Rithm Property Trust (RPT) 10-K 14 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 12, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36844
Entity Registrant Name	RITHM PROPERTY TRUST INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5211870
Entity Address, Address Line One	799 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10003
City Area Code	646
Local Phone Number	868-5483
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RPT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 135.5
Entity Common Stock, Shares Outstanding (in shares)		47,489,988
Documents Incorporated by Reference	The information required by Part III (Items 10, 11, 12, 13 and 14) will be incorporated by reference from the registrant’s Definitive Proxy Statement for its 2025 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A.
Entity Central Index Key	0001614806
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Moss Adams LLP
Auditor Location	San Francisco, California
Auditor Firm ID	659

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents		$ 64,252	$ 52,834
Mortgage loans held-for-sale, net		27,788	55,718
Mortgage loans held-for-investment, net	[1]	396,052	864,551
Investments in securities, held-to-maturity		46,043	59,691
Other investments, at fair value		29,916	0
Investments in beneficial interests, net	[2]	89,704	104,162
Other assets		14,801	67,777
Total Assets		977,339	1,336,291
Liabilities:
Secured borrowings, net	[1]	258,353	411,212
Borrowings under repurchase transactions		356,565	375,745
Convertible senior notes		0	103,516
Notes payable, net		107,647	106,844
Warrant liability		0	16,644
Accrued expenses and other liabilities		8,006	11,435
Total Liabilities		730,571	1,025,396
Commitments and Contingencies – see Note 7
Equity:
Common stock $0.01 par value, 125,000,000 shares authorized, 47,085,117 shares issued and 45,420,752 shares outstanding at December 31, 2024 and 28,495,946 shares issued and 27,460,161 shares outstanding at December 31, 2023		471	285
Additional paid-in capital		425,039	352,060
Treasury stock		(11,594)	(9,557)
Retained deficit		(158,003)	(54,382)
Accumulated other comprehensive loss		(8,991)	(14,027)
Equity attributable to stockholders		246,922	308,933
Non-controlling interests		(154)	1,962
Total Equity		246,768	310,895
Total Liabilities and Equity		977,339	1,336,291
CMBS
Assets:
RMBS available-for-sale, at fair value (amortized cost of $68,298 and $139,596, respectively)		246,614	0
RMBS
Assets:
RMBS available-for-sale, at fair value (amortized cost of $68,298 and $139,596, respectively)		62,169	131,558
7.25% Series A preferred stock
Equity:
Preferred stock $0.01 par value, 25,000,000 shares authorized		0	9,411
5.00% Series B preferred stock
Equity:
Preferred stock $0.01 par value, 25,000,000 shares authorized		$ 0	$ 25,143
[1] Mortgage loans held-for-investment, net includes $394.6 million and $628.6 million of loans at December 31, 2024 and 2023, respectively, transferred to securitization trusts. These loans can only be used to settle obligations of the trusts. Secured borrowings consist of notes issued by the trusts that can only be settled with the assets and cash flows of the specific trust. The creditors do not have recourse to the Company. See Note 8 — Debt. Mortgage loans held-for-investment, net are net of an allowance of zero and $3.4 million at December 31, 2024 and 2023, respectively. Investments in beneficial interest are net of an allowance of $9.1 million and $6.9 million at December 31, 2024 and 2023, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Preferred stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		25,000,000	25,000,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Common stock, shares issued (in shares)		47,085,117	28,495,946
Common stock, shares outstanding (in shares)		45,420,752	27,460,161
Allowance for loan credit losses		$ 0	$ 3,426
Carrying value of mortgages	[1]	396,052	864,551
CMBS
Amortized cost		245,539	0
RMBS
Amortized cost		68,298	139,596
Beneficial Interests
Debt securities, available-for-sale, allowance for credit loss		9,082	6,880
Mortgage loans
Mortgage loans held-for-sale and held-for-investment		$ 394,568	$ 628,615
Preferred stock - series A shares
Preferred stock, fixed-to-floating rate cumulative redeemable		7.25%	7.25%
Preferred stock, liquidation preference per share (in dollars per share)		$ 25	$ 25
Preferred stock, shares issued (in shares)		0	424,949
Preferred stock, shares outstanding (in shares)		0	424,949
Preferred stock - series B shares
Preferred stock, fixed-to-floating rate cumulative redeemable		5%	5%
Preferred stock, liquidation preference per share (in dollars per share)		$ 25	$ 25
Preferred stock, shares issued (in shares)		0	1,135,590
Preferred stock, shares outstanding (in shares)		0	1,135,590
[1] Mortgage loans held-for-investment, net includes $394.6 million and $628.6 million of loans at December 31, 2024 and 2023, respectively, transferred to securitization trusts. These loans can only be used to settle obligations of the trusts. Secured borrowings consist of notes issued by the trusts that can only be settled with the assets and cash flows of the specific trust. The creditors do not have recourse to the Company. See Note 8 — Debt. Mortgage loans held-for-investment, net are net of an allowance of zero and $3.4 million at December 31, 2024 and 2023, respectively.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Interest income	$ 52,874	$ 72,332
Interest expense	(43,572)	(59,286)
Net interest income	9,302	13,046
Net change in the allowance for credit losses	(5,087)	(8,137)
Net interest income after the net change in the allowance for credit losses	4,215	4,909
Loss from investments in affiliates	(1,077)	(1,308)
Loss on joint venture refinancing on beneficial interests	0	(11,024)
Mark-to-market loss on mortgage loans held-for-sale, net	(54,537)	(8,559)
Other loss	(4,089)	(1,092)
Total revenue/(loss), net	(55,488)	(17,074)
Expenses:
Related party loan servicing fee	4,175	7,269
Related party management fee	23,276	7,769
Professional fees	3,413	3,157
Fair value adjustment on mark-to-market liabilities	(3,078)	4,491
Other expense	9,631	6,985
Total expense	37,417	29,671
Gain on debt extinguishment	0	(31)
Loss before provision for income taxes	(92,905)	(46,714)
Provision for income taxes	145	243
Net loss	(93,050)	(46,957)
Less: net (loss)/income attributable to the non-controlling interests	(1,215)	114
Net loss attributable to the Company	(91,835)	(47,071)
Less: dividends on preferred stock	340	2,190
Net loss attributable to common stockholders	$ (92,175)	$ (49,261)
Net loss per share of common stock:
Basic (in dollars per share)	$ (2.29)	$ (2.01)
Diluted (in dollars per share)	$ (2.29)	$ (2.01)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	40,195,479	24,286,999
Diluted (in shares)	40,195,479	24,286,999

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (92,175)	$ (49,261)
Other comprehensive loss:
Unrealized gain on available-for-sale securities	1,981	6,668
Reclassification to earnings of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	3,055	4,954
Comprehensive loss	$ (87,139)	$ (37,639)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash Flows From Operating Activities
Net loss	$ (93,050)	$ (46,957)
Adjustments to reconcile net loss to net cash from operating activities
Stock-based management termination fee and compensation expense	16,978	1,484
Mark-to-market on mortgage loans held-for-sale, net	54,537	8,559
Mark-to-market adjustment on securities carried at fair value	(1,565)	0
Discount accretion on mortgage loans	(3,042)	(8,091)
Interest and discount accretion on investment in debt securities	(10,501)	(9,499)
Discount accretion on investments in beneficial interests	(5,177)	(8,009)
Loss on sale of mortgage loans	4,534	0
Gain on debt extinguishment	0	(31)
Gain on sale of real estate owned properties	(727)	(100)
Loss on sale of RMBS	2,197	3,347
Impairment of real estate owned	606	1,096
Credit loss expense on mortgage loans and beneficial interests	910	279
Net increase in the net present value of expected credit losses	4,230	8,137
Loss on joint venture refinancing on beneficial interests	0	11,024
Amortization of debt discount and prepaid financing costs	5,416	2,711
Undistributed loss from investment in affiliates	3,590	1,308
Fair value adjustment on mark-to-market liabilities	(3,078)	4,491
Net change in operating assets and liabilities:
Other assets	26,436	(16,706)
Accrued expenses and other liabilities	(2,004)	493
Net cash from operating activities	290	(46,464)
Cash Flows From Investing Activities
Purchase of mortgage loans and related balances	0	(14,401)
Principal paydowns on mortgage loans	52,464	85,716
Proceeds from sale of mortgage loans	384,056	0
Purchase of debt securities available-for-sale and beneficial interests	(255,318)	(74,274)
Principal and interest collection on debt securities available-for-sale and beneficial interests	44,529	79,509
Principal and interest collection on debt securities, held-to-maturity	12,279	29,799
Investment in credit risk transfer instrument	(7,998)	0
Proceeds from sale of real estate owned, held-for-sale	1,864	3,931
Investment in equity method investments	0	(980)
Distribution from affiliates	408	1,831
Net cash from investing activities	297,275	172,820
Cash Flows From Financing Activities
Net change in repurchase transactions	(19,180)	(70,126)
Repayments on secured borrowings	(154,680)	(57,540)
Repurchase of the Company's senior convertible notes	0	(952)
Redemption of senior convertible notes	(103,516)	0
Payment of prepaid financing costs on notes payable	0	(55)
Payment of transaction costs	(10,426)	0
Sale of common stock, net of offering costs	14,000	28,181
Distribution to non-controlling interests	(900)	(289)
Dividends paid on common stock and preferred stock	(11,445)	(20,586)
Net cash from financing activities	(286,147)	(121,367)
Net Change in Cash and Cash Equivalents	11,418	4,989
Cash and Cash Equivalents, Beginning of Period	52,834	47,845
Cash and Cash Equivalents, End of Period	64,252	52,834
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	25,867	56,221
Cash paid for income taxes	97	445
Supplemental Disclosure of Noncash Investing and Financing Activities:
Net transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net	428,029	64,277
Preferred stock and warrants redeemed for common stock	58,031	0
Conversion of 2020 Warrants for common shares	18,677	0
Common stock settled for management fee and compensation expense	16,914	1,484
Issuance of 2024 Warrants	2,734	0
Net transfer of loans to property held-for-sale	2,041	2,379
Reclassification to earnings of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	3,055	4,954
Other non-cash loan charges	671	28
Transfer of debt securities from investments in securities available-for-sale to investments in securities, held-to-maturity	0	83,052
Treasury stock received through distributions from investment in Former Manager	2,037	25
Unrealized (loss)/gain on available-for-sale securities	1,981	6,668
RMBS
Cash Flows From Investing Activities
Proceeds from sales of RMBS	57,802	61,689
CMBS
Cash Flows From Investing Activities
Proceeds from sales of RMBS	$ 7,189	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total stockholders’ equity	Common Stock	Treasury stock amount	Additional paid-in capital	Retained earnings/(deficit)	Accumulated other comprehensive loss	Non-controlling interest	Preferred stock - series A shares	Preferred stock - series A shares Preferred Stock	Preferred stock - series B shares	Preferred stock - series B shares Preferred Stock
Beginning balance (in shares) at Dec. 31, 2022										424,949		1,135,590
Beginning balance, preferred stock at Dec. 31, 2022										$ 9,411		$ 25,143
Beginning balance (in shares) at Dec. 31, 2022			23,130,956
Beginning balance at Dec. 31, 2022	$ 337,465	$ 335,328	$ 241	$ (9,532)	$ 322,439	$ 13,275	$ (25,649)	$ 2,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (46,957)	(47,071)				(47,071)		114
Exchange of preferred shares and warrants (in shares)	0
Sale of shares, net of offering costs (in shares)			4,288,408
Sale of shares, net of offering costs	$ 28,181	28,181	$ 43		28,138
Distribution shares from the Former Manager	(25)
Distribution to non-controlling interest	(154)							(154)
Stock-based compensation expense (in shares)			44,973
Stock-based compensation expense	1,484	1,484	$ 1		1,483
Dividends declared and distributions	(20,721)	(20,586)				(20,586)		(135)
Reclassification to earnings of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	4,954	4,954					4,954
Other comprehensive income (loss)	6,668	6,668					6,668
Treasury stock (in shares)			(4,176)
Treasury stock	$ (25)	(25)		(25)
Ending balance (in shares) at Dec. 31, 2023									424,949	424,949	1,135,590	1,135,590
Ending balance, preferred stock at Dec. 31, 2023									$ 9,411	$ 9,411	$ 25,143	$ 25,143
Ending balance (in shares) at Dec. 31, 2023	27,460,161		27,460,161
Ending balance at Dec. 31, 2023	$ 310,895	308,933	$ 285	(9,557)	352,060	(54,382)	(14,027)	1,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(93,050)	(91,835)				(91,835)		(1,215)
Exchange of preferred shares and warrants (in shares)			(12,046,218)							(424,949)		(1,135,590)
Exchange of preferred shares and warrants	6,144	6,144	$ 120		40,919	(341)				$ (9,411)		$ (25,143)
Sale of shares, net of offering costs (in shares)			2,874,744
Sale of shares, net of offering costs	14,029	14,029	$ 29		14,000
Stock-based management termination fee expense (in shares)			3,174,645
Stock-based management termination fee expense	15,506	15,506	$ 32		15,474
Distribution shares from the Former Manager (in shares)			(628,580)
Distribution shares from the Former Manager	(2,037)	(2,037)		(2,037)
Distribution to non-controlling interest	(901)							(901)
Stock-based compensation expense (in shares)			51,781
Stock-based compensation expense	1,472	1,472			1,472
Stock-based management fee to New Manager (in shares)			441,783
Stock-based management fee to New Manager	1,408	1,408	$ 5		1,403
Equity issuance costs moved to APIC	(289)	(289)			(289)
Dividends declared and distributions	(11,445)	(11,445)				(11,445)
Reclassification to earnings of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	3,055	3,055					3,055
Other comprehensive income (loss)	$ 1,981	1,981					1,981
Ending balance (in shares) at Dec. 31, 2024									0	0	0	0
Ending balance, preferred stock at Dec. 31, 2024									$ 0	$ 0	$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2024	45,420,752		45,420,752
Ending balance at Dec. 31, 2024	$ 246,768	$ 246,922	$ 471	$ (11,594)	$ 425,039	$ (158,003)	$ (8,991)	$ (154)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends payable (in dollars per share)	$ 0.28	$ 0.76

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Rithm Property Trust Inc., a Maryland corporation (“Rithm Property Trust” or the “Company”), is an externally managed real estate investment trust (“REIT”) formed on January 30, 2014, and capitalized on March 28, 2014, by its then sole stockholder, Aspen Yo, an affiliate of the Aspen Capital group of companies. The Company operates as a mortgage REIT. Historically, the Company primarily targeted acquisitions of (i) re-performing loans (“RPLs”), which are residential mortgage loans on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount, to cover at least five payments has been paid in the last seven months and (ii) non-performing loans (“NPLs”), which are residential mortgage loans on which the most recent three payments have not been made. The Company acquired RPLs and NPLs either directly or in joint ventures with institutional accredited investors. The joint ventures were structured as securitization trusts, from which the Company acquired debt securities and beneficial interests. On June 11, 2024, the Company completed its previously announced strategic transaction with Rithm Capital Corp. (together with its subsidiaries, “Rithm” and such transactions together, the “Strategic Transaction”). The Strategic Transaction included (i) the entry into a Securities Purchase Agreement, dated as of February 26, 2024, by and among the Company, the Operating Partnership (as defined herein), Thetis Asset Management LLC (the “Former Manager”) and Rithm (the “Securities Purchase Agreement”), which provided for, among other things, upon the approval of our stockholders on May 20, 2024, the sale of $14.0 million of the Company’s common stock, par value $0.01 (“Common Stock”), at a price of $4.87 per share (which represents the trailing five-day average closing price of the Company’s Common Stock on the New York Stock Exchange (“NYSE”) as of the date of the Securities Purchase Agreement and (ii) upon the approval of our stockholders on May 20, 2024, the entry into a new Management Agreement, dated as of June 11, 2024, (as amended by that First Amendment to the Management Agreement, dated as of October 18, 2024, and as may be further amended, modified or supplemented from time to time, the “Management Agreement”), by and between RCM GA and the Company, under which, RCM GA became our new external manager. Additionally, on February 26, 2024, the Company entered into a term loan with a subsidiary of Rithm (the “Credit Agreement”), which has since terminated. Pursuant to the Securities Purchase Agreement, the entry into the Credit Agreement was accompanied by the entry into a Warrant Agreement, dated as of April 23, 2024, by and between the Company and Equiniti Trust Company, pursuant to which the Company issued warrants to Rithm to purchase 6.5 million of shares with an exercise price of $5.36 per share (the “2024 Warrants”). See Note 7 for additional details. On February 26, 2024, the Company issued a termination notice to its Former Manager, and, on June 11, 2024, the Company terminated its existing management contract with the Former Manager in exchange for approximately 3.2 million shares of Common Stock and $0.6 million in cash. For a full description of the components of the Strategic Transaction, see the Company’s Definitive Proxy Statement filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on April 10, 2024. In addition, in connection with the Strategic Transaction, the Company changed its principal place of business and corporate headquarters to 799 Broadway, 8th Floor, New York, NY 10003. On December 2, 2024, the Company rebranded and changed its name to Rithm Property Trust Inc. from Great Ajax Corp. On October 18, 2024, the Company’s board of directors (“Board of Directors”) approved, and the Company and the New Manager entered into the First Amendment to the Management Agreement to provide that the base management fee and the incentive fee shall be payable in cash or, at the election of the New Manager, in shares of Common Stock of the Company, subject to the terms and conditions of the Amendment. In connection with the Strategic Transaction, the Company terminated its loan servicing agreement with Gregory Funding LLC (“Gregory” or “Former Servicer”), and disposed of its interest in Great Ajax FS LLC (“GAFS”), the parent company of Gregory. On June 1, 2024, Gregory assigned all of the servicing agreements for its mortgage loans and real property (the “Servicing Agreements”) to Newrez LLC (“Newrez” or “Servicer”), an affiliate of Rithm through a Servicing Transfer Agreement by and between Gregory and Newrez (the “Servicing Transfer Agreement”). The terms of the Servicing Agreements otherwise remain unchanged. The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership (the “Operating Partnership”), and its subsidiaries. The Company, through a wholly-owned subsidiary, Great Ajax Operating LLC, is the sole general partner of the Operating Partnership. GA-TRS LLC (“GA-TRS”) is a wholly-owned subsidiary of the Operating Partnership that owns the equity interest in the Former Manager and previously owned an equity interest in the Former Servicer. GAJX Real Estate Corp. (“GAJX”) is a wholly owned subsidiary of the Operating Partnership formed to own, maintain, improve and sell real estate owned (“REO”) properties purchased by the Company. The Company elected to treat GA-TRS and GAJX as taxable REIT subsidiaries (“TRS”) under the Internal Revenue Code. Great Ajax Funding LLC is a wholly owned subsidiary of the Operating Partnership formed to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts. AJX Mortgage Trust I and AJX Mortgage Trust II are wholly-owned subsidiaries of the Operating Partnership formed to hold mortgage loans used as collateral for financings under the Company’s repurchase agreements. The Operating Partnership, through interests in certain entities, as of December 31, 2024 and 2023, held 99.9% of Great Ajax II REIT Inc. (“Great Ajax II REIT”), which owns Great Ajax II Depositor LLC (“Great Ajax II Depositor”), which was formed to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts. Similarly, as of December 31, 2024 and 2023, the Operating Partnership wholly owned Great Ajax III Depositor LLC, which was formed to act as the depositor for a single securitization transaction.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation — The accompanying consolidated financial statements are prepared in accordance with US generally accepted accounting principles (“GAAP” or “US GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities classified as variable interest entities (each, a “VIE” and collectively “VIEs”) in which the Company is determined to be the primary beneficiary. For entities over which the Company exercises significant influence, but which do not meet the requirements for consolidation, the Company applies the equity method of accounting whereby it records its share of the underlying income of such entities unless a fair value option is elected. Distributions from such investments are classified in the consolidated statements of cash flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings. The Company consolidates the results and balances of two subsidiaries with non-controlling ownership interests held by third parties. The Company previously owned a 53.1% interest in AS Ajax E LLC II. The Company received a liquidating distribution from AS Ajax E LLC II in June 2024, and its investment has been terminated. Ajax Mortgage Loan Trust 2017-D (“2017-D”) is a securitization trust that holds mortgage loans, REO property and secured borrowings; 2017-D is 50.0% owned by the Company as of December 31, 2024 and 2023. Great Ajax II REIT Inc. wholly owns Great Ajax II Depositor, which acts as the depositor of mortgage loans into securitization trusts and holds the subordinated securities issued by such trusts and certain additional trusts the Company may form for additional secured borrowings, and is 99.9% owned by the Company as of December 31, 2024 and 2023. The Company recognizes non-controlling interests in its consolidated financial statements for the amounts of the investments and income due to the third party investors for its consolidated subsidiaries. Reclassifications — In 2024, the Company reclassified its investment in Gaea Real Estate Corp (“Gaea”) from investment in affiliates to other investments, at fair value. As a result of the change in its external manager, the Company has concluded it is no longer appropriate to account for its investment under the equity method of accounting as it no longer has significant influence over Gaea. Also, in 2024, the Company reclassified its real estate owned properties, net, receivable from servicer and investment in affiliates to other assets. Additionally, it renamed prepaid expense and other assets to other assets. Further, in 2024, the Company reclassified its management fee payable to accrued expenses and other liabilities. The balances were reclassified because they are not material on the Company’s consolidated balance sheet. Risks and Uncertainties — In the normal course of its business, the Company primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on the Company’s investments that results from a borrower’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying the Company’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, the Company believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of the Company’s assets are dependent on its Servicer’s abilities to perform their servicing obligations with respect to the residential mortgage loans underlying loans and securities. The Company is subject to significant tax risks. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost. Use of Estimates — The preparation of the consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect reported amounts in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in preparation of the consolidated financial statements are reasonable. The most critical estimates include those related to the estimated cash flows on its Mortgage Loans Held-for-Investment and Investments in Beneficial Interests, fair value measurements of the Company’s assets and liabilities, and the disclosure of contingent assets and liabilities at the reporting date. Actual results could differ from those estimates and such differences could be material. Mortgage Loans Held-for-Sale — Mortgage loans held-for-sale are carried at the lower of cost or fair value. The Company accounts for any excess of cost over fair value as a valuation allowance and include changes in the valuation allowance in earnings in the period in which the change occurs. Interest income is recognized on a cash basis because the loans are in varying stages of delinquency. Purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Mortgage Loans Held-for-Investment — Investments in mortgage loans held-for-investment are carried at amortized cost net of any allowance for credit losses. Upon acquisition, the mortgage loans are recorded as three separate elements: (i) the amount of purchase discount which the Company expects to recover through. Investments residential mortgage-backed securities (“RMBS”) not eventual repayment of the investment, (ii) an allowance for future expected credit loss and (iii) the par value of the investment. The purchase discount and interest income expected to be recovered through eventual repayment of the loans gives rise to an accretable yield. The accretable yield is recognized as interest income on a prospective level yield basis over the life of the loans based on the expected cash flows to be collected. Periodically, the mortgage loans are assessed for any allowance for credit loss that may be required by comparing the expected contractual cash flows to the projected cash flows. For purposes of determining the need for an allowance for credit losses, the Company aggregates its mortgage loans in pools based on like characteristics and legal entity ownership. If the net present value of the contractual cash flows for any pool exceeds the net present value of the projected cash flows for the same pool, an allowance for credit losses will be recorded. Conversely, if the net present value of the contractual cash flows for any pool is less than the net present value of the projected cash flows for the same pool, no allowance will be recorded and any existing allowance will be reversed. CMBS Available-for-Sale, at Fair Value — The Company elected the fair value option for its investments in commercial mortgage-backed securities (“CMBS”). Any changes in fair value are recorded through earnings in the period they occur. Income on CMBS is recognized using the effective interest method. The CMBS are marked-to market using prices received from a third party pricing vendor subject to review by the Company’s Manager. RMBS Available-for-Sale, at Fair Value — Investments in RMBS not classified as held-to-maturity (“HTM”) are classified as available-for-sale (“AFS”). Accordingly, each security is marked-to-market on each balance sheet date and any gain or loss is recorded to other comprehensive loss. Income is accrued on RMBS using the effective interest method. Any periodic loss that is determined to be other than temporary would be recorded in earnings in the period the loss occurs. The RMBS are marked-to-market using prices received from a third party pricing vendor subject to review by the Company’s Manager. Investments in Securities, Held-to-Maturity — The Company designates the 5.01% of RMBS held to satisfy the European risk retention provisions for certain secured borrowing transactions as HTM because the securities cannot be sold until all classes of the secured borrowing are redeemed. RMBS HTM are carried at amortized cost, net of any allowance for credit losses, and interest income is accrued using the effective interest method. Periodically, each RMBS HTM is assessed for any credit loss that may be required by comparing the expected contractual cash flows to the projected cash flows. If the net present value of the contractual cash flows exceeds the net present value of the projected cash flows, an allowance for credit losses will be recorded. Conversely, if the net present value of the contractual cash flows is less than the net present value of projected cash flows, no allowance will be recorded and any existing allowance will be reversed. Transfers of securities from AFS to HTM are non-cash transactions and are recorded at fair value and on the date of transfer. Any unrealized gains or losses continue to be reported in accumulated other comprehensive loss and amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization offsets the effect on interest income of the amortization of the discount resulting from the transfer recorded at fair value. Investments in Beneficial Interests, Net — Investments in beneficial interests are carried at amortized cost net of any allowance for credit losses. Upon acquisition, the investments are recorded as three separate elements: (i) the amount of purchase discount which the Company expects to recover through eventual repayment of the investment, (ii) an allowance for future expected credit loss and (iii) the par value of the investment. The purchase discount expected to be recovered through eventual repayment of the investment gives rise to an accretable yield. The accretable yield is recognized as interest income on a prospective level yield basis over the life of the investment based on the expected cash flows to be collected. Periodically, each beneficial interest is assessed for any credit loss that may be required by comparing the expected contractual cash flows to the projected cash flows. If the net present value of the contractual cash flows exceeds the net present value of the projected cash flows, an allowance for credit losses will be recorded. Conversely, if the net present value of the contractual cash flows is less than the net present value of projected cash flows, no allowance will be recorded and any existing allowance will be reversed. Other Investments, at Fair Value — other investments, at fair value are comprised primarily of the Company’s investment in Gaea and certain other investments for which fair value option was elected. Historically, the investment in Gaea was accounted for using the equity method of accounting. In connection with the Strategic Transaction, there is no longer any common management between the Company and Gaea. Accordingly, the Company no longer has significant influence over Gaea and accounts for its investment at fair value with changes in fair value recorded to earnings in the period they occur. Debt Obligations — The Company’s debt obligations are carried at amortized cost and are reported net of any debt issuance costs, discounts and premiums. Debt issuance costs, discounts and premiums are amortized to interest expense over the life of the instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on debt extinguishment in the consolidated statements of operations when the Company prepays borrowings prior to maturity. Secured Borrowings — The Company, through securitization trusts which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated balance sheets as a deduction from secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company’s unrated securitizations have a call provision and the Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date. Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization. Borrowings Under Repurchase Transactions — The Company enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold amount plus an interest factor. Despite being legally structured as sales and subsequent repurchases, repurchase transactions are generally accounted for as debt secured by the underlying assets. At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender. The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company’s consolidated balance sheets, and the debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with issuance of a repurchasing contract are recorded as deferred issuance cost at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as expense when incurred. Warrant Liability — Warrant liability was recognized at fair value, with changes in fair value recorded to earnings in the consolidated statements of operations. In the second quarter of 2024, the Company reclassified warrants liability to equity, see Note 7 for additional details. Stock-based Payments and Directors’ Fees — Under the Company’s 2014 Director Equity Plan (the “Director Plan”), the Company may make stock-based awards to its directors. The Director Plan is designed to promote the Company’s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company’s Board of Directors. The total number of shares of Common Stock or other stock-based awards, including grants of long-term incentive plan units from the Operating Partnership, available for issuance under the Director Plan is 35,000 shares. The Company issued to each of its independent directors restricted stock awards of 2,000 shares of its Common Stock upon joining the Board of Directors. The Company may also periodically issue additional restricted stock awards to its independent directors under the Director Plan. Stock-based expense for the directors’ annual fee and the committee chairperson's annual fee is expensed as earned, in equal quarterly amounts during the year, and accrued at quarter end. Under the Company’s 2016 Equity Incentive Plan (the “2016 Plan”) the Company may make stock-based awards to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company’s affiliates. The 2016 Plan authorized the issuance of up to 5% of the Company’s outstanding shares from time to time on a fully diluted basis (assuming, if applicable, the conversion of any outstanding warrants and convertible senior notes due in 2024 (“2024 Notes”) into shares of Common Stock). Grants of restricted stock under the 2016 Plan use grant date fair value of the stock as the basis for measuring the cost of the grant. Forfeitures of granted shares are accounted for in the period in which they occur. Share grants vest over the relevant service periods. The grant shares may not be sold by the recipient until the end of the service period, even if certain of the shares were subject to a ratable vesting and were fully vested before completion of the service period. In connection with the Strategic Transaction, on March 25, 2024, the Company’s Board of Directors approved and on May 20, 2024, the Company’s stockholders approved, an amendment to the 2016 Plan that would permit the issuance of equity or equity-based incentive awards to RCM GA, which may in turn issue incentives to the directors, managers, officers, employees of, or advisors or consultants to, RCM GA or its affiliates. Variable Interest Entities — In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consist of trusts established for the Company’s secured borrowings (see “Secured Borrowings” above and Note 8). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. In performing the analysis, the Company refers to guidance in ASC 810-10, Consolidation . If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements. Cash and Cash Equivalents — Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Earnings per Share — The Company periodically grants restricted common shares which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all of the Company’s consolidated net income attributable to common Stockholders, consisting of consolidated net income, less dividends on the Company’s Series A 7.25% Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series A”) and Series B 5.00% Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series B” and together with the Series A, the “Preferred Stock”), is allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing consolidated net income attributable to common stockholders, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing consolidated net income attributable to diluted shareholders, which adds back to consolidated net income attributable to common stockholders the interest expense and applicable portion of management fee expense, net of applicable income taxes, on the Company’s 2024 Notes, by the weighted-average common shares outstanding, assuming all dilutive securities, including stock grants, shares that would be issued in the event that warrants were redeemed for shares of Common Stock of the Company, shares issued in respect of the stock-based portion of the base fee payable to the Former Manager and independent directors, and shares that would be issued in the event of conversion of the Company’s 2024 Notes, were issued. In the event the Company were to record a net loss, potentially dilutive securities would be excluded from the diluted loss per share calculation, as their effect on loss per share would be anti-dilutive. The Company uses the treasury stock method of accounting for its outstanding warrants. Under the treasury stock method, the exercise of the warrants is assumed at the beginning of the period, and shares of Common Stock are assumed to have been issued. The proceeds from the exercise are assumed to be used by the Company to repurchase treasury stock, thereby reducing the assumed dilution from the warrant exercise. In applying the treasury stock method, all dilutive potential common shares, regardless of whether they are exercisable, are treated as if they had been exercised. In the event that any of the adjustments normally included to arrive at diluted earnings per share were to produce an anti-dilutive result, one that either increased earnings or reduced the quantity of shares used in the calculation, the anti-dilutive adjustment would not be included in the diluted earnings per share calculation. Fair Value of Financial Instruments — Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are less active or not active for identical or similar assets or liabilities; or other inputs that are observable, such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction. Income Taxes — The Company operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended. Requirements for qualification as a REIT include various restrictions on ownership of Rithm Property Trust’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders (subject to certain adjustments). Distributions may extend until timely filing of the Company’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities of the Company are conducted through TRSs and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the consolidated statements of operations. Segment Information — The Company currently conducts its business and generates substantially all of its revenues primarily in the U.S. through one operating and reportable segment focused on acquiring, investing in and managing a portfolio of residential whole mortgage loans, CMBS and RMBS. The Company’s one segment approach is consistent with the reporting structure of the Company’s internal organization, as well as with the financial information used by the Company’s chief operating decision maker (“CODM”), which is the Company’s Chief Executive Officer. The Company presents all of its significant segment expenses and other metrics as used by the CODM to make decisions regarding the Company’s business, including resource allocation and performance assessment in the consolidated financial statements. Recently Adopted Accounting Standards — In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This standard requires public companies to disclose information about their reportable segments’ significant expenses on an interim and annual basis to provide more transparency about the expenses they incur from revenue generating business units. This standard became effective for the Company for the fiscal year ended December 31, 2024. Upon adoption of the new standard, the Company has included the new additional and relevant required disclosures within its segment reporting disclosures in this note. Recently Issued Accounting Standards — In incremental costs related to the termination of the November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40) . This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

