serif">Large accelerated filer</td>
    <td style="width: 15%; font-family: Times New Roman,serif"><font style="font-family: Wingdings">&uml;</font></td>
    <td style="width: 5%; font-family: Times New Roman,serif">&nbsp;</td>
    <td style="width: 30%; font-family: Times New Roman,serif">Accelerated filer</td>
    <td style="width: 20%; font-family: Times New Roman,serif; text-align: right"><font style="font-family: Wingdings">&uml;</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif">Non-accelerated filer</td>
    <td style="font-family: Times New Roman,serif"><font style="font-family: Wingdings">x</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">Smaller reporting company</td>
    <td style="font-family: Times New Roman,serif; text-align: right"><font style="font-family: Wingdings">&uml;</font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0">(Do not check if a smaller reporting company)</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>&nbsp;__________________________</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 12pt">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 29%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif; padding-left: 0.05in"><font style="font-size: 10pt"><b>Title of securities to be</b></font><br>
<font style="font-size: 10pt"><b>registered</b></font></td>
    <TD NOWRAP STYLE="width: 17%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Amount to </b></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>be registered</b></P></td>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Proposed maximum<br>
        offering price </b></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>per share <sup>(3)</sup></b></P></td>
    <TD NOWRAP STYLE="width: 19%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>Proposed maximum</b></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><b>aggregate offering price<sup>(3)</sup></b></P></td>
    <TD NOWRAP STYLE="width: 17%; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt"><b>Amount of</b></font><br>
<font style="font-size: 10pt"><b>registration fee</b></font></td></tr>
<tr>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif; padding-left: 0.05in"><font style="font-size: 10pt">2014 Director Equity Plan</font></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif; padding-left: 0.05in"><font style="font-size: 10pt">Common stock, $0.01 par value per share</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">100,000 shares<sup>(1)</sup></font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">$13.86</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">$1,386,000</font></td>
    <td style="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">$139.57</font></td></tr>
<tr>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif; padding-left: 0.05in"><font style="font-size: 10pt">2016 Equity Incentive Plan</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <td style="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; font-family: Times New Roman,serif; padding-left: 0.05in"><font style="font-size: 10pt">Common stock, $0.01 par value per share</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">896,227 shares<sup>(1)(2)</sup></font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">$13.86</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">$12,421,706.22</font></td>
    <td style="border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; font-family: Times New Roman,serif; text-align: center"><font style="font-size: 10pt">$1,250.87</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 45.4pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Pursuant to Rule 416(a) promulgated under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement shall also cover any additional shares
of Registrant&rsquo;s common stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;), that become issuable under the Registrant&rsquo;s
2014 Director Equity Plan (the &ldquo;2014 Plan&rdquo;) or the 2016 Equity Incentive Plan (the &ldquo;2016 Plan&rdquo; and together
with the 2014 Plan, the &ldquo;Plans&rdquo;) by reason of any stock dividend, stock split, recapitalization or other similar transaction
effected without receipt of consideration that increases the number of outstanding shares of Common Stock.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 45.4pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">Represents the maximum amount of shares of Common Stock
issuable under the 2016 Plan as of June 30, 2016. Pursuant to the 2016 Plan, the maximum number of shares of Common Stock reserved
for grant of awards thereunder is equal to 5% of the shares of Common Stock issued and outstanding from time to time on a fully-diluted
basis. Solely for purposes of calculating the amount to be registered hereunder, we estimate that the amount of shares of Common
Stock issued and outstanding on a fully diluted basis is equal to 17,924,523.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 45pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">Estimated solely for purposes of calculating the registration
fee. Pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, the proposed maximum offering price per share and the proposed
maximum aggregate offering price have been determined on the basis of the average of the high and low prices of our Common Stock
as reported on the New York Stock Exchange on July 19, 2016.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">The information required by Part&nbsp;I is included
in the documents sent or given to participants in the Plans pursuant to Rule&nbsp;428(b)(1)&nbsp;under the Securities Act.&nbsp;
In accordance with Rule&nbsp;428 and the requirements of Part&nbsp;I of the Form&nbsp;S-8, such documents are not being filed with
the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) either as part of this Registration Statement or as prospectuses
