Rithm Property Trust (RPT) 10-K 6 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 05, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Great Ajax Corp.
Entity Central Index Key	1,614,806
Trading Symbol	ajx
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		18,912,157
Entity Public Float			$ 232,494,687
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017
Mortgage loans		$ 900,155		$ 996,203
Secured borrowings	[1],[2],[3]	610,199		694,040
Debt issuance costs, net		1,800		1,800
Non-controlling interests	[4]	33,445		27,082
Financing Receivable, Allowance for Credit Losses		1,164		0
ASSETS
Cash and cash equivalents		55,146		53,721
Cash held in trust		24		27,041
Carrying value of mortgages	[2]	1,310,873	[1]	1,253,541
Property held-for-sale	[5]	19,402		24,947
Rental property, net		17,635		1,284
Available-for-sale Securities, Debt Securities		146,811
Investments at fair value				6,285
Available-for-sale Securities, Equity Securities		22,086		0
Receivable from servicer		14,587		17,005
Investment in affiliates		8,653		7,020
Prepaid expenses and other assets		7,654		4,894
Total assets		1,602,871		1,395,738
Liabilities:
Secured borrowings	[1],[2],[3]	610,199		694,040
Borrowings under repurchase transactions		534,089		276,385
Convertible senior notes, net	[3]	117,525		102,571
Management fee payable		881		750
Accrued expenses and other liabilities		5,898		4,554
Total liabilities		1,268,592		1,078,300
Commitments and contingencies – see Note 8
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized, none issued or outstanding		0		0
Common stock $.01 par value; 125,000,000 shares authorized, 18,909,874 shares at December 31, 2018 and 18,588,228 shares at December 31, 2017 issued and outstanding		189		186
Additional paid-in capital		260,427		254,847
Treasury stock		(270)		0
Retained earnings		41,063		35,556
Accumulated other comprehensive income/(loss)		(575)		(233)
Equity attributable to stockholders		300,834		290,356
Non-controlling interests	[4]	33,445		27,082
Total equity		334,279		317,438
Total liabilities and equity		1,602,871		1,395,738
Consolidated Entities
Mortgage loans		377,000		177,100
Secured borrowings		231,900		88,400
Non-controlling interests		20,400		14,000
Liabilities:
Secured borrowings		231,900		88,400
Equity:
Non-controlling interests		$ 20,400		$ 14,000
2017-D
Percentage of Interests in Trust Certificates Sold to Third Parties		50.00%
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
2018-C
Noncontrolling Interest, Ownership Percentage by Parent		63.00%
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 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 $20.4 million at December 31, 2018, from the 50.0% and 63.0% owned VIEs. Non-controlling interests includes $14.0 million at December 31, 2017, from a 50.0% owned joint venture, which the Company consolidates under U.S. GAAP.
[5]	Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2018, and December 31, 2017, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME
Interest income	$ 108,181	$ 91,424	$ 70,688
Provision for loan losses	(1,164)	0	0
Net interest income after provision for loan losses	53,682	52,323	45,115
Interest expense	(53,335)	(39,101)	(25,573)
Net interest income	54,846	52,323	45,115
Income from investment in affiliates	762	707	558
Other income	3,720	1,765	1,024
Total income	58,164	54,795	46,697
EXPENSE
Related party expense – loan servicing fees	10,148	8,245	6,083
Related party expense – management fee	6,025	5,340	3,949
Loan transaction expense	389	1,471	1,135
Professional fees	2,179	2,340	1,484
Real estate operating expenses	3,252	2,630	2,553
Other expense	3,934	3,353	2,019
Total expense	25,927	23,379	17,223
Loss on debt extinguishment	836	1,131	565
Income before provision for income taxes	31,401	30,285	28,909
Provision for income taxes	64	131	35
Consolidated net income	31,337	30,154	28,874
Less: consolidated net income attributable to the non-controlling interest	2,997	1,227	1,038
Consolidated net income attributable to common stockholders	$ 28,340	$ 28,927	$ 27,836
Basic earnings per common share (in dollars per share)	$ 1.50	$ 1.58	$ 1.65
Diluted earnings per common share (in dollars per share)	$ 1.43	$ 1.51	$ 1.65
Weighted Average Number of Shares Issued, Basic	18,642,526	18,074,143	16,742,882
Weighted average shares - basic (in shares)	18,642,526	18,074,143	16,742,882
Weighted average shares - diluted (in shares)	25,830,546	23,318,521	17,451,907

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		Dec. 31, 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)		18,909,874	18,588,228
Common stock shares outstanding (in shares)		18,909,874	18,588,228
Mortgage loans		$ 900,155	$ 996,203
Secured borrowings	[1],[2],[3]	610,199	694,040
Non-controlling interests	[4]	$ 33,445	$ 27,082
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 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 $20.4 million at December 31, 2018, from the 50.0% and 63.0% owned VIEs. Non-controlling interests includes $14.0 million at December 31, 2017, from a 50.0% owned joint venture, which the Company consolidates under U.S. GAAP.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 28,340	$ 28,927	$ 27,836
Other comprehensive income (loss):
Net unrealized (loss) on investments, net of non-controlling interest	(152)	(233)	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	(190)	0	0
Income tax expense related to items of other comprehensive income (loss)	0	0	0
Comprehensive income	$ 27,998	$ 28,694	$ 27,836

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 31,337	$ 30,154	$ 28,874
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	3,989	3,247	1,468
Non-cash interest income accretion	(43,749)	(43,379)	(39,178)
Discount accretion on investment in securities	(783)	(195)	0
Gain on sale of property held-for-sale	(380)	(506)	(106)
Gain on sale of securities	(347)	0	0
Loss from payoffs of loans in transit	0	26	0
Depreciation of property	155	80	20
Impairment of real estate owned	2,700	2,516	2,011
Provision for loan losses	1,164	0	0
Amortization of debt discount and prepaid financing costs	6,378	6,466	6,833
Undistributed income from investment in affiliates	(762)	(707)	(558)
Net change in operating assets and liabilities
Prepaid expenses and other assets	(2,747)	(2,543)	336
Receivable from Servicer	2,071	(5,087)	(7,037)
Accrued expenses, management fee payable, and other liabilities	1,171	1,233	2,116
Net cash from operating activities	197	(8,695)	(5,221)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(165,021)	(459,194)	(434,332)
Origination of commercial loans	(6,557)	(9,083)	(2,472)
Principal paydowns on mortgage loans	142,107	107,274	58,388
Sale of other mortgage related assets	0	0	92
Proceeds from sale of mortgage loans	0	0	78,162
Purchase of securities	(176,363)	0	(6,323)
Principal paydowns on securities	6,496	0	0
Proceeds on sale of securities	8,073	0	0
Purchase of rental property	(15,385)	0	0
Proceeds from sale of property held-for-sale	17,632	17,143	9,117
Renovations of rental property and property held-for-sale	(456)	0	0
Other	0	0	(785)
Investment in Great Ajax FS LLC, including warrants	(1,750)	0	0
Investment in equity method investee	0	(5,115)	(1,111)
Distribution from affiliates	827	3,055	365
Loan to affiliate	0	0	(3,960)
Repayment of loan to affiliate	0	0	3,636
Net cash from investing activities	(190,397)	(345,920)	(299,223)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	311,128	590,669	348,602
Repayments on repurchase transactions	(53,424)	(542,221)	(225,695)
Proceeds from sale of secured borrowings	167,910	431,126	288,436
Repayments on secured borrowings	(254,177)	(178,115)	(109,263)
Proceeds from sale of convertible senior notes	15,184	105,325	0
Deferred financing costs	(2,635)	(7,225)	(6,080)
Sale of common stock, net of offering costs	0	3,864	31,662
Sale of common stock pursuant to dividend reinvestment plan	199	174	50
Distribution to non-controlling interest	(3,343)	(766)	(618)
Issuance of non-controlling interest in subsidiaries	6,709	16,190	0
Dividends paid on common stock	(22,943)	(20,602)	(16,526)
Net cash from financing activities	164,608	398,419	310,568
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	(25,592)	43,804	6,124
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	80,762	36,958	30,834
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	55,170	80,762	36,958
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	50,753	35,214	18,687
Cash paid for income taxes	0	0	0
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Transfer of loans to rental property or property held-for-sale	15,072	20,294	25,037
Issuance of common stock for management fee and compensation expense	3,989	3,247	1,468
Issuance of shares for investment in Great Ajax FS LLC	1,011	0	0
Non-cash adjustments to basis in mortgage loans		516	(477)
Unrealized loss on available for sale securities, net of non-controlling interest and tax	342	233	0
Treasury stock received through distributions from investment in Manager	270	0	0
Convertible senior notes conversion premium recognized to equity	494	2,687	0
Conversion of short-term loan to AS Ajax E to equity investment in AS Ajax E	0	0	324
Property sold to borrowers under the installment method	0	56	0
Transfer of accrued interest to borrowings under repurchase agreement	0	497	0
Cumulative effect of change in accounting principle	110	0	0
Total cash and cash equivalents and restricted cash shown on the consolidated Statements of Cash Flows	$ 80,762	$ 36,958	$ 30,834

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, 2015			15,301,946
Beginning balance at Dec. 31, 2015	$ 237,813	$ 227,802	$ 152	$ 0	$ 211,729	$ 15,921	$ 0	$ 10,011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	27,836
Net income	28,874	27,836						1,038
Sale of shares (in shares)			2,589,427
Sale of shares	31,662	31,662	$ 27		31,635
Issuance of shares under dividend reinvestment (in shares)			3,835
Issuance of shares under dividend reinvestment	50	50			50
Stock-based management fee expense (in shares)			65,515
Stock-based management fee expense	1,068	1,068	$ 2		1,066
Stock-based compensation expense (in shares)			161,664
Stock-based compensation expense	400	400			400
Dividends and distributions	(17,144)	(16,526)				(16,526)		(618)
Treasury stock	0
Ending balance (in shares) at Dec. 31, 2016			18,122,387
Ending 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 (Loss) Attributable to Parent	28,927
Net income	30,154	28,927						1,227
Sale of shares (in shares)			286,841
Sale of shares	4,052	4,052	$ 3		4,049
Shelf registration fees	(188)	(188)			(188)
Issuance of non-controlling interest in subsidiaries	16,190							16,190
Issuance of shares under dividend reinvestment (in shares)			12,710
Issuance of shares under dividend reinvestment	174	174			174
Stock-based management fee expense (in shares)			122,350
Stock-based management fee expense	2,335	2,335	$ 2		2,333
Stock-based compensation expense (in shares)			43,940
Stock-based compensation expense	912	912			912
Dividends and distributions	(21,368)	(20,602)				(20,602)		(766)
Conversion premium - Convertible senior notes	2,687	2,687			2,687
Other comprehensive loss	$ (233)	(233)					(233)
Treasury stock (in shares)	0
Treasury stock	$ 0
Ending balance (in shares) at Dec. 31, 2017	18,588,228		18,588,228
Ending balance at Dec. 31, 2017	$ 317,438	290,356	$ 186	0	254,847	35,556	(233)	27,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock	0
Net Income (Loss) Attributable to Parent	28,340
Net income	31,337	28,340						2,997
Issuance of shares to Great Ajax FS LLC			75,001
Issuance of shares for investment in Great Ajax FS LLC	1,011	1,011	$ 1		1,010
Issuance of non-controlling interest in subsidiaries	6,709							6,709
Issuance of shares under dividend reinvestment (in shares)			14,953
Issuance of shares under dividend reinvestment	199	199			199
Stock-based management fee expense (in shares)			196,503
Stock-based management fee expense	2,786	2,786	$ 2		2,784
Stock-based compensation expense (in shares)			55,466
Stock-based compensation expense	1,203	1,203			1,203
Dividends and distributions	(26,286)	(22,943)				(22,943)		(3,343)
Conversion premium - Convertible senior notes	494	494			494
Other comprehensive loss	(342)	(342)					(342)
Cumulative effect of accounting change	$ 0				(110)	110
Treasury stock (in shares)	(20,277)
Treasury stock	$ (270)	(270)		(270)
Ending balance (in shares) at Dec. 31, 2018	18,909,874		18,909,874
Ending balance at Dec. 31, 2018	$ 334,279	$ 300,834	$ 189		$ 260,427	$ 41,063	$ (575)	$ 33,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock	$ (270)			$ (270)

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 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 on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount, to cover at least five payments has been paid in the last seven months. Additionally, the Company may invest in single-family and smaller commercial properties directly either through a foreclosure event of a loan in our mortgage portfolio or, less frequently, through a direct acquisition. Historically, the Company has also targeted investments in non-performing loans (“NPL”). NPLs are loans on which the most recent three payments have not been made. The Company may acquire NPLs from time to time, either directly or with joint venture partners, and will continue to manage the NPLs on its balance sheet. The Company’s manager is Thetis Asset Management LLC (the “Manager” or “Thetis”), an affiliated company. The Company owns 19.8% of the Manager 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 and real property servicer also an affiliated company. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership (the “Operating Partnership”), and its subsidiaries. The Company, through a wholly-owned subsidiary, is the sole general partner of the Operating Partnership. GA-TRS is a wholly-owned subsidiary of the Operating Partnership that owns the equity interest in the Manager 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 2018, the Company formed GAEA Real Estate Corp., a wholly owned subsidiary of the Operating partnership. The Company has elected to treat GAEA Real Estate Corp. as a TRS under the Code. Also during 2018, the Company formed GAEA Real Estate Operating Partnership, a wholly owned subsidiary of GAEA RE Corp, to hold investments in commercial real estate assets. The also formed BLFD Holdings LLC, GAEA Commercial Properties LLC, GAEA Commercial Finance LLC and GAEA RE LLC. All entities are wholly owned subsidiaries with the exception of BLFD Holdings, of which 10% is owned by a third party investor. Basis of Presentation and Use of Estimates The consolidated financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to financial statements. The Company consolidates the results and balances of five subsidiaries with non-controlling 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. BFLD Holding LLC ("BFLD") is 90.0% owned by the Company, which holds a single commercial property. 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 December 31, 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 its holdings of mortgage loans and beneficial interests in trusts, and their resolution methods and timelines, including foreclosure costs, eviction costs and property rehabilitation costs. Other significant estimates are fair value measurements, and the net realizable value of REO properties held-for-sale.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 the Company estimates it 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. 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. 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. Investment at Fair Value The Company’s Investments at Fair Value as of December 31, 2018 consist of investments in Senior and Subordinate Notes issued by joint ventures which the Company forms with third party institutional accredited investors. The Company recognizes income on the debt securities using the effective interest method. Additionally, the debt securities are classified at available for sale and are carried at fair value with changes in fair value reflected in our consolidated Statements of Comprehensive Income. Investments in Beneficial Interests The Company’s Investments in Beneficial Interests as of December 31, 2018 consist of investments in the trust certificates issued by joint ventures which the Company forms with third party institutional accredited investors. The trust certificates represent the residual interest of any special purpose entity formed to facilitate the investment. The Company recognizes income using the effective interest method and assess each Beneficial Interest for impairment on a quarterly basis. Real Estate The Company acquires REO properties directly through purchases, 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 that arose through conversions of mortgage loans in the Company's portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property or the borrower surrenders the deed in lieu of foreclosure 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. The Company also acquires rental properties through direct purchases of properties for its rental portfolio. 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 follow-on offerings of an additional $20.5 million and $15.9 million in aggregate principal amount completed on August 18, 2017 and November 19, 2018 , respectively, 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 1.6438 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $15.21 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 cumulative discount of $3.2 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 that 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 10 — Related party transactions. On January 25, 2019 , the Company’s Board of Directors approved the Second Amended and Restated Management Agreement with the Manager which expires on March 5, 2034 and restructures the Management fee into both a quarterly and annual component, changes the calculation of the stock-based portion of the quarterly base management fee, and establishes a procedure by which the Manager may recover costs from the Company incurred in connection with providing services relating to the Company’s entry into any arrangement with third-party unaffiliated entities including joint ventures or other unconsolidated arrangements. See Note 16 — Subsequent events. 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 10 — 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, through December 31, 2018, each of the Company’s independent directors received an annual fee of $75,000 , payable quarterly, half in shares of the Company’s common stock and half in cash. The annual fee was increased to $100,000 , 40% of which is payable in shares of the Company's common stock and 60% in cash, to be effective as of April 1, 2019. 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 9 to the consolidated Financial Statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. 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 the 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 net loss, potentially dilutive securities would be excluded from the diluted loss per share calculation, as their effect on loss per share would be anti-dilutive. 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 at fair value are carried at fair value with changes in fair value of equity securities reflected in the Company’s consolidated Statements of Income. Fair values of the Company's investments in debt securities are derived from estimates provided by banking institutions which are compared against available reference data from recent transactions and the Company's proprietary valuation model. The fair value of the Company's Beneficial interests are derived from estimates provided by banking institutions which are compared for reasonableness against analyses from the Company's proprietary valuation model. The Company calculates the fair valu