Mortgage Loans

Mortgage Loans	12 Months Ended
	Dec. 31, 2024
Mortgage Loans [Abstract]
Mortgage Loans	Mortgage Loans The activity in and the balances of the Company’s mortgage loan portfolio are presented in the tables below ($ in thousands): For the year ended December 31, 2024 2023 Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Beginning carrying value $ 864,551 $ 55,718 $ 989,084 $ — Mortgage loans acquired — — 14,400 — Accretion recognized 31,802 — 51,326 — Payments received on loans, net (67,128) (9,996) (129,230) — Net reclassifications (to)/from mortgage loans held-for-sale, net (428,029) 428,029 (64,277) 64,277 Mark-to-market on loans held-for-sale — (54,537) — (8,559) Reclassifications to REO (1,696) (345) (2,379) — Sale of mortgage loans — (388,590) — — Net change in the allowance for credit losses (1,112) — 5,597 — Other (2,336) (2,491) 30 — Ending carrying value $ 396,052 $ 27,788 $ 864,551 $ 55,718 Effective June 30, 2024, all loans held at the Operating Partnership are designated as held-for-sale and accordingly no longer subject to ASU 2016-13, Financial Instruments - Credit Losses (known as “CECL”). Conversely, all loans held at Great Ajax II REIT continue to be classified as held-for-investment and remain subject to CECL. Beginning with the quarter ended September 30, 2024, and in connection with the change in the Company’s strategy, the Company determined a legal entity approach was appropriate with the remaining loans held-for-investment based on the relatively homogeneous characteristics of the loans in each entity. Accordingly, the Company uses the following five pools: 1. Ajax Mortgage Trust 2019-D (“2019-D”) 2. Ajax Mortgage Trust 2019-F (“2019-F”) 3. Ajax Mortgage Trust 2020-B (“2020-B”) 4. Ajax Mortgage Trust 2021-A (2021-A”) 5. 18-1 LLC The following table presents information regarding the year of origination of the Company’s mortgage loan portfolio by basis ($ in thousands). The table for the period ending December 31, 2023, reflects the Company’s previous CECL pools: December 31, 2024 Mortgage loans, net 2024 2023 2022 2021 2020 2019 2009-2018 2006-2008 2005 and prior Total 2019-D $ — $ — $ — $ — $ — $ — $ 7,476 $ 64,495 $ 19,147 $ 91,118 2019-F — — — — — — 11,656 59,602 17,921 89,179 2020-B — — — — — — 10,739 58,769 25,582 95,090 2021-A — — — — 708 164 8,956 82,053 27,299 119,180 18-1 LLC — — — — — 398 1,082 — 5 1,485 Held-for-investment $ — $ — $ — $ — $ 708 $ 562 $ 39,909 $ 264,919 $ 89,954 $ 396,052 Held-for-sale $ — $ — $ 702 $ 415 $ — $ — $ 4,280 $ 17,049 $ 5,342 $ 27,788 December 31, 2023 Mortgage loans, net 2023 2022 2021 2020 2019 2018 2009-2017 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ — $ 2,473 $ 2,597 $ 1,370 $ 6,598 $ 658 $ 30,891 $ 190,104 $ 79,112 $ 313,803 GAOP - 7f7 <50 — 546 137 — 216 — 2,356 27,367 6,530 37,152 GAOP - 6f6 and below — 591 1,415 — 737 1,133 13,343 55,453 14,642 87,314 Great Ajax II REIT - 7f7 >50 — — — 730 764 795 34,864 243,034 84,634 364,821 Great Ajax II REIT - 7f7 <50 — — — — 71 14 2,658 22,361 6,507 31,611 Great Ajax II REIT - 6f6 and below — — — — — — 5,326 17,772 6,752 29,850 Held-for-investment $ — $ 3,610 $ 4,149 $ 2,100 $ 8,386 $ 2,600 $ 89,438 $ 556,091 $ 198,177 $ 864,551 Held-for-sale $ — $ — $ 868 $ 546 $ 1,026 $ 1,123 $ 5,344 $ 35,399 $ 11,412 $ 55,718 The following table presents a reconciliation between the purchase price and par value for the Company’s loan acquisitions for the years ended December 31, 2024 and 2023 ($ in thousands): Year ended December 31, 2024 2023 Par $ — $ 17,500 Discount — (2,847) Increase in allowance — (252) Purchase Price $ — $ 14,401 The Company performs an analysis of its expectation of the amount of undiscounted cash flows expected to be collected from its mortgage loan pools at the end of each calendar quarter. Loss estimates are determined based on the net present value of the difference between the contractual cash flows and the expected cash flows over the expected life of the loans. Contractual cash flows are calculated based on the stated terms of the loans. Projected cash flows are determined by factoring prepayment and expected losses based on delinquency status, the value of the underlying collateral, borrower age, weighted average coupon and length of a positive pay history. Under CECL, the Company adjusts its allowance for expected credit losses when there are changes in its expectation of future cash flows as compared to the amounts expected to be contractually received. An increase to the allowance for expected credit losses will occur when there is a reduction in the Company’s expected future cash flows as compared to its contractual amounts due. Reduction to the allowance, or recovery, may occur if there is an increase in expected future cash flows that were previously subject to an allowance for expected credit loss. The following table presents activity in the allowance for expected credit losses on mortgage loans ($ in thousands): Year ended December 31, 2024 2023 Allowance for expected credit losses, beginning of period $ (3,426) $ (6,107) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment timing expectations 310 (4,378) Increase in allowance for expected credit losses for loan acquisitions during the period — (252) Credit loss expense on mortgage loans (53) (279) Net change in the allowance for credit losses (1,112) 5,597 Reversal of allowance upon reclass of mortgage loans held-for-sale, net 4,281 1,993 Allowance for expected credit losses, end of period $ — $ (3,426) The following tables set forth the carrying value of the Company’s mortgage loans by delinquency status as of December 31, 2024 and 2023 ($ in thousands). Each column indicates the number of days the borrower is past due on their mortgage payment or whether the Company has initiated foreclosure proceedings. A status of “Current” indicates the borrower is not delinquent. The table for the period ending December 31, 2023, reflect the Company’s previous CECL pools: December 31, 2024 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total 2019-D $ 80,761 $ 5,649 $ 216 $ 3,151 $ 1,341 $ 91,118 2019-F 72,175 9,739 — 4,381 2,884 89,179 2020-B 68,917 14,851 93 8,053 3,176 95,090 2021-A 101,878 8,149 517 5,978 2,658 119,180 18-1 LLC 1,253 34 — 103 95 1,485 Total $ 324,984 $ 38,422 $ 826 $ 21,666 $ 10,154 $ 396,052 December 31, 2024 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Held-for-sale $ 13,529 $ 4,866 $ 55 $ 5,528 $ 3,810 $ 27,788 Total $ 13,529 $ 4,866 $ 55 $ 5,528 $ 3,810 $ 27,788 December 31, 2023 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 199,229 $ 49,868 $ 283 $ 63,498 $ 925 $ 313,803 GAOP - 7f7 <50 20,514 7,516 78 9,044 — 37,152 GAOP - 6f6 and below 8,565 6,906 421 45,058 26,364 87,314 Great Ajax II REIT - 7f7 >50 300,506 36,277 801 26,600 637 364,821 Great Ajax II REIT - 7f7 <50 25,592 3,846 42 2,131 — 31,611 Great Ajax II REIT - 6f6 and below 4,374 2,144 — 14,788 8,544 29,850 Total $ 558,780 $ 106,557 $ 1,625 $ 161,119 $ 36,470 $ 864,551 December 31, 2023 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Held-for-sale $ 1,284 $ 592 $ — $ 26,243 $ 27,599 $ 55,718 Total $ 1,284 $ 592 $ — $ 26,243 $ 27,599 $ 55,718

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The Company holds investments in various classes of non-agency CMBS, RMBS, beneficial interests and other securities. Beneficial interests are the residual interest of the Company’s investments in securitization trusts holding pools of mortgage loans. Beneficial interests may be trust certificates and/or subordinated notes depending on the structure of the securitization. The Company designates its investments in RMBS as AFS or HTM based on the intent and ability to hold each security to maturity. The Company carries its RMBS AFS debt securities at fair value with changes in fair value recorded in other comprehensive income in the period they occur. The Company carries its RMBS HTM and beneficial interests at amortized cost, net of any required allowance for credit losses. The Company adopted the fair value option for its investments in CMBS and any changes in fair value are recorded in earnings in the period incurred. The Company adopted the fair value option as its New Manager believes it is the appropriate measure of accounting for securities as it transitions the balance sheet away from residential mortgage loans. The Company’s investments in RMBS AFS and HTM and its investments in beneficial interests are investments in unconsolidated VIEs and the Company’s maximum exposure to loss is limited to the amount of its investment. The Company owns $29.9 million in other investments, at fair value, including its $21.9 million investment in Gaea which is held at fair value with any changes in fair value recorded in earnings in the period incurred. The Company previously accounted for the investment in Gaea using the equity method and reflected Gaea as an investment in affiliates, however, in connection with the Strategic Transaction, the Company no longer has significant influence over the operations of Gaea. Additionally, the Company invested $8.0 million in a credit risk transfer instrument during the year ended December 31, 2024, and elected the fair value option. The Company’s investments in RMBS HTM represents the 5.01% the company is required to retain under the European risk retention rules for the Company’s secured borrowings (the “EU Retained Interest”). Under the European risk retention rules, the Company must hold at least 5.01% of the nominal value of each class of securities offered or sold to investors and the Company is prohibited from selling, transferring or otherwise surrendering all or part of the EU Retained Interest until all such classes are paid in full or redeemed. The Company’s RMBS HTM all have stated maturities of more than 10 years. The securities are subject to prepayments on the underlying collateral and varying call provisions held by the majority certificate holders. The Company is not a majority certificate holder and cannot influence the timing of any call provisions. During the years ended December 31, 2024 and 2023, the Company reported $1.6 million and zero of fair value gains in current period earnings on securities carried at fair value. The fair value gains and losses are recorded in other loss in the consolidated statements of operations. The following table presents information regarding the Company’s investments in debt securities, investments in beneficial interests ($ in thousands) and other investments, at fair value: As of December 31, 2024 Basis (1) Gross unrealized gains Gross unrealized losses Fair value CMBS available-for-sale, at fair value $ 245,540 $ 1,074 $ — $ 246,614 RMBS available-for-sale, at fair value 68,226 273 (6,330) 62,169 Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero 46,043 8 (2,104) 43,947 Investment in beneficial interests at amortized cost, net of allowance for credit losses of $9,082 89,704 1,001 (23,661) 67,044 Other investments, at fair value 29,916 — — 29,916 Total investments $ 479,429 $ 2,356 $ (32,095) $ 449,690 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM before any fair value adjustment. As of December 31, 2023 Basis (1) Gross unrealized gains Gross unrealized losses Fair value RMBS available-for-sale, at fair value $ 139,596 $ 637 $ (8,675) $ 131,558 Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero 59,691 111 (629) 59,173 Investment in beneficial interests at amortized cost, net of allowance for credit losses of $6,880 104,162 3,631 (26,477) 81,316 Total investments $ 303,449 $ 4,379 $ (35,781) $ 272,047 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM before any fair value adjustment. The following table presents a breakdown of the Company’s gross unrealized losses on its investments in RMBS AFS grouped by due date ($ in thousands): As of December 31, 2024 Step-up date(s) (1) Basis (2) Gross unrealized losses Fair value RMBS due March 2060 (3) February 2025 $ 3,825 $ (362) $ 3,463 RMBS due December 2060 (3) July 2029 7,521 (3,133) 4,388 RMBS due January 2061 (3) September 2024 4,886 (384) 4,502 RMBS due June 2061 (3)(4) January 2025/February 2025 8,674 (762) 7,912 RMBS due October 2061 (3) April 2029 6,015 (371) 5,644 RMBS due March 2062 (3) May 2029 9,397 (585) 8,812 RMBS due July 2062 (3) February 2030 12,081 (733) 11,348 RMBS available-for-sale, at fair value $ 52,399 $ (6,330) $ 46,069 (1) Step-up date is the date at which the coupon interest rate on the security increases. (2) Basis amount is net of any realized amortized costs and principal paydowns. (3) This security has been in an unrealized loss position for 12 months or longer. (4) These securities have been in an unrealized loss position for 12 months or longer. As of December 31, 2023 Step-up date(s) (1) Basis (2) Gross unrealized losses Fair value RMBS due February 2028 (4) February 2026 $ 4,717 $ (6) $ 4,711 RMBS due November 2051 (4) March 2025 3,764 (215) 3,549 RMBS due March 2060 (4) February 2025 5,805 (678) 5,127 RMBS due December 2060 (4) July 2029 21,411 (4,242) 17,169 RMBS due January 2061 (4) September 2024 4,886 (478) 4,408 RMBS due June 2061 (5) January 2025/February 2025 12,992 (1,243) 11,749 RMBS due October 2061 (4) April 2029 11,815 (842) 10,973 RMBS due March 2062 (4) May 2029 10,315 (793) 9,522 RMBS due July 2062 (3) February 2030 12,668 (41) 12,627 RMBS due October 2062 (3) October 2026 17,174 (137) 17,037 RMBS available-for-sale, at fair value $ 105,547 $ (8,675) $ 96,872 (1) Step-up date is the date at which the coupon interest rate on the security increases. (2) Basis amount is net of any realized amortized costs and principal paydowns. (3) This security has been in an unrealized loss position for less than 12 months. (4) This security has been in an unrealized loss position for 12 months or longer. (5) These securities have been in an unrealized loss position for 12 months or longer. During the year ended December 31, 2024, the Company acquired $255.9 million in unpaid principal balance (“UPB”) of CMBS. The Company has adopted the fair value option for these investments. Comparatively, during the year ended December 31, 2023, the Company purchased no new securities but retained a proportionate interest in the refinancing of several joint ventures. Because the Company owned legal securities in each of the joint ventures, the transactions were treated as redemptions of the debt securities and beneficial interests in the legacy joint ventures, followed by the purchase of debt securities and beneficial interests in the new joint ventures. The total cash proceeds received in the redemption of the legacy joint ventures were less than the total carrying value of the debt securities and the beneficial interests held by the Company. Accordingly, the Company recorded an $11.0 million loss on the refinancings. All of the debt securities retained were classified as AFS, while the beneficial interests are held at amortized cost, net of any allowance for credit losses. During the year ended December 31, 2024, the Company sold RMBS AFS with a UPB of $62.5 million for net proceeds of $57.4 million and recorded a realized loss of $2.2 million. During the year ended December 31, 2024, the Company also sold CMBS with a UPB of $6.9 million for cash proceeds of $7.2 million and recorded a net gain of $0.2 million. Comparatively, during the year ended December 31, 2023, the Company sold RMBS AFS with a UPB of $67.2 million for cash proceeds of $61.7 million and recognized a loss of $3.3 million and sold zero CMBS. The following table presents a reconciliation between the purchase price and par value for the Company’s beneficial interest acquisitions for the years ended December 31, 2024 and 2023 ($ in thousands): Year ended December 31, 2024 2023 Par $ — $ 14,013 Premium — (2,262) Purchase price $ — $ 11,751 The Company generally recognizes accretable yield on its beneficial interests and increases and decreases in the net present value of expected cash flows in earnings in the period in which they occur. The following table presents accretable yield recognized on beneficial interests and interest income on debt securities for the years ended December 31, 2024 and 2023 ($ in thousands): Year ended December 31, 2024 2023 Interest income on CMBS and RMBS $ 12,087 $ 9,520 Accretable yield recognized on beneficial interests 5,178 8,036 $ 17,265 $ 17,556 Under CECL, an expense is recorded to increase the allowance for expected credit losses when there is a reduction in the Company’s expected future cash flows compared to contractual amounts due. Income is recognized if there is an increase in expected future cash flows to the extent an allowance has been recorded against the beneficial interest or RMBS HTM. If there is no allowance for expected credit losses recorded against a beneficial interest or RMBS HTM, any increase in expected cash flows is recognized prospectively as a change in yield. A decrease in the allowance for expected credit losses is generally facilitated by reclassifying amounts to non-credit discount from the allowance and then recording the reduction to the allowance through the income statement. Management assesses the credit quality of the portfolio and the adequacy of loss reserves on a quarterly basis, or more frequently as necessary. During the years ended December 31, 2024 and 2023, the Company had no activity and balance related to the allowance for expected credit losses for investments in RMBS HTM. The following table presents the activity in the allowance for expected credit losses for beneficial interests ($ in thousands): Year ended December 31, 2024 2023 Allowance for expected credit losses, beginning balance $ (6,880) $ — Reclassification to non-credit discount from the allowance for changes in payment expectations 1,773 6,854 Net change in the allowance for credit losses (3,975) (13,734) Allowance for expected credit losses, ending balance $ (9,082) $ (6,880)

