Rithm Property Trust (RPT) 10-K 8 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 05, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Great Ajax Corp.
Entity Central Index Key	1,614,806
Trading Symbol	ajx
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		18,685,248
Entity Public Float			$ 248,037,166
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2017		Dec. 31, 2016
ASSETS
Cash and cash equivalents		$ 53,721		$ 35,723
Cash held in trust		301		1,185
Mortgage loans, net	[1]	1,253,541	[2]	869,091
Property held-for-sale	[3]	24,947		23,882
Rental property, net		1,284		1,289
Investment in debt securities		6,285		6,323
Receivable from servicer		17,005		12,481
Investment in affiliates		7,020		4,253
Loans purchase deposit		26,740		50
Prepaid expenses and other assets		4,894		3,125
Total assets		1,395,738		957,402
Liabilities:
Secured borrowings	[1]	694,040	[2],[4]	442,670
Borrowings under repurchase transactions		276,385		227,440
Convertible senior notes, net		102,571	[4]	0
Management fee payable		750		750
Accrued expenses and other liabilities		4,554		3,819
Total liabilities		1,078,300		674,679
Commitments and contingencies – see Note 7
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized, none issued or outstanding		0		0
Common stock $.01 par value; 125,000,000 shares authorized, 18,588,228 shares at December 31, 2017 and 18,122,387 shares at December 31, 2016 issued and outstanding		186		181
Additional paid-in capital		254,847		244,880
Retained earnings		35,556		27,231
Accumulated other comprehensive loss		(233)		0
Equity attributable to stockholders		290,356		272,292
Non-controlling interests		27,082	[2]	10,431
Total equity		317,438		282,723
Total liabilities and equity		$ 1,395,738		$ 957,402
[1]	Mortgage loans, net include $996,203 and $598,643 of loans at December 31, 2017 and December 31, 2016, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8 — Debt.
[2]	Mortgage loans, net include​s $177.1 million, Secured borrowings, net of deferred costs includes $88.4 million, and Non-controlling interests includes $14.0 million from a 50% owned joint venture, which we consolidate under GAAP.
[3]	Property held-for-sale, net, includes valuation allowances of $1,784 and $1,620 at December 31, 2017, and December 31, 2016, respectively.
[4]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INCOME
Interest income	$ 91,424	$ 70,688	$ 47,700
Interest expense	(39,101)	(25,573)	(11,499)
Net interest income	52,323	45,115	36,201
Income from investment in Manager	423	218	198
Other income	2,049	1,364	1,169
Total income	54,795	46,697	37,568
EXPENSE
Related party expense – loan servicing fees	8,245	6,083	3,959
Related party expense – management fee	5,340	3,949	3,353
Loan transaction expense	1,471	1,135	1,631
Professional fees	2,340	1,484	1,430
Real estate operating expenses	2,630	2,553	415
Other expense	3,353	2,019	986
Total expense	23,379	17,223	11,774
Loss on debt extinguishment	1,131	565	0
Income before provision for income taxes	30,285	28,909	25,794
Provision for income taxes	131	35	2
Consolidated net income	30,154	28,874	25,792
Less: consolidated net income attributable to the non-controlling interest	1,227	1,038	1,038
Consolidated net income attributable to common stockholders	$ 28,927	$ 27,836	$ 24,754
Basic earnings per common share (in dollars per share)	$ 1.58	$ 1.65	$ 1.68
Diluted earnings per common share (in dollars per share)	$ 1.51	$ 1.65	$ 1.68
Weighted average shares - basic (in shares)	18,074,143	16,742,882	14,711,610
Weighted average shares - diluted (in shares)	23,318,521	17,451,907	15,372,488

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)		Dec. 31, 2017		Dec. 31, 2016
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
Preferred stock shares issued (in shares)		0		0
Preferred stock shares outstanding (in shares)		0		0
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)		18,588,228		18,122,387
Common stock shares outstanding (in shares)		18,588,228		18,122,387
Mortgage loans		$ 996,203,000		$ 598,643,000
Debt issuance costs, net		1,783,834		1,619,811
Secured borrowings	[1]	694,040,000	[2],[3]	442,670,000
Noncontrolling interest		$ 27,082,000	[2]	$ 10,431,000
Percentage of ownership interests in joint venture		50.00%
Consolidated Joint Venture
Mortgage loans		$ 177,100,000
Secured borrowings	[1],[3]	88,400,000
Noncontrolling interest		$ 14,000,000
[1]	Mortgage loans, net include $996,203 and $598,643 of loans at December 31, 2017 and December 31, 2016, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8 — Debt.
[2]	Mortgage loans, net include​s $177.1 million, Secured borrowings, net of deferred costs includes $88.4 million, and Non-controlling interests includes $14.0 million from a 50% owned joint venture, which we consolidate under GAAP.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 28,927	$ 27,836	$ 24,754
Other comprehensive income (loss):
Net unrealized (loss) on investment, net of non-controlling interest	(233)	0	0
Comprehensive income	$ 28,694	$ 27,836	$ 24,754

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 30,154	$ 28,874	$ 25,792
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	3,247	1,468	1,410
Non-cash interest income accretion	(43,379)	(39,178)	(30,936)
Discount accretion on investment in debt securities	(195)	0	0
Gain on sale of property held-for-sale	(506)	(106)	(460)
Loss from payoffs of loans in transit	26	0	0
Depreciation of property	80	20	3
Impairment of real estate owned	2,516	2,011	99
Amortization of debt discount and prepaid financing costs	6,466	6,833	1,846
Undistributed income from investment in affiliates	(707)	(558)	(550)
Net change in operating assets and liabilities
Prepaid expenses and other assets	(2,543)	336	(4,678)
Receivable from Servicer	(5,087)	(7,037)	(4,104)
Accrued expenses, management fee payable, and other liabilities	1,233	2,116	903
Net cash from operating activities	(8,695)	(5,221)	(10,675)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(459,194)	(434,332)	(347,104)
Principal paydowns on mortgage loans	107,274	58,388	26,400
Sale of other mortgage related assets	0	92	0
Proceeds from sale of mortgage loans	0	78,162	0
Loans purchase deposit	(26,690)	(50)	0
Purchase of securities	0	(6,323)	0
Purchase of property held-for-sale and related balances	0	0	(2,940)
Proceeds from sale of property held-for-sale	17,143	9,117	2,729
Other	0	(785)	(294)
Investment in equity method investee	(5,115)	(1,111)	0
Originated SBC loans	(9,083)	(2,472)	0
Distribution from affiliates	3,055	365	162
Loan to affiliate	0	(3,960)	0
Repayment of loan to affiliate	0	3,636	0
Net cash from investing activities	(372,610)	(299,273)	(321,047)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	590,669	348,602	245,549
Repayments on repurchase transactions	(542,221)	(225,695)	(156,265)
Proceeds from sale of secured borrowings	431,126	288,436	204,799
Repayments on secured borrowings	(178,115)	(109,263)	(18,898)
Proceeds from sale of convertible senior notes	105,325	0	0
Deferred financing costs	(7,225)	(6,080)	(5,059)
Sale of common stock, net of offering costs	3,864	31,662	51,408
Sale of common stock pursuant to dividend reinvestment plan	174	50	0
Distribution to non-controlling interest	(766)	(618)	(500)
Issuance of non-controlling interest in subsidiaries	16,190	0	0
Dividends paid on common stock	(20,602)	(16,526)	(11,577)
Net cash from financing activities	398,419	310,568	309,457
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	17,114	6,074	(22,265)
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	36,908	30,834	53,099
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	54,022	36,908	30,834
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	35,214	18,687	9,169
Cash paid for income taxes	0	0	0
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Transfer of loans to rental property or property held-for-sale	20,294	25,037	7,922
Issuance of common stock for management fee and compensation expense	3,247	1,468	1,410
Conversion of short-term loan to AS Ajax E to equity investment in AS Ajax E	0	324	0
Property sold to borrowers under the installment method	56	0	0
Convertible senior notes conversion premium recognized to equity	2,687	0	0
Transfer of accrued interest to borrowings under repurchase agreement	497	0	0
Unrealized loss on available for sale debt securities	$ 233	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive loss	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2014			11,223,984
Beginning balance at Dec. 31, 2014	$ 171,280	$ 161,807	$ 112	$ 158,951	$ 2,744	$ 0	$ 9,473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,792	24,754			24,754		1,038
Sale of shares (in shares)			3,981,714
Sale of shares	51,408	51,408	$ 40	51,368
Sale of common stock, net of offering costs	51,408
Issuance of shares under dividend reinvestment	0						0
Stock-based management fee (in shares)			87,801
Stock-based management fee expense	1,239	1,239		1,239
Stock-based compensation expense (in shares)			8,447
Stock-based compensation expense	171	171		171
Dividends and distributions	(12,077)	(11,577)			(11,577)		(500)
Other comprehensive loss						0
Ending balance (in shares) at Dec. 31, 2015			15,301,946
Ending balance at Dec. 31, 2015	237,813	227,802	$ 152	211,729	15,921	0	10,011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,874	27,836			27,836		1,038
Sale of shares (in shares)			2,589,427
Sale of shares	31,662	31,662	$ 27
Sale of common stock, net of offering costs	31,662			31,635
Issuance of shares under dividend reinvestment (in shares)			3,835
Issuance of shares under dividend reinvestment	50	50		50
Stock-based management fee (in shares)			65,515
Stock-based management fee expense	1,068	1,068	$ 2	1,066
Stock-based compensation expense (in shares)			161,664
Stock-based compensation expense	400	400		400
Dividends and distributions	$ (17,144)	(16,526)			(16,526)		(618)
Other comprehensive loss						0
Ending balance (in shares) at Dec. 31, 2016	18,122,387		18,122,387
Ending balance at Dec. 31, 2016	$ 282,723	272,292	$ 181	244,880	27,231	0	10,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,154	28,927			28,927		1,227
Sale of shares (in shares)			286,841
Sale of shares	4,052	4,052	$ 3
Shelf registration fees	(188)	(188)		(188)
Sale of common stock, net of offering costs	3,864			4,049
Issuance of shares under dividend reinvestment (in shares)			12,710
Issuance of shares under dividend reinvestment	174	174		174
Stock-based management fee (in shares)			122,350
Stock-based management fee expense	2,335	2,335	$ 2	2,333
Stock-based compensation expense (in shares)			43,940
Stock-based compensation expense	912	912		912
Dividends and distributions	(21,368)	(20,602)			(20,602)		(766)
Issuance of non-controlling interest in subsidiaries	16,190						16,190
Conversion premium - Convertible senior notes	2,687	2,687		2,687
Other comprehensive loss	$ (233)	(233)				(233)
Ending balance (in shares) at Dec. 31, 2017	18,588,228		18,588,228
Ending balance at Dec. 31, 2017	$ 317,438	$ 290,356	$ 186	$ 254,847	$ 35,556	$ (233)	$ 27,082

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Great Ajax Corp., a Maryland corporation (the “Company”), is an externally managed real estate company formed on January 30, 2014, and capitalized on March 28, 2014, by its then sole stockholder, Aspen Yo (“Aspen”), a company affiliated with Aspen Capital, the trade name for the Aspen group of companies. The Company was formed to facilitate capital raising activities and to operate as a mortgage real estate investment trust (“REIT”). The Company primarily targets acquisitions of re-performing loans (“RPLs”) including residential mortgage loans and small balance commercial mortgage loans (“SBC loans”) and originations of SBC loans. RPLs are 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. The SBC loans that the Company intends to opportunistically target, through acquisitions, or originations, generally have a principal balance of up to $5.0 million and are secured by multi-family residential and commercial mixed use retail/residential properties 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. Additionally, the Company may invest in single-family and smaller commercial properties directly either through a foreclosure event of a loan in our mortgage portfolio or, less frequently, through a direct acquisition. Historically, the Company has also targeted investments in non-performing loans (“NPL”). NPLs are loans on which the most recent three payments have not been made. The Company may acquire NPLs from time to time, either directly or with joint venture partners, and will continue to manage the NPLs on its balance sheet. The Company’s manager is Thetis Asset Management LLC (the “Manager” or “Thetis”), an affiliated company. The Company owns 19.8% of the Manager. The Company’s mortgage loans and real properties are serviced by the Servicer, also an affiliated company. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). 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, is the sole general partner of the Operating Partnership. GA-TRS is a wholly owned subsidiary of the Operating Partnership that owns the equity interest in the Manager. The Company elected to treat GA-TRS as a taxable REIT subsidiary (“TRS”) under the 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 and any additional trusts the Company may form for additional secured borrowings. The Company generally securitizes its mortgage loans through securitization trusts and retains subordinated securities from the secured borrowings. These trusts are considered to be VIE's, and the Company has determined that it is the primary beneficiary of the VIE's. 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. In addition, the Company, through its Operating Partnership, holds real estate owned properties (“REO”) acquired upon the foreclosure or other settlement of its owned NPLs, as well as through outright purchases. GAJX Real Estate LLC is a wholly owned subsidiary of the Operating Partnership formed to own, maintain, improve and sell REO properties purchased by the Company. The Company has elected to treat GAJX Real Estate LLC as a TRS under the Code. Basis of Presentation and Use of Estimates The consolidated financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to financial statements. The Company consolidates the results and balances of securitization trusts which are established to provide debt financing to the Company. The Company also consolidates the results and balances of two subsidiaries with ownership interests held by third parties. AS Ajax E II LLC ("AS Ajax E II") holds a 5.0% interest in a Delaware trust that was formed to own residential mortgage loans and residential real estate assets; it is 53.1% owned by the Company. Ajax Mortgage Loan Trust 2017-D ("2017-D") is a securitization trust which holds mortgage loans, REO property and secured debt; it is 50% owned by the Company. The Company recognizes a non-controlling interest in its consolidated financial statements for the amount of the investment and income due to the third party investors in both AS Ajax E II and 2017-D. All controlled subsidiaries are included in the consolidated financial statements and all intercompany accounts and transactions have been eliminated in consolidation. The Operating Partnership is a majority owned partnership that has a non-controlling ownership interest that is included in non-controlling interests on the consolidated Balance Sheet. As of December 31, 2017 , the Company owned 96.8% of the outstanding operating partnership units ("OP Units") and the remaining 3.2% of the OP Units are owned by an unaffiliated holder. The Company’s 19.8% investment in the Manager is accounted for using the equity method because the Company exercises significant influence on the operations of the Manager through common officers and directors. There is no traded or quoted price for the interests in the Manager since it is privately held. The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company considers significant estimates to include expected cash flows from mortgage loans and fair value measurements, and the net realizable value of REO properties held-for-sale.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Mortgage loans Purchased mortgage loans are initially recorded at the purchase price, net of any acquisition fees or costs at the time of acquisition and are considered asset acquisitions. As part of the determination of the bid price for mortgage loans, the Company uses a proprietary discounted cash flow valuation model to project expected cash flows, and consider alternate loan resolution probabilities, including liquidation or conversion to REO. Observable inputs to the model include interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines, the value of underlying properties and other economic and demographic data. Loans acquired with deterioration in credit quality The loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage loans pursuant to ASC 310-30, Accounting for Loans with Deterioration in Credit Quality . The Company’s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the interest method of income recognition. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. RPLs have been determined to have common risk characteristics and are accounted for as a single loan pool for loans acquired within each three-month calendar quarter. Similarly, NPLs have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within each three-month calendar quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the acquisition closing date but prior to pooling. Any gain or loss on these loans is recognized as Interest income in the period the loan pays in full. The Company’s accounting for loans under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral. The Company recognizes the accretable yield as Interest income on a prospective level yield basis over the life of the pool. The excess of a loan’s contractually required payments over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company’s expectation of the amount of undiscounted cash flows expected to be collected is evaluated at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. A provision for loan losses is established when it is probable the Company will not collect all amounts previously estimated to be collectible. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the loan pools as well as other factors, such as the fair value of the underlying collateral. When a loan pool is determined to be impaired, the amount of loss accrual is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan pool’s effective interest rate or the fair value of the underlying collateral. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. Borrower payments on the Company’s mortgage loans are classified as principal, interest, payments of fees, or escrow deposits. Amounts applied as interest on the borrower account are similarly classified as interest for accounting purposes and are classified as operating cash flows in the Company’s consolidated Statement of Cash Flows. Amounts applied as principal on the borrower account are similarly classified as principal for accounting purposes and are classified as investing cash flows in the consolidated Statement of Cash Flows. Amounts received as payments of fees are recorded in Other income and classified as operating cash flows in the consolidated Statement of Cash Flows. Escrow deposits are recorded on the Servicer’s Balance Sheet and do not impact the Company’s cash flow. Loans acquired or originated that have not experienced a deterioration in credit quality While the Company generally acquires loans that have experienced deterioration in credit quality, it does acquire or originate loans that have not experienced a deterioration in credit quality. The Company recognizes any related loan discount and deferred expenses pursuant to ASC 310-20 by amortizing these amounts over the life of the loan. Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against Interest income. Income is subsequently recognized on the cash basis until, in management’s judgment, the borrower’s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status. An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral dependent. For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans. Real Estate The Company acquires REO properties directly through purchases, or when it forecloses on the borrower and takes title to the underlying property or the borrower surrenders the deed in lieu of foreclosure. Property is recorded at cost if purchased, or at the present value of future cash flows if obtained through foreclosure by the Company. Property that the Company expects to actively market for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value (fair market value less expected selling costs, and any additional costs necessary to prepare the property for sale). Fair market value is determined based on broker price opinions (“BPOs”), appraisals, or other market indicators of fair value including list price or contract price. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income through real estate operating expenses. No depreciation or amortization expense is recognized on properties held-for-sale, and all holding costs are expensed as incurred. Rental property is property not held-for-sale. Rental properties are intended to be held as long-term investments but may eventually be reclassified as held-for-sale. Property is generally held for investment as rental property if the cash flows from use as a rental exceed the present value of expected cash flows from a sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years. The Company performs an impairment analysis for all rental property using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. The cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. Renovations are performed by the Servicer, and those costs are then reimbursed to the Servicer. Any renovations on properties which the Company elects to hold as rental properties are capitalized as part of the property’s basis and depreciated over the remaining estimated useful life of the property. The Company may perform property renovations to maximize the value of a property for either its rental strategy or for resale. Secured Borrowings The Company, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings are structured as debt financings, and the loans remain on the Company’s consolidated Balance Sheet as the Company is the primary beneficiary of the securitization trusts which are VIEs. 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 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 on an effective yield basis based on the underlying cash flow of the mortgage loans. 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. Repurchase Facilities 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 debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up 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 deferred costs when incurred and amortized over the contractual life of the related borrowing. Convertible Senior Notes On April 25, 2017 , the Company completed the public offer and sale of $87.5 million in aggregate principal amount of its Convertible senior notes (the “notes”) due 2024, with a follow-on offering of an additional $20.5 million in aggregate principal amount completed on August 18, 2017 , which, combined with the notes from the April offering, form a single series of securities. The notes bear interest at a rate of 7.25% per annum, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The notes will mature on April 30, 2024 , unless earlier converted or redeemed. During certain periods and subject to certain conditions the notes will be convertible by their holders into shares of the Company’s common stock at a conversion rate of 1.6313 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $15.33 per share of common stock. Coupon interest on the notes is recognized using the accrual method of accounting. Discount and deferred issuance costs are carried on the Company’s consolidated Balance Sheets as a deduction from the notes, and are amortized to interest expense on an effective yield basis through April 30, 2023 , the date at which the notes can be converted. The Company assumes the debt will be converted at the specified conversion date for purposes of amortizing issuance costs because the Company believes such conversion will be in the economic interest of the holders. Discount of $2.7 million , representing the fair value of the embedded conversion feature, was recorded to stockholders’ equity. No sinking fund has been established for redemption of the principal. Management Fee and Expense Reimbursement The Company is a party to the Management Agreement with the Manager, which has a 15 -year term, expiring on July 8, 2029. Under the Management Agreement, the Manager 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, the Manager, directly or through Aspen affiliates, provides the Company with a management team and necessary administrative and support personnel. Additionally, the Company pays directly for the internal audit function which reports directly to the Audit Committee and the Board of Directors. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement by and between the Company and the Manager as amended and restated on October 27, 2015, the Company pays a quarterly base management fee based on its stockholders’ equity, including equity equivalents such as the Company's recent issuance of Convertible senior notes, and a quarterly incentive management fee based on its cash distributions to its stockholders. Manager fees are expensed in the quarter incurred and the portion payable in common stock is included in stockholders’ equity at quarter end. See Note 9 — Related party transactions. Servicing Fees On July 8, 2014, the Company entered into a 15 -year Servicing Agreement (the “Servicing Agreement”) with the Servicer. Under the Servicing Agreement by and between the Company and the Servicer, the Servicer receives an annual servicing fee rate of 0.65% annually of the Unpaid Principal Balance (“UPB”) for loans that are re-performing at acquisition and 1.25% of UPB for loans that are non-performing at acquisition. Servicing fees are paid monthly. The total fees incurred by the Company for these services depend upon the UPB and type of mortgage loans that the Servicer services pursuant to the terms of the servicing agreement. The fees do not change if a re-performing loan becomes non-performing or vice versa. Servicing fees for the Company’s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. The Servicer 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 undertaken on the Company’s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that the Servicer services, property values, previous UPB of the relevant loan, and the number of REO properties. The Servicing Agreement will automatically renew for successive one -year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the Servicing Agreement if the Servicing Agreement is terminated for any reason. See Note 9 — Related party transactions. Stock-based Payments A portion of the management fee is payable in cash, and a portion of the management fee is in shares of the Company’s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act of 1933, as amended (the “Securities Act”). Shares issued to the Manager are determined based on the higher of the most recently reported book value or the average of the closing prices of our common stock on the New York Stock Exchange (“NYSE”) on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. Management fees paid in common stock are recognized as an expense in the quarter incurred and recorded in equity at quarter end. 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 award, including grants of long-term incentive plan units (“LTIP Units”) from the Operating Partnership, available for issuance under the Director Plan is 90,000 shares. The Company has issued to each of its independent directors restricted stock awards of 2,000 shares of its common stock upon joining the Board of Directors, which are subject to a one -year vesting period. In addition, each of the Company’s independent directors receives an annual fee of $75,000 , an increase of $25,000 over the annual fee paid to the Company’s independent directors through December 31, 2016 . The fee is payable quarterly, half in shares of the Company’s common stock and half in cash. Stock-based expense for the directors’ annual fee is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end. On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”) 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 exercise of all outstanding options and the conversion of all warrants and Convertible senior notes, including OP Units and LTIP Units, into shares of common stock). Grants of restricted stock to officers of the Company use grant date fair value of the stock as the basis for measuring the cost of the grant. The cost of grants of restricted stock to employees of the Company’s affiliates is determined using the stock price as of the date at which the counterparty's performance is complete. Forfeitures are accounted for in the period in which they occur. The shares vest over three years, with one third of the shares vesting on each of the first, second and third anniversaries of the grant date. The shares may not be sold until the third anniversary of the grant date. Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ equity in the period in which it is incurred. Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (See “Secured Borrowings” above and Note 8 to the consolidated Financial Statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities. 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. 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. Cash Held in Trust Cash held in trust consists of restricted cash balances legally due to lenders, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations to the lender. Earnings per Share The Company grants restricted 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 earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income available to common shareholders, 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 net income attributable to diluted shareholders, which adds back to net income the interest expense, net of applicable income taxes, on the Company’s Convertible senior notes, by the weighted-average common shares outstanding, assuming all dilutive securities, including stock grants, shares that would be issued in the event that OP Units are 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 Manager and independent directors, and shares that would be issued in the event of conversion of the Company’s outstanding Convertible senior notes, were issued. In the event the Company were to record a 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. 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 not active; or other inputs that are observable 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. The fair value of mortgage loans is estimated using the Manager’s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The Company reviews its discount rates periodically to ensure the assumptions used to calculate fair value are in line with market conditions. The Company’s Investment in debt securities is considered to be available for sale, and is carried at fair value with changes in fair value reflected in the Company’s consolidated Statements of Comprehensive Income. The Company calculates the fair value for the secured borrowings on its consolidated Balance Sheets from securitization trusts by using the Company’s proprietary pricing model to estimate the cash flows expected to be generated from the underlying collateral with the discount rate used in the present value calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors. The Company’s borrowings under repurchase agreement are short-term in nature, and the Company’s management 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 Convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the closing price on the Balance Sheet date. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value. Fair market value is determined based on broker price opinions, appraisals, or other market indicators of fair value. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income. Income Taxes The Company elected REIT status upon the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31, 2014 forward on the portion of the Company’s REIT taxable income that is distributed to the Company’s stockholders as long as certain asset, income and stock ownership tests are met. If the Company fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost. In addition, notwithstanding the Company’s qualification as a REIT, it may also have to pay certain state and local income taxes, because not all states and localities treat REITs in the same manner that they are treated for U.S. federal income tax purposes. GA-TRS, GAJX Real Estate LLC, and any other TRS that the Company forms will be subject to U.S. federal and state income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences or benefits attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company’s judgment, it reduces a deferred tax asset by a valuation allowance if it is “more-likely-than-not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment. Investment in Debt Securities The Company’s investment in debt securities consists of a $6.3 million investment in subordinated debt securities issued by a related party trust. The notes have a stated final maturity of October 25, 2056 . During the year ended December 31, 2017, the Company made a decision to transfer these notes to available-for-sale status in antic