Mortgage Loans

Mortgage Loans	12 Months Ended
	Dec. 31, 2018
Mortgage Loans [Abstract]
Mortgage Loans	Mortgage Loans The following table presents information regarding the carrying value for the Mortgage loan categories of RPL, NPL and originated as of December 31, 2018 and 2017 ($ in thousands): As of December 31, Loan portfolio basis by asset type 2018 2017 Residential RPLs $ 1,242,207 $ 1,190,019 Purchased SBC (RPL) 21,203 8,605 Originated SBC 11,140 11,620 Residential NPLs 36,323 43,297 Total $ 1,310,873 $ 1,253,541 Included on the Company’s consolidated Balance Sheets as of December 31, 2018 and December 31, 2017 are approximately $1,310.9 million and $1,253.5 million , respectively, of RPLs, NPLs, and originated SBCs at carrying value. RPLs and NPLs are categorized at acquisition. The carrying value of RPLs and NPLs reflects the original investment amount, plus accretion of interest income, less principal and interest cash flows received. Additionally, originated SBC loans are carried at originated cost, less any loan discount. The carrying values at December 31, 2018 for the Company's loans in the table above are reduced by an allowance for loan losses of $1.2 million 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 year ended December 31, 2018 , the Company recognized a $1.2 million provision for loan losses. The Company had no provision for loan losses for the years ended December 31, 2017 and December 31, 2016 . For the years ended December 31, 2018 , 2017 and 2016 , the Company accreted $102.5 million , $89.9 million and $70.6 million , respectively, into interest income with respect to its RPL and NPL portfolio. The Company’s loan acquisitions for the year ended December 31, 2018 consisted of 810 purchased RPLs with $175.5 million UPB and eight originated SBC loans with $6.4 million UPB. Comparatively during the year ended December 31, 2017 , the Company acquired 2,562 purchased RPLs with $526.5 million UPB and eight originated SBC loan with $8.8 million UPB. The Company acquired 36 NPLs with $6.0 million UPB for the year ended December 31, 2018 and acquired no NPLs for the year ended December 31, 2017 . The following table presents information regarding the accretable yield and non-accretable amount for purchased loans acquired during the following periods ($ in thousands): For the year ended December 31, ​ 2018 2017 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Contractually required principal and interest $ 299,462 $ 10,976 $ 947,162 $ — Non-accretable amount (104,940 ) (4,891 ) (373,251 ) — Expected cash flows to be collected 194,522 6,085 573,911 — Accretable yield (35,471 ) (675 ) (114,676 ) — Fair value at acquisition $ 159,051 $ 5,410 $ 459,235 $ — ​ 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. Accretable yield and accretion amounts do not include any of the interest income on originated SBC loans at December 31, 2018 and 2017 . Also, it does not include gains of $7,000 , $0 and $0 from loans that paid in full after acquisition but before boarding by the Servicer for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table presents the 2018 and 2017 accretable yield and non-accretable amount for the loan portfolio ($ in thousands): For the year ended December 31, ​ 2018 2017 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Balance at beginning of period $ 344,141 $ 7,370 $ 239,858 $ 12,065 Accretable yield additions 35,471 675 114,676 — Accretion (101,195 ) (1,316 ) (85,715 ) (4,166 ) Reclassification from (to) non-accretable amount, net 33,389 (270 ) 75,322 (529 ) Balance at end of period $ 311,806 $ 6,459 $ 344,141 $ 7,370 During the year ended December 31, 2018 , the Company reclassified a net $33.1 million from non-accretable amount to accretable yield, consisting of a $33.4 million transfer from non-accretable amount to accretable yield for RPLs, and a $0.3 million transfer from accretable yield to non-accretable amount for NPLs. Comparatively, during the year ended 2017 , the Company reclassified a net $74.8 million from non-accretable amount to accretable yield, consisting of a $75.3 million transfer from non-accretable amount to accretable yield for its RPLs and $0.5 million from accretable yield to non-accretable amount on NPLs. The Company recalculates the amount of accretable yield and non-accretable amount on a quarterly basis. Reclassifications between the two categories are primarily based upon changes in expected cash flows and actual prepayments, including payoffs in full or in part. Additionally, the accretable yield and non-accretable amounts are revised when loans are reclassified to REO because the future expected cash flows are removed from the pool. The 2018 and 2017 reclassifications from non-accretable amount to accretable yield were driven by actual loan payment performance exceeding expectations at acquisition. 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. An allowance 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 year ended December 31, 2018 , the Company recorded an impairment of $1.2 million of the value of three of its NPL pools acquired in 2014 and 2015. The Company had no allowance for loan losses at December 31, 2017 and December 31, 2016 . An analysis of the balance in the allowance for loan losses account follows ($ in thousands): For the year ended December 31, 2018 2017 2016 Allowance for loan losses, beginning of period $ — $ — $ — Provision for loan losses (1,164 ) — — Allowance for loan losses, end of period $ (1,164 ) $ — $ — The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of December 31, 2018 and 2017 ($ in thousands): As of December 31, ​ 2018 2017 Number of loans Carrying value Unpaid principal balance Number of loans Carrying value Unpaid principal balance Current 3,929 $ 757,276 $ 848,551 3,998 $ 744,300 $ 860,572 30 1,006 167,286 185,742 912 152,685 178,383 60 711 123,078 136,586 577 100,792 117,145 90 1,188 200,419 231,063 1,047 177,841 214,297 Foreclosure 277 62,814 79,777 367 77,923 94,826 Mortgage loans 7,111 $ 1,310,873 $ 1,481,719 6,901 $ 1,253,541 $ 1,465,223

Real Estate Assets, Net

Real Estate Assets, Net	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The Company acquires REO either through direct purchases of properties for its rental portfolio or through conversions of mortgage loans in its portfolio such as 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. Rental Property As of December 31, 2018 , the Company owned 21 REO properties with an aggregate carrying value of $17.6 million held for investment as rentals, at which time 16 were rented. 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. The remaining rental properties were directly purchased. As of December 31, 2017 , the Company owned 14 REO properties with a carrying value of $1.3 million held for use as rentals, at which time five were rented. One property was acquired as an RPL but transitioned to foreclosure prior to boarding by the Servicer, three were acquired through foreclosures, and 10 were transferred from Property held-for-sale, 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 December 31, 2018 and 2017 , the Company’s net investments in REO held-for-sale were $19.4 million and $24.9 million , respectively, which include balances of $2.2 million and $1.8 million , respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. For the years ended December 31, 2018 and 2017 , all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the years ended December 31, 2018 and 2017 ($ in thousands): ​ For the year ended December 31, 2018 2017 Count Amount Count Amount Balance at beginning of year 136 $ 24,947 149 $ 23,882 Net transfers from mortgage loans 93 15,072 125 19,477 Adjustments to record at lower of cost or fair value — (2,700 ) — (2,516 ) Disposals (127 ) (17,251 ) (128 ) (16,638 ) Net transfers to Rental property — (1) (591 ) (1) (7 ) 746 Other — (75 ) (3 ) (4 ) Balance at end of year 102 $ 19,402 136 $ 24,947 (1) For the year ended December 31, 2018 , net transfers to rental property includes the net impact of six properties transferred from rental to held-for-sale of $0.5 million and six properties transferred from held-for-sale to rental of $1.1 million . Dispositions During the years ended December 31, 2018 , 2017 and 2016 the Company sold 127 , 128 and 82 REO properties realizing net gain of approximately $0.4 million , $0.5 million and $0.1 million , respectively. These amounts are included in Other income on the Company's consolidated Statements of Income. The Company’s sales of REO properties consist of a transfer of the property that coincides with the receipt of the remuneration. The Company bears no further obligations beyond delivery of the property. Consequently, all revenue from the sales of REO properties is recognized as the time of the sale transaction. The Company recorded a lower of cost or net realizable value adjustments in Real estate operating expense for the years ended December 31, 2018 , 2017 and 2016 of $2.7 million , $2.5 million and $2.0 million , respectively.