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables present financial assets and liabilities recorded at fair value on a recurring basis, by level within the fair value hierarchy as of December 31, 2024 and 2023 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2024 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Assets: CMBS available-for-sale, at fair value $ 246,614 $ — $ 246,614 $ — RMBS available-for-sale, at fair value 62,169 — 62,169 — Other investments 29,916 — — 29,916 Level 1 Level 2 Level 3 December 31, 2023 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Assets: RMBS available-for-sale, at fair value $ 131,558 $ — $ 131,558 $ — Liabilities: Warrant liability $ 16,644 $ — $ — $ 16,644 Reconciliation of Fair Value Measurements Categorized within Level 3 Gains and losses on investments categorized within Level 3 are recorded in other income in the consolidated statements of operations. Gains and losses on warrant liability were recorded in fair value adjustment on mark-to market liabilities in the consolidated statements of operations. The following tables summarize the changes in the Company’s Level 3 financial assets and liabilities measured at fair value on a recurring basis, for the years ended December 31, 2024 and 2023 ($ in thousands): 12/31/2023 Transfers Purchases / Issuances Investment Sales / Settlements Gains / (Losses) Included in Earnings Gains / (Losses) Included in Other Comprehensive Income 12/31/2024 Assets: Other investments $ — $ 21,918 (1) $ 7,998 $ — $ — $ — $ 29,916 Liabilities: Warrant liability $ 16,644 $ (851) (2) $ 2,734 $ (18,677) $ (150) $ — $ — (1) Represents reclassification from equity method securities to other investments, at fair value. See Note 2 for additional details. (2) Represents reclassification from warrant liability, at fair value to equity. See Note 7 for additional details. 12/31/2022 Transfers Purchases / Issuances Investment Sales / Settlements Gains / (Losses) Included in Earnings Gains / (Losses) Included in Other Comprehensive Income 12/31/2023 Liabilities: Warrant liability $ 12,153 $ — $ — $ — $ (4,491) $ — $ 16,644 The Company’s investment in Gaea is reported in other investments, at fair value in the Company’s consolidated balance sheet as of December 31, 2024. For the years ending December 31, 2024 and 2023, the fair value of Gaea is estimated using an implied capitalization rate applied to the trailing and forward 12 month net operating income for each property. For properties under contract or listed for sale, the contract or listing price is used, respectively. The remaining investment included in other investments, at fair value is an investment in a credit risk transfer instrument that was acquired on the last business day of the year; accordingly fair value is measured at purchase price. Warrant liabilities of the Company were valued using a Black-Scholes option pricing model, for which the Company’s common share price, warrant exercise price, risk free rate, volatility, dividend yield and term to expiration were the primary inputs to the valuation. The significant unobservable input used by the Company for the warrants valuation was historical volatility, which was approximately 31.2%. The fair value of the Company’s 2020 warrant liability was adjusted to approximate market value through earnings. The warrant liability contained a fixed amount that was required to be paid at the option of the holder. The fixed amount could be settled in cash or shares of the Company’s Common Stock at the option of the Company. Fair value was determined using the discounted cash flow method using the rate, which when applied to the cash flows a rate to accrete the initial basis, adjusted for subsequent repurchases, to the future warrant liability over the 39-month term. The following tables present financial assets and liabilities not recorded at fair value on a recurring basis, by level within the fair value hierarchy as of December 31, 2024 and 2023 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2024 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Assets: Mortgage loans held-for-investment, net $ 396,052 $ — $ — $ 357,119 Mortgage loans held-for-sale, net 27,788 — — 27,788 Investment in debt securities held-to-maturity 46,043 — 43,947 — Investment in beneficial interests 89,704 — — 67,044 Investment in Former Manager 538 — — 538 Liabilities: Secured borrowings, net $ 258,353 $ — $ 234,181 $ — Borrowings under repurchase transactions 356,565 — 356,565 — Notes payable, net 107,647 — 104,574 — Level 1 Level 2 Level 3 December 31, 2023 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Assets: Mortgage loans held-for-investment, net $ 864,551 $ — $ — $ 770,419 Mortgage loans held-for-sale, net 55,718 — — 60,444 Investment in debt securities held-to-maturity 59,691 — 59,173 — Investment in beneficial interests 104,162 — — 81,316 Investment in Former Manager 440 — — 4,527 Investment in Gaea 22,241 — — 21,678 Investment in other affiliates 5,319 — 2,335 674 Liabilities: Secured borrowings, net $ 411,212 $ — $ 370,882 $ — Borrowings under repurchase transactions 375,745 — 375,745 — Convertible senior notes 103,516 101,777 — — Notes payable, net 106,844 — 103,697 — The fair value of mortgage loans is estimated using the valuation of financial instruments process of the New Manager. The Company relies on the New Manager’s pricing model, as well as vendor pricing, to estimate the underlying cash flows expected to be collected on the loans. Risks inherent in the Company’s mortgage loan portfolio affecting the valuation of its mortgage loans include the risk of default, delays and inconsistency in the frequency and amount of payments, risks affecting borrowers such as man-made or natural disasters, such as floods or wildfires, or a pandemic and damage to or delay in realizing the value of the underlying collateral. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. The fair value of investments in debt securities AFS and HTM is determined using estimates provided by the Company’s third-party pricing vendors which are then reviewed to ensure the resulting yield is comparable to market yields for similar securities. The fair value of investments in beneficial interests is determined using prices provided by the Company’s third-party pricing vendors which are then reviewed and compared to the New Manager’s pricing model to ensure the resulting yield is comparable to market yields for similar securities. The Company values its investment in affiliate, and Former Manager, based on publicly available information, where available, or the expected cash flows to be received. The Company disposed of its investment in the parent of its Former Servicer, GAFS, in the second quarter of 2024 and received liquidating distributions from its investments in AS Ajax E LLC. The Company owned two Loan Pool LLCs that were special purposes entities that held RPLs where the Company owned a minority interest. The Loan Pool LLCs were disposed of in the third quarter of 2024. The Company expects to receive a liquidating distribution in the Former Manager in the first quarter of 2025. The fair value of secured borrowings is estimated using prices provided by the Company’s third-party pricing vendors, which are then reviewed to ensure the resulting yield is comparable to market yields for similar securities. The Company’s borrowings under repurchase agreements are short-term in nature, and the New Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s 2024 convertible senior notes were publicly traded and their fair value was based on market quotes. Fair value for 2027 notes payable is determined using indicative pricing available from an independent pricing source.

Affiliates

Affiliates	12 Months Ended
	Dec. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates During the years ended December 31, 2024 and 2023, the Company had ownership in one and five affiliated entities, respectively, accounted for under the equity method of accounting. As of December 31, 2024, the Company only has ownership in one entity accounted for under the equity method of accounting. At December 31, 2024 and 2023, the Company’s ownership interest in the Former Manager was approximately 19.8%, respectively. The Company accounts for its ownership interest in the Former Manager using the equity method. At December 31, 2024 and 2023, the Company’s ownership of GAFS was zero and 9.5%, respectively. The Company accounted for its investment in GAFS using the equity method. At December 31, 2024 and 2023, the Company owned approximately 22.2% of Gaea, respectively. Effective September 30, 2024, the Company accounts for its ownership interest in Gaea at fair value. During the quarter ended June 30, 2024, Gaea ceased being an affiliate of the Company as a result of the Strategic Transaction and the Company no longer has significant influence over Gaea. At December 31, 2024 and 2023, the Company’s ownership interest in AS Ajax E LLC was zero and 16.5%, respectively. The Company accounted for its ownership interest using the equity method. The Company received a liquidating distribution in AS Ajax E LLC in the second quarter of 2024 that reduced its investment to zero. At December 31, 2024 and 2023, the Company’s ownership in the Loan pool LLCs was zero and 40.0%, respectively. The Company accounted for its ownership interest using the equity method. The table below shows the net income/(loss), assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100% Year ended December 31, Net income/(loss) at 100% 2024 2023 AS Ajax E LLC $ 81 $ 242 Great Ajax FS LLC (269) (1,633) Loan pool LLCs (34) (72) Gaea Real Estate Corp. (594) (9,715) Thetis Asset Management LLC 10,906 1,901 December 31, 2024 December 31, 2023 Assets and liabilities at 100% Assets Liabilities Assets Liabilities AS Ajax E LLC $ — $ — $ 2,553 $ 39 Great Ajax FS LLC — — 71,477 59,949 Loan pool LLCs — — 1,200 232 Gaea Real Estate Corp. — — 167,591 73,499 Thetis Asset Management LLC 2,682 84 4,643 1,305 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company’s share Year ended December 31, Net income/(loss) at the Company's share 2024 2023 AS Ajax E LLC $ 13 $ 40 Great Ajax FS LLC (26) (150) Loan pool LLCs (14) (28) Gaea Real Estate Corp. (108) (1,898) Thetis Asset Management LLC 2,160 376 December 31, 2024 December 31, 2023 Assets and liabilities at the Company's share Assets Liabilities Assets Liabilities AS Ajax E LLC $ — $ — $ 420 $ 6 Great Ajax FS LLC — — 6,854 5,748 Loan pool LLCs — — 480 93 Gaea Real Estate Corp. — — 37,272 16,346 Thetis Asset Management LLC 531 17 919 258 Consolidated Affiliates The Company consolidates the results and balances of certain securitization trusts which are established to provide debt financing to the Company by securitizing pools of mortgage loans. These trusts are considered to be VIEs, and the Company has determined that it is the primary beneficiary of certain of these VIEs. See Note 8 for additional details. The Company also consolidates the activities and balances of its controlled affiliates, which includes AS Ajax E II, in which the Company now holds a zero interest, 2017-D, in which the Company owns a 50% interest and Great Ajax II REIT. Great Ajax II REIT wholly owns Great Ajax II Depositor, which acts as the depositor of mortgage loans into securitization trusts and holds subordinated securities issued by such trusts. The Company’s ownership in Great Ajax II REIT was 99.9% at December 31, 2024 and 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies During the year ended December 31, 2024, the Company issued the 2024 Warrants, which provide Rithm with the right to purchase 6.5 million shares with an exercise price of $5.36 per share with a fair value of $2.7 million. Also, during the year ended December 31, 2024, the Company exchanged its 2020 Warrants for shares of its Common Stock as part of the Strategic Transaction. The following table sets forth the details of the Company’s warrant liabilities ($ in thousands): Year ended December 31, 2024 2023 Beginning balance $ 16,644 $ 12,153 Issuance of 2024 Warrants 2,734 — Fair value adjustment of 2020 Warrants 2,033 4,491 Fair value adjustment of 2024 Warrants (1,883) — Redemption of 2020 Warrants (18,677) — Reclassification of 2024 Warrants to equity (851) — Ending balance $ — $ 16,644 Litigation, Claims and Assessments From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2024, the Company was not a party to, and its properties were not subject to any pending or threatened legal proceedings that individually or in the aggregate, are expected to have a material impact on its financial condition, results of operations or cash flows.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreements The Company has entered into two repurchase facilities whereby the Company, through two wholly-owned Delaware trusts (the “Trusts”) acquires pools of mortgage loans which are then sold by the Trusts, as “seller” to a counterparty, the “buyer.” As of December 31, 2024, only one facility is outstanding. Upon the time of the initial sale to the buyer, the Trust, with a simultaneous agreement, also agrees to repurchase the pools of mortgage loans from the buyer. Mortgage loans sold under these facilities carry interest calculated based on a spread to one-month Secured Overnight Financing Rate (“SOFR”), which is fixed for the term of the borrowing. The advance rate is between 75% and 90% of the asset’s acquisition price. The obligations of the Trust to repurchase these mortgage loans at a future date are guaranteed by the Company’s Operating Partnership. The Company has also entered into six repurchase facilities, as of December 31, 2024, substantially similar to the mortgage loan repurchase facilities, but where the pledged assets are the Company’s investments in bonds and bonds retained from the Company’s secured borrowings. Each repurchase transaction represents its own borrowing. As such, the ceilings associated with these transactions are the amounts currently borrowed at any one time. The Company has effective control over the assets subject to all these transactions; therefore, the Company’s repurchase transactions are accounted for as financing arrangements. The Operating Partnership, as guarantor, will provide to the buyers a limited guaranty (“Guaranty”) of certain losses incurred by the buyers in connection with certain events and/or the seller’s obligations under the mortgage loan purchase agreement, following the breach of certain covenants by the seller, the occurrence of certain bad acts by the seller, the occurrence of certain insolvency events of the seller or other events specified in the Guaranty. As security for its obligations under the Guaranty, the guarantor will pledge the trust certificate representing the guarantor’s 100% beneficial interest in the seller. The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): December 31, 2024 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Goldman Sachs - bonds (1) $ 59,548 $ 110,000 5.18 % A Bonds January 16, 2025 29,759 75,000 5.08 % February 18, 2025 29,789 35,000 5.27 % Lucid - bonds (1) $ 34,114 $ 100,000 5.05 % A Bonds January 16, 2025 34,114 100,000 5.05 % Barclays - bonds (1) $ 86,956 $ 113,276 5.41 % A Bonds January 10, 2025 17,065 20,000 5.20 % January 13, 2025 16,917 18,916 5.19 % January 31, 2025 25,123 31,478 5.43 % March 20, 2025 17,319 24,564 5.48 % B Bonds January 31, 2025 4,298 6,232 6.12 % March 20, 2025 5,003 9,631 5.86 % M Bonds January 31, 2025 305 512 5.72 % March 20, 2025 926 1,943 5.65 % Nomura - bonds (1) $ 66,445 $ 39,358 (3) 5.67 % A Bonds March 31, 2025 10,687 15,504 5.87 % B Bonds March 31, 2025 35,563 13,224 5.66 % M Bonds March 31, 2025 20,195 10,630 5.56 % Nomura - loans (2) February 28, 2025 $ 23,331 $ 31,821 6.97 % Santander bonds (1) $ 86,171 $ 167,077 5.11 % A Bonds January 6, 2025 21,685 25,000 5.18 % January 15, 2025 64,486 142,077 5.08 % Totals/weighted averages $ 356,565 $ 561,532 5.41 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2024. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2024 was $400.0 million. (3) Excludes bonds that are consolidated on the Company’s balance sheet as of December 31, 2024. December 31, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Barclays - bonds (1) $ 70,095 $ 101,041 7.03 % A Bonds January 3, 2024 10,850 15,572 6.90 % January 19, 2024 21,762 28,503 6.79 % May 3, 2024 9,628 12,329 6.87 % December 31, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate May 22, 2024 2,134 3,358 6.97 % B Bonds January 26, 2024 3,027 4,998 7.68 % March 13, 2024 13,398 20,121 7.13 % May 3, 2024 3,608 6,185 7.70 % May 22, 2024 4,312 7,565 7.57 % M Bonds May 3, 2024 281 499 7.05 % May 22, 2024 1,095 1,911 7.17 % Nomura - bonds (1) $ 68,623 $ 98,448 (4) 6.98 % A Bonds January 26, 2024 35,184 47,149 7.02 % February 15, 2024 5,079 7,449 6.93 % March 28, 2024 17,019 23,238 6.74 % B Bonds January 26, 2024 1,024 1,761 7.31 % February 15, 2024 3,002 5,149 7.33 % March 28, 2024 3,900 6,413 7.30 % M Bonds January 26, 2024 2,307 5,177 7.30 % March 28, 2024 1,108 2,112 6.90 % JP Morgan - bonds (1) $ 33,564 $ 53,978 6.90 % A Bonds February 28, 2024 9,632 12,633 6.73 % B Bonds February 28, 2024 6,598 11,140 7.13 % M Bonds January 4, 2024 13,541 22,813 6.82 % January 22, 2024 3,290 6,497 7.23 % February 28, 2024 503 895 7.03 % Nomura - loans (2) October 5, 2024 $ 193,060 $ 277,632 7.79 % JP Morgan - loans (3) July 10, 2024 $ 10,403 $ 14,656 8.38 % Totals/weighted averages $ 375,745 $ 545,755 7.44 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2023. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $400.0 million. (3) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $150.0 million. (4) Excludes bonds that are consolidated on the Company’s balance sheet as of December 31, 2023. The Guaranty establishes a master netting arrangement; however, the arrangement does not meet the criteria for offsetting within the Company’s consolidated balance sheets. A master netting arrangement derives from contractual agreements entered into by two parties to multiple contracts that provides for the net settlement of all contracts covered by the agreements in the event of default under any one contract. As of December 31, 2024 and 2023, the Company had zero and $3.8 million, respectively, of cash collateral on deposit with financing counterparties. This cash is included in other assets on its consolidated balance sheets and is not netted against its borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at December 31, 2024 and 2023, in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2024 December 31, 2023 Gross amount of recognized liabilities $ 356,565 $ 375,745 Gross amount of loans and securities pledged as collateral 561,532 541,999 Other prepaid collateral — 3,756 Net collateral amount $ 204,967 $ 170,010 Secured Borrowings The Company uses securitization as a primary financing structure and refers to the transactions as secured borrowings. The secured borrowings are generally structured as debt financings. T he loans included in the secured borrowings remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts, which are VIEs. The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities. The notes that are issued by the securitization trusts are secured solely by the mortgages held by the applicable trusts and not by any of the Company’s other assets. The mortgage loans of the applicable trusts are the only source of repayment and interest on the notes issued by such trusts. The Company does not guarantee any of the obligations of the trusts under the terms of the agreement governing the notes or otherwise. The Company’s non-rated secured borrowings are generally structured with Class A notes, subordinated notes, and trust certificates, which have rights to the residual interests in the mortgages once the notes are repaid. The Company currently has no non-rated secured borrowing outstanding at December 31, 2024. The Company’s rated secured borrowings are generally structured as “REIT TMP” transactions which allow the Company to issue multiple classes of securities without using a REMIC structure or being subject to an entity level tax. The Company’s rated secured borrowings generally issue classes of debt from AAA through mezzanine. The Company generally retains the mezzanine and residual certificates in the transactions. The Company has retained the applicable mezzanine and residual certificates from the other four rated secured borrowings outstanding at December 31, 2024. The following table sets forth the original terms of notes from the Company’s secured borrowings outstanding at December 31, 2024, at their respective cutoff dates: Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Rated Ajax Mortgage Loan Trust 2019-D/ July 2019 July 25, 2027 Class A-1 notes due 2065 $140.4 million 2.96 % July 25, 2027 Class A-2 notes due 2065 6.1 million 3.50 % July 25, 2027 Class A-3 notes due 2065 10.1 million 3.50 % July 25, 2027 Class M-1 notes due 2065 (1) 9.3 million 3.50 % None Class B-1 notes due 2065 (2) 7.5 million 3.50 % None Class B-2 notes due 2065 (2) 7.1 million variable (3) None Class B-3 notes due 2065 (2) 12.8 million variable (3) Deferred issuance costs (2.7) million — % Rated Ajax Mortgage Loan Trust 2019-F/ November 2019 November 25, 2026 Class A-1 notes due 2059 $110.1 million 2.86 % November 25, 2026 Class A-2 notes due 2059 12.5 million 3.50 % November 25, 2026 Class A-3 notes due 2059 5.1 million 3.50 % November 25, 2026 Class M-1 notes due 2059 (1) 6.1 million 3.50 % Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate None Class B-1 notes due 2059 (2) 11.5 million 3.50 % None Class B-2 notes due 2059 (2) 10.4 million variable (3) None Class B-3 notes due 2059 (2) 15.1 million variable (3) Deferred issuance costs (1.8) million — % Rated Ajax Mortgage Loan Trust 2020-B/ August 2020 July 25, 2027 Class A-1 notes due 2059 $97.2 million 1.70 % July 25, 2027 Class A-2 notes due 2059 17.3 million 2.86 % July 25, 2027 Class M-1 notes due 2059 (1) 7.3 million 3.70 % None Class B-1 notes due 2059 (2) 5.9 million 3.70 % None Class B-2 notes due 2059 (2) 5.1 million variable (3) None Class B-3 notes due 2059 (2) 23.6 million variable (3) Deferred issuance costs (1.8) million — % Rated Ajax Mortgage Loan Trust 2021-A/ January 2021 January 25, 2029 Class A-1 notes due 2065 $146.2 million 1.07 % January 25, 2029 Class A-2 notes due 2065 21.1 million 2.35 % January 25, 2029 Class M-1 notes due 2065 (1) $7.8 million 3.15 % None Class B-1 notes due 2065 (2) 5.0 million 3.80 % None Class B-2 notes due 2065 (2) 5.0 million variable (3) None Class B-3 notes due 2065 (2) 21.5 million variable (3) Deferred issuance costs (2.5) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. Servicing for the mortgage loans in the Company’s secured borrowings is provided by the Servicer at a servicing fee of 0.42% of outstanding UPB and is paid monthly. The following table sets forth the status of the notes held by others at December 31, 2024 and 2023, and the original balance at the securitization cutoff date ($ in thousands): Balances at December 31, 2024 Balances at December 31, 2023 Original balances at Class of Notes Carrying value of mortgages Bond principal balance Percentage of collateral coverage Carrying value of mortgages Bond principal balance Percentage of collateral coverage Mortgage UPB Bond principal balance 2019-D $ 91,118 $ 58,942 155 % $ 99,367 $ 67,739 147 % $ 193,301 $ 156,670 2019-F 89,179 50,028 178 % 96,870 57,936 167 % 170,876 127,673 2020-B 95,090 57,277 166 % 100,245 63,574 158 % 156,468 114,534 2021-A 119,181 93,412 128 % 127,250 102,057 125 % 206,506 175,116 2021-B — — — % 204,883 123,032 167 % 287,882 215,912 $ 394,568 $ 259,659 (1) 152 % $ 628,615 $ 414,338 (1) 152 % $ 1,015,033 $ 789,905 (1) This represents the gross amount of secured borrowings and excludes the impact of deferred issuance costs of $1.3 million and $3.1 million as of December 31, 2024 a nd 2023, respectively. Corporate Debt Convertible Senior Notes (“2024 Notes”) The 2024 Notes matured on April 30, 2024, and the Company redeemed the notes in full for an aggregate amount of $103.5 million and 15 days of accrued interest. At December 31, 2024 and 2023, the Company’s 2024 Notes had carrying values of zero and $103.5 million, respectively. The 2024 Notes had an interest rate of 7.25% per annum and were payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. During the year ended December 31, 2024, the Company recognized interest expense on its 2024 Notes of $2.5 million, which includes no amortization of discount and deferred expenses. During the year ended December 31, 2023, the Company recognized interest expense on its 2024 Notes of $7.5 million, which included $0.3 million, of amortization of discount and deferred expenses. Coupon interest on the 2024 Notes was recognized using the accrual method of accounting. Discount and deferred issuance costs were carried on the Company’s consolidated balance sheets as a reduction of the carrying value of the 2024 Notes and were amortized to interest expense on an effective yield basis through April 30, 2023. Notes Payable (2027 Notes) In August 2022, the Operating Partnership issued $110.0 million aggregate principal amount of 8.875% senior unsecured notes due in 2027 (the “2027 Notes”). The 2027 Notes have a five year term, were issued at 99.009% of par value and are fully and unconditionally guaranteed by the Company. The 2027 Notes are included in the Company’s liabilities in its consolidated balance sheet at December 31, 2024 and 2023 . Interest on the 2027 Notes is payable semi-annually on March 1 and September 1. The 2027 Notes will mature on September 1, 2027. Net proceeds from the sale of the 2027 Notes totaled approximately $106.1 million, after deducting the discount, commissions, and offering expenses which will be amortized over the term of the 2027 Notes using the effective interest method. The Company used $90.0 million of the proceeds to repurchase and retire a portion of its outstanding Preferred Stock at a discount and a proportionate amount of outstanding warrants. The remainder of the proceeds were used for general corporate purposes. On June 30, 2024, the Company received notification that the 2027 Notes were downgraded from BBB- to BB+. Under the terms of the indenture governing the 2027 Notes, the downgrade resulted in a 100 basis point increase in the interest rate from 8.875% to 9.875% beginning on September 1, 2024. At December 31, 2024, the outstanding aggregate principal amount of the 2027 Notes was $110.0 million, and discount and deferred expenses in aggregate were $2.4 million. At December 31, 2023, the outstanding aggregate principal amount of the 2027 Notes was $110.0 million, and discount and deferred expenses in aggregate were $3.2 million. During the year ended December 31, 2024, the Company recognized interest expense on the 2027 Notes of $11.0 million, which includes $0.6 million, of amortization of discount and deferred expenses. During the year ended December 31, 2023, the Company recognized interest expense on the 2027 Notes of $10.6 million, which includes $0.6 million of amortization of discount and deferred expenses. The effective interest rate for the 2027 Notes for the years ended December 31, 2024 and 2023, was 10.25% and 9.96%, respectively. The indenture governing the 2027 Notes restricts, among other things, our and certain of our subsidiaries’ ability to incur certain additional debt, make certain investments or acquisitions, sell certain assets, and merge, consolidate or transfer all or substantially all of our assets. Additionally, the indenture governing the 2027 Notes requires us to comply with certain maintenance requirements, including certain levels of cash and liquidity, such as: (i) Net Asset Value (as defined in the indenture agreement) as of the close of business on the last day of each of its fiscal quarters must be equal to or greater than $240.0 million, plus the greater of (i) zero dollars and (ii) 65% of our net equity capital activity; (ii) the ratio of the Adjusted Unencumbered Assets (as defined in the indenture agreement) as of the close of business on the last day of each of its fiscal quarters to the aggregate principal amount of the 2027 Notes outstanding as of each such date must be equal to or greater than 1.6:1.0; (iii) the ratio of the debt to equity as of the close of business on the last day of each of its fiscal quarters must be less than 4.0:1.0, (iv) a quarterly minimum liquidity covenant of $30.0 million. For the years ended December 31, 2024 and 2023, the Company is in full compliance with all covenants. Rithm Credit Agreement On February 26, 2024, the Company entered into the Credit Agreement with Rithm, as sole lender, administrative agent and collateral agent. The Credit Agreement provides, subject to certain conditions, for a delayed draw term loan facility, in an aggregate amount of up to $70.0 million. As of December 31, 2024, the balance on the Credit Agreement was zero and the draw period had expired.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A party is considered to be related to the Company if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which the Company may deal if one party to a transaction controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Loan Agreements During November 2023, the Company renewed a promissory note with Gregory, which was a related party of the Company prior to the Strategic Transaction, under which Gregory could borrow up to $12.0 million, secured by real property owned by a subsidiary of securitization trusts. Interest on the arrangement accrued at SOFR plus 300 basis points annually. At December 31, 2024 and 2023, the amount outstanding on the note and interest was zero and $9.3 million, respectively. As of December 31, 2024, the note has been retired. Also, during November 2023, the Company renewed a promissory note with Gregory under which Gregory could borrow up to $3.5 million secured by equity in servicing advances owned by Gregory, which were first in priority for reimbursement from loan payments. Interest on the arrangement accrued at SOFR plus 300 basis points. The note was originally executed on December 9, 2021, and was secured by securities held by Gregory. At December 31, 2024 and 2023, the amount outstanding on the note and interest was zero and $3.3 million, respectively. As of December 31, 2024, the note has been retired. Also, during November 2023, the Company renewed a promissory note with Gaea, which was a related party of the Company prior to the Strategic Transaction, under which Gaea could borrow up to $11.0 million secured by small balance commercial real estate loans. Interest on the arrangement accrued at SOFR plus 300 basis points. The note was originally executed on December 30, 2020. At December 31, 2024 and 2023, the amount outstanding on the note and interest was zero and $7.5 million, respectively. As of December 31, 2024, the note has been retired. Management Agreement New Management Agreement On June 11, 2024, the Company entered into the Management Agreement. The Management Agreement shall be in effect until June 11, 2027 and shall be automatically renewed for a successive two-year term each anniversary date thereafter unless terminated by a party. Under the Management Agreement, RCM GA implements the Company’s business strategy and manages the Company’s business and investment activities and day-to-day operations subject to oversight by the Company’s Board of Directors. Among other services, RCM GA provides the Company with a management team and necessary administrative and support personnel. Additionally, the Company pays directly for the internal audit function that reports directly to the Audit Committee and the Board of Directors. The Company does not currently have any employees and does not expect to have any employees in the foreseeable future. Each of the Company’s executive officers is an employee, consultant, contractor, or officer of Rithm. Under the Management Agreement, the New Manager is entitled to a base management fee and an incentive fee to the New Manager calculated and payable quarterly with respect to each calendar quarter (or partial quarter that the agreement is in effect) in cash or shares of the Company’s common stock. The base management fee equals 1.5% of the Company’s stockholders’ equity, including equity equivalents such as the Company’s issuance of convertible senior notes, per annum. Also, under the Management Agreement, which has an effective date of June 11, 2024, the Company’s quarterly base management fee includes, in its computation of equity managed, its unsecured debt securities to the extent the proceeds were used to repurchase the Company’s Preferred Stock. The New Manager is entitled an incentive fee, which is payable quarterly in arrears in cash in an amount equal to 20% of the dollar amount by which (i) Earnings Available for Distribution (as defined below) exceeds the product of (A) the average common book value per share (excluding fair value marks, impairments, transaction/ deal expenses and associated tax impact and such other items that in the judgment of the Company officers should be excluded) of the Common Stock of the Company during such calendar quarter and (B) 8%. Notwithstanding either of the foregoing, no incentive fee will be payable to the New Manager with respect to any period unless the Company’s cumulative Earnings Available for Distribution is greater than zero for the most recently completed four calendar quarters (which cumulative Earnings Available for Distribution shall be reset at the completion of every fourth quarter following the date hereof and each subsequent fourth quarter thereafter (each, a “Reset Date”) so as not to take into account prior calendar quarters), or, if less, (i) the number of completed calendar quarters since the date hereof or (ii) the number of completed calendar quarters since the last Reset Date. “Earnings Available for Distribution” is a non-GAAP financial measure and is defined as net income (loss) as determined according to GAAP, excluding tax-effected, non-cash equity compensation expense and any unrealized gains or losses from mark-to-market valuation changes (including impairments) that are included in net income for the applicable period. The amount will be adjusted to exclude on a tax-effected basis (A) one-time events pursuant to changes in GAAP, (B) transaction and deal expenses that in the opinion of the New Manager should be excluded for purposes of calculating Earnings Available for Distribution and be amortized over the life of the related investment / transaction, and (C) non-cash items (including depreciation and amortization) that in the judgment of the Company’s officers should not be included in Earnings Available for Distribution, which adjustments in clauses (A), (B) and (C) shall only be excluded after discussions between the New Manager and the Company’s Independent Directors and after approval by a majority of the Company’s Independent Directors. Book value per share of Common Stock shall be as set forth in the consolidated financial statements of the Company prepared in accordance with GAAP. In addition to the base management fee and the incentive fee described above, the Company pays all of its costs and expenses and reimburses the New Manager (to the extent incurred by the New Manager) on a monthly basis for the costs and expenses of providing services under the Management Agreement, including reimbursing the New Manager or its affiliates, as applicable, for the Company’s allocable share of the compensation (whether paid in cash, stock or other forms), including annual base salary, bonus, any related withholding taxes and employee benefits, paid to (i) the New Manager’s personnel serving as the Company’s chief financial officer based on the percentage of his or her time spent managing the Company’s affairs and (ii) other corporate finance, tax, accounting, middle office, internal audit, legal, risk management, operations, compliance and other non-investment personnel of the New Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs. The Company will be required to pay the New Manager a termination fee in the event that the Management Agreement is terminated as a result of (i) a termination by the Company without cause, (ii) its decision not to renew the Management Agreement upon the determination of at least two-thirds of the Company’s independent directors for reasons including the failure to agree on revised compensation, (iii) a termination by the New Manager as a result of the Company becoming regulated as an “investment company” under the Investment Company Act of 1940, as amended, (other than as a result of the acts or omissions of the New Manager in violation of investment guidelines approved by the Company’s Board of Directors), or (iv) a termination by the New Manager if the Company defaults in the performance of any material term of the Management Agreement (subject to a notice and cure period). The termination fee will be equal to three times the combined base fee and incentive fees payable to the New Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior to the date of termination. Former Management Agreement The Company was a party to that certain Third Amended and Restated Management Agreement, dated as of April 28, 2020, (as amended by that First Amendment, dated as of March 1, 2023, the “Former Management Agreement”) by and between the Company and the Former Manager. Under the Former Management Agreement, the Former Manager implemented the Company’s business strategy and managed the Company’s business and investment activities and day-to-day operations subject to oversight by the Company’s Board of Directors. Among other services, the Former Manager provided the Company with a management team and necessary administrative and support personnel. Additionally, the Company paid directly for the internal audit function that reported directly to the Audit Committee and the Board of Directors. Under the Former Management Agreement, the Company paid a quarterly base management fee based on its stockholders' equity, including equity equivalents such as the Company’s issuance of convertible senior notes. Also, under the First Amendment to the Third Amended and Restated Management Agreement with the Former Manager, which had an effective date of March 1, 2023, the Company’s quarterly base management fee included, in its computation of equity managed, its unsecured debt securities to the extent the proceeds were used to repurchase the Company’s Preferred Stock. The Company was periodically required to pay a quarterly incentive management fee based on its cash distributions to its stockholders and the change in book value and had the option to pay up to 100% of the base and incentive fees in cash or in shares of the Company’s common stock. Management fees were expensed in the quarter incurred and the portion payable in common stock, if any, was accrued at quarter end. On February 26, 2024, the Company issued a termination notice to the Former Manager, in connection with the Strategic Transaction, and on June 11, 2024, the Company terminated the Former Management Agreement, entered into a termination and release agreement with the Former Manager and issued approximately 3.2 million shares of Common Stock and paid $0.6 million in cash to the Former Manager in connection with the termination. Servicing Agreements Until June 1, 2024, the Company and its affiliates were party to various Servicing Agreements with the Former Servicer. On June 1, 2024, the Former Servicer transferred the Servicing Agreements to Newrez, an affiliate of the New Manager, pursuant to the Servicing Transfer Agreement. The terms of the Servicing Agreements remain substantially the same. Servicing fees for mortgage loans range from 0.42% to 1.25% annually of UPB at acquisition (or the fair market value or purchase price of REO) and are paid monthly. The servicing fee is based upon the status of the loan at acquisition. A change in status from RPL to NPL does not cause a change in the servicing fee rate. Servicing fees for the Company’s real property assets that are not held in joint ventures are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure and (ii) 1.00% annually of the fair market value of the REO or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. Newrez is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations to foreclosed property undertaken on the Company’s behalf. The total fees incurred by the Company for these services are dependent upon the following: (i) for fees based on mortgage loans, the total fees will be dependent upon the UPB and the type of mortgage loans that the Servicer services; and (ii) for fees based on REO properties, property values, previous UPB of the relevant loan, and the number of REO properties. If any Servicing Agreement has been terminated other than for cause and/or the Servicer terminates the Servicing Agreement, the Company will be required to pay a termination fee equal to the aggregate servicing fees payable under the applicable Servicing Agreement for the immediately preceding 12-month period.