Mortgage Loans

Mortgage Loans	12 Months Ended
	Dec. 31, 2017
Mortgage Loans [Abstract]
Mortgage Loans	Mortgage Loans The following table presents information regarding the carrying value for the Mortgage loan categories of RPL, NPL and originated as of December 31, 2017 and 2016 ($ in thousands): As of December 31, Loan portfolio basis by asset type 2017 2016 (1) Residential RPLs $ 1,190,019 $ 803,667 Purchased SBC (RPL) 8,605 7,731 Originated SBC 11,620 2,473 Residential NPLs 43,297 55,220 Total $ 1,253,541 $ 869,091 (1) These values have been presented net of borrower advances reclassified to Prepaid expenses and other assets. Included on the Company’s consolidated Balance Sheets as of December 31, 2017 and 2016 are approximately $1,253.5 million and $869.1 million , respectively, of RPLs, NPLs, and originated SBCs at carrying value. RPLs and NPLs are categorized at acquisition. The carrying value of RPLs and NPLs reflects the original investment amount, plus accretion of interest income, less principal and interest cash flows received. Additionally, originated SBC loans are carried at originated cost, less any loan discount. The carrying value for all loans is decreased by an allowance for loan losses, if any. For the years ended December 31, 2017 , 2016 and 2015 , the Company recognized no provision for loan loss. For the years ended December 31, 2017 , 2016 and 2015 , the Company accreted $89.9 million , $70.6 million and $47.7 million , respectively, into interest income with respect to its RPL and NPL portfolio. The Company’s mortgage loans are secured by real estate. The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. 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 Company’s loan acquisitions for the year ended December 31, 2017 consisted of 2,562 purchased RPLs with $526.5 million UPB and eight , originated SBC loans with $8.8 million UPB. Comparatively during the year ended December 31, 2016 , the Company acquired 2,613 RPLs with $522.6 million UPB and one originated SBC loan with $2.5 million UPB. The Company acquired no NPLs for year ended December 31, 2017 and acquired 23 NPLs with $3.6 million UPB for the year ended 2016 . The following table presents information regarding the accretable yield and non-accretable amount for purchased loans acquired during the following periods ($ in thousands): For the year ended December 31, ​ 2017 2016 Re-performing loans Non-performing loans Re-performing loans (1) Non-performing loans Contractually required principal and interest $ 947,162 $ — $ 748,008 $ 6,387 Non-accretable amount (373,251 ) — (284,901 ) (4,143 ) Expected cash flows to be collected 573,911 — 463,107 2,244 Accretable yield (114,676 ) — (106,492 ) (222 ) Fair value at acquisition $ 459,235 $ — $ 356,615 $ 2,022 ​ (1) Excludes $78.2 million of RPLs acquired and sold in the third quarter of 2016. ​ The Company determines the accretable yield on new acquisitions by comparing the expected cash flows from the Company’s proprietary cash flow model to the remaining contractual cash flows at acquisition. The difference between the expected cash flows and the portfolio acquisition price is accretable yield. The difference between the remaining contractual cash flows and the expected cash flows is the non-accretable amount. The following table presents the accretable yield and non-accretable amount for loan portfolio purchases in 2017 and 2016 . Accretable yield and accretion amounts do not include any of the eight and one originated SBC loans at December 31, 2017 and 2016 , respectively ($ in thousands): For the year ended December 31, ​ 2017 2016 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Balance at beginning of period $ 239,858 $ 12,065 $ 136,455 $ 18,425 Accretable yield additions 114,676 — 106,492 222 Accretion (85,715 ) (4,166 ) (62,976 ) (7,583 ) Reclassification from (to) non-accretable amount, net 75,322 (529 ) 59,887 1,001 Balance at end of period $ 344,141 $ 7,370 $ 239,858 $ 12,065 During the year ended December 31, 2017 , the Company reclassified a net $74.8 million from non-accretable amount to accretable yield, consisting of a $75.3 million transfer from non-accretable amount to accretable yield for RPLs, and a $0.5 million transfer from accretable yield to non-accretable amount for NPLs. Comparatively, during the year ended 2016 , the Company reclassified a net $60.9 from non-accretable amount to accretable yield, consisting of a $59.9 million transfer from non-accretable amount to accretable yield for its RPLs and $1.0 million from accretable yield to non-accretable amount on NPLs. The Company recalculates the amount of accretable yield and non-accretable amount on a quarterly basis. Reclassifications between the two categories are primarily based upon changes in expected cash flows and actual prepayments, including payoffs in full or in part. Additionally, the accretable yield and non-accretable amounts are revised when loans are reclassified to REO because the future expected cash flows are removed from the pool. The 2017 and 2016 reclassifications from non-accretable amount to accretable yield were driven by actual loan payment performance exceeding expectations at acquisition. Accordingly, default expectations for these portfolios were decreased resulting in higher forecasted interest income over the weighted average life of the loans. The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of December 31, 2017 and 2016 ($ in thousands): As of December 31, ​ 2017 2016 Number of loans Carrying value Unpaid principal balance Number of loans Carrying value Unpaid principal balance Current 3,998 $ 744,300 $ 860,572 2,306 $ 419,500 $ 510,058 30 912 152,685 178,383 797 141,169 173,482 60 577 100,792 117,145 482 84,468 101,727 90 1,047 177,841 214,297 911 142,701 179,718 Foreclosure 367 77,923 94,826 414 81,253 105,208 Mortgage loans 6,901 $ 1,253,541 $ 1,465,223 4,910 $ 869,091 $ 1,070,193

Real Estate Assets, Net

Real Estate Assets, Net	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The Company primarily acquires REO when a mortgage loan is foreclosed upon and the Company takes title to the property on the foreclosure date or the borrower surrenders the deed in lieu of foreclosure. Additionally, from time to time, the Company may acquire real estate assets in purchase transactions. Rental Property As of December 31, 2017 , the Company owned 14 REO properties with an aggregate carrying value of $1.3 million held for investment as rentals, at which time five properties were rented. One property was acquired as an RPL but transitioned to foreclosure prior to boarding by the Servicer, three were acquired through foreclosures, and 10 were transferred from Property held-for-sale. As of December 31, 2016 , the Company had three REO property with a carrying value of $1.3 million held for use as a rental, at which time two were rented. Two of these properties were acquired an RPL but transitioned to foreclosure prior to boarding by the Servicer, and one was acquired through foreclosure. Property Held-for-Sale The Company classifies REO as held-for-sale if the REO is expected to be actively marketed for sale. As of December 31, 2017 and 2016 , the Company’s net investments in REO held-for-sale were $24.9 million and $23.9 million , respectively, which include balances of $1.8 million and $2.1 million , respectively for properties undergoing renovation or which are otherwise in the process of being brought to market. For the years ended December 31, 2017 and 2016 , all of the additions to REO Property held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of its mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the years ended December 31, 2017 and 2016 ($ in thousands): ​ For the year ended December 31, 2017 2016 Property Held-for-sale Count Amount Count Amount Balance at beginning of year 149 $ 23,882 73 $ 10,333 Transfers from mortgage loans 125 19,477 158 24,095 Adjustments to record at lower of cost or fair value — (2,516 ) — (2,011 ) Disposals (128 ) (16,638 ) (82 ) (8,991 ) Net transfers to Rental property (7 ) 746 — — Other (3 ) (4 ) — 456 Balance at end of year 136 $ 24,947 149 $ 23,882 Dispositions During the years ended December 31, 2017 , 2016 and 2015 the Company sold 128 , 82 and 23 REO properties, realizing a net gain of approximately $0.5 million , $0.1 million and $0.3 million , respectively. These amounts are included in Other income on the Company's consolidated Statements of Income. The Company recorded a lower of cost or net realizable value adjustments in Real estate operating expense for the years ended December 31, 2017 , 2016 and 2015 of $2.5 million , $2.0 million and $0.1 million , respectively.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of December 31, 2017 and 2016 ($ in thousands): ​ ​ Level 1 Level 2 Level 3 December 31, 2017 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,253,541 $ — $ — $ 1,375,722 Investment in debt securities $ 6,285 $ — $ 6,285 $ — Investment in Manager (1) $ — $ — $ — $ 6,427 Investment in AS Ajax E $ 1,201 $ — $ 1,224 $ — Financial liabilities Secured borrowings, net $ 694,040 $ — $ — $ 693,255 Borrowings under repurchase agreement $ 276,385 $ — $ 276,385 $ — Convertible senior notes, net $ 102,571 $ 109,641 $ — $ — ​ ​ Level 1 Level 2 Level 3 December 31, 2016 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 869,091 $ — $ — $ 930,226 Investment in debt securities $ 6,323 $ — $ 6,323 $ — Investment in Manager (1) $ — $ — $ — $ 2,888 Investment in AS Ajax E $ 1,291 $ — $ 1,323 $ — Financial liabilities Secured borrowings, net $ 442,670 $ — $ — $ 436,623 Borrowings under repurchase agreement $ 227,440 $ — $ 227,440 $ — Convertible senior notes, net $ — $ — $ — $ — (1) The Company's investment in its Manager is carried at $0 as this equity interest was received for no consideration at the time of the Company's original private placement in July 2014. The fair value of mortgage loans is estimated using the Manager’s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The value of transfers of mortgage loans to REO is based upon the present value of future expected cash flows of the loans being transferred. The fair value of secured borrowings is estimated using the Manager’s proprietary pricing model which estimates expected cash flows of the underlying mortgage loans which collateralize the debt, and which drive the cash flows used to make interest payments. The discount rate used in the present value calculation represents the estimated effective yield of the underlying mortgages. The Company values its Investment in debt securities using estimates provided by banking institutions. The Company’s borrowings under repurchase agreement are short-term in nature, and the Company’s management 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 Convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the NYSE closing price on the Balance Sheet date. The carrying values of its Cash and cash equivalents, Cash held in trust, Receivable from servicer, Investment in affiliates, Loans purchase deposit, Management fee payable and Other liabilities are equal to or approximate fair value. Non-financial assets Property held-for-sale is carried at the lower of its acquisition basis or net realizable value. Fair market value is determined based on appraisals, broker price opinions, or other market indicators of fair value. Since net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income, aggregate fair value for the Company’s REO Property is conservatively stated as its carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of December 31, 2017 and 2016 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2017 Carrying Value Fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 24,947 $ 2,516 $ — $ — $ 24,947 Level 1 Level 2 Level 3 December 31, 2016 Carrying Value Fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial Assets Property held-for-sale $ 23,882 $ 2,011 $ — $ — $ 23,882 During the year ended December 31, 2017, the Company transferred the balance of its Property held-for-sale from Level 2 to Level 3 to reflect the additional uncertainty inherent in the estimation process for real estate values. There were no transfers between levels during the year ended December 31, 2016.

