Rithm Property Trust (RPT) 10-Q 7 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 06, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Great Ajax Corp.
Entity Central Index Key	1,614,806
Trading Symbol	ajx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		18,856,601

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 59,758	$ 53,721
Cash held in trust		45,527	27,041
Mortgage loans, net	[1],[2]	1,272,644	1,253,541
Property held-for-sale, net	[3]	20,463	24,947
Rental property, net		8,080	1,284
Investments at fair value		51,751	6,285
Receivable from servicer		13,106	17,005
Investments in affiliates		8,737	7,020
Prepaid expenses and other assets		12,410	4,894
Total assets		1,492,476	1,395,738
Liabilities:
Secured borrowings, net	[1],[2],[4]	631,207	694,040
Borrowings under repurchase transactions		420,461	276,385
Convertible senior notes, net	[4]	103,162	102,571
Management fee payable		777	750
Accrued expenses and other liabilities		4,704	4,554
Total liabilities		1,160,311	1,078,300
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 $0.01 par value; 125,000,000 shares authorized, 18,856,601 shares at September 30, 2018 and 18,588,228 shares at December 31, 2017 issued and outstanding		189	186
Additional paid-in capital		258,854	254,847
Treasury stock		(232)	0
Retained earnings		40,518	35,556
Accumulated other comprehensive income/(loss)		(203)	(233)
Equity attributable to stockholders		299,126	290,356
Non-controlling interests	[5]	33,039	27,082
Total equity		332,165	317,438
Total liabilities and equity		$ 1,492,476	$ 1,395,738
[1]	As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.
[3]	Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2018 and December 31, 2017, respectively.
[4]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[5]	Non-controlling interests includes $19.9 million at September 30, 2018, from 50% and 63% owned joint ventures. Non-controlling interests includes $14.0 million at December 31, 2017, from a 50% owned joint venture, which the Company consolidates under U.S. GAAP.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
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)		18,856,601	18,588,228
Common stock shares outstanding (in shares)		18,856,601	18,588,228
Mortgage loans		$ 914,158	$ 996,203
Property held-for-sale, valuation allowances		2,000	1,800
Secured borrowings, net	[1],[2],[3]	631,207	694,040
Noncontrolling interest	[4]	33,039	27,082
Financing Receivable, Allowance for Credit Losses		$ 365	0
2018-C
Noncontrolling Interest, Ownership Percentage by Parent		63.00%
Consolidated Entities
Mortgage loans		$ 338,700	177,100
Secured borrowings, net		237,000	88,400
Noncontrolling interest		$ 19,900	$ 14,000
2017-D
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
[1]	As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[4]	Non-controlling interests includes $19.9 million at September 30, 2018, from 50% and 63% owned joint ventures. Non-controlling interests includes $14.0 million at December 31, 2017, from a 50% owned joint venture, which the Company consolidates under U.S. GAAP.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
INCOME
Interest income	$ 27,416,000	$ 24,529,000	$ 79,697,000	$ 67,057,000
Provision for loan losses	(365,000)	0	(365,000)	0
Interest expense	(12,997,000)	(10,775,000)	(38,290,000)	(27,719,000)
Net interest income	14,054,000	13,754,000	41,042,000	39,338,000
Income from investments in affiliates	239,000	158,000	628,000	543,000
Other income	457,000	314,000	2,600,000	1,117,000
Total income	14,750,000	14,226,000	44,270,000	40,998,000
EXPENSE
Related party expense – loan servicing fees	2,457,000	2,187,000	7,598,000	6,003,000
Related party expense – management fee	1,456,000	1,428,000	4,428,000	3,830,000
Loan transaction expense	(25,000)	290,000	365,000	1,257,000
Professional fees	482,000	497,000	1,597,000	1,484,000
Real estate operating expenses	1,001,000	1,151,000	2,394,000	2,112,000
Other expense	964,000	910,000	2,920,000	2,482,000
Total expense	6,335,000	6,463,000	19,302,000	17,168,000
Loss on debt extinguishment	836,000	0	836,000	218,000
Income before provision for income taxes	7,579,000	7,763,000	24,132,000	23,612,000
Provision for income taxes	84,000	47,000	102,000	96,000
Consolidated net income	7,495,000	7,716,000	24,030,000	23,516,000
Less: consolidated net income attributable to the non-controlling interest	(937,000)	(246,000)	(2,286,000)	(773,000)
Consolidated net income attributable to common stockholders	$ 6,558,000	$ 7,470,000	$ 21,744,000	$ 22,743,000
Basic earnings per common share (in dollars per share)	$ 0.35	$ 0.41	$ 1.16	$ 1.25
Diluted earnings per common share (in dollars per share)	$ 0.34	$ 0.38	$ 1.09	$ 1.19
Weighted average shares - basic (in shares)	18,691,393	18,072,045	18,599,088	18,019,434
Weighted average shares - diluted (in shares)	26,592,806	25,246,764	26,488,984	22,380,788

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 6,558	$ 7,470	$ 21,744	$ 22,743
Other comprehensive income/(loss):
Net unrealized gain/(loss) on investment, net of non-controlling interest and tax	193	(39)	30	(170)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	0	0	0	0
Comprehensive income	$ 6,751	$ 7,431	$ 21,774	$ 22,573

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 24,030,000	$ 23,516,000
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	2,969,000	2,248,000
Non-cash interest income accretion	(32,643,000)	(32,019,000)
Discount accretion on investment in debt securities	(255,000)	(153,000)
Gain on sale of property held-for-sale	(264,000)	(170,000)
Non-cash loan charges	0	26,000
Depreciation of property	94,000	56,000
Impairment of real estate owned	2,049,000	2,027,000
Provision for loan losses	365,000	0
Amortization of debt discount and prepaid financing costs	5,068,000	4,221,000
Undistributed income from investment in affiliates	(628,000)	(543,000)
Net change in operating assets and liabilities
Prepaid expenses and other assets	(7,245,000)	(1,767,000)
Receivable from servicer	3,683,000	(895,000)
Accrued expenses, management fee payable, and other liabilities	177,000	604,000
Net cash from operating activities	(2,600,000)	(2,849,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(97,738,000)	(239,992,000)
Origination of commercial loans	(5,100,000)	(7,042,000)
Principal paydowns on mortgage loans	(105,254,000)	(77,177,000)
Principal paydowns on debt securities held as investments	4,656,000	0
Loans purchase deposit	(50,000)	0
Purchase of debt securities	(48,798,000)	0
Purchase of rental property	(5,896,000)	0
Purchase of equity securities	1,039,000	0
Proceeds from sale of property held-for-sale	12,943,000	11,922,000
Renovations of rental property	(264,000)	0
Investment in Great Ajax FS LLC, including warrants	(1,750,000)	0
Investment in equity method investee	0	(5,115,000)
Distribution from affiliates	647,000	2,831,000
Net cash from investing activities	(37,135,000)	(160,219,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	182,128,000	84,592,000
Repayments on repurchase transactions	(38,052,000)	(54,027,000)
Proceeds from sale of secured borrowings	167,910,000	140,669,000
Repayments on secured borrowings	(232,432,000)	(88,217,000)
Proceeds from sale of convertible senior notes	0	105,325,000
Deferred financing costs	(2,215,000)	(2,526,000)
Sale of common stock pursuant to dividend reinvestment plan	140,000	123,000
Distribution to non-controlling interest	(3,107,000)	(519,000)
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	6,778,000	0
Dividends paid on common stock	(16,892,000)	(15,099,000)
Net cash from financing activities	64,258,000	170,321,000
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	24,523,000	7,253,000
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	80,762,000	36,908,000
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	105,285,000	44,161,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	36,909,000	24,792,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Transfer of loans to rental property or property held-for-sale	10,974,000	17,927,000
Issuance of common stock for management fee and compensation expense	2,969,000	2,248,000
Issuance of shares to Great Ajax FS LLC	1,011,000	0
Transfer of property held-for-sale to loans	0	56,000
Non-cash adjustments to basis in mortgage loans	214,000	245,000
Unrealized gain/(loss) on available for sale securities, net of non-controlling interest and tax	30,000
Unrealized gain/(loss) on available for sale securities, net of non-controlling interest and tax		200,000
Treasury stock received through distributions from investment in Manager	232,000	0
Convertible senior notes conversion premium recognized in equity	0	2,687,000
Transfer of accrued interest to borrowings under repurchase agreement	0	397,000
Cumulative effect of accounting change recognized in equity	110,000	0
Total cash and cash equivalents and restricted cash shown on the consolidated Statements of Cash Flows	$ 80,762,000	$ 36,908,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Treasury stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive loss	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2016			18,122,387
Beginning balance at Dec. 31, 2016	$ 282,723	$ 272,292	$ 181	$ 0	$ 244,880	$ 27,231	$ 0	$ 10,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,743	22,743
Issuance of shares to Great Ajax FS LLC	0
Consolidated net income	23,516							773
Issuance of shares under dividend reinvestment plan (in shares)			9,165
Issuance of shares under dividend reinvestment plan	123	123			123
Stock-based management fee expense (in shares)			78,887
Stock-based management fee expense	1,582	1,582	$ 2		1,580
Stock-based compensation expense (in shares)			41,536
Stock-based compensation expense	666	666			666
Dividends and distributions	(15,618)	(15,099)				(15,099)		(519)
Conversion premium - Convertible senior notes	2,687	2,687			2,687
Other comprehensive loss	(170)	(170)					(170)
Treasury stock	0
Ending balance (in shares) at Sep. 30, 2017			18,251,975
Ending balance at Sep. 30, 2017	$ 295,509	284,824	$ 183	0	249,936	34,875	(170)	10,685
Beginning balance (in shares) at Dec. 31, 2017	18,588,228		18,588,228
Beginning balance at Dec. 31, 2017	$ 317,438	290,356	$ 186	0	254,847	35,556	(233)	27,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,744	21,744
Issuance of shares for Great Ajax FS LLC (in shares)			75,001
Issuance of shares to Great Ajax FS LLC	1,011	1,011	$ 1		1,010
Consolidated net income	24,030							2,286
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	6,778							6,778
Issuance of shares under dividend reinvestment plan (in shares)			10,381
Issuance of shares under dividend reinvestment plan	140	140			140
Stock-based management fee expense (in shares)			147,274
Stock-based management fee expense	2,100	2,100	$ 2		2,098
Stock-based compensation expense (in shares)			53,082
Stock-based compensation expense	869	869			869
Dividends and distributions	(19,999)	(16,892)				(16,892)		(3,107)
Other comprehensive loss	30	30					30
Cumulative effect of accounting change	0				(110)	110
Treasury stock (in shares)			(17,365)
Treasury stock	$ (232)	(232)		(232)
Ending balance (in shares) at Sep. 30, 2018	18,856,601		18,856,601
Ending balance at Sep. 30, 2018	$ 332,165	$ 299,126	$ 189	$ (232)	$ 258,854	$ 40,518	$ (203)	$ 33,039

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2018
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. Purchased SBC loans are generally RPLs. Additionally, the Company may invest in both residential and non-residential commercial properties directly either through a foreclosure event of a loan in its mortgage portfolio or, through a direct acquisition. The Company may also target 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, either directly or with third-party institutional investors if attractive opportunities exist. The Company’s manager is Thetis Asset Management LLC (the “Manager” or “Thetis”), an affiliated company. The Company owns 19.8% of the Manager and 8.0% of Great Ajax FS LLC ("GAFS" or "The Parent of our Servicer") which owns substantially all of the interest in Gregory Funding LLC ("Gregory" or the "Servicer"), the Company's loan servicer. The Company’s mortgage loans and real properties are serviced by Gregory, 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 and the Parent of the Servicer. 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 VIEs, and the Company has determined that it is the primary beneficiary of many of these VIEs. 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. In February 2018, the Company formed AJX Commercial Properties I to hold multi-family residential properties held as rentals. AJX Commercial Properties I is a wholly-owned subsidiary of the Operating Partnership. Basis of Presentation and Use of Estimates The consolidated interim financial statements should be read in conjunction with the Company's consolidated Financial Statements and the notes thereto for the period ended December 31, 2017 , included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 8, 2018. Interim financial statements are unaudited and prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2018 . The consolidated interim 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 interim financial statements. The Company consolidates the results and balances of securitization trusts when it determines it is the primary beneficiary of the trust. The trusts are established to provide debt financing to the Company. The Company also consolidates the results and balances of five 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; AS Ajax E II is 53.1% owned by the Company. Ajax Mortgage Loan Trusts 2017-D ("2017-D") and Ajax Mortgage Loan Trusts 2018-C (“2018-C”) are securitization trusts which holds mortgage loans, REO property and secured debt; 2017-D is 50.0% owned by the Company, and 2018-C is 63.0% owned by the Company. Banfield Holding LLC ("Banfield") holds an REO property that is 90.0% owned by the Company. The Company recognizes non-controlling interests in its consolidated financial statements for the amounts of the investments and income due to the third-party investors for its consolidated subsidiaries. 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 September 30, 2018 , the Company owned 96.8% of the outstanding operating partnership units ("OP Units") and the remaining 3.2% of the OP Units were owned by an unaffiliated holder. All controlled subsidiaries are included in the Company's consolidated financial statements and all intercompany accounts and transactions have been eliminated in consolidation. The Company’s 19.8% investment in the Manager and 8.0% investment in GAFS are accounted for using the equity method because the Company can exercise influence on the operations of these entities through common officers and directors. There is no traded or quoted price for the interests in the Manager or GAFS since each 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 their resolution timelines, fair value measurements, and the net realizable value of REO properties held-for-sale.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
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 effective 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 including amounts contractually due from borrowers that exceed the Company’s basis in loans purchased at a discount, are similarly classified as principal for accounting purposes and are classified as investing cash flows in the consolidated Statement of Cash Flows as required under U.S. GAAP. 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 also acquires loans that have not experienced a deterioration in credit quality and originates small balance commercial loans. 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 the Manager 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, if listed or under contract for sale at the balance sheet date. 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. Holding costs are generally incurred by the Servicer and are subtracted from the Servicer’s remittance of sale proceeds upon ultimate disposition of properties held-for-sale. 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 39 years. The Company performs an impairment analysis for 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 which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated Balance Sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated Balance Sheets as a deduction from Secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company 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 the 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 1.6388 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $15.26 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. 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. A 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 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 issuance of convertible senior notes, and may be required to pay 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 The Company is also a party to the Servicing Agreement (the "Servicing Agreement"), expiring July 8, 2029, 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% annually of UPB for loans that are non-performing at acquisition. For certain of the Company’s joint ventures, the Servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% annually on a loan-by-loan basis for any loan that makes seven consecutive payments. 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 RPL 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”). The number of 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 the Company's 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 the common stock is paid. Management fees paid in common stock are recognized as an expense in the quarter incurred and recorded in stockholders' equity at quarter end. The shares vest immediately upon issuance. 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. 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 78,000 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. The Company also periodically issues additional restricted stock awards to its independent directors under the Director Plan. In addition, each of the Company’s independent directors receives an annual fee of $75,000 . 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 stockholders' 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 any LTIP Units, into shares of common stock). Grants of restricted stock under the 2016 Plan use grant date fair value of the stock as the basis for measuring the cost of the grant. The cost of grants of restricted stock to employees of the Company’s affiliates had previously been determined using the stock price as of the date at which the counterparty's performance is complete. However, pursuant to the issuance and early adoption of ASU 2018-07 in June 2018, the Company used the grant date fair value of the stock as the basis for measuring the cost of the grant. See “Recently Adopted Accounting Standards” below. Forfeitures of granted shares are accounted for in the period in which they occur. The share grants 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 either legally due to lenders or held in trust for he benefit of the Company's secured borrowers, 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. 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 Investments in securities at fair value are carried at fair value with changes in fair value reflected in the Company’s consolidated Statements of 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 its repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE under the ticker symbol "AJXA"; 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. Net realizable value is determined based on broker price opinions, appraisals, or other market indicators of fair value, which are then reduced by anticipated selling costs. 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 ben