Stock-based Payments and Direct

Stock-based Payments and Director Fees	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Payments and Director Fees	Stock-based Payments and Director Fees Directors Compensation Each of the Company’s independent directors receives an annual retainer of $140,000, payable quarterly. Prior to the third quarter of 2024, 50% of the fee was payable in shares of the Company’s Common Stock and 50% was payable in cash. The Company had the option to pay the annual retainer with up to 100% in cash at its discretion. In the third quarter of 2024, the Company’s Board of Directors voted to revise the independent directors’ compensation so that on a quarterly basis, each director may elect to take their fees in either cash or stock. The committee chairpersons also receive annual fees for their services. The chairpersons of the Compensation and Corporate Governance committees each received an annual retainer of $15,000, payable quarterly, 100% in cash. The chairperson of the Audit committee received an annual fee of $20,000, payable quarterly, 100% in cash. During the second quarter of 2023, the Board of Directors approved the appointment of a lead director and an additional payment to the lead director of $20,000 per year, payable quarterly, 100% in cash. Also, during the second quarter of 2023, due to conflicts of interests by certain Board members, the Board of Directors established a special committee, comprised solely of independent directors (the “Special Committee”) to evaluate and review the merger agreement with Ellington Financial (the “Merger Agreement”), the merger and the other transactions contemplated by the Merger Agreement, as well as other strategic opportunities. The directors on the Special Committee received a one-time cash payment of $20,000, except for the lead director who received a one-time cash payment of $30,000 and a one-time stock payment of $15,000, paid in the shares of the Company’s common stock. The expense related to directors’ fees is accrued, and the portion payable in Common Stock is accrued in the period in which it is incurred. In connection with the Strategic Transaction, any former directors’ shares that were not vested as of the transaction date were forfeited. The two remaining directors that remained on the reconstituted board remain on the same vesting terms. Restricted Stock The Company may periodically issue equity or equity-based incentive awards to RCM GA, which may in turn issue incentives to the directors, managers, officers, employees of, or advisors or consultants to, RCM GA or its affiliate. The Company previously granted shares of its Common Stock to employees of the Former Manager and the Former Servicer. During the year ended December 31, 2024, the Company granted 66,421 shares of its common stock, which have vesting periods of up to one year. Comparatively, the Company granted 3,103 and 28,562 shares of its Common Stock to employees of the Former Manager and the Former Servicer during the year ended December 31, 2023, respectively, which have vesting periods of four years. Grants of restricted stock use grant date fair value of the stock as the basis for measuring the cost of the grant. All restricted stock granted to employees of the Former Manager and the Former Servicer vested as of May 20, 2024, in connection with stockholder approval of the Strategic Transaction. Under the Company’s 2014 Director Equity Plan and 2016 Plan, the Company made grants of restricted stock to its Directors and to employees of the Former Manager and the Former Servicer as set forth in the table below: Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value December 31, 2023 outstanding unvested share grants 159,144 $ 10.35 25,000 $ 7.15 Shares vested (213,343) 9.42 (12,500) 7.15 Shares forfeited (12,222) 8.63 (7,500) 7.15 Shares granted 66,421 3.59 2,000 3.56 December 31, 2024 outstanding unvested share grants — $ — 7,000 ‘ (1) $ 6.12 (1) Weighted average remaining life of unvested grants at December 31, 2024 is 0.3 years. The following table presents the expenses for the Company’s equity incentive plans ($ in thousands): Year ended December 31, 2024 2023 Restricted stock grants $ 1,408 $ 1,347 Director grants 64 74 Total expense for plan grants $ 1,472 $ 1,421