Affiliates

Affiliates	12 Months Ended
	Dec. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates During the year ended December 31, 2017 , a small-balance commercial loan secured by a commercial property in Portland, Oregon, in which the Company held a 40.5% interest through a Delaware trust, GA-E 2014-12, was paid off in full. The Company received a distribution of $2.6 million related to this investment. At December 31, 2017 , GA-E 2014-12 held cash of $7,000 and had accrued expenses of $5,000 . Upon final settlement of all obligations, any remaining cash is expected to be distributed between the investors in proportion to their ownership interests. The Company accounts for its investment in GA-E 2014-12 using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC, to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E was reduced to a lower percentage of the total. At both December 31, 2017 and 2016 , the Company’s interest in AS Ajax E was approximately 16.5% . The Company accounts for its investment using the equity method. During the year ended 2016 , the Company sold $78.2 million of RPLs for total proceeds of $78.1 million to Ajax E Master Trust. Additionally, the Company made a loan to AS Ajax E LLC in the amount of $4.0 million at LIBOR plus 5.22% to fund its interest in the purchase, which was subsequently repaid during the year, less $0.3 million which was converted to equity. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100% , and at the Company’s share ($ in thousands): Net income, assets and liabilities of unconsolidated affiliates at 100% For the year ended December 31, Net income at 100% 2017 2016 2015 GA-E 2014-12 $ 426 $ 762 $ 871 Thetis Asset Management $ 2,136 $ 1,100 $ 998 AS Ajax E LLC $ 319 $ 138 $ — For the year ended December 31, ​ 2017 2016 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities GA-E 2014-12 $ 7 $ 5 $ 6,259 $ — Thetis Asset Management $ 7,415 $ 1,674 $ 4,846 $ 1,167 AS Ajax E LLC $ 7,293 $ 5 $ 7,964 $ 12 Net income, assets and liabilities of unconsolidated affiliates at Company share For the year ended December 31, Net income at Company share 2017 2016 2015 GA-E 2014-12 $ 173 $ 308 $ 353 Thetis Asset Management $ 423 $ 218 $ 198 AS Ajax E LLC $ 53 $ 32 $ — For the year ended December 31, ​ 2017 2016 Assets and Liabilities at Company share Assets Liabilities Assets Liabilities GA-E 2014-12 $ 3 $ 2 $ 2,535 $ — Thetis Asset Management $ 1,468 $ 331 $ 960 $ 231 AS Ajax E LLC $ 1,203 $ 1 $ 1,314 $ 2 Consolidated affiliates The Company consolidates the results and balances of securitization trusts which are established to provide debt financing to the Company by securitizing pools of mortgage loans. These trusts are considered to be VIE’s, and the Company has determined that it is the primary beneficiary of the VIE’s. The Company also consolidates the activities and balances of its controlled affiliates, which include AS Ajax E II, which was established to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets, and 2017-D, a securitization trust formed to hold mortgage loans, REO property and secured debt. As of December 31, 2017 , AS Ajax E II was 53.1% owned by the Company, with the remainder held by third parties, and 2017-D was 50% owned by a third-party institutional investor. The Company consolidates the results and balances of both AS Ajax E II and 2017-D in its consolidated financial statements, and recognizes a non-controlling interest on its consolidated Balance Sheet for the amount of the investment due to the third party investors at December 31, 2017 . Additionally, a non-controlling interest in the earnings of both AS Ajax E II and 2017-D is recognized in the Company’s Consolidated Statement of Income for the year ended December 31, 2017 , which consists of the proportionate amount of income attributable to the third party investors.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company regularly enters into agreements to acquire additional mortgage loans and mortgage-related assets, subject to continuing diligence on such assets and other customary closing conditions. There can be no assurance that the Company will acquire any or all of the mortgage loans identified in any acquisition agreement as of the date of these consolidated financial statements, and it is possible that the terms of such acquisitions may change. At December 31, 2017 , the Company had commitments to purchase, subject to due diligence, 104 RPLs secured by single-family residences with aggregate UPB of $21.3 million . The Company will only acquire loans that meet the acquisition criteria for its own portfolios, or those of its joint venture partners. See Note 15 - Subsequent Events, for remaining open acquisitions as of the filing date. 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, 2017 , 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, 2017
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreement 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 two separate counterparties, the “buyer” or “buyers.” One facility has a ceiling of $250.0 million and the other $200.0 million at any one time. 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 LIBOR , which are fixed for the term of the borrowing. The purchase price that the Trust realizes upon the initial sale of the mortgage loans to the buyer can vary between 70% and 85% of the asset’s acquisition price, depending upon the facility being utilized and/or the quality of the underlying collateral. The obligations of a Trust to repurchase these mortgage loans at a future date are guaranteed by the Operating Partnership. The difference between the market value of the asset and the amount of the repurchase agreement is generally the amount of equity the Company has in the position and is intended to provide the buyer with some protection against fluctuations in the value of the collateral, and/or a failure by the Company to repurchase the asset and repay the borrowing at maturity. The Company has effective control over the assets subject to these transactions; therefore the Company’s repurchase transactions are accounted for as financing arrangements. The Servicer services these mortgage loans pursuant to the terms of a Servicing Agreement by and among the Servicer and each Buyer which Servicing Agreement has the same fees and expenses terms as the Company’s Servicing Agreement described under Note 9 — Related party transactions. The Operating Partnership, as guarantor, will provide to the buyers a limited 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. Additionally, the Company has sold subordinate securities from its mortgage securitizations in repurchase transactions. The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): ​ ​ December 31, 2017 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate April 30, 2018 October 31, 2017 $ 10,601 $ 10,601 $ 15,145 143 % 3.66 % May 8, 2018 November 8, 2017 15,227 15,227 21,754 143 % 3.69 % June 7, 2018 December 7, 2017 66,678 66,678 88,904 133 % 3.59 % November 21, 2018 November 22, 2017 200,000 3,775 8,215 218 % 4.79 % July 12, 2019 July 15, 2016 250,000 180,104 234,724 130 % 4.03 % Totals ​ $ 542,506 $ 276,385 $ 368,742 133 % 3.91 % ​ ​ ​ December 31, 2016 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate March 9, 2017 September 9, 2016 ​ $ 10,310 $ 10,309 $ 14,728 143 % 3.32 % March 30, 2017 September 30, 2016 10,797 10,797 15,424 143 % 3.34 % May 8, 2017 November 9, 2016 14,986 14,986 21,409 143 % 3.35 % November 21, 2017 November 22, 2016 ​ 200,000 21,302 36,044 169 % 4.20 % July 12, 2019 July 15, 2016 ​ 200,000 170,046 226,192 133 % 3.25 % Totals ​ ​ $ 436,093 $ 227,440 $ 313,797 138 % 3.35 % 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. 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, 2017 and 2016 in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2017 December 31, 2016 Gross amount of recognized liabilities $ 276,385 $ 227,440 Gross amount pledged as collateral 368,742 313,797 Net amount $ 92,357 $ 86,357 Secured Borrowings From inception (January 30, 2014) to December 31, 2017 , the Company has completed 12 secured borrowings pursuant to Rule 144A under the Securities Act, seven of which were outstanding at December 31, 2017 . The secured borrowings are structured as debt financings and not sales through a real estate investment conduit (“REMIC”), and the 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 secured borrowings are structured with Class A notes, subordinate notes, and trust certificates, which have rights to the residual interests in the mortgages once the notes are repaid. With the exception of the Company’s 2017-D securitization, from which the Company sold a 50% interest in the trust certificate to a third party, the Company has retained the subordinate notes and the trust certificates from the seven secured borrowings outstanding at December 31, 2017 . The Class A notes are senior, sequential pay, fixed rate notes. The Class B notes and Class M notes are subordinate, sequential pay, fixed rate notes. If the Class A notes have not been redeemed by the payment date 36 months after issue, or otherwise paid in full by that date, an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the subordinate notes will be paid as principal to the Class A notes on that date and each subsequent payment date until the Class A notes are paid in full. After the Class A notes are paid in full, the subordinate notes will resume receiving their respective interest payment amounts and any interest that accrued but was not paid while the Class A notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes and subordinate notes have been paid in full. The following table sets forth the original terms of all securitization notes outstanding at December 31, 2017 at their respective cutoff dates: Issuing Trust/Issue Date Security Original Principal Interest Rate Ajax Mortgage Loan Trust 2016-A/ April 2016 Class A notes due 2064 $101.4 million 4.25 % Class B-1 notes due 2064(1,4) $7.9 million 5.25 % Class B-2 notes due 2064(1,4) $7.9 million 5.25 % Trust certificates(2) $41.3 million — % Deferred issuance costs $(2.7) million — % Ajax Mortgage Loan Trust 2016-B/ August 2016 Class A notes due 2065 $84.4 million 4.00 % Class B-1 notes due 2065(1,4) $6.6 million 5.25 % Class B-2 notes due 2065(1,4) $6.6 million 5.25 % Trust certificates(2) $34.1 million — % Deferred issuance costs $(1.6) million — % Ajax Mortgage Loan Trust 2016-C/ October 2016 Class A notes due 2057 $102.6 million 4.00 % Class B-1 notes due 2057(1,4) $7.9 million 5.25 % Class B-2 notes due 2057(1,4) $7.9 million 5.25 % Trust certificates(2) $39.4 million — % Deferred issuance costs $(1.6) million — % Ajax Mortgage Loan Trust 2017-A/ May 2017 Class A notes due 2057 $140.7 million 3.47 % Class B-1 notes due 2057(1) $15.1 million 5.25 % Class B-2 notes due 2057(1) $10.8 million 5.25 % Trust certificates(2) $49.8 million — % Deferred issuance costs $(2.0) million — % Ajax Mortgage Loan Trust 2017-B/ December 2017 Class A notes due 2056 $115.8 million 3.16 % Class M-1 notes due 2056(3) $9.7 million 3.50 % Class M-2 notes due 2056(3) $9.5 million 3.50 % Class B-1 notes due 2056(1) $9.0 million 3.75 % Class B-2 notes due 2056(1) $7.5 million 3.75 % Trust certificates(2) $14.3 million — % Deferred issuance costs $(1.8) million — % Ajax Mortgage Loan Trust 2017-C/ November 2017 Class A notes due 2060 $130.2 million 3.75 % Class B-1 notes due 2060(1) $13.0 million 5.25 % Trust certificates(2) $42.8 million — % Deferred issuance costs $(1.7) million — % Ajax Mortgage Loan Trust 2017-D/ December 2017 Class A notes due 2057(5) $177.8 million 3.75 % Class B certificates due 2057(4,5) $44.5 million — % Deferred issuance costs $(1.1) million — % (1) The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes. ​ (2) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (3) The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. We have retained the Class M notes. ​ (4) These securities are encumbered under a repurchase agreement. (5) AJAXM 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. We are required to consolidate 2017-D under GAAP and are reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes. which are held by the third party, are included in Secured borrowings, net and 50% of the Class B-1 certificates are recognized as Non-controlling interest. ​ Servicing for the mortgage loans in the Company’s securitizations is provided by the Servicer at a servicing fee rate of an annual servicing fee rate of 0.65% of outstanding UPB for RPLs at acquisition and 1.25% of outstanding UPB for loans that are non-performing at acquisition, and is paid monthly. The determination of RPL or NPL status is based on the status of the loan at acquisition and does not change regardless of the loan’s subsequent performance. The following table sets forth the status of the notes held by others at December 31, 2017 and 2016 , and the securitization cutoff date: ​ Balances at December 31, 2017 Balances at December 31, 2016 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 2015-A $ — $ — — % $ 51,388 $ 29,476 174 % $ 75,835 $ 35,643 2015-B — — — % 104,111 75,258 138 % 158,498 87,174 2015-C — — — % 100,614 66,979 150 % 130,130 81,982 2016-A 110,585 82,556 134 % 118,189 96,158 123 % 158,485 101,431 2016-B 93,772 71,361 131 % 97,660 80,672 121 % 131,746 (1) 84,430 2016-C 116,357 88,400 132 % 126,681 101,209 125 % 157,808 102,575 2017-A 170,805 126,507 135 % — — — % 216,413 140,669 2017-B 143,799 115,846 124 % — — — % 165,850 115,846 2017-C 157,015 129,191 122 % — — — % 185,942 130,159 2017-D 203,870 88,903 (3) 229 % — — — % 203,870 (2) 88,903 ​ $ 996,203 $ 702,764 142 % $ 598,643 $ 449,752 133 % $ 1,584,577 $ 968,812 ​ (1) Includes $1.9 million of cash collateral. (2) Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3) The gross amount of senior bonds issued was $177.8 million , however, only $88.9 million is reflected in Secured borrowings as the remainder is owned by the Company. ​ The Company’s obligations under its secured borrowings are not fixed, and the payments on these borrowings are predicated upon cash flows received on the underlying mortgage loans. Convertible Senior Notes On April 25, 2017, the Company completed the issuance and sale of $87.5 million aggregate principal amount of its 7.25% Convertible senior notes due 2024 , in an underwritten public offering. The net proceeds to the Company from the sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $84.9 million . The carrying amount of the equity component of the transaction was $2.5 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes were issued at a 17.5% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on July 15, 2017. On August 18, 2017, the Company completed the public offer and sale of an additional $20.5 million in aggregate principal amount of its 7.25% Convertible senior notes due 2024 , which combined with the $87.5 million aggregate principal amount from its April offering, form a single series of securities. The net proceeds to the Company from the August 18, 2017 sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $20.5 million . The carrying amount of the equity component of the August transaction was $0.2 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes in the August transaction were issued at a 6.0% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on July 15, 2017. The notes will mature on April 30, 2024 , unless earlier repurchased, redeemed or converted. Holders may convert their notes at their option prior to April 30, 2023 only under certain circumstances. In addition, the notes will be convertible irrespective of those circumstances from, and including, April 30, 2023 to, and including, the business day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company's election. The conversion rate currently equals 1.6313 shares of the Company's common stock per $25.00 principal amount of notes which is equivalent to a conversion price of approximately $15.33 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. As of December 31, 2017 , the amount by which the if-converted value falls short of the principal value for the entire series is $10.6 million . The Company may not redeem the notes prior to April 30, 2022 , and may redeem for cash all or any portion of the notes, at its option, on or after April 30, 2022 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No "sinking fund" will be provided for the notes. At December 31, 2017 , the notes' UPB was $108.0 million , and discount and deferred expenses were $5.4 million . Interest expense of $5.3 million was recognized during the year ended December 31, 2017 which includes $0.5 million of amortization of discount and deferred expenses. The discount will be amortized through April 30, 2023 , the date at which the notes can be converted. The effective interest rate of the notes at December 31, 2017 was 8.65% .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s consolidated Statements of Income included the following significant related party transactions ($ in thousands): For the year ended December 31, 2017 Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 8,245 Management fee Related party expense – management fee Thetis $ 5,340 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 101 Expense reimbursements Other fees and expenses Gregory $ 80 Expense reimbursements Other fees and expenses Thetis $ 4 ​ For the year ended December 31, 2016 ​ Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 6,083 Management fee Related party expense – management fee Thetis $ 3,949 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 100 Expense reimbursements Other fees and expenses Gregory $ 67 Expense reimbursements Other fees and expenses Thetis $ 28 ​ For the year ended December 31, 2015 ​ Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 3,959 Management fee Related party expense – management fee Thetis $ 3,353 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 75 Expense reimbursements Professional fees Gregory $ — Expense reimbursements Other fees Thetis $ — The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): ​ As of December 31, 2017 Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,005 Investment in subordinated debt securities Investment in debt securities Oileus Residential $ 6,285 Management fee payable Management fee payable Thetis $ 750 Servicing fees payable Accrued expenses and other liabilities Gregory $ 217 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ — ​ As of December 31, 2016 ​ Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 12,481 Investment in subordinated debt securities Investment in debt securities Oileus Residential $ 6,323 Management fee payable Management fee payable Thetis $ 750 Servicing fees payable Accrued expenses and other liabilities Gregory $ 195 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ — During October 2016, the Company acquired 370 RPLs with aggregate UPB of $69.9 million in three transactions from three related party trusts. These loans, which had previously been serviced by the Servicer, had made at least 24 payments of scheduled principal and interest at the time of their acquisition by the Company, and had a weighted average coupon of 5.84% . The loans were acquired at 93% of UPB with an estimated market value of the underlying collateral of $92.2 million . In October 2016, the Company purchased subordinate debt securities for $6.3 million from Oileus Residential Loan Trust, a related party. These notes have a stated final maturity of October 25, 2056 . At December 31, 2017 , these securities were carried on the Company’s consolidated balance sheet at an amortized cost basis of $6.3 million , which approximates fair value. During the year ended December 31, 2017 , the Company made a decision to transfer these notes to available-for-sale status in anticipation of reinvesting the proceeds from any sale into additional mortgage loans. Accordingly, the carrying amount of $6.3 million was transferred from held-to-maturity to available-for-sale status during the year. For the year ended December 31, 2017 , the Company recorded unrealized losses of $0.2 million , which are reflected in the Company's consolidated Statements of Comprehensive Income. Management Agreement The Company is a party to the Management Agreement with the Manager, which expires on July 8, 2029. Under the Management Agreement, the Manager 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, the Manager, directly or through Aspen affiliates, provides the Company with a management team and necessary administrative and support personnel. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager. The base management fee equals 1.5% of the Company's stockholders’ equity, including equity equivalents such as the Company's recent issuance of Convertible senior notes, per annum and calculated and payable quarterly in arrears. The initial $1.0 million of the quarterly base management fee will be payable 75% in cash and 25% in shares of the Company’s common stock. Any amount of the base management fee in excess of $1.0 million will be payable in shares of the Company’s common stock until payment is 50% in cash and 50% in shares (the “50/50 split”). Any remaining amount of the quarterly base management fee after the 50/50 split threshold is reached will be payable in equal amounts of cash and shares. The Manager has agreed to hold any shares of common stock received by it as payment of the base management fee for at least three years from the date such shares of common stock are received. The Manager is also entitled to an incentive fee, payable quarterly and calculated in arrears, of 20% of the amount by which total dividends on common stock and distributions on OP units exceeds 8% of book value on a per share basis. However, no incentive fee will be payable to the Manager with respect to any calendar quarter unless the Company’s cumulative core earnings, defined as U.S. GAAP net income or loss less non-cash equity compensation, unrealized gains or losses from mark-to-market adjustments, one-time adjustments to earnings resulting from changes to U.S. GAAP, and certain other non-cash items, is greater than zero for the most recently completed eight calendar quarters. In the event that the payment of the quarterly base management fee has not reached the 50/50 split, all of the incentive fee will be payable in shares of the Company’s common stock until the 50/50 split occurs. In the event that the total payment of the quarterly base management fee and the incentive fee has reached the 50/50 split, 20% of the remaining incentive fee is payable in shares of the Company’s common stock and 80% of the remaining incentive fee is payable in cash. To date, no incentive fees have been paid to the Manager. The Company also reimburses the Manager for all third-party, out-of-pocket costs incurred by the Manager for managing its business, including third-party diligence and valuation consultants, legal expenses, auditors and other financial services. The reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash on a monthly basis. The Company will be required to pay the 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 Manager as a result of the Company becoming regulated as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”) (other than as a result of the acts or omissions of the Manager in violation of investment guidelines approved by the Company’s Board of Directors), or (iv) a termination by the 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 twice the combined base fee and incentive fees payable to the Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior to the date of termination. Servicing Agreement The Company is also a party to the Servicing Agreement, expiring July 8, 2029, with the Servicer. The Company’s overall servicing costs under the Servicing Agreement will vary based on the types of assets serviced. Servicing fees range from 0.65% to 1.25% annually of current UPB (or the fair market value or purchase price of REO the Company owns or acquires), and are paid monthly. The total fees incurred by the Company for these services depend upon the UPB and type of mortgage loans that the Servicer services pursuant to the terms of the Servicing Agreement. The fees are determined based on the loan’s status at acquisition and do not change if a performing loan becomes non-performing or vice versa. The Company will also reimburse the Servicer 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 REO properties. The total fees incurred by the Company for these services will be dependent upon the property value, previous UPB of the relevant loan, and the number of REO properties. If the 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 servicing agreement for the immediate preceding 12-month period. See Note 15 - Subsequent events. Trademark Licenses Aspen has granted the Company a non-exclusive, non-transferable, non-sublicensable, royalty-free license to use the name “Great Ajax” and the related logo. The Company also has a similar license to use the name “Thetis.” The agreement has no specified term. If the Management Agreement expires or is terminated, the trademark license agreement will terminate within 30 days. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use “Great Ajax” in its name will terminate. Aspen also granted to the Manager a substantially identical non-exclusive, non-transferable, non-sublicensable, royalty-free license use of the name “Thetis.”