Mortgage Loans

Mortgage Loans	9 Months Ended
	Sep. 30, 2018
Mortgage Loans on Real Estate [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 September 30, 2018 and December 31, 2017 ($ in thousands): Loan portfolio basis by asset type September 30, 2018 December 31, 2017 Residential RPLs $ 1,197,877 $ 1,190,019 Purchased SBC (RPL) 24,968 8,605 Originated SBC 13,573 11,620 Residential NPLs 36,226 43,297 Total $ 1,272,644 $ 1,253,541 Included on the Company’s consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 are approximately $1,272.6 million and $1,253.5 million , respectively, of RPLs, NPLs, and originated SBCs at carrying value. RPLs and NPLs are categorized as such 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 values at September 30, 2018 for the Company's loans in the table above are reduced by an allowance for loan losses of $0.4 million , which is allocated at the loan level and reflected in the totals for each line in the table above. The Company had no allowance for loan losses at December 31, 2017 . For the three and nine months ended September 30, 2018 the Company recognized $0.4 million provision for loan loss. For the three and nine months ended September 30, 2017 , the Company recognized no provision for loan loss. For the three and nine month periods ended September 30, 2018 , the Company accreted $25.6 million and $76.7 million , respectively, into interest income with respect to its RPL and NPL portfolio. For the three and nine month periods ended September 30, 2017 , the Company accreted $24.0 million and $66.0 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 three and nine month periods ended September 30, 2018 consisted of 271 and 422 , respectively, purchased RPLs with UPB of $69.2 million and $104.5 million UPB, respectively, and six originated SBC loans with $4.8 million . Comparatively during the three and nine months ended September 30, 2017 , the Company acquired 109 and 1,351 , respectively, purchased RPLs with $32.7 million and $285.2 million , respectively, UPB and two and six , respectively, originated SBC loans with $3.0 million and $7.1 million , respectively. The Company acquired 11 purchased NPLs with $1.7 million UPB for the three and nine month periods ended September 30, 2018 . No NPLs were directly purchased during the three and nine month periods ended September 30, 2017 . Also, the Company invested in debt securities that are secured by NPLs and RPLs (See Note 9 - Related party transactions). The following table presents information regarding the accretable yield and non-accretable amount for purchased loans acquired during the following periods ($ in thousands): Three months ended September 30, 2018 Three months ended September 30, 2017 Re-performing Non-performing Re-performing Non-performing Contractually required principal and interest $ 80,971 $ 1,963 $ 51,920 $ — Non-accretable amount (5,352 ) (478 ) (15,675 ) — Expected cash flows to be collected 75,619 1,485 36,245 — Accretable yield (11,750 ) (54 ) (9,599 ) — Fair value at acquisition $ 63,869 $ 1,431 $ 26,646 $ — Nine months ended September 30, 2018 Nine months ended September 30, 2017 Re-performing Non-performing Re-performing Non-performing Contractually required principal and interest $ 138,860 $ 1,963 $ 456,353 $ — Non-accretable amount (23,629 ) (478 ) (145,780 ) — Expected cash flows to be collected 115,231 1,485 310,573 — Accretable yield (19,483 ) (54 ) (70,581 ) — Fair value at acquisition $ 95,748 $ 1,431 $ 239,992 $ — 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 for the three and nine months ended September 30, 2018 and 2017 . Accretable yield and accretion amounts do not include any of the six or two originated SBC loans acquired at September 30, 2018 and 2017 . Also, it does not include gains of $7,000 from loans that paid in full after acquisition but before boarding by the Servicer for the three and nine months ended September 30, 2018 . No gains were recognized from loans that paid in full after acquisition but before boarding by the Servicer for the three and nine months ended September 30, 2017 ($ in thousands): Three months ended September 30, 2018 Three months ended September 30, 2017 Re-performing Non-performing Re-performing Non-performing Balance at beginning of period $ 302,454 $ 5,558 $ 299,812 $ 9,475 Accretable yield additions 11,750 54 9,599 — Accretion (25,291 ) (269 ) (23,134 ) (828 ) Reclassification from (to) non-accretable amount, net 7,484 (550 ) 4,536 266 Balance at end of period $ 296,397 $ 4,793 $ 290,813 $ 8,913 Nine months ended September 30, 2018 Nine months ended September 30, 2017 Re-performing Non-performing Re-performing Non-performing Balance at beginning of period $ 344,141 $ 7,370 $ 239,858 $ 12,065 Accretable yield additions 19,483 54 70,580 — Accretion (75,065 ) (1,612 ) (62,786 ) (3,258 ) Reclassification from (to) non-accretable amount, net 7,838 (1,019 ) 43,161 106 Balance at end of period $ 296,397 $ 4,793 $ 290,813 $ 8,913 During the three months ended September 30, 2018 , the Company reclassified a net $6.9 million from non-accretable amount to accretable yield, consisting of a $7.5 million transfer from non-accretable amount to accretable yield for RPLs, and a $0.6 million transfer from accretable yield to non-accretable amount for NPLs. Comparatively, during the three months ended 2017 , the Company reclassified a net $4.8 million from non-accretable amount to accretable yield, consisting of a $4.5 million transfer from non-accretable amount to accretable yield for its RPLs and $0.3 million from non-accretable amount to accretable yield 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 reclassification in the third quarter of 2018 and 2017 is based on an updated assessment of projected loan cash flows as compared to the projection at December 31, 2017 and December 31, 2016, respectively. This is offset by the removal of the accretable yield for loans that are removed from the pool at foreclosure and loan payoffs, both in full or in part, prior to modeled expectations. The Company performs an analysis of its expectation of the amount of undiscounted cash flows expected to be collected from its mortgage loan pools at the end of each calendar quarter. 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. During the quarter ended September 30, 2018 , the Company recorded an impairment of $0.4 million of the value of two of its NPL pools acquired in 2014. An analysis of the balance in the allowance for loan losses account follows: Three months ended Nine months ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Allowance for loan losses, beginning of period $ — $ — $ — $ — Current period additions to allowance account (365 ) — (365 ) — Allowance for loan losses, end of period $ (365 ) $ — $ (365 ) $ — The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018 December 31, 2017 Number of loans Carrying value Unpaid principal balance Number of loans Carrying value Unpaid principal balance Current 3,844 $ 744,081 $ 843,386 3,998 $ 744,300 $ 860,572 30 996 167,458 189,409 912 152,685 178,383 60 659 108,474 122,993 577 100,792 117,145 90 1,087 184,214 213,409 1,047 177,841 214,297 Foreclosure 272 68,417 80,603 367 77,923 94,826 Mortgage loans 6,858 $ 1,272,644 $ 1,449,800 6,901 $ 1,253,541 $ 1,465,223

Real Estate Assets, Net

Real Estate Assets, Net	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 , the Company owned 17 REO properties with an aggregate carrying value of $8.1 million held for investment as rentals, at which time 12 properties were rented. Two properties consist of multi-family apartment buildings that were acquired as of September 30, 2018 that have a current carrying value of $5.0 million . One property consists of a single tenant commercial property that was acquired during the three months ended September 30, 2018 that has a current carrying value of $0.8 million . One property was acquired as an RPL but transitioned to foreclosure prior to boarding by the Servicer, one was acquired through foreclosure, and 12 were transferred from Property held-for-sale, where all 12 were acquired through foreclosures. As of December 31, 2017 , the Company had 14 REO properties with a carrying value of $1.3 million held for use as rentals, at which time five were rented. One of these properties 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, where all 10 were acquired through foreclosures. 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 September 30, 2018 and December 31, 2017 , the Company’s net investments in REO held-for-sale were $20.5 million and $24.9 million , respectively, which include balances of $0.7 million and $1.8 million , respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. For the nine months ended September 30, 2018 and 2017 , all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of its mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the three and nine months ended September 30, 2018 and 2017 ($ in thousands): Three months ended Nine months ended September 30, 2018 September 30, 2017 September 30,2018 1 September 30, 2017 Property Held-for-sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 130 $ 22,807 167 $ 28,278 136 $ 24,947 149 $ 23,882 Transfers from mortgage loans 19 3,248 20 3,683 73 10,974 110 17,395 Adjustments to record at lower of cost or fair value — (897 ) — (1,118 ) — (2,049 ) — (2,027 ) Disposals (32 ) (4,448 ) (28 ) (3,526 ) (93 ) (12,680 ) (92 ) (11,753 ) Net transfers to Rental property (1 ) (146 ) — 26 — (590 ) (5 ) (153 ) Other — (101 ) 1 (1 ) — (139 ) (2 ) (2 ) Balance at end of period 116 $ 20,463 160 $ 27,342 116 $ 20,463 160 $ 27,342 (1) For the nine months ended September 30, 2018 , net transfers to rental property included the net impact of five properties transferred from held-for-sale to rental of $1.1 million and five properties transferred from rental to held-for-sale of $0.5 million . Dispositions During the three months ended September 30, 2018 and 2017 , the Company sold 32 and 28 REO properties respectively, realizing net losses of approximately $0.2 million and $0.1 million , respectively. Comparatively, for the nine months ended September 30, 2018 and 2017 , the Company sold 93 and 92 REO properties, realizing net gains of approximately $0.3 million and $0.1 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 three months ended September 30, 2018 and 2017 of $0.9 million and $1.1 million , respectively. Comparatively, for the nine months ended September 30, 2018 and 2017 , the Company recorded lower of cost or estimated fair value adjustments of $2.0 million and $2.0 million , respectively.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 and December 31, 2017 ($ in thousands): ​ Level 1 Level 2 Level 3 September 30, 2018 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans, net $ 1,272,644 $ — $ — $ 1,397,101 Investments in debt securities at fair value $ 50,695 $ — $ 50,695 $ — Investments in equity securities at fair value $ 1,056 $ 1,056 $ — $ — Investment in Manager $ 1,826 $ — $ — $ 5,743 Investment in AS Ajax E $ 1,056 $ — $ 1,224 $ — Investment in GAFS, including warrants $ 2,842 $ — $ — $ 3,320 Financial liabilities Secured borrowings, net $ 631,207 $ — $ — $ 631,688 Borrowings under repurchase transactions $ 420,461 $ — $ 420,461 $ — Convertible senior notes, net $ 103,162 $ 107,698 $ — $ — ​ ​ 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, net $ 1,253,541 $ — $ — $ 1,375,722 Investments in debt securities at fair value $ 6,285 $ — $ 6,285 $ — Investment in Manager $ 850 $ — $ — $ 6,427 Investment in AS Ajax E $ 1,201 $ — $ 1,224 $ — Financial liabilities Secured borrowings, net $ 694,040 $ — $ — $ 693,255 Borrowings under repurchase transactions $ 276,385 $ — $ 276,385 $ — Convertible senior notes, net $ 102,571 $ 109,641 $ — $ — 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 Company values its Investments in securities at fair value using estimates provided by banking institutions for debt securities and the stock price on the NYSE for the equity securities (See Note 10 - Investments at fair value). The Company's investment in the Manager is valued by applying an earnings multiple to expected earnings. The Company’s investment in AS Ajax E is valued using estimates provided by banking institutions. The fair value of the Company's investment in GAFS is presented by applying an earnings multiple to expected earnings. 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 of the mortgage loans used as collateral, therefore, represents the estimated effective yield on the secured debt. The discount rate is then applied to the face value of the secured debt to derive the debt's fair value. 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, Loans purchase deposit, Prepaid expenses and other assets, Management fee payable and Accrued expenses 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 September 30, 2018 and December 31, 2017 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2018 Carrying value Nine months ended 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 $ 20,463 $ 2,049 $ — $ — $ 20,463 Level 1 Level 2 Level 3 December 31, 2017 Carrying value Fiscal year 2017 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 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.