Investments at fair value Inves

Investments at fair value Investments at fair value	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments at fair value	Investments The Company holds investments in various debt securities and beneficial interests which are the net residual interest of the investment trust. The Company's debt securities and beneficial interests 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. (See Note 10 - Related party transactions). The Company models the expected cash flows from the underlying loan pools held by the trusts using it's Manager's proprietary pricing model, and believes any unrealized losses to be temporary. The following table presents information regarding the Company's investments and investments in beneficial interests ($ in thousands): As of December 31, 2018 Basis 1 Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities 147,386 506 (1,081 ) 146,811 Beneficial interests in securitization trusts 22,086 — — 22,086 Total investments at fair value $ 169,472 $ 506 $ (1,081 ) $ 168,897 As of December 31, 2017 Basis 1 Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 6,518 $ 9 $ (242 ) $ 6,285 Total investments at fair value $ 6,518 $ 9 $ (242 ) $ 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. At December 31, 2017 , these securities were carried on the Company’s consolidated Balance Sheet at fair value of $6.3 million . These securities were sold during the fourth quarter of 2018 for a gain of $0.2 million . During 2018, the Company acquired $175.3 million in notes and beneficial interests issued by joint ventures between the Company and third party institutional investors. Each joint venture issued senior notes and beneficial interests, which are trust certificates representing the residual investment of the trust. In certain transactions, the joint venture also issued surbordinate notes. The Company acquired $144.1 million in senior notes and $9.4 million in subordinate notes, collectively “the Notes.” The Notes are accounted for as debt securities carried at fair value. The carrying value of the Notes is also impacted by any amortized discount and principal paydowns. As of December 31, 2018 , the Notes were carried on the Company’s consolidated Balance Sheet at a fair value of $146.8 million . For the year ended December 31, 2018 , the Company recorded a gross unrealized gain of $0.5 million and a gross unrealized loss of $1.1 million in accumulated other comprehensive income. The Company also acquired $21.8 million in beneficial interests issued by joint ventures in 2018. The Company accounts for its investments in the Beneficial Interests at amortized cost and assesses its investment in Beneficial Interests for impairment on a quarterly basis. As of December 31, 2018 , the Investments in Beneficial Interests were carried on the Company's consolidated Balance Sheet at $22.1 million . For the year ended December 31, 2018 , the Company has not recorded any impairments of its investments in Beneficial Interests. During the year ended December 31, 2018 the Company purchased shares of common stock in publicly traded real estate investment trusts. At December 31, 2018 , all equity securities had been sold and the Company recognized a gain of $0.2 million , which is reflected in the Company's consolidated Statements of Income.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017 ($ in thousands): ​ Level 1 Level 2 Level 3 December 31, 2018 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,310,873 $ — $ — $ 1,448,895 Investment in debt securities at fair value $ 146,811 $ — $ 146,811 $ — Investment in beneficial interests $ 22,086 $ — $ 22,086 $ — Investment in Manager $ 1,016 $ — $ — $ 5,231 Investment in AS Ajax E $ 1,037 $ — $ 1,239 $ — Investment in GAFS, including warrants $ 2,844 $ — $ — $ 3,320 Financial liabilities Secured borrowings, net $ 610,199 $ — $ — $ 610,217 Borrowings under repurchase agreement $ 534,089 $ — $ 534,089 $ — Convertible senior notes, net $ 117,525 $ 118,103 $ — $ — ​ ​ Level 1 Level 2 Level 3 December 31, 2017 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,253,541 $ — $ — $ 1,375,722 Investment in debt securities $ 6,285 $ — $ 6,285 $ — Investment in Manager $ 850 $ — $ — $ 6,427 Investment in AS Ajax E $ 1,201 $ — $ 1,224 $ — Financial liabilities Secured borrowings, net $ 694,040 $ — $ — $ 693,255 Borrowings under repurchase agreement $ 276,385 $ — $ 276,385 $ — Convertible senior notes, net $ 102,571 $ 109,641 $ — $ — 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 debt securities and beneficial interests using estimates provided by banking institutions for its debt securities and beneficial interests. The Company also relies on its Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on these investments as a comparison to the estimates received from banking institutions (See Note 5 - 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, 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 stated as its carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of December 31, 2018 and 2017 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2018 Carrying Value Fair value adjustment recognized in the consolidated Statements of Income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 19,402 $ 2,700 $ — $ — $ 19,402 Level 1 Level 2 Level 3 December 31, 2017 Carrying Value Fair value adjustment recognized in the consolidated Statements of Income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 24,947 $ 2,516 $ — $ — $ 24,947 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	12 Months Ended
	Dec. 31, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates During the year ended December 31, 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. The Company received a distribution of $2.6 million related to this investment. At December 31, 2018 , all remaining cash in GA-E 2014-12 had been distributed to the investors in proportion to their ownership interests resulting in an additional nominal distribution to the Company. The Company used the equity method of accounting for its investment in GA-E 2014-12. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC, to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E was reduced to a lower percentage of the total. At both December 31, 2018 and 2017 , the Company’s interest in AS Ajax E was approximately 16.5% . The Company accounts for its investment using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100% , and at the Company’s share ($ in thousands): Net income, assets and liabilities of unconsolidated affiliates at 100% For the year ended December 31, Net income at 100% 2018 2017 2016 Thetis Asset Management LLC $ 2,202 $ 2,136 $ 1,100 Great Ajax FS LLC (1)(2) $ 1,257 $ — $ — AS Ajax E LLC $ 324 $ 319 $ 138 GA-E 2014-12 $ — $ 426 $ 762 For the year ended December 31, 2018 2017 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Great Ajax FS LLC (2) $ 74,164 $ 52,184 $ — $ — Thetis Asset Management LLC $ 8,604 $ 2,136 $ 7,415 $ 1,674 AS Ajax E LLC $ 6,424 $ 13 $ 7,293 $ 5 GA-E 2014-12 $ — $ — $ 7 $ 5 Net income, assets and liabilities of unconsolidated affiliates at Company share For the year ended December 31, Net income at Company share 2018 2017 2016 Thetis Asset Management LLC $ 436 $ 423 $ 218 Great Ajax FS LLC (1)(2) $ 90 $ — $ — AS Ajax E LLC $ 53 $ 53 $ 32 GA-E 2014-12 $ — $ 173 $ 308 For the year ended December 31, ​ 2018 2017 Assets and Liabilities at Company share Assets Liabilities Assets Liabilities Great Ajax FS LLC (2) $ 5,933 $ 4,175 $ — $ — Thetis Asset Management LLC $ 1,704 $ 423 $ 1,468 $ 331 AS Ajax E LLC $ 1,060 $ 2 $ 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 year. (2) Amounts for the Company's share for 2016 and 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 VIE’s, and the Company has determined that it is the primary beneficiary of the VIE’s. See Note 9 - Debt. 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 December 31, 2018 , AS Ajax E II 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 December 31, 2018 and 2017 , 2017-D was 50.0% owned by a third-party institutional investor. As of December 31, 2018 , 2018-C was 63.0% owned by the Company, with the remainder held by third-party institutional investors. As of December 31, 2018 Banfield was 90.0% 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, 2018-C and Banfield 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, 2018-C and Banfield 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	12 Months Ended
	Dec. 31, 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 December 31, 2018 , the Company had commitments to purchase, subject to due diligence, five RPLs with aggregate UPB of $1.1 million and 271 NPLs with aggregate UPB of $60.1 million secured by single-family residences. The Company will only acquire loans that meet the acquisition criteria for its own portfolios, or those of its joint venture partners. See Note 16 - Subsequent Events, for remaining open acquisitions as of the filing date. Litigation, Claims and Assessments From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 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	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreement The Company has entered into two repurchase facilities whereby the Company, through two wholly-owned Delaware trusts (the “Trusts”) acquires pools of mortgage loans which are then sold by the Trusts, as “Seller” to two separate counterparties, the “buyer” or “buyers.” One facility has a ceiling of $250.0 million and the other $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 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 10 — 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. The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): ​ ​ December 31, 2018 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate January 11, 2019 July 11, 2018 $ 8,956 $ 8,956 $ 12,834 143 % 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 8,376 131 % 4.34 % March 25, 2019 September 25, 2018 7,020 7,020 10,024 143 % 4.49 % March 28, 2019 September 28, 2018 12,539 12,539 15,846 126 % 4.40 % April 25, 2019 October 26, 2018 10,549 10,549 15,145 144 % 4.85 % April 25, 2019 October 26, 2018 5,865 5,865 7,580 129 % 4.65 % May 8, 2019 November 8, 2018 18,226 18,226 26,036 143 % 4.74 % May 8, 2019 November 8, 2018 10,933 10,933 15,618 143 % 4.84 % June 6, 2019 December 6, 2018 44,224 44,224 58,965 133 % 4.65 % June 6, 2019 December 6, 2018 3,786 3,786 5,408 143 % 4.80 % June 7, 2019 December 7, 2018 50,294 50,294 66,747 133 % 4.47 % June 21, 2019 December 21, 2018 32,393 32,393 43,390 134 % 4.62 % June 21, 2019 December 21, 2018 2,771 2,771 4,050 146 % 4.77 % June 28, 2019 December 28, 2018 8,860 8,860 13,275 150 % 4.64 % July 12, 2019 July 15, 2016 250,000 195,644 258,144 132 % 5.00 % September 24, 2019 September 25, 2018 400,000 102,311 114,852 112 % 4.89 % Totals ​ $ 886,134 $ 534,089 $ 693,464 130 % 4.80 % ​ ​ 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 December 31, 2018 and 2017 in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2018 December 31, 2017 Gross amount of recognized liabilities $ 534,089 $ 276,385 Gross amount pledged as collateral 693,464 368,742 Net amount $ 159,375 $ 92,357 Secured Borrowings From inception (January 30, 2014) to December 31, 2018 , the Company has completed 13 secured borrowings pursuant to Rule 144A under the Securities Act, six of which were outstanding at December 31, 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 Class B 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 notes and trust certificates, the Company has retained the subordinate notes and the trust certificates from the six secured borrowings outstanding at December 31, 2018 . 2017-D secured borrowing contains Class A notes and Class B certificates representing the residual interests in the mortgages held within the securitization trusts subsequent to repayment of the Class A debt. The Company has retained 50.0% of both the Class A notes and Class B certificates from 2017-D. 2018-C secured borrowing contains Class A notes, Class B notes and trust certificates representing the residual interest in the mortgages held within the securitization trusts subsequent to repayment of the Class A debt. The Company has retained 5% of the Class A notes and 63% of the Class B notes and trust 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, which contains 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 interest rate step-up of 300 basis points is triggered. Twelve months after the 300 basis points step up is triggered, an additional 100 basis point step up will be triggered, and an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the subordinate notes will be paid as principal to the Class A notes on that date and each subsequent payment date until the Class A notes are paid in full. After the Class A notes are paid in full, the subordinate notes will resume receiving their respective interest payment amounts and any interest that accrued but was not paid while the Class A notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes and subordinate notes have been paid in full. The following table sets forth the original terms of all securitization notes outstanding at December 31, 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 April 25, 2021 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 October 25, 2021 Class A notes due 2065(6) $170.5 million 4.36 % April 25, 2022 Class B notes due 2065(6) $15.9 million 5.25 % Trust certificates(6) $40.9 million — % Deferred issuance costs $(2.0) million — % (1) The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes. ​ (2) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (3) The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes. ​ (4) These securities are encumbered under a repurchase agreement. (5) AJAXM 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and are reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net and 50% of the Class B-1 certificates are recognized as Non-controlling interest. (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. 37% 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 December 31, 2018 and 2017 , and the securitization cutoff date: Balances at December 31, 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 $ 1,195 $ — — % $ 110,585 $ 82,556 134 % $ 158,485 $ 101,431 2016-B 1,127 — — % 93,772 71,361 131 % 131,746 (1) 84,430 2016-C 102,563 69,692 147 % 116,357 88,400 132 % 157,808 102,575 2017-A 157,033 102,755 153 % 170,805 126,507 135 % 216,413 140,669 2017-B 132,902 99,857 133 % 143,799 115,846 124 % 165,850 115,846 2017-C 146,938 109,616 134 % 157,015 129,191 122 % 185,942 130,159 2017-D 163,791 69,528 (4) 236 % 203,870 88,903 (4) 229 % 203,870 (2) 88,903 2018-C 194,606 165,051 (5) 118 % — — — % 222,181 (3) 167,910 ​ $ 900,155 $ 616,499 (6) 146 % $ 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 December 31, 2018 and December 31, 2017 were $139.0 million and $177.8 million , however, only $69.5 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 third party institutional investors for senior bonds and class B bonds. The gross amount of senior and class B bonds at December 31, 2018 were $167.5 million and $15.9 million , however, only $159.2 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 $6.3 million and $8.8 million as of December 31, 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. On January 25, 2019 , the Company agreed to include a provision for an interest rate step-up of 300 basis points in the indenture for its Class A senior secured notes issued as part of its 2017-D securitization, of which, $177.2 million UPB were outstanding at December 31, 2018 , with the interest rate step up to take effect on the payment date in April 2021. 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 October 15, 2017. The notes will mature on April 30, 2024 , unless earlier repurchased, redeemed or converted. On November 19, 2018 , the Company completed the public offer and sale of an additional $15.9 million in aggregate principal amount of its 7.25% convertible senior notes due 2024 , which combined with the $108.0 million aggregate principal amount from its August and April offerings in 2017, form a single series of notes. The net proceeds to the Company from the November 19, 2018 sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $15.2 million . The carrying amount of the equity component of the November transaction was $0.5 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 in the November transaction were issued at a 11.43% 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 January 15, 2019. 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 1.6438 shares of the Company's common stock per $25.00 principal amount of notes which is equivalent to a conversion price of approximately $15.21 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. As of December 31, 2018 , the amount by which the if-converted value falls short of the principal value for the entire series is $25.7 million . The Company may not redeem the notes prior to April 30, 2022 , and may redeem for cash all or any portion of the notes, at its option, on or after April 30, 2022 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No "sinking fund" will be provided for the notes. At December 31, 2018 , the notes' UPB was $123.9 million , and discount and deferred expenses were $6.3 million . Interest expense of $8.8 million was recognized during the year ended December 31, 2018 which includes $0.9 million of amortization of discount and deferred expenses. The discount will be amortized through April 30, 2023 , the date at which the notes can be converted. The effective interest rate of the notes at December 31, 2018 was 8.70% .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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): For the year ended December 31, 2018 Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 10,148 Management fee Related party expense – management fee Thetis $ 6,025 Interest income Interest income Various securitization trusts $ 1,967 Income from equity investment Income from investments in affiliates Thetis $ 436 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 99 Income from equity investment Income from investments in affiliates Great Ajax FS $ 90 Expense reimbursements Other fees and expenses Gregory $ 40 ​ For the year ended December 31, 2017 ​ Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 8,245 Management fee Related party expense – management fee Thetis $ 5,340 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 101 Expense reimbursements Other fees and expenses Gregory $ 80 Expense reimbursements Other fees and expenses Thetis $ 4 ​ For the year ended December 31, 2016 ​ Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 6,083 Management fee Related party expense – management fee Thetis $ 3,949 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 100 Expense reimbursements Professional fees Gregory $ 67 Expense reimbursements Other fees Thetis $ 28 The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of December 31, 2018 Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 14,587 Management fee payable Management fee payable Thetis $ 881 Expense reimbursements Accrued expenses and other liabilities Thetis $ 16 Expense reimbursements receivable Prepaid expenses and other assets Gregory $ 11 Expense reimbursement receivable Prepaid expenses and other assets 2018-A $ 2 Expense reimbursement receivable Prepaid expenses and other assets 2018-B $ 2 ​ As of December 31, 2017 ​ Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,005 Management fee payable Management fee payable Thetis $ 750 Servicing fees payable Accrued expenses and other liabilities Gregory $ 217 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ — In October 2016, the Company purchased subordinate debt securities for $6.3 million from Oileus Residential Loan Trust, a related party. At December 31, 2017, these securities were carried on the Company’s consolidated Balance Sheet at fair value of $6.3 million , which approximated amortized cost. These securities were sold during the fourth quarter of 2018 for a gain of $0.2 million . In September and October 2018, the Company purchased mortgage loans from two related party trusts which were incorporated into its 2018-C securitization, with UPB of $52.8 million and $50.1 million , respectively, acquired for $47.4 million and $45.1 million , respectively. During 2018, the Company acquired $175.3 million in notes and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Each joint venture issued senior notes and beneficial interests, which are trust certificates representing the residual investment of the trust. In certain transactions, the joint venture also issued surbordinate notes. The Company acquired $144.1 million in senior notes and $9.4 million in subordinate notes. The Notes are accounted for as debt securities carried at fair value. As of December 31, 2018 , the Notes were carried on the Company’s consolidated Balance Sheet at a fair value of $146.8 million . The Company acquired $21.8 million in beneficial interests issued by joint ventures in 2018. As of December 31, 2018 , the Investments in Beneficial Interests were carried on the Company's consolidated Balance Sheet at $22.1 million . 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 affiliates, provides the Company with a management team and necessary administrative and support personnel. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager. The base management fee equals 1.5% of the Company's stockholders’ equity, including equity equivalents such as the Company's recent issuance of convertible senior notes, per annum and calculated and payable quarterly in arrears. The initial $1.0 million of the quarterly base management fee will be payable 75% in cash and 25% in shares of the Company’s common stock. Any amount of the base management fee in excess of $1.0 million will be payable in shares of the Company’s common stock until payment is 50% in cash and 50% in shares (the “50/50 split”). Any remaining amount of the quarterly base management fee after the 50/50 split threshold is reached will be payable in equal amounts of cash and shares. The 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, which through the end of 2018 was calculated as 20% of the amount by which total dividends on common stock and distributions on OP units exceeded 8% of book value on a per share basis. Recently Company’s Board of Directors approved the Second Amended and Restated Management Agreement (“the Amendment”) with the Manager, wherein the incentive fee was restructured into both a quarterly and annual component. A quarterly incentive fee is payable to the Manager if the sum of the Company’s dividends on its common stock, its distributions on its externally-held operating partnership units and its increase in book value, all relative to the applicable quarter and calculated per-share on an annualized basis, exceed 8%. The Manager will also be entitled to an annual Incentive fee if the sum of the Company’s quarterly cash dividends on its common stock, special cash dividends on its common stock and distributions on its externally-held operating partnership units within the applicable calendar year exceed 8% of the Company’s book value per share as of the end of the calendar year. See Note 16 — Subsequent events. 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. In the fourth quarter of 2018 the Company recorded an expense of $0.1 million for an incentive fee payable to the Manager due to the payment of the November 30, 2018 dividend of $0.32 per share of common stock. 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.”

Stock-based Payments and Direct

Stock-based Payments and Director Fees	12 Months Ended
	Dec. 31, 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 year ended December 31, 2018 of $6.0 million , of which the Company recorded $2.8 million in expense, payable in 198,856 shares of its common stock. The Company also recorded an incentive fee of $0.1 million , of which $24,000 is payable in 1,549 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 52,556 shares still issuable at December 31, 2018 . See Note 10 — Related party transactions. In addition, each of the Company’s independent directors received an annual retainer of $75,000 , payable quarterly, half of which was paid in shares of the Company’s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts): Stock-based Management Fees and Director Fees For the year ended December 31, 2018 2017 2016 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 200,405 $ 2,813 150,652 $ 2,335 70,957 $ 1,068 Independent director fees 9,628 — 9,708 150 6,648 100 ​ 210,033 $ 2,813 160,360 $ 2,485 77,605 $ 1,168 (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 grant also includes 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 per share amounts): ​ Total Grants Activity Non-vested shares at December 31, 2018 Fully-vested shares at December 31, 2018 Year ended December 31, 2018 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 12,000 $ 162 12,000 $ 148 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant, granted 2016 (2,5) 146,334 1,976 — 629 47,889 13.50 98,445 13.50 Employee and Service Provider Grant, granted 2017 (3) 39,000 544 — 180 26,000 13.95 13,000 13.95 Employee and Service Provider Grant, granted 2018 (4) 36,500 496 36,500 69 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 1,026 116,389 $ 13.62 117,445 $ 13.55 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one -year from grant date. Weighted average remaining life of unvested shares at December 31, 2018 is 0.2 years (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 0.6 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 1.6 years . (4) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 2.6 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 December 31, 2017 Fully-vested shares at December 31, 2017 Year ended December 31, 2017 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 — $ 14 — $ — 10,000 $ 14.61 Employee and Service Provider Grant, granted 2016 (2,4) 149,000 2,027 — 675 99,333 13.50 49,667 13.50 Employee and Service Provider Grant, granted 2017 (3) 39,000 542 39,000 76 39,000 13.95 — — Totals 198,000 $ 2,715 39,000 $ 765 138,333 $ 13.83 59,667 $ 13.69 (1) Vesting period is one year from grant date. Grant is fully vested at December 31, 2017 . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 1.6 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 2.6 years . (4) Total is shown net of 2017 forfeitures of 4,000 shares. ​ ​ Total Grants Activity Non-vested shares at December 31, 2016 Fully-vested shares at December 31, 2016 Year ended December 31, 2016 Total Total Shares Grant Shares Per share Shares Weighted Directors’ Grants (1) 10,000 $ 146 2,000 $ 16 2,000 $ 13.79 8,000 $ 13.79 Employee and Service Provider Grant, granted 2016 (2) 153,000 2,053 153,000 278 153,000 13.50 — — Totals 163,000 $ 2,199 155,000 $ 294 155,000 $ 13.50 8,000 $ 13.79 (1) Vesting period is one year from grant date. Weighted average remaining life of grant at December 31, 2016 is 0.5 years ​ (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2016 is 2.6 years . ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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 three TRS entities, GA-TRS, GAJX Real Estate LLC and Gaea RE Corp., which are subject to U.S. federal, state and local income taxes on their taxable income. For the year ended December 31, 2018 , the Company’s consolidated Taxable Income was $24.1 million ; and provisions for income taxes of $0.1 million . For the year ended December 31, 2017 , the Company’s consolidated Taxable Income was $18.0 million ; and provisions for income taxes of $0.1 million . For the year ended December 31, 2016 , the Company’s taxable income was $15.9 million ; and provisions for income taxes of $35,000 . The Company recognized no deferred income tax assets or liabilities on its consolidated Balance Sheets at December 31, 2018 or 2017 . The Company also recorded no interest or penalties for the years ended December 31, 2018 , 2017 and 2016 .

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 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 per share): For the year ended December 31, 2018 Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 28,340 18,642,526 Allocation of earnings to participating restricted shares (307 ) — Consolidated net income attributable to unrestricted common stockholders $ 28,033 18,642,526 $ 1.50 Effect of dilutive securities 1 Interest expense (add back) and assumed conversion of shares from convertible senior notes 8,786 7,188,020 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 36,819 25,830,546 $ 1.43 (1) The effect of operating partnership units, restricted stock grants and Manager and director fee shares on the Company's Diluted EPS calculation for 2018 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the year ended December 31, 2018. ​ For the year ended December 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 28,927 18,074,143 Allocation of earnings to participating restricted shares (321 ) — Consolidated net income attributable to unrestricted common stockholders $ 28,606 18,074,143 $ 1.58 Effect of dilutive securities Operating Partnership units 998 624,106 Restricted stock grants and Manager and director fee shares 321 203,083 Interest expense (add back) and assumed conversion of shares from convertible senior notes 5,289 4,417,189 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 35,214 23,318,521 $ 1.51 ​ For the year ended December 31, 2016 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 27,836 16,742,882 Allocation of earnings to participating restricted shares (140 ) — Consolidated net income attributable to unrestricted common stockholders $ 27,696 16,742,882 $ 1.65 Effect of dilutive securities Operating Partnership units 1,038 624,106 Restricted stock grants and Manager and director fee shares 140 84,919 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 28,874 17,451,907 $ 1.65