Stock-based Payments and Direct

Stock-based Payments and Director Fees	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Payments and Director Fees	Note 10 — Stock-based Payments and Director Fees Pursuant to the terms of the Management Agreement, the Company pays a portion of the base fee to the Manager in shares of its common stock with the number of shares determined based on the higher of the most recently reported book value or the average of the closing prices of its common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of its common stock is paid. The Company paid the Manager a base management fee for the year ended December 31, 2017 of $5.3 million , of which the Company paid $2.3 million in 150,652 shares of its common stock. The shares issued to the Manager are restricted securities subject to transfer restrictions, and were issued in private placement transactions, with 48,654 shares still issuable at December 31, 2017 . See Note 9 — Related party transactions. In addition, each of the Company’s independent directors receives an annual retainer of $75,000 , payable quarterly, half of which is paid in shares of the Company’s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. Until December 31, 2016 , directors received an annual fee of $50,000 payable quarterly, half of which was paid in shares of the Company’s common stock and half in cash. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts): Management Fees and Director Fees For the year ended December 31, ​ 2017 2016 2015 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 150,652 2,335 70,957 $ 1,068 85,497 $ 1,239 Independent director fees 9,708 150 6,648 100 6,872 100 ​ 160,360 $ 2,485 77,605 $ 1,168 92,369 $ 1,339 (1) All management fees and independent director fees are fully expensed in the period in which the underlying expense is incurred. ​ ​ Restricted Stock Each independent director is issued a restricted stock award of 2,000 shares of the Company’s common stock subject to a one -year vesting period upon initial appointment to the Company’s Board. On August 17, 2016, the Company granted 153,000 shares of restricted stock to employees of its Manager and Servicer, which was reduced in 2017 by forfeitures of 4,000 shares; and on July 24, 2017, the Company granted 39,000 shares of restricted stock to employees of its Manager and Servicer. The shares vest over three years , with one third of the shares vesting on each of the first, second and third anniversaries of the grant date. The shares may not be sold until the third anniversary of the grant date. The 2017 grant also includes a provision whereby the shares vest automatically upon the death of the grantee. Grants of restricted stock to officers of the Company use grant date fair value of the stock as the basis for measuring the cost of the grant. The cost of grants of restricted stock to employees of the Company’s affiliates is determined using the stock price as of the date at which the counterparty's performance is complete. The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except share and per share amounts): ​ Total Grants Activity Non-vested shares at December 31, 2017 Fully-vested shares at December 31, 2017 Year ended December 31, 2017 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 — $ 14 — $ — 10,000 $ 14.61 Employee and Service Provider Grant, granted 2016 (2,4) 149,000 2,027 — 675 99,333 13.50 49,667 13.50 Employee and Service Provider Grant, granted 2017 (3) 39,000 542 39,000 76 39,000 13.95 — — Totals 198,000 $ 2,715 39,000 $ 765 138,333 $ 13.63 59,667 $ 13.69 (1) Vesting period is one year from grant date. Grant is fully vested at December 31, 2017 . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 1.6 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 2.6 years (4) Total is shown net of 2017 forfeitures of 4,000 shares. ​ Total Grants Activity Non-vested shares at December 31, 2016 Fully-vested shares at December 31, 2016 Year ended December 31, 2016 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 2,000 $ 16 2,000 $ 13.79 8,000 $ 13.79 Employee and Service Provider Grant, granted 2016 (2) 153,000 2,053 153,000 278 153,000 13.50 — — Totals 163,000 $ 2,199 155,000 $ 294 155,000 $ 13.50 8,000 $ 13.79 (1) Vesting period is one year from grant date. Weighted average remaining life of grant at December 31, 2016 is 0.5 years . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2016 is 2.6 years . ​ ​ Total Grants Activity Non-vested shares at December 31, 2015 Fully-vested shares at December 31, 2015 Year ended December 31, 2015 Total Total Shares Grant Shares Per share Shares Weighted Directors’ Grants (1) 8,000 $ 29 2,000 $ 71 2,000 $ 14.25 6,000 $ 14.25 Employee and Service Provider Grant (2) — — — — — — — — Totals 8,000 $ 29 2,000 $ 71 2,000 $ 14.25 6,000 $ 14.25 (1) Vesting period is one year from grant date.​ (2) Vesting is ratable over three -year period from grant date. ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. The Company’s consolidated Financial Statements include the operations of two TRS entities, GA-TRS and GAJX Real Estate LLC, which are subject to U.S. federal, state and local income taxes on their taxable income. For the year ended December 31, 2017 , the Company’s consolidated Taxable Income was $18.0 million ; and provisions for income taxes of $0.1 million . For the year ended December 31, 2016 , the Company’s consolidated Taxable Income was $15.9 million ; and provisions for income taxes of $35,000 . For the year ended December 31, 2015 , the Company’s taxable income was $10.8 million ; and provisions for income taxes of $2,000 . The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at December 31, 2017 or 2016 . The Company also recorded no interest or penalties for the years ended December 31, 2017 , 2016 and 2015 .

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table sets forth the components of basic and diluted EPS ($ in thousands, except share and per share amounts): ​ For the year ended December 31, 2017 Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 28,927 18,074,143 Allocation of earnings to participating restricted shares (321 ) — Consolidated net income attributable to unrestricted common stockholders $ 28,606 18,074,143 $ 1.58 Effect of dilutive securities Operating Partnership units 998 624,106 Restricted stock grants and Manager and director fee shares 321 203,083 Interest expense (add back) and assumed conversion of shares from convertible senior notes 5,289 4,417,189 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 35,214 23,318,521 $ 1.51 ​ For the year ended December 31, 2016 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 27,836 16,742,882 Allocation of earnings to participating restricted shares (140 ) — Consolidated net income attributable to unrestricted common stockholders $ 27,696 16,742,882 $ 1.65 Effect of dilutive securities Operating Partnership units 1,038 624,106 Restricted stock grants and Manager and director fee shares 140 84,919 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 28,874 17,451,907 $ 1.65 ​ For the year ended December 31, 2015 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 24,754 14,711,610 Allocation of earnings to participating restricted shares (62 ) — Consolidated net income attributable to unrestricted common stockholders $ 24,692 14,711,610 $ 1.68 Effect of dilutive securities Operating Partnership units 1,038 624,106 Restricted stock grants and Manager and director fee shares 62 36,772 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 25,792 15,372,488 $ 1.68

Equity

Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Equity	Equity Common stock As of December 31, 2017 and 2016 the Company had 18,588,228 and 18,122,387 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each year end. Preferred stock The Company had no shares of preferred stock outstanding at December 31, 2017 or 2016 . There were 25,000,000 shares authorized at each year end. 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. During the year ended December 31, 2017 and 2016 , 12,710 and 3,835 shares, respectively, were issued under the plan for total proceeds of approximately $0.2 million and $0.1 million , respectively. 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 $50.0 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, or the Securities Act. During the year ended December 31, 2017 , 286,841 shares of common stock have been sold under the At-the-Market program for total proceeds of approximately $4.1 million ; no shares were sold under the At-the-market program during 2016 . Accumulated Other Comprehensive Income (Loss) The Company recognizes temporary holding gains or losses on its investment in debt securities as components of Other comprehensive income (loss). Accumulated other comprehensive income (loss) at December 31, 2017 , 2016 and 2015 was as follows ($ in thousands): For the year ended December 31, 2017 2016 2015 Investment in debt securities: Unrealized gains $ 9 $ — $ — Unrealized losses (242 ) — — Accumulated other comprehensive income (loss) $ (233 ) $ — $ — Non-controlling Interest At December 31, 2017 , the Company had non-controlling interests attributable to ownership interests by three legal entities. The Company’s operating partnership, which is majority-owned by the Company, had 624,106 partnership units held by an independent third party at December 31, 2017 and 2016 . The Company consolidates the assets, liabilities, revenues and expenses of the operating partnership. During the year ended December 31, 2017 , the Company established AS Ajax E II LLC, to purchase and hold an investment in a Delaware trust which holds single family residential real estate loans, SBC loans and other real estate assets. AS Ajax E II LLC is 46.9% held by third parties. The Company has retained 53.1% of AS Ajax E II LLC and consolidates the assets, liabilities, revenues and expenses of the entity. During the fourth quarter of 2017 , the Company established 2017-D, a securitization trust, which is 50% held by an institutional investor. The Company has retained 50% of 2017-D and consolidates the assets, liabilities, revenues and expenses of the trust.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Quarterly Financial Information (unaudited)	Quarterly Financial Information (unaudited): The following table sets forth our quarterly financial information ($ in thousands): For the year ended December 31, 2017 First quarter Second quarter Third quarter Fourth quarter Total income $ 13,667 $ 13,105 $ 14,226 $ 13,797 Income before provision for income tax $ 8,699 $ 7,150 $ 7,763 $ 6,673 Net income attributable to common stockholders $ 8,409 $ 6,864 $ 7,470 $ 6,184 Basic earnings common share $ 0.46 $ 0.38 $ 0.41 $ 0.34 Diluted earnings per common share $ 0.46 $ 0.36 $ 0.38 $ 0.33 For the year ended December 31, 2016 First quarter Second quarter Third quarter Fourth quarter Total income $ 11,456 $ 10,843 $ 12,106 $ 12,292 Income before provision for income tax $ 7,960 $ 6,887 $ 7,905 $ 6,157 Net income attributable to common stockholders $ 7,651 $ 6,605 $ 7,623 $ 5,957 Basic earnings common share $ 0.50 $ 0.42 $ 0.42 $ 0.33 Diluted earnings per common share $ 0.50 $ 0.42 $ 0.42 $ 0.33

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent events	Subsequent Events Loan Acquisitions During January and February 2018 , the Company acquired 85 RPLs with an aggregate UPB of $18.9 million in three transactions. The loans were acquired at 89.3% of UPB and the estimated market value of the underlying collateral is $31.2 million . The purchase price equaled 53.9% of the estimated market value of the underlying collateral. The Company also acquired a 32 -unit multi-family apartment building with a purchase price of $3.5 million . Additionally, the Company has agreed to acquire, subject to due diligence, 422 RPLs with aggregate UPB of $91.6 million in five transactions from five different sellers. The purchase price equals 95.8% of UPB and 55.8% of the estimated market value of the underlying collateral of $157.3 million . The Company also agreed to purchase two SBC loans with UPB of $2.7 million . The investment will equal 67.8% of the underlying collateral value of $3.9 million . Some of these loans may be acquired through joint ventures with unrelated third parties. Investment in Servicer On January 26, 2018 , the Company agreed to acquire an 8% ownership interest in GAFS, the parent of the Company’s servicer, Gregory Funding LLC. The acquisition is expected to be completed in two transactions. January 26, 2018 was the initial closing date wherein a 4.9% interest in GAFS and three warrants, each exercisable for a 2.45% interest in GAFS upon payment of additional consideration, in exchange for consideration of $1.1 million of cash and 45,938 shares of the Company’s common stock with a value of approximately $0.6 million . At the date of an additional closing, expected to take place approximately 121 days afterward, depending upon receipt of all necessary approvals, consents and authorizations, an additional 3.1% interest in GAFS, and three warrants, each exercisable for a 1.55% interest in GAFS in exchange for consideration of $0.7 million of cash and shares of the Company’s common stock with a value of approximately $0.4 million , with the actual number of shares dependent upon the common stock’s price at the close of trading on the day immediately preceding the date of the additional closing. Management Fees On February 16, 2018 , the Company issued 48,654 shares of its common stock to the Manager in payment of the portion of the base management fee which is payable in common stock for the fourth quarter of 2017 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the fourth quarter of 2017 . Directors’ Retainer On February 16, 2018 , the Company issued to each of its four independent directors 607 shares of its common stock in payment of half of their quarterly director fees for the fourth quarter of 2017 . Dividend Declaration On February 21, 2018 , the Company’s Board of Directors declared a dividend of $0.30 per share, to be paid on March 30, 2018 to stockholders of record as of March 15, 2018 .

