Rithm Property Trust (RPT) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 04, 2019
Entity Information [Line Items]
Entity Registrant Name	GREAT AJAX CORP.
Document Period End Date	Sep. 30, 2019
Entity Central Index Key	0001614806
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Address, Address Line One	9400 SW Beaverton-Hillsdale Hwy
Entity Address, Address Line Two	Suite 131
Entity Address, City or Town	Beaverton
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97005
Entity File Number	001-36844
Entity Tax Identification Number	471271842
City Area Code	503
Local Phone Number	505-5670
Entity Incorporation, State or Country Code	Maryland
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		20,347,176
Document Quarterly Report	true
AJXA
Entity Information [Line Items]
Trading Symbol	AJXA
Security Exchange Name	New York Stock Exchange
Title of 12(b) Security	7.25% Convertible Senior Notes due 2024
Common Stock
Entity Information [Line Items]
Trading Symbol	AJX
Security Exchange Name	New York Stock Exchange
Title of 12(b) Security	Common stock, par value $0.01 per share

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 57,905	$ 55,146
Cash held in trust		21	24
Mortgage loans, net	[1],[2]	1,164,914	1,310,873
Property held-for-sale, net	[3]	16,541	19,402
Rental property, net		38,292	17,635
Investments at fair value		190,768	146,811
Investments in beneficial interests		45,699	22,086
Receivable from servicer		17,406	14,587
Investments in affiliates		9,097	8,653
Prepaid expenses and other assets		13,043	7,654
Total assets		1,553,686	1,602,871
Liabilities:
Secured borrowings, net	[1],[2],[4]	631,228	610,199
Borrowings under repurchase transactions		438,388	534,089
Convertible senior notes, net	[4]	118,464	117,525
Management fee payable		1,215	881
Accrued expenses and other liabilities		6,427	5,898
Total liabilities		1,195,722	1,268,592
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 $0.01 par value; 125,000,000 shares authorized, 20,347,509 shares at September 30, 2019 and 18,909,874 shares at December 31, 2018 issued and outstanding		204	189
Additional paid-in capital		283,069	260,427
Treasury stock		(397)	(270)
Retained earnings		49,649	41,063
Accumulated other comprehensive gain/(loss)		1,544	(575)
Equity attributable to stockholders		334,069	300,834
Non-controlling interests	[5]	23,895	33,445
Total equity		357,964	334,279
Total liabilities and equity		$ 1,553,686	$ 1,602,871
[1]	As of September 30, 2019, balances for Mortgage loans, net includes $350.7 million and Secured borrowings, net of deferred costs includes $295.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $912.7 million and $897.8 million of loans at September 30, 2019 and December 31, 2018, 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 $1.4 million and $1.2 million of allowance for loan losses at September 30, 2019 and December 31, 2018, respectively.
[3]	Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2019 and December 31, 2018, respectively.
[4]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[5]	Non-controlling interests includes $21.9 million at September 30, 2019, from 50% and 63% owned joint ventures. Non-controlling interests includes $20.4 million at December 31, 2018, from a 50% and 63% owned joint ventures, which the Company consolidates under U.S. GAAP.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
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)		20,347,509	18,909,874
Common stock shares outstanding (in shares)		20,347,509	18,909,874
Mortgage loans		$ 912,700	$ 897,800
Property held-for-sale, valuation allowances		2,000	1,800
Secured borrowings, net	[1],[2],[3]	631,228	610,199
Noncontrolling interest	[4]	23,895	33,445
Financing Receivable, Allowance for Credit Loss		1,406	1,164
Consolidated Entities
Mortgage loans		350,700	377,000
Secured borrowings, net		295,000	231,900
Noncontrolling interest		$ 21,900	$ 20,400
2018-C
Noncontrolling Interest, Ownership Percentage by Parent		63.00%
2017-D
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
[1]	As of September 30, 2019, balances for Mortgage loans, net includes $350.7 million and Secured borrowings, net of deferred costs includes $295.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $912.7 million and $897.8 million of loans at September 30, 2019 and December 31, 2018, 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 $1.4 million and $1.2 million of allowance for loan losses at September 30, 2019 and December 31, 2018, respectively.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[4]	Non-controlling interests includes $21.9 million at September 30, 2019, from 50% and 63% owned joint ventures. Non-controlling interests includes $20.4 million at December 31, 2018, from a 50% and 63% owned joint ventures, which the Company consolidates under U.S. GAAP.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
INCOME
Interest income	$ 27,723	$ 27,416	$ 85,303	$ 79,697
Interest expense	(14,317)	(12,997)	(45,441)	(38,290)
Net interest income	13,406	14,419	39,862	41,407
Provision for loan losses	(3)	(365)	(242)	(365)
Net interest income after provision for loan losses	13,403	14,054	39,620	41,042
Income from investments in affiliates	583	239	1,301	628
Gain on sale of mortgage loans	109	0	7,123	0
Other income	1,221	457	3,159	2,600
Total income	15,316	14,750	51,203	44,270
EXPENSE
Related party expense – loan servicing fees	2,197	2,457	6,977	7,598
Related party expense – management fee	2,215	1,456	5,555	4,428
Loan transaction expense	52	(25)	312	365
Professional fees	446	482	1,942	1,597
Real estate operating expenses	1,216	1,001	2,889	2,394
Other expense	940	964	3,240	2,920
Total expense	7,066	6,335	20,915	19,302
Loss on debt extinguishment	0	836	182	836
Income before provision for income taxes	8,250	7,579	30,106	24,132
Provision for income taxes	27	84	136	102
Consolidated net income	8,223	7,495	29,970	24,030
Less: consolidated net income attributable to the non-controlling interest	(532)	(937)	(1,922)	(2,286)
Consolidated net income attributable to common stockholders	$ 7,691	$ 6,558	$ 28,048	$ 21,744
Basic earnings per common share (in dollars per share)	$ 0.39	$ 0.35	$ 1.44	$ 1.16
Diluted earnings per common share (in dollars per share)	$ 0.36	$ 0.34	$ 1.29	$ 1.09
Weighted average shares - basic (in shares)	19,751,142	18,691,393	19,247,706	18,599,088
Weighted average shares - diluted (in shares)	28,200,653	26,592,806	27,987,798	26,488,984

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 7,691	$ 6,558	$ 28,048	$ 21,744
Other comprehensive income/(loss):
Net unrealized gain on investments, net of non-controlling interest	1,012	193	2,119	30
Income tax expense related to items of other comprehensive income	0	0	0	0
Comprehensive income	$ 8,703	$ 6,751	$ 30,167	$ 21,774

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 29,970	$ 24,030
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	3,344	2,969
Non-cash interest income accretion	(30,274)	(32,643)
Discount accretion and interest income on investment in debt securities	(4,656)	(127)
Discount accretion and interest income on investment in beneficial interests	4,222	128
Gain on sale of mortgage loans	(7,123)	0
Gain on sale of property held-for-sale	(401)	(264)
Gain on sale of securities	(8)	0
Depreciation of property	367	94
Impairment of real estate owned	1,691	2,049
Provision for loan losses	242	365
Amortization of debt discount and prepaid financing costs	4,010	5,068
Undistributed income from investment in affiliates	(1,301)	(628)
Net change in operating assets and liabilities
Prepaid expenses and other assets	(1,066)	(7,245)
Receivable from servicer	(2,596)	3,683
Accrued expenses, management fee payable, and other liabilities	(862)	(177)
Net cash from operating activities	(11,161)	(2,600)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loan pools and related balances	(98,315)	(97,738)
Acquisition of commercial loans	(18,449)	(5,100)
Principal paydowns on mortgage loans	104,012	105,254
Principal paydowns on debt securities held as investments	31,348	4,656
Proceeds from sale of mortgage loans	186,071	0
Draws on small balance commercial loans	(735)	0
Loans purchase deposit refund	0	(50)
Purchase of securities	(127,552)	(49,837)
Proceeds from sale of securities	39,635	0
Purchase of rental property	(22,275)	(5,896)
Proceeds from sale of property held-for-sale	13,323	12,943
Recovery costs of property held-for-sale	156	0
Renovations of rental property	0	(264)
Investment in Great Ajax FS LLC, including warrants	0	(1,750)
Distribution from affiliates	731	647
Net cash from investing activities	107,950	(37,135)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	198,172	182,128
Repayments on repurchase transactions	(298,935)	(38,052)
Proceeds from sale of secured borrowings	156,670	167,910
Repayments on secured borrowings	(135,653)	(232,432)
Deferred financing costs	(2,666)	(2,215)
Sale of common stock, net of offering costs	8,291	0
Sale of common stock pursuant to dividend reinvestment plan	206	140
Distribution to non-controlling interests	(715)	(3,107)
Issuance of non-controlling interest in subsidiaries	59	6,778
Dividends paid on common stock	(19,462)	(16,892)
Net cash from financing activities	(94,033)	64,258
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	2,756	24,523
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	55,170	80,762
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	57,926	105,285
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	41,346	36,909
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Net transfer of loans to rental property or property held-for-sale	10,675	10,974
Issuance of common stock for management fee and compensation expense	3,344	2,969
Issuance of stock for investment in Great Ajax FS LLC	0	1,011
Non-cash adjustments to basis in mortgage loans	(26)	214
Unrealized gain on available for sale securities, net of non-controlling interest and tax	2,119	30
Treasury stock received through distributions from investment in Manager	127	232
Cumulative effect of accounting change recognized in equity	0	110
Total cash and cash equivalents and restricted cash shown on the consolidated Statements of Cash Flows	$ 55,170	$ 80,762