Affiliates

Affiliates	9 Months Ended
	Sep. 30, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates During the nine months ended September 30, 2018 , the Company acquired an 8.0% ownership interest in GAFS. The acquisition was completed in two transactions. January 26, 2018 was the initial closing date wherein the Company acquired 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 . On May 29, 2018 the additional closing was completed wherein the Company acquired 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 29,063 shares of the Company's common stock with a value of approximately $0.4 million . The Company accounts for its investment in GAFS using the equity method. 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 and the Company received a distribution of $2.6 million related to this investment. At September 30, 2018 , all remaining cash in GA-E 2014-12 had been distributed to the investors in proportion to their ownership interests resulting in an additional nominal distribution to the Company. The Company used the equity method of accounting for its investment in GA-E 2014-12. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC, to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E LLC was reduced to a lower percentage of the total. At both September 30, 2018 and December 31, 2017 , the Company’s interest in AS Ajax E LLC was approximately 16.5% . The Company accounts for its investment using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100% , and at the Company’s share ($ in thousands): Net income, assets and liabilities of unconsolidated affiliates at 100% Three months ended September 30, Nine months ended September 30, Net income at 100% 2018 2017 2018 2017 Thetis Asset Management LLC $ 569 $ 721 $ 1,813 $ 1,685 Great Ajax FS LLC (2) $ 805 $ — $ 1,231 $ — AS Ajax E LLC $ 92 $ 88 $ 261 $ 224 GA-E 2014-12 $ — $ — $ — $ 426 September 30, 2018 December 31, 2017 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Great Ajax FS LLC (2) $ 73,081 $ 51,191 $ — $ — Thetis Asset Management LLC $ 8,564 $ 2,045 $ 7,415 $ 1,674 AS Ajax E LLC $ 6,544 $ 18 $ 7,293 $ 5 GA-E 2014-12 $ — $ — $ 7 $ 5 Net income, assets and liabilities of unconsolidated affiliates at the Company's share Three months ended September 30, Nine months ended September 30, Net income at the Company's share 2018 2017 2018 2017 Thetis Asset Management LLC $ 113 $ 143 $ 359 $ 334 Great Ajax FS LLC (1)(2) $ 64 $ — $ 88 $ — AS Ajax E LLC $ 15 $ 14 $ 43 $ 37 GA-E 2014-12 $ — $ — $ — $ 173 September 30, 2018 December 31, 2017 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Great Ajax FS LLC (2) $ 5,846 $ 4,095 $ — $ — Thetis Asset Management LLC $ 1,696 $ 405 $ 1,468 $ 331 AS Ajax E LLC $ 1,080 $ 3 $ 1,203 $ 1 GA-E 2014-12 $ — $ — $ 3 $ 2 (1) Net income at the Company's share is not directly proportionate to Net income at 100% due to the timing of the Company's acquisition during the quarter. (2) Amounts for the Company's share for 2017 are presented as zero since the Company's investment was a 2018 event. ​ 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 VIEs, and the Company has determined that it is the primary beneficiary of the VIEs. 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. As of September 30, 2018 , AS Ajax E II LLC was 53.1% owned by the Company, with the remainder held by third parties. 2017-D and 2018-C are securitization trusts formed to hold mortgage loans, REO property and secured debt. As of September 30, 2018 , 2017-D is 50% owned by the Company and 2018-C is 63.0% owned by the Company, with the remainder held by third-party institutional investors. The Company consolidates the results and balances of AS Ajax E II LLC, 2017-D and 2018-C 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. Additionally, non-controlling interests in the earnings of AS Ajax E II LLC, 2017-D and 2018-C are recognized in the Company’s consolidated Statement of Income, which consists of the proportionate amount of income attributable to the third party investors.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 , the Company had commitments to purchase, subject to due diligence, 254 mortgage loans secured by single-family residences with aggregate UPB of $65.9 million . The Company will only acquire loans that meet the acquisition criteria for its own portfolios, or those of its third party institutional co-investors. 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 September 30, 2018 , 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	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreements The Company has entered into two repurchase facilities whereby the Company, through two wholly-owned Delaware trusts (the “Trusts”), acquires pools of mortgage loans which are then sold by the Trusts, as “Seller” to two separate counterparties, the “buyer” or “buyers.” One facility has a ceiling of $250.0 million and the other $400.0 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 also entered into two repurchase facilities substantially similar to the mortgage loan repurchase facilities where the pledged assets are the class B bonds and certificates from the Company's securitization transactions. The Company has effective control over the assets subject to all of 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): ​ ​ September 30, 2018 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate October 26, 2018 April 26, 2018 $ 8,980 $ 8,980 $ 11,973 133 % 4.42 % October 30, 2018 April 30, 2018 10,539 10,539 15,055 143 % 4.62 % November 8, 2018 May 8, 2018 5,468 5,468 7,811 143 % 4.62 % December 7, 2018 June 7, 2018 56,440 56,440 75,253 133 % 4.38 % December 28, 2018 June 28, 2018 9,956 9,956 13,275 133 % 4.25 % January 11, 2019 July 11, 2018 8,956 8,956 12,795 143 % 4.41 % February 1, 2019 August 1, 2018 13,322 13,322 17,174 129 % 4.53 % March 25, 2019 September 25, 2018 6,396 6,396 8,528 133 % 4.34 % March 25, 2019 September 25, 2018 7,020 7,020 10,028 143 % 4.49 % March 28, 2019 September 28, 2018 12,539 12,539 16,718 133 % 4.40 % July 12, 2019 July 15, 2016 250,000 199,079 264,021 133 % 4.69 % September 24, 2019 September 25, 2018 400,000 81,766 88,769 109 % 4.72 % Totals ​ $ 789,616 $ 420,461 $ 541,400 129 % 4.60 % ​ ​ 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 % 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 September 30, 2018 and December 31, 2017 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2018 December 31, 2017 Gross amount of recognized liabilities $ 420,461 $ 276,385 Gross amount pledged as collateral 541,400 368,742 Net amount $ 120,939 $ 92,357 Secured Borrowings From inception (January 30, 2014) to September 30, 2018 , the Company has completed 13 secured borrowings pursuant to Rule 144A under the Securities Act, six of which were outstanding at September 30, 2018 . 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 certificates to third parties and 2018-C securitization, from which the Company sold a 95% interest in the Class A notes and 37% in the Class B and Class C certificates, the Company has retained the subordinate notes and the trust certificates from the six secured borrowings outstanding at September 30, 2018 . The Class A notes for the 2017-D secured borrowing contains Class B certificates representing the residual interests in the mortgages held within the securitization trusts subsequent to repayment of the Class A debt. The Class A notes for the Company’s 2017-D secured borrowing carry no step-up in the interest rate. The Company has retained 50% of both the Class A notes and Class B certificates from 2017-D. The Class A notes for the 2018-C secured borrowing contains Class B notes and Class C certificates representing the residual interest in the mortgages held within the securitization trusts subsequent to repayment for the Class A debt. The Class A notes of the Company's 2018-C secured borrowing carry no step-up in the interest rate. The Company has retained 5% of the Class A notes and 63% of the Class B notes and Class C certificates. The Company's 2017-B secured borrowing carries no provision for a step-up in interest rate on any of the Class A, Class B or Class M notes. For all of the Company's secured borrowings the Class A notes are senior, sequential pay, fixed rate notes, and with the exception of 2017-D and 2018-C, as noted above, the Class B notes are subordinate, sequential pay, fixed rate notes. The Class M notes issued under 2017-B are also mezzanine, sequential pay, fixed rate notes. For all of the Company's secured borrowings, except 2017-B, 2017-D and 2018-C which contain no interest rate step-up, if the Class A notes have not been redeemed by the payment date or otherwise paid in full 36 months after issue, or in the case of 2017-C, 48 months after issue, 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 notes from our secured borrowings outstanding at September 30, 2018 at their respective cutoff dates: Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Ajax Mortgage Loan Trust 2016-C/ October 2016 October 25, 2019 Class A notes due 2057 $102.6 million 4.00 % April 25, 2020 Class B-1 notes due 2057(1,4) $7.9 million 5.25 % None 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 May 25, 2020 Class A notes due 2057 $140.7 million 3.47 % November 25, 2020 Class B-1 notes due 2057(1) $15.1 million 5.25 % None 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 None Class A notes due 2056 $115.8 million 3.16 % None Class M-1 notes due 2056(3) $9.7 million 3.50 % None Class M-2 notes due 2056(3) $9.5 million 3.50 % None Class B-1 notes due 2056(1) $9.0 million 3.75 % None 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 November 25, 2021 Class A notes due 2060 $130.2 million 3.75 % May 25, 2022 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 None Class A notes due 2057(5) $177.8 million 3.75 % None Class B certificates (5) $44.5 million — % Deferred issuance costs $(1.1) million — % Ajax Mortgage Loan Trust 2018-C/ September 2018 None Class A notes due 2065(6) $170.5 million 4.36 % None Class B notes due 2065(6) $15.9 million 5.25 % Trust certificates(6) $40.9 million — % Deferred issuance costs $(2.1) 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, the Company is 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. The Company has retained the Class M notes. ​ (4) These securities are encumbered under a repurchase agreement. (5) Ajax Mortgage Loan Trust ("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. The Company is required to consolidate 2017-D under GAAP and is 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. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest. (6) AJAXM 2018-C is a joint venture in which a third party owns 95% of the Class A notes and 37% of the Class B notes and certificates. The Company is required to consolidate 2018-C under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 95% of the Class A notes and 37% of the Class B notes, which are held by the third party, are included in Secured borrowings, net. The 5% portion of the Class A notes retained by the Company have been encumbered under the repurchase agreement. Thirty-seven percent of the Class C 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. For certain of the Company’s securitizations, the Servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% annually on a loan-by-loan basis for any loan that makes seven consecutive payments. 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 September 30, 2018 and December 31, 2017 , and the securitization cutoff date: Balances at September 30, 2018 Balances at December 31, 2017 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 2016-A $ 1,493 $ — — % $ 110,585 $ 82,556 134 % $ 158,485 $ 101,431 2016-B 1,394 — — % 93,772 71,361 131 % 131,746 (1) 84,430 2016-C 106,463 74,510 143 % 116,357 88,400 132 % 157,808 102,575 2017-A 157,421 106,908 147 % 170,805 126,507 135 % 216,413 140,669 2017-B 134,865 103,237 131 % 143,799 115,846 124 % 165,850 115,846 2017-C 147,656 113,771 130 % 157,015 129,191 122 % 185,942 130,159 2017-D 167,847 71,907 (4) 233 % 203,870 88,903 (4) 229 % 203,870 (2) 88,903 2018-C 197,019 167,910 (5) 117 % — — — % 222,181 (3) 167,910 ​ $ 914,158 $ 638,243 (6) 143 % $ 996,203 $ 702,764 (6) 142 % $ 1,442,295 $ 931,923 ​ (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) Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans. (4) The gross amount of senior bonds at September 30, 2018 and December 31, 2017 were $143.8 million and $177.8 million however, only $71.9 million and $88.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (5) 2018-C contains notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at September 30, 2018 were $170.5 million and $15.9 million , however, only $162.0 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (6) This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $7.0 million and $8.8 million as of September 30, 2018 and December 31, 2017 , respectively. ​ 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 notes. 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 1.6388 shares of the Company's common stock per $25.00 principal amount of notes which is equivalent to a conversion price of approximately $15.26 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. As of September 30, 2018 , the amount by which the if-converted value falls short of the principal value for the entire series is $11.6 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 September 30, 2018 , the notes' UPB was $108.0 million , and discount and deferred expenses were $4.8 million . Interest expense of $2.2 million was recognized during the quarter ended September 30, 2018 which includes $0.2 million of amortization of discount and deferred expenses, respectively. 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 for the quarter ended September 30, 2018 was 8.65% .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
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): Three months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2018 2017 Loan servicing fees Related party expense – loan servicing fees Gregory $ 2,457 $ 2,187 Management fee Related party expense – management fee Thetis 1,456 1,428 Interest income Interest income Oileus Residential 133 132 Income from equity investment Income from investments in affiliates Thetis 113 143 Interest income Interest income 2018-B 99 — Income from equity investment Income from investments in affiliates Great Ajax FS 64 — Interest income Interest income 2018-A 46 — Interest income Interest income 2018-D 5 — Due diligence and related loan acquisition costs Loan transaction expense Gregory — 41 Expense reimbursements Other fees and expenses Gregory — 6 Nine months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2018 2017 Loan servicing fees Related party expense – loan servicing fees Gregory $ 7,598 $ 6,003 Management fee Related party expense – management fee Thetis 4,428 3,830 Interest income Interest income Oileus Residential 364 421 Income from equity investment Income from investments in affiliates Thetis 359 334 Interest income Interest income 2018-A 251 — Interest income Interest income 2018-B 192 — Due diligence and related loan acquisition costs Loan transaction expense Gregory 99 93 Income from equity investment Income from investments in affiliates Great Ajax FS 88 — Expense reimbursements Other fees and expenses Gregory 40 40 Interest income Interest income 2018-D 5 — Expense reimbursements Other fees and expenses Great Ajax FS — 16 The Company’s consolidated Balance Sheets included the following significant related party balances ($ in thousands): As of September 30, 2018 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 13,106 Investment in subordinated debt securities Investments at fair value 2018-D 19,230 Investment in subordinated debt securities Investments at fair value 2018-B 14,807 Investment in subordinated debt securities Investments at fair value 2018-A 9,821 Investment in subordinated debt securities Investments at fair value Oileus Residential 6,837 Management fee payable Management fee payable Thetis 777 Expense reimbursements Accrued expenses and other liabilities Gregory 235 Servicing fees payable Accrued expenses and other liabilities Gregory 57 Expense reimbursement receivable Prepaid expenses and other assets 2018-A 13 Expense reimbursement receivable Prepaid expenses and other assets 2018-B 5 Expense reimbursements Accrued expenses and other liabilities Thetis 4 ​ As of December 31, 2017 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,005 Investment in subordinated debt securities Investments at fair value Oileus Residential 6,285 Management fee payable Management fee payable Thetis 750 Servicing fees payable Accrued expenses and other liabilities Gregory 217 In October 2016, the Company purchased subordinate debt securities for $6.3 million from Oileus Residential Loan Trust, a related party. At September 30, 2018 , these securities were carried on the Company’s consolidated Balance Sheet at fair value of $6.8 million , which approximates amortized cost. In April 2018, the Company acquired 9.36% of each class of securities in Ajax Mortgage Trust 2018-A ("2018-A"), a related party securitization trust. The Company purchased the debt securities for $13.8 million from 2018-A. At September 30, 2018 , these securities were carried on the Company’s consolidated Balance Sheet at a fair value of $9.8 million , which approximates amortized cost. In June 2018, the Company acquired 20.0% of each class of securities in Ajax Mortgage Trust 2018-B ("2018-B"), a related party securitization trust. The Company purchased the debt securities for $15.8 million from 2018-B. At September 30, 2018 , these securities were carried on the Company’s consolidated Balance Sheet at fair value of $14.8 million , which approximates amortized cost. In September 2018, the Company acquired 20.0% of each class of securities in Ajax Mortgage Trust 2018-D ("2018-D"), a related party securitization trust. The Company purchased the debt securities for $19.3 million from 2018-D. At September 30, 2018 , these securities were carried on the Company's consolidated Balance Sheet at fair value of $19.2 million , which approximates amortized cost. 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 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 base management fee currently exceeds the 50/50 split threshold, and the Company is currently paying the management fee 50% in cash and 50% in 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. However, the Company anticipates an incentive fee of approximately $0.1 million will be paid in the fourth quarter of 2018. 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 are 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. For certain of the Company’s securitization trusts, the servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% annually on a loan-by-loan basis for any loan that makes seven consecutive payments. 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 also reimburses 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 held-for-sale. 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 held-for-sale undergoing renovations. 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. 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.”

Investments at fair value

Investments at fair value	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Investments at fair value	Investments at fair value The Company holds investments in various debt and equity securities. The Company's debt securities are issued by securitization trusts, which are VIE's, that the Company has sponsored but which the Company does not consolidate since it has determined it is not the primary beneficiary. The Company's investments in common stock are all in publicly traded real estate investment trusts. All the Company's debt securities are considered to be available-for-sale. As of September 30, 2018 $ in thousands Basis 1 Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities due October 2056 $ 6,647 $ 190 $ — $ 6,837 Debt securities due April 2058 9,796 25 — 9,821 Debt securities due February 2057 15,242 — (435 ) 14,807 Debt securities due August 2058 19,230 — — 19,230 Common stock (REIT) 1,039 17 — 1,056 Total investments at fair value $ 51,954 $ 232 $ (435 ) $ 51,751 As of December 31, 2017 $ in thousands Basis 1 Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities due October 2056 $ 6,518 $ — $ (233 ) $ 6,285 Total investments at fair value $ 6,518 $ — $ (233 ) $ 6,285 (1) Basis amount is net of any realized amortized costs and principal paydowns. In October 2016, the Company purchased subordinate debt securities for $6.3 million from Oileus Residential Loan Trust. These notes have a stated final maturity of October 25, 2056 . At September 30, 2018 , these securities were carried on the Company’s consolidated Balance Sheet at fair value of $6.8 million , which approximates amortized cost. For the three and nine months ended September 30, 2018 , the Company recorded unrealized gains of $0.6 million and $0.4 million , respectively, which are reflected in the Company's consolidated Statements of Comprehensive Income. For the three and nine months ended September 30, 2017 , the Company recorded unrealized losses of $39,000 and $0.2 million , respectively, which are reflected in the Company's consolidated Statements of Comprehensive Income. In April 2018, the Company purchased 9.36% of each class of securities in 2018-A, a related party securitization trust established to hold approximately $160.0 million in UPB of mortgage loans, including 485 RPLs and 11 NPLs, financed with secured debt of $128.0 million . The Company considered whether the securitization trust should be consolidated, and concluded that it should not, as the Company does not have the power over activities that are most important to the economic performance of the trust, and the trust is not for the primary benefit of the Company. The investments meet the definition of a debt security, and the Company accounts for its investment in 2018-A as Investments at fair value. The Company purchased the debt securities for $13.8 million . These notes have a stated final maturity of April 1, 2058 . At September 30, 2018 , these securities were carried on the Company’s consolidated Balance Sheet at fair value of $9.8 million . For the three and nine months ended September 30, 2018 , the Company recorded unrealized gains of $25,000 . The notes are considered to be available for sale, and are carried at fair value with changes in fair value reflected in the Company’s consolidated Statements of Comprehensive Income. In June 2018, the Company acquired 20.0% of each class of securities in 2018-B, a related party securitization trust established to hold approximately $94.8 million in UPB of mortgage loans, including 312 RPLs and 74 NPLs, financed with secured debt of $66.4 million . The Company considered whether the securitization trust should be consolidated, and concluded that it should not, as the Company does not have the power over activities that are most important to the economic performance of the trust, and the trust is not for the primary benefit of the Company. The investments meet the definition of a debt security, and the Company accounts for its investment in 2018-B as Investments at fair value. The Company purchased the debt securities for $15.8 million . These notes have a stated final maturity of February 26, 2057 . At September 30, 2018 , these securities were carried on the Company’s consolidated Balance Sheet at fair value of $14.8 million . For the three and nine months ended September 30, 2018 , the Company recorded unrealized losses of $0.4 million . The notes are considered to be available for sale, and are carried at fair value with changes in fair value reflected in the Company’s consolidated Statements of Comprehensive Income. In September 2018, the Company acquired 20.0% of each class of securities in 2018-D, a related party securitization trust established to hold approximately $100.8 million in UPB of mortgage loans, includes 470 RPLs, financed with secured debt of $149.1 million . The Company considered whether the securitization trust should be consolidated, and concluded that it should not, as the Company does not have the power over activities that are most important to the economic performance of the trust, and the trust is not for the primary benefit of the Company. The investments meet the definition of a debt security, and the Company accounts for its investment in 2018-D as Investments at fair value. The Company purchased the debt securities for $19.3 million . These notes have a stated final maturity in August 25, 2058 . At September 30, 2018 , these securities were carried on the Company's consolidated Balance Sheet at fair value of $19.2 million . For the three and nine months ended September 30, 2018 , the Company recorded no unrealized gains or losses. During the nine months ended September 30, 2018 the Company purchased shares of common stock that are all in publicly traded real estate investment trusts. At September 30, 2018 , these securities were carried on the Company's consolidated Balance Sheet at fair value of $1.1 million . For the three and nine months ended September 30, 2018 , the Company recorded unrealized gains of $17,000 , which are reflected in the Company's consolidated Statements of Income.