Schedule IV Mortgage loans on r

Schedule IV Mortgage loans on real estate	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule IV Mortgage loans on real estate	Schedule IV Mortgage loans on real estate December 31, 2017 ($ in thousands) Description (face value of loan) Loan Count Interest rate Maturity Carrying amount of mortgages (1) Principal amount subject to delinquent principal and interest Amount of balloon payments at maturity $0 – 49,999 636 1.00% - 12.99% 08/13/2008 – 06/01/2057​ $ 17,050 $ 7,554 $ 1,869 $50,000 – 99,999 1,244 1.00% - 12.95% 09/01/2009 – 11/01/2057​ 83,137 36,184 5,797 $100,000 – 149,999 1,396 1.00% - 13.34% 04/19/2009 – 08/01/2065 150,560 67,190 10,036 $150,000 – 199,999 981 2.00% - 12.50% 03/01/2019 – 08/01/2065​ 146,783 63,062 8,961 $200,000 – 249,999 672 2.00% - 10.95% 10/20/2018 – 07/01/2064 127,182 57,322 11,794 $250,000+ 1,972 1.00% - 11.50% 01/01/2014 – 05/01/2066​ 728,829 278,513 118,722 Total 6,901 ​ ​ $ 1,253,541 $ 509,825 $ 157,179 ​ (1) The aggregate cost for federal income tax purposes is ( $1,196.5 million ) as of December 31, 2017 . The following table sets forth the activity in our mortgage loans ($ in thousands): Mortgage loans January 1, 2017 Beginning carrying value (1) $ 869,091 Mortgage loan portfolio acquisitions, net cost basis 459,194 Mortgage loan portfolio originations 9,083 Dispositions — Accretion recognized 89,881 Payments received, net (153,930 ) Reclassifications to REO (20,294 ) Other 516 Ending carrying value $ 1,253,541 (1) Beginning carrying value for January 1, 2017 has been presented net of $1.5 million of borrower advances reclassified to Prepaid expenses and other assets.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Mortgage Loans	Mortgage loans Purchased mortgage loans are initially recorded at the purchase price, net of any acquisition fees or costs at the time of acquisition and are considered asset acquisitions. As part of the determination of the bid price for mortgage loans, the Company uses a proprietary discounted cash flow valuation model to project expected cash flows, and consider alternate loan resolution probabilities, including liquidation or conversion to REO. Observable inputs to the model include interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines, the value of underlying properties and other economic and demographic data.
Loans Acquired with Deterioration in Credit Quality	Loans acquired with deterioration in credit quality The loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage loans pursuant to ASC 310-30, Accounting for Loans with Deterioration in Credit Quality . The Company’s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the interest method of income recognition. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. RPLs have been determined to have common risk characteristics and are accounted for as a single loan pool for loans acquired within each three-month calendar quarter. Similarly, NPLs have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within each three-month calendar quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the acquisition closing date but prior to pooling. Any gain or loss on these loans is recognized as Interest income in the period the loan pays in full. The Company’s accounting for loans under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral. The Company recognizes the accretable yield as Interest income on a prospective level yield basis over the life of the pool. The excess of a loan’s contractually required payments over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company’s expectation of the amount of undiscounted cash flows expected to be collected is evaluated at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. A provision for loan losses is established when it is probable the Company will not collect all amounts previously estimated to be collectible. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the loan pools as well as other factors, such as the fair value of the underlying collateral. When a loan pool is determined to be impaired, the amount of loss accrual is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan pool’s effective interest rate or the fair value of the underlying collateral. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. Borrower payments on the Company’s mortgage loans are classified as principal, interest, payments of fees, or escrow deposits. Amounts applied as interest on the borrower account are similarly classified as interest for accounting purposes and are classified as operating cash flows in the Company’s consolidated Statement of Cash Flows. Amounts applied as principal on the borrower account are similarly classified as principal for accounting purposes and are classified as investing cash flows in the consolidated Statement of Cash Flows. Amounts received as payments of fees are recorded in Other income and classified as operating cash flows in the consolidated Statement of Cash Flows. Escrow deposits are recorded on the Servicer’s Balance Sheet and do not impact the Company’s cash flow.
Loans acquired or originated that have not experienced a deterioration in credit quality	Loans acquired or originated that have not experienced a deterioration in credit quality While the Company generally acquires loans that have experienced deterioration in credit quality, it does acquire or originate loans that have not experienced a deterioration in credit quality. The Company recognizes any related loan discount and deferred expenses pursuant to ASC 310-20 by amortizing these amounts over the life of the loan. Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against Interest income. Income is subsequently recognized on the cash basis until, in management’s judgment, the borrower’s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status. An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral dependent. For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans.
Real Estate	Real Estate The Company acquires REO properties directly through purchases, or when it forecloses on the borrower and takes title to the underlying property or the borrower surrenders the deed in lieu of foreclosure. Property is recorded at cost if purchased, or at the present value of future cash flows if obtained through foreclosure by the Company. Property that the Company expects to actively market for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value (fair market value less expected selling costs, and any additional costs necessary to prepare the property for sale). Fair market value is determined based on broker price opinions (“BPOs”), appraisals, or other market indicators of fair value including list price or contract price. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income through real estate operating expenses. No depreciation or amortization expense is recognized on properties held-for-sale, and all holding costs are expensed as incurred. Rental property is property not held-for-sale. Rental properties are intended to be held as long-term investments but may eventually be reclassified as held-for-sale. Property is generally held for investment as rental property if the cash flows from use as a rental exceed the present value of expected cash flows from a sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years. The Company performs an impairment analysis for all rental property using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. The cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. Renovations are performed by the Servicer, and those costs are then reimbursed to the Servicer. Any renovations on properties which the Company elects to hold as rental properties are capitalized as part of the property’s basis and depreciated over the remaining estimated useful life of the property. The Company may perform property renovations to maximize the value of a property for either its rental strategy or for resale.
Secured Borrowings	Secured Borrowings The Company, through securitization trusts, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings are structured as debt financings, and the loans remain on the Company’s consolidated Balance Sheet as the Company is the primary beneficiary of the securitization trusts which are VIEs. 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 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 on an effective yield basis based on the underlying cash flow of the mortgage loans. 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.
Repurchase Facilities	Repurchase Facilities 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 debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up 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 deferred costs when incurred and amortized over the contractual life of the related borrowing.
Convertible senior notes	Convertible Senior Notes On April 25, 2017 , the Company completed the public offer and sale of $87.5 million in aggregate principal amount of its Convertible senior notes (the “notes”) due 2024, with a follow-on offering of an additional $20.5 million in aggregate principal amount completed on August 18, 2017 , which, combined with the notes from the April offering, form a single series of securities. The notes bear interest at a rate of 7.25% per annum, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The notes will mature on April 30, 2024 , unless earlier converted or redeemed. During certain periods and subject to certain conditions the notes will be convertible by their holders into shares of the Company’s common stock at a conversion rate of 1.6313 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $15.33 per share of common stock. Coupon interest on the notes is recognized using the accrual method of accounting. Discount and deferred issuance costs are carried on the Company’s consolidated Balance Sheets as a deduction from the notes, and are amortized to interest expense on an effective yield basis through April 30, 2023 , the date at which the notes can be converted. The Company assumes the debt will be converted at the specified conversion date for purposes of amortizing issuance costs because the Company believes such conversion will be in the economic interest of the holders. Discount of $2.7 million , representing the fair value of the embedded conversion feature, was recorded to stockholders’ equity. No sinking fund has been established for redemption of the principal.
Management Fee and Expense Reimbursement	Management Fee and Expense Reimbursement The Company is a party to the Management Agreement with the Manager, which has a 15 -year term, expiring on July 8, 2029. Under the Management Agreement, the Manager 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, the Manager, directly or through Aspen affiliates, provides the Company with a management team and necessary administrative and support personnel. Additionally, the Company pays directly for the internal audit function which reports directly to the Audit Committee and the Board of Directors. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement by and between the Company and the Manager as amended and restated on October 27, 2015, the Company pays a quarterly base management fee based on its stockholders’ equity, including equity equivalents such as the Company's recent issuance of Convertible senior notes, and a quarterly incentive management fee based on its cash distributions to its stockholders. Manager fees are expensed in the quarter incurred and the portion payable in common stock is included in stockholders’ equity at quarter end. See Note 9 — Related party transactions.
Servicing Fees	Servicing Fees On July 8, 2014, the Company entered into a 15 -year Servicing Agreement (the “Servicing Agreement”) with the Servicer. Under the Servicing Agreement by and between the Company and the Servicer, the Servicer receives an annual servicing fee rate of 0.65% annually of the Unpaid Principal Balance (“UPB”) for loans that are re-performing at acquisition and 1.25% of UPB for loans that are non-performing at acquisition. Servicing fees are paid monthly. The total fees incurred by the Company for these services depend upon the UPB and type of mortgage loans that the Servicer services pursuant to the terms of the servicing agreement. The fees do not change if a re-performing loan becomes non-performing or vice versa. Servicing fees for the Company’s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. The Servicer 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 undertaken on the Company’s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that the Servicer services, property values, previous UPB of the relevant loan, and the number of REO properties. The Servicing Agreement will automatically renew for successive one -year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the Servicing Agreement if the Servicing Agreement is terminated for any reason. See Note 9 — Related party transactions.
Stock-based Payments	Stock-based Payments A portion of the management fee is payable in cash, and a portion of the management fee is in shares of the Company’s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act of 1933, as amended (the “Securities Act”). Shares issued to the Manager are determined based on the higher of the most recently reported book value or the average of the closing prices of our common stock on the New York Stock Exchange (“NYSE”) on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. Management fees paid in common stock are recognized as an expense in the quarter incurred and recorded in equity at quarter end. 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 award, including grants of long-term incentive plan units (“LTIP Units”) from the Operating Partnership, available for issuance under the Director Plan is 90,000 shares. The Company has issued to each of its independent directors restricted stock awards of 2,000 shares of its common stock upon joining the Board of Directors, which are subject to a one -year vesting period. In addition, each of the Company’s independent directors receives an annual fee of $75,000 , an increase of $25,000 over the annual fee paid to the Company’s independent directors through December 31, 2016 . The fee is payable quarterly, half in shares of the Company’s common stock and half in cash. Stock-based expense for the directors’ annual fee is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end. On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”) 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 exercise of all outstanding options and the conversion of all warrants and Convertible senior notes, including OP Units and LTIP Units, into shares of common stock). Grants of restricted stock to officers of the Company use grant date fair value of the stock as the basis for measuring the cost of the grant. The cost of grants of restricted stock to employees of the Company’s affiliates is determined using the stock price as of the date at which the counterparty's performance is complete. Forfeitures are accounted for in the period in which they occur. The shares vest over three years, with one third of the shares vesting on each of the first, second and third anniversaries of the grant date. The shares may not be sold until the third anniversary of the grant date.
Directors' fees	Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ equity in the period in which it is incurred.
Variable Interest Entities	Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (See “Secured Borrowings” above and Note 8 to the consolidated Financial Statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities. 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. 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.
Cash Held in Trust	Cash Held in Trust Cash held in trust consists of restricted cash balances legally due to lenders, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations to the lender.
Earnings per Share	Earnings per Share The Company grants restricted 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 earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income available to common shareholders, 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 net income attributable to diluted shareholders, which adds back to net income the interest expense, net of applicable income taxes, on the Company’s Convertible senior notes, by the weighted-average common shares outstanding, assuming all dilutive securities, including stock grants, shares that would be issued in the event that OP Units are 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 Manager and independent directors, and shares that would be issued in the event of conversion of the Company’s outstanding Convertible senior notes, were issued. In the event the Company were to record a 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.
Fair Value of Financial Instruments	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 not active; or other inputs that are observable 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. The fair value of mortgage loans is estimated using the Manager’s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The Company reviews its discount rates periodically to ensure the assumptions used to calculate fair value are in line with market conditions. The Company’s Investment in debt securities is considered to be available for sale, and is carried at fair value with changes in fair value reflected in the Company’s consolidated Statements of Comprehensive Income. The Company calculates the fair value for the secured borrowings on its consolidated Balance Sheets from securitization trusts by using the Company’s proprietary pricing model to estimate the cash flows expected to be generated from the underlying collateral with the discount rate used in the present value calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors. The Company’s borrowings under repurchase agreement are short-term in nature, and the Company’s management 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 Convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the closing price on the Balance Sheet date. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value. Fair market value is determined based on broker price opinions, appraisals, or other market indicators of fair value. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income.
Income Taxes	Income Taxes The Company elected REIT status upon the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31, 2014 forward on the portion of the Company’s REIT taxable income that is distributed to the Company’s stockholders as long as certain asset, income and stock ownership tests are met. If the Company fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost. In addition, notwithstanding the Company’s qualification as a REIT, it may also have to pay certain state and local income taxes, because not all states and localities treat REITs in the same manner that they are treated for U.S. federal income tax purposes. GA-TRS, GAJX Real Estate LLC, and any other TRS that the Company forms will be subject to U.S. federal and state income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences or benefits attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company’s judgment, it reduces a deferred tax asset by a valuation allowance if it is “more-likely-than-not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.
Investment in Debt Securities	Investment in Debt Securities The Company’s investment in debt securities consists of a $6.3 million investment in subordinated debt securities issued by a related party trust. The notes have a stated final maturity of October 25, 2056 . During the year ended December 31, 2017, the Company made a decision to transfer these notes to available-for-sale status in anticipation of reinvesting the proceeds from any sale into additional mortgage loans. Accordingly, the carrying amount of $6.3 million was transferred from held-to-maturity to available-for-sale status during the year. The notes are carried at fair value with changes in fair value reflected in the Company’s consolidated Statements of Comprehensive Income.
Segment Information	Segment Information The Company’s primary business is acquiring, investing in and managing a portfolio of mortgage loans. The Company operates in a single segment focused on re-performing mortgages, and to a lesser extent non-performing mortgages.
Emerging Growth Company	Emerging Growth Company Section 107 of the Jumpstart Our Business Startups Act (the “JOBS Act”) permits an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. Nonetheless, the Company has elected not to use this extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended.
Reclassifications	Reclassifications Certain amounts in the Company’s 2016 consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income or equity.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures, which is intended to simplify the transition to the equity method of accounting. The guidance eliminates the retrospective application of the equity method of accounting when obtaining significant influence over a previously held investment. The guidance requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company adopted ASU 2016-07 in 2017 with no effect on its consolidated assets or liabilities, or its consolidated net income or equity. In October 2016, the FASB issued ASU No. 2016-17, Consolidation - Interests Held through Related Parties That Are Under Common Control . ASU 2016-17 is intended to revise guidance from ASU 2015-02 which, in practice, was leading to reporting of financial information that was not useful to financial statement users. Accordingly, ASU 2016-17 provides guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining if the reporting entity is the primary beneficiary of the VIE. This guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2017, with early adoption permitted. The Company adopted ASU 2016-17 in 2017 with no effect on its consolidated assets or liabilities, or its consolidated net income or equity. In March 2017, the FASB issued ASU 2017-08, Receivables- Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities . This standard shortens the amortization period for the premium to the earliest call date to more closely align interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument. Adoption of ASU 2017-08 is required for fiscal years and interim periods within those fiscal years, beginning after December, 15, 2018, early adoption is permitted. The Company adopted ASU 2017-08 in 2017 with no effect on its consolidated assets or liabilities, or its consolidated net income or equity. Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services . ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach. In August 2015, the FASB issued ASU 2015-14 deferring the effective date for ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company recognizes revenue on its investments in mortgage loans pursuant to ASC Topic 310 which addresses the accounting treatment for various receivables. ASU 2014-09 provides a specific exemption for revenue recognized pursuant to ASC Topic 310. Accordingly, the implementation of ASU 2014-09 will not have a material effect on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall . ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Specifically the guidance (1) requires equity investments to be measured at fair value with changes in fair value recognized in earnings, (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost, (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option, (6) requires separate presentation of financial assets and liabilities by measurement category and form on the consolidated balance sheets or the notes to the financial statements, and (7) clarifies that the need for a valuation allowance on a deferred tax asset related to an available-for-sale security should be evaluated with other deferred tax assets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect that the implementation of ASU 2016-01 will have a material effect on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The main objective of this guidance is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. To achieve this, the amendments in this guidance replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Specifically, the amendments in this guidance require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted, beginning with fiscal years after December 15, 2018. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 provides guidance on the presentation and classification of specific cash flow items to improve consistency within the statement of cash flows. This guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2017, with early adoption permitted. The Company is evaluating the effect that ASU 2016-15 will have on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation . ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2017, with early adoption permitted. The Company does not expect that the implementation of ASU 2017-09 will have a material effect on its consolidated financial statements and related disclosures.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2017
Mortgage Loans [Abstract]
Schedule of loan portfolio basis by asset type	The following table presents information regarding the carrying value for the Mortgage loan categories of RPL, NPL and originated as of December 31, 2017 and 2016 ($ in thousands): As of December 31, Loan portfolio basis by asset type 2017 2016 (1) Residential RPLs $ 1,190,019 $ 803,667 Purchased SBC (RPL) 8,605 7,731 Originated SBC 11,620 2,473 Residential NPLs 43,297 55,220 Total $ 1,253,541 $ 869,091 (1) These values have been presented net of borrower advances reclassified to Prepaid expenses and other assets.
Schedule of contractually required payments and estimated cash flows expected to be collected	The Company’s loan acquisitions for the year ended December 31, 2017 consisted of 2,562 purchased RPLs with $526.5 million UPB and eight , originated SBC loans with $8.8 million UPB. Comparatively during the year ended December 31, 2016 , the Company acquired 2,613 RPLs with $522.6 million UPB and one originated SBC loan with $2.5 million UPB. The Company acquired no NPLs for year ended December 31, 2017 and acquired 23 NPLs with $3.6 million UPB for the year ended 2016 . The following table presents information regarding the accretable yield and non-accretable amount for purchased loans acquired during the following periods ($ in thousands): For the year ended December 31, ​ 2017 2016 Re-performing loans Non-performing loans Re-performing loans (1) Non-performing loans Contractually required principal and interest $ 947,162 $ — $ 748,008 $ 6,387 Non-accretable amount (373,251 ) — (284,901 ) (4,143 ) Expected cash flows to be collected 573,911 — 463,107 2,244 Accretable yield (114,676 ) — (106,492 ) (222 ) Fair value at acquisition $ 459,235 $ — $ 356,615 $ 2,022 ​ (1) Excludes $78.2 million of RPLs acquired and sold in the third quarter of 2016.
Schedule of accretable yield	The following table presents the accretable yield and non-accretable amount for loan portfolio purchases in 2017 and 2016 . Accretable yield and accretion amounts do not include any of the eight and one originated SBC loans at December 31, 2017 and 2016 , respectively ($ in thousands): For the year ended December 31, ​ 2017 2016 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Balance at beginning of period $ 239,858 $ 12,065 $ 136,455 $ 18,425 Accretable yield additions 114,676 — 106,492 222 Accretion (85,715 ) (4,166 ) (62,976 ) (7,583 ) Reclassification from (to) non-accretable amount, net 75,322 (529 ) 59,887 1,001 Balance at end of period $ 344,141 $ 7,370 $ 239,858 $ 12,065
Schedule of carrying value of mortgage loans and related UPB by delinquency status	The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of December 31, 2017 and 2016 ($ in thousands): As of December 31, ​ 2017 2016 Number of loans Carrying value Unpaid principal balance Number of loans Carrying value Unpaid principal balance Current 3,998 $ 744,300 $ 860,572 2,306 $ 419,500 $ 510,058 30 912 152,685 178,383 797 141,169 173,482 60 577 100,792 117,145 482 84,468 101,727 90 1,047 177,841 214,297 911 142,701 179,718 Foreclosure 367 77,923 94,826 414 81,253 105,208 Mortgage loans 6,901 $ 1,253,541 $ 1,465,223 4,910 $ 869,091 $ 1,070,193

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of activity in the Company's carrying value held-for-sale	The following table presents the activity in the Company’s carrying value of property held-for-sale for the years ended December 31, 2017 and 2016 ($ in thousands): ​ For the year ended December 31, 2017 2016 Property Held-for-sale Count Amount Count Amount Balance at beginning of year 149 $ 23,882 73 $ 10,333 Transfers from mortgage loans 125 19,477 158 24,095 Adjustments to record at lower of cost or fair value — (2,516 ) — (2,011 ) Disposals (128 ) (16,638 ) (82 ) (8,991 ) Net transfers to Rental property (7 ) 746 — — Other (3 ) (4 ) — 456 Balance at end of year 136 $ 24,947 149 $ 23,882

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of fair value of financial assets and liabilities	The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of December 31, 2017 and 2016 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2017 Carrying Value Fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 24,947 $ 2,516 $ — $ — $ 24,947 Level 1 Level 2 Level 3 December 31, 2016 Carrying Value Fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial Assets Property held-for-sale $ 23,882 $ 2,011 $ — $ — $ 23,882 The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of December 31, 2017 and 2016 ($ in thousands): ​ ​ Level 1 Level 2 Level 3 December 31, 2017 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,253,541 $ — $ — $ 1,375,722 Investment in debt securities $ 6,285 $ — $ 6,285 $ — Investment in Manager (1) $ — $ — $ — $ 6,427 Investment in AS Ajax E $ 1,201 $ — $ 1,224 $ — Financial liabilities Secured borrowings, net $ 694,040 $ — $ — $ 693,255 Borrowings under repurchase agreement $ 276,385 $ — $ 276,385 $ — Convertible senior notes, net $ 102,571 $ 109,641 $ — $ — ​ ​ Level 1 Level 2 Level 3 December 31, 2016 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 869,091 $ — $ — $ 930,226 Investment in debt securities $ 6,323 $ — $ 6,323 $ — Investment in Manager (1) $ — $ — $ — $ 2,888 Investment in AS Ajax E $ 1,291 $ — $ 1,323 $ — Financial liabilities Secured borrowings, net $ 442,670 $ — $ — $ 436,623 Borrowings under repurchase agreement $ 227,440 $ — $ 227,440 $ — Convertible senior notes, net $ — $ — $ — $ —

Affiliates (Tables)

Affiliates (Tables)	12 Months Ended
	Dec. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of assets and liabilities for the Company's unconsolidated affiliates at 100%, and at the Company's share	The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100% , and at the Company’s share ($ in thousands): Net income, assets and liabilities of unconsolidated affiliates at 100% For the year ended December 31, Net income at 100% 2017 2016 2015 GA-E 2014-12 $ 426 $ 762 $ 871 Thetis Asset Management $ 2,136 $ 1,100 $ 998 AS Ajax E LLC $ 319 $ 138 $ — For the year ended December 31, ​ 2017 2016 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities GA-E 2014-12 $ 7 $ 5 $ 6,259 $ — Thetis Asset Management $ 7,415 $ 1,674 $ 4,846 $ 1,167 AS Ajax E LLC $ 7,293 $ 5 $ 7,964 $ 12 Net income, assets and liabilities of unconsolidated affiliates at Company share For the year ended December 31, Net income at Company share 2017 2016 2015 GA-E 2014-12 $ 173 $ 308 $ 353 Thetis Asset Management $ 423 $ 218 $ 198 AS Ajax E LLC $ 53 $ 32 $ — For the year ended December 31, ​ 2017 2016 Assets and Liabilities at Company share Assets Liabilities Assets Liabilities GA-E 2014-12 $ 3 $ 2 $ 2,535 $ — Thetis Asset Management $ 1,468 $ 331 $ 960 $ 231 AS Ajax E LLC $ 1,203 $ 1 $ 1,314 $ 2