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company intends to qualify as a REIT for each of its tax years through December 31, 2024. A REIT is generally not subject to US federal corporate income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. The Company’s consolidated financial statements include the operations of two TRS entities, GA-TRS and GAJX, which are subject to U.S. federal, state and local income taxes on their taxable income. The TRS entities recorded nominal amounts of income tax for the years ended December 31, 2024 and 2023.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following tables set forth the components of basic and diluted EPS ($ in thousands, except per share): Year ended December 31, 2024 Income Weighted Average Shares Per Share Basic EPS Net loss attributable to common stockholders $ (92,175) 40,195,479 Allocation of loss to participating restricted shares — — Net loss attributable to unrestricted common stockholders $ (92,175) 40,195,479 $ (2.29) Effect of dilutive securities (1,2,3) Diluted EPS Net loss attributable to common stockholders and dilutive securities $ (92,175) 40,195,479 $ (2.29) Year ended December 31, 2023 Income Weighted Average Shares Per Share Basic EPS Net loss attributable to common stockholders $ (49,261) 24,286,999 Allocation of loss to participating restricted shares 537 — Net loss attributable to unrestricted common stockholders $ (48,724) 24,286,999 $ (2.01) Effect of dilutive securities (1,2) Diluted EPS Net loss attributable to common stockholders and dilutive securities $ (48,724) 24,286,999 $ (2.01) (1) The Company’s 2020 Warrants and 2024 Warrants, which were partially outstanding for the year ended December 31, 2024, and the 2020 Warrants which were outstanding for the entire year ended December 31, 2023, would have an anti-dilutive effect on diluted earnings per share for the respective periods they were outstanding and have not been included in the calculation. (2) The effect of interest expense and assumed conversion of shares from convertible notes on the Company’s diluted EPS calculation for the years ended December 31, 2024 and 2023, would have been anti-dilutive and have been removed from the calculation. (3) The effect of restricted stock grants and manager and director fee shares on the Company’s diluted EPS calculation for the year ended December 31, 2023, would have been anti-dilutive and have been removed from the calculation.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	Equity Common Stock As of December 31, 2024 and 2023, the Company had 45,420,752 and 27,460,161 shares of Common Stock outstanding, respectively, of $0.01 par value Common Stock outstanding with 125,000,000 shares authorized at each period end. During the year ended December 31, 2024, the Company issued shares in the following transactions: 1. 2,874,744 shares of Common Stock to Rithm at a purchase price of $4.87 per share, for aggregate proceeds of approximately $14.0 million. 2. 3,174,645 shares of Common Stock to the Former Manager in connection with the termination of the Former Management Agreement. 3. 12,046,218 shares of Common Stock to preferred shareholders in exchange for its outstanding Preferred Stock and related warrants. 4. 441,783 shares of Common Stock to its New Manager as payment for the third quarter of the 2024 management fee. Preferred Stock The Company issued shares of Preferred Stock which were issued to institutional accredited investors in a series of private placements during the year ended December 31, 2020. The Company issued 2,307,400 shares of Series A and 2,892,600 shares of Series B. The shares of Preferred Stock had a liquidation preference of $25.00 per share. During the year ended December 31, 2024, the Company exchanged the remaining 424,949 shares of its outstanding Series A and 1,135,590 shares of its outstanding Series B and the associated warrants for newly issued shares of its common stock. A total of 12,046,218 shares of Common Stock were issued during the year ended December 31, 2024, with 9,464,524 shares of Common Stock exchanged during the quarter ended March 31, 2024 and 2,581,694 shares of Common Stock exchanged subsequent to the approval of the Company’s stockholders on May 20, 2024. No Preferred Stock or warrants were exchanged during the year ended December 31, 2023. At December 31, 2024 and 2023, the Company had zero and 424,949 shares of Series A and zero and 1,135,590 shares of Series B outstanding, respectively. There were 25,000,000 shares, cumulative for all series, authorized as of both December 31, 2024 and 2023. Treasury Stock and Stock Repurchase Plan On February 28, 2020, the Company’s Board of Directors approved a stock repurchase program of up to $25.0 million of its common shares. The amount and timing of any repurchases depends on a number of factors, including, but not limited to, the price and availability of the Common Stock, the trading volume and general circumstances and market conditions. To date, the Company has repurchased 525,039 shares of Common Stock for an aggregate purchase price of $5.1 million leaving $19.1 million remaining under the authorization. The Company did not repurchase any shares during the years ended December 31, 2024 and 2023. As of December 31, 2024, the Company held 1,664,365 shares of treasury stock consisting of 777,414 shares received through distributions of the Company’s shares previously held by the Former Manager, including 628,580 received during the quarter ended December 31, 2024, 361,912 shares received through Former Servicer and 525,039 shares acquired through open market purchases. As of December 31, 2023, the Company held 1,035,785 shares of treasury stock consisting of 148,834 shares received through distributions of the Company’s shares previously held by its Former Manager, 361,912 shares received through its Former Servicer and 525,039 shares acquired through open market purchases. Dividend Reinvestment Plan The Company sponsors a dividend reinvestment plan through which stockholders may purchase additional shares of the Company’s Common Stock by reinvesting some or all of the cash dividends received on shares of the Company’s common stock. The Company issued no shares under the plan during the years ended December 31, 2024 and 2023. At the Market Offering The Company has entered into an equity distribution agreement under which the Company may sell shares of its Common Stock having an aggregate offering price of up to $100.0 million from time to time in any method permitted by law deemed to be an “At the Market” offering as defined in Rule 415 under the Securities Act of 1933, as amended (the “ATM Program”). During the year ended December 31, 2024, no shares of Common Stock were sold under the ATM Program. Comparatively, during the year ended December 31, 2023, 2,182,152 and 2,621,742 shares of Common Stock were sold, respectively, under the ATM Program for total net proceeds of approximately $14.3 million and $17.2 million, respectively. On September 6, 2024, the Company filed a registration statement with the SEC on Form S-3 to increase the maximum aggregate offering price to up to $400 million of common stock, preferred stock, debt securities, warrants and units available to be sold in public offerings or pursuant to the ATM Program. The filed shelf registration statement was declared effective by the SEC on November 13, 2024. Accumulated Other Comprehensive Loss The Company recognizes unrealized gains or losses on its investment in RMBS AFS as components of other comprehensive loss. Additionally, other comprehensive loss includes unrealized gains or losses associated with the transfer of the Company's investment in RMBS from AFS to HTM. These amounts are subsequently amortized from other comprehensive loss into earnings over the same period as the related unamortized discount. Total accumulated other comprehensive loss on the Company’s balance sheet at December 31, 2024 and 2023, was as follows ($ in thousands): Investments in securities: December 31, 2024 December 31, 2023 Unrealized gains on debt securities available-for-sale $ 273 $ 637 Unrealized losses on debt securities available-for-sale (6,330) (8,675) Unrealized losses on debt securities available-for-sale transferred to held-to-maturity (2,934) (5,989) Accumulated other comprehensive loss $ (8,991) $ (14,027) Non-controlling Interests At December 31, 2024, the Company had non-controlling interests attributable to ownership interest for two legal entities and at December 31, 2023, the Company had non-controlling interests attributable to ownership interests for three legal entities. At December 31, 2024 and 2023, the Company’s ownership interest was approximately zero and 53.1% of AS Ajax E II, respectively, and it previously consolidated the assets, liabilities, revenues and expenses of the entity. At December 31, 2024 and 2023, respectively, the Company’s ownership interest was approximately 50.0% of 2017-D and it consolidates the assets, liabilities, revenues and expenses of the trust.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 29, 2025, the Company’s Board of Directors declared a cash dividend of $0.06 per share to be paid on February 28, 2025, to stockholders of record as of February 14, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (91,835)	$ (47,071)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We are an externally managed company and our day-to-day operations are managed by our New Manager and our officers under the oversight of our Board of Directors. We are reliant on our New Manger, in identifying, assessing and managing material risks to our business from cybersecurity threats. Risk Management and Strategy Our New Manager, through Rithm, maintains a comprehensive cybersecurity program and regularly assesses any risk of cybersecurity threats. In doing so, Rithm continuously monitors and tests our information systems for potential vulnerabilities pursuant to our cybersecurity program. Rithm’s cybersecurity program is led by its interim Chief Information Security Officer (“CISO”) and is part of its overall enterprise risk management program. Rithm’s dedicated cybersecurity personnel supervise and monitor our controls, technologies, systems and other processes utilized to mitigate any data loss, theft, exploitation, unauthorized access or other vulnerabilities that may affect our information or data. Specifically, Rithm’s cybersecurity program consists of incident response procedures, information security and vendor management due diligence, as well as participation in industry consortiums, ongoing monitoring, internal and independent testing of information systems and continuous employee education and simulations. Rithm’s independent testing includes both (i) periodic testing and evaluations performed by its internal audit team and (ii) annual network penetration testing conducted through independent third parties. Rithm’s processes for assessing, identifying and managing material risks from cybersecurity threats have been integrated into its overall risk management system and processes. As part of these processes, Rithm monitors the privacy and cybersecurity laws, regulations and guidance applicable to us in the regions where we do, as well as proposed privacy and cybersecurity laws, regulations, guidance and emerging risks. Additionally, in order to reduce cybersecurity risks related to our use of third-party service providers, Rithm (i) obligates our service providers to adhere to strict privacy and cybersecurity measures and (ii) performs risk assessments of each new service provider during onboarding based on, among other things, the nature of their business and the type of information we provide to such service providers. Each service provider is assigned a tiered risk rating, which determines the frequency and extent of evaluation for the service provider. Furthermore, Rithm collects and evaluates SIG, SOC 1 reports and Business Continuity and Disaster Recovery documents for our key service providers. To date, we have not experienced a material cybersecurity breach and no risks from cybersecurity threats have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. While the New Manager has implemented processes and procedures that it believes are tailored to address and mitigate the cybersecurity threats that our Company faces, there can be no assurances that such an incident will not occur despite our efforts, as more fully described in Item 1A. Risk Factors. For a discussion of how risks from cybersecurity threats affect our business, and our reliance on our New Manager managing these risks, see “Part 1. Item 1A. Risk Factors – Risks Related to Our Company – Security breaches and other cyber-security incidents could result in a loss of data, interruptions in our business, subject us to regulatory action and increased costs, each of which could have a material adverse effect on our business and results of operations.” in this Annual Report.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our New Manager, through Rithm, maintains a comprehensive cybersecurity program and regularly assesses any risk of cybersecurity threats. In doing so, Rithm continuously monitors and tests our information systems for potential vulnerabilities pursuant to our cybersecurity program. Rithm’s cybersecurity program is led by its interim Chief Information Security Officer (“CISO”) and is part of its overall enterprise risk management program.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our Board of Directors oversees the Company’s risk management process, including cybersecurity risks, directly and through its committees. The Audit Committee of the Board of Directors, in conjunction with the New Manager, oversees the Company’s risk management program, which focuses on the most significant risks the Company faces in the short-, intermediate-, and long-term timeframe. Audit Committee meetings include discussions of specific risk areas throughout the year, including, among others, those relating to cybersecurity, and reports from Rithm’s CISO and Chief Information Officer (“CIO”) on the Company’s enterprise risk profile and the Company’s risk treatment policies and processes on a quarterly basis or as needed. Additionally, Rithm has protocols by which certain cybersecurity incidents would be escalated in a timely manner to our Audit Committee and Board of Directors. The New Manager, through Rithm, takes a risk-based approach to cybersecurity and has implemented cybersecurity policies throughout its operations that are designed to address cybersecurity threats and incidents. In particular, the CISO is focused on assessing, managing, mitigating and reporting on cybersecurity threats and risks. The CISO plays a critical role in protecting the Company’s assets, data and reputation by developing a robust security strategy and security awareness. Rithm’s current CISO brings over 20 years of experience in IT operations and information security with a proven track record working in large financial institutions, mortgage companies and banks, with expertise in managing complex security environments. The CISO, in conjunction with other executive leaders such as the CIO and the Chief Legal Officer, manages the Company’s cybersecurity posture. In doing so, the CISO receives regular reports prepared by our experienced cybersecurity personnel on cybersecurity threats and continuously reviews risk management measures implemented by the Company to help identify and mitigate data protection and cybersecurity risks. At the employee level, the New Manager maintains an experienced information technology team tasked with implementing our privacy and cybersecurity program and support the CISO in carrying out reporting, security and mitigation functions. The New Manager also holds employee trainings on privacy and cybersecurity, as well as records and information management, and it conduct phishing tests. We generally seek to promote awareness of cybersecurity risk through communication and education of our employee population.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors, in conjunction with the New Manager, oversees the Company’s risk management program, which focuses on the most significant risks the Company faces in the short-, intermediate-, and long-term timeframe. Audit Committee meetings include discussions of specific risk areas throughout the year, including, among others, those relating to cybersecurity, and reports from Rithm’s CISO and Chief Information Officer (“CIO”) on the Company’s enterprise risk profile and the Company’s risk treatment policies and processes on a quarterly basis or as needed. Additionally, Rithm has protocols by which certain cybersecurity incidents would be escalated in a timely manner to our Audit Committee and Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	The New Manager, through Rithm, takes a risk-based approach to cybersecurity and has implemented cybersecurity policies throughout its operations that are designed to address cybersecurity threats and incidents. In particular, the CISO is focused on assessing, managing, mitigating and reporting on cybersecurity threats and risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The New Manager, through Rithm, takes a risk-based approach to cybersecurity and has implemented cybersecurity policies throughout its operations that are designed to address cybersecurity threats and incidents. In particular, the CISO is focused on assessing, managing, mitigating and reporting on cybersecurity threats and risks. The CISO plays a critical role in protecting the Company’s assets, data and reputation by developing a robust security strategy and security awareness. Rithm’s current CISO brings over 20 years of experience in IT operations and information security with a proven track record working in large financial institutions, mortgage companies and banks, with expertise in managing complex security environments. The CISO, in conjunction with other executive leaders such as the CIO and the Chief Legal Officer, manages the Company’s cybersecurity posture.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Rithm’s current CISO brings over 20 years of experience in IT operations and information security with a proven track record working in large financial institutions, mortgage companies and banks, with expertise in managing complex security environments.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In doing so, the CISO receives regular reports prepared by our experienced cybersecurity personnel on cybersecurity threats and continuously reviews risk management measures implemented by the Company to help identify and mitigate data protection and cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying consolidated financial statements are prepared in accordance with US generally accepted accounting principles (“GAAP” or “US GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities classified as variable interest entities (each, a “VIE” and collectively “VIEs”) in which the Company is determined to be the primary beneficiary. For entities over which the Company exercises significant influence, but which do not meet the requirements for consolidation, the Company applies the equity method of accounting whereby it records its share of the underlying income of such entities unless a fair value option is elected. Distributions from such investments are classified in the consolidated statements of cash flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings. The Company consolidates the results and balances of two subsidiaries with non-controlling ownership interests held by third parties. The Company previously owned a 53.1% interest in AS Ajax E LLC II. The Company received a liquidating distribution from AS Ajax E LLC II in June 2024, and its investment has been terminated. Ajax Mortgage Loan Trust 2017-D (“2017-D”) is a securitization trust that holds mortgage loans, REO property and secured borrowings; 2017-D is 50.0% owned by the Company as of December 31, 2024 and 2023. Great Ajax II REIT Inc. wholly owns Great Ajax II Depositor, which acts as the depositor of mortgage loans into securitization trusts and holds the subordinated securities issued by such trusts and certain additional trusts the Company may form for additional secured borrowings, and is 99.9% owned by the Company as of December 31, 2024 and 2023. The Company recognizes non-controlling interests in its consolidated financial statements for the amounts of the investments and income due to the third party investors for its consolidated subsidiaries.
Reclassifications	Reclassifications — In 2024, the Company reclassified its investment in Gaea Real Estate Corp (“Gaea”) from investment in affiliates to other investments, at fair value. As a result of the change in its external manager, the Company has concluded it is no longer appropriate to account for its investment under the equity method of accounting as it no longer has significant influence over Gaea. Also, in 2024, the Company reclassified its real estate owned properties, net, receivable from servicer and investment in affiliates to other assets. Additionally, it renamed prepaid expense and other assets to other assets. Further, in 2024, the Company reclassified its management fee payable to accrued expenses and other liabilities. The balances were reclassified because they are not material on the Company’s consolidated balance sheet.
Risks and Uncertainties	Risks and Uncertainties — In the normal course of its business, the Company primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on the Company’s investments that results from a borrower’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying the Company’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, the Company believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of the Company’s assets are dependent on its Servicer’s abilities to perform their servicing obligations with respect to the residential mortgage loans underlying loans and securities. The Company is subject to significant tax risks. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
Use of Estimates	Use of Estimates — The preparation of the consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect reported amounts in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in preparation of the consolidated financial statements are reasonable. The most critical estimates include those related to the estimated cash flows on its Mortgage Loans Held-for-Investment and Investments in Beneficial Interests, fair value measurements of the Company’s assets and liabilities, and the disclosure of contingent assets and liabilities at the reporting date. Actual results could differ from those estimates and such differences could be material.
Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Sale — Mortgage loans held-for-sale are carried at the lower of cost or fair value. The Company accounts for any excess of cost over fair value as a valuation allowance and include changes in the valuation allowance in earnings in the period in which the change occurs. Interest income is recognized on a cash basis because the loans are in varying stages of delinquency. Purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale.
Mortgage Loans Held-for-Investment	Mortgage Loans Held-for-Investment — Investments in mortgage loans held-for-investment are carried at amortized cost net of any allowance for credit losses. Upon acquisition, the mortgage loans are recorded as three separate elements: (i) the amount of purchase discount which the Company expects to recover through. Investments residential mortgage-backed securities (“RMBS”) not eventual repayment of the investment, (ii) an allowance for future expected credit loss and (iii) the par value of the investment. The purchase discount and interest income expected to be recovered through eventual repayment of the loans gives rise to an accretable yield. The accretable yield is recognized as interest income on a prospective level yield basis over the life of the loans based on the expected cash flows to be collected. Periodically, the mortgage loans are assessed for any allowance for credit loss that may be required by comparing the expected contractual cash flows to the projected cash flows. For purposes of determining the need for an allowance for credit losses, the Company aggregates its mortgage loans in pools based on like characteristics and legal entity ownership. If the net present value of the contractual cash flows for any pool exceeds the net present value of the projected cash flows for the same pool, an allowance for credit losses will be recorded. Conversely, if the net present value of the contractual cash flows for any pool is less than the net present value of the projected cash flows for the same pool, no allowance will be recorded and any existing allowance will be reversed.
CMBS Available-for-Sale, at Fair Value, RMBS Available-for-Sale, at Fair Value, Investments in Securities, Held-to-Maturity, Investments in Beneficial Interests, Net and Other Investments, at Fair Value	CMBS Available-for-Sale, at Fair Value — The Company elected the fair value option for its investments in commercial mortgage-backed securities (“CMBS”). Any changes in fair value are recorded through earnings in the period they occur. Income on CMBS is recognized using the effective interest method. The CMBS are marked-to market using prices received from a third party pricing vendor subject to review by the Company’s Manager. RMBS Available-for-Sale, at Fair Value — Investments in RMBS not classified as held-to-maturity (“HTM”) are classified as available-for-sale (“AFS”). Accordingly, each security is marked-to-market on each balance sheet date and any gain or loss is recorded to other comprehensive loss. Income is accrued on RMBS using the effective interest method. Any periodic loss that is determined to be other than temporary would be recorded in earnings in the period the loss occurs. The RMBS are marked-to-market using prices received from a third party pricing vendor subject to review by the Company’s Manager. Investments in Securities, Held-to-Maturity — The Company designates the 5.01% of RMBS held to satisfy the European risk retention provisions for certain secured borrowing transactions as HTM because the securities cannot be sold until all classes of the secured borrowing are redeemed. RMBS HTM are carried at amortized cost, net of any allowance for credit losses, and interest income is accrued using the effective interest method. Periodically, each RMBS HTM is assessed for any credit loss that may be required by comparing the expected contractual cash flows to the projected cash flows. If the net present value of the contractual cash flows exceeds the net present value of the projected cash flows, an allowance for credit losses will be recorded. Conversely, if the net present value of the contractual cash flows is less than the net present value of projected cash flows, no allowance will be recorded and any existing allowance will be reversed. Transfers of securities from AFS to HTM are non-cash transactions and are recorded at fair value and on the date of transfer. Any unrealized gains or losses continue to be reported in accumulated other comprehensive loss and amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization offsets the effect on interest income of the amortization of the discount resulting from the transfer recorded at fair value. Investments in Beneficial Interests, Net — Investments in beneficial interests are carried at amortized cost net of any allowance for credit losses. Upon acquisition, the investments are recorded as three separate elements: (i) the amount of purchase discount which the Company expects to recover through eventual repayment of the investment, (ii) an allowance for future expected credit loss and (iii) the par value of the investment. The purchase discount expected to be recovered through eventual repayment of the investment gives rise to an accretable yield. The accretable yield is recognized as interest income on a prospective level yield basis over the life of the investment based on the expected cash flows to be collected. Periodically, each beneficial interest is assessed for any credit loss that may be required by comparing the expected contractual cash flows to the projected cash flows. If the net present value of the contractual cash flows exceeds the net present value of the projected cash flows, an allowance for credit losses will be recorded. Conversely, if the net present value of the contractual cash flows is less than the net present value of projected cash flows, no allowance will be recorded and any existing allowance will be reversed. Other Investments, at Fair Value — other investments, at fair value are comprised primarily of the Company’s investment in Gaea and certain other investments for which fair value option was elected. Historically, the investment in Gaea was accounted for using the equity method of accounting. In connection with the Strategic Transaction, there is no longer any common management between the Company and Gaea. Accordingly, the Company no longer has significant influence over Gaea and accounts for its investment at fair value with changes in fair value recorded to earnings in the period they occur.
Debt Obligations and Secured Borrowings	Debt Obligations — The Company’s debt obligations are carried at amortized cost and are reported net of any debt issuance costs, discounts and premiums. Debt issuance costs, discounts and premiums are amortized to interest expense over the life of the instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on debt extinguishment in the consolidated statements of operations when the Company prepays borrowings prior to maturity. Secured Borrowings — The Company, through securitization trusts which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated balance sheets as a deduction from secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company’s unrated securitizations have a call provision and the Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date. Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.
Borrowings Under Repurchase Transactions	Borrowings Under Repurchase Transactions — The Company enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold amount plus an interest factor. Despite being legally structured as sales and subsequent repurchases, repurchase transactions are generally accounted for as debt secured by the underlying assets. At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender. The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company’s consolidated balance sheets, and the debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with issuance of a repurchasing contract are recorded as deferred issuance cost at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as expense when incurred.
Warrant Liability	Warrant Liability — Warrant liability was recognized at fair value, with changes in fair value recorded to earnings in the consolidated statements of operations. In the second quarter of 2024, the Company reclassified warrants liability to equity, see Note 7 for additional details.
Stock-based Payments and Director's Fees	Stock-based Payments and Directors’ Fees — Under the Company’s 2014 Director Equity Plan (the “Director Plan”), the Company may make stock-based awards to its directors. The Director Plan is designed to promote the Company’s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company’s Board of Directors. The total number of shares of Common Stock or other stock-based awards, including grants of long-term incentive plan units from the Operating Partnership, available for issuance under the Director Plan is 35,000 shares. The Company issued to each of its independent directors restricted stock awards of 2,000 shares of its Common Stock upon joining the Board of Directors. The Company may also periodically issue additional restricted stock awards to its independent directors under the Director Plan. Stock-based expense for the directors’ annual fee and the committee chairperson's annual fee is expensed as earned, in equal quarterly amounts during the year, and accrued at quarter end. Under the Company’s 2016 Equity Incentive Plan (the “2016 Plan”) the Company may make stock-based awards to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company’s affiliates. The 2016 Plan authorized the issuance of up to 5% of the Company’s outstanding shares from time to time on a fully diluted basis (assuming, if applicable, the conversion of any outstanding warrants and convertible senior notes due in 2024 (“2024 Notes”) into shares of Common Stock). Grants of restricted stock under the 2016 Plan use grant date fair value of the stock as the basis for measuring the cost of the grant. Forfeitures of granted shares are accounted for in the period in which they occur. Share grants vest over the relevant service periods. The grant shares may not be sold by the recipient until the end of the service period, even if certain of the shares were subject to a ratable vesting and were fully vested before completion of the service period. In connection with the Strategic Transaction, on March 25, 2024, the Company’s Board of Directors approved and on May 20, 2024, the Company’s stockholders approved, an amendment to the 2016 Plan that would permit the issuance of equity or equity-based incentive awards to RCM GA, which may in turn issue incentives to the directors, managers, officers, employees of, or advisors or consultants to, RCM GA or its affiliates.
Variable Interest Entities (“VIEs”)	Variable Interest Entities — In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consist of trusts established for the Company’s secured borrowings (see “Secured Borrowings” above and Note 8). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. In performing the analysis, the Company refers to guidance in ASC 810-10, Consolidation . If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents — Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
Earnings per Share	Earnings per Share — The Company periodically grants restricted common shares which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all of the Company’s consolidated net income attributable to common Stockholders, consisting of consolidated net income, less dividends on the Company’s Series A 7.25% Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series A”) and Series B 5.00% Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series B” and together with the Series A, the “Preferred Stock”), is allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing consolidated net income attributable to common stockholders, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing consolidated net income attributable to diluted shareholders, which adds back to consolidated net income attributable to common stockholders the interest expense and applicable portion of management fee expense, net of applicable income taxes, on the Company’s 2024 Notes, by the weighted-average common shares outstanding, assuming all dilutive securities, including stock grants, shares that would be issued in the event that warrants were redeemed for shares of Common Stock of the Company, shares issued in respect of the stock-based portion of the base fee payable to the Former Manager and independent directors, and shares that would be issued in the event of conversion of the Company’s 2024 Notes, were issued. In the event the Company were to record a net loss, potentially dilutive securities would be excluded from the diluted loss per share calculation, as their effect on loss per share would be anti-dilutive. The Company uses the treasury stock method of accounting for its outstanding warrants. Under the treasury stock method, the exercise of the warrants is assumed at the beginning of the period, and shares of Common Stock are assumed to have been issued. The proceeds from the exercise are assumed to be used by the Company to repurchase treasury stock, thereby reducing the assumed dilution from the warrant exercise. In applying the treasury stock method, all dilutive potential common shares, regardless of whether they are exercisable, are treated as if they had been exercised. In the event that any of the adjustments normally included to arrive at diluted earnings per share were to produce an anti-dilutive result, one that either increased earnings or reduced the quantity of shares used in the calculation, the anti-dilutive adjustment would not be included in the diluted earnings per share calculation.
Fair Value of Financial Instruments	air Value of Financial Instruments — Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are less active or not active for identical or similar assets or liabilities; or other inputs that are observable, such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction.
Income Taxes	Income Taxes — The Company operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended. Requirements for qualification as a REIT include various restrictions on ownership of Rithm Property Trust’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders (subject to certain adjustments). Distributions may extend until timely filing of the Company’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities of the Company are conducted through TRSs and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the consolidated statements of operations.
Segment Information	Segment Information —
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards — In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This standard requires public companies to disclose information about their reportable segments’ significant expenses on an interim and annual basis to provide more transparency about the expenses they incur from revenue generating business units. This standard became effective for the Company for the fiscal year ended December 31, 2024. Upon adoption of the new standard, the Company has included the new additional and relevant required disclosures within its segment reporting disclosures in this note. Recently Issued Accounting Standards — In incremental costs related to the termination of the November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40) . This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2024
Mortgage Loans [Abstract]
Schedule Of Mortgage Loan Portfolio	The activity in and the balances of the Company’s mortgage loan portfolio are presented in the tables below ($ in thousands): For the year ended December 31, 2024 2023 Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Beginning carrying value $ 864,551 $ 55,718 $ 989,084 $ — Mortgage loans acquired — — 14,400 — Accretion recognized 31,802 — 51,326 — Payments received on loans, net (67,128) (9,996) (129,230) — Net reclassifications (to)/from mortgage loans held-for-sale, net (428,029) 428,029 (64,277) 64,277 Mark-to-market on loans held-for-sale — (54,537) — (8,559) Reclassifications to REO (1,696) (345) (2,379) — Sale of mortgage loans — (388,590) — — Net change in the allowance for credit losses (1,112) — 5,597 — Other (2,336) (2,491) 30 — Ending carrying value $ 396,052 $ 27,788 $ 864,551 $ 55,718
Schedule Of Loan Basis By Year Of Origination	The following table presents information regarding the year of origination of the Company’s mortgage loan portfolio by basis ($ in thousands). The table for the period ending December 31, 2023, reflects the Company’s previous CECL pools: December 31, 2024 Mortgage loans, net 2024 2023 2022 2021 2020 2019 2009-2018 2006-2008 2005 and prior Total 2019-D $ — $ — $ — $ — $ — $ — $ 7,476 $ 64,495 $ 19,147 $ 91,118 2019-F — — — — — — 11,656 59,602 17,921 89,179 2020-B — — — — — — 10,739 58,769 25,582 95,090 2021-A — — — — 708 164 8,956 82,053 27,299 119,180 18-1 LLC — — — — — 398 1,082 — 5 1,485 Held-for-investment $ — $ — $ — $ — $ 708 $ 562 $ 39,909 $ 264,919 $ 89,954 $ 396,052 Held-for-sale $ — $ — $ 702 $ 415 $ — $ — $ 4,280 $ 17,049 $ 5,342 $ 27,788 December 31, 2023 Mortgage loans, net 2023 2022 2021 2020 2019 2018 2009-2017 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ — $ 2,473 $ 2,597 $ 1,370 $ 6,598 $ 658 $ 30,891 $ 190,104 $ 79,112 $ 313,803 GAOP - 7f7 <50 — 546 137 — 216 — 2,356 27,367 6,530 37,152 GAOP - 6f6 and below — 591 1,415 — 737 1,133 13,343 55,453 14,642 87,314 Great Ajax II REIT - 7f7 >50 — — — 730 764 795 34,864 243,034 84,634 364,821 Great Ajax II REIT - 7f7 <50 — — — — 71 14 2,658 22,361 6,507 31,611 Great Ajax II REIT - 6f6 and below — — — — — — 5,326 17,772 6,752 29,850 Held-for-investment $ — $ 3,610 $ 4,149 $ 2,100 $ 8,386 $ 2,600 $ 89,438 $ 556,091 $ 198,177 $ 864,551 Held-for-sale $ — $ — $ 868 $ 546 $ 1,026 $ 1,123 $ 5,344 $ 35,399 $ 11,412 $ 55,718
Schedule Of Loan Acquisition Reconciliation Between Purchase Price And Par Value	The following table presents a reconciliation between the purchase price and par value for the Company’s loan acquisitions for the years ended December 31, 2024 and 2023 ($ in thousands): Year ended December 31, 2024 2023 Par $ — $ 17,500 Discount — (2,847) Increase in allowance — (252) Purchase Price $ — $ 14,401
Schedule Of Allowance For Credit Losses On Mortgage Loans	The following table presents activity in the allowance for expected credit losses on mortgage loans ($ in thousands): Year ended December 31, 2024 2023 Allowance for expected credit losses, beginning of period $ (3,426) $ (6,107) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment timing expectations 310 (4,378) Increase in allowance for expected credit losses for loan acquisitions during the period — (252) Credit loss expense on mortgage loans (53) (279) Net change in the allowance for credit losses (1,112) 5,597 Reversal of allowance upon reclass of mortgage loans held-for-sale, net 4,281 1,993 Allowance for expected credit losses, end of period $ — $ (3,426)
Schedule Of Carrying Value Of Mortgage Loans And Related UPB By Delinquency Status	The following tables set forth the carrying value of the Company’s mortgage loans by delinquency status as of December 31, 2024 and 2023 ($ in thousands). Each column indicates the number of days the borrower is past due on their mortgage payment or whether the Company has initiated foreclosure proceedings. A status of “Current” indicates the borrower is not delinquent. The table for the period ending December 31, 2023, reflect the Company’s previous CECL pools: December 31, 2024 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total 2019-D $ 80,761 $ 5,649 $ 216 $ 3,151 $ 1,341 $ 91,118 2019-F 72,175 9,739 — 4,381 2,884 89,179 2020-B 68,917 14,851 93 8,053 3,176 95,090 2021-A 101,878 8,149 517 5,978 2,658 119,180 18-1 LLC 1,253 34 — 103 95 1,485 Total $ 324,984 $ 38,422 $ 826 $ 21,666 $ 10,154 $ 396,052 December 31, 2024 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Held-for-sale $ 13,529 $ 4,866 $ 55 $ 5,528 $ 3,810 $ 27,788 Total $ 13,529 $ 4,866 $ 55 $ 5,528 $ 3,810 $ 27,788 December 31, 2023 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 199,229 $ 49,868 $ 283 $ 63,498 $ 925 $ 313,803 GAOP - 7f7 <50 20,514 7,516 78 9,044 — 37,152 GAOP - 6f6 and below 8,565 6,906 421 45,058 26,364 87,314 Great Ajax II REIT - 7f7 >50 300,506 36,277 801 26,600 637 364,821 Great Ajax II REIT - 7f7 <50 25,592 3,846 42 2,131 — 31,611 Great Ajax II REIT - 6f6 and below 4,374 2,144 — 14,788 8,544 29,850 Total $ 558,780 $ 106,557 $ 1,625 $ 161,119 $ 36,470 $ 864,551 December 31, 2023 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Held-for-sale $ 1,284 $ 592 $ — $ 26,243 $ 27,599 $ 55,718 Total $ 1,284 $ 592 $ — $ 26,243 $ 27,599 $ 55,718

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule Of Investments In Debt Securities And Beneficial Interests	The following table presents information regarding the Company’s investments in debt securities, investments in beneficial interests ($ in thousands) and other investments, at fair value: As of December 31, 2024 Basis (1) Gross unrealized gains Gross unrealized losses Fair value CMBS available-for-sale, at fair value $ 245,540 $ 1,074 $ — $ 246,614 RMBS available-for-sale, at fair value 68,226 273 (6,330) 62,169 Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero 46,043 8 (2,104) 43,947 Investment in beneficial interests at amortized cost, net of allowance for credit losses of $9,082 89,704 1,001 (23,661) 67,044 Other investments, at fair value 29,916 — — 29,916 Total investments $ 479,429 $ 2,356 $ (32,095) $ 449,690 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM before any fair value adjustment. As of December 31, 2023 Basis (1) Gross unrealized gains Gross unrealized losses Fair value RMBS available-for-sale, at fair value $ 139,596 $ 637 $ (8,675) $ 131,558 Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero 59,691 111 (629) 59,173 Investment in beneficial interests at amortized cost, net of allowance for credit losses of $6,880 104,162 3,631 (26,477) 81,316 Total investments $ 303,449 $ 4,379 $ (35,781) $ 272,047 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM before any fair value adjustment.
Schedule Of Debt Securities, Available-for-sale, Unrealized Losses and Gains Position, Fair Value	The following table presents a breakdown of the Company’s gross unrealized losses on its investments in RMBS AFS grouped by due date ($ in thousands): As of December 31, 2024 Step-up date(s) (1) Basis (2) Gross unrealized losses Fair value RMBS due March 2060 (3) February 2025 $ 3,825 $ (362) $ 3,463 RMBS due December 2060 (3) July 2029 7,521 (3,133) 4,388 RMBS due January 2061 (3) September 2024 4,886 (384) 4,502 RMBS due June 2061 (3)(4) January 2025/February 2025 8,674 (762) 7,912 RMBS due October 2061 (3) April 2029 6,015 (371) 5,644 RMBS due March 2062 (3) May 2029 9,397 (585) 8,812 RMBS due July 2062 (3) February 2030 12,081 (733) 11,348 RMBS available-for-sale, at fair value $ 52,399 $ (6,330) $ 46,069 (1) Step-up date is the date at which the coupon interest rate on the security increases. (2) Basis amount is net of any realized amortized costs and principal paydowns. (3) This security has been in an unrealized loss position for 12 months or longer. (4) These securities have been in an unrealized loss position for 12 months or longer. As of December 31, 2023 Step-up date(s) (1) Basis (2) Gross unrealized losses Fair value RMBS due February 2028 (4) February 2026 $ 4,717 $ (6) $ 4,711 RMBS due November 2051 (4) March 2025 3,764 (215) 3,549 RMBS due March 2060 (4) February 2025 5,805 (678) 5,127 RMBS due December 2060 (4) July 2029 21,411 (4,242) 17,169 RMBS due January 2061 (4) September 2024 4,886 (478) 4,408 RMBS due June 2061 (5) January 2025/February 2025 12,992 (1,243) 11,749 RMBS due October 2061 (4) April 2029 11,815 (842) 10,973 RMBS due March 2062 (4) May 2029 10,315 (793) 9,522 RMBS due July 2062 (3) February 2030 12,668 (41) 12,627 RMBS due October 2062 (3) October 2026 17,174 (137) 17,037 RMBS available-for-sale, at fair value $ 105,547 $ (8,675) $ 96,872 (1) Step-up date is the date at which the coupon interest rate on the security increases. (2) Basis amount is net of any realized amortized costs and principal paydowns. (3) This security has been in an unrealized loss position for less than 12 months. (4) This security has been in an unrealized loss position for 12 months or longer. (5) These securities have been in an unrealized loss position for 12 months or longer.
Schedule Of Securities Acquisition Reconciliation Between Purchase Price And Par Value	The following table presents a reconciliation between the purchase price and par value for the Company’s beneficial interest acquisitions for the years ended December 31, 2024 and 2023 ($ in thousands): Year ended December 31, 2024 2023 Par $ — $ 14,013 Premium — (2,262) Purchase price $ — $ 11,751
Schedule Of Securities Acquisition Interest Income	The following table presents accretable yield recognized on beneficial interests and interest income on debt securities for the years ended December 31, 2024 and 2023 ($ in thousands): Year ended December 31, 2024 2023 Interest income on CMBS and RMBS $ 12,087 $ 9,520 Accretable yield recognized on beneficial interests 5,178 8,036 $ 17,265 $ 17,556
Schedule Of Allowance For Credit Loss On Beneficial Interests	The following table presents the activity in the allowance for expected credit losses for beneficial interests ($ in thousands): Year ended December 31, 2024 2023 Allowance for expected credit losses, beginning balance $ (6,880) $ — Reclassification to non-credit discount from the allowance for changes in payment expectations 1,773 6,854 Net change in the allowance for credit losses (3,975) (13,734) Allowance for expected credit losses, ending balance $ (9,082) $ (6,880)