or prospectus supplements pursuant to Rule&nbsp;424 under the Securities Act.&nbsp; The Registrant will maintain a file of such
documents in accordance with the provisions of Rule&nbsp;428.&nbsp; Upon request, the Registrant shall furnish the Commission or
its staff a copy or copies of all of the documents included in such file.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">The following documents filed with the Commission
by Great Ajax Corp. (the &ldquo;Company&rdquo;) pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;), are hereby incorporated by reference in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Commission on March
29, 2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all other reports filed by the Company pursuant to Sections 13(a) or 15(d) of the Exchange Act, since the end of the fiscal
year covered by the financial statements included in the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December
31, 2015, filed with the Commission on March 29, 2016; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the description of the Company&rsquo;s common stock contained in the Company&rsquo;s registration statement on Form 8-A, filed
with the Commission on February 10, 2015, including any amendments or reports filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">All documents that the Company subsequently files
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to
the filing of a post-effective amendment to this Registration Statement indicating that all securities offered have been sold or
which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration
Statement and to be a part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 4. Description of Securities</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">Maryland law permits a Maryland corporation to include
in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money
damages except for liability resulting</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">from (a) actual receipt of an improper benefit or profit in money, property
or services or (b) active and deliberate dishonesty that is established by a final judgment and is material to the cause of action.
Our charter contains a provision which eliminates our directors&rsquo; and officers&rsquo; liability to the maximum extent permitted
by Maryland law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">Maryland law requires a Maryland corporation (unless
its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense
of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity.
Maryland law permits a Maryland corporation to indemnify its present and former directors and officers, among others, against judgments,
penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they
may be made or threatened to be made a party by reason of their service in those or other capacities unless it is established that:
(a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed
in bad faith or (ii) was the result of active and deliberate dishonesty; (b) the director or officer actually received an improper
personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the director or officer had reasonable
cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for
an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit
was improperly received, unless in either case a court orders indemnification and then only for expenses. In addition, Maryland
law permits a Maryland corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt
of&thinsp; (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard
of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf
to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not&nbsp;met.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">Our charter authorizes us, to the maximum extent
permitted by Maryland law, to obligate ourselves and our bylaws obligate us, to indemnify any present or former director or officer
or any individual who, while a director or officer of our company and at our request, serves or has served as a director, officer,
partner, trustee, member or manager of another corporation, real estate investment trust, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding
by reason of his or her service in that capacity from and against any claim or liability to which that individual may become subject
or which that individual may incur by reason of his or her service in any of the foregoing capacities and to pay or reimburse his
or her reasonable expenses in advance of final disposition of a proceeding. Our charter and bylaws also permit us to indemnify
and advance expenses to any individual who served a predecessor of our company in any of the capacities described above and any
employees or agents of our company or a predecessor of our company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">We have entered into indemnification agreements
with each of our executive officers and directors whereby we indemnify such executive officers and directors to the fullest extent
permitted by Maryland law against all expenses and liabilities, subject to limited exceptions. These indemnification agreements
also provide that upon an application for indemnity by an executive officer or director to a court of appropriate jurisdiction,
such court may order us to indemnify such executive officer or director.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">Insofar as the foregoing provisions permit indemnification
of directors, officer or persons controlling us for liability arising under the Securities Act, we have been informed that in the
opinion of the Commission this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 8. Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 12pt">
<tr style="vertical-align: bottom">
    <td style="width: 10%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><b>Exhibit</b></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><b>Number</b></P></td>