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Equity Common stock As of December 31, 2018 and 2017 , the Company had 18,909,874 and 18,588,228 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each year end. Preferred stock The Company had no shares of preferred stock outstanding at December 31, 2018 or 2017 . There were 25,000,000 shares authorized at each year end. Treasury stock As of December 31, 2018 the Company held 20,277 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 year ended December 31, 2018 and 2017 , 14,953 and 12,710 shares, respectively, were issued under the plan for total proceeds of approximately $0.2 million and $0.2 million , respectively. At-the-Market Offering The Company has entered into an equity distribution agreement under which the Company may sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the year ended December 31, 2018 , no shares of common stock have been sold under the At-the-Market program; 286,841 shares were sold under the At-the-market program for total proceeds of approximately $4.1 million during 2017 . Accumulated Other Comprehensive Income (Loss) The Company recognizes temporary holding gains or losses on its investment in debt securities as components of Other comprehensive income (loss). Accumulated other comprehensive income (loss) at December 31, 2018 , 2017 and 2016 was as follows ($ in thousands): For the year ended December 31, 2018 2017 2016 Investment in securities: Unrealized gains $ 506 $ 9 $ — Unrealized losses (1,081 ) (242 ) — Income tax related to items of other comprehensive income — — — Accumulated other comprehensive income (loss) $ (575 ) $ (233 ) $ — Non-controlling Interest At December 31, 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 December 31, 2018 and 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 December 31, 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 50.0% held by an institutional investor. As of December 31, 2018 the Company has retained 50% of 2017-D and consolidates the assets, liabilities, revenues and expenses of the trust. During the year ended December 31, 2018 , the Company established 2018-C, a securitization trust, which is 37% held by an institutional investor. The Company has retained 63% of 2018-C and consolidates the assets, liabilities, revenues and expenses of the trust. During the year ended December 31, 2018 , the Company established BFLD LLC, to purchase and hold REO property, which is 10% held by a third party. The Company has retained 90% of BFLD LLC and consolidates the assets, liabilities, revenues and expenses of the entity.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Quarterly Financial Information (unaudited)	Quarterly Financial Information (unaudited): The following table sets forth our quarterly financial information ($ in thousands): For the year ended December 31, 2018 First quarter Second quarter Third quarter Fourth quarter Total income $ 14,743 $ 14,777 $ 14,750 $ 13,894 Income before provision for income tax $ 8,338 $ 8,215 $ 7,579 $ 7,269 Net income attributable to common stockholders $ 7,665 $ 7,521 $ 6,558 $ 6,596 Basic earnings common share $ 0.41 $ 0.40 $ 0.35 $ 0.35 Diluted earnings per common share $ 0.38 $ 0.37 $ 0.34 $ 0.34 For the year ended December 31, 2017 First quarter Second quarter Third quarter Fourth quarter Total income $ 13,667 $ 13,105 $ 14,226 $ 13,797 Income before provision for income tax $ 8,699 $ 7,150 $ 7,763 $ 6,673 Net income attributable to common stockholders $ 8,409 $ 6,864 $ 7,470 $ 6,184 Basic earnings common share $ 0.46 $ 0.38 $ 0.41 $ 0.34 Diluted earnings per common share $ 0.46 $ 0.36 $ 0.38 $ 0.33

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent events	Subsequent Events Loan Acquisitions During January and February 2019, the Company acquired 38 residential RPLs, and two SBC RPLs with aggregate UPB of $8.5 million and $1.6 million , respectively, in four transactions from four different sellers for its own account. The loans were acquired at 84.8% and 98.7% of UPB, respectively, and 59.1% and 66.5% of the estimated market value of the underlying collateral of $12.2 million and $2.4 million , respectively. In a joint venture with a third party institutional investor the Company also acquired 271 NPLs for $52.2 million with the prefunding account from its 2018-F securitization, which closed in the fourth quarter of 2018. The purchase price of the NPLs equals 86.9% of UPB and 60.2% of the estimated market value of the underlying collateral of $86.7 million . The remaining $41.6 million of the prefunding amount was distributed to the debt and beneficial interest holders on January 25, 2019. The Company's portion of the distribution of the excess prefunding amount was $8.3 million . Additionally, the Company agreed to acquire, subject to due diligence, 1,560 residential RPLs, 14 SBC RPLs and 417 NPLs with UPB of $299.3 million , $6.9 million and $147.9 million , respectively, in seven transactions from seven different sellers. The purchase price of the residential RPLs equals 93.6% of UPB and 55.4% of the estimated market value of the underlying collateral of $505.5 million . The purchase price of the SBC RPLs equals 102.2% of UPB and 54.5% of the estimated market value of the underlying collateral of $12.9 million . The purchase price of the NPLs equals 96.2% of UPB, 49.9% of the estimated market value of the underlying collateral of $285.1 million . The majority of these loans are expected to be acquired through joint ventures with institutional accredited investors. The Company also agreed to acquire three commercial properties for an aggregate purchase price of $5.6 million and collateral value of $5.7 million in three separate transactions from three different sellers. Addition of step-up date for interest expense On January 25, 2019 , the Company agreed to include a provision for an interest rate step-up of 300 basis points in the indenture for its Class A senior secured notes issued as part of its 2017-D securitization, of which, $177.2 million UPB was outstanding at December 31, 2018 , to take effect on the payment date in April 2021. Management Agreement Amendments On January 25, 2019 , the Company’s Board of Directors approved the Second Amended and Restated Management Agreement (“the Amendments”) with the Manager which establishes a procedure by which the Manager may recover costs from the Company incurred in connection with providing services relating to the Company’s entry into any arrangement with third-party unaffiliated entities including joint ventures or other unconsolidated arrangements. Other changes included the calculation of the quantity of the Company’s shares of common stock provided to the Manager as compensation for the Base Management fee to be determined as the average of the closing prices of the Common Stock on the five business days preceding the record date of the most recent regular quarterly dividend. The Amendments also change the calculation pursuant to which the Company may be required to pay an Incentive Fee to the Manager. Under the Amendments, the Manager will be entitled to a quarterly Incentive fee, payable out of the Company’s taxable net income, if the sum of the Company’s dividends on its common stock, its distributions on its externally-held operating partnership units and its increase in book value, all relative to the applicable quarter, and calculated per-share on an annualized basis, exceed 8% . The Manager will also be entitled to an annual Incentive fee if the sum of the Company’s quarterly cash dividends on its common stock, special cash dividends on its common stock and distributions on its externally-held operating partnership units within the applicable calendar year exceed 8% of the Company’s book value per share as of the end of the calendar year. Sale of Securities On February 6, and February 8, 2019, we sold debt securities from our 2018-E and 2018-F securitizations which we had retained as investments. The securities' aggregate carrying value was $39.6 million and total proceeds were $39.6 million . Directors' Fee Increase On February 25, 2019, the Board authorized an increase in the annual compensation of our independent directors from $75,000 to $100,000 , 40% of which is payable in shares of our common stock and 60% in cash, to be effective as of April 1, 2019. The value of the shares is determined in the same manner as the value of the shares to be paid to our Manager as part of its base management fee. Dividend Declaration On February 25, 2019 , the Company’s Board of Directors declared a dividend of $0.32 per share, to be paid on March 29, 2019 to stockholders of record as of March 15, 2019 . Management Fees On March 6, 2019 the Company issued 51,007 shares of its common stock to the Manager in payment of the portion of the base management fee which is payable in common stock for the fourth quarter of 2018 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the fourth quarter of 2018 . Directors’ Fees On March 6, 2019 , the Company issued to each of its four independent directors 606 shares of its common stock in payment of half of their quarterly director fees for the fourth quarter of 2018 .

Schedule IV Mortgage loans on r

Schedule IV Mortgage loans on real estate	12 Months Ended
	Dec. 31, 2018
Mortgage Loans on Real Estate [Abstract]
Schedule IV Mortgage loans on real estate	Schedule IV Mortgage loans on real estate December 31, 2018 ($ in thousands) Description (face value of loan) Loan Count Interest rate Maturity Carrying amount of mortgages (1) Principal amount subject to delinquent principal and interest Amount of balloon payments at maturity $0 – 49,999 649 0.00% - 13.50% 08/13/2008 – 06/01/2057 $ 18,602 $ 9,637 $ 1,922 $50,000 – 99,999 1,351 0.00% - 15.00% 09/01/2009 – 08/01/2059 94,632 47,890 6,303 $100,000 – 149,999 1,449 0.00% - 17.00% 01/01/2019 – 08/01/2065 162,919 81,551 10,950 $150,000 – 199,999 1,011 2.00% - 13.00% 03/01/2018 –08/01/2065​ 156,271 78,123 10,930 $200,000 – 249,999 698 1.99% - 10.93% 02/15/2019 – 07/01/2064 137,084 75,812 12,529 $250,000+ 1,953 0.00% - 12.00% 09/01/2016 –05/01/2066​ 741,365 340,154 114,493 Total 7,111 ​ ​ $ 1,310,873 $ 633,167 $ 157,127 ​ (1) The aggregate cost for federal income tax purposes is $1,244.8 million as of December 31, 2018 . The following table sets forth the activity in our mortgage loans ($ in thousands): Mortgage loans January 1, 2018 Beginning carrying value $ 1,253,541 Mortgage loan portfolio acquisitions, net cost basis 165,021 Mortgage loan portfolio commercial originations 6,290 Draws on SBC loans 267 Accretion recognized 103,740 Payments received, net (201,567 ) Reclassifications to REO (15,072 ) Interim payoffs (530 ) Allowance for loan losses (1,164 ) Other 347 Ending carrying value $ 1,310,873

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 the Company estimates it 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. 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. 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, 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 that arose through conversions of mortgage loans in the Company's portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property or the borrower surrenders the deed in lieu of foreclosure 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. The Company also acquires rental properties through direct purchases of properties for its rental portfolio. 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 follow-on offerings of an additional $20.5 million and $15.9 million in aggregate principal amount completed on August 18, 2017 and November 19, 2018 , respectively, 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 1.6438 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $15.21 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 cumulative discount of $3.2 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 that 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 10 — Related party transactions. On January 25, 2019 , the Company’s Board of Directors approved the Second Amended and Restated Management Agreement with the Manager which expires on March 5, 2034 and restructures the Management fee into both a quarterly and annual component, changes the calculation of the stock-based portion of the quarterly base management fee, and establishes a procedure by which the Manager may recover costs from the Company incurred in connection with providing services relating to the Company’s entry into any arrangement with third-party unaffiliated entities including joint ventures or other unconsolidated arrangements. See Note 16 — Subsequent events.
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 10 — 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, through December 31, 2018, each of the Company’s independent directors received an annual fee of $75,000 , payable quarterly, half in shares of the Company’s common stock and half in cash. The annual fee was increased to $100,000 , 40% of which is payable in shares of the Company's common stock and 60% in cash, to be effective as of April 1, 2019. 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 9 to the consolidated Financial Statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. 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 the 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 net loss, potentially dilutive securities would be excluded from the diluted loss per share calculation, as their effect on loss per share would be anti-dilutive.
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 at fair value are carried at fair value with changes in fair value of equity securities reflected in the Company’s consolidated Statements of Income. Fair values of the Company's investments in debt securities are derived from estimates provided by banking institutions which are compared against available reference data from recent transactions and the Company's proprietary valuation model. The fair value of the Company's Beneficial interests are derived from estimates provided by banking institutions which are compared for reasonableness against analyses from the Company's proprietary valuation model. 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. The Company’s consolidated Financial Statements include the operations of three TRS entities, GA-TRS, GAJX Real Estate LLC and Gaea Real Estate Corp., which are subject to U.S. federal, state and local income taxes on their taxable income. Income from these these three entities 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.
Investment in Securities at Fair Value	Investment at Fair Value The Company’s Investments at Fair Value as of December 31, 2018 consist of investments in Senior and Subordinate Notes issued by joint ventures which the Company forms with third party institutional accredited investors. The Company recognizes income on the debt securities using the effective interest method. Additionally, the debt securities are classified at available for sale and are carried at fair value with changes in fair value reflected in our consolidated Statements of Comprehensive Income. Investments in Beneficial Interests The Company’s Investments in Beneficial Interests as of December 31, 2018 consist of investments in the trust certificates issued by joint ventures which the Company forms with third party institutional accredited investors. The trust certificates represent the residual interest of any special purpose entity formed to facilitate the investment. The Company recognizes income using the effective interest method and assess each Beneficial Interest for impairment on a quarterly basis.
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 2016 and 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. The Company’s sales of REO properties consist of a transfer of the property that coincides with the receipt of the proceeds. The Company bears no further obligations beyond delivery of the property. The Company's Other revenue category primarily consists of fees received from the federal government under the Home Affordable Modification Program, and late fees on mortgage loans, neither of which qualifies for consideration 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 were not 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 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 year ended December 31, 2018 is a reduction in Management fee expense of $0.3 million , and a corresponding increase of $0.3 million , 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. There was no effect to the reduction in Management fee expense for the years ended December 31, 2017 and 2016 , respectively. Recently Issued Accounting Standards On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which establishes a right-of-use model for lessee accounting which results in the recognition of most leased assets and lease liabilities on the balance sheet of the lessee. Lessor accounting was not significantly changed by this ASU. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2018 by applying a modified retrospective approach. Early adoption is permitted. On July 30, 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements , which provides an optional transition method of applying the new leases standard at the adoption date by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. It also provides lessors with a practical expedient to not separate non-lease revenue components from the associated lease component if certain conditions are met. Additionally, only incremental direct leasing costs may be capitalized under the new guidance. Any indirect incremental leasing costs must be expensed as incurred. The Company does not expect the adoption of ASU 2016-02 and related amendments to have a material affect on its consolidated assets or liabilities, consolidated net income or equity or cash flows. 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) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans [Abstract]
Schedule of loan portfolio basis by asset type	The following table presents information regarding the carrying value for the Mortgage loan categories of RPL, NPL and originated as of December 31, 2018 and 2017 ($ in thousands): As of December 31, Loan portfolio basis by asset type 2018 2017 Residential RPLs $ 1,242,207 $ 1,190,019 Purchased SBC (RPL) 21,203 8,605 Originated SBC 11,140 11,620 Residential NPLs 36,323 43,297 Total $ 1,310,873 $ 1,253,541
Schedule of contractually required payments and estimated cash flows expected to be collected	The Company’s loan acquisitions for the year ended December 31, 2018 consisted of 810 purchased RPLs with $175.5 million UPB and eight originated SBC loans with $6.4 million UPB. Comparatively during the year ended December 31, 2017 , the Company acquired 2,562 purchased RPLs with $526.5 million UPB and eight originated SBC loan with $8.8 million UPB. The Company acquired 36 NPLs with $6.0 million UPB for the year ended December 31, 2018 and acquired no NPLs for the year ended December 31, 2017 . The following table presents information regarding the accretable yield and non-accretable amount for purchased loans acquired during the following periods ($ in thousands): For the year ended December 31, ​ 2018 2017 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Contractually required principal and interest $ 299,462 $ 10,976 $ 947,162 $ — Non-accretable amount (104,940 ) (4,891 ) (373,251 ) — Expected cash flows to be collected 194,522 6,085 573,911 — Accretable yield (35,471 ) (675 ) (114,676 ) — Fair value at acquisition $ 159,051 $ 5,410 $ 459,235 $ —
Proceeds from Loans	$ 7,000	$ 0	$ 0
Allowance for loan losses	During the year ended December 31, 2018 , the Company recorded an impairment of $1.2 million of the value of three of its NPL pools acquired in 2014 and 2015. The Company had no allowance for loan losses at December 31, 2017 and December 31, 2016 . An analysis of the balance in the allowance for loan losses account follows ($ in thousands): For the year ended December 31, 2018 2017 2016 Allowance for loan losses, beginning of period $ — $ — $ — Provision for loan losses (1,164 ) — — Allowance for loan losses, end of period $ (1,164 ) $ — $ —
Schedule of accretable yield	Accretable yield and accretion amounts do not include any of the interest income on originated SBC loans at December 31, 2018 and 2017 . Also, it does not include gains of $7,000 , $0 and $0 from loans that paid in full after acquisition but before boarding by the Servicer for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table presents the 2018 and 2017 accretable yield and non-accretable amount for the loan portfolio ($ in thousands): For the year ended December 31, ​ 2018 2017 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Balance at beginning of period $ 344,141 $ 7,370 $ 239,858 $ 12,065 Accretable yield additions 35,471 675 114,676 — Accretion (101,195 ) (1,316 ) (85,715 ) (4,166 ) Reclassification from (to) non-accretable amount, net 33,389 (270 ) 75,322 (529 ) Balance at end of period $ 311,806 $ 6,459 $ 344,141 $ 7,370
Schedule of carrying value of mortgage loans and related UPB by delinquency status	The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of December 31, 2018 and 2017 ($ in thousands): As of December 31, ​ 2018 2017 Number of loans Carrying value Unpaid principal balance Number of loans Carrying value Unpaid principal balance Current 3,929 $ 757,276 $ 848,551 3,998 $ 744,300 $ 860,572 30 1,006 167,286 185,742 912 152,685 178,383 60 711 123,078 136,586 577 100,792 117,145 90 1,188 200,419 231,063 1,047 177,841 214,297 Foreclosure 277 62,814 79,777 367 77,923 94,826 Mortgage loans 7,111 $ 1,310,873 $ 1,481,719 6,901 $ 1,253,541 $ 1,465,223