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate April 30, 2018 October 31, 2017 $ 10,601 $ 10,601 $ 15,145 143 % 3.66 % May 8, 2018 November 8, 2017 15,227 15,227 21,754 143 % 3.69 % June 7, 2018 December 7, 2017 66,678 66,678 88,904 133 % 3.59 % November 21, 2018 November 22, 2017 200,000 3,775 8,215 218 % 4.79 % July 12, 2019 July 15, 2016 250,000 180,104 234,724 130 % 4.03 % Totals ​ $ 542,506 $ 276,385 $ 368,742 133 % 3.91 % ​ ​ ​ December 31, 2016 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate March 9, 2017 September 9, 2016 ​ $ 10,310 $ 10,309 $ 14,728 143 % 3.32 % March 30, 2017 September 30, 2016 10,797 10,797 15,424 143 % 3.34 % May 8, 2017 November 9, 2016 14,986 14,986 21,409 143 % 3.35 % November 21, 2017 November 22, 2016 ​ 200,000 21,302 36,044 169 % 4.20 % July 12, 2019 July 15, 2016 ​ 200,000 170,046 226,192 133 % 3.25 % Totals ​ ​ $ 436,093 $ 227,440 $ 313,797 138 % 3.35 %
Schedule of amount outstanding on repurchase transactions and carrying value collateral	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. 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, 2017 and 2016 in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2017 December 31, 2016 Gross amount of recognized liabilities $ 276,385 $ 227,440 Gross amount pledged as collateral 368,742 313,797 Net amount $ 92,357 $ 86,357
Schedule of securitization of notes	The following table sets forth the original terms of all securitization notes outstanding at December 31, 2017 at their respective cutoff dates: Issuing Trust/Issue Date Security Original Principal Interest Rate Ajax Mortgage Loan Trust 2016-A/ April 2016 Class A notes due 2064 $101.4 million 4.25 % Class B-1 notes due 2064(1,4) $7.9 million 5.25 % Class B-2 notes due 2064(1,4) $7.9 million 5.25 % Trust certificates(2) $41.3 million — % Deferred issuance costs $(2.7) million — % Ajax Mortgage Loan Trust 2016-B/ August 2016 Class A notes due 2065 $84.4 million 4.00 % Class B-1 notes due 2065(1,4) $6.6 million 5.25 % Class B-2 notes due 2065(1,4) $6.6 million 5.25 % Trust certificates(2) $34.1 million — % Deferred issuance costs $(1.6) million — % Ajax Mortgage Loan Trust 2016-C/ October 2016 Class A notes due 2057 $102.6 million 4.00 % Class B-1 notes due 2057(1,4) $7.9 million 5.25 % Class B-2 notes due 2057(1,4) $7.9 million 5.25 % Trust certificates(2) $39.4 million — % Deferred issuance costs $(1.6) million — % Ajax Mortgage Loan Trust 2017-A/ May 2017 Class A notes due 2057 $140.7 million 3.47 % Class B-1 notes due 2057(1) $15.1 million 5.25 % Class B-2 notes due 2057(1) $10.8 million 5.25 % Trust certificates(2) $49.8 million — % Deferred issuance costs $(2.0) million — % Ajax Mortgage Loan Trust 2017-B/ December 2017 Class A notes due 2056 $115.8 million 3.16 % Class M-1 notes due 2056(3) $9.7 million 3.50 % Class M-2 notes due 2056(3) $9.5 million 3.50 % Class B-1 notes due 2056(1) $9.0 million 3.75 % Class B-2 notes due 2056(1) $7.5 million 3.75 % Trust certificates(2) $14.3 million — % Deferred issuance costs $(1.8) million — % Ajax Mortgage Loan Trust 2017-C/ November 2017 Class A notes due 2060 $130.2 million 3.75 % Class B-1 notes due 2060(1) $13.0 million 5.25 % Trust certificates(2) $42.8 million — % Deferred issuance costs $(1.7) million — % Ajax Mortgage Loan Trust 2017-D/ December 2017 Class A notes due 2057(5) $177.8 million 3.75 % Class B certificates due 2057(4,5) $44.5 million — % Deferred issuance costs $(1.1) million — % (1) The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes. ​ (2) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (3) The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. We have retained the Class M notes. ​ (4) These securities are encumbered under a repurchase agreement. (5) AJAXM 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. We are required to consolidate 2017-D under GAAP and are reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes. which are held by the third party, are included in Secured borrowings, net and 50% of the Class B-1 certificates are recognized as Non-controlling interest.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at December 31, 2017 and 2016 , and the securitization cutoff date: ​ Balances at December 31, 2017 Balances at December 31, 2016 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 2015-A $ — $ — — % $ 51,388 $ 29,476 174 % $ 75,835 $ 35,643 2015-B — — — % 104,111 75,258 138 % 158,498 87,174 2015-C — — — % 100,614 66,979 150 % 130,130 81,982 2016-A 110,585 82,556 134 % 118,189 96,158 123 % 158,485 101,431 2016-B 93,772 71,361 131 % 97,660 80,672 121 % 131,746 (1) 84,430 2016-C 116,357 88,400 132 % 126,681 101,209 125 % 157,808 102,575 2017-A 170,805 126,507 135 % — — — % 216,413 140,669 2017-B 143,799 115,846 124 % — — — % 165,850 115,846 2017-C 157,015 129,191 122 % — — — % 185,942 130,159 2017-D 203,870 88,903 (3) 229 % — — — % 203,870 (2) 88,903 ​ $ 996,203 $ 702,764 142 % $ 598,643 $ 449,752 133 % $ 1,584,577 $ 968,812 ​ (1) Includes $1.9 million of cash collateral. (2) Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3) The gross amount of senior bonds issued was $177.8 million , however, only $88.9 million is reflected in Secured borrowings as the remainder is owned by the Company.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of consolidated statement of income	The Company’s consolidated Statements of Income included the following significant related party transactions ($ in thousands): For the year ended December 31, 2017 Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 8,245 Management fee Related party expense – management fee Thetis $ 5,340 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 101 Expense reimbursements Other fees and expenses Gregory $ 80 Expense reimbursements Other fees and expenses Thetis $ 4 ​ For the year ended December 31, 2016 ​ Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 6,083 Management fee Related party expense – management fee Thetis $ 3,949 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 100 Expense reimbursements Other fees and expenses Gregory $ 67 Expense reimbursements Other fees and expenses Thetis $ 28 ​ For the year ended December 31, 2015 ​ Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 3,959 Management fee Related party expense – management fee Thetis $ 3,353 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 75 Expense reimbursements Professional fees Gregory $ — Expense reimbursements Other fees Thetis $ —
schedule of related party transactions for consolidated balance sheet	The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): ​ As of December 31, 2017 Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,005 Investment in subordinated debt securities Investment in debt securities Oileus Residential $ 6,285 Management fee payable Management fee payable Thetis $ 750 Servicing fees payable Accrued expenses and other liabilities Gregory $ 217 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ — ​ As of December 31, 2016 ​ Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 12,481 Investment in subordinated debt securities Investment in debt securities Oileus Residential $ 6,323 Management fee payable Management fee payable Thetis $ 750 Servicing fees payable Accrued expenses and other liabilities Gregory $ 195 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ —

Stock-based Payments and Dire31

Stock-based Payments and Director Fees (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of management fees and director fees	The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts): Management Fees and Director Fees For the year ended December 31, ​ 2017 2016 2015 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 150,652 2,335 70,957 $ 1,068 85,497 $ 1,239 Independent director fees 9,708 150 6,648 100 6,872 100 ​ 160,360 $ 2,485 77,605 $ 1,168 92,369 $ 1,339 (1) All management fees and independent director fees are fully expensed in the period in which the underlying expense is incurred. ​
Schedule of activity in restricted stock	The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except share and per share amounts): ​ Total Grants Activity Non-vested shares at December 31, 2017 Fully-vested shares at December 31, 2017 Year ended December 31, 2017 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 — $ 14 — $ — 10,000 $ 14.61 Employee and Service Provider Grant, granted 2016 (2,4) 149,000 2,027 — 675 99,333 13.50 49,667 13.50 Employee and Service Provider Grant, granted 2017 (3) 39,000 542 39,000 76 39,000 13.95 — — Totals 198,000 $ 2,715 39,000 $ 765 138,333 $ 13.63 59,667 $ 13.69 (1) Vesting period is one year from grant date. Grant is fully vested at December 31, 2017 . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 1.6 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 2.6 years (4) Total is shown net of 2017 forfeitures of 4,000 shares. ​ Total Grants Activity Non-vested shares at December 31, 2016 Fully-vested shares at December 31, 2016 Year ended December 31, 2016 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 2,000 $ 16 2,000 $ 13.79 8,000 $ 13.79 Employee and Service Provider Grant, granted 2016 (2) 153,000 2,053 153,000 278 153,000 13.50 — — Totals 163,000 $ 2,199 155,000 $ 294 155,000 $ 13.50 8,000 $ 13.79 (1) Vesting period is one year from grant date. Weighted average remaining life of grant at December 31, 2016 is 0.5 years . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2016 is 2.6 years . ​ ​ Total Grants Activity Non-vested shares at December 31, 2015 Fully-vested shares at December 31, 2015 Year ended December 31, 2015 Total Total Shares Grant Shares Per share Shares Weighted Directors’ Grants (1) 8,000 $ 29 2,000 $ 71 2,000 $ 14.25 6,000 $ 14.25 Employee and Service Provider Grant (2) — — — — — — — — Totals 8,000 $ 29 2,000 $ 71 2,000 $ 14.25 6,000 $ 14.25 (1) Vesting period is one year from grant date.​ (2) Vesting is ratable over three -year period from grant date.

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The following table sets forth the components of basic and diluted EPS ($ in thousands, except share and per share amounts): ​ For the year ended December 31, 2017 Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 28,927 18,074,143 Allocation of earnings to participating restricted shares (321 ) — Consolidated net income attributable to unrestricted common stockholders $ 28,606 18,074,143 $ 1.58 Effect of dilutive securities Operating Partnership units 998 624,106 Restricted stock grants and Manager and director fee shares 321 203,083 Interest expense (add back) and assumed conversion of shares from convertible senior notes 5,289 4,417,189 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 35,214 23,318,521 $ 1.51 ​ For the year ended December 31, 2016 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 27,836 16,742,882 Allocation of earnings to participating restricted shares (140 ) — Consolidated net income attributable to unrestricted common stockholders $ 27,696 16,742,882 $ 1.65 Effect of dilutive securities Operating Partnership units 1,038 624,106 Restricted stock grants and Manager and director fee shares 140 84,919 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 28,874 17,451,907 $ 1.65 ​ For the year ended December 31, 2015 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 24,754 14,711,610 Allocation of earnings to participating restricted shares (62 ) — Consolidated net income attributable to unrestricted common stockholders $ 24,692 14,711,610 $ 1.68 Effect of dilutive securities Operating Partnership units 1,038 624,106 Restricted stock grants and Manager and director fee shares 62 36,772 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 25,792 15,372,488 $ 1.68

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of accumulated other comprehensive income	Accumulated other comprehensive income (loss) at December 31, 2017 , 2016 and 2015 was as follows ($ in thousands): For the year ended December 31, 2017 2016 2015 Investment in debt securities: Unrealized gains $ 9 $ — $ — Unrealized losses (242 ) — — Accumulated other comprehensive income (loss) $ (233 ) $ — $ —

Quarterly Financial Informati34

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Schedule of quarterly financial information	The following table sets forth our quarterly financial information ($ in thousands): For the year ended December 31, 2017 First quarter Second quarter Third quarter Fourth quarter Total income $ 13,667 $ 13,105 $ 14,226 $ 13,797 Income before provision for income tax $ 8,699 $ 7,150 $ 7,763 $ 6,673 Net income attributable to common stockholders $ 8,409 $ 6,864 $ 7,470 $ 6,184 Basic earnings common share $ 0.46 $ 0.38 $ 0.41 $ 0.34 Diluted earnings per common share $ 0.46 $ 0.36 $ 0.38 $ 0.33 For the year ended December 31, 2016 First quarter Second quarter Third quarter Fourth quarter Total income $ 11,456 $ 10,843 $ 12,106 $ 12,292 Income before provision for income tax $ 7,960 $ 6,887 $ 7,905 $ 6,157 Net income attributable to common stockholders $ 7,651 $ 6,605 $ 7,623 $ 5,957 Basic earnings common share $ 0.50 $ 0.42 $ 0.42 $ 0.33 Diluted earnings per common share $ 0.50 $ 0.42 $ 0.42 $ 0.33

Organization and Basis of Pre35

Organization and Basis of Presentation (Details Textuals)	12 Months Ended
	Dec. 31, 2017USD ($)payment
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least)	5
Number of recent payments made on RPL mortgage loans	7
Principal balance of small balance commercial mortgage loans (up to) | $	$ 509,825,000
Number of payments made on NPL mortgage loans	3
Ownership percentage	5.00%
Percentage of outstanding OP units owned	96.80%
Percentage of outstanding OP owned by an unaffiliated holder	3.20%
Maximum
Organization And Basis Of Presentation [Line Items]
Principal balance of small balance commercial mortgage loans (up to) | $	$ 5,000,000
Thetis Asset Management
Organization And Basis Of Presentation [Line Items]
Ownership percentage	19.80%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage	53.10%
2017-D
Organization And Basis Of Presentation [Line Items]
Ownership interest in real estate trust, percentage	50.00%

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Narrative (Details)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)$ / shares	Jun. 07, 2016	Jul. 08, 2014	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Oct. 31, 2016USD ($)
Summary Of Significant Accounting Policies [Line Items]
Conversion premium - Convertible senior notes		$ 2,700,000			$ 2,687,000
Investment in debt securities					$ 6,285,000	$ 6,323,000	$ 6,300,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of an assets					3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of an assets					27 years 6 months
Management Agreement | Manager
Summary Of Significant Accounting Policies [Line Items]
Terms of agreement					15 years
Servicing Agreement | Gregory
Summary Of Significant Accounting Policies [Line Items]
Terms of agreement				15 years
Percentage of fair market value of REO				1.00%
Percentage of purchase price of REO				1.00%
Servicing Agreement | Gregory | Minimum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage				0.65%	0.65%
Servicing Agreement | Gregory | Maximum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage				1.25%	1.25%
2014 Director Equity Plan
Summary Of Significant Accounting Policies [Line Items]
Number of shares available under for distribution (in shares) | shares					90,000
Vesting period					1 year
2014 Director Equity Plan | Restricted stock
Summary Of Significant Accounting Policies [Line Items]
Number of shares issued to independent directors (in shares) | shares					2,000
Annual retainer amount						75,000
Amount paid to the Company’s independent directors						$ 25,000
2016 Equity Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Vesting period			3 years
Fraction of award vesting period			0.3333
Percentage of outstanding shares on a fully diluted basis (up to)			5.00%
Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal		$ 87,500,000
Additional aggregate principal	$ 20,500,000
Interest rate	7.25%	7.25%			7.25%
Principal amount of note (in dollars per share) | $ / shares		$ 25
Conversion premium - Convertible senior notes	$ 200,000	$ 2,500,000
Common Stock | Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Conversion rate		1.6313
Conversion price per share | $ / shares		$ 15.33

Mortgage Loans - Schedule of Lo

Mortgage Loans - Schedule of Loan Portfolio Basis by Asset Type (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans On Real Estate Mortgage Loan Payments		$ 153,930,000
Mortgage loans, net	[1]	1,253,541,000	[2]	$ 869,091,000
Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		1,190,019,000		803,667,000
Purchased SBC (RPL)
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		8,605,000		7,731,000
Originated SBC
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		11,620,000		2,473,000
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans On Real Estate Mortgage Loan Payments		0
Mortgage loans, net		$ 43,297,000		$ 55,220,000
[1]	Mortgage loans, net include $996,203 and $598,643 of loans at December 31, 2017 and December 31, 2016, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8 — Debt.
[2]	Mortgage loans, net include​s $177.1 million, Secured borrowings, net of deferred costs includes $88.4 million, and Non-controlling interests includes $14.0 million from a 50% owned joint venture, which we consolidate under GAAP.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	[1]	$ 1,253,541	[2]	$ 869,091
Mortgage Loans On Real Estate Non Cash Interest Income Accretion		89,881
Interest income		91,424		70,688	$ 47,700
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		74,800		60,900
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		75,300
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Mortgage loans		43,297		$ 55,220
Number of mortgage loans on real estate | Loan				23
Aggregate unpaid principal balance of mortgage loans on real estate				$ 3,600
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		500
RPLs
Mortgage Loans on Real Estate [Line Items]
Mortgage loans		$ 1,190,019		$ 803,667
Number of mortgage loans on real estate | Loan		2,562		2,613
Aggregate unpaid principal balance of mortgage loans on real estate		$ 526,500		$ 522,600
SBC
Mortgage Loans on Real Estate [Line Items]
Mortgage loans		$ 8,605		$ 7,731
Number of mortgage loans on real estate | Loan		8		1
Aggregate unpaid principal balance of mortgage loans on real estate		$ 8,800		$ 2,500
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans On Real Estate Non Cash Interest Income Accretion		(89,881)			$ (47,700)
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		(75,322)		(59,887)
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Investment Income, Interest				70,600
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		$ 529		$ (1,001)
[1]	Mortgage loans, net include $996,203 and $598,643 of loans at December 31, 2017 and December 31, 2016, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8 — Debt.
[2]	Mortgage loans, net include​s $177.1 million, Secured borrowings, net of deferred costs includes $88.4 million, and Non-controlling interests includes $14.0 million from a 50% owned joint venture, which we consolidate under GAAP.

Mortgage Loans - Schedule of Ac

Mortgage Loans - Schedule of Accretable and Non-Accretable Amounts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2017
Sale of re-performing mortgage loans | Ajax E Master Trust | Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Loans sold value	$ 78,200	$ 78,200
Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest		748,008	$ 947,162
Non-accretable amount		(284,901)	(373,251)
Expected cash flows to be collected		463,107	573,911
Accretable yield		(106,492)	(114,676)
Fair value at acquisition		356,615	459,235
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest		6,387	0
Non-accretable amount		(4,143)	0
Expected cash flows to be collected		2,244	0
Accretable yield		(222)	0
Fair value at acquisition		$ 2,022	$ 0

Mortgage Loans - Schedule of Ch

Mortgage Loans - Schedule of Change in Accretable Yield (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Reclassification from (to) non-accretable amount, net	$ (74,800)	$ (60,900)
Re-performing loans
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at beginning of period	239,858	136,455
Accretable yield additions	114,676	106,492
Accretion	(85,715)	(62,976)
Reclassification from (to) non-accretable amount, net	75,322	59,887
Balance at end of period	344,141	239,858
Non-performing loans
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at beginning of period	12,065	18,425
Accretable yield additions	0	222
Accretion	(4,166)	(7,583)
Reclassification from (to) non-accretable amount, net	(529)	1,001
Balance at end of period	$ 7,370	$ 12,065

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | Loan		6,901		4,910
Carrying value	[1]	$ 1,253,541	[2]	$ 869,091
Unpaid principal balance		$ 1,465,223		$ 1,070,193
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | Loan		3,998		2,306
Carrying value		$ 744,300		$ 419,500
Unpaid principal balance		$ 860,572		$ 510,058
30
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | Loan		912		797
Carrying value		$ 152,685		$ 141,169
Unpaid principal balance		$ 178,383		$ 173,482
60
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | Loan		577		482
Carrying value		$ 100,792		$ 84,468
Unpaid principal balance		$ 117,145		$ 101,727
90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | Loan		1,047		911
Carrying value		$ 177,841		$ 142,701
Unpaid principal balance		$ 214,297		$ 179,718
Foreclosure
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | Loan		367		414
Carrying value		$ 77,923		$ 81,253
Unpaid principal balance		$ 94,826		$ 105,208
[1]	Mortgage loans, net include $996,203 and $598,643 of loans at December 31, 2017 and December 31, 2016, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8 — Debt.
[2]	Mortgage loans, net include​s $177.1 million, Secured borrowings, net of deferred costs includes $88.4 million, and Non-controlling interests includes $14.0 million from a 50% owned joint venture, which we consolidate under GAAP.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Property		Dec. 31, 2016USD ($)Property		Dec. 31, 2015USD ($)Property
Real Estate [Line Items]
Number of properties owned | Property	14		3
Aggregate carrying value REO properties | $	$ 1,300		$ 1,300
Number of REO properties held for rental | Property	5		2
Number of properties acquired through foreclosure | Property	3		1
Number of properties transferred from property held for sale | Property	10
Number of real estate properties purchased | Property	1		2
Impaired REO held for sale net at NRV | $	$ 24,947	[1]	$ 23,882	[1]	$ 10,333
Number of held-for-sale residential properties disposed | Property	128		82		23
Real estate acquired through foreclosure | $	$ 1,800		$ 2,100
Gain on sale of property | $	506		106		$ 460
Adjustment to record REO properties at lower of cost | $	2,500		2,000		100
Other Income
Real Estate [Line Items]
Gain on sale of property | $	$ 500		$ 100		$ 300
[1]	Property held-for-sale, net, includes valuation allowances of $1,784 and $1,620 at December 31, 2017, and December 31, 2016, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of ROE Held-For-Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Property		Dec. 31, 2016USD ($)Property		Dec. 31, 2015USD ($)Property
Real Estate Held For Sale [Roll Forward]
Balance at beginning of year | Property	149		73
Balance at beginning of period | $	$ 23,882	[1]	$ 10,333
Transfers from mortgage loans, count | Property	125		158
Transfers from mortgage loans | $	$ 19,477		$ 24,095
Adjustments to record at lower of cost or fair value, count | Property	0		0
Adjustments to record at lower of cost or fair value | $	$ (2,516)		$ (2,011)
Disposals, count | Property	(128)		(82)		(23)
Disposals | $	$ (16,638)		$ (8,991)
Net transfers to Rental property, count | Property	(7)		0
Net transfers to Rental property | $	$ 746		$ 0
Other, count | Property	(3)		0
Other | $	$ (4)		$ 456
Balance at end of period , count | Property	136		149		73
Balance at end of year | $	$ 24,947	[1]	$ 23,882	[1]	$ 10,333
[1]	Property held-for-sale, net, includes valuation allowances of $1,784 and $1,620 at December 31, 2017, and December 31, 2016, respectively.