    <td style="width: 1%; font-family: Times New Roman,serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 45%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif"><font style="font-size: 10pt"><b>Exhibit Description</b></font></td>
    <td style="width: 1%; font-family: Times New Roman,serif">&nbsp;</td>
    <td style="width: 43%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif"><font style="font-size: 10pt"><b>Method of Filing</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">4.1</font></td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Articles of Amendment and Restatement. </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Incorporated by reference to Exhibit 3.1 of the Registrant&rsquo;s Registration Statement (File No. 377-00787) on Form S-11 confidentially submitted to the Commission on September 23, 2014.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">4.2</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Amended and Restated Bylaws.</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Incorporated by reference to Exhibit 3.2 of the Registrant&rsquo;s Registration Statement (File No. 377-00787) on Form S-11 confidentially submitted to the Commission on September 23, 2014.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">5.1</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Opinion of Morrison &amp; Foerster LLP.</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Filed herewith.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">10.1</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">2014 Director Equity Plan.</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Incorporated by reference to Exhibit 10.6 of the Registrant&rsquo;s Registration Statement (File No. 377-00787) on Form S-11 confidentially submitted to the Commission on September 23, 2014.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">10.2</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">2016 Equity Incentive Plan.</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Incorporated by reference to Exhibit 10.1 of the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on June 7, 2016.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">23.1</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Consent of Morrison &amp; Foerster LLP (included in Exhibit 5.1).</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Filed herewith.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">23.2</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Consent of Moss Adams LLP.</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Filed herewith.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">24.1</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Powers of Attorney (included on signature page).</font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Filed herewith.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">(1)&#9;to file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">(i)&#9;to include any prospectus required by Section 10(a)(3) of the
Securities Act;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">(ii)&#9;to reflect in the prospectus any facts or events arising after
the effective date of the Registration Statement (or most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the change in volume and price represent
no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo;
table in the effective Registration Statement; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">(iii)&#9;to include any material information with respect to the plan
of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration
Statement;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><I>provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) of
this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange
Act that are incorporated by reference in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">(2)&#9;that, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">(3)&#9;to remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that
time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act,
the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Beaverton,
Oregon on July 22, 2016.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 12pt">
<tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; text-indent: 0in">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman,serif; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>GREAT
    AJAX CORP.</B></FONT></td></tr>
<tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; text-indent: 0in">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman,serif; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 51%; font: 10pt Times New Roman,serif; text-indent: 0in">&nbsp;</td>
    <td style="width: 3%; font: 10pt Times New Roman,serif; text-indent: 0in">By:</td>
    <td style="width: 46%; font: 10pt Times New Roman,serif; text-decoration: underline; text-indent: 0in"><u>/s/ Lawrence Mendelsohn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td></tr>
<tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; text-indent: 0in">&nbsp;</td>
    <td style="font: 10pt Times New Roman,serif; text-indent: 0in">&nbsp;</td>
    <td style="font: 10pt Times New Roman,serif; text-indent: 0in">Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; text-indent: 0in">&nbsp;</td>
    <td style="font: 10pt Times New Roman,serif; text-indent: 0in">&nbsp;</td>
    <td style="font: 10pt Times New Roman,serif; text-indent: 0in">Chairman and Chief Executive Officer</td></tr>
</table>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL MEN BY THESE PRESENTS, each person whose
signature appears below hereby constitutes and appoints each of Lawrence Mendelsohn, Russell Schaub and Mary Doyle his or her true
and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead,
in any and all capacities, to sign any and all amendments and post-effective amendments to this Registration Statement and any
registration statement filed pursuant to Rule 462(b) under the Securities Act, and to file the same with the Commission, granting
unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act,
this registration statement has been signed by the following persons in the capacities indicated:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="width: 28%; font-family: Times New Roman,serif; text-decoration: underline; text-align: center; padding-bottom: 10pt"><FONT STYLE="font-size: 9.5pt"><B><U>Name</U></B></FONT></td>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center; padding-bottom: 10pt"><FONT STYLE="font-size: 9.5pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="width: 53%; font-family: Times New Roman,serif; text-decoration: underline; text-align: center; padding-bottom: 10pt"><FONT STYLE="font-size: 9.5pt"><B><U>Capacity</U></B></FONT></td>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center; padding-bottom: 10pt"><FONT STYLE="font-size: 9.5pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="width: 17%; font-family: Times New Roman,serif; text-decoration: underline; text-align: center; padding-bottom: 10pt"><FONT STYLE="font-size: 9.5pt"><B><U>Date</U></B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center">/s/ Larry Mendelsohn</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">Larry Mendelsohn&nbsp;</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">Chairman and Chief Executive Officer</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">(principal executive officer)</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><font style="font-size: 9.5pt">&nbsp;July 19, 2016</font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center">/s/ Mary Doyle</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">Mary Doyle</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">Chief Financial Officer</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">(principal financial officer and principal accounting officer)</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><font style="font-size: 9.5pt">&nbsp;July 19, 2016</font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center">/s/ Steven L. Begleiter</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">Steven L. Begleiter</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif"><font style="font-size: 9.5pt">Director</font></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><font style="font-size: 9.5pt">&nbsp;July 18, 2016</font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center">/s/ John C. Condas</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">John C. Condas</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">Director</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><font style="font-size: 9.5pt">&nbsp;July 18, 2016</font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center">/s/ Paul Friedman</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">Paul Friedman</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">Director</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><font style="font-size: 9.5pt">&nbsp;July 19, 2016</font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center">/s/ Jonathan Bradford Handley, Jr.</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">Jonathan Bradford
        Handley, Jr.</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">Director</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><font style="font-size: 9.5pt">&nbsp;July 19, 2016</font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center">/s/ J. Kirk Ogren, Jr.</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">J. Kirk Ogren, Jr.</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif"><font style="font-size: 9.5pt">Director</font></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><font style="font-size: 9.5pt">&nbsp;July 18, 2016</font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center">/s/ Russell Schaub</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">Russell Schaub</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0">Director</P></td>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><font style="font-size: 9.5pt">&nbsp;July 18, 2016</font></td></tr>
</table>
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[{"type": "S-8", "sequence": "1", "filename": "t1601804_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 59091}]
{"company-data": {"conformed-name": "Great Ajax Corp.", "cik": "0001614806", "assigned-sic": "6798", "irs-number": "465211780", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-212652", "film-number": "161780006"}, "business-address": {"street1": "9400 SW BEAVERTON-HILLSDALE HIGHWAY", "street2": "SUITE 131", "city": "BEAVERTON", "state": "OR", "zip": "97005", "phone": "503-295-5800"}, "mail-address": {"street1": "9400 SW BEAVERTON-HILLSDALE HIGHWAY", "street2": "SUITE 131", "city": "BEAVERTON", "state": "OR", "zip": "97005"}}
As filed with the Securities and Exchange Commission
on July 22, 2016
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933
__________________________
GREAT AJAX CORP.
(Exact Name of Registrant as Specified in its
Charter)
__________________________
Maryland
47-1271842
(State or other jurisdiction of
incorporation or
organization)
(I.R.S. Employer Identification
No.)
__________________________
9400 SW Beaverton-Hillsdale Hwy,
Suite 131
Beaverton, OR 97005
503-505-5670
(Address of principal executive offices)
__________________________
2014 Director Equity Plan
2016 Equity Incentive Plan
(Full title of the Plans)
__________________________
Lawrence Mendelsohn
Chairman and Chief Executive Officer
9400 SW Beaverton-Hillsdale Hwy, Suite 131
Beaverton, OR 97005
503-505-5670
(Name, Address, including
zip code, and telephone number, including area code, of agent for service)
__________________________
Copies of all correspondence to:
Lawrence Mendelsohn
Chairman and Chief Executive Officer
9400 SW Beaverton-Hillsdale Hwy, Suite 131
Beaverton, OR 97005
Tel: (503) 505-5670
Anna T. Pinedo, Esq.
Brian D. Hirshberg, Esq.