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, 2017			18,588,228
Beginning balance at Dec. 31, 2017	$ 317,438	$ 290,356	$ 186	$ 0	$ 254,847	$ 35,556	$ (233)	$ 27,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		7,665				7,665
Consolidated net income	8,322							657
Issuance of shares for Great Ajax FS LLC (in shares)			45,938
Issuance of shares to Great Ajax FS LLC	629	629	$ 1		628
Issuance of shares under dividend reinvestment plan (in shares)			3,838
Issuance of shares under dividend reinvestment plan	52	52			52
Stock-based management fee expense (in shares)			48,654
Stock-based management fee expense	763	763	$ 0		763
Stock-based compensation expense (in shares)			(238)
Stock-based compensation expense	222	222			222
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	7,673	5,606				5,606		2,067
Dividends declared and distributions	(7,673)	(5,606)				(5,606)		(2,067)
Other comprehensive Income/(loss)	(110)	(110)					(110)
Ending balance (in shares) at Mar. 31, 2018			18,686,420
Ending balance at Mar. 31, 2018	319,643	293,971	$ 187	0	256,512	37,615	(343)	25,672
Beginning balance (in shares) at Dec. 31, 2017			18,588,228
Beginning balance at Dec. 31, 2017	317,438	290,356	$ 186	0	254,847	35,556	(233)	27,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,744
Consolidated net income	24,030
Issuance of shares under dividend reinvestment plan (in shares)			10,381
Treasury stock	(232)
Ending balance (in shares) at Sep. 30, 2018			18,856,601
Ending balance at Sep. 30, 2018	332,165	299,126	$ 189	(232)	258,854	40,518	(203)	33,039
Beginning balance (in shares) at Mar. 31, 2018			18,686,420
Beginning balance at Mar. 31, 2018	319,643	293,971	$ 187	0	256,512	37,615	(343)	25,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		7,521				7,521
Consolidated net income	8,213							692
Issuance of shares for Great Ajax FS LLC (in shares)			29,063
Issuance of shares to Great Ajax FS LLC	382	382	$ 0		382
Issuance of shares under dividend reinvestment plan (in shares)			2,483
Issuance of shares under dividend reinvestment plan	33	33			33
Stock-based management fee expense (in shares)			49,156
Stock-based management fee expense	667	667	$ 1		666
Stock-based compensation expense (in shares)			14,416
Stock-based compensation expense	353	353			353
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	6,411	5,626				5,626		785
Dividends declared and distributions	(6,411)	(5,626)				(5,626)		(785)
Other comprehensive Income/(loss)	$ (53)	(53)					(53)
Cumulative effect of accounting change					(110)	110
Treasury stock (in shares)	(11,467)
Treasury stock	$ (151)	(151)		(151)
Ending balance (in shares) at Jun. 30, 2018			18,770,071
Ending balance at Jun. 30, 2018	$ 322,676	297,097	$ 188	(151)	257,836	39,620	(396)	25,579
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends payable, amount per share (in dollars per share)	$ 0.30
Net income	$ 6,558	6,558				6,558
Consolidated net income	7,495							937
Issuance of non-controlling interest in subsidiaries	6,778							(6,778)
Issuance of shares under dividend reinvestment plan (in shares)			4,060
Issuance of shares under dividend reinvestment plan	55	55			55
Stock-based management fee expense (in shares)			49,464
Stock-based management fee expense	670	670	$ 1		669
Stock-based compensation expense (in shares)			38,904
Stock-based compensation expense	294	294			294
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	5,915	5,660				5,660		255
Dividends declared and distributions	(5,915)	(5,660)				(5,660)		(255)
Other comprehensive Income/(loss)	$ 193	193					193
Treasury stock (in shares)	(5,898)
Treasury stock	$ (81)	(81)		(81)
Ending balance (in shares) at Sep. 30, 2018			18,856,601
Ending balance at Sep. 30, 2018	$ 332,165	299,126	$ 189	(232)	258,854	40,518	(203)	33,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends payable, amount per share (in dollars per share)	$ 0.30
Beginning balance (in shares) at Dec. 31, 2018	18,909,874		18,909,874
Beginning balance at Dec. 31, 2018	$ 334,279	300,834	$ 189	(270)	260,427	41,063	(575)	33,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		7,330				7,330
Consolidated net income	8,121							791
Issuance of shares under dividend reinvestment plan (in shares)			5,321
Issuance of shares under dividend reinvestment plan	72	72			72
Stock-based management fee expense (in shares)			52,556
Stock-based management fee expense	728	728	$ 1		727
Stock-based compensation expense (in shares)			2,424
Stock-based compensation expense	301	301			301
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	7,183	7,021				7,021		162
Dividends declared and distributions	(7,183)	(7,021)				(7,021)		(162)
Other comprehensive Income/(loss)	$ 397	397					397
Treasury stock (in shares)	(2,952)
Treasury stock	$ (40)	(40)		(40)
Ending balance (in shares) at Mar. 31, 2019			18,967,223
Ending balance at Mar. 31, 2019	$ 336,675	302,601	$ 190	(310)	261,527	41,372	(178)	34,074
Beginning balance (in shares) at Dec. 31, 2018	18,909,874		18,909,874
Beginning balance at Dec. 31, 2018	$ 334,279	300,834	$ 189	(270)	260,427	41,063	(575)	33,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,048
Consolidated net income	29,970
Issuance of shares under dividend reinvestment plan (in shares)			15,204
Treasury stock	$ (127)
Ending balance (in shares) at Sep. 30, 2019	20,347,509		20,347,509
Ending balance at Sep. 30, 2019	$ 357,964	334,069	$ 204	(397)	283,069	49,649	1,544	23,895
Beginning balance (in shares) at Mar. 31, 2019			18,967,223
Beginning balance at Mar. 31, 2019	336,675	302,601	$ 190	(310)	261,527	41,372	(178)	34,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		13,027				13,027
Consolidated net income	13,626							599
Conversion of OP Units (in shares)			624,106
Conversion of OP Units	0	10,771	$ 6		10,765			10,771
Issuance of shares under dividend reinvestment plan (in shares)			5,056
Issuance of shares under dividend reinvestment plan	64	64			64
Stock-based management fee expense (in shares)			62,301
Stock-based management fee expense	824	824	$ 1		823
Stock-based compensation expense (in shares)			(1,403)
Stock-based compensation expense	259	259			259
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	6,530	6,098				6,098		432
Dividends declared and distributions	(6,530)	(6,098)				(6,098)		(432)
Other comprehensive Income/(loss)	710	710					710
Treasury stock (in shares)			(2,953)
Treasury stock	(42)	(42)		(42)
Ending balance (in shares) at Jun. 30, 2019			19,654,330
Ending balance at Jun. 30, 2019	$ 345,586	322,116	$ 197	(352)	273,438	48,301	532	23,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends payable, amount per share (in dollars per share)	$ 0.32
Net income	$ 7,691	7,691
Consolidated net income	8,223							532
Issuance of non-controlling interest in subsidiaries	59							(59)
Sale of shares (in shares)			551,223
Sale of shares	8,291	8,291	$ 6		8,285	0		0
Conversion of OP Units (in shares)			0
Conversion of OP Units	0	45	$ 0		45			45
Issuance of shares under dividend reinvestment plan (in shares)			4,827
Issuance of shares under dividend reinvestment plan	70	70			70
Stock-based management fee expense (in shares)			58,398
Stock-based management fee expense	985	985	$ 0		985
Stock-based compensation expense (in shares)			81,836
Stock-based compensation expense	247	247	$ 1		246
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	6,464	6,343				6,343		121
Dividends declared and distributions	(6,464)	(6,343)				(6,343)		(121)
Other comprehensive Income/(loss)	1,012	1,012					1,012
Treasury stock (in shares)			(3,105)
Treasury stock	$ (45)	(45)		(45)
Ending balance (in shares) at Sep. 30, 2019	20,347,509		20,347,509
Ending balance at Sep. 30, 2019	$ 357,964	$ 334,069	$ 204	$ (397)	$ 283,069	$ 49,649	$ 1,544	$ 23,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends payable, amount per share (in dollars per share)	$ 0.32

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2019
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”) which are residential mortgage loans on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount, to cover at least five payments has been paid in the last seven months. The Company also acquires and originates small balance commercial loans (“SBC loans”). The SBC loans that the Company targets, through acquisitions 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. The Company also originates SBC loans that it believes will provide an appropriate risk-adjusted total return. Additionally, the Company invests in single-family and smaller commercial properties directly either through a foreclosure event of a loan in its mortgage portfolio or through a direct acquisition. The Company also targets 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 the Servicer") which owns substantially all of the interest in Gregory Funding LLC ("Gregory" or the "Servicer"), the Company's loan and real property servicer that is 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. The Company’s Operating Partnership, through interests in certain entities, holds 100% of Great Ajax II REIT Inc. which holds an interest in Great Ajax II Depositor LLC which was 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 has securitized mortgage loans through a securitization trust and retained subordinated securities from the secured borrowings. This trust is considered to be a VIE, and the Company has determined that it is the primary beneficiary of this VIE. 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 Real Estate Corp., to hold investments in commercial real estate assets. The Company also formed BFLD Holdings LLC ("BFLD"), Gaea Commercial Properties LLC, Gaea Commercial Finance LLC and Gaea RE LLC. In 2019, the Company formed DG Brooklyn Holdings, LLC ("DG Brooklyn Holdings") to hold investments in multi-family properties. All entities are wholly-owned subsidiaries with the exception of BFLD and DG Brooklyn Holdings of which 10.0% and 5.0%, respectively, are owned by third-party investors. Basis of Presentation and Use of Estimates The consolidated interim financial statements should be read in conjunction with the Company's consolidated Financial Statements and the notes thereto for the period ended December 31, 2018, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 6, 2019. Interim financial statements are unaudited and prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2019. The consolidated interim financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to interim financial statements. The Company consolidates the results and balances of 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 that hold 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, which holds commercial properties, is 90.0% owned by the Company. DG Brooklyn Holdings, which holds multi-family properties, is 95.0% owned by the Company. The Company recognizes non-controlling interests in its consolidated financial statements for the amounts of the investments and income due to the third-party investors for its consolidated subsidiaries. At inception, the Company’s Operating Partnership was a majority owned partnership that had a non-controlling ownership interest held by an unaffiliated third party included in non-controlling interests on the Company’s consolidated balance sheet. At 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 the unaffiliated holder. The OP units were exchangeable on a 1 for 1 basis with shares of the Company’s common stock. During the Company’s second quarter of 2019, all 624,106 OP units held by the unaffiliated holder were exchanged for shares of the Company’s common stock. As a result, at September 30, 2019, the Operating Partnership was 100% owned by the Company. 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	9 Months Ended
	Sep. 30, 2019
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 considers 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 it 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 in 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 The Company also acquires and originates small balance commercial loans that have not experienced a deterioration in credit quality. The Company recognizes any related loan discount and deferred expenses pursuant to ASC 310-20 by amortizing these amounts over the life of the loan. Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against Interest income. Income is subsequently recognized on the cash basis until, in management’s judgment, the borrower’s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status. An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral dependent. For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that 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. Investments at Fair Value The Company’s Investments at Fair Value as of September 30, 2019 and 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 investments in the notes using the effective interest method. Additionally, the notes are classified as available for sale and are carried at fair value with changes in fair value reflected in the Company's consolidated Statements of Comprehensive Income. 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 on its debt securities to be temporary. Any other-than-temporary losses are recognized in the period identified in the Company’s Consolidated Statements of Income. Investments in Beneficial Interests The Company’s Investments in Beneficial Interests as of September 30, 2019 and December 31, 2018 consist of investments in the trust certificates issued by joint ventures that 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 assesses each beneficial interest for impairment on a quarterly basis. Real Estate The Company acquires REO properties directly through purchases, or through conversion of mortgage loans such as 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 of the original mortgage loan 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, or fair value estimates from national real estate listing sites. 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 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, respectively, 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 1.6650 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $15.02 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 March 5, 2034. 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 Second Amended and Restated Management Agreement by and between the Company and the Manager dated as of March 5, 2019, 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 and annual incentive management fee based on its cash distributions to its stockholders and increases in the Company’s book value. 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. Servicing Fees The Company is also a party to Servicing Agreements (the "Servicing Agreements") with the Servicer. Under the Servicing Agreements by and between the Company and the Servicer, the Servicer receives an annual servicing fee ranging from 0.65% annually of the Unpaid Principal Balance (“UPB”) to 1.25% annually of UPB. The servicing fee is based upon the status of the loan at acquisition. Servicing fees are paid monthly. A change in status from RPL to NPL does not cause a change in the servicing fee rate. Servicing fees for the Company’s real property assets that were previously RPLs that are not held in joint ventures 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 servicing fee for NPLs not held in joint ventures that convert to real property assets does not change. 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 average of the closing prices of the Company's common stock on the New York Stock Exchange ("NYSE") on the five business days preceding the record date of the most recent regular quarterly dividend to holders of the common stock. 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 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 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 In June 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 has used the grant date fair value of the stock as the basis for measuring the costs of grants. 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 that 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 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, and for the comparable period in 2018, the calculation assumes an increase in shares outstanding for shares that would have been issued in the event that the OP Units had been redeemed at the beginning of the comparable 2018 reporting period. If any such adjustments were to have the effect of producing an increase in diluted EPS (anti-dilutive), such adjustment would be excluded. Similarly, 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 and beneficial interests are derived from estimates provided by banking institutions that are compared against available reference data from recent transactions and the Company's proprietary valuation model. Any other-than-temporary losses are recognized in the period identified in the Company’s Consolidated Statements of Income. The Company calculates the fair value for the secured borrowings on its consolidated balance sheets issued by consolidated 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 and estimates from national real estate listing sites or other market indicators of fair value, which are then reduced by anticipated selling costs. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income. Income Taxes The Company elected REIT status upon the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31, 2014 forward on the portion of the Company’s REIT taxable income that is distributed to the Company’s stockholders as long as certain asset, income and stock ownership test