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis	The following tables present financial assets and liabilities recorded at fair value on a recurring basis, by level within the fair value hierarchy as of December 31, 2024 and 2023 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2024 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Assets: CMBS available-for-sale, at fair value $ 246,614 $ — $ 246,614 $ — RMBS available-for-sale, at fair value 62,169 — 62,169 — Other investments 29,916 — — 29,916 Level 1 Level 2 Level 3 December 31, 2023 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Assets: RMBS available-for-sale, at fair value $ 131,558 $ — $ 131,558 $ — Liabilities: Warrant liability $ 16,644 $ — $ — $ 16,644
Schedule of Level 3 Financial Assets	The following tables summarize the changes in the Company’s Level 3 financial assets and liabilities measured at fair value on a recurring basis, for the years ended December 31, 2024 and 2023 ($ in thousands): 12/31/2023 Transfers Purchases / Issuances Investment Sales / Settlements Gains / (Losses) Included in Earnings Gains / (Losses) Included in Other Comprehensive Income 12/31/2024 Assets: Other investments $ — $ 21,918 (1) $ 7,998 $ — $ — $ — $ 29,916 Liabilities: Warrant liability $ 16,644 $ (851) (2) $ 2,734 $ (18,677) $ (150) $ — $ — (1) Represents reclassification from equity method securities to other investments, at fair value. See Note 2 for additional details. (2) Represents reclassification from warrant liability, at fair value to equity. See Note 7 for additional details. 12/31/2022 Transfers Purchases / Issuances Investment Sales / Settlements Gains / (Losses) Included in Earnings Gains / (Losses) Included in Other Comprehensive Income 12/31/2023 Liabilities: Warrant liability $ 12,153 $ — $ — $ — $ (4,491) $ — $ 16,644
Schedule of Level 3 Financial Liabilities	The following tables summarize the changes in the Company’s Level 3 financial assets and liabilities measured at fair value on a recurring basis, for the years ended December 31, 2024 and 2023 ($ in thousands): 12/31/2023 Transfers Purchases / Issuances Investment Sales / Settlements Gains / (Losses) Included in Earnings Gains / (Losses) Included in Other Comprehensive Income 12/31/2024 Assets: Other investments $ — $ 21,918 (1) $ 7,998 $ — $ — $ — $ 29,916 Liabilities: Warrant liability $ 16,644 $ (851) (2) $ 2,734 $ (18,677) $ (150) $ — $ — (1) Represents reclassification from equity method securities to other investments, at fair value. See Note 2 for additional details. (2) Represents reclassification from warrant liability, at fair value to equity. See Note 7 for additional details. 12/31/2022 Transfers Purchases / Issuances Investment Sales / Settlements Gains / (Losses) Included in Earnings Gains / (Losses) Included in Other Comprehensive Income 12/31/2023 Liabilities: Warrant liability $ 12,153 $ — $ — $ — $ (4,491) $ — $ 16,644
Schedule Of Fair Value Of Financial Assets And Liabilities	The following tables present financial assets and liabilities not recorded at fair value on a recurring basis, by level within the fair value hierarchy as of December 31, 2024 and 2023 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2024 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Assets: Mortgage loans held-for-investment, net $ 396,052 $ — $ — $ 357,119 Mortgage loans held-for-sale, net 27,788 — — 27,788 Investment in debt securities held-to-maturity 46,043 — 43,947 — Investment in beneficial interests 89,704 — — 67,044 Investment in Former Manager 538 — — 538 Liabilities: Secured borrowings, net $ 258,353 $ — $ 234,181 $ — Borrowings under repurchase transactions 356,565 — 356,565 — Notes payable, net 107,647 — 104,574 — Level 1 Level 2 Level 3 December 31, 2023 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Assets: Mortgage loans held-for-investment, net $ 864,551 $ — $ — $ 770,419 Mortgage loans held-for-sale, net 55,718 — — 60,444 Investment in debt securities held-to-maturity 59,691 — 59,173 — Investment in beneficial interests 104,162 — — 81,316 Investment in Former Manager 440 — — 4,527 Investment in Gaea 22,241 — — 21,678 Investment in other affiliates 5,319 — 2,335 674 Liabilities: Secured borrowings, net $ 411,212 $ — $ 370,882 $ — Borrowings under repurchase transactions 375,745 — 375,745 — Convertible senior notes 103,516 101,777 — — Notes payable, net 106,844 — 103,697 —

Affiliates (Tables)

Affiliates (Tables)	12 Months Ended
	Dec. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule Of Equity Method Investments	The table below shows the net income/(loss), assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100% Year ended December 31, Net income/(loss) at 100% 2024 2023 AS Ajax E LLC $ 81 $ 242 Great Ajax FS LLC (269) (1,633) Loan pool LLCs (34) (72) Gaea Real Estate Corp. (594) (9,715) Thetis Asset Management LLC 10,906 1,901 December 31, 2024 December 31, 2023 Assets and liabilities at 100% Assets Liabilities Assets Liabilities AS Ajax E LLC $ — $ — $ 2,553 $ 39 Great Ajax FS LLC — — 71,477 59,949 Loan pool LLCs — — 1,200 232 Gaea Real Estate Corp. — — 167,591 73,499 Thetis Asset Management LLC 2,682 84 4,643 1,305 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company’s share Year ended December 31, Net income/(loss) at the Company's share 2024 2023 AS Ajax E LLC $ 13 $ 40 Great Ajax FS LLC (26) (150) Loan pool LLCs (14) (28) Gaea Real Estate Corp. (108) (1,898) Thetis Asset Management LLC 2,160 376 December 31, 2024 December 31, 2023 Assets and liabilities at the Company's share Assets Liabilities Assets Liabilities AS Ajax E LLC $ — $ — $ 420 $ 6 Great Ajax FS LLC — — 6,854 5,748 Loan pool LLCs — — 480 93 Gaea Real Estate Corp. — — 37,272 16,346 Thetis Asset Management LLC 531 17 919 258

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Other Commitments	The following table sets forth the details of the Company’s warrant liabilities ($ in thousands): Year ended December 31, 2024 2023 Beginning balance $ 16,644 $ 12,153 Issuance of 2024 Warrants 2,734 — Fair value adjustment of 2020 Warrants 2,033 4,491 Fair value adjustment of 2024 Warrants (1,883) — Redemption of 2020 Warrants (18,677) — Reclassification of 2024 Warrants to equity (851) — Ending balance $ — $ 16,644

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule Of Details Of Repurchase Agreement	The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): December 31, 2024 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Goldman Sachs - bonds (1) $ 59,548 $ 110,000 5.18 % A Bonds January 16, 2025 29,759 75,000 5.08 % February 18, 2025 29,789 35,000 5.27 % Lucid - bonds (1) $ 34,114 $ 100,000 5.05 % A Bonds January 16, 2025 34,114 100,000 5.05 % Barclays - bonds (1) $ 86,956 $ 113,276 5.41 % A Bonds January 10, 2025 17,065 20,000 5.20 % January 13, 2025 16,917 18,916 5.19 % January 31, 2025 25,123 31,478 5.43 % March 20, 2025 17,319 24,564 5.48 % B Bonds January 31, 2025 4,298 6,232 6.12 % March 20, 2025 5,003 9,631 5.86 % M Bonds January 31, 2025 305 512 5.72 % March 20, 2025 926 1,943 5.65 % Nomura - bonds (1) $ 66,445 $ 39,358 (3) 5.67 % A Bonds March 31, 2025 10,687 15,504 5.87 % B Bonds March 31, 2025 35,563 13,224 5.66 % M Bonds March 31, 2025 20,195 10,630 5.56 % Nomura - loans (2) February 28, 2025 $ 23,331 $ 31,821 6.97 % Santander bonds (1) $ 86,171 $ 167,077 5.11 % A Bonds January 6, 2025 21,685 25,000 5.18 % January 15, 2025 64,486 142,077 5.08 % Totals/weighted averages $ 356,565 $ 561,532 5.41 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2024. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2024 was $400.0 million. (3) Excludes bonds that are consolidated on the Company’s balance sheet as of December 31, 2024. December 31, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Barclays - bonds (1) $ 70,095 $ 101,041 7.03 % A Bonds January 3, 2024 10,850 15,572 6.90 % January 19, 2024 21,762 28,503 6.79 % May 3, 2024 9,628 12,329 6.87 % December 31, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate May 22, 2024 2,134 3,358 6.97 % B Bonds January 26, 2024 3,027 4,998 7.68 % March 13, 2024 13,398 20,121 7.13 % May 3, 2024 3,608 6,185 7.70 % May 22, 2024 4,312 7,565 7.57 % M Bonds May 3, 2024 281 499 7.05 % May 22, 2024 1,095 1,911 7.17 % Nomura - bonds (1) $ 68,623 $ 98,448 (4) 6.98 % A Bonds January 26, 2024 35,184 47,149 7.02 % February 15, 2024 5,079 7,449 6.93 % March 28, 2024 17,019 23,238 6.74 % B Bonds January 26, 2024 1,024 1,761 7.31 % February 15, 2024 3,002 5,149 7.33 % March 28, 2024 3,900 6,413 7.30 % M Bonds January 26, 2024 2,307 5,177 7.30 % March 28, 2024 1,108 2,112 6.90 % JP Morgan - bonds (1) $ 33,564 $ 53,978 6.90 % A Bonds February 28, 2024 9,632 12,633 6.73 % B Bonds February 28, 2024 6,598 11,140 7.13 % M Bonds January 4, 2024 13,541 22,813 6.82 % January 22, 2024 3,290 6,497 7.23 % February 28, 2024 503 895 7.03 % Nomura - loans (2) October 5, 2024 $ 193,060 $ 277,632 7.79 % JP Morgan - loans (3) July 10, 2024 $ 10,403 $ 14,656 8.38 % Totals/weighted averages $ 375,745 $ 545,755 7.44 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2023. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $400.0 million. (3) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $150.0 million. (4) Excludes bonds that are consolidated on the Company’s balance sheet as of December 31, 2023.
Schedule Of Amount Outstanding On Repurchase Transactions And Carrying Value Collateral	The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at December 31, 2024 and 2023, in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2024 December 31, 2023 Gross amount of recognized liabilities $ 356,565 $ 375,745 Gross amount of loans and securities pledged as collateral 561,532 541,999 Other prepaid collateral — 3,756 Net collateral amount $ 204,967 $ 170,010
Schedule Of Securitization Of Notes	The following table sets forth the original terms of notes from the Company’s secured borrowings outstanding at December 31, 2024, at their respective cutoff dates: Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Rated Ajax Mortgage Loan Trust 2019-D/ July 2019 July 25, 2027 Class A-1 notes due 2065 $140.4 million 2.96 % July 25, 2027 Class A-2 notes due 2065 6.1 million 3.50 % July 25, 2027 Class A-3 notes due 2065 10.1 million 3.50 % July 25, 2027 Class M-1 notes due 2065 (1) 9.3 million 3.50 % None Class B-1 notes due 2065 (2) 7.5 million 3.50 % None Class B-2 notes due 2065 (2) 7.1 million variable (3) None Class B-3 notes due 2065 (2) 12.8 million variable (3) Deferred issuance costs (2.7) million — % Rated Ajax Mortgage Loan Trust 2019-F/ November 2019 November 25, 2026 Class A-1 notes due 2059 $110.1 million 2.86 % November 25, 2026 Class A-2 notes due 2059 12.5 million 3.50 % November 25, 2026 Class A-3 notes due 2059 5.1 million 3.50 % November 25, 2026 Class M-1 notes due 2059 (1) 6.1 million 3.50 % Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate None Class B-1 notes due 2059 (2) 11.5 million 3.50 % None Class B-2 notes due 2059 (2) 10.4 million variable (3) None Class B-3 notes due 2059 (2) 15.1 million variable (3) Deferred issuance costs (1.8) million — % Rated Ajax Mortgage Loan Trust 2020-B/ August 2020 July 25, 2027 Class A-1 notes due 2059 $97.2 million 1.70 % July 25, 2027 Class A-2 notes due 2059 17.3 million 2.86 % July 25, 2027 Class M-1 notes due 2059 (1) 7.3 million 3.70 % None Class B-1 notes due 2059 (2) 5.9 million 3.70 % None Class B-2 notes due 2059 (2) 5.1 million variable (3) None Class B-3 notes due 2059 (2) 23.6 million variable (3) Deferred issuance costs (1.8) million — % Rated Ajax Mortgage Loan Trust 2021-A/ January 2021 January 25, 2029 Class A-1 notes due 2065 $146.2 million 1.07 % January 25, 2029 Class A-2 notes due 2065 21.1 million 2.35 % January 25, 2029 Class M-1 notes due 2065 (1) $7.8 million 3.15 % None Class B-1 notes due 2065 (2) 5.0 million 3.80 % None Class B-2 notes due 2065 (2) 5.0 million variable (3) None Class B-3 notes due 2065 (2) 21.5 million variable (3) Deferred issuance costs (2.5) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule Of Status Of Mortgage Loans	The following table sets forth the status of the notes held by others at December 31, 2024 and 2023, and the original balance at the securitization cutoff date ($ in thousands): Balances at December 31, 2024 Balances at December 31, 2023 Original balances at Class of Notes Carrying value of mortgages Bond principal balance Percentage of collateral coverage Carrying value of mortgages Bond principal balance Percentage of collateral coverage Mortgage UPB Bond principal balance 2019-D $ 91,118 $ 58,942 155 % $ 99,367 $ 67,739 147 % $ 193,301 $ 156,670 2019-F 89,179 50,028 178 % 96,870 57,936 167 % 170,876 127,673 2020-B 95,090 57,277 166 % 100,245 63,574 158 % 156,468 114,534 2021-A 119,181 93,412 128 % 127,250 102,057 125 % 206,506 175,116 2021-B — — — % 204,883 123,032 167 % 287,882 215,912 $ 394,568 $ 259,659 (1) 152 % $ 628,615 $ 414,338 (1) 152 % $ 1,015,033 $ 789,905 (1) This represents the gross amount of secured borrowings and excludes the impact of deferred issuance costs of $1.3 million and $3.1 million as of December 31, 2024 a nd 2023, respectively.

Stock-based Payments and Dire_2

Stock-based Payments and Director Fees (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule Of Grants Of Restricted Stock	Under the Company’s 2014 Director Equity Plan and 2016 Plan, the Company made grants of restricted stock to its Directors and to employees of the Former Manager and the Former Servicer as set forth in the table below: Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value December 31, 2023 outstanding unvested share grants 159,144 $ 10.35 25,000 $ 7.15 Shares vested (213,343) 9.42 (12,500) 7.15 Shares forfeited (12,222) 8.63 (7,500) 7.15 Shares granted 66,421 3.59 2,000 3.56 December 31, 2024 outstanding unvested share grants — $ — 7,000 ‘ (1) $ 6.12 (1)
Schedule Of Restricted Stock Plan Grants, Expense	The following table presents the expenses for the Company’s equity incentive plans ($ in thousands): Year ended December 31, 2024 2023 Restricted stock grants $ 1,408 $ 1,347 Director grants 64 74 Total expense for plan grants $ 1,472 $ 1,421

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Components Of Basic And Diluted Earnings Per Share	The following tables set forth the components of basic and diluted EPS ($ in thousands, except per share): Year ended December 31, 2024 Income Weighted Average Shares Per Share Basic EPS Net loss attributable to common stockholders $ (92,175) 40,195,479 Allocation of loss to participating restricted shares — — Net loss attributable to unrestricted common stockholders $ (92,175) 40,195,479 $ (2.29) Effect of dilutive securities (1,2,3) Diluted EPS Net loss attributable to common stockholders and dilutive securities $ (92,175) 40,195,479 $ (2.29) Year ended December 31, 2023 Income Weighted Average Shares Per Share Basic EPS Net loss attributable to common stockholders $ (49,261) 24,286,999 Allocation of loss to participating restricted shares 537 — Net loss attributable to unrestricted common stockholders $ (48,724) 24,286,999 $ (2.01) Effect of dilutive securities (1,2) Diluted EPS Net loss attributable to common stockholders and dilutive securities $ (48,724) 24,286,999 $ (2.01) (1) The Company’s 2020 Warrants and 2024 Warrants, which were partially outstanding for the year ended December 31, 2024, and the 2020 Warrants which were outstanding for the entire year ended December 31, 2023, would have an anti-dilutive effect on diluted earnings per share for the respective periods they were outstanding and have not been included in the calculation. (2) The effect of interest expense and assumed conversion of shares from convertible notes on the Company’s diluted EPS calculation for the years ended December 31, 2024 and 2023, would have been anti-dilutive and have been removed from the calculation. (3) The effect of restricted stock grants and manager and director fee shares on the Company’s diluted EPS calculation for the year ended December 31, 2023, would have been anti-dilutive and have been removed from the calculation.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule Of Accumulated Other Comprehensive Income	Total accumulated other comprehensive loss on the Company’s balance sheet at December 31, 2024 and 2023, was as follows ($ in thousands): Investments in securities: December 31, 2024 December 31, 2023 Unrealized gains on debt securities available-for-sale $ 273 $ 637 Unrealized losses on debt securities available-for-sale (6,330) (8,675) Unrealized losses on debt securities available-for-sale transferred to held-to-maturity (2,934) (5,989) Accumulated other comprehensive loss $ (8,991) $ (14,027)

Business and Organization (Deta

Business and Organization (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jun. 11, 2024 USD ($) shares	May 20, 2024 USD ($) $ / shares	Dec. 31, 2024 USD ($) payment $ / shares shares	May 14, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least) | payment			5
Number of payments not made on NPL mortgage loans | payment			3
Common Stock, Par or Stated Value Per Share			$ 0.01		$ 0.01
Issued of common stock (in shares) | shares			47,085,117		28,495,946
Great Ajax II REIT
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (as percent)			99.90%		99.90%
Former Management Agreement | Common Stock
Organization And Basis Of Presentation [Line Items]
Issued of common stock (in shares) | shares	3,200,000
Payment for management fee | $	$ 0.6
Rithm
Organization And Basis Of Presentation [Line Items]
Fair value of warrants (in shares) | shares			6,500,000	6,500,000
Fair value of warrants (in dollar per share)			$ 5.36	$ 5.36
Rithm | Secured Debt | Line of Credit
Organization And Basis Of Presentation [Line Items]
Sale of stock, consideration received on transaction | $		$ 14	$ 14
Common Stock, Par or Stated Value Per Share		$ 0.01
Stock price of common stock (in dollars per share)		$ 4.87	$ 4.87
Sale of stock, average trailing closing price, period (in days)		5 days
Residential RPLs
Organization And Basis Of Presentation [Line Items]
Number of recent payments made on RPL mortgage loans | payment			7

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Basis of Presentation (Details)	Dec. 31, 2024	Dec. 31, 2023
Rithm Property Trust Inc | AS Ajax E II LLC
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage by third parties (as percent)	53.10%
Rithm Property Trust Inc | 2017-D
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage by parent (as percent)	50%	50%
Great Ajax II REIT
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage by parent (as percent)	99.90%	99.90%

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Stock-based Payments and Directors' Fees (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2024
Independent Directors
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable			$ 140
Percentage of annual retainer received in cash (in percent)	50%
Heads of Compensation and Corporate Governance Committees
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable			$ 15
Percentage of annual retainer received in cash (in percent)			100%
Audit Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable		$ 20	$ 20
Percentage of annual retainer received in cash (in percent)		100%	100%
Special Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable		$ 20
Lead Director of Special Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable		30
Annual retainer received in stock payment		$ 15
Director Equity Plan 2014
Summary Of Significant Accounting Policies [Line Items]
Shares available for issuance (in shares)			35,000
Director Equity Plan 2014 | Restricted stock
Summary Of Significant Accounting Policies [Line Items]
Shares issued (in shares)			2,000
Equity Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Shares vesting (in percent)			5%

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Cash and Cash Equivalents (Details) $ in Billions	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Minimum assets with banking institutions	$ 1

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Earning per Share (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Preferred stock - series A shares
Summary Of Significant Accounting Policies [Line Items]
Preferred stock, fixed-to-floating rate cumulative redeemable	7.25%	7.25%
Preferred stock - series B shares
Summary Of Significant Accounting Policies [Line Items]
Preferred stock, fixed-to-floating rate cumulative redeemable	5%	5%

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2024 loanPool
Accounting Policies [Abstract]
Number of reportable segment	1
Number of operating segment	1

Mortgage Loans - Schedule of Mo

Mortgage Loans - Schedule of Mortgage Loan Portfolio (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Beginning carrying value	[1]	$ 864,551
Ending carrying value	[1]	396,052	$ 864,551
Mortgage loans, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Beginning carrying value		864,551	989,084
Mortgage loans acquired		0	14,400
Accretion recognized		31,802	51,326
Payments received on loans, net		(67,128)	(129,230)
Net reclassifications (to)/from mortgage loans held-for-sale, net		(428,029)	(64,277)
Mark-to-market on loans held-for-sale		0	0
Reclassifications to REO		(1,696)	(2,379)
Sale of mortgage loans		0	0
Net change in the allowance for credit losses		(1,112)	5,597
Other		(2,336)	30
Ending carrying value		396,052	864,551
Mortgage loans held-for-sale, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Beginning carrying value		55,718	0
Mortgage loans acquired		0	0
Accretion recognized		0	0
Payments received on loans, net		(9,996)	0
Net reclassifications (to)/from mortgage loans held-for-sale, net		428,029	64,277
Mark-to-market on loans held-for-sale		(54,537)	(8,559)
Reclassifications to REO		(345)	0
Sale of mortgage loans		(388,590)	0
Net change in the allowance for credit losses		0	0
Other		(2,491)	0
Ending carrying value		$ 27,788	$ 55,718
[1] Mortgage loans held-for-investment, net includes $394.6 million and $628.6 million of loans at December 31, 2024 and 2023, respectively, transferred to securitization trusts. These loans can only be used to settle obligations of the trusts. Secured borrowings consist of notes issued by the trusts that can only be settled with the assets and cash flows of the specific trust. The creditors do not have recourse to the Company. See Note 8 — Debt. Mortgage loans held-for-investment, net are net of an allowance of zero and $3.4 million at December 31, 2024 and 2023, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details)	Sep. 30, 2024 loanPool
Mortgage Loans [Abstract]
Number of loan pools established	5