Morrison & Foerster LLP
250 West 55
th
Street
New York, NY 10019
Tel: (212) 468-8000
__________________________
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition of "large accelerated filer" and "accelerated
filer" in Rule 12b-2 of the Exchange Act. (check one):
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
¨
(Do not check if a smaller reporting company)
__________________________
CALCULATION OF REGISTRATION FEE
Title of securities to be
registered
Amount to
be registered
Proposed maximum
offering price
per share
(3)
Proposed maximum
aggregate offering price
(3)
Amount of
registration fee
2014 Director Equity Plan
Common stock, $0.01 par value per share
100,000 shares
(1)
$13.86
$1,386,000
$139.57
2016 Equity Incentive Plan
Common stock, $0.01 par value per share
896,227 shares
(1)(2)
$13.86
$12,421,706.22
$1,250.87
(1)
Pursuant to Rule 416(a) promulgated under the Securities
Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares
of Registrant's common stock, par value $0.01 per share ("Common Stock"), that become issuable under the Registrant's
2014 Director Equity Plan (the "2014 Plan") or the 2016 Equity Incentive Plan (the "2016 Plan" and together
with the 2014 Plan, the "Plans") by reason of any stock dividend, stock split, recapitalization or other similar transaction
effected without receipt of consideration that increases the number of outstanding shares of Common Stock.
(2)
Represents the maximum amount of shares of Common Stock
issuable under the 2016 Plan as of June 30, 2016. Pursuant to the 2016 Plan, the maximum number of shares of Common Stock reserved
for grant of awards thereunder is equal to 5% of the shares of Common Stock issued and outstanding from time to time on a fully-diluted
basis. Solely for purposes of calculating the amount to be registered hereunder, we estimate that the amount of shares of Common
Stock issued and outstanding on a fully diluted basis is equal to 17,924,523.
(3)
Estimated solely for purposes of calculating the registration
fee. Pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, the proposed maximum offering price per share and the proposed
maximum aggregate offering price have been determined on the basis of the average of the high and low prices of our Common Stock
as reported on the New York Stock Exchange on July 19, 2016.
PART I
The information required by Part I is included
in the documents sent or given to participants in the Plans pursuant to Rule 428(b)(1) under the Securities Act. 
In accordance with Rule 428 and the requirements of Part I of the Form S-8, such documents are not being filed with
the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as prospectuses
or prospectus supplements pursuant to Rule 424 under the Securities Act.  The Registrant will maintain a file of such
documents in accordance with the provisions of Rule 428.  Upon request, the Registrant shall furnish the Commission or
its staff a copy or copies of all of the documents included in such file.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed with the Commission
by Great Ajax Corp. (the "Company") pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), are hereby incorporated by reference in this Registration Statement:
·
the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Commission on March
29, 2016;
·
all other reports filed by the Company pursuant to Sections 13(a) or 15(d) of the Exchange Act, since the end of the fiscal
year covered by the financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2015, filed with the Commission on March 29, 2016; and
·
the description of the Company's common stock contained in the Company's registration statement on Form 8-A, filed
with the Commission on February 10, 2015, including any amendments or reports filed for the purpose of updating such description.
All documents that the Company subsequently files
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to
the filing of a post-effective amendment to this Registration Statement indicating that all securities offered have been sold or
which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration
Statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
Maryland law permits a Maryland corporation to include
in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money
damages except for liability resulting
from (a) actual receipt of an improper benefit or profit in money, property
or services or (b) active and deliberate dishonesty that is established by a final judgment and is material to the cause of action.
Our charter contains a provision which eliminates our directors' and officers' liability to the maximum extent permitted
by Maryland law.
Maryland law requires a Maryland corporation (unless
its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense
of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity.
Maryland law permits a Maryland corporation to indemnify its present and former directors and officers, among others, against judgments,
penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they
may be made or threatened to be made a party by reason of their service in those or other capacities unless it is established that:
(a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed
in bad faith or (ii) was the result of active and deliberate dishonesty; (b) the director or officer actually received an improper
personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the director or officer had reasonable
cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for
an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit
was improperly received, unless in either case a court orders indemnification and then only for expenses. In addition, Maryland
law permits a Maryland corporation to advance reasonable expenses to a director or officer upon the corporation's receipt
of  (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard
of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf
to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.
Our charter authorizes us, to the maximum extent
permitted by Maryland law, to obligate ourselves and our bylaws obligate us, to indemnify any present or former director or officer
or any individual who, while a director or officer of our company and at our request, serves or has served as a director, officer,
partner, trustee, member or manager of another corporation, real estate investment trust, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding
by reason of his or her service in that capacity from and against any claim or liability to which that individual may become subject
or which that individual may incur by reason of his or her service in any of the foregoing capacities and to pay or reimburse his
or her reasonable expenses in advance of final disposition of a proceeding. Our charter and bylaws also permit us to indemnify
and advance expenses to any individual who served a predecessor of our company in any of the capacities described above and any
employees or agents of our company or a predecessor of our company.