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2018 and 2017 ($ in thousands): ​ For the year ended December 31, 2018 2017 Count Amount Count Amount Balance at beginning of year 136 $ 24,947 149 $ 23,882 Net transfers from mortgage loans 93 15,072 125 19,477 Adjustments to record at lower of cost or fair value — (2,700 ) — (2,516 ) Disposals (127 ) (17,251 ) (128 ) (16,638 ) Net transfers to Rental property — (1) (591 ) (1) (7 ) 746 Other — (75 ) (3 ) (4 ) Balance at end of year 102 $ 19,402 136 $ 24,947

Investments at fair value Inv_2

Investments at fair value Investments at fair value (Tables)	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The Company holds investments in various debt securities and beneficial interests which are the net residual interest of the investment trust. The Company's debt securities and beneficial interests 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. (See Note 10 - Related party transactions). The Company models the expected cash flows from the underlying loan pools held by the trusts using it's Manager's proprietary pricing model, and believes any unrealized losses to be temporary. The following table presents information regarding the Company's investments and investments in beneficial interests ($ in thousands): As of December 31, 2018 Basis 1 Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities 147,386 506 (1,081 ) 146,811 Beneficial interests in securitization trusts 22,086 — — 22,086 Total investments at fair value $ 169,472 $ 506 $ (1,081 ) $ 168,897 As of December 31, 2017 Basis 1 Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 6,518 $ 9 $ (242 ) $ 6,285 Total investments at fair value $ 6,518 $ 9 $ (242 ) $ 6,285 (1) Basis amount is net of any realized amortized costs and principal paydowns.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of fair value of financial assets and liabilities	The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of December 31, 2018 and 2017 ($ in thousands): ​ Level 1 Level 2 Level 3 December 31, 2018 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,310,873 $ — $ — $ 1,448,895 Investment in debt securities at fair value $ 146,811 $ — $ 146,811 $ — Investment in beneficial interests $ 22,086 $ — $ 22,086 $ — Investment in Manager $ 1,016 $ — $ — $ 5,231 Investment in AS Ajax E $ 1,037 $ — $ 1,239 $ — Investment in GAFS, including warrants $ 2,844 $ — $ — $ 3,320 Financial liabilities Secured borrowings, net $ 610,199 $ — $ — $ 610,217 Borrowings under repurchase agreement $ 534,089 $ — $ 534,089 $ — Convertible senior notes, net $ 117,525 $ 118,103 $ — $ — ​ ​ Level 1 Level 2 Level 3 December 31, 2017 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,253,541 $ — $ — $ 1,375,722 Investment in debt securities $ 6,285 $ — $ 6,285 $ — Investment in Manager $ 850 $ — $ — $ 6,427 Investment in AS Ajax E $ 1,201 $ — $ 1,224 $ — Financial liabilities Secured borrowings, net $ 694,040 $ — $ — $ 693,255 Borrowings under repurchase agreement $ 276,385 $ — $ 276,385 $ — Convertible senior notes, net $ 102,571 $ 109,641 $ — $ — The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of December 31, 2018 and 2017 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2018 Carrying Value Fair value adjustment recognized in the consolidated Statements of Income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 19,402 $ 2,700 $ — $ — $ 19,402 Level 1 Level 2 Level 3 December 31, 2017 Carrying Value Fair value adjustment recognized in the consolidated Statements of Income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 24,947 $ 2,516 $ — $ — $ 24,947

Affiliates (Tables)

Affiliates (Tables)	12 Months Ended
	Dec. 31, 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% For the year ended December 31, Net income at 100% 2018 2017 2016 Thetis Asset Management LLC $ 2,202 $ 2,136 $ 1,100 Great Ajax FS LLC (1)(2) $ 1,257 $ — $ — AS Ajax E LLC $ 324 $ 319 $ 138 GA-E 2014-12 $ — $ 426 $ 762 For the year ended December 31, 2018 2017 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Great Ajax FS LLC (2) $ 74,164 $ 52,184 $ — $ — Thetis Asset Management LLC $ 8,604 $ 2,136 $ 7,415 $ 1,674 AS Ajax E LLC $ 6,424 $ 13 $ 7,293 $ 5 GA-E 2014-12 $ — $ — $ 7 $ 5 Net income, assets and liabilities of unconsolidated affiliates at Company share For the year ended December 31, Net income at Company share 2018 2017 2016 Thetis Asset Management LLC $ 436 $ 423 $ 218 Great Ajax FS LLC (1)(2) $ 90 $ — $ — AS Ajax E LLC $ 53 $ 53 $ 32 GA-E 2014-12 $ — $ 173 $ 308 For the year ended December 31, ​ 2018 2017 Assets and Liabilities at Company share Assets Liabilities Assets Liabilities Great Ajax FS LLC (2) $ 5,933 $ 4,175 $ — $ — Thetis Asset Management LLC $ 1,704 $ 423 $ 1,468 $ 331 AS Ajax E LLC $ 1,060 $ 2 $ 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 year. (2) Amounts for the Company's share for 2016 and 2017 are presented as zero since the Company's investment was a 2018 event.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ December 31, 2018 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate January 11, 2019 July 11, 2018 $ 8,956 $ 8,956 $ 12,834 143 % 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 8,376 131 % 4.34 % March 25, 2019 September 25, 2018 7,020 7,020 10,024 143 % 4.49 % March 28, 2019 September 28, 2018 12,539 12,539 15,846 126 % 4.40 % April 25, 2019 October 26, 2018 10,549 10,549 15,145 144 % 4.85 % April 25, 2019 October 26, 2018 5,865 5,865 7,580 129 % 4.65 % May 8, 2019 November 8, 2018 18,226 18,226 26,036 143 % 4.74 % May 8, 2019 November 8, 2018 10,933 10,933 15,618 143 % 4.84 % June 6, 2019 December 6, 2018 44,224 44,224 58,965 133 % 4.65 % June 6, 2019 December 6, 2018 3,786 3,786 5,408 143 % 4.80 % June 7, 2019 December 7, 2018 50,294 50,294 66,747 133 % 4.47 % June 21, 2019 December 21, 2018 32,393 32,393 43,390 134 % 4.62 % June 21, 2019 December 21, 2018 2,771 2,771 4,050 146 % 4.77 % June 28, 2019 December 28, 2018 8,860 8,860 13,275 150 % 4.64 % July 12, 2019 July 15, 2016 250,000 195,644 258,144 132 % 5.00 % September 24, 2019 September 25, 2018 400,000 102,311 114,852 112 % 4.89 % Totals ​ $ 886,134 $ 534,089 $ 693,464 130 % 4.80 % ​ ​ 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 December 31, 2018 and 2017 in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2018 December 31, 2017 Gross amount of recognized liabilities $ 534,089 $ 276,385 Gross amount pledged as collateral 693,464 368,742 Net amount $ 159,375 $ 92,357
Schedule of securitization of notes	The following table sets forth the original terms of all securitization notes outstanding at December 31, 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 April 25, 2021 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 October 25, 2021 Class A notes due 2065(6) $170.5 million 4.36 % April 25, 2022 Class B notes due 2065(6) $15.9 million 5.25 % Trust certificates(6) $40.9 million — % Deferred issuance costs $(2.0) million — % (1) The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes. ​ (2) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (3) The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes. ​ (4) These securities are encumbered under a repurchase agreement. (5) AJAXM 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and are reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net and 50% of the Class B-1 certificates are recognized as Non-controlling interest. (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. 37% 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 December 31, 2018 and 2017 , and the securitization cutoff date: Balances at December 31, 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 $ 1,195 $ — — % $ 110,585 $ 82,556 134 % $ 158,485 $ 101,431 2016-B 1,127 — — % 93,772 71,361 131 % 131,746 (1) 84,430 2016-C 102,563 69,692 147 % 116,357 88,400 132 % 157,808 102,575 2017-A 157,033 102,755 153 % 170,805 126,507 135 % 216,413 140,669 2017-B 132,902 99,857 133 % 143,799 115,846 124 % 165,850 115,846 2017-C 146,938 109,616 134 % 157,015 129,191 122 % 185,942 130,159 2017-D 163,791 69,528 (4) 236 % 203,870 88,903 (4) 229 % 203,870 (2) 88,903 2018-C 194,606 165,051 (5) 118 % — — — % 222,181 (3) 167,910 ​ $ 900,155 $ 616,499 (6) 146 % $ 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 December 31, 2018 and December 31, 2017 were $139.0 million and $177.8 million , however, only $69.5 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 third party institutional investors for senior bonds and class B bonds. The gross amount of senior and class B bonds at December 31, 2018 were $167.5 million and $15.9 million , however, only $159.2 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 $6.3 million and $8.8 million as of December 31, 2018 and December 31, 2017 , respectively.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of consolidated statement of income	The Company’s consolidated Statements of Income included the following significant related party transactions ($ in thousands): For the year ended December 31, 2018 Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 10,148 Management fee Related party expense – management fee Thetis $ 6,025 Interest income Interest income Various securitization trusts $ 1,967 Income from equity investment Income from investments in affiliates Thetis $ 436 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 99 Income from equity investment Income from investments in affiliates Great Ajax FS $ 90 Expense reimbursements Other fees and expenses Gregory $ 40 ​ For the year ended December 31, 2017 ​ Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 8,245 Management fee Related party expense – management fee Thetis $ 5,340 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 101 Expense reimbursements Other fees and expenses Gregory $ 80 Expense reimbursements Other fees and expenses Thetis $ 4 ​ For the year ended December 31, 2016 ​ Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 6,083 Management fee Related party expense – management fee Thetis $ 3,949 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 100 Expense reimbursements Professional fees Gregory $ 67 Expense reimbursements Other fees Thetis $ 28
schedule of related party transactions for consolidated balance sheet	The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of December 31, 2018 Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 14,587 Management fee payable Management fee payable Thetis $ 881 Expense reimbursements Accrued expenses and other liabilities Thetis $ 16 Expense reimbursements receivable Prepaid expenses and other assets Gregory $ 11 Expense reimbursement receivable Prepaid expenses and other assets 2018-A $ 2 Expense reimbursement receivable Prepaid expenses and other assets 2018-B $ 2 ​ As of December 31, 2017 ​ Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,005 Management fee payable Management fee payable Thetis $ 750 Servicing fees payable Accrued expenses and other liabilities Gregory $ 217 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ —

Stock-based Payments and Dire_2

Stock-based Payments and Director Fees (Tables)	12 Months Ended
	Dec. 31, 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): Stock-based Management Fees and Director Fees For the year ended December 31, 2018 2017 2016 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 200,405 $ 2,813 150,652 $ 2,335 70,957 $ 1,068 Independent director fees 9,628 — 9,708 150 6,648 100 ​ 210,033 $ 2,813 160,360 $ 2,485 77,605 $ 1,168 (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 per share amounts): ​ Total Grants Activity Non-vested shares at December 31, 2018 Fully-vested shares at December 31, 2018 Year ended December 31, 2018 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 12,000 $ 162 12,000 $ 148 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant, granted 2016 (2,5) 146,334 1,976 — 629 47,889 13.50 98,445 13.50 Employee and Service Provider Grant, granted 2017 (3) 39,000 544 — 180 26,000 13.95 13,000 13.95 Employee and Service Provider Grant, granted 2018 (4) 36,500 496 36,500 69 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 1,026 116,389 $ 13.62 117,445 $ 13.55 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one -year from grant date. Weighted average remaining life of unvested shares at December 31, 2018 is 0.2 years (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 0.6 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 1.6 years . (4) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 2.6 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 December 31, 2017 Fully-vested shares at December 31, 2017 Year ended December 31, 2017 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 10,000 $ 146 — $ 14 — $ — 10,000 $ 14.61 Employee and Service Provider Grant, granted 2016 (2,4) 149,000 2,027 — 675 99,333 13.50 49,667 13.50 Employee and Service Provider Grant, granted 2017 (3) 39,000 542 39,000 76 39,000 13.95 — — Totals 198,000 $ 2,715 39,000 $ 765 138,333 $ 13.83 59,667 $ 13.69 (1) Vesting period is one year from grant date. Grant is fully vested at December 31, 2017 . (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 1.6 years . (3) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 2.6 years . (4) Total is shown net of 2017 forfeitures of 4,000 shares. ​ ​ Total Grants Activity Non-vested shares at December 31, 2016 Fully-vested shares at December 31, 2016 Year ended December 31, 2016 Total Total Shares Grant Shares Per share Shares Weighted Directors’ Grants (1) 10,000 $ 146 2,000 $ 16 2,000 $ 13.79 8,000 $ 13.79 Employee and Service Provider Grant, granted 2016 (2) 153,000 2,053 153,000 278 153,000 13.50 — — Totals 163,000 $ 2,199 155,000 $ 294 155,000 $ 13.50 8,000 $ 13.79 (1) Vesting period is one year from grant date. Weighted average remaining life of grant at December 31, 2016 is 0.5 years ​ (2) Vesting is ratable over three -year period from grant date. Weighted average remaining life of grant at December 31, 2016 is 2.6 years .

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 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 per share): For the year ended December 31, 2018 Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 28,340 18,642,526 Allocation of earnings to participating restricted shares (307 ) — Consolidated net income attributable to unrestricted common stockholders $ 28,033 18,642,526 $ 1.50 Effect of dilutive securities 1 Interest expense (add back) and assumed conversion of shares from convertible senior notes 8,786 7,188,020 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 36,819 25,830,546 $ 1.43 (1) The effect of operating partnership units, restricted stock grants and Manager and director fee shares on the Company's Diluted EPS calculation for 2018 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the year ended December 31, 2018. ​ For the year ended December 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 28,927 18,074,143 Allocation of earnings to participating restricted shares (321 ) — Consolidated net income attributable to unrestricted common stockholders $ 28,606 18,074,143 $ 1.58 Effect of dilutive securities Operating Partnership units 998 624,106 Restricted stock grants and Manager and director fee shares 321 203,083 Interest expense (add back) and assumed conversion of shares from convertible senior notes 5,289 4,417,189 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 35,214 23,318,521 $ 1.51 ​ For the year ended December 31, 2016 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 27,836 16,742,882 Allocation of earnings to participating restricted shares (140 ) — Consolidated net income attributable to unrestricted common stockholders $ 27,696 16,742,882 $ 1.65 Effect of dilutive securities Operating Partnership units 1,038 624,106 Restricted stock grants and Manager and director fee shares 140 84,919 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 28,874 17,451,907 $ 1.65

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of accumulated other comprehensive income	Accumulated other comprehensive income (loss) at December 31, 2018 , 2017 and 2016 was as follows ($ in thousands): For the year ended December 31, 2018 2017 2016 Investment in securities: Unrealized gains $ 506 $ 9 $ — Unrealized losses (1,081 ) (242 ) — Income tax related to items of other comprehensive income — — — Accumulated other comprehensive income (loss) $ (575 ) $ (233 ) $ —

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Schedule of quarterly financial information	The following table sets forth our quarterly financial information ($ in thousands): For the year ended December 31, 2018 First quarter Second quarter Third quarter Fourth quarter Total income $ 14,743 $ 14,777 $ 14,750 $ 13,894 Income before provision for income tax $ 8,338 $ 8,215 $ 7,579 $ 7,269 Net income attributable to common stockholders $ 7,665 $ 7,521 $ 6,558 $ 6,596 Basic earnings common share $ 0.41 $ 0.40 $ 0.35 $ 0.35 Diluted earnings per common share $ 0.38 $ 0.37 $ 0.34 $ 0.34 For the year ended December 31, 2017 First quarter Second quarter Third quarter Fourth quarter Total income $ 13,667 $ 13,105 $ 14,226 $ 13,797 Income before provision for income tax $ 8,699 $ 7,150 $ 7,763 $ 6,673 Net income attributable to common stockholders $ 8,409 $ 6,864 $ 7,470 $ 6,184 Basic earnings common share $ 0.46 $ 0.38 $ 0.41 $ 0.34 Diluted earnings per common share $ 0.46 $ 0.36 $ 0.38 $ 0.33