Stock-based Payments and Direct

Stock-based Payments and Director Fees	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Payments and Director Fees	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 recognized a base management fee to the Manager for the quarter ended September 30, 2018 of $1.6 million , of which the Company recorded $0.8 million in 49,229 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 49,229 shares still issuable at September 30, 2018 . See Note 9 — Related party transactions. In addition, each of the Company’s independent directors receives an annual retainer of $75,000 , payable quarterly, half of which is paid in shares of the Company’s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts): Management Fees and Director Fees For the three months ended September 30, ​ 2018 2017 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 49,229 $ 775 43,463 $ 678 Independent director fees 2,384 38 2,404 38 Totals 51,613 $ 813 45,867 $ 716 For the nine months ended September 30, 2018 2017 Number of shares Amount of expense recognized (1) Number of Shares Amount of expense recognized (1) Management fees 147,849 $ 2,310 101,998 $ 1,580 Independent director fees 7,204 114 7,280 113 Totals 155,053 $ 2,424 109,278 $ 1,693 (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 in 2018 by forfeitures of 2,666 shares. On July 24, 2017, the Company granted 39,000 shares of restricted stock to employees of its Manager and Servicer, and on July 31, 2018, the Company granted 36,500 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 and 2018 grants also include a provision whereby the shares vest automatically upon the death of the grantee. Grants of restricted stock use grant date fair value of the stock as the basis for measuring the cost of the grant. In the first quarter of 2018, the Company’s Board of Directors approved a grant of 3,000 shares of stock to each independent director, with subsequent issuance in the second quarter of 2018. Half of the shares vested immediately upon issuance and the other half are subject to a one -year vesting period. The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except share and per share amounts): ​ Total Grants Current period activity Non-vested shares at September 30, 2018 Fully-vested shares at September 30, 2018 Three months ended September 30, 2018 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2018 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants (1) 12,000 $ 162 12,000 $ 20 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 163 47,889 13.50 98,445 13.50 Employee and Service Provider Grant, granted 2017 (3) 39,000 544 — 45 26,000 13.95 13,000 13.95 Employee and Service Provider Grant, granted 2018 (4) 36,500 496 36,500 27 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 255 116,389 $ 13.56 117,445 $ 13.55 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one -year period from the grant date. Weighted average remaining life of unvested shares at September 30, 2018 is 0.4 years . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 0.9 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 1.8 years . (4) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 2.9 years . (5) Total is shown net of 2017 forfeitures of 4,000 shares and 2018 forfeitures of 2,666 . Total Grants Current period activity Non-vested shares at September 30, 2017 Fully-vested shares at September 30, 2017 Three months ended September 30, 2017 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2017 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 — $ — — $ — 10,000 $ 14.61 Employee and Service Provider Grant 2016 (2,4) 149,000 2,040 — 170 99,333 13.78 49,667 13.78 Employee and Service Provider Grant 2017 (3) 39,000 546 39,000 30 39,000 13.95 — — Totals 198,000 $ 2,732 39,000 $ 200 138,333 $ 13.83 59,667 $ 13.92 (1) Vesting period is one -year from grant date. Grant is fully vested at September 30, 2017 . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2017 is 1.9 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2017 is 2.8 years . (4) Total is shown net of 2017 forfeitures of 4,000 shares. ​ Total Grants Activity Non-vested shares at September 30, 2018 Fully-vested shares at September 30, 2018 Nine months ended September 30, 2018 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2018 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants (1) 12,000 $ 162 12,000 $ 128 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 466 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 136 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 36,500 27 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 757 116,389 $ 13.56 117,445 $ 13.55 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one -year period from the grant date. Weighted average remaining life of unvested shares at September 30, 2018 is 0.4 years . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 0.9 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 1.8 years . (4) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 2.9 years . (5) Total is shown net of 2017 forfeitures of 4,000 shares and 2018 forfeitures of 2,666 . Total Grants Activity Non-vested shares at September 30, 2017 Fully-vested shares at September 30, 2017 Nine months ended September 30, 2017 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2017 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 — $ 14 — $ — 10,000 $ 14.61 Employee and Service Provider Grant 2016 (2,4) 149,000 2,040 — 511 99,333 13.78 49,667 13.78 Employee and Service Provider Grant 2017 (3) 39,000 546 39,000 30 39,000 13.95 — — Totals 198,000 $ 2,732 39,000 $ 555 138,333 $ 13.83 59,667 $ 13.92 (1) Vesting period is one -year from grant date. Grant is fully vested at September 30, 2017 . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2017 is 1.9 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2017 is 2.8 years . (4) Total is shown net of 2017 forfeitures of 4,000 shares. ​​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
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 three and nine months ended September 30, 2018 , the Company’s consolidated taxable income was $6.5 million and $19.8 million , respectively; and provisions for income taxes of $0.1 million and $0.1 million were recorded for the three and nine month periods, respectively. For the three and nine months ended September 30, 2017 , the Company’s consolidated taxable income was $2.1 million and $16.1 million ; and provisions for income taxes of $47,000 and $0.1 million , respectively, were recorded for the three and nine month periods, respectively. The Company recognized no deferred income tax assets or liabilities on its consolidated Balance Sheets at September 30, 2018 or 2017 . The Company also recorded no interest or penalties for either the three or nine months ended September 30, 2018 or 2017 .

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2018
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): Three months ended September 30, 2018 Three months ended September 30, 2017 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 6,558 18,691,393 $ 7,470 18,072,045 Allocation of earnings to participating restricted shares (70 ) — (86 ) — Consolidated net income attributable to unrestricted common stockholders $ 6,488 18,691,393 $ 0.35 $ 7,384 18,072,045 $ 0.41 Effect of dilutive securities Operating Partnership units 223 624,106 246 624,106 Restricted stock grants and Manager and director fee shares 70 202,856 86 210,261 Interest expense (add back) and assumed conversion of shares from convertible senior notes 2,151 7,074,451 1,905 6,340,352 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 8,932 26,592,806 $ 0.34 $ 9,621 25,246,764 $ 0.38 ​ Nine months ended September 30, 2018 Nine months ended September 30, 2017 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders 21,744 18,599,088 $ 22,743 18,019,434 Allocation of earnings to participating restricted shares (242 ) — (251 ) — Consolidated net income attributable to unrestricted common stockholders $ 21,502 18,599,088 $ 1.16 $ 22,492 18,019,434 $ 1.25 Effect of dilutive securities Operating Partnership units 724 624,106 773 624,106 Restricted stock grants and Manager and director fee shares 242 209,108 251 201,304 Interest expense (add back) and assumed conversion of shares from convertible senior notes 6,439 7,056,682 3,160 3,535,944 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 28,907 26,488,984 $ 1.09 $ 26,676 22,380,788 $ 1.19

Equity

Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity	Equity Common stock As of September 30, 2018 and December 31, 2017 the Company had 18,856,601 and 18,588,228 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each period end. Preferred stock The Company had no shares of preferred stock outstanding at September 30, 2018 and December 31, 2017 . There were 25,000,000 shares authorized as of September 30, 2018 and December 31, 2017 . Treasury stock As of September 30, 2018 the Company held 17,365 shares of treasury stock received through a distribution of the Company's shares previously held by its Manager. The Company held no treasury stock at December 31, 2017 . 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 nine months ended September 30, 2018 and 2017 , 10,381 and 9,165 shares, respectively, were issued under the plan for total proceeds of approximately $0.1 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 $50.0 million from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the nine months ended September 30, 2018 and 2017 , no shares were sold under the at-the-market program. Accumulated Other Comprehensive Income (Loss) The Company recognizes temporary holding gains or losses on investments in debt securities as components of Other comprehensive income (loss). Accumulated other comprehensive income (loss) at September 30, 2018 and December 31, 2017 was as follows ($ in thousands): Investments in securities: September 30, 2018 December 31, 2017 Unrealized gains $ 474 $ 9 Unrealized losses (677 ) (242 ) Income tax related to items of other comprehensive income — — Accumulated other comprehensive loss $ (203 ) $ (233 ) Non-controlling Interest At September 30, 2018 , the Company had non-controlling interests attributable to ownership interests by five 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 September 30, 2018 and December 31, 2017 . 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. As of September 30, 2018 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 year ended December 31, 2017, the Company established 2017-D, a securitization trust, which is 50% held by an institutional investor. As of September 30, 2018 the Company has retained 50% of 2017-D and consolidates the assets, liabilities, revenues and expenses of the trust. During the quarter ended September 30, 2018 , the Company established 2018-C, a securitization trust, which is 37.0% held by an institutional investor. The Company has retained 63.0% of 2018-C and consolidates the assets, liabilities, revenues and expenses of the trust. During the quarter ended September 30, 2018 , the Company established Banfield, to purchase and hold REO property, which is 10.0% held by a third party. The Company has retained 90.0% of Banfield and consolidates the assets, liabilities, revenues and expenses of the entity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent events	Subsequent Events Loan Acquisitions Since quarter end the Company acquired 413 residential RPLs with aggregate UPB of $75.3 million in four transactions from four sellers for our own account. The RPLs were acquired at 89.3% of UPB and the estimated market value of the underlying collateral is $109.9 million . The purchase price equaled 61.2% of the estimated market value of the underlying collateral. In a joint venture with a third party institutional investor, the Company also acquired 99 RPLs with aggregate UPB of $28.3 million from a single seller. The RPLs were acquired at 92.2% of UPB and the estimated market value of the underlying collateral is $45.6 million . The purchase price equaled 57.3% of the estimated market value of the underlying collateral. Additionally, the Company has also agreed to acquire, subject to due diligence, 2,069 residential RPLs, four SBC RPLs and 486 NPLs with UPB of $561.1 million , $3.4 million and $105.0 million , respectively, in six transactions from six different sellers. The purchase price of the residential RPLs equals 91.0% of UPB and 55.0% of the estimated market value of the underlying collateral of $928.4 million . The purchase price of the SBC RPLs equals 100.0% of UPB and 65.0% of the estimated market value of the underlying collateral of $5.2 million . The purchase price of the NPLs equals 93.5% of UPB, 68.8% of the borrowers' total amount due and 57.5% of the estimated market value of the underlying collateral of $170.7 million . Some of these loans are expected to be acquired through joint ventures with institutional investors. The Company also agreed to acquire three commercial properties for an aggregate purchase price of $10.0 million and collateral value of $10.0 million in three separate transactions from three different sellers. Call of Subordinate Debt Securities On October 25, 2018, Oileus Residential Loan Trust called the subordinate debt securities held by the Company as investments. The debt securities were called at par value resulting in no gain or loss from the Company's carrying value at September 30, 2018. Dividend Declaration On October 30, 2018 , the Company’s Board of Directors declared a dividend of $0.32 per share, to be paid on November 30, 2018 to stockholders of record as of November 16, 2018 . Management Fees On November 7, 2018 , the Company issued 49,229 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 third quarter of 2018 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the third quarter of 2018 . Directors’ Retainer On November 7, 2018 , the Company issued to each of its four independent directors 596 shares of its common stock in payment of half of their quarterly director fees for the third quarter of 2018 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
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 effective 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 including amounts contractually due from borrowers that exceed the Company’s basis in loans purchased at a discount, are similarly classified as principal for accounting purposes and are classified as investing cash flows in the consolidated Statement of Cash Flows as required under U.S. GAAP. 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 also acquires loans that have not experienced a deterioration in credit quality and originates small balance commercial loans. 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 the Manager 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, if listed or under contract for sale at the balance sheet date. 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. Holding costs are generally incurred by the Servicer and are subtracted from the Servicer’s remittance of sale proceeds upon ultimate disposition of properties held-for-sale. 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 39 years. The Company performs an impairment analysis for 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 which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated Balance Sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated Balance Sheets as a deduction from Secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company 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 the 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 1.6388 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $15.26 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. 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. A 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 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 issuance of convertible senior notes, and may be required to pay 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 The Company is also a party to the Servicing Agreement (the "Servicing Agreement"), expiring July 8, 2029, 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% annually of UPB for loans that are non-performing at acquisition. For certain of the Company’s joint ventures, the Servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% annually on a loan-by-loan basis for any loan that makes seven consecutive payments. 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 RPL 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”). The number of 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 the Company's 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 the common stock is paid. Management fees paid in common stock are recognized as an expense in the quarter incurred and recorded in stockholders' equity at quarter end. The shares vest immediately upon issuance. 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. 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 78,000 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. The Company also periodically issues additional restricted stock awards to its independent directors under the Director Plan. In addition, each of the Company’s independent directors receives an annual fee of $75,000 . 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 stockholders' 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 any LTIP Units, into shares of common stock). Grants of restricted stock under the 2016 Plan use grant date fair value of the stock as the basis for measuring the cost of the grant. The cost of grants of restricted stock to employees of the Company’s affiliates had previously been determined using the stock price as of the date at which the counterparty's performance is complete. However, pursuant to the issuance and early adoption of ASU 2018-07 in June 2018, the Company used the grant date fair value of the stock as the basis for measuring the cost of the grant. See “Recently Adopted Accounting Standards” below. Forfeitures of granted shares are accounted for in the period in which they occur. The share grants 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 either legally due to lenders or held in trust for he benefit of the Company's secured borrowers, 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.
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 Investments in securities at fair value are carried at fair value with changes in fair value reflected in the Company’s consolidated Statements of 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 its repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE under the ticker symbol "AJXA"; 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. Net realizable value is determined based on broker price opinions, appraisals, or other market indicators of fair value, which are then reduced by anticipated selling costs. 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 primarily taxable as long-term capital gain, although a portion of such distributions may be designated as ordinary income 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.
Investments in Securities at Fair Value	Investments in Securities at Fair Value The Company’s investments in securities at fair value as of September 30, 2018 consist of common stock and investments in debt securities. The investments in debt securities are issued by related party trusts and are considered to be available for sale (See Note 9 - Related party transactions). The investments in common stock consist of listed shares of publicly traded real estate investment trusts. The debt securities are carried at fair value with changes in fair value reflected in the Company’s consolidated Statements of Comprehensive Income. The common stock is carried at fair value with holding gains or losses recognized in the Company’s consolidated Statements of 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 and real property.
Reclassifications	Reclassifications The Company reclassified the balance of its Loans Purchase deposit account on its 2017 consolidated Balance Sheet to its Cash held in trust account to better reflect the nature of the asset. The Company believes this to be an immaterial classification. Additionally, certain other immaterial amounts in the Company’s 2017 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 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’s primary revenue stream, income from its investments in mortgage loans, is specifically excluded from the scope of ASU 2014-09 as is its accounting for its investments in debt securities and equity method investments. Additionally, while contracts to sell REO are not excluded from the scope of ASU 2014-09, the Company does not believe its revenue recognition from contracts with buyers of REO would change under ASU 2014-09. Accordingly, the adoption of ASU 2014-09 did not impact the Company’s revenue recognition policies. The Company adopted ASU 2014-09 in 2018 and elected to use the modified retrospective transition method which requires application of ASU 2014-09 to uncompleted contracts at the date of adoption however, periods prior to the date of adoption will not be retrospectively revised as the impact of the ASU on uncompleted contracts at the date of adoption had no impact. 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 adopted ASU 2016-01 in 2018 with no effect on its consolidated assets or liabilities, consolidated net income or equity or cash flows on the date of adoption. 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 adopted ASU 2016-15 in 2018 with no effect on its consolidated assets or liabilities, consolidated net income or equity or cash flows. In June 2018, the FASB issued ASU No. 2018-07, Stock Compensation (Topic 718) - Improvements to Nonemployee Share-based Payment Accounting. ASU 2018-07 simplifies the accounting for share-based payment transactions for acquiring goods and services from nonemployees. This guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted, but no earlier than an entity's adoption of Topic 606. The Company elected to early-adopt ASU 2018-07 in 2018. The cumulative effect on prior periods arising from the adoption is $0.1 million and is reflected as an adjustment to the Company's consolidated Balance Sheet at March 31, 2018. The effect during the three and nine months ended September 30, 2018 is a reduction in Management fee expense of $0.1 million and $0.2 million , and a corresponding increase of $0.1 million and $0.2 million , respectively, in both the Company's Consolidated net income line and its Consolidated net income attributable to common stockholders line in its consolidated Statement of Income. Recently Issued Accounting Standards 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 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the concepts statement, including the consideration of costs and benefits. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted, including early adoption of any removed or modified disclosures addressed in this update and delay of additional disclosures until their effective date. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement . The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures. In August 2018, the SEC issued a final rule to amend certain disclosure requirements that were redundant, duplicative, overlapping or superseded by other SEC disclosure requirements, U.S. GAAP or IFRS. Among other changes, the amendments generally eliminated or otherwise reduced certain disclosure requirements of various SEC rules and regulations. However, in some cases, the amendments require additional information to be disclosed, including changes in stockholders’ equity in interim periods. On September 25, 2018, the SEC released guidance advising it will not object to a registrant adopting the requirement to include changes in stockholders’ equity in the Form 10-Q for the first quarter beginning after the effective date of the rule - e.g. for a calendar year-end company, the first quarter of fiscal year 2019. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2018
Mortgage Loans on Real Estate [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 September 30, 2018 and December 31, 2017 ($ in thousands): Loan portfolio basis by asset type September 30, 2018 December 31, 2017 Residential RPLs $ 1,197,877 $ 1,190,019 Purchased SBC (RPL) 24,968 8,605 Originated SBC 13,573 11,620 Residential NPLs 36,226 43,297 Total $ 1,272,644 $ 1,253,541
Schedule of contractually required payments and estimated cash flows expected to be collected	The following table presents information regarding the accretable yield and non-accretable amount for purchased loans acquired during the following periods ($ in thousands): Three months ended September 30, 2018 Three months ended September 30, 2017 Re-performing Non-performing Re-performing Non-performing Contractually required principal and interest $ 80,971 $ 1,963 $ 51,920 $ — Non-accretable amount (5,352 ) (478 ) (15,675 ) — Expected cash flows to be collected 75,619 1,485 36,245 — Accretable yield (11,750 ) (54 ) (9,599 ) — Fair value at acquisition $ 63,869 $ 1,431 $ 26,646 $ — Nine months ended September 30, 2018 Nine months ended September 30, 2017 Re-performing Non-performing Re-performing Non-performing Contractually required principal and interest $ 138,860 $ 1,963 $ 456,353 $ — Non-accretable amount (23,629 ) (478 ) (145,780 ) — Expected cash flows to be collected 115,231 1,485 310,573 — Accretable yield (19,483 ) (54 ) (70,581 ) — Fair value at acquisition $ 95,748 $ 1,431 $ 239,992 $ —
Schedule of accretable yield	The following table presents the accretable yield and non-accretable amount for loan portfolio purchases for the three and nine months ended September 30, 2018 and 2017 . Accretable yield and accretion amounts do not include any of the six or two originated SBC loans acquired at September 30, 2018 and 2017 . Also, it does not include gains of $7,000 from loans that paid in full after acquisition but before boarding by the Servicer for the three and nine months ended September 30, 2018 . No gains were recognized from loans that paid in full after acquisition but before boarding by the Servicer for the three and nine months ended September 30, 2017 ($ in thousands): Three months ended September 30, 2018 Three months ended September 30, 2017 Re-performing Non-performing Re-performing Non-performing Balance at beginning of period $ 302,454 $ 5,558 $ 299,812 $ 9,475 Accretable yield additions 11,750 54 9,599 — Accretion (25,291 ) (269 ) (23,134 ) (828 ) Reclassification from (to) non-accretable amount, net 7,484 (550 ) 4,536 266 Balance at end of period $ 296,397 $ 4,793 $ 290,813 $ 8,913 Nine months ended September 30, 2018 Nine months ended September 30, 2017 Re-performing Non-performing Re-performing Non-performing Balance at beginning of period $ 344,141 $ 7,370 $ 239,858 $ 12,065 Accretable yield additions 19,483 54 70,580 — Accretion (75,065 ) (1,612 ) (62,786 ) (3,258 ) Reclassification from (to) non-accretable amount, net 7,838 (1,019 ) 43,161 106 Balance at end of period $ 296,397 $ 4,793 $ 290,813 $ 8,913
Allowance for loan losses	During the quarter ended September 30, 2018 , the Company recorded an impairment of $0.4 million of the value of two of its NPL pools acquired in 2014. An analysis of the balance in the allowance for loan losses account follows: Three months ended Nine months ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Allowance for loan losses, beginning of period $ — $ — $ — $ — Current period additions to allowance account (365 ) — (365 ) — Allowance for loan losses, end of period $ (365 ) $ — $ (365 ) $ —
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 September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018 December 31, 2017 Number of loans Carrying value Unpaid principal balance Number of loans Carrying value Unpaid principal balance Current 3,844 $ 744,081 $ 843,386 3,998 $ 744,300 $ 860,572 30 996 167,458 189,409 912 152,685 178,383 60 659 108,474 122,993 577 100,792 117,145 90 1,087 184,214 213,409 1,047 177,841 214,297 Foreclosure 272 68,417 80,603 367 77,923 94,826 Mortgage loans 6,858 $ 1,272,644 $ 1,449,800 6,901 $ 1,253,541 $ 1,465,223