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($)		Dec. 31, 2017		Dec. 31, 2016	Oct. 31, 2016
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans	[1]	$ 1,253,541,000	[2]	$ 869,091,000
Investment in debt securities		6,285,000		6,323,000	$ 6,300,000
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, net	[1]	694,040,000	[2],[3]	442,670,000
Borrowings under repurchase transactions		276,385,000		227,440,000
Convertible senior notes, net		102,571,000	[3]	0
Carrying Value
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans		1,253,541,000		869,091,000
Available-for-sale Debt Securities, Amortized Cost Basis		6,285,000
Investment in debt securities				6,323,000
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, net		694,040,000		442,670,000
Borrowings under repurchase transactions		276,385,000		227,440,000
Convertible senior notes, net		102,571,000		0
Real Estate Investments, Net		0
Fair value adjustment recognized in the consolidated statements of income		2,516,000		2,011,000
Level 1 Quoted prices in active markets
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans, fair value		0		0
Investment In debt securities, fair value		0		0
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0		0
Borrowings under repurchase agreement, fair value		0		0
Convertible senior notes, net, fair value		109,641,000		0
Level 2 Observable inputs other than Level 1 prices
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans, fair value		0		0
Investment In debt securities, fair value		6,285,000		6,323,000
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0		0
Borrowings under repurchase agreement, fair value		276,385,000		227,440,000
Convertible senior notes, net, fair value		0		0
Level 3 Unobservable inputs
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans, fair value		1,375,722,000		930,226,000
Investment In debt securities, fair value		0		0
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		693,255,000		436,623,000
Borrowings under repurchase agreement, fair value		0		0
Convertible senior notes, net, fair value		0		0
Manager | Carrying Value
Not recognized on consolidated balance sheet at fair value (liabilities)
Real Estate Investments, Net		0		0
Manager | Level 1 Quoted prices in active markets
Not recognized on consolidated balance sheet at fair value (liabilities)
Fair value adjustment recognized in the consolidated statements of income		0		0
Manager | Level 2 Observable inputs other than Level 1 prices
Not recognized on consolidated balance sheet at fair value (liabilities)
Fair value adjustment recognized in the consolidated statements of income		0		0
Manager | Level 3 Unobservable inputs
Not recognized on consolidated balance sheet at fair value (liabilities)
Fair value adjustment recognized in the consolidated statements of income		6,427,000		2,888,000
AS Ajax E | Carrying Value
Not recognized on consolidated balance sheet at fair value (liabilities)
Real Estate Investments, Net		1,201,000		1,291,000
AS Ajax E | Level 1 Quoted prices in active markets
Not recognized on consolidated balance sheet at fair value (liabilities)
Fair value adjustment recognized in the consolidated statements of income		0		0
AS Ajax E | Level 2 Observable inputs other than Level 1 prices
Not recognized on consolidated balance sheet at fair value (liabilities)
Fair value adjustment recognized in the consolidated statements of income		1,000		1,323,000
AS Ajax E | Level 3 Unobservable inputs
Not recognized on consolidated balance sheet at fair value (liabilities)
Fair value adjustment recognized in the consolidated statements of income		0		0
RPLs, NPLs, and Originated SBCs
Not recognized on consolidated balance sheet at fair value (assets)
Mortgage loans	[1]	$ 1,253,500,000		$ 869,100,000
[1]	Mortgage loans, net include $996,203 and $598,643 of loans at December 31, 2017 and December 31, 2016, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8 — Debt.
[2]	Mortgage loans, net include​s $177.1 million, Secured borrowings, net of deferred costs includes $88.4 million, and Non-controlling interests includes $14.0 million from a 50% owned joint venture, which we consolidate under GAAP.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

Fair Value - Schedule of Non Fi

Fair Value - Schedule of Non Financial Assets (Details) - USD ($)	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	$ 24,947,000	[1]	$ 23,882,000	[1]	$ 10,333,000
Level 1 Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	0		0
Level 2 Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	0		0
Level 3 Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	24,947,000		23,882,000
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	24,947,000		23,882,000
Fair value adjustment	2,516,000		$ 2,011,000
Real Estate Investments, Net	$ 0
[1]	Property held-for-sale, net, includes valuation allowances of $1,784 and $1,620 at December 31, 2017, and December 31, 2016, respectively.

Affiliates - Narrative (Details

Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Mar. 14, 2016
Schedule of Equity Method Investments [Line Items]
Ownership percentage		5.00%
Manager
Schedule of Equity Method Investments [Line Items]
Ownership percentage		19.80%
Ajax E Master Trust | Re-performing loans | Sale of re-performing mortgage loans
Schedule of Equity Method Investments [Line Items]
Proceeds of mortgage loans			$ 78,100
Loans sold value	$ 78,200		$ 78,200
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in real estate trust, percentage				5.00%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		16.50%	16.50%	24.20%
Converted to equity investment			$ 300
AS Ajax E LLC | Re-performing loans | Loan to equity method investee
Schedule of Equity Method Investments [Line Items]
Loan to AS Ajax E LLC			$ 4,000
Interest rate			5.22%
AS Ajax E II LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		53.10%
Ownership percentage by noncontrolling owners		46.90%
Delaware Trust GA-E 2014-12
Schedule of Equity Method Investments [Line Items]
Ownership percentage		40.50%
Proceeds of mortgage loans		$ 2,600
Cash held, amount		7
Accrued expenses, amount		$ 5

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Ownership percentage	5.00%
Assets at Company share	$ 1,395,738	$ 957,402
Liabilities at Company share	$ 1,078,300	674,679
GA-E 2014-12
Schedule of Equity Method Investments [Line Items]
Ownership percentage	40.50%
Net income at 100%	$ 426	762	$ 871
Assets	7	6,259
Liabilities	5	0
Net income at Company share	173	308	353
Assets at Company share	3	2,535
Liabilities at Company share	2	0
Thetis Asset Management
Schedule of Equity Method Investments [Line Items]
Net income at 100%	2,136	1,100	998
Assets	7,415	4,846
Liabilities	1,674	1,167
Net income at Company share	423	218	198
Assets at Company share	1,468	960
Liabilities at Company share	331	231
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income at 100%	319	138	0
Assets	7,293	7,964
Liabilities	5	12
Net income at Company share	53	32	$ 0
Assets at Company share	1,203	1,314
Liabilities at Company share	$ 1	$ 2
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details Textuals) - One-to-four family residences - Re-performing loans - Purchase commitment $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)Loan
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | Loan	104
Aggregate unpaid principal balance of mortgage loans on real estate | $	$ 21.3

Debt - Narrative (Details)

Debt - Narrative (Details)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)$ / shares	Dec. 31, 2017USD ($)DaysecuritizationtrustFacilitycounterparty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017USD ($)securitization
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest			100.00%			100.00%
Number of securitizations completed | securitization						12
Number of securitizations outstanding | securitization			7			7
Percentage of interests in trust certificates sold to third parties			50.00%
Period after issue of class A notes			36 months
Proceeds from sale of convertible senior notes			$ 105,325,000	$ 0	$ 0
Conversion premium - Convertible senior notes		$ 2,700,000	2,687,000
Interest expense			$ 39,101,000	$ 25,573,000	$ 11,499,000
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest rate			3.91%	3.35%		3.91%
Master Repurchase Agreement | Delaware Trust | Mortgage loans
Debt Instrument [Line Items]
Number of facilities repurchased | Facility			2
Number of wholly-owned Delaware trusts | trust			2
Number of counterparties | counterparty			2
Ceiling for each repurchase facility			$ 250,000,000			$ 250,000,000
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO			70.00%
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO			85.00%
Master Repurchase Agreement | Delaware Trust | Mortgages One
Debt Instrument [Line Items]
Ceiling for each repurchase facility			$ 200,000,000			$ 200,000,000
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal		$ 87,500,000
Interest rate	7.25%	7.25%	7.25%			7.25%
Proceeds from sale of convertible senior notes	$ 20,500,000	$ 84,900,000
Conversion premium - Convertible senior notes	200,000	$ 2,500,000
Percentage of notes convertible to common stock		17.50%
Additional aggregate principal	$ 20,500,000
Conversion premium			6.00%			6.00%
Principal amount of note (in dollars per share) | $ / shares		$ 25
If-converted value in excess of principal			$ 10,600,000
Threshold percentage of stock price trigger (at least)			130.00%
Threshold trading days (at least) | Day			20
Threshold consecutive trading days | Day			30
Redemption price, percentage			100.00%
Unpaid principal balance			$ 108,000,000			$ 108,000,000
Unamortized discount			5,400,000			$ 5,400,000
Interest expense			5,300,000
Amortization of debt discount			$ 500,000
Interest rate, effective percentage			8.65%			8.65%
Common Stock | Convertible Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio		1.6313
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 15.33
Servicer | Master Repurchase Agreement | Mortgage loans | Re-performing loans
Debt Instrument [Line Items]
Servicing fees percentage			0.65%
Servicer | Master Repurchase Agreement | Mortgage loans | Non-performing loans
Debt Instrument [Line Items]
Servicing fees percentage			1.25%

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Amount of Collateral	$ 368,742	$ 313,797
Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	542,506	436,093
Amount Outstanding	276,385	227,440
Amount of Collateral	$ 368,742	$ 313,797
Percentage of Collateral Coverage	133.00%	138.00%
Interest rate	3.91%	3.35%
Master Repurchase Agreement | 4/30/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,601
Amount Outstanding	10,601
Amount of Collateral	$ 15,145
Percentage of Collateral Coverage	143.00%
Interest rate	3.66%
Master Repurchase Agreement | 5/8/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 15,227
Amount Outstanding	15,227
Amount of Collateral	$ 21,754
Percentage of Collateral Coverage	143.00%
Interest rate	3.69%
Master Repurchase Agreement | 6/7/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 66,678
Amount Outstanding	66,678
Amount of Collateral	$ 88,904
Percentage of Collateral Coverage	133.00%
Interest rate	3.59%
Master Repurchase Agreement | 11/21/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 200,000
Amount Outstanding	3,775
Amount of Collateral	$ 8,215
Percentage of Collateral Coverage	218.00%
Interest rate	4.79%
Master Repurchase Agreement | 7/12/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 250,000	$ 200,000
Amount Outstanding	180,104	170,046
Amount of Collateral	$ 234,724	$ 226,192
Percentage of Collateral Coverage	130.00%	133.00%
Interest rate	4.03%	3.25%
Master Repurchase Agreement | 3/9/2017
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 10,310
Amount Outstanding		10,309
Amount of Collateral		$ 14,728
Percentage of Collateral Coverage		143.00%
Interest rate		3.32%
Master Repurchase Agreement | 3/30/2017
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 10,797
Amount Outstanding		10,797
Amount of Collateral		$ 15,424
Percentage of Collateral Coverage		143.00%
Interest rate		3.34%
Master Repurchase Agreement | 5/8/2017
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 14,986
Amount Outstanding		14,986
Amount of Collateral		$ 21,409
Percentage of Collateral Coverage		143.00%
Interest rate		3.35%
Master Repurchase Agreement | 11/21/2017
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 200,000
Amount Outstanding		21,302
Amount of Collateral		$ 36,044
Percentage of Collateral Coverage		169.00%
Interest rate		4.20%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 276,385	$ 227,440
Gross amount pledged as collateral	368,742	313,797
Net amount	$ 92,357	$ 86,357

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying value of mortgages	$ 1,253,541,000
Deferred issuance costs	$ (1,783,834)	$ (1,619,811)
Ownership percentage	5.00%
Mortgage loans | Ajax Mortgage Loan Trust 2017-D/December 2017
Debt Instrument [Line Items]
Carrying value of mortgages	$ 203,870,000	$ 0
Mortgage loans | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Ownership percentage	100.00%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2016-A/ April 2016
Debt Instrument [Line Items]
Notes due	2,064
Original Principal	$ 101,400,000
Interest rate	4.25%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2016-B/ August 2016
Debt Instrument [Line Items]
Notes due	2,065
Original Principal	$ 84,400,000
Interest rate	4.00%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Notes due	2,057
Original Principal	$ 102,600,000
Interest rate	4.00%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-D/December 2017
Debt Instrument [Line Items]
Carrying value of mortgages	$ 177,800,000
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Notes due	2,057
Original Principal	$ 140,700,000
Interest rate	3.47%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Notes due	2,056
Original Principal	$ 115,800,000
Interest rate	3.16%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Notes due	2,060
Original Principal	$ 130,200,000
Interest rate	3.75%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Notes due	2,057
Interest rate	3.75%
Ownership percentage	50.00%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2016-A/ April 2016
Debt Instrument [Line Items]
Notes due	2,064
Original Principal	$ 7,900,000
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2016-B/ August 2016
Debt Instrument [Line Items]
Notes due	2,065
Original Principal	$ 6,600,000
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Notes due	2,057
Original Principal	$ 7,900,000
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Notes due	2,057
Original Principal	$ 15,100,000
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Notes due	2,056
Original principal, trust certificates	$ 9,000,000
Interest rate	3.75%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Notes due	2,060
Original principal, trust certificates	$ 13,000,000
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Notes due	2,057
Ownership percentage	50.00%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2016-A/ April 2016
Debt Instrument [Line Items]
Notes due	2,064
Original Principal	$ 7,900,000
Interest rate	5.25%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2016-B/ August 2016
Debt Instrument [Line Items]
Notes due	2,065
Original Principal	$ 6,600,000
Interest rate	5.25%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Notes due	2,057
Original Principal	$ 7,900,000
Interest rate	5.25%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Notes due	2,057
Original Principal	$ 10,800,000
Interest rate	5.25%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Notes due	2,056
Original Principal	$ 7,500,000
Interest rate	3.75%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2016-A/ April 2016
Debt Instrument [Line Items]
Original principal, trust certificates	$ 41,300,000
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2016-B/ August 2016
Debt Instrument [Line Items]
Original principal, trust certificates	$ 34,100,000
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Original principal, trust certificates	$ 39,400,000
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 49,800,000
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 14,300,000
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 42,800,000
Interest rate	0.00%
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2016-A/ April 2016
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (2,700,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2016-B/ August 2016
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1,600,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1,600,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (2,000,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (2,000,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1,700,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1,100,000)
Mortgage loans | Class M1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Notes due	2,056
Original Principal	$ 9,700,000
Interest rate	3.50%
Mortgage loans | Class M2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Notes due	2,056
Original Principal	$ 9,500,000
Interest rate	3.50%
Mortgage loans | Class B Certificates | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 44,500,000
Interest rate	0.00%
Ownership percentage	50.00%

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying value of mortgages	$ 1,253,541,000
Mortgage loans	996,203,000	$ 598,643,000
Mortgage loans
Debt Instrument [Line Items]
Bond principal balance	$ 702,764,000	$ 449,752,000
Percentage of collateral coverage	142.00%	133.00%
Original balances at securitization cutoff date Mortgage UPB	$ 1,584,577,000
Original balances at securitization cutoff date Bond principal balance	968,812,000
Mortgage loans | 2015-A
Debt Instrument [Line Items]
Carrying value of mortgages		$ 51,388,000
Bond principal balance		$ 29,476,000
Percentage of collateral coverage		174.00%
Original balances at securitization cutoff date Mortgage UPB	75,835,000
Original balances at securitization cutoff date Bond principal balance	35,643,000
Mortgage loans | 2015-B
Debt Instrument [Line Items]
Carrying value of mortgages	0	$ 104,111,000
Bond principal balance	$ 0	$ 75,258,000
Percentage of collateral coverage	0.00%	138.00%
Original balances at securitization cutoff date Mortgage UPB	$ 158,498,000
Original balances at securitization cutoff date Bond principal balance	87,174,000
Mortgage loans | 2015-C
Debt Instrument [Line Items]
Carrying value of mortgages	0	$ 100,614,000
Bond principal balance	$ 0	$ 66,979,000
Percentage of collateral coverage	0.00%	150.00%
Original balances at securitization cutoff date Mortgage UPB	$ 130,130,000
Original balances at securitization cutoff date Bond principal balance	81,982,000
Mortgage loans | 2016-A
Debt Instrument [Line Items]
Carrying value of mortgages	110,585,000	$ 118,189,000
Bond principal balance	$ 82,556,000	$ 96,158,000
Percentage of collateral coverage	134.00%	123.00%
Original balances at securitization cutoff date Mortgage UPB	$ 158,485,000
Original balances at securitization cutoff date Bond principal balance	101,431,000
Mortgage loans | 2016-B
Debt Instrument [Line Items]
Carrying value of mortgages	93,772,000	$ 97,660,000
Bond principal balance	$ 71,361,000	$ 80,672,000
Percentage of collateral coverage	131.00%	121.00%
Original balances at securitization cutoff date Mortgage UPB	$ 131,746,000
Original balances at securitization cutoff date Bond principal balance	84,430,000
Cash collateral for borrowed securities	1,900,000
Mortgage loans | 2016-C
Debt Instrument [Line Items]
Carrying value of mortgages	116,357,000	$ 126,681,000
Bond principal balance	$ 88,400,000	$ 101,209,000
Percentage of collateral coverage	132.00%	125.00%
Original balances at securitization cutoff date Mortgage UPB	$ 157,808,000
Original balances at securitization cutoff date Bond principal balance	102,575,000
Mortgage loans | 2017-A
Debt Instrument [Line Items]
Carrying value of mortgages	170,805,000	$ 0
Bond principal balance	$ 126,507,000	$ 0
Percentage of collateral coverage	135.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB	$ 216,413,000
Original balances at securitization cutoff date Bond principal balance	140,669,000
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Carrying value of mortgages	143,799,000	$ 0
Bond principal balance	$ 115,846,000	$ 0
Percentage of collateral coverage	124.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB	$ 165,850,000
Original balances at securitization cutoff date Bond principal balance	115,846,000
Mortgage loans | 2017-C
Debt Instrument [Line Items]
Carrying value of mortgages	157,015,000	$ 0
Bond principal balance	$ 129,191,000	$ 0
Percentage of collateral coverage	122.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB	$ 185,942,000
Original balances at securitization cutoff date Bond principal balance	130,159,000
Mortgage loans | 2017-D
Debt Instrument [Line Items]
Carrying value of mortgages	203,870,000	$ 0
Bond principal balance	$ 88,903,000	$ 0
Percentage of collateral coverage	229.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB	$ 203,870,000
Original balances at securitization cutoff date Bond principal balance	88,903,000
Cash collateral for borrowed securities	26,700,000
Class A notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Carrying value of mortgages	177,800,000
Secured borrowings	$ 88,900,000