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details Textuals)	12 Months Ended
	Dec. 31, 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
Principal balance of small balance commercial mortgage loans (up to) | $	$ 633,167,000
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
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 Interests in Trust Certificates Sold to Third Parties	50.00%
Noncontrolling Interest, Ownership Percentage by Parent	50.00%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage	5.00%
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%
Thetis
Organization And Basis Of Presentation [Line Items]
Ownership percentage	19.80%
Great Ajax FS LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage	8.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	Apr. 25, 2017USD ($)$ / shares	Jun. 07, 2016	Jul. 08, 2014	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)payment$ / sharesshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Oct. 31, 2016USD ($)
Summary Of Significant Accounting Policies [Line Items]
Conversion discount (premium) - Convertible senior notes					$ 3,200,000
Investment in debt securities at fair value						$ 6,285,000				$ 6,300,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of an assets					3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of an assets					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 fee 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 | 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
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
Percentage of outstanding shares on a fully diluted basis (up to)		5.00%
Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal	$ 87,500,000
Additional aggregate principal								$ 15,900,000	$ 20,500,000
Interest rate	7.25%
Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal	$ 87,500,000							$ 108,000,000
Additional aggregate principal									$ 20,500,000
Interest rate	7.25%				7.25%			7.25%	7.25%
Principal amount of note (in dollars per share) | $ / shares	$ 25
Conversion discount (premium) - Convertible senior notes					$ 900,000
Common Stock | Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Conversion rate					1.6438
Conversion price per share | $ / shares					$ 15.21
Accounting Standards Update 2018-07 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect on balance sheet					$ 100,000
Effect on net income					$ 300,000	$ 0	$ 0
Scenario, Forecast [Member]
Summary Of Significant Accounting Policies [Line Items]
Annual retainer, shares				40.00%
Annual retainer, cash				60.00%
Scenario, Forecast [Member] | 2014 Director Equity Plan | Restricted stock
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount				$ 100,000

Mortgage Loans - Schedule of Lo

Mortgage Loans - Schedule of Loan Portfolio Basis by Asset Type (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans On Real Estate Mortgage Loan Payments		$ 201,567
Carrying value of mortgages	[2]	1,310,873	[1]	$ 1,253,541
Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Carrying value of mortgages		1,242,207		1,190,019
Purchased SBC (RPL)
Mortgage Loans on Real Estate [Line Items]
Carrying value of mortgages		21,203		8,605
Originated SBC
Mortgage Loans on Real Estate [Line Items]
Carrying value of mortgages		11,140		11,620
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Carrying value of mortgages		$ 36,323		$ 43,297
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 2018 and December 31, 2017, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)loan		Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	[2]	$ 1,310,873	[1]	$ 1,253,541
Investment Income, Interest		$ 102,500		$ 89,900	$ 70,600
Number of loans | loan		7,111		6,901
Interest income		$ 108,181		$ 91,424	70,688
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		33,100		74,800
Provision for loan losses		(1,164)		0	$ 0
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		33,400
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Mortgage loans		36,323		$ 43,297
Number of mortgage loans on real estate | loan				0
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		300
RPLs
Mortgage Loans on Real Estate [Line Items]
Mortgage loans		$ 1,242,207		$ 1,190,019
Number of mortgage loans on real estate | loan		810		2,562
Aggregate unpaid principal balance of mortgage loans on real estate		$ 175,500		$ 526,500
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Number Of Pools Of Mortgage Loans | loan		3
Number of mortgage loans on real estate | loan		36
Aggregate unpaid principal balance of mortgage loans on real estate		$ 6,000
Originated SBC
Mortgage Loans on Real Estate [Line Items]
Mortgage loans		11,140		$ 11,620
Aggregate unpaid principal balance of mortgage loans on real estate		$ 6,400
Number of loans | loan		8		8
SBC
Mortgage Loans on Real Estate [Line Items]
Mortgage loans		$ 21,203		$ 8,605
Aggregate unpaid principal balance of mortgage loans on real estate				8,800
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		(33,389)		(75,322)
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		$ 270		$ 529
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 2018 and December 31, 2017, respectively.

Mortgage Loans - Schedule of Ac

Mortgage Loans - Schedule of Accretable and Non-Accretable Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	$ 299,462	$ 947,162
Non-accretable amount	(104,940)	(373,251)
Expected cash flows to be collected	194,522	573,911
Accretable yield	(35,471)	(114,676)
Fair value at acquisition	159,051	459,235
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	10,976	0
Non-accretable amount	(4,891)	0
Expected cash flows to be collected	6,085	0
Accretable yield	(675)	0
Fair value at acquisition	$ 5,410	$ 0

Mortgage Loans - Schedule of Ch

Mortgage Loans - Schedule of Change in Accretable Yield (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 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	$ (33,100)	$ (74,800)
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	344,141	239,858
Accretable yield additions	35,471	114,676
Accretion	(101,195)	(85,715)
Reclassification from (to) non-accretable amount, net	33,389	75,322
Balance at end of period	311,806	344,141
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	7,370	12,065
Accretable yield additions	675	0
Accretion	(1,316)	(4,166)
Reclassification from (to) non-accretable amount, net	(270)	(529)
Balance at end of period	$ 6,459	$ 7,370

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan losses, beginning of period	$ 0	$ 0	$ 0
Provision for loan losses	(1,164,000)	0	0
Allowance for loan losses, end of period	$ (1,164,000)	$ 0	$ 0

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)loan		Dec. 31, 2017USD ($)loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		7,111		6,901
Carrying value	[2]	$ 1,310,873	[1]	$ 1,253,541
Unpaid principal balance		$ 1,481,719		$ 1,465,223
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		3,929		3,998
Carrying value		$ 757,276		$ 744,300
Unpaid principal balance		$ 848,551		$ 860,572
30
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		1,006		912
Carrying value		$ 167,286		$ 152,685
Unpaid principal balance		$ 185,742		$ 178,383
60
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		711		577
Carrying value		$ 123,078		$ 100,792
Unpaid principal balance		$ 136,586		$ 117,145
90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		1,188		1,047
Carrying value		$ 200,419		$ 177,841
Unpaid principal balance		$ 231,063		$ 214,297
Foreclosure
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		277		367
Carrying value		$ 62,814		$ 77,923
Unpaid principal balance		$ 79,777		$ 94,826
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 2018 and December 31, 2017, respectively.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property		Dec. 31, 2017USD ($)property		Dec. 31, 2016USD ($)property
Real Estate [Line Items]
Number of properties owned | property	21		14
Rental Properties	$ 17,635		$ 1,284
Aggregate carrying value REO properties	$ 17,600		$ 1,300
Number of REO properties held for rental | property	16		5
Number of properties acquired through foreclosure | property	1		3
Number of properties transferred from property held for sale | property	12		10
Number of real estate properties purchased | property	1		1
Impaired REO held for sale net at NRV	$ 19,402	[1]	$ 24,947	[1]	$ 23,882
Number of held-for-sale residential properties disposed | property	127		128		82
Real Estate Held For Sale Improvements	$ 2,200		$ 1,800
Gain on sale of property	380		506		$ 106
Adjustment to record REO properties at lower of cost	2,700		2,500		2,000
Other Income
Real Estate [Line Items]
Gain on sale of property	$ 400		$ 500		$ 100
[1]	Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2018, and December 31, 2017, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of REO Held-For-Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property		Dec. 31, 2017USD ($)property		Dec. 31, 2016USD ($)property
Real Estate [Abstract]
Number of Real Estate Properties Transferred from Held-for-Sale to Rental | property	6
Real Estate Held For Sale [Roll Forward]
Balance at beginning of year | property	136		149
Balance at beginning of period | $	$ 24,947	[1]	$ 23,882
Transfers from mortgage loans, count | property	93		125
Net transfers from mortgage loans | $	$ 15,072		$ 19,477
Adjustments to record at lower of cost or fair value, count | property	0		0
Adjustments to record at lower of cost or fair value | $	$ (2,700)		$ (2,516)
Disposals, count | property	(127)		(128)		(82)
Disposals | $	$ (17,251)		$ (16,638)
Net transfers to Rental property, count | property	0		(7)
Net transfers to Rental property | $	$ (591)		$ 746
Other, count | property	0		(3)
Other | $	$ (75)		$ (4)
Balance at end of period , count | property	102		136		149
Balance at end of year | $	$ 19,402	[1]	$ 24,947	[1]	$ 23,882
Real Estate Held-for-Sale Transferred to Rental | $	$ 500
Number of Real Estate Properties Transferred from Rental to Held-for-Sale | property	6
Real Estate Transferred from Rental to Held-for-Sale | $	$ 1,100
[1]	Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2018, and December 31, 2017, respectively.

Investments at fair value Inv_3

Investments at fair value Investments at fair value - Schedule of Debt and Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis	$ 147,386
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	506
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	(1,081)
Available-for-sale Securities [Abstract]
Available-for-sale Securities, Debt Securities	146,811
Debt securities due October 2056
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis		$ 6,518
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		9
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(242)
Beneficial interests in securitization trusts
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Securities, Amortized Cost Basis	22,086
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0
Available-for-sale Securities [Abstract]
Available-for-sale Securities	22,086
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Securities, Amortized Cost Basis	169,472
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	506
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	1,081
Available-for-sale Securities [Abstract]
Available-for-sale Securities	$ 168,897
Investments at fair value | Oileus Residential Loan Trust | Debt securities due October 2056
Available-for-sale Securities [Abstract]
Available-for-sale Securities, Debt Securities		6,285
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Available-for-sale Securities, Amortized Cost Basis		6,518
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax		9
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax		$ (242)

Investments at fair value Inv_4

Investments at fair value Investments at fair value - Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
		Oct. 31, 2016USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance			$ 1,481,719	$ 1,465,223
Number of loans | loan			7,111	6,901
Secured borrowings	[1],[2],[3]		$ 610,199	$ 694,040
Available-for-sale Securities, Debt Securities			146,811
Investments at fair value				6,285
Available-for-sale Securities, Gross Realized Gains			200
Available-for-sale Securities, Equity Securities			22,086	0
Beneficial interests in securitization trusts
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities			22,086
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax			0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax			0
Senior Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities			144,100
Oileus Residential Loan Trust
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities			6,285
Subordinated Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities			9,400
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities			168,897
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax			506
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax			(1,081)
Oileus Residential Loan Trust
Schedule of Available-for-sale Securities [Line Items]
Payments to acquire investments		$ 6,300
Available-for-sale Securities, Gross Realized Gains			200
Oileus Residential Loan Trust | Debt securities due October 2056 | Investments at fair value
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities				$ 6,285
Beneficial interests in securitization trusts
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Equity Securities			21,800
Beneficial interests in securitization trusts | Investment in debt securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities			$ 175,300
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 2018 and December 31, 2017, respectively.
[3]	Secured borrowings and convertible senior notes are presented net of deferred issuance costs.

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands		Dec. 31, 2018		Dec. 31, 2017	Oct. 31, 2016
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans	[2]	$ 1,310,873	[1]	$ 1,253,541
Investment in debt securities at fair value				6,285	$ 6,300
Available-for-sale Securities, Debt Securities		146,811
Consolidated balance sheet at fair value (liabilities)
Secured borrowings, net	[1],[2],[3]	610,199		694,040
Borrowings under repurchase transactions		534,089		276,385
Convertible senior notes, net	[3]	117,525		102,571
Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans		1,310,873		1,253,541
Investment in debt securities at fair value				6,285
Fair value adjustment recognized in the consolidated Statements of Income		2,700		2,516
Consolidated balance sheet at fair value (liabilities)
Secured borrowings, net		610,199		694,040
Borrowings under repurchase transactions		534,089		276,385
Convertible senior notes, net		117,525		102,571
Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans		0		0
Investment In debt securities, fair value		0		0
Trading Securities		0
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		118,103		109,641
Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans		0		0
Investment In debt securities, fair value		146,811		6,285
Trading Securities		22,086
Consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0		0
Borrowings under repurchase agreement, fair value		534,089		276,385
Convertible senior notes, net, fair value		0		0
Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans		1,448,895		1,375,722
Investment In debt securities, fair value		0		0
Trading Securities, Equity		0
Consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		610,217		693,255
Borrowings under repurchase agreement, fair value		0		0
Convertible senior notes, net, fair value		0		0
Manager | Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments		1,016		850
Manager | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0		0
Manager | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0		0
Manager | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		5,231		6,427
Great Ajax F S | Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments		2,844
Great Ajax F S | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0
Great Ajax F S | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure				0
Great Ajax F S | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		3,320
AS Ajax E | Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Real Estate Investments, Net		1,037		1,201
AS Ajax E | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair value adjustment recognized in the consolidated Statements of Income		0		0
AS Ajax E | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair value adjustment recognized in the consolidated Statements of Income		1,239		1,224
AS Ajax E | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair value adjustment recognized in the consolidated Statements of Income		0		0
RPLs, NPLs, and Originated SBCs
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans	[2]	$ 1,310,900		$ 1,253,500
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 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	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	$ 19,402	[1]	$ 24,947	[1]	$ 23,882
Level 1 Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	0		0
Level 2 Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	0		0
Level 3 Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	19,402		24,947
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	19,402		24,947
Fair value adjustment	$ 2,700		$ 2,516
[1]	Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2018, and December 31, 2017, respectively.

Affiliates - Narrative (Details

Affiliates - Narrative (Details) $ in Thousands	May 29, 2018USD ($)warrantshares	Jan. 26, 2018USD ($)warrantshares	Dec. 31, 2018USD ($)transaction	Dec. 31, 2017	Mar. 14, 2016
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
Banfield
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			90.00%
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Percentage ownership prior to equity method investment			100.00%
Amount prior to equity method investment			$ 0
Delaware Trust GA-E 2014-12
Schedule of Equity Method Investments [Line Items]
Ownership percentage			40.50%
Proceeds of mortgage loans			$ 2,600
Thetis
Schedule of Equity Method Investments [Line Items]
Ownership percentage			19.80%
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in real estate trust, percentage					5.00%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage			16.50%	16.50%	24.20%

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 14, 2016
Schedule of Equity Method Investments [Line Items]
Net income at Company share	$ 762	$ 707	$ 558
Assets at Company share	1,602,871	1,395,738
Liabilities at Company share	$ 1,268,592	1,078,300
GA-E 2014-12
Schedule of Equity Method Investments [Line Items]
Ownership percentage	40.50%
Net income at 100%	$ 0	426	762
Assets	0	7
Liabilities	0	5
Net income at Company share	0	173	308
Assets at Company share	0	3
Liabilities at Company share	0	2
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income at 100%	1,257	0	0
Assets	74,164	0
Liabilities	52,184	0
Net income at Company share	90	0	0
Assets at Company share	5,933	0
Liabilities at Company share	$ 4,175	0
Thetis
Schedule of Equity Method Investments [Line Items]
Ownership percentage	19.80%
Net income at 100%	$ 2,202	2,136	1,100
Assets	8,604	7,415
Liabilities	2,136	1,674
Net income at Company share	436	423	218
Assets at Company share	1,704	1,468
Liabilities at Company share	$ 423	$ 331
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	16.50%	16.50%		24.20%
Net income at 100%	$ 324	$ 319	138
Assets	6,424	7,293
Liabilities	13	5
Net income at Company share	53	53	$ 32
Assets at Company share	1,060	1,203
Liabilities at Company share	$ 2	$ 1
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage	100.00%
Great Ajax FS LLC | Income from investments in affiliates
Schedule of Equity Method Investments [Line Items]
Related Party Transaction, Amounts of Transaction	$ 90
Thetis | Income from investments in affiliates
Schedule of Equity Method Investments [Line Items]
Related Party Transaction, Amounts of Transaction	$ 436

Commitments and Contingencies (

Commitments and Contingencies (Details Textuals) - One-to-four family residences - Purchase commitment $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)loan
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan	5
Aggregate unpaid principal balance of mortgage loans on real estate | $	$ 1.1
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan	271
Aggregate unpaid principal balance of mortgage loans on real estate | $	$ 60.1