Mortgage Loans

Mortgage Loans	9 Months Ended
	Sep. 30, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Loans	Mortgage Loans The following table presents information regarding the carrying value for the Company's RPL loan pools, NPL loan pools and SBC loans as of September 30, 2019 and December 31, 2018 ($ in thousands): Loan portfolio basis by asset type September 30, 2019 December 31, 2018 Residential RPL loan pools $ 1,100,224 $ 1,242,207 SBC loan pools 11,674 21,203 SBC loans non-pooled (1) 26,279 11,140 Residential NPL loan pools 26,737 36,323 Total $ 1,164,914 $ 1,310,873 (1) SBC loans not pooled are accounted for under ASC 310-20 versus ASC 310-30 for the Company's loan pools. Included on the Company’s consolidated balance sheets as of September 30, 2019 and December 31, 2018 are approximately $1.2 billion and $1.3 billion, respectively, of RPLs, NPLs, and SBCs. RPLs, NPLs and SBCs are categorized at acquisition. The carrying value of all loans reflects the original investment amount, plus accrual of interest income and discount, less principal and interest cash flows received. The carrying values at September 30, 2019 and December 31, 2018 for the Company's loans in the table above are presented net of a cumulative allowance for loan losses of $1.4 million and $1.2 million, respectively, reflected in the appropriate lines in the table. For the three and nine months ended September 30, 2019 the Company recognized $3 thousand and $0.2 million of provision for loan loss. For the three and nine months ended September 30, 2018, the Company recognized a $0.4 million provision for loan loss. For the three and nine month periods ended September 30, 2019, the Company accreted $23.2 million and $73.6 million, respectively, into interest income with respect to its RPL, NPL and SBC loan pools. For the three and nine month periods ended September 30, 2018, the Company accreted $25.6 million and $76.7 million, respectively, into interest income with respect to its RPL, NPL and SBC loan pools. The Company’s RPL loan acquisitions during the three and nine month periods ended September 30, 2019 consisted of five and 539 purchased RPLs, respectively, with UPB of $0.5 million and $115.6 million, respectively. Comparatively, during the three and nine months ended September 30, 2018, the Company acquired 271 and 422 RPLs, respectively, with UPB of $69.2 million and $104.5 million, respectively. No NPLs were acquired in either the three or nine month periods ended September 30, 2019. The Company acquired 11 NPLs with $1.7 million during the three and nine months ended September 30, 2018. The Company acquired 21 SBC loans, with no deterioration in credit quality that are not accounted for by pooling, with $18.4 million of UPB for the nine months ended September 30, 2019, with no SBC loan acquisitions during the three months ended September 30, 2019. The Company acquired six SBC loans, with no deterioration in credit quality that are not accounted for by pooling, with $4.8 million of UPB for the three and nine months ended September 30, 2018. The following table presents information regarding the accretable yield and non-accretable amount for purchased loan pools acquired during the following periods ($ in thousands): Three months ended September 30, 2019 Three months ended September 30, 2018 Re-performing Non-performing Re-performing Non-performing Contractually required principal and interest $ 917 $ — $ 80,971 $ 1,963 Non-accretable amount (352) — (5,352) (478) Expected cash flows to be collected 565 — 75,619 1,485 Accretable yield (149) — (11,750) (54) Fair value at acquisition $ 416 $ — $ 63,869 $ 1,431 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Re-performing Non-performing Re-performing Non-performing Contractually required principal and interest $ 195,075 $ — $ 138,860 $ 1,963 Non-accretable amount (66,600) — (23,629) (478) Expected cash flows to be collected 128,475 — 115,231 1,485 Accretable yield (30,160) — (19,483) (54) Fair value at acquisition $ 98,315 $ — $ 95,748 $ 1,431 The Company determines the accretable yield on new acquisitions by comparing the expected cash flows from it's Manager'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 unpooled SBC loans at September 30, 2019 and 2018 ($ in thousands): Three months ended September 30, 2019 Three months ended September 30, 2018 Re-performing Non-performing Re-performing Non-performing Balance at beginning of period $ 258,738 $ 3,890 $ 302,454 $ 5,558 Accretable yield additions 149 — 11,750 54 Accretion (22,832) (413) (25,291) (269) Reclassification from (to) non-accretable amount, net 2,473 494 7,484 (550) Balance at end of period $ 238,528 $ 3,971 $ 296,397 $ 4,793 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Re-performing Non-performing Re-performing Non-performing Balance at beginning of period $ 311,806 $ 6,459 $ 344,141 $ 7,370 Accretable yield additions 30,160 — 19,483 54 Accretion (72,502) (1,060) (75,065) (1,612) Reclassification from (to) non-accretable amount, net (30,936) (1,428) 7,838 (1,019) Balance at end of period $ 238,528 $ 3,971 $ 296,397 $ 4,793 During the three months ended September 30, 2019, the Company reclassified a net $3.0 million from non-accretable amount to accretable yield, consisting of a $2.5 million transfer from non-accretable amount to accretable yield for RPLs, and a $0.5 million transfer from non-accretable amount to accretable yield for NPLs. Comparatively, during the three months ended September 30, 2018, the Company reclassified a net $6.9 million from non-accretable amount to accretable yield, consisting of a $7.5 million transfer from non-accretable amount to accretable yield for its RPLs and $0.6 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 or sold because the future expected cash flows are removed from the pool. The reclassifications in the third quarters of 2019 and 2018 are based on an updated assessment of projected loan cash flows as compared to the projection at June 30, 2019 and June 30, 2018, respectively. This is offset by the removal of the accretable yield for loans that are removed from the pool at sale, foreclosure and loan payoff, both in full or in part, prior to modeled expectations. The primary driver of the reclassification from accretable yield to non-accretable amount for the nine months ending September 30, 2019 was the sale of $176.9 million of loans to an unconsolidated joint venture. 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 due to a reduction in loan performance or a reduction in the estimate of the underlying property value. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. During the quarter ended September 30, 2019, the Company recorded an impairment of $3 thousand on one of its NPL pools acquired in 2014. During the quarter ended September 30, 2018, the Company recorded an impairment of $0.4 million on two of its NPL pools acquired in 2014. An analysis of the balance in the allowance for loan losses account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Allowance for loan losses, beginning of period $ (1,403) $ — $ (1,164) $ — Provision for loan losses (3) (365) (242) (365) Allowance for loan losses, end of period $ (1,406) $ (365) $ (1,406) $ (365) The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of September 30, 2019 and December 31, 2018 ($ in thousands): September 30, 2019 December 31, 2018 Number of Carrying Unpaid Number of Carrying Unpaid Current 3,508 $ 688,419 $ 752,939 3,929 $ 757,276 $ 848,551 30 913 148,765 162,863 1,006 167,286 185,742 60 604 100,736 110,310 711 123,078 136,586 90 1,056 186,864 212,957 1,188 200,419 231,063 Foreclosure 168 40,130 51,075 277 62,814 79,777 Mortgage loans 6,249 $ 1,164,914 $ 1,290,144 7,111 $ 1,310,873 $ 1,481,719

Real Estate Assets, Net

Real Estate Assets, Net	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The Company acquires real estate assets 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 September 30, 2019, the Company owned 23 rental properties with an aggregate carrying value of $38.3 million held for investment as rentals, at which time 19 properties 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 eight were transferred from Property held-for-sale, where all eight were acquired through foreclosures. The remaining rental properties were directly purchased. As of December 31, 2018, the Company owned 21 rental properties with a carrying value of $17.6 million held for use 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 foreclosures, and 12 were transferred from Property held-for-sale, where all 12 were acquired through foreclosures. The remaining rental properties were directly purchased. Property Held-for-Sale The Company classifies REO as held-for-sale if the REO is expected to be actively marketed for sale. As of September 30, 2019 and December 31, 2018, the Company’s net investments in REO held-for-sale were $16.5 million and $19.4 million, respectively, which include balances of $0.3 million and $2.2 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. For the nine months ended September 30, 2019 and 2018, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the three and nine months ended September 30, 2019 and 2018 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Property Held-for-sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 97 $ 21,335 130 $ 22,807 102 $ 19,402 136 $ 24,947 Transfers from mortgage loans 7 849 19 3,248 52 10,675 73 10,974 Adjustments to record at lower of cost or fair value — (690) — (897) — (1,691) — (2,049) Disposals (30) (5,055) (32) (4,448) (84) (12,941) (93) (12,680) Transfer from Rental property 1 196 1 51 6 1,613 6 550 Transfers to Rental property — — (2) (197) (1) (293) (6) (1,140) Other — (94) — (101) — (224) — (139) Balance at end of period 75 $ 16,541 116 $ 20,463 75 $ 16,541 116 $ 20,463 Dispositions