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2018
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 three and nine months ended September 30, 2018 and 2017 ($ in thousands): Three months ended Nine months ended September 30, 2018 September 30, 2017 September 30,2018 1 September 30, 2017 Property Held-for-sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 130 $ 22,807 167 $ 28,278 136 $ 24,947 149 $ 23,882 Transfers from mortgage loans 19 3,248 20 3,683 73 10,974 110 17,395 Adjustments to record at lower of cost or fair value — (897 ) — (1,118 ) — (2,049 ) — (2,027 ) Disposals (32 ) (4,448 ) (28 ) (3,526 ) (93 ) (12,680 ) (92 ) (11,753 ) Net transfers to Rental property (1 ) (146 ) — 26 — (590 ) (5 ) (153 ) Other — (101 ) 1 (1 ) — (139 ) (2 ) (2 ) Balance at end of period 116 $ 20,463 160 $ 27,342 116 $ 20,463 160 $ 27,342 (1) For the nine months ended September 30, 2018 , net transfers to rental property included the net impact of five properties transferred from held-for-sale to rental of $1.1 million and five properties transferred from rental to held-for-sale of

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 and December 31, 2017 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2018 Carrying value Nine months ended 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 $ 20,463 $ 2,049 $ — $ — $ 20,463 Level 1 Level 2 Level 3 December 31, 2017 Carrying value Fiscal year 2017 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 The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of September 30, 2018 and December 31, 2017 ($ in thousands): ​ Level 1 Level 2 Level 3 September 30, 2018 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans, net $ 1,272,644 $ — $ — $ 1,397,101 Investments in debt securities at fair value $ 50,695 $ — $ 50,695 $ — Investments in equity securities at fair value $ 1,056 $ 1,056 $ — $ — Investment in Manager $ 1,826 $ — $ — $ 5,743 Investment in AS Ajax E $ 1,056 $ — $ 1,224 $ — Investment in GAFS, including warrants $ 2,842 $ — $ — $ 3,320 Financial liabilities Secured borrowings, net $ 631,207 $ — $ — $ 631,688 Borrowings under repurchase transactions $ 420,461 $ — $ 420,461 $ — Convertible senior notes, net $ 103,162 $ 107,698 $ — $ — ​ ​ 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, net $ 1,253,541 $ — $ — $ 1,375,722 Investments in debt securities at fair value $ 6,285 $ — $ 6,285 $ — Investment in Manager $ 850 $ — $ — $ 6,427 Investment in AS Ajax E $ 1,201 $ — $ 1,224 $ — Financial liabilities Secured borrowings, net $ 694,040 $ — $ — $ 693,255 Borrowings under repurchase transactions $ 276,385 $ — $ 276,385 $ — Convertible senior notes, net $ 102,571 $ 109,641 $ — $ —

Affiliates (Tables)

Affiliates (Tables)	9 Months Ended
	Sep. 30, 2018
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% Three months ended September 30, Nine months ended September 30, Net income at 100% 2018 2017 2018 2017 Thetis Asset Management LLC $ 569 $ 721 $ 1,813 $ 1,685 Great Ajax FS LLC (2) $ 805 $ — $ 1,231 $ — AS Ajax E LLC $ 92 $ 88 $ 261 $ 224 GA-E 2014-12 $ — $ — $ — $ 426 September 30, 2018 December 31, 2017 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Great Ajax FS LLC (2) $ 73,081 $ 51,191 $ — $ — Thetis Asset Management LLC $ 8,564 $ 2,045 $ 7,415 $ 1,674 AS Ajax E LLC $ 6,544 $ 18 $ 7,293 $ 5 GA-E 2014-12 $ — $ — $ 7 $ 5 Net income, assets and liabilities of unconsolidated affiliates at the Company's share Three months ended September 30, Nine months ended September 30, Net income at the Company's share 2018 2017 2018 2017 Thetis Asset Management LLC $ 113 $ 143 $ 359 $ 334 Great Ajax FS LLC (1)(2) $ 64 $ — $ 88 $ — AS Ajax E LLC $ 15 $ 14 $ 43 $ 37 GA-E 2014-12 $ — $ — $ — $ 173 September 30, 2018 December 31, 2017 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Great Ajax FS LLC (2) $ 5,846 $ 4,095 $ — $ — Thetis Asset Management LLC $ 1,696 $ 405 $ 1,468 $ 331 AS Ajax E LLC $ 1,080 $ 3 $ 1,203 $ 1 GA-E 2014-12 $ — $ — $ 3 $ 2 (1) Net income at the Company's share is not directly proportionate to Net income at 100% due to the timing of the Company's acquisition during the quarter. (2) Amounts for the Company's share for 2017 are presented as zero since the Company's investment was a 2018 event.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
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): ​ ​ September 30, 2018 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate October 26, 2018 April 26, 2018 $ 8,980 $ 8,980 $ 11,973 133 % 4.42 % October 30, 2018 April 30, 2018 10,539 10,539 15,055 143 % 4.62 % November 8, 2018 May 8, 2018 5,468 5,468 7,811 143 % 4.62 % December 7, 2018 June 7, 2018 56,440 56,440 75,253 133 % 4.38 % December 28, 2018 June 28, 2018 9,956 9,956 13,275 133 % 4.25 % January 11, 2019 July 11, 2018 8,956 8,956 12,795 143 % 4.41 % February 1, 2019 August 1, 2018 13,322 13,322 17,174 129 % 4.53 % March 25, 2019 September 25, 2018 6,396 6,396 8,528 133 % 4.34 % March 25, 2019 September 25, 2018 7,020 7,020 10,028 143 % 4.49 % March 28, 2019 September 28, 2018 12,539 12,539 16,718 133 % 4.40 % July 12, 2019 July 15, 2016 250,000 199,079 264,021 133 % 4.69 % September 24, 2019 September 25, 2018 400,000 81,766 88,769 109 % 4.72 % Totals ​ $ 789,616 $ 420,461 $ 541,400 129 % 4.60 % ​ ​ 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 %
Schedule of amount outstanding on repurchase transactions and carrying value collateral	The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated Balance Sheets at September 30, 2018 and December 31, 2017 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2018 December 31, 2017 Gross amount of recognized liabilities $ 420,461 $ 276,385 Gross amount pledged as collateral 541,400 368,742 Net amount $ 120,939 $ 92,357
Schedule of securitization of notes	The following table sets forth the original terms of all notes from our secured borrowings outstanding at September 30, 2018 at their respective cutoff dates: Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Ajax Mortgage Loan Trust 2016-C/ October 2016 October 25, 2019 Class A notes due 2057 $102.6 million 4.00 % April 25, 2020 Class B-1 notes due 2057(1,4) $7.9 million 5.25 % None 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 May 25, 2020 Class A notes due 2057 $140.7 million 3.47 % November 25, 2020 Class B-1 notes due 2057(1) $15.1 million 5.25 % None 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 None Class A notes due 2056 $115.8 million 3.16 % None Class M-1 notes due 2056(3) $9.7 million 3.50 % None Class M-2 notes due 2056(3) $9.5 million 3.50 % None Class B-1 notes due 2056(1) $9.0 million 3.75 % None 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 November 25, 2021 Class A notes due 2060 $130.2 million 3.75 % May 25, 2022 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 None Class A notes due 2057(5) $177.8 million 3.75 % None Class B certificates (5) $44.5 million — % Deferred issuance costs $(1.1) million — % Ajax Mortgage Loan Trust 2018-C/ September 2018 None Class A notes due 2065(6) $170.5 million 4.36 % None Class B notes due 2065(6) $15.9 million 5.25 % Trust certificates(6) $40.9 million — % Deferred issuance costs $(2.1) 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, the Company is 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. The Company has retained the Class M notes. ​ (4) These securities are encumbered under a repurchase agreement. (5) Ajax Mortgage Loan Trust ("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. The Company is required to consolidate 2017-D under GAAP and is 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. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest. (6) AJAXM 2018-C is a joint venture in which a third party owns 95% of the Class A notes and 37% of the Class B notes and certificates. The Company is required to consolidate 2018-C under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 95% of the Class A notes and 37% of the Class B notes, which are held by the third party, are included in Secured borrowings, net. The 5% portion of the Class A notes retained by the Company have been encumbered under the repurchase agreement. Thirty-seven percent of the Class C 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 September 30, 2018 and December 31, 2017 , and the securitization cutoff date: Balances at September 30, 2018 Balances at December 31, 2017 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 2016-A $ 1,493 $ — — % $ 110,585 $ 82,556 134 % $ 158,485 $ 101,431 2016-B 1,394 — — % 93,772 71,361 131 % 131,746 (1) 84,430 2016-C 106,463 74,510 143 % 116,357 88,400 132 % 157,808 102,575 2017-A 157,421 106,908 147 % 170,805 126,507 135 % 216,413 140,669 2017-B 134,865 103,237 131 % 143,799 115,846 124 % 165,850 115,846 2017-C 147,656 113,771 130 % 157,015 129,191 122 % 185,942 130,159 2017-D 167,847 71,907 (4) 233 % 203,870 88,903 (4) 229 % 203,870 (2) 88,903 2018-C 197,019 167,910 (5) 117 % — — — % 222,181 (3) 167,910 ​ $ 914,158 $ 638,243 (6) 143 % $ 996,203 $ 702,764 (6) 142 % $ 1,442,295 $ 931,923 ​ (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) Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans. (4) The gross amount of senior bonds at September 30, 2018 and December 31, 2017 were $143.8 million and $177.8 million however, only $71.9 million and $88.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (5) 2018-C contains notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at September 30, 2018 were $170.5 million and $15.9 million , however, only $162.0 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (6) This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $7.0 million and $8.8 million as of September 30, 2018 and December 31, 2017 , respectively.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company’s consolidated Statements of Income included the following significant related party transactions ($ in thousands): Three months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2018 2017 Loan servicing fees Related party expense – loan servicing fees Gregory $ 2,457 $ 2,187 Management fee Related party expense – management fee Thetis 1,456 1,428 Interest income Interest income Oileus Residential 133 132 Income from equity investment Income from investments in affiliates Thetis 113 143 Interest income Interest income 2018-B 99 — Income from equity investment Income from investments in affiliates Great Ajax FS 64 — Interest income Interest income 2018-A 46 — Interest income Interest income 2018-D 5 — Due diligence and related loan acquisition costs Loan transaction expense Gregory — 41 Expense reimbursements Other fees and expenses Gregory — 6 Nine months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2018 2017 Loan servicing fees Related party expense – loan servicing fees Gregory $ 7,598 $ 6,003 Management fee Related party expense – management fee Thetis 4,428 3,830 Interest income Interest income Oileus Residential 364 421 Income from equity investment Income from investments in affiliates Thetis 359 334 Interest income Interest income 2018-A 251 — Interest income Interest income 2018-B 192 — Due diligence and related loan acquisition costs Loan transaction expense Gregory 99 93 Income from equity investment Income from investments in affiliates Great Ajax FS 88 — Expense reimbursements Other fees and expenses Gregory 40 40 Interest income Interest income 2018-D 5 — Expense reimbursements Other fees and expenses Great Ajax FS — 16 The Company’s consolidated Balance Sheets included the following significant related party balances ($ in thousands): As of September 30, 2018 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 13,106 Investment in subordinated debt securities Investments at fair value 2018-D 19,230 Investment in subordinated debt securities Investments at fair value 2018-B 14,807 Investment in subordinated debt securities Investments at fair value 2018-A 9,821 Investment in subordinated debt securities Investments at fair value Oileus Residential 6,837 Management fee payable Management fee payable Thetis 777 Expense reimbursements Accrued expenses and other liabilities Gregory 235 Servicing fees payable Accrued expenses and other liabilities Gregory 57 Expense reimbursement receivable Prepaid expenses and other assets 2018-A 13 Expense reimbursement receivable Prepaid expenses and other assets 2018-B 5 Expense reimbursements Accrued expenses and other liabilities Thetis 4 ​ As of December 31, 2017 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,005 Investment in subordinated debt securities Investments at fair value Oileus Residential 6,285 Management fee payable Management fee payable Thetis 750 Servicing fees payable Accrued expenses and other liabilities Gregory 217

Investments at fair value (Tabl

Investments at fair value (Tables)	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The Company holds investments in various debt and equity securities. The Company's debt securities are issued by securitization trusts, which are VIE's, that the Company has sponsored but which the Company does not consolidate since it has determined it is not the primary beneficiary. The Company's investments in common stock are all in publicly traded real estate investment trusts. All the Company's debt securities are considered to be available-for-sale. As of September 30, 2018 $ in thousands Basis 1 Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities due October 2056 $ 6,647 $ 190 $ — $ 6,837 Debt securities due April 2058 9,796 25 — 9,821 Debt securities due February 2057 15,242 — (435 ) 14,807 Debt securities due August 2058 19,230 — — 19,230 Common stock (REIT) 1,039 17 — 1,056 Total investments at fair value $ 51,954 $ 232 $ (435 ) $ 51,751 As of December 31, 2017 $ in thousands Basis 1 Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities due October 2056 $ 6,518 $ — $ (233 ) $ 6,285 Total investments at fair value $ 6,518 $ — $ (233 ) $ 6,285 (1) Basis amount is net of any realized amortized costs and principal paydowns.