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 25, 2019USD ($)	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)$ / shares	Dec. 31, 2018USD ($)DaysecuritizationtrustFacilitycounterparty$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)securitization$ / shares
Debt Instrument [Line Items]
Unpaid principal balance					$ 1,481,719,000	$ 1,465,223,000		$ 1,481,719,000
Percentage of guarantors beneficial interest					100.00%			100.00%
Number of securitizations completed | securitization								13
Number of securitizations outstanding | securitization					6			6
Proceeds from sale of convertible senior notes					$ 15,184,000	105,325,000	$ 0
Conversion premium - Convertible senior notes					494,000	2,687,000
Interest expense					53,335,000	$ 39,101,000	$ 25,573,000
Conversion discount (premium) - Convertible senior notes					$ 3,200,000
Class A Notes
Debt Instrument [Line Items]
Period after issue of class A notes					36 months
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal				$ 87,500,000
Interest rate				7.25%
Additional aggregate principal		$ 15,900,000	$ 20,500,000
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest rate					4.80%	3.91%		4.80%
Master Repurchase Agreement | Delaware Trust | Mortgage loans
Debt Instrument [Line Items]
Number of facilities repurchased | Facility					2
Number of wholly-owned Delaware trusts | trust					2
Number of counterparties | counterparty					2
Ceiling for each repurchase facility					$ 250,000,000			$ 250,000,000
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO					70.00%
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO					85.00%
Master Repurchase Agreement | Delaware Trust | Mortgages One
Debt Instrument [Line Items]
Ceiling for each repurchase facility					$ 400,000,000			$ 400,000,000
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal		$ 108,000,000		$ 87,500,000
Interest rate		7.25%	7.25%	7.25%	7.25%			7.25%
Proceeds from sale of convertible senior notes		$ 15,200,000	$ 20,500,000	$ 84,900,000
Conversion premium - Convertible senior notes		$ 500,000	200,000	$ 2,500,000
Percentage of notes convertible to common stock				17.50%
Additional aggregate principal			$ 20,500,000
Conversion premium		11.43%			6.00%			6.00%
Principal amount of note (in dollars per share) | $ / shares				$ 25
If-converted value in excess of principal					$ 25,700,000
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					$ 123,900,000			$ 123,900,000
Unamortized discount					6,300,000			$ 6,300,000
Interest expense					8,800,000
Conversion discount (premium) - Convertible senior notes					$ 900,000
Interest rate, effective percentage					8.70%			8.70%
Common Stock | Convertible Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio					1.6438
Debt Instrument, Convertible, Conversion Price | $ / shares					$ 15.21			$ 15.21
Servicer | Master Repurchase Agreement | Mortgage loans | Re-performing loans
Debt Instrument [Line Items]
Servicing fees percentage					0.65%
Servicer | Master Repurchase Agreement | Mortgage loans | Non-performing loans
Debt Instrument [Line Items]
Servicing fees percentage					1.25%
Ajax Mortgage Loan Trust 2018-C
Debt Instrument [Line Items]
Percentage of Interests Sold to Third Parties					37.00%
Ajax Mortgage Loan Trust 2018-C | Class A Notes
Debt Instrument [Line Items]
Percentage of Interest retained by the Company					5.00%
Percentage of Interests Sold to Third Parties					95.00%
Ajax Mortgage Loan Trust C 2017
Debt Instrument [Line Items]
Period after issue of class A notes					48 months
Subsequent events | 2017-D
Debt Instrument [Line Items]
Basis spread on variable rate	300.00%
Unpaid principal balance	$ 177,200,000

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amount of Collateral	$ 693,464	$ 368,742
Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	886,134	542,506
Amount Outstanding	534,089	276,385
Amount of Collateral	$ 693,464	$ 368,742
Percentage of Collateral Coverage	130.00%	133.00%
Interest rate	4.80%	3.91%
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 | 1/11/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,956
Amount Outstanding	8,956
Amount of Collateral	$ 12,834
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 | 3/25/2019 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,396
Amount Outstanding	6,396
Amount of Collateral	$ 8,376
Percentage of Collateral Coverage	131.00%
Interest rate	4.34%
Master Repurchase Agreement | 3/25/2019 | Class B Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,020
Amount Outstanding	7,020
Amount of Collateral	$ 10,024
Percentage of Collateral Coverage	143.00%
Interest rate	4.49%
Master Repurchase Agreement | 3/28/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 12,539
Amount Outstanding	12,539
Amount of Collateral	$ 15,846
Percentage of Collateral Coverage	126.00%
Interest rate	4.40%
Master Repurchase Agreement | 4/25/2019 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,865
Amount Outstanding	5,865
Amount of Collateral	$ 7,580
Percentage of Collateral Coverage	129.00%
Interest rate	4.65%
Master Repurchase Agreement | 4/25/2019 | Class B-1 Certificates
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,549
Amount Outstanding	10,549
Amount of Collateral	$ 15,145
Percentage of Collateral Coverage	144.00%
Interest rate	4.85%
Master Repurchase Agreement | 5/8/2019 | Class B Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 18,226
Amount Outstanding	18,226
Amount of Collateral	$ 26,036
Percentage of Collateral Coverage	143.00%
Interest rate	4.74%
Master Repurchase Agreement | 5/8/2019 | Class B-1 Certificates
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,933
Amount Outstanding	10,933
Amount of Collateral	$ 15,618
Percentage of Collateral Coverage	143.00%
Interest rate	4.84%
Master Repurchase Agreement | 6/6/2019 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 44,224
Amount Outstanding	44,224
Amount of Collateral	$ 58,965
Percentage of Collateral Coverage	133.00%
Interest rate	4.65%
Master Repurchase Agreement | 6/6/2019 | Class B Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,786
Amount Outstanding	3,786
Amount of Collateral	$ 5,408
Percentage of Collateral Coverage	143.00%
Interest rate	4.80%
Master Repurchase Agreement | 6/7/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 50,294
Amount Outstanding	50,294
Amount of Collateral	$ 66,747
Percentage of Collateral Coverage	133.00%
Interest rate	4.47%
Master Repurchase Agreement | 6/21/2019 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 32,393
Amount Outstanding	32,393
Amount of Collateral	$ 43,390
Percentage of Collateral Coverage	134.00%
Interest rate	4.62%
Master Repurchase Agreement | 6/21/2019 | Class B Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,771
Amount Outstanding	2,771
Amount of Collateral	$ 4,050
Percentage of Collateral Coverage	146.00%
Interest rate	4.77%
Master Repurchase Agreement | 6/28/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,860
Amount Outstanding	8,860
Amount of Collateral	$ 13,275
Percentage of Collateral Coverage	150.00%
Interest rate	4.64%
Master Repurchase Agreement | 9/24/19
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000
Amount Outstanding	102,311
Amount of Collateral	$ 114,852
Percentage of Collateral Coverage	112.00%
Interest rate	4.89%
Master Repurchase Agreement | 11/21/2018
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 200,000
Amount Outstanding		3,775
Amount of Collateral		$ 8,215
Percentage of Collateral Coverage		218.00%
Interest rate		4.79%
Master Repurchase Agreement | 7/12/2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 250,000	$ 250,000
Amount Outstanding	195,644	180,104
Amount of Collateral	$ 258,144	$ 234,724
Percentage of Collateral Coverage	132.00%	130.00%
Interest rate	5.00%	4.03%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 534,089	$ 276,385
Gross amount pledged as collateral	693,464	368,742
Net amount	$ 159,375	$ 92,357

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Deferred issuance costs	$ (1.8)	$ (1.8)
Mortgage loans
Debt Instrument [Line Items]
Deferred issuance costs	$ (6.3)	(8.8)
Mortgage loans | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Ownership percentage	100.00%
Mortgage loans | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Ownership percentage	100.00%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Original Principal	$ 102.6
Interest rate	4.00%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 140.7
Interest rate	3.47%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 115.8
Interest rate	3.163%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 130.2
Interest rate	3.75%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 139	$ 177.8
Interest rate	3.75%
Ownership percentage	50.00%
Mortgage loans | Class A notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 170.5
Interest rate	4.36%
Mortgage loans | Class B Notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 15.9
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Original Principal	$ 7.9
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 15.1
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9
Interest rate	3.75%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 13
Interest rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Ownership percentage	50.00%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Original Principal	$ 7.9
Interest rate	5.25%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 10.8
Interest rate	5.25%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 7.5
Interest rate	3.75%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Original principal, trust certificates	$ 39.4
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 49.8
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 14.3
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 42.8
Interest rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original principal, trust certificates	$ 40.9
Interest rate	0.00%
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2016-C/ October 2016
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1.6)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (2)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1.8)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1.7)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1.1)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (2)
Mortgage loans | Class M1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9.7
Interest rate	3.50%
Mortgage loans | Class M2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9.5
Interest rate	3.50%
Mortgage loans | Class B Certificates | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 44.5
Interest rate	0.00%
Ownership percentage	50.00%

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017
Debt Instrument [Line Items]
Carrying value of mortgages	[2]	$ 1,310,873,000	[1]	$ 1,253,541,000
Mortgage loans		900,155,000		996,203,000
Debt issuance costs, net		1,800,000		1,800,000
Mortgage loans
Debt Instrument [Line Items]
Bond principal balance		$ 616,499,000		$ 702,764,000
Percentage of collateral coverage		146.00%		142.00%
Original balances at securitization cutoff date Mortgage UPB		$ 1,442,295,000
Original balances at securitization cutoff date Bond principal balance		931,923,000
Debt issuance costs, net		6,300,000		$ 8,800,000
Mortgage loans | 2016-A
Debt Instrument [Line Items]
Carrying value of mortgages		1,195,000		110,585,000
Bond principal balance		$ 0		$ 82,556,000
Percentage of collateral coverage		0.00%		134.00%
Original balances at securitization cutoff date Mortgage UPB		$ 158,485,000
Original balances at securitization cutoff date Bond principal balance		101,431,000
Mortgage loans | 2016-B
Debt Instrument [Line Items]
Carrying value of mortgages		1,127,000		$ 93,772,000
Bond principal balance		$ 0		$ 71,361,000
Percentage of collateral coverage		0.00%		131.00%
Original balances at securitization cutoff date Mortgage UPB		$ 131,746,000
Original balances at securitization cutoff date Bond principal balance		84,430,000
Cash collateral for borrowed securities		1,900,000
Mortgage loans | 2016-C
Debt Instrument [Line Items]
Carrying value of mortgages		102,563,000		$ 116,357,000
Bond principal balance		$ 69,692,000		$ 88,400,000
Percentage of collateral coverage		147.00%		132.00%
Original balances at securitization cutoff date Mortgage UPB		$ 157,808,000
Original balances at securitization cutoff date Bond principal balance		102,575,000
Mortgage loans | 2017-A
Debt Instrument [Line Items]
Carrying value of mortgages		157,033,000		$ 170,805,000
Bond principal balance		$ 102,755,000		$ 126,507,000
Percentage of collateral coverage		153.00%		135.00%
Original balances at securitization cutoff date Mortgage UPB		$ 216,413,000
Original balances at securitization cutoff date Bond principal balance		140,669,000
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Carrying value of mortgages		132,902,000		$ 143,799,000
Bond principal balance		$ 99,857,000		$ 115,846,000
Percentage of collateral coverage		133.00%		124.00%
Original balances at securitization cutoff date Mortgage UPB		$ 165,850,000
Original balances at securitization cutoff date Bond principal balance		115,846,000
Mortgage loans | 2017-C
Debt Instrument [Line Items]
Carrying value of mortgages		146,938,000		$ 157,015,000
Bond principal balance		$ 109,616,000		$ 129,191,000
Percentage of collateral coverage		134.00%		122.00%
Original balances at securitization cutoff date Mortgage UPB		$ 185,942,000
Original balances at securitization cutoff date Bond principal balance		130,159,000
Mortgage loans | 2017-D
Debt Instrument [Line Items]
Carrying value of mortgages		163,791,000		$ 203,870,000
Bond principal balance		$ 69,528,000		$ 88,903,000
Percentage of collateral coverage		236.00%		229.00%
Original balances at securitization cutoff date Mortgage UPB		$ 203,870,000
Original balances at securitization cutoff date Bond principal balance		88,903,000
Cash collateral for borrowed securities		26,700,000
Mortgage loans | 2018-C
Debt Instrument [Line Items]
Carrying value of mortgages		194,606,000		$ 0
Bond principal balance		$ 165,051,000		$ 0
Percentage of collateral coverage		118.00%		0.00%
Original balances at securitization cutoff date Mortgage UPB		$ 222,181,000
Original balances at securitization cutoff date Bond principal balance		167,910,000
Cash collateral for borrowed securities		45,500,000
Class A notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Secured borrowings		69,500,000		$ 88,900,000
Class A notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Original Principal		139,000,000		$ 177,800,000
Class A notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		170,500,000
Class A Notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		167,500,000
Secured borrowings		159,200,000
Class B Notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		15,900,000
Secured borrowings		$ 5,900,000
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 2018 and December 31, 2017, respectively.

Related Party Transactions - Sc

Related Party Transactions - Schedule Statement of Income of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest Income
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 1,967
Gregory | Loan servicing fees
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	10,148	$ 8,245	$ 6,083
Gregory | Loan transaction expense
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	99	101	100
Gregory | Other fees and expenses
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	40	80
Gregory | Professional fees
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction			67
Thetis | Management fee
Related Party Transaction [Line Items]
Related party expense – management fee	6,025	5,340	3,949
Thetis | Other fees and expenses
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 4
Thetis | Other fees
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction			$ 28
Thetis | Income from investments in affiliates
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	436
Great Ajax FS LLC | Income from investments in affiliates
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 90

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2016
Related Party Transaction [Line Items]
Available-for-sale Securities, Debt Securities	$ 146,811
Related Party Transaction, Due from (to) Related Party	14,587	$ 17,005
Investment in debt securities		6,285	$ 6,300
Management fee payable	881	750
Gregory | Receivable from Servicer
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	14,587	17,005
Gregory | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party		217
Gregory | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	11
Thetis | Management fee payable
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	881	750
Thetis | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	16
Thetis | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party		$ 0
2018-A | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	2
2018-B | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	$ 2

Related party Transactions - Na

Related party Transactions - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Oct. 31, 2016USD ($)	Dec. 31, 2018USD ($)calender	Nov. 30, 2018$ / shares	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Available-for-sale Securities, Debt Securities				$ 146,811
Available-for-sale Securities, Equity Securities				22,086		$ 0
Related Party Transaction, Due from (to) Related Party				14,587		17,005
Investment in debt securities			$ 6,300			6,285
Available-for-sale Securities, Gross Realized Gains				200
Securities carried on amortized cost basis				147,386
Management fee payable				$ 881		$ 750
Period of termination of license agreement				30 days
Oileus Residential Loan Trust
Related Party Transaction [Line Items]
Payments to acquire investments			$ 6,300
Available-for-sale Securities, Gross Realized Gains				$ 200
2018-C
Related Party Transaction [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate	$ 50,100	$ 52,800
Payments to acquire investments	$ 45,100	$ 47,400
Management Agreement | Thetis
Related Party Transaction [Line Items]
Base management fee percentage				1.50%
Amended And Restated Management Agreement | Thetis
Related Party Transaction [Line Items]
Management fee payable				$ 1,000
Percentage of base management fees payable in cash				75.00%
Percentage of base management fee payable in shares of common stock				25.00%
Percentage in excess of base management fees payable in cash				50.00%
Percentage in excess of base management fees payable in shares				50.00%
Period of common shares held as base management fee (at least)				3 years
Percentage of remaining incentive fee payable in common stock				20.00%
Percentage of remaining incentive fee in excess of book value				8.00%
Fraction of independent directors				66.67%
Number of calender quarters | calender				8
Percentage of remaining incentive fee payable in cash				80.00%
Incentive Fee Expense				$ 100
Servicing Agreement | Gregory
Related Party Transaction [Line Items]
Servicing fees percentage				0.42%
Servicing Agreement | Gregory | Minimum
Related Party Transaction [Line Items]
Servicing fees percentage				0.65%
Servicing Agreement | Gregory | Maximum
Related Party Transaction [Line Items]
Servicing fees percentage				1.25%
Beneficial interests in securitization trusts
Related Party Transaction [Line Items]
Available-for-sale Securities, Equity Securities				$ 21,800
Senior Notes [Member]
Related Party Transaction [Line Items]
Available-for-sale Securities, Debt Securities				144,100
Subordinated Debt [Member]
Related Party Transaction [Line Items]
Available-for-sale Securities, Debt Securities				$ 9,400
Incentive fees
Related Party Transaction [Line Items]
Dividends Payable, Amount Per Share | $ / shares					$ 0.32

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)	Jul. 24, 2017	Aug. 17, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees			$ 6,000,000
Share Based Compensation Arrangement By Share Based Payment Award Annual Retaining Amount			75,000
Amount of expense recognized			$ 2,813,000	$ 2,485,000	$ 1,168,000
Number of shares (in shares)			210,033	160,360	77,605
Annual retainer amount			$ 75,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted			233,834	198,000	163,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			48,500	39,000	155,000
Restricted stock | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	39,000	153,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Number of restricted stock awards issued to independent directors (in shares)	39,000	153,000
Vesting period			3 years
Restricted stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			3,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Vesting period			1 year
Private Placement | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross			52,556
Number of restricted stock awards issued to independent directors (in shares)			52,556
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]
Stock Issued During Period, Shares, Restricted Stock Award, Gross			2,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
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			$ 2,813,000	$ 2,335,000	$ 1,068,000
Number of shares (in shares)			200,405	150,652	70,957
Incentive fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of expense recognized			$ 100,000
Common Stock | Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)			198,856
Common Stock | Incentive fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of expense recognized			$ 24,000
Number of shares (in shares)			1,549

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	210,033	160,360	77,605
Amount of expense recognized	$ 2,813	$ 2,485	$ 1,168
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	200,405	150,652	70,957
Amount of expense recognized	$ 2,813	$ 2,335	$ 1,068
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	9,628	9,708	6,648
Amount of expense recognized	$ 0	$ 150	$ 100