Investments

Investments	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The Company holds investments in various debt securities and beneficial interests which are the net residual interest of the Company’s investments in securitization trusts. 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 its Manager's proprietary pricing model, and believes any unrealized losses to be temporary. The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of September 30, 2019 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 189,224 $ 1,685 $ (141) $ 190,768 Beneficial interests in securitization trusts 45,699 — — 45,699 Total investments $ 234,923 $ 1,685 $ (141) $ 236,467 (1) Basis amount is net of any amortized discount, principal paydowns and interest receivable on securities of $0.2 million. As of December 31, 2018 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 147,386 $ 250 $ (825) $ 146,811 Beneficial interests in securitization trusts 22,086 — — 22,086 Total investments $ 169,472 $ 250 $ (825) $ 168,897 (1) Basis amount is net of any amortized discount and principal paydowns. In October 2016, the Company purchased subordinate debt securities for $6.3 million from Oileus Residential Loan Trust, a related party trust. These securities were sold during the fourth quarter of 2018 for a gain of $0.2 million. During 2019, the Company acquired $127.6 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 ventures also issued subordinate notes. The Company acquired $93.6 million in senior notes and $12.6 million in subordinate notes, collectively “the Notes.” The Notes are accounted for as debt securities and carried at fair value. As of September 30, 2019, the Company recorded a gross unrealized gain of $1.7 million and a gross unrealized loss of $0.1 million in fair valuation adjustments in accumulated other comprehensive income. The Company carried the Notes on the consolidated balance sheet at a fair value of $190.8 million, which includes $0.2 million in interest receivable. As of December 31, 2018, the Company recorded a gross unrealized gain of $0.3 million and a gross unrealized loss of $0.8 million in fair valuation adjustments in accumulated other comprehensive income and carried the Notes on the Company's consolidated balance sheet at fair value of $146.8 million. During 2019, the Company sold senior notes issued by certain joint ventures for total proceeds of $39.6 million and recognized a gain of $8 thousand, net of transaction fees. The Company also acquired $21.4 million in beneficial interests issued by its sponsored joint ventures during 2019. The Company accounts for its investments in the beneficial interests at the lower of amortized cost or fair value and assesses its investment in beneficial interests for impairment on a quarterly basis. As of September 30, 2019, the investments in beneficial interests were carried on the Company's consolidated balance sheet at $45.7 million. For the year ended December 31, 2018, the investments in beneficial interests were carried on the Company's consolidated balance sheet at $22.1 million.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of September 30, 2019 and December 31, 2018 ($ in thousands): ​ Level 1 Level 2 Level 3 September 30, 2019 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans, net $ 1,164,914 $ — $ — $ 1,286,739 Investments in debt securities at fair value $ 190,768 $ — $ 190,768 $ — Investments in beneficial interests $ 45,699 $ — $ 45,699 $ — Investment in Manager $ 1,812 $ — $ — $ 9,054 Investment in AS Ajax E $ 957 $ — $ 1,280 $ — Investment in GAFS, including warrants $ 3,044 $ — $ — $ 3,320 Financial liabilities Secured borrowings, net $ 631,228 $ — $ — $ 632,934 Borrowings under repurchase transactions $ 438,388 $ — $ 438,388 $ — Convertible senior notes, net $ 118,464 $ 132,272 $ — $ — ​ ​ 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, net $ 1,310,873 $ — $ — $ 1,448,895 Investments in debt securities at fair value $ 146,811 $ — $ 146,811 $ — Investments 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 transactions $ 534,089 $ — $ 534,089 $ — Convertible senior notes, net $ 117,525 $ 118,103 $ — $ — 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. 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). The Company's investment in the Manager is valued by applying an earnings multiple to net income. 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 a multiple to a combination of expected net income, assets under management and cash flows. 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 agreements 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 plus improvements (cost) or net realizable value. Net realizable value is determined based on appraisals, broker price opinions, or other market indicators of fair value less expected liquidation costs. The lower of cost or net realizable 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 September 30, 2019 and December 31, 2018 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2019 Carrying value Nine months ended fair value adjustment recognized in the consolidated Statements of Income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 16,541 $ 1,691 $ — $ — $ 16,541 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