Mortgage Loans - Schedule Of Lo

Mortgage Loans - Schedule Of Loan Basis By Year Of Origination (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Held-for-sale
Mortgage Loans [Line Items]
Year one	$ 0	$ 0
Year two	0	0
Year three	702	868
Year four	415	546
Year five	0	1,026
Year six	0	1,123
Prior years, range 1	4,280	5,344
Prior years range 2	17,049	35,399
Prior years range 3	5,342	11,412
Total	27,788	55,718
Mortgage loans, net
Mortgage Loans [Line Items]
Total	396,052	864,551
Mortgage loans, net | 2019-D
Mortgage Loans [Line Items]
Prior years, range 1	7,476
Prior years range 2	64,495
Prior years range 3	19,147
Total	91,118
Mortgage loans, net | 2019-F
Mortgage Loans [Line Items]
Prior years, range 1	11,656
Prior years range 2	59,602
Prior years range 3	17,921
Total	89,179
Mortgage loans, net | 2020-B
Mortgage Loans [Line Items]
Prior years, range 1	10,739
Prior years range 2	58,769
Prior years range 3	25,582
Total	95,090
Mortgage loans, net | 2021-A
Mortgage Loans [Line Items]
Year five	708
Year six	164
Prior years, range 1	8,956
Prior years range 2	82,053
Prior years range 3	27,299
Total	119,180
Mortgage loans, net | 18-1 LLC
Mortgage Loans [Line Items]
Year one	0
Year two	0
Year three	0
Year four	0
Year five	0
Year six	398
Prior years, range 1	1,082
Prior years range 2	0
Prior years range 3	5
Total	1,485
Mortgage loans, net | Held-for-sale
Mortgage Loans [Line Items]
Year one	0	0
Year two	0	3,610
Year three	0	4,149
Year four	0	2,100
Year five	708	8,386
Year six	562	2,600
Prior years, range 1	39,909	89,438
Prior years range 2	264,919	556,091
Prior years range 3	89,954	198,177
Total	$ 396,052	864,551
Mortgage loans, net | GAOP - 7f7 >50
Mortgage Loans [Line Items]
Year one		0
Year two		2,473
Year three		2,597
Year four		1,370
Year five		6,598
Year six		658
Prior years, range 1		30,891
Prior years range 2		190,104
Prior years range 3		79,112
Total		313,803
Mortgage loans, net | GAOP 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one		0
Year two		546
Year three		137
Year four		0
Year five		216
Year six		0
Prior years, range 1		2,356
Prior years range 2		27,367
Prior years range 3		6,530
Total		37,152
Mortgage loans, net | GAOP - 6f6 and below
Mortgage Loans [Line Items]
Year one		0
Year two		591
Year three		1,415
Year four		0
Year five		737
Year six		1,133
Prior years, range 1		13,343
Prior years range 2		55,453
Prior years range 3		14,642
Total		87,314
Mortgage loans, net | Great Ajax II REIT - 7f7 >50
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		0
Year four		730
Year five		764
Year six		795
Prior years, range 1		34,864
Prior years range 2		243,034
Prior years range 3		84,634
Total		364,821
Mortgage loans, net | Great Ajax II REIT 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		0
Year four		0
Year five		71
Year six		14
Prior years, range 1		2,658
Prior years range 2		22,361
Prior years range 3		6,507
Total		31,611
Mortgage loans, net | Great Ajax II REIT - 6f6 and below
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		0
Year four		0
Year five		0
Year six		0
Prior years, range 1		5,326
Prior years range 2		17,772
Prior years range 3		6,752
Total		$ 29,850

Mortgage Loans - Schedule Of _2

Mortgage Loans - Schedule Of Loan Acquisition Reconciliation Between Purchase Price And Par Value (Details) - PCD loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Mortgage Loans on Real Estate
Par	$ 0	$ 17,500
Discount	0	(2,847)
Increase in allowance	0	(252)
Purchase Price	$ 0	$ 14,401

Mortgage Loans - Schedule of Al

Mortgage Loans - Schedule of Allowance For Credit Losses On Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning of period	$ (3,426)	$ (6,107)
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment timing expectations	310	(4,378)
Increase in allowance for expected credit losses for loan acquisitions during the period	0	(252)
Credit loss expense on mortgage loans	(53)	(279)
Net change in the allowance for credit losses	(1,112)	5,597
Reversal of allowance upon reclass of mortgage loans held-for-sale, net	4,281	1,993
Allowance for expected credit losses, end of period	$ 0	$ (3,426)

Mortgage Loans - Schedule Of Ca

Mortgage Loans - Schedule Of Carrying Value Of Mortgage Loans And Related UPB By Delinquency Status (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Mortgage loans, net
Mortgage Loans on Real Estate
Total	$ 396,052	$ 864,551
Mortgage loans, net | Current
Mortgage Loans on Real Estate
Total	324,984	558,780
Mortgage loans, net | 30
Mortgage Loans on Real Estate
Total	38,422	106,557
Mortgage loans, net | 60
Mortgage Loans on Real Estate
Total	826	1,625
Mortgage loans, net | 90
Mortgage Loans on Real Estate
Total	21,666	161,119
Mortgage loans, net | Foreclosure
Mortgage Loans on Real Estate
Total	10,154	36,470
Mortgage loans, net | 2019-D
Mortgage Loans on Real Estate
Total	91,118
Mortgage loans, net | 2019-D | Current
Mortgage Loans on Real Estate
Total	80,761
Mortgage loans, net | 2019-D | 30
Mortgage Loans on Real Estate
Total	5,649
Mortgage loans, net | 2019-D | 60
Mortgage Loans on Real Estate
Total	216
Mortgage loans, net | 2019-D | 90
Mortgage Loans on Real Estate
Total	3,151
Mortgage loans, net | 2019-D | Foreclosure
Mortgage Loans on Real Estate
Total	1,341
Mortgage loans, net | 2019-F
Mortgage Loans on Real Estate
Total	89,179
Mortgage loans, net | 2019-F | Current
Mortgage Loans on Real Estate
Total	72,175
Mortgage loans, net | 2019-F | 30
Mortgage Loans on Real Estate
Total	9,739
Mortgage loans, net | 2019-F | 60
Mortgage Loans on Real Estate
Total	0
Mortgage loans, net | 2019-F | 90
Mortgage Loans on Real Estate
Total	4,381
Mortgage loans, net | 2019-F | Foreclosure
Mortgage Loans on Real Estate
Total	2,884
Mortgage loans, net | 2020-B
Mortgage Loans on Real Estate
Total	95,090
Mortgage loans, net | 2020-B | Current
Mortgage Loans on Real Estate
Total	68,917
Mortgage loans, net | 2020-B | 30
Mortgage Loans on Real Estate
Total	14,851
Mortgage loans, net | 2020-B | 60
Mortgage Loans on Real Estate
Total	93
Mortgage loans, net | 2020-B | 90
Mortgage Loans on Real Estate
Total	8,053
Mortgage loans, net | 2020-B | Foreclosure
Mortgage Loans on Real Estate
Total	3,176
Mortgage loans, net | 2021-A
Mortgage Loans on Real Estate
Total	119,180
Mortgage loans, net | 2021-A | Current
Mortgage Loans on Real Estate
Total	101,878
Mortgage loans, net | 2021-A | 30
Mortgage Loans on Real Estate
Total	8,149
Mortgage loans, net | 2021-A | 60
Mortgage Loans on Real Estate
Total	517
Mortgage loans, net | 2021-A | 90
Mortgage Loans on Real Estate
Total	5,978
Mortgage loans, net | 2021-A | Foreclosure
Mortgage Loans on Real Estate
Total	2,658
Mortgage loans, net | 18-1 LLC
Mortgage Loans on Real Estate
Total	1,485
Mortgage loans, net | 18-1 LLC | Current
Mortgage Loans on Real Estate
Total	1,253
Mortgage loans, net | 18-1 LLC | 30
Mortgage Loans on Real Estate
Total	34
Mortgage loans, net | 18-1 LLC | 60
Mortgage Loans on Real Estate
Total	0
Mortgage loans, net | 18-1 LLC | 90
Mortgage Loans on Real Estate
Total	103
Mortgage loans, net | 18-1 LLC | Foreclosure
Mortgage Loans on Real Estate
Total	95
Mortgage loans, net | GAOP - 7f7 >50
Mortgage Loans on Real Estate
Total		313,803
Mortgage loans, net | GAOP - 7f7 >50 | Current
Mortgage Loans on Real Estate
Total		199,229
Mortgage loans, net | GAOP - 7f7 >50 | 30
Mortgage Loans on Real Estate
Total		49,868
Mortgage loans, net | GAOP - 7f7 >50 | 60
Mortgage Loans on Real Estate
Total		283
Mortgage loans, net | GAOP - 7f7 >50 | 90
Mortgage Loans on Real Estate
Total		63,498
Mortgage loans, net | GAOP - 7f7 >50 | Foreclosure
Mortgage Loans on Real Estate
Total		925
Mortgage loans, net | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Total		37,152
Mortgage loans, net | GAOP 7f7 Less Than 50 | Current
Mortgage Loans on Real Estate
Total		20,514
Mortgage loans, net | GAOP 7f7 Less Than 50 | 30
Mortgage Loans on Real Estate
Total		7,516
Mortgage loans, net | GAOP 7f7 Less Than 50 | 60
Mortgage Loans on Real Estate
Total		78
Mortgage loans, net | GAOP 7f7 Less Than 50 | 90
Mortgage Loans on Real Estate
Total		9,044
Mortgage loans, net | GAOP 7f7 Less Than 50 | Foreclosure
Mortgage Loans on Real Estate
Total		0
Mortgage loans, net | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Total		87,314
Mortgage loans, net | GAOP - 6f6 and below | Current
Mortgage Loans on Real Estate
Total		8,565
Mortgage loans, net | GAOP - 6f6 and below | 30
Mortgage Loans on Real Estate
Total		6,906
Mortgage loans, net | GAOP - 6f6 and below | 60
Mortgage Loans on Real Estate
Total		421
Mortgage loans, net | GAOP - 6f6 and below | 90
Mortgage Loans on Real Estate
Total		45,058
Mortgage loans, net | GAOP - 6f6 and below | Foreclosure
Mortgage Loans on Real Estate
Total		26,364
Mortgage loans, net | Great Ajax II REIT - 7f7 >50
Mortgage Loans on Real Estate
Total		364,821
Mortgage loans, net | Great Ajax II REIT - 7f7 >50 | Current
Mortgage Loans on Real Estate
Total		300,506
Mortgage loans, net | Great Ajax II REIT - 7f7 >50 | 30
Mortgage Loans on Real Estate
Total		36,277
Mortgage loans, net | Great Ajax II REIT - 7f7 >50 | 60
Mortgage Loans on Real Estate
Total		801
Mortgage loans, net | Great Ajax II REIT - 7f7 >50 | 90
Mortgage Loans on Real Estate
Total		26,600
Mortgage loans, net | Great Ajax II REIT - 7f7 >50 | Foreclosure
Mortgage Loans on Real Estate
Total		637
Mortgage loans, net | Great Ajax II REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Total		31,611
Mortgage loans, net | Great Ajax II REIT 7f7 Less Than 50 | Current
Mortgage Loans on Real Estate
Total		25,592
Mortgage loans, net | Great Ajax II REIT 7f7 Less Than 50 | 30
Mortgage Loans on Real Estate
Total		3,846
Mortgage loans, net | Great Ajax II REIT 7f7 Less Than 50 | 60
Mortgage Loans on Real Estate
Total		42
Mortgage loans, net | Great Ajax II REIT 7f7 Less Than 50 | 90
Mortgage Loans on Real Estate
Total		2,131
Mortgage loans, net | Great Ajax II REIT 7f7 Less Than 50 | Foreclosure
Mortgage Loans on Real Estate
Total		0
Mortgage loans, net | Great Ajax II REIT - 6f6 and below
Mortgage Loans on Real Estate
Total		29,850
Mortgage loans, net | Great Ajax II REIT - 6f6 and below | Current
Mortgage Loans on Real Estate
Total		4,374
Mortgage loans, net | Great Ajax II REIT - 6f6 and below | 30
Mortgage Loans on Real Estate
Total		2,144
Mortgage loans, net | Great Ajax II REIT - 6f6 and below | 60
Mortgage Loans on Real Estate
Total		0
Mortgage loans, net | Great Ajax II REIT - 6f6 and below | 90
Mortgage Loans on Real Estate
Total		14,788
Mortgage loans, net | Great Ajax II REIT - 6f6 and below | Foreclosure
Mortgage Loans on Real Estate
Total		8,544
Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate
Total	27,788	55,718
Mortgage loans held-for-sale, net | Current
Mortgage Loans on Real Estate
Total	13,529	1,284
Mortgage loans held-for-sale, net | 30
Mortgage Loans on Real Estate
Total	4,866	592
Mortgage loans held-for-sale, net | 60
Mortgage Loans on Real Estate
Total	55	0
Mortgage loans held-for-sale, net | 90
Mortgage Loans on Real Estate
Total	5,528	26,243
Mortgage loans held-for-sale, net | Foreclosure
Mortgage Loans on Real Estate
Total	3,810	27,599
Mortgage loans held-for-sale, net | GAOP - 7f7 >50
Mortgage Loans on Real Estate
Total	27,788	55,718
Mortgage loans held-for-sale, net | GAOP - 7f7 >50 | Current
Mortgage Loans on Real Estate
Total	13,529	1,284
Mortgage loans held-for-sale, net | GAOP - 7f7 >50 | 30
Mortgage Loans on Real Estate
Total	4,866	592
Mortgage loans held-for-sale, net | GAOP - 7f7 >50 | 60
Mortgage Loans on Real Estate
Total	55	0
Mortgage loans held-for-sale, net | GAOP - 7f7 >50 | 90
Mortgage Loans on Real Estate
Total	5,528	26,243
Mortgage loans held-for-sale, net | GAOP - 7f7 >50 | Foreclosure
Mortgage Loans on Real Estate
Total	$ 3,810	$ 27,599

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Other investments, at fair value	$ 29,916	$ 0
Gain (loss) on securities	1,600	0
Beneficial interest purchase price	0	11,751
Loss on beneficial interest		11,000
Gaea Real Estate Corp.
Debt Securities, Available-for-sale [Line Items]
Other investments, at fair value	21,900
Fair Value Option | Gaea Real Estate Corp.
Debt Securities, Available-for-sale [Line Items]
Other investments, at fair value	8,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Unpaid principal balance	62,500	67,200
Proceeds on sale, AFS	57,400	61,700
Debt securities, realized loss	$ (2,200)	$ (3,300)
RMBS | Minimum
Debt Securities, Available-for-sale [Line Items]
Debt instrument, term (in years)	10 years
CMBS
Debt Securities, Available-for-sale [Line Items]
Gain (loss) on securities	$ 200
Unpaid principal balance	6,900
Proceeds on sale, AFS	7,200
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Unpaid principal balance	$ 255,900

Investments - Debt Securities a

Investments - Debt Securities and Beneficial Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
HTM, allowance for expected credit losses	$ 0	$ 0
Basis	46,043	59,691
Gross unrealized gains	8	111
Gross unrealized losses	(2,104)	(629)
Fair value	43,947	59,173
Equity Securities, FV-NI [Abstract]
Basis	29,916
Gross unrealized gains	0
Gross unrealized losses	0
Investment in equity securities	29,916
Total Investments, basis	479,429	303,449
Total Investments, gross unrealized gains	2,356	4,379
Total Investments, gross unrealized losses	(32,095)	(35,781)
Total Investments, carrying value	449,690	272,047
CMBS
Debt Securities, Available-for-sale [Abstract]
Basis	245,540
Gross unrealized gains	1,074
Gross unrealized losses	0
Fair value	246,614
RMBS
Debt Securities, Available-for-sale [Abstract]
Basis	68,226	139,596
Gross unrealized gains	273	637
Gross unrealized losses	(6,330)	(8,675)
Fair value	62,169	131,558
Investment in beneficial interests
Debt Securities, Available-for-sale [Abstract]
Debt securities, available-for-sale, allowance for credit loss	9,082	6,880	$ 0
Basis	89,704	104,162
Gross unrealized gains	1,001	3,631
Gross unrealized losses	(23,661)	(26,477)
Fair value	$ 67,044	$ 81,316

Investments - Debt Securities_2

Investments - Debt Securities Available-for-sale, Unrealized Losses and Gains Position, Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
RMBS available-for-sale, at fair value
Investments, Debt and Equity Securities [Line Items]
Basis	$ 52,399	$ 105,547
Gross unrealized losses	(6,330)	(8,675)
Fair value	46,069	96,872
RMBS due March 2060
Investments, Debt and Equity Securities [Line Items]
Basis	3,825	5,805
Gross unrealized losses	(362)	(678)
Fair value	3,463	5,127
RMBS due December 2060
Investments, Debt and Equity Securities [Line Items]
Basis	7,521	21,411
Gross unrealized losses	(3,133)	(4,242)
Fair value	4,388	17,169
RMBS due January 2061
Investments, Debt and Equity Securities [Line Items]
Basis	4,886	4,886
Gross unrealized losses	(384)	(478)
Fair value	4,502	4,408
RMBS due June 2061
Investments, Debt and Equity Securities [Line Items]
Basis	8,674	12,992
Gross unrealized losses	(762)	(1,243)
Fair value	7,912	11,749
RMBS due October 2061
Investments, Debt and Equity Securities [Line Items]
Basis	6,015	11,815
Gross unrealized losses	(371)	(842)
Fair value	5,644	10,973
RMBS due March 2062
Investments, Debt and Equity Securities [Line Items]
Basis	9,397	10,315
Gross unrealized losses	(585)	(793)
Fair value	8,812	9,522
RMBS due July 2062
Investments, Debt and Equity Securities [Line Items]
Basis	12,081	12,668
Gross unrealized losses	(733)	(41)
Fair value	$ 11,348	12,627
RMBS due October 2062
Investments, Debt and Equity Securities [Line Items]
Basis		17,174
Gross unrealized losses		(137)
Fair value		17,037
RMBS due February 2028
Investments, Debt and Equity Securities [Line Items]
Basis		4,717
Gross unrealized losses		(6)
Fair value		4,711
RMBS due November 2051
Investments, Debt and Equity Securities [Line Items]
Basis		3,764
Gross unrealized losses		(215)
Fair value		$ 3,549

Investments - Schedule of secur

Investments - Schedule of securities at acquisition reconciliation between purchase price and par value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Par	$ 0	$ 14,013
Premium	0	(2,262)
Purchase price	$ 0	$ 11,751

Investments - Debt Securities_3

Investments - Debt Securities Accretable Yield and Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Interest income on CMBS and RMBS	$ 12,087	$ 9,520
Accretable yield recognized on beneficial interests	5,178	8,036
Total	$ 17,265	$ 17,556

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - Investment in beneficial interests - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	$ (6,880)	$ 0
Reclassification to non-credit discount from the allowance for changes in payment expectations	1,773	6,854
Net change in the allowance for credit losses	(3,975)	(13,734)
Allowance for expected credit losses, ending balance	$ (9,082)	$ (6,880)

Fair Value - Schedule of Recurr

Fair Value - Schedule of Recurring Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 0	$ 16,644	$ 12,153
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	246,614
RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	62,169	131,558
Fair value, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0
Warrant liability		0
Fair value, recurring | Level 1 | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0
Fair value, recurring | Level 1 | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Fair value, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0
Warrant liability		0
Fair value, recurring | Level 2 | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	246,614
Fair value, recurring | Level 2 | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	62,169	131,558
Fair value, recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	29,916
Warrant liability		16,644
Fair value, recurring | Level 3 | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0
Fair value, recurring | Level 3 | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	0
Carrying value | Fair value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	29,916
Warrant liability		16,644
Carrying value | Fair value, recurring | CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	246,614
Carrying value | Fair value, recurring | RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 62,169	$ 131,558

Fair Value - Schedule of Level

Fair Value - Schedule of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Warrant liability
Liabilities:
Beginning Balance	$ 16,644	$ 12,153
Transfers In / (Out)	(851)	0
Purchases / Issuances	2,734	0
Investment Sales / Settlements	(18,677)	0
Gains / (Losses) Included in Earnings	(150)	(4,491)
Gains / (Losses) Included in Other Comprehensive Income	0	0
Ending Balance	0	16,644
Other investments
Assets:
Beginning Balance	0
Transfers In / (Out)	21,918
Purchases / Issuances	7,998
Investment Sales / Settlements	0
Gains / (Losses) Included in Earnings	0
Gains / (Losses) Included in Other Comprehensive Income	0
Ending Balance	$ 29,916	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	Dec. 31, 2024	Sep. 30, 2024 loanPool
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant term (in years)	39 months
Number of loan pools		2
Warrant liability | Measurement Input, Historical Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical volatility	0.312

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Mortgage loans held-for-sale, net	$ 27,788	$ 55,718
Investment in debt securities held-to-maturity	43,947	59,173
Liabilities:
Borrowings under repurchase transactions	356,565	375,745
Level 1 - Quoted prices in active markets
Assets:
Mortgage loans held-for-investment, net	0	0
Mortgage loans held-for-sale, net	0	0
Investment in debt securities held-to-maturity	0	0
Liabilities:
Secured borrowings, net	0	0
Borrowings under repurchase transactions	0	0
Convertible senior notes		101,777
Notes payable, net	0	0
Level 1 - Quoted prices in active markets | Investment in other affiliates
Assets:
Investments, fair value disclosure		0
Level 1 - Quoted prices in active markets | Investment in Former Manager
Assets:
Investments, fair value disclosure	0	0
Level 1 - Quoted prices in active markets | Investment in Gaea
Assets:
Investments, fair value disclosure		0
Level 1 - Quoted prices in active markets | Investment in beneficial interests
Assets:
Investments, fair value disclosure	0	0
Level 2 - Observable inputs other than Level 1 prices
Assets:
Mortgage loans held-for-investment, net	0	0
Mortgage loans held-for-sale, net	0	0
Investment in debt securities held-to-maturity	43,947	59,173
Liabilities:
Secured borrowings, net	234,181	370,882
Borrowings under repurchase transactions	356,565	375,745
Convertible senior notes		0
Notes payable, net	104,574	103,697
Level 2 - Observable inputs other than Level 1 prices | Investment in other affiliates
Assets:
Investments, fair value disclosure		2,335
Level 2 - Observable inputs other than Level 1 prices | Investment in Former Manager
Assets:
Investments, fair value disclosure	0	0
Level 2 - Observable inputs other than Level 1 prices | Investment in Gaea
Assets:
Investments, fair value disclosure		0
Level 2 - Observable inputs other than Level 1 prices | Investment in beneficial interests
Assets:
Investments, fair value disclosure	0	0
Level 3 - Unobservable inputs
Assets:
Mortgage loans held-for-investment, net	357,119	770,419
Mortgage loans held-for-sale, net	27,788	60,444
Investment in debt securities held-to-maturity	0	0
Liabilities:
Secured borrowings, net	0	0
Borrowings under repurchase transactions	0	0
Convertible senior notes		0
Notes payable, net	0	0
Level 3 - Unobservable inputs | Investment in other affiliates
Assets:
Investments, fair value disclosure		674
Level 3 - Unobservable inputs | Investment in Former Manager
Assets:
Investments, fair value disclosure	538	4,527
Level 3 - Unobservable inputs | Investment in Gaea
Assets:
Investments, fair value disclosure		21,678
Level 3 - Unobservable inputs | Investment in beneficial interests
Assets:
Investments, fair value disclosure	67,044	81,316
Carrying value
Assets:
Mortgage loans held-for-investment, net	396,052	864,551
Mortgage loans held-for-sale, net	27,788	55,718
Investment in debt securities held-to-maturity	46,043	59,691
Liabilities:
Secured borrowings, net	258,353	411,212
Borrowings under repurchase transactions	356,565	375,745
Convertible senior notes		103,516
Notes payable, net	107,647	106,844
Carrying value | Investment in other affiliates
Assets:
Investments, fair value disclosure		5,319
Carrying value | Investment in Former Manager
Assets:
Investments, fair value disclosure	538	440
Carrying value | Investment in Gaea
Assets:
Investments, fair value disclosure		22,241
Carrying value | Investment in beneficial interests
Assets:
Investments, fair value disclosure	$ 89,704	$ 104,162

Affiliates - Narrative (Details

Affiliates - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 affiliate	Dec. 31, 2023 affiliate	Jun. 30, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated affiliates | affiliate	1	5
Great Ajax F S | Carrying value
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure | $			$ 0
AS Ajax E II
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as percent)	0%
2017-D
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as percent)	50%	50%
Great Ajax II REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as percent)	99.90%	99.90%
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	19.80%	19.80%
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	0%	9.50%
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	22.20%	22.20%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	0%	16.50%
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	0%	40%

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at the Company's share	$ (1,077)	$ (1,308)
Assets at Company's share	977,339	1,336,291
Liabilities at Company's share	730,571	1,025,396
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	531	919
Liabilities at Company's share	17	258
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	0	480
Liabilities at Company's share	0	93
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	0	6,854
Liabilities at Company's share	0	5,748
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	0	37,272
Liabilities at Company's share	0	16,346
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	0	420
Liabilities at Company's share	0	6
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	81	242
Net income/(loss) at the Company's share	$ (14)	$ (28)
Ownership percentage (in percent)	0%	16.50%
AS Ajax E LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 0	$ 2,553
AS Ajax E LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	0	39
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(269)	(1,633)
Net income/(loss) at the Company's share	$ 2,160	$ 376
Ownership percentage (in percent)	0%	9.50%
Great Ajax FS LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 0	$ 71,477
Great Ajax FS LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	0	59,949
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(34)	(72)
Net income/(loss) at the Company's share	$ (108)	$ (1,898)
Ownership percentage (in percent)	0%	40%
Loan pool LLCs | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 0	$ 1,200
Loan pool LLCs | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	0	232
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(594)	(9,715)
Net income/(loss) at the Company's share	$ (26)	$ (150)
Ownership percentage (in percent)	22.20%	22.20%
Gaea Real Estate Corp. | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 0	$ 167,591
Gaea Real Estate Corp. | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	0	73,499
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	10,906	1,901
Net income/(loss) at the Company's share	$ 13	$ 40
Ownership percentage (in percent)	19.80%	19.80%
Thetis Asset Management LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 2,682	$ 4,643
Thetis Asset Management LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 84	$ 1,305
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	100%	100%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Rithm - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Dec. 31, 2024	May 14, 2024
Commitments and Contingencies
Fair value of warrants (in shares)	6.5	6.5
Fair value of warrants (in dollar per share)	$ 5.36	$ 5.36
Fair value of warrants	$ 2.7