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Schedule of Restricted Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual terms	2 months 24 days		5 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	163,000
Total expected cost of grant	$ 3,178	$ 2,715	$ 2,199
Shares granted during the year (in shares)	48,500	39,000	155,000
Grant expense recognized for the year	$ 1,026	$ 765	$ 294
Shares, nonvested (in shares)	116,389	138,333	155,000
Per share grant fair value (in dollars per share)	$ 13.62	$ 13.83	$ 13.50
Shares, fully vested (in shares)	117,445	59,667	8,000
Per share grant date fair value (in dollars per share)	$ 13.55	$ 13.69	$ 13.79
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	10,000
Total expected cost of grant	$ 162	$ 146	$ 146
Shares granted during the year (in shares)	12,000	0	2,000
Grant expense recognized for the year	$ 148	$ 14	$ 16
Shares, nonvested (in shares)	6,000	0	2,000
Per share grant fair value (in dollars per share)	$ 13.48	$ 0	$ 13.79
Shares, fully vested (in shares)	6,000	10,000	8,000
Per share grant date fair value (in dollars per share)	$ 13.48	$ 14.61	$ 13.79
Vesting period	1 year	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	153,000
Total expected cost of grant	$ 1,976	$ 2,027	$ 2,053
Shares granted during the year (in shares)	0	0	153,000
Grant expense recognized for the year	$ 629	$ 675	$ 278
Shares, nonvested (in shares)	47,889	99,333	153,000
Per share grant fair value (in dollars per share)	$ 13.50	$ 13.50	$ 13.50
Shares, fully vested (in shares)	98,445	49,667	0
Per share grant date fair value (in dollars per share)	$ 13.50	$ 13.50	$ 0
Vesting period	3 years	3 years	3 years
Weighted average remaining contractual terms	6 months 24 days	1 year 6 months 24 days	2 years 7 months 18 days
Restricted stock | Employee And Service Provider Grants Second Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	39,000	39,000
Total expected cost of grant	$ 544	$ 542
Shares granted during the year (in shares)	0	39,000
Grant expense recognized for the year	$ 180	$ 76
Shares, nonvested (in shares)	26,000	39,000
Per share grant fair value (in dollars per share)	$ 13.95	$ 13.95
Shares, fully vested (in shares)	13,000	0
Per share grant date fair value (in dollars per share)	$ 13.95	$ 0
Vesting period	3 years
Weighted average remaining contractual terms	1 year 6 months 24 days	2 years 6 months 24 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
Grant expense recognized for the year	$ 69
Shares, nonvested (in shares)	36,500
Per share grant fair value (in dollars per share)	$ 13.58
Shares, fully vested (in shares)	0
Per share grant date fair value (in dollars per share)	$ 0
Vesting period	3 years
Weighted average remaining contractual terms	2 years 6 months 24 days

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	12 Months Ended
	Dec. 31, 2018USD ($)year	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Distribution percentage of REIT taxable income (at least)	90.00%
Number of taxable years | year	4
Taxable income	$ 24,100,000	$ 18,000,000	$ 15,900,000
Provision for income taxes	64,000	$ 131,000	$ 35,000
Deferred Income Tax Assets, Net	0
Income Tax Examination, Penalties and Interest Accrued	$ 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								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic EPS
Consolidated net income attributable to common stockholders									$ 28,340	$ 28,927	$ 27,836
Allocation of earnings to participating restricted shares									(307)	(321)	(140)
Consolidated net income attributable to unrestricted common stockholders	$ 6,596	$ 6,558	$ 7,521	$ 7,665	$ 6,184	$ 7,470	$ 6,864	$ 8,409	28,033	28,606	27,696
Effect of dilutive securities
Operating Partnership units										998	1,038
Restricted stock grants and Manager and director fee shares										321	140
Interest expense (add back) and assumed conversion of shares from convertible senior notes									8,786	5,289
Diluted EPS
Consolidated income attributable to common stockholders and dilutive securities									$ 36,819	$ 35,214	$ 28,874
Basic EPS
Weighted Average Number of Shares Issued, Basic									18,642,526	18,074,143	16,742,882
Allocation of earnings to participating restricted shares (in shares)									0	0	0
Weighted Average Number of Shares Outstanding, Basic									18,642,526	18,074,143	16,742,882
Effect of dilutive securities
Operating Partnership units (in shares)									624,106	624,106	624,106
Restricted stock grants and Manager and director fee shares (in shares)										203,083	84,919
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)									7,188,020	4,417,189
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)									25,830,546	23,318,521	17,451,907
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.41	$ 0.40	$ 0.35	$ 0.35	$ 0.34	$ 0.41	$ 0.38	$ 0.46	$ 1.50	$ 1.58	$ 1.65
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.34	$ 0.34	$ 0.37	$ 0.38	$ 0.33	$ 0.38	$ 0.36	$ 0.46	$ 1.43	$ 1.51	$ 1.65

Equity - Narrative (Details)

Equity - Narrative (Details)	12 Months Ended
	Dec. 31, 2018USD ($)transaction$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015shares
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	18,909,874	18,588,228
Common stock par value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	125,000,000	125,000,000
Preferred stock shares outstanding (in shares)	0	0
Preferred stock shares authorized (in shares)	25,000,000	25,000,000
Treasury Stock, Shares, Acquired	20,277	0
Sale of common stock pursuant to dividend reinvestment plan | $	$ 199,000	$ 174,000	$ 50,000
Common stock shares issued (in shares)	18,909,874	18,588,228
Number of transactions | transaction	5
Operating partnership units (in shares)	624,106	624,106	624,106
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 50,000,000
Proceeds from issuance of common stock | $		$ 4,100,000
Common stock shares issued (in shares)	0	286,841
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	18,909,874	18,588,228	18,122,387	15,301,946
Issuance of shares under dividend reinvestment (in shares)	14,953	12,710	3,835
Sale of common stock pursuant to dividend reinvestment plan | $	$ 200,000	$ 200,000
Banfield
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	90.00%
Percentage of Interests Sold to Third Parties	10.00%
AS Ajax E II LLC
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners	46.90%
Percentage of ownership interests in joint venture	53.10%
Ownership percentage	5.00%
Securitization Trust, 2017-D
Class of Stock [Line Items]
Percentage of Interests in Trust Certificates Sold to Third Parties	50.00%
Noncontrolling Interest, Ownership Percentage by Parent	50.00%

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Tax	$ 0	$ 0	$ 0
Other comprehensive loss	(342)	(233)
Accumulated other comprehensive income/(loss)	(575)	(233)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss	(342)	(233)
Accumulated other comprehensive income/(loss)	(575)	(233)	0
Investment in debt securities | Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	506	9	0
Unrealized losses	$ (1,081)	$ (242)	$ 0

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Total income	$ 13,894	$ 14,750	$ 14,777	$ 14,743	$ 13,797	$ 14,226	$ 13,105	$ 13,667	$ 58,164	$ 54,795	$ 46,697
Income before provision for income tax	7,269	7,579	8,215	8,338	6,673	7,763	7,150	8,699	31,401	30,285	28,909
Net income attributable to common stockholders	$ 6,596	$ 6,558	$ 7,521	$ 7,665	$ 6,184	$ 7,470	$ 6,864	$ 8,409	$ 28,033	$ 28,606	$ 27,696
Basic earnings per common share (in dollars per share)	$ 0.41	$ 0.40	$ 0.35	$ 0.35	$ 0.34	$ 0.41	$ 0.38	$ 0.46	$ 1.50	$ 1.58	$ 1.65
Diluted earnings per common share (in dollars per share)	$ 0.34	$ 0.34	$ 0.37	$ 0.38	$ 0.33	$ 0.38	$ 0.36	$ 0.46	$ 1.43	$ 1.51	$ 1.65

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	Mar. 06, 2019shares	Feb. 08, 2019USD ($)	Jan. 25, 2019USD ($)	Mar. 05, 2019USD ($)loantransactionseller	Mar. 31, 2019Director	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)propertyloanshares	Dec. 31, 2017USD ($)propertyloanshares	Dec. 31, 2016USD ($)shares	Feb. 25, 2019$ / shares
Subsequent Event [Line Items]
Number of real estate properties purchased | property							1	1
Unpaid principal balance							$ 1,481,719,000	$ 1,465,223,000
Available-for-sale Securities, Debt Securities							146,811,000
Proceeds on sale of securities							$ 8,073,000	0	$ 0
SBC
Subsequent Event [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate								$ 8,800,000
Subsequent events
Subsequent Event [Line Items]
Prefunding Amount Distributed			$ 8,300,000
Description Of Incentive Management Fee Payable			8.00%
Available-for-sale Securities, Debt Securities		$ 39,600,000
Proceeds on sale of securities		$ 39,600,000
Subsequent events | Beneficial interests in securitization trusts
Subsequent Event [Line Items]
Prefunding Amount Distributed			$ 41,600,000
Subsequent events | Board of Directors Chairman [Member]
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares										$ 0.32
Common Stock
Subsequent Event [Line Items]
Stock issued in lieu of management fee (in shares) | shares							196,503	122,350	65,515
Common Stock | Subsequent events
Subsequent Event [Line Items]
Number of independent directors | Director					4
Number of shares issued in payment of half of their quarterly director fees (in shares) | shares	606
Common Stock | Subsequent events | Thetis
Subsequent Event [Line Items]
Stock issued in lieu of management fee (in shares) | shares	51,007
Four Sellers | Subsequent events
Subsequent Event [Line Items]
Number Of Transaction | transaction				4
Seven Sellers | Subsequent events
Subsequent Event [Line Items]
Number Of Transaction | transaction				7
Seven Sellers | Subsequent events | Re-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				1,560
Seven Sellers | Subsequent events | Non-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				417
Residential RPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan							810	2,562
Aggregate unpaid principal balance of mortgage loans on real estate							$ 175,500,000	$ 526,500,000
Residential RPLs | Four Sellers | Subsequent events
Subsequent Event [Line Items]
Estimated Market Value Of Underlying Collaterals				$ 12,200,000
Percentage Of Estimated Market Value Of Underlying Collateral				59.10%
Aggregate unpaid principal balance of mortgage loans on real estate				$ 8,500,000
Percentage Of Unpaid Principal Balance Of Loan Acquired				84.80%
Residential RPLs | Four Sellers | Subsequent events | Re-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				38
Residential RPLs | Four Sellers | SBC | Subsequent events
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				2
Estimated Market Value Of Underlying Collaterals				$ 2,400,000
Percentage Of Estimated Market Value Of Underlying Collateral				66.50%
Aggregate unpaid principal balance of mortgage loans on real estate				$ 1,600,000
Percentage Of Unpaid Principal Balance Of Loan Acquired				98.70%
Residential RPLs | Seven Sellers | Subsequent events
Subsequent Event [Line Items]
Estimated Market Value Of Underlying Collaterals				$ 505,500,000
Percentage Of Estimated Market Value Of Underlying Collateral				55.40%
Aggregate unpaid principal balance of mortgage loans on real estate				$ 299,300,000
Percentage Of Unpaid Principal Balance Of Loan Acquired				93.60%
Residential RPLs | Seven Sellers | SBC | Subsequent events
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				14
Estimated Market Value Of Underlying Collaterals				$ 12,900,000
Percentage Of Estimated Market Value Of Underlying Collateral				54.50%
Aggregate unpaid principal balance of mortgage loans on real estate				$ 6,900,000
Percentage Of Unpaid Principal Balance Of Loan Acquired				102.20%
Residential RPLs | Third Party Institutional Investor | Subsequent events
Subsequent Event [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate				$ 52,200,000
Residential RPLs | Third Party Institutional Investor | SBC | Subsequent events
Subsequent Event [Line Items]
Estimated Market Value Of Underlying Collaterals				$ 86,700,000
Non-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan							36
Aggregate unpaid principal balance of mortgage loans on real estate							$ 6,000,000
Non-performing loans | Seven Sellers | Subsequent events
Subsequent Event [Line Items]
Percentage Of Estimated Market Value Of Underlying Collateral				49.90%
Aggregate unpaid principal balance of mortgage loans on real estate				$ 147,900,000
Percentage Of Unpaid Principal Balance Of Loan Acquired				96.20%
Non-performing loans | Seven Sellers | SBC | Subsequent events
Subsequent Event [Line Items]
Estimated Market Value Of Underlying Collaterals				$ 285,100,000
Non-performing loans | Third Party Institutional Investor | Subsequent events
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				271
Percentage Of Estimated Market Value Of Underlying Collateral				60.20%
Percentage Of Unpaid Principal Balance Of Loan Acquired				86.90%
Commercial building | Subsequent events
Subsequent Event [Line Items]
Estimated Market Value Of Underlying Collaterals				$ 5,700,000
Number Of Sellers | seller				3
Number of real estate properties purchased | seller				3
Business Combination, Consideration Transferred				$ 5,600,000
2017-D | Subsequent events
Subsequent Event [Line Items]
Basis spread on variable rate			300.00%
Unpaid principal balance			$ 177,200,000
Restricted Stock [Member] | Director Equity Plan 2014 [Member]
Subsequent Event [Line Items]
Annual Retainer Received In Shares And Cash Amount							$ 75,000
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Annual retainer, shares						40.00%
Annual retainer, cash						60.00%
Scenario, Forecast [Member] | Restricted Stock [Member] | Director Equity Plan 2014 [Member]
Subsequent Event [Line Items]
Annual Retainer Received In Shares And Cash Amount						$ 100,000

Schedule IV Mortgage loans on_2

Schedule IV Mortgage loans on real estate - Schedule of Mortgage Loans (Details)		12 Months Ended
		Dec. 31, 2018USD ($)loan		Dec. 31, 2017USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		7,111		6,901
Carrying value	[2]	$ 1,310,873,000	[1]	$ 1,253,541,000
Principal amount subject to delinquent principal and interest		633,167,000
Amount of balloon payments at maturity		157,127,000
Aggregate cost for federal income tax purposes		1,244,800,000
Maximum
Mortgage Loans on Real Estate [Line Items]
Principal amount subject to delinquent principal and interest		$ 5,000,000
$0 – 49,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		649
Carrying value		$ 18,602,000
Principal amount subject to delinquent principal and interest		9,637,000
Amount of balloon payments at maturity		$ 1,922,000
$0 – 49,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0.00%
$0 – 49,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		13.50%
$50,000 – 99,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		1,351
Carrying value		$ 94,632,000
Principal amount subject to delinquent principal and interest		47,890,000
Amount of balloon payments at maturity		$ 6,303,000
$50,000 – 99,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0.00%
$50,000 – 99,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		15.00%
$100,000 – 149,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		1,449
Carrying value		$ 162,919,000
Principal amount subject to delinquent principal and interest		81,551,000
Amount of balloon payments at maturity		$ 10,950,000
$100,000 – 149,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0.00%
$100,000 – 149,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		17.00%
$150,000 – 199,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		1,011
Carrying value		$ 156,271,000
Principal amount subject to delinquent principal and interest		78,123,000
Amount of balloon payments at maturity		$ 10,930,000
$150,000 – 199,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		2.00%
$150,000 – 199,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		13.00%
$200,000 – 249,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		698
Carrying value		$ 137,084,000
Principal amount subject to delinquent principal and interest		75,812,000
Amount of balloon payments at maturity		$ 12,529,000
$200,000 – 249,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		1.99%
$200,000 – 249,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		10.93%
$ 250,000
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		1,953
Carrying value		$ 741,365,000
Principal amount subject to delinquent principal and interest		340,154,000
Amount of balloon payments at maturity		$ 114,493,000
$250,000 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0.00%
$250,000 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		12.00%
[1]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.
[2]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 2018 and December 31, 2017, respectively.

Schedule IV Mortgage loans on_3

Schedule IV Mortgage loans on real estate - Schedule of Mortgage Loan Activity (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	[1]	$ 1,253,541
Mortgage loan portfolio acquisitions, net cost basis		165,021
Mortgage loan portfolio commercial originations		6,290
Draws on SBC loans		267
Accretion recognized		103,740
Payments received, net		(201,567)
Reclassifications to REO		(15,072)
Interim payoffs		(530)
Allowance for loan losses		(1,164)	$ 0	$ 0	$ 0
Ending balance	[1],[2]	1,310,873
Non-Cash Loan Charges		$ 347
[1]	Mortgage loans, net include $900.2 million and $996.2 million of loans at December 31, 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 9 — Debt. Mortgage loans, net include $1.2 million and $0 of allowance for loan losses at December 31, 2018 and December 31, 2017, respectively.
[2]	At December 31, 2018, balances for Mortgage loans, net include​s $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned VIEs, 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 the 50.0% owned joint venture, all of which the Company consolidates under U.S. GAAP.