Affiliates

Affiliates	9 Months Ended
	Sep. 30, 2019
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates During 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 $0.4 million. The Company accounts for its investment in GAFS using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E was reduced to a lower percentage of the total. At both September 30, 2019 and December 31, 2018, the Company’s interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its investment using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income, assets and liabilities of unconsolidated affiliates at 100% Three months ended September 30, Nine months ended September 30, Net income at 100% 2019 2018 2019 2018 Thetis Asset Management LLC $ 2,261 $ 569 $ 4,660 $ 1,813 Great Ajax FS LLC (1) $ 886 $ 805 $ 2,489 $ 1,231 AS Ajax E LLC $ 61 $ 92 $ 214 $ 261 September 30, 2019 December 31, 2018 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Great Ajax FS LLC $ 54,836 $ 30,251 $ 74,164 $ 52,184 Thetis Asset Management LLC $ 12,342 $ 2,111 $ 8,604 $ 2,136 AS Ajax E LLC $ 5,918 $ 5 $ 6,424 $ 13 Net income, assets and liabilities of unconsolidated affiliates at the Company's share Three months ended September 30, Nine months ended September 30, Net income at the Company's share 2019 2018 2019 2018 Thetis Asset Management LLC $ 448 $ 113 $ 923 $ 359 Great Ajax FS LLC (1) $ 71 $ 64 $ 200 $ 88 AS Ajax E LLC $ 10 $ 15 $ 36 $ 43 September 30, 2019 December 31, 2018 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Great Ajax FS LLC $ 4,387 $ 2,420 $ 5,933 $ 4,175 Thetis Asset Management LLC $ 2,444 $ 418 $ 1,704 $ 423 AS Ajax E LLC $ 976 $ 1 $ 1,060 $ 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 three and nine months ended September 30, 2018. ​ 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company regularly enters into agreements to acquire additional mortgage loans and mortgage-related assets, subject to continuing diligence on such assets and other customary closing conditions. There can be no assurance that the Company will acquire any or all of the mortgage loans identified in any acquisition agreement as of the date of these consolidated financial statements, and it is possible that the terms of such acquisitions may change. At September 30, 2019, the Company had commitments to purchase, subject to due diligence, 358 mortgage loans secured by single-family residences with aggregate UPB of $61.6 million, and seven commercial properties with an estimated market value of $8.0 million. The Company will only acquire loans and properties that meet the acquisition criteria for its own portfolios, or those of its third party institutional co-investors. See Note 15 - Subsequent Events, for remaining open acquisitions as of the filing date. Litigation, Claims and Assessments From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2019, the Company was not a party to, and its properties were not subject to, any pending or threatened legal proceedings that individually or in the aggregate, are expected to have a material impact on its financial condition, results of operations or cash flows.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreements The Company has entered into two repurchase facilities whereby the Company, through two wholly-owned Delaware trusts (the “Trusts”) acquires pools of mortgage loans which are then sold by the Trusts, as “Seller” to two separate counterparties, the “buyer” or “buyers.” One facility has a ceiling of $250.0 million and the other $400.0 million at any one time. Upon the time of the initial sale to the buyer, the Trust, with a simultaneous agreement, also agrees to repurchase the pools of mortgage loans from the buyer. Mortgage loans sold under these facilities carry interest calculated based on a spread to one-month LIBOR, which are fixed for the term of the borrowing. The purchase price that the Trust realizes upon the initial sale of the mortgage loans to the buyer can vary between 70% and 85% of the asset’s acquisition price, depending upon the facility being utilized and/or the quality of the underlying collateral. The obligations of a Trust to repurchase these mortgage loans at a future date are guaranteed by the Operating Partnership. The difference between the market value of the asset and the amount of the repurchase agreement is generally the amount of equity 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 three repurchase facilities substantially similar to the mortgage loan repurchase facilities, but where the pledged assets are the class B bonds and certificates from the Company's secured borrowing transactions. These facilities have no effective ceilings. Each repurchase transaction represents its own borrowing. As such, the ceilings associated with these transactions are the amounts currently borrowed at any one time. The Company has effective control over the assets subject to all 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. Each 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): ​ ​ September 30, 2019 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate October 30, 2019 September 6, 2019 $ 43,584 $ 43,584 $ 57,846 133 % 3.81 % October 30, 2019 September 30, 2019 12,822 12,822 17,130 134 % 3.77 % October 30, 2019 September 30, 2019 11,056 11,056 14,819 134 % 3.77 % October 30, 2019 April 25, 2019 10,602 10,602 15,145 143 % 4.52 % October 30, 2019 September 30, 2019 8,517 8,517 11,382 134 % 3.79 % October 30, 2019 May 8, 2019 7,345 7,345 10,819 147 % 4.52 % October 30, 2019 May 8, 2019 6,074 6,074 9,038 149 % 4.52 % October 30, 2019 September 30, 2019 5,695 5,695 7,432 131 % 3.77 % October 30, 2019 April 25, 2019 5,511 5,511 7,112 129 % 4.37 % October 30, 2019 May 8, 2019 4,859 4,859 7,464 154 % 4.52 % October 30, 2019 September 30, 2019 4,389 4,389 5,725 130 % 3.77 % October 30, 2019 September 30, 2019 1,648 1,648 2,388 145 % 3.87 % October 30, 2019 September 30, 2019 1,579 1,579 2,287 145 % 3.87 % December 6, 2019 June 6, 2019 6,499 6,499 8,258 127 % 4.17 % December 6, 2019 June 7, 2019 5,083 5,083 6,442 127 % 4.16 % December 6, 2019 June 6, 2019 3,228 3,228 4,175 129 % 4.17 % December 6, 2019 June 6, 2019 2,326 2,326 3,360 144 % 4.32 % December 6, 2019 June 6, 2019 1,050 1,050 1,607 153 % 4.32 % December 20, 2019 June 21, 2019 17,722 17,722 21,937 124 % 3.97 % December 20, 2019 June 21, 2019 11,619 11,619 14,382 124 % 3.97 % December 20, 2019 June 21, 2019 2,784 2,784 4,050 145 % 4.12 % December 30, 2019 June 28, 2019 7,148 7,148 8,371 117 % 3.95 % December 30, 2019 June 28, 2019 5,578 5,578 7,242 130 % 3.95 % December 30, 2019 June 28, 2019 3,272 3,272 4,667 143 % 4.10 % January 13, 2020 July 11, 2019 8,956 8,956 13,016 145 % 4.16 % February 3, 2020 August 1, 2019 7,568 7,568 9,702 128 % 4.19 % February 3, 2020 August 1, 2019 6,664 6,664 9,537 143 % 4.19 % March 25, 2020 September 25, 2019 7,075 7,075 10,024 142 % 3.96 % March 25, 2020 September 25, 2019 5,851 5,851 7,611 130 % 3.81 % March 26, 2020 September 26, 2019 27,075 27,075 36,220 134 % 3.81 % March 27, 2020 September 27, 2019 2,915 2,915 3,804 130 % 3.79 % July 10, 2020 July 15, 2016 250,000 79,197 120,572 152 % 4.54 % September 24, 2020 September 25, 2019 400,000 103,097 125,410 122 % 4.70 % Totals ​ $ 906,094 $ 438,388 $ 588,974 134 % 4.26 % ​ ​ 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 250,000 195,644 289,908 148 % 5.00 % September 24, 2019 September 25, 2018 400,000 102,311 134,835 132 % 4.89 % Totals ​ $ 886,134 $ 534,089 $ 745,211 140 % 4.80 % The guaranty establishes a master netting arrangement; however, the arrangement does not meet the criteria for offsetting within the Company’s consolidated balance sheets. A master netting arrangement derives from contractual agreements entered into by two parties to multiple contracts that provides for the net settlement of all contracts covered by the agreements in the event of default under any one contract. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at September 30, 2019 and December 31, 2018 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2019 December 31, 2018 Gross amount of recognized liabilities $ 438,388 $ 534,089 Gross amount pledged as collateral 588,974 745,211 Net amount $ 150,586 $ 211,122 Secured Borrowings From inception (January 30, 2014) to September 30, 2019, the Company has completed 14 secured borrowings for its own balance sheet, not including its off-balance sheet joint ventures in which it holds investments in various classes of securities, pursuant to Rule 144A under the Securities Act, six of which were outstanding at September 30, 2019. 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 generally 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 applicable trust certificates from the other four secured borrowings outstanding at September 30, 2019. 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% 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 and 2019-D secured borrowings carry 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 with the exception of 2019-D which are subordinate, sequential pay, fixed rate notes for Class B-1 and variable rate notes for Class B-2 and Class B-3. The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. The Class M notes issued under 2017-B and 2019-D are also mezzanine, sequential pay, fixed rate notes. For all of the Company's secured borrowings, except 2017-B and 2019-D, 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 notes from our secured borrowings outstanding at September 30, 2019 at their respective cutoff dates: Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate 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(4) $177.8 million 3.75 % None Class B certificates (4) $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(5) $170.5 million 4.36 % April 25, 2022 Class B notes due 2065(5) $15.9 million 5.25 % Trust certificates(5) $40.9 million — % Deferred issuance costs $(2.0) million — % Ajax Mortgage Loan Trust 2019-D/ July 2019 None Class A-1 notes due 2065 $140.4 million 2.96 % None Class A-2 notes due 2065 $6.1 million 3.50 % None Class A-3 notes due 2065 $10.1 million 3.50 % None Class M-1 notes due 2065(3) $9.3 million 3.50 % None Class B-1 notes due 2065(6) $7.5 million 3.50 % None Class B-2 notes due 2065(6) $7.1 million variable (7) None Class B-3 notes due 2065(6) $12.8 million variable (7) Deferred issuance costs $(2.6) million — % (1) The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes. ​ (2) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (3) The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes. ​ (4) Ajax Mortgage Loan Trust ("AJAXM") 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest. (5) 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% of the Class C certificates are recognized as Non-controlling interest. (6) The Class B notes are subordinate, sequential pay, with B-2 and B-3 notes having variable interest rates and subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (7) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. Servicing for the mortgage loans in the Company’s secured borrowings is provided by the Servicer at servicing fee rates of between 0.65% of outstanding UPB and 1.25% of outstanding UPB at acquisition, and is paid monthly. The determination of RPL or NPL status, which determines the servicing fee rates, is based on the status of the loan at acquisition and does not change regardless of the loan’s subsequent performance. The following table sets forth the status of the notes held by others at September 30, 2019 and December 31, 2018, and the securitization cutoff date ($ in thousands): Balances at September 30, 2019 Balances at December 31, 2018 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-C $ — $ — — % $ 102,563 $ 69,692 147 % $ 157,808 $ 102,575 2017-A 145,636 85,886 170 % 157,033 102,755 153 % 216,413 140,669 2017-B 124,774 87,915 142 % 132,902 99,857 133 % 165,850 115,846 2017-C 139,775 97,771 143 % 146,938 109,616 134 % 185,942 130,159 2017-D 152,895 64,287 (1) 238 % 163,791 69,528 (1) 236 % 203,870 (2) 88,903 2018-C 182,554 150,500 (3) 121 % 194,606 165,051 (3) 118 % 222,181 (4) 167,910 2019-D 167,018 151,158 110 % — — — % 193,301 156,670 ​ $ 912,652 $ 637,517 (5) 143 % $ 897,833 $ 616,499 (5) 146 % $ 1,345,365 $ 902,732 ​ (1) The gross amount of senior bonds at September 30, 2019 and December 31, 2018 were $128.6 million and $139.0 million however, only $64.3 million and $69.5 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (2) Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3) 2018-C contains notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at September 30, 2019 were $152.2 million and $15.9 million, however, only $144.6 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. The gross amount of the 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. (4) Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans. (5) This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $6.3 million as of both September 30, 2019 and December 31, 2018. ​ The Company’s obligations under its secured borrowings are not fixed, and the payments on these borrowings are predicated upon cash flows received on the underlying mortgage loans. Convertible Senior Notes On April 25, 2017, the Company completed the issuance and sale of $87.5 million aggregate principal amount of its 7.25% convertible senior notes due 2024 in an underwritten public offering. The net proceeds to the Company from the sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $84.9 million. The carrying amount of the equity component of the transaction was $2.5 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes were issued at a 17.5% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on July 15, 2017. On August 18, 2017, the Company completed the public offer and sale of an additional $20.5 million in aggregate principal amount of its 7.25% Convertible senior notes due 2024, which combined with the $87.5 million aggregate principal amount from its April offering, form a single series of notes. The net proceeds to the Company from the August 18, 2017 sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $20.5 million. The carrying amount of the equity component of the August transaction was $0.2 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes in the August transaction were issued at a 6.0% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on July 15, 2017. The notes will mature on April 30, 2024, unless earlier repurchased, redeemed or converted. 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 an 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 as of September 30, 2019 equals 1.6650 shares of the Company's common stock per $25.00 principal amount of notes which is equivalent to a conversion price of approximately $15.02 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. As of September 30, 2019, the amount by which the if-converted value exceeds the principal value for the entire series is $4.0 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s consolidated Statements of Income included the following significant related party transactions ($ in thousands): Three months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2019 2018 Interest income Interest income Various non-consolidated joint ventures $ 3,322 $ 444 Management fee Related party expense – management fee Thetis 2,215 1,456 Loan servicing fees Related party expense – loan servicing fees Gregory 2,197 2,457 Income from equity investment Income from investments in affiliates Thetis 448 113 Income from equity investment Income from investments in affiliates Great Ajax FS 71 64 Nine months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2019 2018 Interest income Interest income Various non-consolidated joint ventures $ 8,878 $ 813 Loan servicing fees Related party expense – loan servicing fees Gregory 6,977 7,598 Management fee Related party expense – management fee Thetis 5,555 4,428 Income from equity investment Income from investments in affiliates Thetis 923 359 Income from equity investment Income from investments in affiliates Great Ajax FS 200 88 Due diligence and related loan acquisition costs Loan transaction expense Gregory — 99 Expense reimbursements Other fees and expenses Great Ajax FS — 40 The Company’s consolidated Balance Sheets included the following significant related party balances ($ in thousands): As of September 30, 2019 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,406 Management fee payable Management fee payable Thetis 1,215 Receivable from Servicer for REO acquisitions Prepaid expenses and other assets Gregory 715 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures 193 Expense reimbursement receivable Prepaid expenses and other assets Thetis 89 Expense reimbursements Accrued expenses and other liabilities Various non-consolidated joint ventures 12 Expense reimbursement receivable Prepaid expenses and other assets Gregory 7 ​ As of December 31, 2018 Transaction 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 reimbursements receivable Prepaid expenses and other assets Various non-consolidated joint ventures 4 In October 2016, the Company purchased subordinate debt securities for $6.3 million from Oileus Residential Loan Trust. 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 2019 and 2018, the Company retained $127.6 million and $175.3 million, respectively, 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 balance of the trust after the outstanding debt obligations have been settled. In certain transactions, the joint venture also issued subordinate notes. In 2019, the Company retained $93.6 million in senior notes and $12.6 million in subordinate notes. In 2018, the Company retained $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 September 30, 2019 and December 31, 2018, the Notes were carried on the Company’s consolidated balance sheet at a fair value of $190.8 million and $146.8 million, respectively. During the second quarter of 2019, the Company sold $176.9 million to a related party joint venture, Ajax Mortgage Loan Trust 2019-C ("2019-C") a joint venture with third party institutional investors and retained 34% or $8.0 million of the trust certificates and $12.1 million in debt securities. The Company recorded a $7.0 million gain on the sale. The retained securities are included in the notes and beneficial interests of $127.6 million discussed in the previous paragraph. The Company also retained $21.4 million and $21.8 million in beneficial interests issued by joint ventures in 2019 and 2018, respectively. As of September 30, 2019, and December 31, 2018 the Investments in Beneficial Interests were carried on the Company's consolidated Balance Sheet at $45.7 million and $22.1 million, respectively. Management Agreement The Company is a party to the Management Agreement with the Manager, which expires on March 5, 2034. 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 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. The Company’s Board of Directors approved the Second Amended and Restated Management Agreement (the "Amendment”) with the Manager, effective as of March 5, 2019, 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. 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. In the third quarter of 2019 a $0.5 million incentive fee was payable to the Manager. The Company also reimburses the Manager for all third-party, out-of-pocket costs incurred by the Manager for managing its business, including third-party due 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 UPB at acquisition (or the fair market value or purchase price of REO), and are paid monthly. The servicing fee is based upon the status of the loan at acquisition. A change in status from RPL to NPL does not cause a change in the servicing fee rate. Servicing fees for the Company’s real property assets that were previously RPLs that are not held in joint ventures 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 servicing fee for NPLs that convert to real property assets does not change. For the joint ventures, a conversion from a loan to a real property asset does not cause a change in servicing fee rate. 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. 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	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based Payments and Director Fees	Stock-based Payments and Director FeesPursuant 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 average of the closing prices of its common stock on the NYSE on the five business days preceding the date on which the most recent regular quarterly dividend to holders of its common stock is paid. The Company recognized a base management fee to the Manager for the quarter ended September 30, 2019 of $1.7 million, of which $0.9 million was payable in 57,239 shares of its common stock. During the quarter ended September 30, 2019 the Company recorded an incentive fee of $0.5 million, of which $0.1 million was payable in 6,743 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 after quarter end, with 63,982 shares still issuable at September 30, 2019. See Note 10 — Related party transactions. In addition, through the first quarter of 2019, 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 annual fee was increased to $100,000, 40% of which is payable in shares of the Company's common stock and 60% in cash, which became effective as of April 1, 2019. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts): Stock-based Management Fees and Director Fees For the three months ended September 30, 2019 2018 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 63,982 $ 986 49,229 $ 775 Independent director fees 2,748 40 2,384 38 Totals 66,730 $ 1,026 51,613 $ 813 For the nine months ended September 30, 2019 2018 Number of shares Amount of expense recognized (1) Number of Shares Amount of expense recognized (1) Management fees 184,681 $ 2,538 147,849 $ 2,310 Independent director fees 8,348 118 7,204 114 Totals 193,029 $ 2,656 155,053 $ 2,424 (1) All management fees and independent director fees are fully expensed in the period in which the relevant service is received by the Company. ​ ​ 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 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 The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except per share amounts): Total Grants Current period activity Non-vested shares at September 30, 2019 Fully-vested shares at September 30, 2019 Three months ended September 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ — — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,6) 144,667 1,953 — 62 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 45 13,000 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,7) 34,000 462 — 39 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 61 79,000 13.94 — — Totals 308,667 $ 4,222 79,000 $ 207 114,667 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at September 30, 2019. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Vesting is ratable over three (6) Totals are shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (7) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Current period activity Non-vested shares at September 30, 2018 Fully-vested shares at September 30, 2018 Three months ended September 30, 2018 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2018 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 12,000 $ 20 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 163 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 45 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 36,500 27 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 255 116,389 $ 13.56 117,445 $ 13.55 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Weighted average remaining life of grant at September 30, 2018 is 0.4 years. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2017 forfeitures of 4,000 shares and 2018 forfeitures of 2,666 shares. Total Grants Activity Non-vested shares at September 30, 2019 Fully-vested shares at September 30, 2019 Nine months ended September 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ 14 — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,6) 144,667 1,953 — 368 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 135 13,000 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,7) 34,000 462 — 111 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 61 79,000 13.94 — — Totals 308,667 $ 4,222 79,000 $ 689 114,667 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at September 30, 2019. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Vesting is ratable over three (6) Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (7) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Activity Non-vested shares at September 30, 2018 Fully-vested shares at September 30, 2018 Nine months ended September 30, 2018 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2018 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 12,000 $ 128 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 466 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 136 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 36,500 27 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 757 116,389 $ 13.56 117,445 $ 13.55 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Weighted average remaining life of grant at September 30, 2018 is 0.4 years. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2017 forfeitures of 4,000 shares and 2018 forfeitures of 2,666 shares. ​​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
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. And 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 Real Estate Corp., which are subject to U.S. federal, state and local income taxes on their taxable income. For the three and nine months ended September 30, 2019, the Company’s consolidated taxable income was $4.0 million and $20.4 million, respectively; and provisions for income taxes were $27 thousand and $0.1 million, respectively. For the three and nine months ended September 30, 2018, the Company’s consolidated taxable income was $6.5 million and $19.8 million, respectively; and for both the three and nine months ended September 30, 2018 provisions for income taxes were $0.1 million. The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at September 30, 2019 or 2018. The Company also recorded no interest or penalties for either the nine months ended September 30, 2019 or 2018.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2019
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): Three months ended September 30, 2019 Three months ended September 30, 2018 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 7,691 19,751,142 $ 6,558 18,691,393 Allocation of earnings to participating restricted shares (82) — (70) — Consolidated net income attributable to unrestricted common stockholders $ 7,609 19,751,142 $ 0.39 $ 6,488 18,691,393 $ 0.35 Effect of dilutive securities Operating Partnership units — — 223 624,106 Restricted stock grants and Manager and director fee shares 82 212,991 70 202,856 Interest expense (add back) and assumed conversion of shares from convertible senior notes 2,552 8,236,520 2,151 7,074,451 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 10,243 28,200,653 $ 0.36 $ 8,932 26,592,806 $ 0.34 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 28,048 19,247,706 $ 21,744 18,599,088 Allocation of earnings to participating restricted shares (301) — (242) — Consolidated net income attributable to unrestricted common stockholders $ 27,747 19,247,706 $ 1.44 $ 21,502 18,599,088 $ 1.16 Effect of dilutive securities Operating Partnership units 346 322,340 724 624,106 Restricted stock grants and Manager and director fee shares 301 208,963 242 209,108 Interest expense (add back) and assumed conversion of shares from convertible senior notes 7,645 8,208,789 6,439 7,056,682 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 36,039 27,987,798 $ 1.29 $ 28,907 26,488,984 $ 1.09