We have entered into indemnification agreements
with each of our executive officers and directors whereby we indemnify such executive officers and directors to the fullest extent
permitted by Maryland law against all expenses and liabilities, subject to limited exceptions. These indemnification agreements
also provide that upon an application for indemnity by an executive officer or director to a court of appropriate jurisdiction,
such court may order us to indemnify such executive officer or director.
Insofar as the foregoing provisions permit indemnification
of directors, officer or persons controlling us for liability arising under the Securities Act, we have been informed that in the
opinion of the Commission this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit
Number
Exhibit Description
Method of Filing
4.1
Articles of Amendment and Restatement.
Incorporated by reference to Exhibit 3.1 of the Registrant's Registration Statement (File No. 377-00787) on Form S-11 confidentially submitted to the Commission on September 23, 2014.
4.2
Amended and Restated Bylaws.
Incorporated by reference to Exhibit 3.2 of the Registrant's Registration Statement (File No. 377-00787) on Form S-11 confidentially submitted to the Commission on September 23, 2014.
5.1
Opinion of Morrison & Foerster LLP.
Filed herewith.
10.1
2014 Director Equity Plan.
Incorporated by reference to Exhibit 10.6 of the Registrant's Registration Statement (File No. 377-00787) on Form S-11 confidentially submitted to the Commission on September 23, 2014.
10.2
2016 Equity Incentive Plan.
Incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed with the Commission on June 7, 2016.
23.1
Consent of Morrison & Foerster LLP (included in Exhibit 5.1).
Filed herewith.
23.2
Consent of Moss Adams LLP.
Filed herewith.
24.1
Powers of Attorney (included on signature page).
Filed herewith.
Item 9. Undertakings.
The undersigned registrant hereby undertakes:
(1)	to file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement;
(i)	to include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii)	to reflect in the prospectus any facts or events arising after
the effective date of the Registration Statement (or most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the change in volume and price represent
no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee"
table in the effective Registration Statement; and
(iii)	to include any material information with respect to the plan
of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration
Statement;
provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) of
this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange
Act that are incorporated by reference in the Registration Statement;
(2)	that, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3)	to remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering.
The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that
time shall be deemed to be the initial
bona fide
offering thereof.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act,
the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Beaverton,
Oregon on July 22, 2016.
GREAT
    AJAX CORP.
By:
/s/ Lawrence Mendelsohn
Lawrence Mendelsohn
Chairman and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, each person whose
signature appears below hereby constitutes and appoints each of Lawrence Mendelsohn, Russell Schaub and Mary Doyle his or her true
and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead,
in any and all capacities, to sign any and all amendments and post-effective amendments to this Registration Statement and any
registration statement filed pursuant to Rule 462(b) under the Securities Act, and to file the same with the Commission, granting
unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.
Pursuant to the requirements of the Securities Act,
this registration statement has been signed by the following persons in the capacities indicated:
Name
Capacity
Date
/s/ Larry Mendelsohn
Larry Mendelsohn
Chairman and Chief Executive Officer
(principal executive officer)
July 19, 2016
/s/ Mary Doyle
Mary Doyle
Chief Financial Officer
(principal financial officer and principal accounting officer)
July 19, 2016
/s/ Steven L. Begleiter
Steven L. Begleiter
Director
July 18, 2016
/s/ John C. Condas
John C. Condas
Director
July 18, 2016
/s/ Paul Friedman
Paul Friedman
Director
July 19, 2016
/s/ Jonathan Bradford Handley, Jr.
Jonathan Bradford
        Handley, Jr.
Director
July 19, 2016
/s/ J. Kirk Ogren, Jr.
J. Kirk Ogren, Jr.
Director
July 18, 2016
/s/ Russell Schaub
Russell Schaub
Director
July 18, 2016