Stock-based Payments and Dire_2

Stock-based Payments and Director Fees (Tables)	9 Months Ended
	Sep. 30, 2018
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 three months ended September 30, ​ 2018 2017 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 49,229 $ 775 43,463 $ 678 Independent director fees 2,384 38 2,404 38 Totals 51,613 $ 813 45,867 $ 716 For the nine months ended September 30, 2018 2017 Number of shares Amount of expense recognized (1) Number of Shares Amount of expense recognized (1) Management fees 147,849 $ 2,310 101,998 $ 1,580 Independent director fees 7,204 114 7,280 113 Totals 155,053 $ 2,424 109,278 $ 1,693 (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 Current period activity Non-vested shares at September 30, 2018 Fully-vested shares at September 30, 2018 Three months ended September 30, 2018 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2018 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants (1) 12,000 $ 162 12,000 $ 20 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 163 47,889 13.50 98,445 13.50 Employee and Service Provider Grant, granted 2017 (3) 39,000 544 — 45 26,000 13.95 13,000 13.95 Employee and Service Provider Grant, granted 2018 (4) 36,500 496 36,500 27 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 255 116,389 $ 13.56 117,445 $ 13.55 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one -year period from the grant date. Weighted average remaining life of unvested shares at September 30, 2018 is 0.4 years . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 0.9 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 1.8 years . (4) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 2.9 years . (5) Total is shown net of 2017 forfeitures of 4,000 shares and 2018 forfeitures of 2,666 . Total Grants Current period activity Non-vested shares at September 30, 2017 Fully-vested shares at September 30, 2017 Three months ended September 30, 2017 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2017 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 — $ — — $ — 10,000 $ 14.61 Employee and Service Provider Grant 2016 (2,4) 149,000 2,040 — 170 99,333 13.78 49,667 13.78 Employee and Service Provider Grant 2017 (3) 39,000 546 39,000 30 39,000 13.95 — — Totals 198,000 $ 2,732 39,000 $ 200 138,333 $ 13.83 59,667 $ 13.92 (1) Vesting period is one -year from grant date. Grant is fully vested at September 30, 2017 . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2017 is 1.9 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2017 is 2.8 years . (4) Total is shown net of 2017 forfeitures of 4,000 shares. ​ Total Grants Activity Non-vested shares at September 30, 2018 Fully-vested shares at September 30, 2018 Nine months ended September 30, 2018 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2018 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants (1) 12,000 $ 162 12,000 $ 128 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 466 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 136 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 36,500 27 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 757 116,389 $ 13.56 117,445 $ 13.55 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one -year period from the grant date. Weighted average remaining life of unvested shares at September 30, 2018 is 0.4 years . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 0.9 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 1.8 years . (4) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2018 is 2.9 years . (5) Total is shown net of 2017 forfeitures of 4,000 shares and 2018 forfeitures of 2,666 . Total Grants Activity Non-vested shares at September 30, 2017 Fully-vested shares at September 30, 2017 Nine months ended September 30, 2017 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2017 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 — $ 14 — $ — 10,000 $ 14.61 Employee and Service Provider Grant 2016 (2,4) 149,000 2,040 — 511 99,333 13.78 49,667 13.78 Employee and Service Provider Grant 2017 (3) 39,000 546 39,000 30 39,000 13.95 — — Totals 198,000 $ 2,732 39,000 $ 555 138,333 $ 13.83 59,667 $ 13.92 (1) Vesting period is one -year from grant date. Grant is fully vested at September 30, 2017 . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2017 is 1.9 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at September 30, 2017 is 2.8 years . (4) Total is shown net of 2017 forfeitures of 4,000 shar

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2018
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): Three months ended September 30, 2018 Three months ended September 30, 2017 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 6,558 18,691,393 $ 7,470 18,072,045 Allocation of earnings to participating restricted shares (70 ) — (86 ) — Consolidated net income attributable to unrestricted common stockholders $ 6,488 18,691,393 $ 0.35 $ 7,384 18,072,045 $ 0.41 Effect of dilutive securities Operating Partnership units 223 624,106 246 624,106 Restricted stock grants and Manager and director fee shares 70 202,856 86 210,261 Interest expense (add back) and assumed conversion of shares from convertible senior notes 2,151 7,074,451 1,905 6,340,352 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 8,932 26,592,806 $ 0.34 $ 9,621 25,246,764 $ 0.38 ​ Nine months ended September 30, 2018 Nine months ended September 30, 2017 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders 21,744 18,599,088 $ 22,743 18,019,434 Allocation of earnings to participating restricted shares (242 ) — (251 ) — Consolidated net income attributable to unrestricted common stockholders $ 21,502 18,599,088 $ 1.16 $ 22,492 18,019,434 $ 1.25 Effect of dilutive securities Operating Partnership units 724 624,106 773 624,106 Restricted stock grants and Manager and director fee shares 242 209,108 251 201,304 Interest expense (add back) and assumed conversion of shares from convertible senior notes 6,439 7,056,682 3,160 3,535,944 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 28,907 26,488,984 $ 1.09 $ 26,676 22,380,788 $ 1.19

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of accumulated other comprehensive income	Accumulated other comprehensive income (loss) at September 30, 2018 and December 31, 2017 was as follows ($ in thousands): Investments in securities: September 30, 2018 December 31, 2017 Unrealized gains $ 474 $ 9 Unrealized losses (677 ) (242 ) Income tax related to items of other comprehensive income — — Accumulated other comprehensive loss $ (203 ) $ (233 )

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details Textuals)	9 Months Ended
	Sep. 30, 2018USD ($)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
Number of payments made on NPL mortgage loans	3
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
Delaware Trust
Organization And Basis Of Presentation [Line Items]
Ownership percentage	5.00%
2018-C
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	63.00%
2017-D
Organization And Basis Of Presentation [Line Items]
Percentage of ownership interests in joint venture	50.00%
Noncontrolling Interest, Ownership Percentage by Parent	50.00%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Percentage of ownership interests in joint venture	53.10%
Banfield
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	90.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	Jun. 07, 2016	Jul. 08, 2014	Feb. 28, 2018	Sep. 30, 2018USD ($)shares	Sep. 30, 2018USD ($)paymentshares	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
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
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					39 years
Management Agreement | Thetis
Summary Of Significant Accounting Policies [Line Items]
Terms of agreement					15 years
Servicing Agreement | Gregory
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage					0.42%
Servicing fees consecutive payments for rate reduction | payment					7
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%
Servicing Agreement | Gregory | Maximum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage					1.25%
Amended And Restated Management Agreement [Member] | Thetis
Summary Of Significant Accounting Policies [Line Items]
Period of common shares held as base management fee (at least)					3 years
2014 Director Equity Plan
Summary Of Significant Accounting Policies [Line Items]
Number of shares available under for distribution (in shares) | shares				78,000	78,000
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
2016 Equity Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Vesting period	3 years
Fraction of award vesting period	0.3333		0.50
Percentage of outstanding shares on a fully diluted basis (up to)	5.00%
Accounting Standards Update 2018-07 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect on balance sheet				$ 100,000	100,000
Effect on net income				$ 100,000	$ 200,000

Mortgage Loans - Schedule of Lo

Mortgage Loans - Schedule of Loan Portfolio Basis by Asset Type (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018USD ($)loan	Sep. 30, 2017loan	Sep. 30, 2018USD ($)loan	Sep. 30, 2017loan	Dec. 31, 2017USD ($)
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net	[1],[2]	$ 1,272,644		$ 1,272,644		$ 1,253,541
Purchased SBC (RPL)
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		24,968		$ 24,968		8,605
Originated SBC
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan			2	6	6
Mortgage loans, net		$ 13,573		$ 13,573		11,620
Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan		271	109	422	1,351
Mortgage loans, net		$ 1,197,877		$ 1,197,877		1,190,019
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan		11	0	11	0
Mortgage loans, net		$ 36,226		$ 36,226		$ 43,297
[1]	As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details)		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2018USD ($)loan	Sep. 30, 2017USD ($)loan	Sep. 30, 2018USD ($)loan	Sep. 30, 2017USD ($)loan	Dec. 31, 2017USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net	[1],[2]	$ 1,272,644,000		$ 1,272,644,000		$ 1,253,541,000
Current period additions to allowance account		(365,000)	$ 0	(365,000)	$ 0
Interest income		25,600,000	24,000,000	$ 76,700,000	66,000,000
Number of loans | loan				6,858		6,901
Reclassification from (to) non-accretable amount, net		6,900,000	4,800,000
Proceeds from Loans				$ 7,000
Provision for loan losses		365,000	$ 0	365,000	$ 0
SBC
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		24,968,000		24,968,000		$ 8,605,000
Originated SBC
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		13,573,000		$ 13,573,000		11,620,000
Number of mortgage loans on real estate | loan			2	6	6
Number of loans | loan				6	2
Aggregate unpaid principal balance of mortgage loans on real estate			$ 3,000,000	$ 4,800,000	$ 7,100,000
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 1,197,877,000		$ 1,197,877,000		1,190,019,000
Number of mortgage loans on real estate | loan		271	109	422	1,351
Aggregate unpaid principal balance of mortgage loans on real estate		$ 69,200,000	$ 32,700,000	$ 104,500,000	$ 285,200,000
Reclassification from (to) non-accretable amount, net		7,484,000	$ 4,536,000	7,838,000	$ 43,161,000
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 36,226,000		$ 36,226,000		$ 43,297,000
Number of mortgage loans on real estate | loan		11	0	11	0
Aggregate unpaid principal balance of mortgage loans on real estate				$ 1,700,000
Reclassification from (to) non-accretable amount, net		$ (550,000)	$ 266,000	$ (1,019,000)	$ 106,000
[1]	As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan losses, beginning of period	$ 0	$ 0	$ 0	$ 0
Current period additions to allowance account	(365,000)	0	(365,000)	0
Provision for loan losses	(365,000)	0	(365,000)	0
Allowance for loan losses, end of period	$ (365,000)	$ 0	$ (365,000)	$ 0

Mortgage Loans - Schedule of Ac

Mortgage Loans - Schedule of Accretable and Non-Accretable Amounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	$ 80,971	$ 51,920	$ 138,860	$ 456,353
Non-accretable amount	(5,352)	(15,675)	(23,629)	(145,780)
Expected cash flows to be collected	75,619	36,245	115,231	310,573
Accretable yield	(11,750)	(9,599)	(19,483)	(70,581)
Fair value at acquisition	63,869	26,646	95,748	239,992
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	1,963	0	1,963	0
Non-accretable amount	(478)	0	(478)	0
Expected cash flows to be collected	1,485	0	1,485	0
Accretable yield	(54)	0	(54)	0
Fair value at acquisition	$ 1,431	$ 0	$ 1,431	$ 0

Mortgage Loans - Schedule of Ch

Mortgage Loans - Schedule of Change in Accretable Yield (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Reclassification from (to) non-accretable amount, net	$ 6,900	$ 4,800
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	302,454	299,812	$ 344,141	$ 239,858
Accretable yield additions	11,750	9,599	19,483	70,580
Accretion	(25,291)	(23,134)	(75,065)	(62,786)
Reclassification from (to) non-accretable amount, net	7,484	4,536	7,838	43,161
Balance at end of period	296,397	290,813	296,397	290,813
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	5,558	9,475	7,370	12,065
Accretable yield additions	54	0	54	0
Accretion	(269)	(828)	(1,612)	(3,258)
Reclassification from (to) non-accretable amount, net	(550)	266	(1,019)	106
Balance at end of period	$ 4,793	$ 8,913	$ 4,793	$ 8,913

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		6,858	6,901
Carrying value	[1],[2]	$ 1,272,644	$ 1,253,541
Unpaid principal balance		$ 1,449,800	$ 1,465,223
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		3,844	3,998
Carrying value		$ 744,081	$ 744,300
Unpaid principal balance		$ 843,386	$ 860,572
30
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		996	912
Carrying value		$ 167,458	$ 152,685
Unpaid principal balance		$ 189,409	$ 178,383
60
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		659	577
Carrying value		$ 108,474	$ 100,792
Unpaid principal balance		$ 122,993	$ 117,145
90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		1,087	1,047
Carrying value		$ 184,214	$ 177,841
Unpaid principal balance		$ 213,409	$ 214,297
Foreclosure
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		272	367
Carrying value		$ 68,417	$ 77,923
Unpaid principal balance		$ 80,603	$ 94,826
[1]	As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2018USD ($)property		Sep. 30, 2017USD ($)property	Sep. 30, 2018USD ($)property		Sep. 30, 2017USD ($)property	Dec. 31, 2017USD ($)property		Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate [Line Items]
Number of properties owned | property				17			14
Aggregate carrying value REO properties	$ 8,100			$ 8,100
Number of REO properties held for rental | property				12			5
Rental property, net	8,080			$ 8,080			$ 1,284
Number of real estate properties purchased | property				1			1
Number of properties acquired through foreclosure | property				1			3
Number of properties transferred from property held for sale | property				12			10
Impaired REO held for sale net at NRV	20,463	[1]	$ 27,342	$ 20,463	[1]	$ 27,342	$ 24,947	[1]	$ 22,807	$ 28,278	$ 23,882
Real estate properties undergoing renovation	$ 700			$ 700			$ 1,800
Number of held-for-sale residential properties disposed | property	32		28	93		92
Gain (loss) on sale of property				$ 264		$ 170
Real estate operating expense	$ 900		$ 1,100	2,000		2,000
Other Income
Real Estate [Line Items]
Gain (loss) on sale of property	$ (200)		$ 100	$ 300		$ 100
Multi-family apartment building
Real Estate [Line Items]
Number of real estate properties | property	2			2
Rental property, net	$ 5,000			$ 5,000
commercial building
Real Estate [Line Items]
Number of real estate properties | property	1			1
Rental property, net	$ 800			$ 800
[1]	Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2018 and December 31, 2017, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of ROE Held-For-Sale (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018USD ($)property		Sep. 30, 2017USD ($)property	Sep. 30, 2018USD ($)property		Sep. 30, 2017USD ($)property
Real Estate Held For Sale [Roll Forward]
Balance at beginning of period | property	130		167	136		149
Balance at beginning of year | $	$ 22,807		$ 28,278	$ 24,947	[1]	$ 23,882
Transfers from mortgage loans, count | property	19		20	73		110
Transfers from mortgage loans | $	$ 3,248		$ 3,683	$ 10,974		$ 17,395
Adjustments to record at lower of cost or fair value, count | property	0		0	0		0
Adjustments to record at lower of cost or fair value | $	$ (897)		$ (1,118)	$ (2,049)		$ (2,027)
Disposals, count | property	(32)		(28)	(93)		(92)
Disposals | $	$ (4,448)		$ (3,526)	$ (12,680)		$ (11,753)
Net transfers to Rental property, count | property	(1)		0	0		(5)
Net transfers to Rental property | $	$ (146)		$ 26	$ (590)		$ (153)
Other, count | property	0		1	0		(2)
Other | $	$ (101)		$ (1)	$ (139)		$ (2)
Balance at end of year, count | property	116		160	116		160
Balance at end of period | $	$ 20,463	[1]	$ 27,342	$ 20,463	[1]	$ 27,342
Number of properties transferred from held-for-sale to rental | property				5
Number of properties transferred from rental to held-for-sale | property				5
Properties transferred from held-for-sale to rental | $				$ 1,100
Properties transferred from rental to held-for-sale | $				$ 500
[1]	Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2018 and December 31, 2017, respectively.

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net	[1],[2]	$ 1,272,644	$ 1,253,541
Available-for-sale Securities, Debt Securities			6,285
Investments In affiliates		8,737	7,020
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, net	[1],[2],[3]	631,207	694,040
Borrowings under repurchase transactions		420,461	276,385
Convertible senior notes, net	[3]	103,162	102,571
Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net 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		107,698	109,641
Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net 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		420,461	276,385
Convertible senior notes, net, fair value		0	0
Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		1,397,101	1,375,722
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		631,688	693,255
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		0	0
Investment in Manager
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		1,826	850
Investment in Manager | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in Manager | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in Manager | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		5,743	6,427
Investment in AS Ajax E
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		1,056	1,201
Investment in AS Ajax E | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in AS Ajax E | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		1,224	1,224
Investment in AS Ajax E | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in GAFS
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		2,842
Investment in GAFS | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0
Investment in GAFS | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0
Investment in GAFS | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		3,320
Investments in debt securities at fair value | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		0	0
Investments in debt securities at fair value | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure			6,285
Available-for-sale Securities, Debt Securities		50,695
Investments in debt securities at fair value | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		0	$ 0
Investments in equity securities at fair value
Consolidated balance sheet at fair value disclosure (assets)
Available-for-sale Securities, Equity Securities		1,056
Investments in equity securities at fair value | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		1,056
Investments in equity securities at fair value | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		0
Investments in equity securities at fair value | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		$ 0
[1]	As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.
[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 ($) $ in Thousands	Sep. 30, 2018		Jun. 30, 2018	Dec. 31, 2017		Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 20,463	[1]	$ 22,807	$ 24,947	[1]	$ 27,342	$ 28,278	$ 23,882
Level 1 Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	0			0
Level 2 Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	0			0
Level 3 Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	20,463			24,947
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	20,463			24,947
Six months ended fair value adjustment recognized in the consolidated Statements of Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 2,049			$ 2,516
[1]	Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2018 and December 31, 2017, respectively.