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Equity	Equity Common stock As of September 30, 2019 and December 31, 2018 the Company had 20,347,509 and 18,909,874 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each period end. Preferred stock The Company had 0 shares of preferred stock outstanding at September 30, 2019 and December 31, 2018. There were 25,000,000 shares authorized as of September 30, 2019 and December 31, 2018. Treasury stock As of September 30, 2019 the Company held 29,287 shares of treasury stock received through distributions of the Company's shares previously held by its Manager. The Company held 20,277 shares of treasury stock at December 31, 2018. Dividend Reinvestment Plan The Company sponsors a dividend reinvestment plan through which stockholders may purchase additional shares of the Company’s common stock by reinvesting some or all of the cash dividends received on shares of the Company’s common stock. During the nine months ended September 30, 2019 and 2018, 15,204 and 10,381 shares, respectively, were issued under the plan for total proceeds of approximately $0.2 million and $0.1 million, respectively. At-the-Market Offering The Company has entered into an equity distribution agreement under which the Company may sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the nine months ended September 30, 2019, 551,223 shares of common stock have been sold under the at-the- market program for total proceeds of approximately $8.3 million; no shares were sold under the at-the-market program during 2018. Accumulated Other Comprehensive Loss The Company recognizes temporary holding gains or losses on its investment in debt securities as components of Other comprehensive income/(loss). Accumulated other comprehensive gain/(loss) at September 30, 2019 and December 31, 2018 was as follows ($ in thousands): Investments in securities: September 30, 2019 December 31, 2018 Unrealized gains $ 1,685 $ 250 Unrealized losses (141) (825) Accumulated other comprehensive gain/(loss) $ 1,544 $ (575) Non-controlling Interest At September 30, 2019, the Company’s Operating Partnership was 100% owned by the Company. However, at December 31, 2018, the Operating Partnership was majority-owned by the Company, with 624,106 partnership units held by an unaffiliated third party. The OP units were exchangeable on a 1 for 1 basis with shares of the Company’s common stock. During the Company’s second quarter, all the outstanding OP units held by the unaffiliated holder were exchanged for shares of the Company’s common stock, resulting in a reclassification within the Company's Consolidated Statement of Changes in Equity of $10.8 million from non-controlling interest to the Additional Paid-in Capital and Common Stock accounts. The Company consolidates the assets, liabilities, revenues and expenses of the Operating Partnership. At September 30, 2019, the Company had non-controlling interests attributable to ownership interests by five legal entities. During the year ended December 31, 2017, the Company established AS Ajax E II LLC, to purchase and hold an investment in a Delaware trust which holds single family residential real estate loans, SBC loans and other real estate assets. AS Ajax E II LLC is 46.9% held by third parties. As of September 30, 2019 the Company had retained 53.1% of AS Ajax E II LLC and consolidates the assets, liabilities, revenues and expenses of the entity. During the year ended December 31, 2017, the Company established 2017-D, a securitization trust, which is 50% held by an accredited institutional investor. As of September 30, 2019 the Company had 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 37.0% held by an accredited institutional investor. As of September 30, 2019 the Company had retained 63.0% 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, to purchase and hold REO property, which is 10.0% held by a third party. As of September 30, 2019 the Company had retained 90.0% of BFLD and consolidates the assets, liabilities, revenues and expenses of the entity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent events	Subsequent Events Loan Acquisitions Since the quarter end the Company has acquired six residential RPLs with aggregate UPB of $1.0 million in two transactions from one seller for the Company's own account. The RPLs were acquired at 80.3% of UPB and 62.1% of the estimated market value of the underlying collateral of $1.3 million. Since quarter end, the Company has agreed to acquire, subject to due diligence, 53 NPLs with aggregate UPB of $9.9 million in two transactions from two sellers for its own account. The purchase price equals 88.6% of UPB and 56.7% of the estimated market value of the underlying collateral of $15.5 million. The Company also agreed to acquire one triple net lease commercial property for an aggregate purchase price of $0.6 million in a single transaction from a single seller. The Company has also agreed to acquire, subject to due diligence, 919 residential RPLs with aggregate UPB of $200.0 million in one transaction from a single seller. The purchase price equals 93.9% of UPB and 64.5% of the estimated market value of the underlying collateral of $291.2 million. The majority of these loans are expected to be acquired through joint ventures with institutional accredited investors. Also expected to close in the fourth quarter of 2019 is the acquisition of 285 RPLs that went under contract in July 2019 for a purchase price of $44.7 million, and the acquisition of five SBCs that went under contract in May 2019 for a purchase price of $0.9 million. The purchase price of the RPLs equals 89.6% of UPB and 65.4% of the estimated market value of the underlying collateral of $68.2 million, and the purchase price of the SBCs equals 101.6% of UPB and 65.3% of the underlying collateral of $1.3 million. The majority of these loans are expected to be acquired through joint ventures with institutional investors. Also during the quarter ended September 30, 2019 the Company agreed to acquire, subject to due diligence, 44 residential RPLs with aggregate UPB of $7.9 million in two transaction from multiple sellers in a transaction expected to close in the fourth quarter. The purchase price equals 83.5% of UPB and 62.4% of the estimated market value of the underlying collateral of $10.6 million. Dividend Declaration On October 29, 2019, the Company’s Board of Directors declared a dividend of $0.32 per share, to be paid on November 26, 2019 to stockholders of record as of November 16, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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 considers 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 it 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 in 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 The Company also acquires and originates small balance commercial loans that have not experienced a deterioration in credit quality. The Company recognizes any related loan discount and deferred expenses pursuant to ASC 310-20 by amortizing these amounts over the life of the loan. Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against Interest income. Income is subsequently recognized on the cash basis until, in management’s judgment, the borrower’s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status. An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral dependent. For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that 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.
Investments in Securities	Investments at Fair Value The Company’s Investments at Fair Value as of September 30, 2019 and 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 investments in the notes using the effective interest method. Additionally, the notes are classified as available for sale and are carried at fair value with changes in fair value reflected in the Company's consolidated Statements of Comprehensive Income. 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 on its debt securities to be temporary. Any other-than-temporary losses are recognized in the period identified in the Company’s Consolidated Statements of Income. Investments in Beneficial Interests
Real Estate	Real Estate The Company acquires REO properties directly through purchases, or through conversion of mortgage loans such as 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 of the original mortgage loan 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, or fair value estimates from national real estate listing sites. 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 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, respectively, 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 1.6650 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $15.02 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
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 March 5, 2034. 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.
Servicing Fees	Servicing Fees The Company is also a party to Servicing Agreements (the "Servicing Agreements") with the Servicer. Under the Servicing Agreements by and between the Company and the Servicer, the Servicer receives an annual servicing fee ranging from 0.65% annually of the Unpaid Principal Balance (“UPB”) to 1.25% annually of UPB. The servicing fee is based upon the status of the loan at acquisition. Servicing fees are paid monthly. A change in status from RPL to NPL does not cause a change in the servicing fee rate. Servicing fees for the Company’s real property assets that were previously RPLs that are not held in joint ventures 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 servicing fee for NPLs not held in joint ventures that convert to real property assets does not change. 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 average of the closing prices of the Company's common stock on the New York Stock Exchange ("NYSE") on the five business days preceding the record date of the most recent regular quarterly dividend to holders of the common stock. 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 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 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 In June 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 has used the grant date fair value of the stock as the basis for measuring the costs of grants. 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 that 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 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, and for the comparable period in 2018, the calculation assumes an increase in shares outstanding for shares that would have been issued in the event that the OP Units had been redeemed at the beginning of the comparable 2018 reporting period. If any such adjustments were to have the effect of producing an increase in diluted EPS (anti-dilutive), such adjustment would be excluded. Similarly, 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 and beneficial interests are derived from estimates provided by banking institutions that are compared against available reference data from recent transactions and the Company's proprietary valuation model. Any other-than-temporary losses are recognized in the period identified in the Company’s Consolidated Statements of Income. The Company calculates the fair value for the secured borrowings on its consolidated balance sheets issued by consolidated 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 and estimates from national real estate listing sites 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 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.
Segment Information	Segment Information The Company’s primary business is acquiring, investing in and managing a portfolio of mortgage loans, securities backed by mortgage loans and to a lesser extent, multi-family properties. 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 Certain immaterial amounts in the Company’s 2018 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 February 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. In July 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. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842) - Narrow Scope Improvements for Lessors which addresses lessor accounting for certain lessor costs associated with leased assets. ASU 2018-20 requires lessors to report amounts such as sales taxes reimbursed by a lessee and other similar reimbursed costs as lease revenue. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) - Codification Improvements, which (1) addresses the fair value of leased assets by reinstating the exception in Topic 842 for lessors that are not manufacturers or dealers, allowing those lessors to use their cost of the asset, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset; (2) addresses the presentation on the statement of cash flows of sales type and direct financing leases by allowing depository and lending institutions to present principal payments received under leases in the investing section of the statement of cash flows, as opposed to the operating section, as otherwise required by Topic 842; and (3) the amendments in this update clarify the Board's original intent with regard to transition disclosures related to accounting changes and error corrections, and explicitly provide an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements which would have required disclosure of various items for the current annual period and any prior annual periods retroactively adjusted. The Company has not identified any contracts under which it is a lessee. For leases where it is the lessor, the Company has elected not to separate non-lease components from lease components outlined in ASU 2018-11. The Company adopted ASU 2016-02, and amendments in ASU 2018-11 and ASU 2018-20 in its first quarter of 2019 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 was $0.1 million and is reflected as an adjustment to the Company's consolidated Balance Sheet at March 31, 2018. 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 International Financial Reporting Standards ("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 adopted the SEC’s final rule in the first quarter of 2019 with no effect on its consolidated assets or liabilities, consolidated net income or equity or cash flows on the date of adoption. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The main objective of this guidance is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. To achieve this, the amendments in this guidance replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Specifically, the amendments in this guidance require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief to allow financial statement preparers who had elected the fair value option for newly acquired financial assets to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of ASU 2016-13 for assets previously measured at amortized cost basis. The guidance in both ASU 2016-13 and ASU 2019-15 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 effect of ASU 2016-13, but does not anticipate a material 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 May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments to Topic 326 and other Topics in this Update include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses Transition Resource Group meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13. This guidance is effective for interim and annual reporting periods that are applicable to the original ASU’s affected by the codification improvements. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of loan portfolio basis by asset type	The following table presents information regarding the carrying value for the Company's RPL loan pools, NPL loan pools and SBC loans as of September 30, 2019 and December 31, 2018 ($ in thousands): Loan portfolio basis by asset type September 30, 2019 December 31, 2018 Residential RPL loan pools $ 1,100,224 $ 1,242,207 SBC loan pools 11,674 21,203 SBC loans non-pooled (1) 26,279 11,140 Residential NPL loan pools 26,737 36,323 Total $ 1,164,914 $ 1,310,873 (1) SBC loans not pooled are accounted for under ASC 310-20 versus ASC 310-30 for the Company's loan pools.
Schedule of contractually required payments and estimated cash flows expected to be collected	The following table presents information regarding the accretable yield and non-accretable amount for purchased loan pools acquired during the following periods ($ in thousands): Three months ended September 30, 2019 Three months ended September 30, 2018 Re-performing Non-performing Re-performing Non-performing Contractually required principal and interest $ 917 $ — $ 80,971 $ 1,963 Non-accretable amount (352) — (5,352) (478) Expected cash flows to be collected 565 — 75,619 1,485 Accretable yield (149) — (11,750) (54) Fair value at acquisition $ 416 $ — $ 63,869 $ 1,431 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Re-performing Non-performing Re-performing Non-performing Contractually required principal and interest $ 195,075 $ — $ 138,860 $ 1,963 Non-accretable amount (66,600) — (23,629) (478) Expected cash flows to be collected 128,475 — 115,231 1,485 Accretable yield (30,160) — (19,483) (54) Fair value at acquisition $ 98,315 $ — $ 95,748 $ 1,431
Schedule of 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 unpooled SBC loans at September 30, 2019 and 2018 ($ in thousands): Three months ended September 30, 2019 Three months ended September 30, 2018 Re-performing Non-performing Re-performing Non-performing Balance at beginning of period $ 258,738 $ 3,890 $ 302,454 $ 5,558 Accretable yield additions 149 — 11,750 54 Accretion (22,832) (413) (25,291) (269) Reclassification from (to) non-accretable amount, net 2,473 494 7,484 (550) Balance at end of period $ 238,528 $ 3,971 $ 296,397 $ 4,793 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Re-performing Non-performing Re-performing Non-performing Balance at beginning of period $ 311,806 $ 6,459 $ 344,141 $ 7,370 Accretable yield additions 30,160 — 19,483 54 Accretion (72,502) (1,060) (75,065) (1,612) Reclassification from (to) non-accretable amount, net (30,936) (1,428) 7,838 (1,019) Balance at end of period $ 238,528 $ 3,971 $ 296,397 $ 4,793
Allowance for loan losses	An analysis of the balance in the allowance for loan losses account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Allowance for loan losses, beginning of period $ (1,403) $ — $ (1,164) $ — Provision for loan losses (3) (365) (242) (365) Allowance for loan losses, end of period $ (1,406) $ (365) $ (1,406) $ (365)
Schedule of carrying value of mortgage loans and related UPB by delinquency status	The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of September 30, 2019 and December 31, 2018 ($ in thousands): September 30, 2019 December 31, 2018 Number of Carrying Unpaid Number of Carrying Unpaid Current 3,508 $ 688,419 $ 752,939 3,929 $ 757,276 $ 848,551 30 913 148,765 162,863 1,006 167,286 185,742 60 604 100,736 110,310 711 123,078 136,586 90 1,056 186,864 212,957 1,188 200,419 231,063 Foreclosure 168 40,130 51,075 277 62,814 79,777 Mortgage loans 6,249 $ 1,164,914 $ 1,290,144 7,111 $ 1,310,873 $ 1,481,719