Related Party Transactions - Sc

Related Party Transactions - Schedule Statement of Income of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Gregory | Loan servicing fees
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	$ 8,245	$ 6,083	$ 3,959
Gregory | Loan transaction expense
Related Party Transaction [Line Items]
Due diligence and related loan acquisition costs	101	100	75
Gregory | Other fees and expenses
Related Party Transaction [Line Items]
Expense reimbursements	80	67
Gregory | Professional fees
Related Party Transaction [Line Items]
Expense reimbursements			0
Thetis | Management fee
Related Party Transaction [Line Items]
Related party expense – management fee	5,340	3,949	3,353
Thetis | Other fees and expenses
Related Party Transaction [Line Items]
Expense reimbursements	$ 4	$ 28
Thetis | Other fees
Related Party Transaction [Line Items]
Expense reimbursements			$ 0

Related Party Transactions - 55

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Oct. 31, 2016
Related Party Transaction [Line Items]
Receivable from servicer	$ 17,005	$ 12,481
Investment in debt securities	6,285	6,323	$ 6,300
Management fee payable	750	750
Gregory | Receivable from Servicer
Related Party Transaction [Line Items]
Receivable from servicer	17,005	12,481
Gregory | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Servicing fees payable	217	195
Oileus Residential Loan Trust | Investment in debt securities
Related Party Transaction [Line Items]
Investment in debt securities		6,323
Oileus Residential Loan Trust | Investment in debt securities
Related Party Transaction [Line Items]
Investment in debt securities	6,285
Thetis | Management fee payable
Related Party Transaction [Line Items]
Management fee payable	750	750
Thetis | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Expense reimbursement receivable	$ 0	$ 0

Related party Transactions - Na

Related party Transactions - Narrative (Details) $ in Thousands	Jul. 08, 2014	Oct. 31, 2016USD ($)paymentLoantrustTransaction	Dec. 31, 2017USD ($)calenderTransaction	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Number of transactions | Transaction			3
Investment in debt securities		$ 6,300	$ 6,285	$ 6,323
Unrealized loss			200
Management fee payable			$ 750	$ 750
Period of termination of license agreement			30 days
Three Related Party Trusts | Re-performing loans
Related Party Transaction [Line Items]
Number of mortgage loans on real estate | Loan		370
Aggregate unpaid principal balance of mortgage loans on real estate		$ 69,900
Number of transactions | Transaction		3
Number of related party trusts | trust		3
Number of payments made in past twenty-four months | payment		24
Weighted average coupon rate		5.84%
Percentage of unpaid principal balance of loan acquired		93.00%
Estimated market value of the underlying collateral		$ 92,200
Management Agreement | Manager
Related Party Transaction [Line Items]
Base management fee percentage			1.50%
Amended And Restated Management Agreement | Manager
Related Party Transaction [Line Items]
Management fee payable			$ 1,000
Percentage of base management fees payable in cash			75.00%
Percentage of base management fee payable in shares of common stock			25.00%
Percentage in excess of base management fees payable in cash			50.00%
Percentage in excess of base management fees payable in shares			50.00%
Period of common shares held as base management fee (at least)			3 years
Percentage of remaining incentive fee payable in common stock			20.00%
Percentage of remaining incentive fee in excess of book value			8.00%
Fraction of independent directors			66.67%
Number of calender quarters | calender			8
Percentage of remaining incentive fee payable in cash			80.00%
Servicing Agreement | Servicer | Minimum
Related Party Transaction [Line Items]
Servicing fees percentage	0.65%		0.65%
Servicing Agreement | Servicer | Maximum
Related Party Transaction [Line Items]
Servicing fees percentage	1.25%		1.25%
Investment in debt securities | Oileus Residential Loan Trust
Related Party Transaction [Line Items]
Investment in debt securities			$ 6,285

Stock-based Payments and Dire57

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)	Jul. 24, 2017	Aug. 17, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees			$ 5,300,000
Amount of expense recognized			$ 2,485,000	$ 1,168,000	$ 1,339,000
Number of shares (in shares)			160,360	77,605	92,369
Annual retainer amount			$ 75,000,000	$ 50,000
Restricted stock | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)	39,000	153,000
Vesting period			3 years
Private Placement | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)			48,654
Long term incentive plan | Initial public offering | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)			2,000
Number of shares forfeited (in shares)			4,000
Vesting period			1 year
Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of expense recognized			$ 2,335,000	$ 1,068,000	$ 1,239,000
Number of shares (in shares)			150,652	70,957	85,497

Stock-based Payments and Dire58

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	160,360	77,605	92,369
Amount of expense recognized	$ 2,485	$ 1,168	$ 1,339
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	150,652	70,957	85,497
Amount of expense recognized	$ 2,335	$ 1,068	$ 1,239
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	9,708	6,648	6,872
Amount of expense recognized	$ 150	$ 100	$ 100

Stock-based Payments and Dire59

Stock-based Payments and Director Fees - Schedule of Restricted Stock Plans (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	198,000	163,000	8,000
Total expected cost of grant	$ 2,715	$ 2,199	$ 29
Shares granted during the year (in shares)	39,000	155,000	2,000
Grant expense recognized for the year	$ 765	$ 294	$ 71
Shares, nonvested (in shares)	138,333	155,000	2,000
Per share grant fair value (in dollars per share)	$ 13.63	$ 13.50	$ 14.25
Shares, fully vested (in shares)	59,667	8,000	6,000
Per share grant date fair value (in dollars per share)	$ 13.69	$ 13.79	$ 14.25
Directors' Grants | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	10,000	10,000	8,000
Total expected cost of grant	$ 146	$ 146	$ 29
Shares granted during the year (in shares)	0	2,000	2,000
Grant expense recognized for the year	$ 14	$ 16	$ 71
Shares, nonvested (in shares)	0	2,000	2,000
Per share grant fair value (in dollars per share)	$ 0	$ 13.79	$ 14.25
Shares, fully vested (in shares)	10,000	8,000	6,000
Per share grant date fair value (in dollars per share)	$ 14.61	$ 13.79	$ 14.25
Vesting period	1 year	1 year	1 year
Weighted average remaining contractual terms		6 months
Employee and Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	149,000	153,000	0
Total expected cost of grant	$ 2,027	$ 2,053	$ 0
Shares granted during the year (in shares)	0	153,000	0
Grant expense recognized for the year	$ 675	$ 278	$ 0
Shares, nonvested (in shares)	99,333	153,000	0
Per share grant fair value (in dollars per share)	$ 13.50	$ 13.50	$ 0
Shares, fully vested (in shares)	49,667	0	0
Per share grant date fair value (in dollars per share)	$ 13.50	$ 0	$ 0
Vesting period	3 years	3 years	3 years
Weighted average remaining contractual terms	1 year 7 months 6 days	2 years 6 months 30 days
Number of shares forfeited (in shares)	4,000
Employee And Service Provider Grants Second Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	39,000
Total expected cost of grant	$ 542
Shares granted during the year (in shares)	39,000
Grant expense recognized for the year	$ 76
Shares, nonvested (in shares)	39,000
Per share grant fair value (in dollars per share)	$ 13.95
Shares, fully vested (in shares)	0
Per share grant date fair value (in dollars per share)	$ 0
Vesting period	3 years
Weighted average remaining contractual terms	2 years 7 months 6 days

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)year	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Distribution percentage of REIT taxable income (at least)	90.00%
Number of taxable years | year	4
Taxable income	$ 18,000	$ 15,900	$ 10,800
Provision for income taxes	$ 131	$ 35	$ 2

Earnings per Share - Schedule o

Earnings per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic EPS
Consolidated net income attributable to common stockholders									$ 28,927	$ 27,836	$ 24,754
Allocation of earnings to participating restricted shares									(321)	(140)	(62)
Consolidated net income attributable to unrestricted common stockholders	$ 6,184	$ 7,470	$ 6,864	$ 8,409	$ 5,957	$ 7,623	$ 6,605	$ 7,651	28,606	27,696	24,692
Effect of dilutive securities
Operating Partnership units									998	1,038	1,038
Restricted stock grants and Manager and director fee shares									321	140	62
Interest expense (add back) and assumed conversion of shares from convertible senior notes									5,289
Diluted EPS
Consolidated income attributable to common stockholders and dilutive securities									$ 35,214	$ 28,874	$ 25,792
Basic EPS
Consolidated net income attributable to common stockholders (in shares)									18,074,143	16,742,882	14,711,610
Allocation of earnings to participating restricted shares (in shares)									0	0	0
Consolidated net income attributable to unrestricted common stockholders (in shares)									18,074,143	16,742,882	14,711,610
Effect of dilutive securities
Operating Partnership units (in shares)									624,106	624,106	624,106
Restricted stock grants and Manager and director fee shares (in shares)									203,083	84,919	36,772
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)									4,417,189
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)									23,318,521	17,451,907	15,372,488
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.34	$ 0.41	$ 0.38	$ 0.46	$ 0.33	$ 0.42	$ 0.42	$ 0.50	$ 1.58	$ 1.65	$ 1.68
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.33	$ 0.38	$ 0.36	$ 0.46	$ 0.33	$ 0.42	$ 0.42	$ 0.50	$ 1.51	$ 1.65	$ 1.68

Equity - Narrative (Details)

Equity - Narrative (Details)	12 Months Ended
	Dec. 31, 2017USD ($)Transaction$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014shares
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	18,588,228	18,122,387
Common stock par value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	125,000,000	125,000,000
Preferred stock shares outstanding (in shares)	0	0
Preferred stock shares authorized (in shares)	25,000,000	25,000,000
Sale of common stock pursuant to dividend reinvestment plan | $	$ 174,000	$ 50,000	$ 0
Common stock shares issued (in shares)	18,588,228	18,122,387
Number of transactions | Transaction	3
Operating partnership units (in shares)	624,106	624,106	624,106
Ownership percentage held by investor	5.00%
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 50,000,000
Proceeds from issuance of common stock | $	$ 4,100,000		$ 0
Common stock shares issued (in shares)	286,841
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	18,588,228	18,122,387	15,301,946	11,223,984
Issuance of shares under dividend reinvestment (in shares)	12,710	3,835
Sale of common stock pursuant to dividend reinvestment plan | $	$ 200,000	$ 100,000
Securitization Trust, 2017-D
Class of Stock [Line Items]
Ownership percentage held by investor	50.00%
Ownership percentage by parent	50.00%
AS Ajax E II LLC
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners	46.90%
Ownership percentage held by investor	53.10%

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss	$ (233)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss	(233)	$ 0	$ 0
Investment in debt securities | Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	9	0	0
Unrealized losses	$ (242)	$ 0	$ 0

Quarterly Financial Informati64

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Total income	$ 13,797	$ 14,226	$ 13,105	$ 13,667	$ 12,292	$ 12,106	$ 10,843	$ 11,456	$ 54,795	$ 46,697	$ 37,568
Income before provision for income tax	6,673	7,763	7,150	8,699	6,157	7,905	6,887	7,960	30,285	28,909	25,794
Net income attributable to common stockholders	$ 6,184	$ 7,470	$ 6,864	$ 8,409	$ 5,957	$ 7,623	$ 6,605	$ 7,651	$ 28,606	$ 27,696	$ 24,692
Basic earnings per common share (in dollars per share)	$ 0.34	$ 0.41	$ 0.38	$ 0.46	$ 0.33	$ 0.42	$ 0.42	$ 0.50	$ 1.58	$ 1.65	$ 1.68
Diluted earnings per common share (in dollars per share)	$ 0.33	$ 0.38	$ 0.36	$ 0.46	$ 0.33	$ 0.42	$ 0.42	$ 0.50	$ 1.51	$ 1.65	$ 1.68

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Millions	May 06, 2018USD ($)warrant	Feb. 16, 2018Directorshares	Jan. 26, 2018USD ($)warrantTransactionshares	Dec. 31, 2017USD ($)Loanshares	Dec. 31, 2016USD ($)Loanshares	Dec. 31, 2015shares	Feb. 28, 2018USD ($)LoanSellerTransaction	Feb. 21, 2018$ / shares
Subsequent Event [Line Items]
Number of loans | Loan				6,901	4,910
SBC
Subsequent Event [Line Items]
Number of mortgage loans on real estate | Loan				8	1
Aggregate unpaid principal balance of mortgage loans on real estate				$ 8.8	$ 2.5
Subsequent events | Board of directors
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares								$ 0.3
Subsequent events | Re-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | Loan							85
Aggregate unpaid principal balance of mortgage loans on real estate							$ 18.9
Number of transaction | Transaction							3
Percentage of unpaid principal balance of loan acquired							89.30%
Estimated market value of the underlying collateral							$ 31.2
Percentage of estimated market value of the underlying collateral							53.90%
Business Combination, Consideration Transferred							$ 3.5
Subsequent events | Re-performing loans | Five sellers
Subsequent Event [Line Items]
Number of mortgage loans on real estate | Loan							422
Aggregate unpaid principal balance of mortgage loans on real estate							$ 91.6
Percentage of unpaid principal balance of loan acquired							95.80%
Estimated market value of the underlying collateral							$ 157.3
Percentage of estimated market value of the underlying collateral							55.80%
Number of sellers | Seller							5
Subsequent events | SBC
Subsequent Event [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate							$ 2.7
Percentage of unpaid principal balance of loan acquired							67.80%
Estimated market value of the underlying collateral							$ 3.9
Number of loans | Loan							2
Common Stock
Subsequent Event [Line Items]
Stock issued in lieu of management fee (in shares) | shares				122,350	65,515	87,801
Common Stock | Subsequent events
Subsequent Event [Line Items]
Number of independent directors | Director		4
Number of shares issued in payment of half of their quarterly director fees (in shares) | shares		607
Common Stock | Subsequent events | Thetis
Subsequent Event [Line Items]
Stock issued in lieu of management fee (in shares) | shares		48,654
Great Ajax Financial Services LLC | Subsequent events
Subsequent Event [Line Items]
Percentage of voting interests acquired			8.00%
Number of transactions | Transaction			2
Percentage of equity interest at closing date			4.90%
Number of warrants | warrant			3
Percentage of warrants exercisable			2.45%
Cash payment in business acquisition			$ 1.1
Number of shares (in shares) | shares			45,938
Common stock value			$ 0.6
Scenario, Forecast | Great Ajax Financial Services LLC
Subsequent Event [Line Items]
Percentage of equity interest at closing date	3.10%
Number of warrants | warrant	3
Percentage of warrants exercisable	1.55%
Cash payment in business acquisition	$ 0.7
Common stock value	$ 0.4
Number of days after closing	121 days

Schedule IV Mortgage loans on66

Schedule IV Mortgage loans on real estate - Schedule of Mortgage Loans (Details)	12 Months Ended
	Dec. 31, 2017USD ($)Loan	Dec. 31, 2016Loan
Mortgage Loans on Real Estate [Line Items]
Loan Count | Loan	6,901	4,910
Carrying amount of mortgages	$ 1,253,541,000
Principal amount subject to delinquent principal and interest	509,825,000
Amount of balloon payments at maturity	157,179,000
Aggregate cost for federal income tax purposes	1,196,500,000
Maximum
Mortgage Loans on Real Estate [Line Items]
Principal amount subject to delinquent principal and interest	$ 5,000,000
$0 – 49,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | Loan	636
Carrying amount of mortgages	$ 17,050,000
Principal amount subject to delinquent principal and interest	7,554,000
Amount of balloon payments at maturity	$ 1,869,000
$0 – 49,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate	1.00%
$0 – 49,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate	12.99%
$50,000 – 99,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | Loan	1,244
Carrying amount of mortgages	$ 83,137,000
Principal amount subject to delinquent principal and interest	36,184,000
Amount of balloon payments at maturity	$ 5,797,000
$50,000 – 99,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate	1.00%
$50,000 – 99,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate	12.95%
$100,000 – 149,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | Loan	1,396
Carrying amount of mortgages	$ 150,560,000
Principal amount subject to delinquent principal and interest	67,190,000
Amount of balloon payments at maturity	$ 10,036,000
$100,000 – 149,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate	1.00%
$100,000 – 149,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate	13.34%
$150,000 – 199,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | Loan	981
Carrying amount of mortgages	$ 146,783,000
Principal amount subject to delinquent principal and interest	63,062,000
Amount of balloon payments at maturity	$ 8,961,000
$150,000 – 199,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate	2.00%
$150,000 – 199,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate	12.50%
$200,000 – 249,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | Loan	672
Carrying amount of mortgages	$ 127,182,000
Principal amount subject to delinquent principal and interest	57,322,000
Amount of balloon payments at maturity	$ 11,794,000
$200,000 – 249,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate	2.00%
$200,000 – 249,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate	10.95%
$ 250,000
Mortgage Loans on Real Estate [Line Items]
Loan Count | Loan	1,972
Carrying amount of mortgages	$ 728,829,000
Principal amount subject to delinquent principal and interest	278,513,000
Amount of balloon payments at maturity	$ 118,722,000
$250,000 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate	1.00%
$250,000 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate	11.50%

Schedule IV Mortgage loans on67

Schedule IV Mortgage loans on real estate - Schedule of Mortgage Loan Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 869,091	[1]
Mortgage loan portfolio acquisitions, net cost basis	459,194
Mortgage loan portfolio originations	9,083
Dispositions	0
Accretion recognized	(89,881)
Payments received, net	(153,930)
Reclassifications to REO	(20,294)
Other	516
Ending balance	1,253,541	[1],[2]
Prepaid expenses and other assets
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 1,500
[1]	Mortgage loans, net include $996,203 and $598,643 of loans at December 31, 2017 and December 31, 2016, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 8 — Debt.
[2]	Mortgage loans, net include​s $177.1 million, Secured borrowings, net of deferred costs includes $88.4 million, and Non-controlling interests includes $14.0 million from a 50% owned joint venture, which we consolidate under GAAP.