Affiliates - Narrative (Details

Affiliates - Narrative (Details) $ in Thousands		May 29, 2018USD ($)warrantshares	Jan. 26, 2018USD ($)warrantshares	Sep. 30, 2018USD ($)transaction	Dec. 31, 2017USD ($)	Mar. 14, 2016
Schedule of Equity Method Investments [Line Items]
Secured borrowings, net	[1],[2],[3]			$ 631,207	$ 694,040
2017-D
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interests in joint venture				50.00%
Noncontrolling Interest, Ownership Percentage by Parent				50.00%
2018-C
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent				63.00%
Thetis
Schedule of Equity Method Investments [Line Items]
Ownership percentage				19.80%
Delaware Trust GA-E 2014-12
Schedule of Equity Method Investments [Line Items]
Ownership percentage				40.50%
Proceeds of mortgage loans					$ 2,600
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				16.50%	16.50%	24.20%
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				5.00%
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage				100.00%
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				8.00%
Number of transactions | transaction				2
Percentage of equity interest at closing date		3.10%	4.90%
Number of warrants | warrant		3	3
Percentage of warrants exercisable		1.55%	2.45%
Cash payment in business acquisition		$ 700	$ 1,100
Number of shares (in shares) | shares		29,063	45,938
Common stock value		$ 400	$ 600
[1]	As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Net income at the Company's share	$ 239	$ 158	$ 628	$ 543
Assets at Company share	1,492,476		1,492,476		$ 1,395,738
Liabilities at Company share	1,160,311		1,160,311		1,078,300
Thetis
Schedule of Equity Method Investments [Line Items]
Net income at 100%	569	721	1,813	1,685
Assets	8,564		8,564		7,415
Liabilities	2,045		2,045		1,674
Assets at Company share	1,696		1,696		1,468
Liabilities at Company share	405		405		331
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income at 100%	805	0	1,231	0
Assets	73,081		73,081		0
Liabilities	51,191		51,191		0
Assets at Company share	5,846		5,846		0
Liabilities at Company share	4,095		4,095		0
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income at 100%	92	88	261	224
Assets	6,544		6,544		7,293
Liabilities	18		18		5
Net income at the Company's share	15	14	43	37
Assets at Company share	1,080		1,080		1,203
Liabilities at Company share	3		3		1
GA-E 2014-12
Schedule of Equity Method Investments [Line Items]
Net income at 100%	0	0	0	426
Assets	0		0		7
Liabilities	0		0		5
Net income at the Company's share	0	$ 0	0	$ 173
Assets at Company share	0		0		3
Liabilities at Company share	$ 0		$ 0		$ 2

Commitments and Contingencies (

Commitments and Contingencies (Details Textuals) - Re-performing loans - Purchase commitment - One-to-four family residences $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan	254
Aggregate unpaid principal balance of mortgage loans on real estate | $	$ 65.9

Debt - Narrative (Details)

Debt - Narrative (Details)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)	Sep. 30, 2018USD ($)securitization$ / shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)paymentDaysecuritizationtrustFacilitycounterparty$ / shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)securitization$ / shares	Dec. 31, 2017
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest			100.00%		100.00%		100.00%
Number of securitizations completed | securitization							13
Number of securitizations outstanding | securitization			6		6		6
Percentage of interests in trust certificates sold to third parties					50.00%
Proceeds from sale of convertible senior notes					$ 0	$ 105,325,000
Conversion premium - Convertible senior notes			$ 2,700,000			2,687,000
Interest expense			$ 12,997,000	$ 10,775,000	$ 38,290,000	$ 27,719,000
Class A Notes
Debt Instrument [Line Items]
Period after issue					36 months
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal		$ 87,500,000
Interest Rate	7.25%	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%
Principal amount of note (in dollars per share) | $ / shares			$ 25
If-converted value in excess of principal					$ 11,600,000
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		$ 108,000,000
Unamortized discount			4,800,000		$ 4,800,000		$ 4,800,000
Interest expense			2,200,000
Amortization of debt discount			$ 200,000
Interest rate, effective percentage			8.65%		8.65%		8.65%
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate			4.60%		4.60%		4.60%	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		$ 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			$ 400,000,000		$ 400,000,000		$ 400,000,000
Gregory | Servicing Agreement
Debt Instrument [Line Items]
Servicing fees percentage					0.42%
Servicing fees consecutive payments for rate reduction | payment					7
Gregory | Servicing Agreement | Minimum
Debt Instrument [Line Items]
Servicing fees percentage					0.65%
Gregory | Servicing Agreement | Maximum
Debt Instrument [Line Items]
Servicing fees percentage					1.25%
Common Stock | Convertible Notes Payable
Debt Instrument [Line Items]
Conversion rate			1.6388
Conversion price (in dollars per share) | $ / shares			$ 15.26		$ 15.26		$ 15.26
2018-C | Class A Notes
Debt Instrument [Line Items]
Percentage of Interest retained by the Company					5.00%
Ajax Mortgage Loan Trust 2018 C September 2018
Debt Instrument [Line Items]
Percentage of Interests Sold to Third Parties					37.00%
Ajax Mortgage Loan Trust 2018 C September 2018 | Class A Notes
Debt Instrument [Line Items]
Percentage of Interests Sold to Third Parties					95.00%
Ajax Mortgage Loan Trust 2018 C September 2018 | Mortgage loans | Class B Notes
Debt Instrument [Line Items]
Aggregate principal			$ 15,900,000		$ 15,900,000		$ 15,900,000
Ajax Mortgage Loan Trust 2018 C September 2018 | Mortgage loans | Class A Notes
Debt Instrument [Line Items]
Aggregate principal			$ 170,500,000		$ 170,500,000		$ 170,500,000
Interest Rate			4.36%		4.36%		4.36%
2017-C
Debt Instrument [Line Items]
Period after issue					48 months

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amount of Collateral	$ 541,400	$ 368,742
Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	789,616	542,506
Amount Outstanding	420,461	276,385
Amount of Collateral	$ 541,400	$ 368,742
Percentage of Collateral Coverage	129.00%	133.00%
Interest Rate	4.60%	3.91%
Master Repurchase Agreement | 10/26/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,980
Amount Outstanding	8,980
Amount of Collateral	$ 11,973
Percentage of Collateral Coverage	133.00%
Interest Rate	4.42%
Master Repurchase Agreement | 10/30/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,539
Amount Outstanding	10,539
Amount of Collateral	$ 15,055
Percentage of Collateral Coverage	143.00%
Interest Rate	4.62%
Master Repurchase Agreement | 11/8/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,468
Amount Outstanding	5,468
Amount of Collateral	$ 7,811
Percentage of Collateral Coverage	143.00%
Interest Rate	4.62%
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 | 12/7/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 56,440
Amount Outstanding	56,440
Amount of Collateral	$ 75,253
Percentage of Collateral Coverage	133.00%
Interest Rate	4.38%
Master Repurchase Agreement | 12/28/18
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 9,956
Amount Outstanding	9,956
Amount of Collateral	$ 13,275
Percentage of Collateral Coverage	133.00%
Interest Rate	4.25%
Master Repurchase Agreement | 1/11/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,956
Amount Outstanding	8,956
Amount of Collateral	$ 12,795
Percentage of Collateral Coverage	143.00%
Interest Rate	4.41%
Master Repurchase Agreement | 2/1/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,322
Amount Outstanding	13,322
Amount of Collateral	$ 17,174
Percentage of Collateral Coverage	129.00%
Interest Rate	4.53%
Master Repurchase Agreement | 3/28/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 12,539
Amount Outstanding	12,539
Amount of Collateral	$ 16,718
Percentage of Collateral Coverage	133.00%
Interest Rate	4.40%
Master Repurchase Agreement | 7/12/19
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 250,000	$ 250,000
Amount Outstanding	199,079	180,104
Amount of Collateral	$ 264,021	$ 234,724
Percentage of Collateral Coverage	133.00%	130.00%
Interest Rate	4.69%	4.03%
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 | 9/24/19
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000
Amount Outstanding	81,766
Amount of Collateral	$ 88,769
Percentage of Collateral Coverage	109.00%
Interest Rate	4.72%
Class A Notes | Master Repurchase Agreement | 3/25/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,396
Amount Outstanding	6,396
Amount of Collateral	$ 8,528
Percentage of Collateral Coverage	133.00%
Interest Rate	4.34%
Class B Notes | Master Repurchase Agreement | 3/25/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,020
Amount Outstanding	7,020
Amount of Collateral	$ 10,028
Percentage of Collateral Coverage	143.00%
Interest Rate	4.49%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 420,461	$ 276,385
Gross amount pledged as collateral	541,400	368,742
Net amount	$ 120,939	$ 92,357

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Deferred issuance costs	$ (7,000,000)	$ (8,800,000)
2018-C
Debt Instrument [Line Items]
Carrying value of mortgages	$ 197,019,000	$ 0
Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture	50.00%
Reflection of required consolidation	100.00%
Class A Notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Original Principal	$ 102,600,000
Interest Rate	4.00%
Class A Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 140,700,000
Interest Rate	3.47%
Class A Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 115,800,000
Interest Rate	3.163%
Class A Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 130,200,000
Interest Rate	3.75%
Class A Notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 177,800,000
Interest Rate	3.75%
Ownership percentage	50.00%
Class A Notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 170,500,000
Securities Borrowed, Liability	$ 162,000,000
Interest Rate	4.36%
Class B Notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 15,900,000
Securities Borrowed, Liability	5,900,000
Class B 1 Notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Original Principal	$ 7,900,000
Interest Rate	5.25%
Class B 1 Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 15,100,000
Interest Rate	5.25%
Class B 1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 9,000,000
Interest Rate	3.75%
Class B 1 Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 13,000,000
Interest Rate	5.25%
Class B 1 Notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Interest Rate	5.25%
Class B 2 Notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Original Principal	$ 7,900,000
Interest Rate	5.25%
Class B 2 Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 10,800,000
Interest Rate	5.25%
Class B 2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 7,500,000
Interest Rate	3.75%
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%
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%
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%
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%
Trust Certificate | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original principal, trust certificates	$ 40,900,000
Interest Rate	0.00%
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)
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)
Deferred issuance costs | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1,800,000)
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)
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)
Deferred issuance costs | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (2,100,000)
Class M1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9,700,000
Interest Rate	3.50%
Class M2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9,500,000
Interest Rate	3.50%
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 ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgage loans	$ 914,158	$ 996,203
Mortgage loans
Debt Instrument [Line Items]
Bond principal balance	$ 638,243	$ 702,764
Percentage of collateral coverage	143.00%	142.00%
Original balances at securitization cutoff date Mortgage UPB	$ 1,442,295
Original balances at securitization cutoff date Bond principal balance	931,923
Debt issuance costs, net	7,000	$ 8,800
Mortgage loans | 2016-A
Debt Instrument [Line Items]
Carrying value of mortgages	1,493	110,585
Bond principal balance	$ 0	$ 82,556
Percentage of collateral coverage	0.00%	134.00%
Original balances at securitization cutoff date Mortgage UPB	$ 158,485
Original balances at securitization cutoff date Bond principal balance	101,431
Mortgage loans | 2016-B
Debt Instrument [Line Items]
Carrying value of mortgages	1,394	$ 93,772
Bond principal balance	$ 0	$ 71,361
Percentage of collateral coverage	0.00%	131.00%
Original balances at securitization cutoff date Mortgage UPB	$ 131,746
Original balances at securitization cutoff date Bond principal balance	84,430
Cash collateral for borrowed securities	1,900
Mortgage loans | 2016-C
Debt Instrument [Line Items]
Carrying value of mortgages	106,463	$ 116,357
Bond principal balance	$ 74,510	$ 88,400
Percentage of collateral coverage	143.00%	132.00%
Original balances at securitization cutoff date Mortgage UPB	$ 157,808
Original balances at securitization cutoff date Bond principal balance	102,575
Mortgage loans | 2017-A
Debt Instrument [Line Items]
Carrying value of mortgages	157,421	$ 170,805
Bond principal balance	$ 106,908	$ 126,507
Percentage of collateral coverage	147.00%	135.00%
Original balances at securitization cutoff date Mortgage UPB	$ 216,413
Original balances at securitization cutoff date Bond principal balance	140,669
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Carrying value of mortgages	134,865	$ 143,799
Bond principal balance	$ 103,237	$ 115,846
Percentage of collateral coverage	131.00%	124.00%
Original balances at securitization cutoff date Mortgage UPB	$ 165,850
Original balances at securitization cutoff date Bond principal balance	115,846
Mortgage loans | 2017-C
Debt Instrument [Line Items]
Carrying value of mortgages	147,656	$ 157,015
Bond principal balance	$ 113,771	$ 129,191
Percentage of collateral coverage	130.00%	122.00%
Original balances at securitization cutoff date Mortgage UPB	$ 185,942
Original balances at securitization cutoff date Bond principal balance	130,159
Mortgage loans | 2017-D
Debt Instrument [Line Items]
Carrying value of mortgages	167,847	$ 203,870
Bond principal balance	$ 71,907	$ 88,903
Percentage of collateral coverage	233.00%	229.00%
Original balances at securitization cutoff date Mortgage UPB	$ 203,870
Original balances at securitization cutoff date Bond principal balance	88,903
Cash collateral for borrowed securities	26,700
Mortgage loans | 2018-C
Debt Instrument [Line Items]
Carrying value of mortgages	197,019	$ 0
Bond principal balance	$ 167,910	$ 0
Percentage of collateral coverage	117.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB	$ 222,181
Original balances at securitization cutoff date Bond principal balance	167,910
Cash collateral for borrowed securities	45,500
Class A Notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Original Principal	143,800
Secured borrowings	71,900	$ 88,900
Class A Notes | Mortgage loans | Ajax Mortgage Loan Trust 2018 C September 2018
Debt Instrument [Line Items]
Original Principal	170,500
Secured borrowings	$ 162,000

Related Party Transactions - Sc

Related Party Transactions - Schedule Statement of Income of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	$ 2,457	$ 2,187	$ 7,598	$ 6,003
Related party expense – management fee	1,456	1,428	4,428	3,830
Gregory | Loan transaction expense
Related Party Transaction [Line Items]
Amount of transaction	0	41	99	93
Gregory | Other fees and expenses
Related Party Transaction [Line Items]
Amount of transaction	0	6	40	40
2018-A | Interest Income
Related Party Transaction [Line Items]
Amount of transaction	46	0	251	0
2018-D | Interest Income
Related Party Transaction [Line Items]
Amount of transaction	5	0	5	0
Great Ajax FS | Other fees and expenses
Related Party Transaction [Line Items]
Amount of transaction			0	16
Thetis | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction	113	143	359	334
Oileus Residential Loan Trust | Interest Income
Related Party Transaction [Line Items]
Amount of transaction	133	132	364	421
2018-B | Interest Income
Related Party Transaction [Line Items]
Amount of transaction	99	0	192	0
Great Ajax FS | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction	$ 64	$ 0	$ 88	$ 0

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Gregory | Receivable from Servicer
Related Party Transaction [Line Items]
Amount of transaction	$ 13,106	$ 17,005
Gregory | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction	235	217
Gregory | Loan Servicing Fees
Related Party Transaction [Line Items]
Amount of transaction	57
2018-D | Investments at fair value
Related Party Transaction [Line Items]
Amount of transaction	19,230
2018-B | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	5
2018-B | Investments at fair value
Related Party Transaction [Line Items]
Amount of transaction	14,807
2018-A | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	13
2018-A | Investments at fair value
Related Party Transaction [Line Items]
Amount of transaction	9,821
Oileus Residential Loan Trust | Investments at fair value
Related Party Transaction [Line Items]
Amount of transaction	6,837	6,285
Thetis | Management fee payable
Related Party Transaction [Line Items]
Amount of transaction	777	$ 750
Thetis | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction	$ 4

Related party Transactions - Na

Related party Transactions - Narrative (Details)	1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)loan	Jun. 30, 2018USD ($)loan	Apr. 30, 2018USD ($)loan	Oct. 31, 2016USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)paymentloancalender	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)loan
Related Party Transaction [Line Items]
Number of loans | loan							6,858		6,901
Management fee payable	$ 777,000					$ 777,000	$ 777,000		$ 750,000
Period of termination of license agreement							30 days
Purchase of debt securities							$ 48,798,000	$ 0
Available-for-sale Debt Securities Gross Unrealized Gain							$ 30,000
Thetis | Management Agreement
Related Party Transaction [Line Items]
Base management fee percentage							1.50%
Thetis | Amended And Restated Management Agreement
Related Party Transaction [Line Items]
Percentage of Independent Directors							66.67%
Management fee payable	1,000,000					1,000,000	$ 1,000,000
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%
Number of calender quarters | calender							8
Percentage of remaining incentive fee payable in cash							80.00%
Thetis | Amended And Restated Management Agreement | Scenario, Forecast
Related Party Transaction [Line Items]
Incentive Fee Expense					$ 100,000
Gregory | Servicing Agreement
Related Party Transaction [Line Items]
Servicing fees percentage							0.42%
Servicing fees consecutive payments for rate reduction | payment							7
Gregory | Servicing Agreement | Minimum [Member]
Related Party Transaction [Line Items]
Servicing fees percentage							0.65%
Gregory | Servicing Agreement | Maximum [Member]
Related Party Transaction [Line Items]
Servicing fees percentage							1.25%
2018-A
Related Party Transaction [Line Items]
Ownership percentage			9.36%
Purchase of debt securities			$ 13,800,000
Available-for-sale Debt Securities Gross Unrealized Gain							$ 25,000
2018-A | Investments at fair value
Related Party Transaction [Line Items]
Amount of transaction	9,821,000					9,821,000	9,821,000
2018-A | Residential RPLs
Related Party Transaction [Line Items]
Number of loans | loan			485
2018-A | Non-performing loans
Related Party Transaction [Line Items]
Number of loans | loan			11
Oileus Residential Loan Trust
Related Party Transaction [Line Items]
Purchase of debt securities				$ 6,300,000
Available-for-sale Debt Securities Gross Unrealized Gain						600,000	400,000
Oileus Residential Loan Trust | Investments at fair value
Related Party Transaction [Line Items]
Amount of transaction	6,837,000					6,837,000	6,837,000		$ 6,285,000
2018-B
Related Party Transaction [Line Items]
Ownership percentage		20.00%
Purchase of debt securities		$ 15,800,000
2018-B | Investments at fair value
Related Party Transaction [Line Items]
Amount of transaction	$ 14,807,000					$ 14,807,000	$ 14,807,000
2018-B | Residential RPLs
Related Party Transaction [Line Items]
Number of loans | loan		312
2018-B | Non-performing loans
Related Party Transaction [Line Items]
Number of loans | loan		74
2018-D
Related Party Transaction [Line Items]
Ownership percentage	20.00%					20.00%	20.00%
Purchase of debt securities	$ 19,300,000
2018-D | Investments at fair value
Related Party Transaction [Line Items]
Amount of transaction	$ 19,230,000					$ 19,230,000	$ 19,230,000
2018-D | Residential RPLs
Related Party Transaction [Line Items]
Number of loans | loan	470