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of activity in the Company's carrying value held-for-sale	The following table presents the activity in the Company’s carrying value of property held-for-sale for the three and nine months ended September 30, 2019 and 2018 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Property Held-for-sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 97 $ 21,335 130 $ 22,807 102 $ 19,402 136 $ 24,947 Transfers from mortgage loans 7 849 19 3,248 52 10,675 73 10,974 Adjustments to record at lower of cost or fair value — (690) — (897) — (1,691) — (2,049) Disposals (30) (5,055) (32) (4,448) (84) (12,941) (93) (12,680) Transfer from Rental property 1 196 1 51 6 1,613 6 550 Transfers to Rental property — — (2) (197) (1) (293) (6) (1,140) Other — (94) — (101) — (224) — (139) Balance at end of period 75 $ 16,541 116 $ 20,463 75 $ 16,541 116 $ 20,463

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of September 30, 2019 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 189,224 $ 1,685 $ (141) $ 190,768 Beneficial interests in securitization trusts 45,699 — — 45,699 Total investments $ 234,923 $ 1,685 $ (141) $ 236,467 (1) Basis amount is net of any amortized discount, principal paydowns and interest receivable on securities of $0.2 million. As of December 31, 2018 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 147,386 $ 250 $ (825) $ 146,811 Beneficial interests in securitization trusts 22,086 — — 22,086 Total investments $ 169,472 $ 250 $ (825) $ 168,897

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018 ($ in thousands): ​ Level 1 Level 2 Level 3 September 30, 2019 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans, net $ 1,164,914 $ — $ — $ 1,286,739 Investments in debt securities at fair value $ 190,768 $ — $ 190,768 $ — Investments in beneficial interests $ 45,699 $ — $ 45,699 $ — Investment in Manager $ 1,812 $ — $ — $ 9,054 Investment in AS Ajax E $ 957 $ — $ 1,280 $ — Investment in GAFS, including warrants $ 3,044 $ — $ — $ 3,320 Financial liabilities Secured borrowings, net $ 631,228 $ — $ — $ 632,934 Borrowings under repurchase transactions $ 438,388 $ — $ 438,388 $ — Convertible senior notes, net $ 118,464 $ 132,272 $ — $ — ​ ​ 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, net $ 1,310,873 $ — $ — $ 1,448,895 Investments in debt securities at fair value $ 146,811 $ — $ 146,811 $ — Investments 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 transactions $ 534,089 $ — $ 534,089 $ — Convertible senior notes, net $ 117,525 $ 118,103 $ — $ —
Fair value of non-financial assets by level	The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of September 30, 2019 and December 31, 2018 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2019 Carrying value Nine months ended fair value adjustment recognized in the consolidated Statements of Income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 16,541 $ 1,691 $ — $ — $ 16,541 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

Affiliates (Tables)