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Warrant Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Separate Account, Liability [Roll Forward]
Beginning balance	$ 16,644	$ 12,153
Ending balance	0	16,644
2024 Warrants
Separate Account, Liability [Roll Forward]
Issuance of 2024 Warrants	2,734	0
Fair value adjustment of warrants	(1,883)	0
Reclassification of 2024 Warrants to equity	(851)	0
2020 Warrants
Separate Account, Liability [Roll Forward]
Fair value adjustment of warrants	2,033	4,491
Redemption of 2020 Warrants	$ (18,677)	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details)		1 Months Ended	12 Months Ended
	Apr. 30, 2024 USD ($)	Aug. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) facility securitization loanPool trust	Dec. 31, 2023 USD ($)	Jun. 30, 2024	Jun. 29, 2024	Feb. 26, 2024 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Number of outstanding facility | loanPool			1
Percentage of guarantors beneficial interest (in percentage)			100%
Cash collateral			$ 0	$ 3,756,000
Convertible senior notes			0	103,516,000
Proceeds used to repurchase and retire securities			0	16,644,000				$ 12,153,000
Convertible notes payable
Debt Instrument [Line Items]
Interest expense			$ 2,500,000	$ 7,500,000
Repurchase agreement
Debt Instrument [Line Items]
Interest rate (in percent)			5.41%	7.44%
Amount outstanding			$ 356,565,000	$ 375,745,000
Servicing agreement | Minimum | Gregory Funding LLC
Debt Instrument [Line Items]
Servicing fee rate, loans securitization (in percent)			0.42%
Mortgage loans | Non-rated secured borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization			0
Mortgage loans | Rated secured borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization			4
Mortgage loans | Repurchase agreement
Debt Instrument [Line Items]
Number of facilities repurchased | facility			6
Convertible notes payable
Debt Instrument [Line Items]
Repayments of debt	$ 103,500,000
Accrued interest period (in days)	15 days
Unpaid principal balance			$ 0
Interest rate (in percent)			7.25%
Amortization of debt discount			$ 0	300,000
Senior notes
Debt Instrument [Line Items]
Basis points			1%
Senior notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Interest rate (in percent)		8.875%			9.875%	8.875%
Aggregate principal		$ 110,000,000
Debt instrument, term (in years)		5 years
Issuance amount, amount of par value (percent)		0.99009
Proceeds from unsecured notes payable		$ 106,100,000
Proceeds used to repurchase and retire securities			$ 90,000,000
Amount outstanding			$ 110,000,000	$ 110,000,000
Interest rate, effective percentage			10.25%	9.96%
Net asset value covenant			$ 240,000,000
Net equity capital percentage			65%
Outstanding indebtedness ratio			1.6
Recourse indebtedness of equity interests ratio			4
Minimum liquidity covenant			$ 30,000,000
Notes Payable | Senior Notes Due 2027
Debt Instrument [Line Items]
Interest expense			11,000,000	$ 10,600,000
Debt issuance costs, net			2,400,000	3,200,000
Amortization of debt discount and deferred expenses			600,000	$ 600,000
Line of Credit | Rithm | Secured Debt
Debt Instrument [Line Items]
Aggregate principal							$ 70,000,000
Amount outstanding			$ 0
Delaware Trust | Mortgage loans | Repurchase agreement
Debt Instrument [Line Items]
Number of facilities repurchased | facility			2
Number of wholly-owned Delaware trusts | trust			2
Delaware Trust | Mortgage loans | Repurchase agreement | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO (in percentage)			75%
Delaware Trust | Mortgage loans | Repurchase agreement | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO (in percentage)			90%

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount of Collateral	$ 561,532	$ 541,999
Master repurchase agreement
Debt Instrument [Line Items]
Amount Outstanding	356,565	375,745
Amount of Collateral	$ 561,532	$ 545,755
Interest Rate	5.41%	7.44%
Master repurchase agreement | Goldman Sachs | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 59,548
Amount of Collateral	$ 110,000
Interest Rate	5.18%
Master repurchase agreement | Goldman Sachs | Bonds | A Bonds, January 16, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 29,759
Amount of Collateral	$ 75,000
Interest Rate	5.08%
Master repurchase agreement | Goldman Sachs | Bonds | A Bonds, February 18, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 29,789
Amount of Collateral	$ 35,000
Interest Rate	5.27%
Master repurchase agreement | Lucid | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 34,114
Amount of Collateral	$ 100,000
Interest Rate	5.05%
Master repurchase agreement | Lucid | Bonds | A Bonds, January 16, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 34,114
Amount of Collateral	$ 100,000
Interest Rate	5.05%
Master repurchase agreement | Barclays | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 86,956	$ 70,095
Amount of Collateral	$ 113,276	$ 101,041
Interest Rate	5.41%	7.03%
Master repurchase agreement | Barclays | Bonds | A Bonds, January 10, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 17,065
Amount of Collateral	$ 20,000
Interest Rate	5.20%
Master repurchase agreement | Barclays | Bonds | A Bonds, January 13, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 16,917
Amount of Collateral	$ 18,916
Interest Rate	5.19%
Master repurchase agreement | Barclays | Bonds | A Bonds, January 31, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 25,123
Amount of Collateral	$ 31,478
Interest Rate	5.43%
Master repurchase agreement | Barclays | Bonds | A Bonds, March 20, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 17,319
Amount of Collateral	$ 24,564
Interest Rate	5.48%
Master repurchase agreement | Barclays | Bonds | B Bonds, January 31, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 4,298
Amount of Collateral	$ 6,232
Interest Rate	6.12%
Master repurchase agreement | Barclays | Bonds | B Bonds, March 20, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 5,003
Amount of Collateral	$ 9,631
Interest Rate	5.86%
Master repurchase agreement | Barclays | Bonds | M Bonds, January 31, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 305
Amount of Collateral	$ 512
Interest Rate	5.72%
Master repurchase agreement | Barclays | Bonds | M Bonds, March 20, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 926
Amount of Collateral	$ 1,943
Interest Rate	5.65%
Master repurchase agreement | Barclays | Bonds | A Bonds, January 3, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 10,850
Amount of Collateral		$ 15,572
Interest Rate		6.90%
Master repurchase agreement | Barclays | Bonds | A Bonds, January 19, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 21,762
Amount of Collateral		$ 28,503
Interest Rate		6.79%
Master repurchase agreement | Barclays | Bonds | A Bonds, May 3, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 9,628
Amount of Collateral		$ 12,329
Interest Rate		6.87%
Master repurchase agreement | Barclays | Bonds | A Bonds, May 22, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 2,134
Amount of Collateral		$ 3,358
Interest Rate		6.97%
Master repurchase agreement | Barclays | Bonds | B Bonds, January 26, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 3,027
Amount of Collateral		$ 4,998
Interest Rate		7.68%
Master repurchase agreement | Barclays | Bonds | B Bonds, March 13, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 13,398
Amount of Collateral		$ 20,121
Interest Rate		7.13%
Master repurchase agreement | Barclays | Bonds | B Bonds, May 3, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 3,608
Amount of Collateral		$ 6,185
Interest Rate		7.70%
Master repurchase agreement | Barclays | Bonds | B Bonds, May 22, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 4,312
Amount of Collateral		$ 7,565
Interest Rate		7.57%
Master repurchase agreement | Barclays | Bonds | M Bonds, May 3, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 281
Amount of Collateral		$ 499
Interest Rate		7.05%
Master repurchase agreement | Barclays | Bonds | M Bonds, May 22, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 1,095
Amount of Collateral		$ 1,911
Interest Rate		7.17%
Master repurchase agreement | Nomura | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 66,445	$ 68,623
Amount of Collateral	$ 39,358	$ 98,448
Interest Rate	5.67%	6.98%
Master repurchase agreement | Nomura | Bonds | A Bonds, March 31, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 10,687
Amount of Collateral	$ 15,504
Interest Rate	5.87%
Master repurchase agreement | Nomura | Bonds | B Bonds, March 31, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 35,563
Amount of Collateral	$ 13,224
Interest Rate	5.66%
Master repurchase agreement | Nomura | Bonds | M Bonds, March 31, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 20,195
Amount of Collateral	$ 10,630
Interest Rate	5.56%
Master repurchase agreement | Nomura | Bonds | B Bonds, January 26, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 1,024
Amount of Collateral		$ 1,761
Interest Rate		7.31%
Master repurchase agreement | Nomura | Bonds | A Bonds, January 26, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 35,184
Amount of Collateral		$ 47,149
Interest Rate		7.02%
Master repurchase agreement | Nomura | Bonds | A Bonds, February 15, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 5,079
Amount of Collateral		$ 7,449
Interest Rate		6.93%
Master repurchase agreement | Nomura | Bonds | A Bonds, March 28, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 17,019
Amount of Collateral		$ 23,238
Interest Rate		6.74%
Master repurchase agreement | Nomura | Bonds | B Bonds, February 15, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 3,002
Amount of Collateral		$ 5,149
Interest Rate		7.33%
Master repurchase agreement | Nomura | Bonds | B Bonds, March 28, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 3,900
Amount of Collateral		$ 6,413
Interest Rate		7.30%
Master repurchase agreement | Nomura | Bonds | M Bonds, January 26, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 2,307
Amount of Collateral		$ 5,177
Interest Rate		7.30%
Master repurchase agreement | Nomura | Bonds | M Bonds, March 28, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 1,108
Amount of Collateral		$ 2,112
Interest Rate		6.90%
Master repurchase agreement | Nomura | Loan
Debt Instrument [Line Items]
Amount Outstanding	$ 23,331	$ 193,060
Amount of Collateral	$ 31,821	$ 277,632
Interest Rate	6.97%	7.79%
Maximum borrowing capacity	$ 400,000	$ 400,000
Master repurchase agreement | JP Morgan | Bonds
Debt Instrument [Line Items]
Amount Outstanding		33,564
Amount of Collateral		$ 53,978
Interest Rate		6.90%
Master repurchase agreement | JP Morgan | Bonds | A Bonds, February 28, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 9,632
Amount of Collateral		$ 12,633
Interest Rate		6.73%
Master repurchase agreement | JP Morgan | Bonds | B Bonds, February 28, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 6,598
Amount of Collateral		$ 11,140
Interest Rate		7.13%
Master repurchase agreement | JP Morgan | Bonds | M Bonds, January 4, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 13,541
Amount of Collateral		$ 22,813
Interest Rate		6.82%
Master repurchase agreement | JP Morgan | Bonds | M Bonds, January 22, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 3,290
Amount of Collateral		$ 6,497
Interest Rate		7.23%
Master repurchase agreement | JP Morgan | Bonds | M Bonds, February 28, 2024
Debt Instrument [Line Items]
Amount Outstanding		$ 503
Amount of Collateral		$ 895
Interest Rate		7.03%
Master repurchase agreement | JP Morgan | Loan
Debt Instrument [Line Items]
Amount Outstanding		$ 10,403
Amount of Collateral		$ 14,656
Interest Rate		8.38%
Maximum borrowing capacity		$ 150,000
Master repurchase agreement | Santander | Bonds
Debt Instrument [Line Items]
Amount Outstanding	86,171
Amount of Collateral	$ 167,077
Interest Rate	5.11%
Master repurchase agreement | Santander | Bonds | A Bonds, January 6, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 21,685
Amount of Collateral	$ 25,000
Interest Rate	5.18%
Master repurchase agreement | Santander | Bonds | A Bonds, January 15, 2025
Debt Instrument [Line Items]
Amount Outstanding	$ 64,486
Amount of Collateral	$ 142,077
Interest Rate	5.08%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 356,565	$ 375,745
Gross amount of loans and securities pledged as collateral	561,532	541,999
Other prepaid collateral	0	3,756
Net collateral amount	$ 204,967	$ 170,010

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans $ in Millions	Dec. 31, 2024 USD ($)
Class A-1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 140.4
Interest Rate	2.96%
Class A-1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 110.1
Interest Rate	2.86%
Class A-1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 97.2
Interest Rate	1.70%
Class A-1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 146.2
Interest Rate	1.07%
Class A-2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest Rate	3.50%
Class A-2 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 12.5
Interest Rate	3.50%
Class A-2 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 17.3
Interest Rate	2.86%
Class A-2 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 21.1
Interest Rate	2.35%
Class A-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 10.1
Interest Rate	3.50%
Class A-3 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 5.1
Interest Rate	3.50%
Class M-1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 9.3
Interest Rate	3.50%
Class M-1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest Rate	3.50%
Class M-1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 7.3
Interest Rate	3.70%
Class M-1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 7.8
Interest Rate	3.15%
Class B-1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 7.5
Interest Rate	3.50%
Class B-1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 11.5
Interest Rate	3.50%
Class B-1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 5.9
Interest Rate	3.70%
Class B-1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 5
Interest Rate	3.80%
Class B-2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 7.1
Class B-2 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	10.4
Class B-2 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	5.1
Class B-2 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	5
Class B-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	12.8
Class B-3 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	15.1
Class B-3 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	23.6
Class B-3 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 21.5
Deferred issuance costs | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Interest Rate	0%
Debt issuance costs, net	$ 2.7
Deferred issuance costs | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Interest Rate	0%
Debt issuance costs, net	$ 1.8
Deferred issuance costs | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Interest Rate	0%
Debt issuance costs, net	$ 1.8
Deferred issuance costs | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Interest Rate	0%
Debt issuance costs, net	$ 2.5

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages	$ 394,568	$ 628,615
Bond principal balance	$ 259,659	$ 414,338
Percentage of collateral coverage	152%	152%
Mortgage UPB	$ 1,015,033
Bond principal balance	789,905
Mortgage loans | 2019-D
Debt Instrument [Line Items]
Carrying value of mortgages	91,118	$ 99,367
Bond principal balance	$ 58,942	$ 67,739
Percentage of collateral coverage	155%	147%
Mortgage UPB	$ 193,301
Bond principal balance	156,670
Mortgage loans | 2019-F
Debt Instrument [Line Items]
Carrying value of mortgages	89,179	$ 96,870
Bond principal balance	$ 50,028	$ 57,936
Percentage of collateral coverage	178%	167%
Mortgage UPB	$ 170,876
Bond principal balance	127,673
Mortgage loans | 2020-B
Debt Instrument [Line Items]
Carrying value of mortgages	95,090	$ 100,245
Bond principal balance	$ 57,277	$ 63,574
Percentage of collateral coverage	166%	158%
Mortgage UPB	$ 156,468
Bond principal balance	114,534
Mortgage loans | 2021-A
Debt Instrument [Line Items]
Carrying value of mortgages	119,181	$ 127,250
Bond principal balance	$ 93,412	$ 102,057
Percentage of collateral coverage	128%	125%
Mortgage UPB	$ 206,506
Bond principal balance	175,116
Mortgage loans | 2021-B
Debt Instrument [Line Items]
Carrying value of mortgages	0	$ 204,883
Bond principal balance	$ 0	$ 123,032
Percentage of collateral coverage	0%	167%
Mortgage UPB	$ 287,882
Bond principal balance	215,912
Secured Debt
Debt Instrument [Line Items]
Deferred issuance costs	$ (1,300)	$ (3,100)

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands		12 Months Ended
	Jun. 11, 2024 USD ($) shares	Dec. 31, 2024 USD ($) calendarQuarter shares	Dec. 31, 2023 USD ($) shares	Nov. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Other assets		$ 14,801	$ 67,777
Percentage of incentive fees payable in cash		100%
Issued of common stock (in shares) | shares		47,085,117	28,495,946
Former Management Agreement | Common Stock
Related Party Transaction [Line Items]
Issued of common stock (in shares) | shares	3,200,000
Management fee expense	$ 600
Management agreement
Related Party Transaction [Line Items]
Agreement renewable period		2 years
Gregory
Related Party Transaction [Line Items]
Maximum borrowing capacity		$ 12,000		$ 3,500
Fixed interest rate (in percent)				3%
Gregory | Servicing agreement
Related Party Transaction [Line Items]
Percentage of fair market value of REO (in percent)		1%
Percentage of purchase price of REO (in percent)		1%
Gregory | Servicing agreement | Minimum
Related Party Transaction [Line Items]
Servicing fee rate, loans securitization (in percent)		0.42%
Gregory | Servicing agreement | Maximum
Related Party Transaction [Line Items]
Servicing fees (in percent)		1.25%
Gregory | Related Party
Related Party Transaction [Line Items]
Other assets		$ 0	$ 3,300
Other receivables		0	9,300
Gaea Real Estate Corp
Related Party Transaction [Line Items]
Maximum borrowing capacity				$ 11,000
Fixed interest rate (in percent)				3%
Gaea Real Estate Corp | Related Party
Related Party Transaction [Line Items]
Other receivables		$ 0	$ 7,500
Thetis Asset Management LLC | Management agreement
Related Party Transaction [Line Items]
Percentage of base management fee (in percent)		1.50%
Thetis Asset Management LLC | Amended and restated management agreement
Related Party Transaction [Line Items]
Percentage of incentive fees payable in quarterly (in percent)		20%
Percentage of remaining incentive fee in excess of book value (in percent)		8%
Number of calendar quarters | calendarQuarter		4
Percentage of independent directors (in percent)		66.67%

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023 shares	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) boardOfDirector shares	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of remaining board of directors | boardOfDirector				2
Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable				$ 140
Percentage of annual retainer received in shares (in percent)	50%
Percentage of annual retainer received in cash (in percent)	50%
Independent Directors | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual retainer received in cash (in percent)	100%
Heads of Compensation and Corporate Governance Committees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable				$ 15
Percentage of annual retainer received in cash (in percent)				100%
Audit Committee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable			$ 20	$ 20
Percentage of annual retainer received in cash (in percent)			100%	100%
Special Committee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable			$ 20
Lead Director of Special Committee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable			30
Annual retainer received in stock payment			$ 15
Restricted stock grants | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares		3,103		66,421	28,562
Vesting period				1 year	4 years

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Grants of Restricted Stock Units to Directors and Employees (Details) - Restricted stock - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Employee and Service Provider Grants
Shares
Shares outstanding beginning (in shares)		159,144
Shares vested (in shares)		(213,343)
Shares forfeited (in shares)		(12,222)
Shares granted (in shares)	3,103	66,421	28,562
Shares outstanding ending (in shares)	159,144	0	159,144
Weighted Average Grant Date Fair Value
Shares outstanding beginning (in dollars per share)		$ 10.35
Shares vested (in dollars per share)		9.42
Shares forfeited (in dollars per share)		8.63
Shares granted (in dollars per share)		3.59
Shares outstanding ending (in dollars per share)	$ 10.35	$ 0	$ 10.35
Weighted average remaining contractual terms (in years)		3 months 18 days
Director grants
Shares
Shares outstanding beginning (in shares)		25,000
Shares vested (in shares)		(12,500)
Shares forfeited (in shares)		(7,500)
Shares granted (in shares)		2,000
Shares outstanding ending (in shares)	25,000	7,000	25,000
Weighted Average Grant Date Fair Value
Shares outstanding beginning (in dollars per share)		$ 7.15
Shares vested (in dollars per share)		7.15
Shares forfeited (in dollars per share)		7.15
Shares granted (in dollars per share)		3.56
Shares outstanding ending (in dollars per share)	$ 7.15	$ 6.12	$ 7.15

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Restricted Stock Plan Expenses (Details) - Restricted stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense for plan grants	$ 1,472	$ 1,421
Restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense for plan grants	1,408	1,347
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense for plan grants	$ 64	$ 74

Income Taxes (Details)

Income Taxes (Details)	Dec. 31, 2024 entity
Income Tax Disclosure [Abstract]
Number of taxable subsidiaries	2

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Basic EPS
Net loss attributable to common stockholders	$ (92,175)	$ (49,261)
Allocation of loss to participating restricted shares	0	537
Net loss attributable to unrestricted common stockholders	(92,175)	(48,724)
Diluted EPS
Net loss attributable to common stockholders and dilutive securities	$ (92,175)	$ (48,724)
Basic EPS
Consolidated net loss attributable to (unrestricted) common stockholders (in shares)	40,195,479	24,286,999
Allocation of loss to participating restricted shares (in shares)	0	0
Diluted EPS
Consolidated net (loss)/income attributable to common stockholders and dilutive securities (in shares)	40,195,479	24,286,999
Per Share Amount
Consolidated net loss attributable to unrestricted common stockholders (in dollars per share)	$ (2.29)	$ (2.01)
Consolidated net loss attributable to common stockholders and dilutive securities (in dollars per share)	$ (2.29)	$ (2.01)

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended			12 Months Ended
	May 20, 2024 USD ($) $ / shares shares	Feb. 28, 2020 USD ($) shares	Dec. 31, 2024 USD ($) entity $ / shares shares	Mar. 31, 2024 shares	Dec. 31, 2023 USD ($) entity $ / shares shares	Dec. 31, 2024 USD ($) entity $ / shares shares	Dec. 31, 2023 USD ($) entity $ / shares shares	Sep. 06, 2024 USD ($)	Dec. 31, 2022 shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			45,420,752		27,460,161	45,420,752	27,460,161
Common stock, par value per share (in dollars per share) | $ / shares			$ 0.01		$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)			125,000,000		125,000,000	125,000,000	125,000,000
Exchange of preferred shares and warrants (in shares)							0
Preferred stock, shares authorized (in shares)			25,000,000		25,000,000	25,000,000	25,000,000
Common stock authorized | $		$ 25,000
Repurchase of preferred stock (in shares)						0	0
Stock repurchased, value | $						$ 5,100
Stock repurchased and retired during period | $						$ 19,100
Treasury stock, common (in shares)			(1,664,365)		(1,035,785)	(1,664,365)	(1,035,785)
Sale of common stock, net of offering costs | $						$ 14,000	$ 28,181
Open market purchases
Class of Stock [Line Items]
Repurchase of preferred stock (in shares)		(525,039)				(525,039)	(525,039)
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $			$ 100,000			$ 100,000		$ 400,000
Sale of common stock (in shares)					2,182,152	0	2,621,742
Sale of common stock, net of offering costs | $					$ 14,300		$ 17,200
AS Ajax E II LLC
Class of Stock [Line Items]
Ownership percentage by parent (as percent)			0%		53.10%	0%	53.10%
2017-D
Class of Stock [Line Items]
Ownership percentage by parent (as percent)			50%		50%	50%	50%
Great Ajax II REIT
Class of Stock [Line Items]
Ownership percentage by parent (as percent)			99.90%		99.90%	99.90%	99.90%
Thetis Asset Management LLC
Class of Stock [Line Items]
Treasury stock, common (in shares)			(777,414)			(777,414)
Treasury stock (in shares)			(628,580)				(148,834)
Gregory
Class of Stock [Line Items]
Treasury stock (in shares)			(361,912)				(361,912)
Rithm Property Trust Inc
Class of Stock [Line Items]
Number of non controlling interest subsidiaries | entity			2		3	2	3
7.25% Series A preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			0		424,949	0	424,949			2,307,400
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares			$ 25		$ 25	$ 25	$ 25
Preferred stock, shares outstanding (in shares)			0		424,949	0	424,949
5.00% Series B preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			0		1,135,590	0	1,135,590			2,892,600
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares			$ 25		$ 25	$ 25	$ 25
Preferred stock, shares outstanding (in shares)			0		1,135,590	0	1,135,590
Rithm | Secured Debt | Line of Credit
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01
Stock price of common stock (in dollars per share) | $ / shares	$ 4.87		$ 4.87			$ 4.87
Private capital raise amount | $	$ 14,000					$ 14,000
Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			45,420,752		27,460,161	45,420,752	27,460,161		23,130,956
Sale of shares (in shares)						2,874,744	4,288,408
Stock-based management termination fee expense (in shares)						3,174,645
Exchange of shares (in shares)	2,581,694			9,464,524		12,046,218
Stock-based management fee to New Manager (in shares)						441,783
Exchange of preferred shares and warrants (in shares)						12,046,218
Treasury stock (in shares)							(4,176)
Issuance of shares under dividend reinvestment plan (in shares)						0	0
Preferred stock | 7.25% Series A preferred stock
Class of Stock [Line Items]
Exchange of shares (in shares)						424,949
Exchange of preferred shares and warrants (in shares)						424,949
Preferred stock, shares outstanding (in shares)			0		424,949	0	424,949		424,949
Preferred stock | 5.00% Series B preferred stock
Class of Stock [Line Items]
Exchange of shares (in shares)						1,135,590
Exchange of preferred shares and warrants (in shares)						1,135,590
Preferred stock, shares outstanding (in shares)			0		1,135,590	0	1,135,590		1,135,590

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity	$ (2,104)	$ (629)
Accumulated other comprehensive loss	8,991	14,027
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains on debt securities available-for-sale	273	637
Unrealized losses on debt securities available-for-sale	(6,330)	(8,675)
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity	(2,934)	(5,989)
AOCI attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (8,991)	$ (14,027)

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		12 Months Ended
	Jan. 29, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		$ 0.28	$ 0.76
Subsequent event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.06