Investments at fair value (Deta

Investments at fair value (Details)		1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2018USD ($)loan	Jun. 30, 2018USD ($)loan	Apr. 30, 2018USD ($)loan	Oct. 31, 2016USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)loan	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)loan
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Securities, Amortized Cost Basis		$ 51,954,000				$ 51,954,000		$ 51,954,000		$ 6,518,000
Available-for-sale Securities [Abstract]
Available-for-sale Securities		51,751,000				51,751,000		$ 51,751,000		6,285,000
Available-for-sale Securities, Debt Securities										6,285,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax										$ (233,000)
Number of loans | loan								6,858		6,901
Available-for-sale Equity Securities, Gross Unrealized Gain								$ 17,000
Available-for-sale Debt Securities Gross Unrealized Gain								30,000
Available-for-sale Debt Securities, Gross Unrealized Loss							$ 39,000		$ 200,000
Secured Debt	[1],[2],[3]	631,207,000				631,207,000		631,207,000		$ 694,040,000
Purchase of debt securities								48,798,000	$ 0
2018-A
Available-for-sale Securities [Abstract]
Available-for-sale Securities, Debt Securities		$ 9,821,000				9,821,000		9,821,000
Available-for-sale Debt Securities Gross Unrealized Gain								25,000
Ownership percentage				9.36%
Equity Method Investments				$ 160,000,000
Secured Debt				128,000,000
Purchase of debt securities				$ 13,800,000
2018-A | Residential RPLs
Available-for-sale Securities [Abstract]
Number of loans | loan				485
2018-A | Non-performing loans
Available-for-sale Securities [Abstract]
Number of loans | loan				11
2018-B
Available-for-sale Securities [Abstract]
Available-for-sale Debt Securities, Gross Unrealized Loss								400,000
Ownership percentage			20.00%
Equity Method Investments			$ 94,800,000
Secured Debt			66,400,000
Purchase of debt securities			$ 15,800,000
2018-B | Residential RPLs
Available-for-sale Securities [Abstract]
Number of loans | loan			312
2018-B | Non-performing loans
Available-for-sale Securities [Abstract]
Number of loans | loan			74
Oileus Residential Loan Trust
Available-for-sale Securities [Abstract]
Available-for-sale Debt Securities Gross Unrealized Gain						$ 600,000		400,000
Purchase of debt securities					$ 6,300,000
2018-D
Available-for-sale Securities [Abstract]
Available-for-sale Debt Securities, Gross Unrealized Loss								$ 0
Ownership percentage		20.00%				20.00%		20.00%
Equity Method Investments		$ 100,800,000				$ 100,800,000		$ 100,800,000
Secured Debt		149,100,000				149,100,000		149,100,000
Purchase of debt securities		$ 19,300,000
2018-D | Residential RPLs
Available-for-sale Securities [Abstract]
Number of loans | loan		470
Debt securities due October 2056 [Member]
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis		$ 6,647,000				6,647,000		6,647,000		6,518,000
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		190,000				190,000		190,000		0
Available-for-sale Securities [Abstract]
Available-for-sale Securities, Debt Securities		6,837,000				6,837,000		6,837,000		6,285,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		0				0		0
Debt securities due April 2058 [Member]
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis		9,796,000				9,796,000		9,796,000
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		25,000				25,000		25,000
Available-for-sale Securities [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		0				0		0
Debt securities due February 2057 [Member]
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis		15,242,000				15,242,000		15,242,000
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		0				0		0
Available-for-sale Securities [Abstract]
Available-for-sale Securities, Debt Securities		14,807,000				14,807,000		14,807,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(435,000)				(435,000)		(435,000)
Debt securities due August 2058 [Member]
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis		19,230,000				19,230,000		19,230,000
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		0				0		0
Available-for-sale Securities [Abstract]
Available-for-sale Securities, Debt Securities		19,230,000				19,230,000		19,230,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		0				0		0
Investments in equity securities at fair value
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Equity Securities, Amortized Cost Basis		1,039,000				1,039,000		1,039,000
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		17,000				17,000		17,000
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax		0				0		0
Available-for-sale Securities [Abstract]
Available-for-sale Securities, Equity Securities		1,056,000				1,056,000		1,056,000
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax		232,000				232,000		232,000
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax		$ (435,000)				$ (435,000)		$ (435,000)		(233,000)
Available-for-sale Securities [Abstract]
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax										$ 0
[1]	As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($) $ in Thousands	Jul. 24, 2017	Aug. 17, 2016	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees			$ 1,600
Number of shares (in shares)			51,613	45,867	155,053	109,278
Annual retainer amount					$ 75,000
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)					49,229
Long term incentive plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)					2,666		4,000
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
Vesting period					1 year
Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of expense recognized			$ 800
Number of shares (in shares)			49,229	43,463	147,849	101,998

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	51,613	45,867	155,053	109,278
Amount of expense recognized	$ 813	$ 716	$ 2,424	$ 1,693
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	49,229	43,463	147,849	101,998
Amount of expense recognized	$ 775	$ 678	$ 2,310	$ 1,580
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	2,384	2,404	7,204	7,280
Amount of expense recognized	$ 38	$ 38	$ 114	$ 113

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Schedule of Restricted Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual terms				4 months 24 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)				233,834	198,000
Total expected cost of grant				$ 3,178	$ 2,732
Shares granted during the year (in shares)	48,500		39,000	48,500	39,000
Grant expense recognized	$ 255		$ 200	$ 757	$ 555
Shares, nonvested (in shares)	116,389		138,333	116,389	138,333
Per share grant fair value (in dollars per share)	$ 13.56		$ 13.83	$ 13.56	$ 13.83
Shares, fully vested (in shares)	117,445		59,667	117,445	59,667
Per share grant date fair value (in dollars per share)	$ 13.55		$ 13.92	$ 13.55	$ 13.92
Restricted stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during the year (in shares)		3,000
Vesting period		1 year
Restricted stock | Directors’ Grants | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)				12,000	10,000
Total expected cost of grant				$ 162	$ 146
Shares granted during the year (in shares)	12,000		0	12,000	0
Grant expense recognized	$ 20		$ 0	$ 128	$ 14
Shares, nonvested (in shares)	6,000		0	6,000	0
Per share grant fair value (in dollars per share)	$ 13.48		$ 0	$ 13.48	$ 0
Shares, fully vested (in shares)	6,000		10,000	6,000	10,000
Per share grant date fair value (in dollars per share)	$ 13.48		$ 14.61	$ 13.48	$ 14.61
Vesting period				1 year	1 year
Restricted stock | Employee And Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)				146,334	149,000
Total expected cost of grant				$ 1,976	$ 2,040
Shares granted during the year (in shares)	0		0	0	0
Grant expense recognized	$ 163		$ 170	$ 466	$ 511
Shares, nonvested (in shares)	47,889		99,333	47,889	99,333
Per share grant fair value (in dollars per share)	$ 13.50		$ 13.78	$ 13.50	$ 13.78
Shares, fully vested (in shares)	98,445		49,667	98,445	49,667
Per share grant date fair value (in dollars per share)	$ 13.50		$ 13.78	$ 13.50	$ 13.78
Vesting period				3 years	3 years
Weighted average remaining contractual terms				10 months 24 days	1 year 10 months 24 days
Restricted stock | Employee and Service Provider Second Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)				39,000	39,000
Total expected cost of grant				$ 544	$ 546
Shares granted during the year (in shares)	0		39,000	0	39,000
Grant expense recognized	$ 45		$ 30	$ 136	$ 30
Shares, nonvested (in shares)	26,000		39,000	26,000	39,000
Per share grant fair value (in dollars per share)	$ 13.95		$ 13.95	$ 13.95	$ 13.95
Shares, fully vested (in shares)	13,000		0	13,000	0
Per share grant date fair value (in dollars per share)	$ 13.95		$ 0	$ 13.95	$ 0
Weighted average remaining contractual terms				1 year 9 months 18 days	2 years 9 months 18 days
Restricted stock | Employee and Service Provider Grants Third Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)				36,500
Total expected cost of grant				$ 496
Shares granted during the year (in shares)	36,500			36,500
Grant expense recognized	$ 27			$ 27
Shares, nonvested (in shares)	36,500			36,500
Per share grant fair value (in dollars per share)	$ 13.58			$ 13.58
Shares, fully vested (in shares)	0			0
Per share grant date fair value (in dollars per share)	$ 0			$ 0
Weighted average remaining contractual terms				2 years 10 months 24 days

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Taxable income	$ 6,500,000	$ 2,100,000	$ 19,800,000	$ 16,100,000
Provision for income taxes	84,000	47,000	102,000	96,000
Deferred income tax assets	0	0	0	0
Deferred income tax liabilities	0	0	0	0
Income tax interest and penalties recorded	$ 0	$ 0	$ 0	$ 0

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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic EPS
Consolidated net income attributable to common stockholders	$ 6,558	$ 7,470	$ 21,744	$ 22,743
Allocation of earnings to participating restricted shares	(70)	(86)	(242)	(251)
Consolidated net income attributable to unrestricted common stockholders	6,488	7,384	21,502	22,492
Effect of dilutive securities
Operating Partnership units	223	246	724	773
Restricted stock grants and Manager and director fee shares	70	86	242	251
Interest expense (add back) and assumed conversion of shares from convertible senior notes	2,151	1,905	6,439	3,160
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$ 8,932	$ 9,621	$ 28,907	$ 26,676
Basic EPS
Consolidated net income attributable to unrestricted common stockholders (in shares)	18,691,393	18,072,045	18,599,088	18,019,434
Allocation of earnings to participating restricted shares (in shares)	0	0	0	0
Effect of dilutive securities
Operating Partnership units (in shares)	624,106	624,106	624,106	624,106
Restricted stock grants and Manager and director fee shares (in shares)	202,856	210,261	209,108	201,304
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)	7,074,451	6,340,352	7,056,682	3,535,944
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)	26,592,806	25,246,764	26,488,984	22,380,788
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.35	$ 0.41	$ 1.16	$ 1.25
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.34	$ 0.38	$ 1.09	$ 1.19

Equity - Narrative (Details)

Equity - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017shares	Sep. 30, 2018USD ($)transaction$ / sharesshares	Sep. 30, 2017USD ($)shares	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016shares
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	18,856,601		18,856,601		18,588,228
Common stock par value per share (in dollars per share) | $ / shares	$ 0.01		$ 0.01		$ 0.01
Common stock shares authorized (in shares)	125,000,000		125,000,000		125,000,000
Preferred stock shares outstanding (in shares)	0	0	0	0	0
Preferred stock shares authorized (in shares)	25,000,000		25,000,000		25,000,000
Treasury stock (in shares)	17,365		17,365		0
Sale of common stock pursuant to dividend reinvestment plan | $			$ 140,000	$ 123,000
Number of transactions | transaction			5
Operating partnership units (in shares)	624,106	624,106	624,106	624,106
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 50,000,000		$ 50,000,000
Proceeds from issuance of common stock | $			$ 0	$ 0
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	18,856,601	18,251,975	18,856,601	18,251,975	18,588,228	18,122,387
Issuance of shares under dividend reinvestment plan (in shares)			10,381	9,165
Sale of common stock pursuant to dividend reinvestment plan | $			$ 100,000	$ 100,000
2017-D
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners					50.00%
Percentage of ownership interests in joint venture	50.00%		50.00%
AS Ajax E II LLC
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners	46.90%		46.90%
Percentage of ownership interests in joint venture	53.10%		53.10%
2018-C
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners	37.00%		37.00%
Banfield
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners	10.00%		10.00%

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Tax	$ 0	$ 0
Accumulated other comprehensive loss	(203)	(233)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(203)	(233)
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	474
Unrealized losses	$ (677)
Investments at fair value | Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains		9
Unrealized losses		$ (242)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	Nov. 07, 2018USD ($)Directorshares	Oct. 25, 2018USD ($)	Nov. 07, 2018USD ($)loantransactionseller	Sep. 30, 2018USD ($)loan	Sep. 30, 2017USD ($)loan	Sep. 30, 2018USD ($)propertyloanshares	Sep. 30, 2017USD ($)loanshares	Dec. 31, 2017property	Oct. 30, 2018$ / shares
Subsequent Event [Line Items]
Number of real estate properties purchased | property						1		1
Common Stock
Subsequent Event [Line Items]
Stock issued in lieu of management fee (in shares) | shares						147,274	78,887
Re-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				271	109	422	1,351
Aggregate unpaid principal balance of mortgage loans on real estate				$ 69,200,000	$ 32,700,000	$ 104,500,000	$ 285,200,000
Non-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				11	0	11	0
Aggregate unpaid principal balance of mortgage loans on real estate						$ 1,700,000
Subsequent Event
Subsequent Event [Line Items]
Available-for-sale Securities, Gross Realized Gain (Loss)		$ 0
Subsequent Event | Board of Directors
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares									$ 0.32
Subsequent Event | Common Stock
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	596
Subsequent Event | Common Stock | Thetis
Subsequent Event [Line Items]
Stock issued in lieu of management fee (in shares) | shares	49,229
Subsequent Event | Four Sellers
Subsequent Event [Line Items]
Number of transaction | transaction			4
Number of sellers | seller			4
Subsequent Event | Six Sellers
Subsequent Event [Line Items]
Number of transaction | transaction			6
Number of sellers | seller			6
Subsequent Event | Re-performing loans | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan			99
Aggregate unpaid principal balance of mortgage loans on real estate			$ 28,300,000
Percentage of unpaid principal balance of loan acquired			92.20%
Percentage of estimated market value of the underlying collateral	57.30%		57.30%
Estimated market value of the underlying collateral	$ 45,600,000		$ 45,600,000
Subsequent Event | Re-performing loans | Four Sellers
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan			413
Aggregate unpaid principal balance of mortgage loans on real estate			$ 75,300,000
Percentage of unpaid principal balance of loan acquired			89.30%
Percentage of estimated market value of the underlying collateral	61.20%		61.20%
Estimated market value of the underlying collateral	$ 109,900,000		$ 109,900,000
Subsequent Event | Re-performing loans | Six Sellers
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan			2,069
Aggregate unpaid principal balance of mortgage loans on real estate			$ 561,100,000
Percentage of unpaid principal balance of loan acquired			91.00%
Percentage of estimated market value of the underlying collateral	55.00%		55.00%
Estimated market value of the underlying collateral	$ 928,400,000		$ 928,400,000
Subsequent Event | Re-performing loans | Purchased SBC (RPL) | Six Sellers
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan			4
Aggregate unpaid principal balance of mortgage loans on real estate			$ 3,400,000
Percentage of unpaid principal balance of loan acquired			100.00%
Percentage of estimated market value of the underlying collateral	65.00%		65.00%
Estimated market value of the underlying collateral	$ 5,200,000		$ 5,200,000
Subsequent Event | Non-performing loans | Six Sellers
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan			486
Aggregate unpaid principal balance of mortgage loans on real estate			$ 105,000,000
Percentage of unpaid principal balance of loan acquired			93.50%
Percentage of estimated market value of the underlying collateral	57.50%		57.50%
Estimated market value of the underlying collateral	$ 170,700,000		$ 170,700,000
Percentage of borrowers' total amount			68.80%
Subsequent Event | commercial building
Subsequent Event [Line Items]
Number of transaction | transaction			3
Number of sellers | seller			3
Estimated market value of the underlying collateral	$ 10,000,000		$ 10,000,000
Number of real estate properties purchased | seller			3
Purchase price			$ 10,000,000