Affiliates (Tables)	9 Months Ended
	Sep. 30, 2019
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of assets and liabilities for the Company's unconsolidated affiliates at 100%, and at the Company's share	The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income, assets and liabilities of unconsolidated affiliates at 100% Three months ended September 30, Nine months ended September 30, Net income at 100% 2019 2018 2019 2018 Thetis Asset Management LLC $ 2,261 $ 569 $ 4,660 $ 1,813 Great Ajax FS LLC (1) $ 886 $ 805 $ 2,489 $ 1,231 AS Ajax E LLC $ 61 $ 92 $ 214 $ 261 September 30, 2019 December 31, 2018 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Great Ajax FS LLC $ 54,836 $ 30,251 $ 74,164 $ 52,184 Thetis Asset Management LLC $ 12,342 $ 2,111 $ 8,604 $ 2,136 AS Ajax E LLC $ 5,918 $ 5 $ 6,424 $ 13 Net income, assets and liabilities of unconsolidated affiliates at the Company's share Three months ended September 30, Nine months ended September 30, Net income at the Company's share 2019 2018 2019 2018 Thetis Asset Management LLC $ 448 $ 113 $ 923 $ 359 Great Ajax FS LLC (1) $ 71 $ 64 $ 200 $ 88 AS Ajax E LLC $ 10 $ 15 $ 36 $ 43 September 30, 2019 December 31, 2018 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Great Ajax FS LLC $ 4,387 $ 2,420 $ 5,933 $ 4,175 Thetis Asset Management LLC $ 2,444 $ 418 $ 1,704 $ 423 AS Ajax E LLC $ 976 $ 1 $ 1,060 $ 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 three and nine months ended September 30, 2018.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of details of repurchase agreement	The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): ​ ​ September 30, 2019 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate October 30, 2019 September 6, 2019 $ 43,584 $ 43,584 $ 57,846 133 % 3.81 % October 30, 2019 September 30, 2019 12,822 12,822 17,130 134 % 3.77 % October 30, 2019 September 30, 2019 11,056 11,056 14,819 134 % 3.77 % October 30, 2019 April 25, 2019 10,602 10,602 15,145 143 % 4.52 % October 30, 2019 September 30, 2019 8,517 8,517 11,382 134 % 3.79 % October 30, 2019 May 8, 2019 7,345 7,345 10,819 147 % 4.52 % October 30, 2019 May 8, 2019 6,074 6,074 9,038 149 % 4.52 % October 30, 2019 September 30, 2019 5,695 5,695 7,432 131 % 3.77 % October 30, 2019 April 25, 2019 5,511 5,511 7,112 129 % 4.37 % October 30, 2019 May 8, 2019 4,859 4,859 7,464 154 % 4.52 % October 30, 2019 September 30, 2019 4,389 4,389 5,725 130 % 3.77 % October 30, 2019 September 30, 2019 1,648 1,648 2,388 145 % 3.87 % October 30, 2019 September 30, 2019 1,579 1,579 2,287 145 % 3.87 % December 6, 2019 June 6, 2019 6,499 6,499 8,258 127 % 4.17 % December 6, 2019 June 7, 2019 5,083 5,083 6,442 127 % 4.16 % December 6, 2019 June 6, 2019 3,228 3,228 4,175 129 % 4.17 % December 6, 2019 June 6, 2019 2,326 2,326 3,360 144 % 4.32 % December 6, 2019 June 6, 2019 1,050 1,050 1,607 153 % 4.32 % December 20, 2019 June 21, 2019 17,722 17,722 21,937 124 % 3.97 % December 20, 2019 June 21, 2019 11,619 11,619 14,382 124 % 3.97 % December 20, 2019 June 21, 2019 2,784 2,784 4,050 145 % 4.12 % December 30, 2019 June 28, 2019 7,148 7,148 8,371 117 % 3.95 % December 30, 2019 June 28, 2019 5,578 5,578 7,242 130 % 3.95 % December 30, 2019 June 28, 2019 3,272 3,272 4,667 143 % 4.10 % January 13, 2020 July 11, 2019 8,956 8,956 13,016 145 % 4.16 % February 3, 2020 August 1, 2019 7,568 7,568 9,702 128 % 4.19 % February 3, 2020 August 1, 2019 6,664 6,664 9,537 143 % 4.19 % March 25, 2020 September 25, 2019 7,075 7,075 10,024 142 % 3.96 % March 25, 2020 September 25, 2019 5,851 5,851 7,611 130 % 3.81 % March 26, 2020 September 26, 2019 27,075 27,075 36,220 134 % 3.81 % March 27, 2020 September 27, 2019 2,915 2,915 3,804 130 % 3.79 % July 10, 2020 July 15, 2016 250,000 79,197 120,572 152 % 4.54 % September 24, 2020 September 25, 2019 400,000 103,097 125,410 122 % 4.70 % Totals ​ $ 906,094 $ 438,388 $ 588,974 134 % 4.26 % ​ ​ 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 250,000 195,644 289,908 148 % 5.00 % September 24, 2019 September 25, 2018 400,000 102,311 134,835 132 % 4.89 % Totals ​ $ 886,134 $ 534,089 $ 745,211 140 % 4.80 %
Schedule of amount outstanding on repurchase transactions and carrying value collateral	The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at September 30, 2019 and December 31, 2018 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2019 December 31, 2018 Gross amount of recognized liabilities $ 438,388 $ 534,089 Gross amount pledged as collateral 588,974 745,211 Net amount $ 150,586 $ 211,122
Schedule of securitization of notes	The following table sets forth the original terms of all notes from our secured borrowings outstanding at September 30, 2019 at their respective cutoff dates: Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate 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(4) $177.8 million 3.75 % None Class B certificates (4) $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(5) $170.5 million 4.36 % April 25, 2022 Class B notes due 2065(5) $15.9 million 5.25 % Trust certificates(5) $40.9 million — % Deferred issuance costs $(2.0) million — % Ajax Mortgage Loan Trust 2019-D/ July 2019 None Class A-1 notes due 2065 $140.4 million 2.96 % None Class A-2 notes due 2065 $6.1 million 3.50 % None Class A-3 notes due 2065 $10.1 million 3.50 % None Class M-1 notes due 2065(3) $9.3 million 3.50 % None Class B-1 notes due 2065(6) $7.5 million 3.50 % None Class B-2 notes due 2065(6) $7.1 million variable (7) None Class B-3 notes due 2065(6) $12.8 million variable (7) Deferred issuance costs $(2.6) million — % (1) The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes. ​ (2) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (3) The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes. ​ (4) Ajax Mortgage Loan Trust ("AJAXM") 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest. (5) 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% of the Class C certificates are recognized as Non-controlling interest. (6) The Class B notes are subordinate, sequential pay, with B-2 and B-3 notes having variable interest rates and subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (7) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at September 30, 2019 and December 31, 2018, and the securitization cutoff date ($ in thousands): Balances at September 30, 2019 Balances at December 31, 2018 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-C $ — $ — — % $ 102,563 $ 69,692 147 % $ 157,808 $ 102,575 2017-A 145,636 85,886 170 % 157,033 102,755 153 % 216,413 140,669 2017-B 124,774 87,915 142 % 132,902 99,857 133 % 165,850 115,846 2017-C 139,775 97,771 143 % 146,938 109,616 134 % 185,942 130,159 2017-D 152,895 64,287 (1) 238 % 163,791 69,528 (1) 236 % 203,870 (2) 88,903 2018-C 182,554 150,500 (3) 121 % 194,606 165,051 (3) 118 % 222,181 (4) 167,910 2019-D 167,018 151,158 110 % — — — % 193,301 156,670 ​ $ 912,652 $ 637,517 (5) 143 % $ 897,833 $ 616,499 (5) 146 % $ 1,345,365 $ 902,732 ​ (1) The gross amount of senior bonds at September 30, 2019 and December 31, 2018 were $128.6 million and $139.0 million however, only $64.3 million and $69.5 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (2) Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3) 2018-C contains notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at September 30, 2019 were $152.2 million and $15.9 million, however, only $144.6 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. The gross amount of the 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. (4) Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company’s consolidated Statements of Income included the following significant related party transactions ($ in thousands): Three months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2019 2018 Interest income Interest income Various non-consolidated joint ventures $ 3,322 $ 444 Management fee Related party expense – management fee Thetis 2,215 1,456 Loan servicing fees Related party expense – loan servicing fees Gregory 2,197 2,457 Income from equity investment Income from investments in affiliates Thetis 448 113 Income from equity investment Income from investments in affiliates Great Ajax FS 71 64 Nine months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2019 2018 Interest income Interest income Various non-consolidated joint ventures $ 8,878 $ 813 Loan servicing fees Related party expense – loan servicing fees Gregory 6,977 7,598 Management fee Related party expense – management fee Thetis 5,555 4,428 Income from equity investment Income from investments in affiliates Thetis 923 359 Income from equity investment Income from investments in affiliates Great Ajax FS 200 88 Due diligence and related loan acquisition costs Loan transaction expense Gregory — 99 Expense reimbursements Other fees and expenses Great Ajax FS — 40 The Company’s consolidated Balance Sheets included the following significant related party balances ($ in thousands): As of September 30, 2019 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,406 Management fee payable Management fee payable Thetis 1,215 Receivable from Servicer for REO acquisitions Prepaid expenses and other assets Gregory 715 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures 193 Expense reimbursement receivable Prepaid expenses and other assets Thetis 89 Expense reimbursements Accrued expenses and other liabilities Various non-consolidated joint ventures 12 Expense reimbursement receivable Prepaid expenses and other assets Gregory 7 ​ As of December 31, 2018 Transaction 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 reimbursements receivable Prepaid expenses and other assets Various non-consolidated joint ventures 4

Stock-based Payments and Dire_2

Stock-based Payments and Director Fees (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [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 three months ended September 30, 2019 2018 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 63,982 $ 986 49,229 $ 775 Independent director fees 2,748 40 2,384 38 Totals 66,730 $ 1,026 51,613 $ 813 For the nine months ended September 30, 2019 2018 Number of shares Amount of expense recognized (1) Number of Shares Amount of expense recognized (1) Management fees 184,681 $ 2,538 147,849 $ 2,310 Independent director fees 8,348 118 7,204 114 Totals 193,029 $ 2,656 155,053 $ 2,424 (1) All management fees and independent director fees are fully expensed in the period in which the relevant service is received by the Company.
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 Current period activity Non-vested shares at September 30, 2019 Fully-vested shares at September 30, 2019 Three months ended September 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ — — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,6) 144,667 1,953 — 62 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 45 13,000 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,7) 34,000 462 — 39 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 61 79,000 13.94 — — Totals 308,667 $ 4,222 79,000 $ 207 114,667 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at September 30, 2019. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Vesting is ratable over three (6) Totals are shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (7) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Current period activity Non-vested shares at September 30, 2018 Fully-vested shares at September 30, 2018 Three months ended September 30, 2018 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2018 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 12,000 $ 20 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 163 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 45 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 36,500 27 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 255 116,389 $ 13.56 117,445 $ 13.55 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Weighted average remaining life of grant at September 30, 2018 is 0.4 years. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2017 forfeitures of 4,000 shares and 2018 forfeitures of 2,666 shares.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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): Three months ended September 30, 2019 Three months ended September 30, 2018 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 7,691 19,751,142 $ 6,558 18,691,393 Allocation of earnings to participating restricted shares (82) — (70) — Consolidated net income attributable to unrestricted common stockholders $ 7,609 19,751,142 $ 0.39 $ 6,488 18,691,393 $ 0.35 Effect of dilutive securities Operating Partnership units — — 223 624,106 Restricted stock grants and Manager and director fee shares 82 212,991 70 202,856 Interest expense (add back) and assumed conversion of shares from convertible senior notes 2,552 8,236,520 2,151 7,074,451 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 10,243 28,200,653 $ 0.36 $ 8,932 26,592,806 $ 0.34 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 28,048 19,247,706 $ 21,744 18,599,088 Allocation of earnings to participating restricted shares (301) — (242) — Consolidated net income attributable to unrestricted common stockholders $ 27,747 19,247,706 $ 1.44 $ 21,502 18,599,088 $ 1.16 Effect of dilutive securities Operating Partnership units 346 322,340 724 624,106 Restricted stock grants and Manager and director fee shares 301 208,963 242 209,108 Interest expense (add back) and assumed conversion of shares from convertible senior notes 7,645 8,208,789 6,439 7,056,682 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 36,039 27,987,798 $ 1.29 $ 28,907 26,488,984 $ 1.09

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of accumulated other comprehensive income	The Company recognizes temporary holding gains or losses on its investment in debt securities as components of Other comprehensive income/(loss). Accumulated other comprehensive gain/(loss) at September 30, 2019 and December 31, 2018 was as follows ($ in thousands): Investments in securities: September 30, 2019 December 31, 2018 Unrealized gains $ 1,685 $ 250 Unrealized losses (141) (825) Accumulated other comprehensive gain/(loss) $ 1,544 $ (575)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details Textuals)	9 Months Ended
	Sep. 30, 2019USD ($)paymentshares	Dec. 31, 2018shares
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least)	5
Number of Recent Payments Made on RPL Mortgage Loans	7
Number of payments made on NPL mortgage loans	3
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	five
Percentage of ownership interests in joint venture	34.00%
Percentage of outstanding OP units owned	100.00%	96.80%
Percentage of outstanding OP owned by an unaffiliated holder		3.20%
Operating partnership units | shares	624,106	624,106
Maximum
Organization And Basis Of Presentation [Line Items]
Principal balance of small balance commercial mortgage loans (up to) | $	$ 5,000,000
Delaware Trust
Organization And Basis Of Presentation [Line Items]
Ownership percentage	5.00%
2018-C
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	37.00%
Noncontrolling Interest, Ownership Percentage by Parent	63.00%
2017-D
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%
Percentage of ownership interests in joint venture	50.00%
Noncontrolling Interest, Ownership Percentage by Parent	50.00%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	46.90%
Percentage of ownership interests in joint venture	53.10%
Banfield
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%
Noncontrolling Interest, Ownership Percentage by Parent	90.00%
DG Brooklyn Holdings
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%
Noncontrolling Interest, Ownership Percentage by Parent	95.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	Apr. 01, 2019USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)	Jun. 07, 2016	Feb. 28, 2018	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)	Nov. 19, 2018USD ($)	Sep. 30, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Amortization of debt discount								$ 3,200,000
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 | Minimum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage							0.65%
Servicing Agreement | Gregory | Maximum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage							1.25%
Amended And Restated Management Agreement [Member] | Thetis
Summary Of Significant Accounting Policies [Line Items]
Period of common shares held as base management fee (at least)							3 years
2014 Director Equity Plan
Summary Of Significant Accounting Policies [Line Items]
Number of shares available under for distribution (in shares) | shares						78,000	78,000
Vesting period							1 year
Annual Retainer Received In Shares	40.00%					50.00%
Annual Retainer Received In Cash	60.00%					50.00%
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	$ 100,000						$ 75,000
2016 Equity Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Vesting period				3 years
Fraction of award vesting period				0.3333	0.50
Percentage of outstanding shares on a fully diluted basis (up to)				5.00%
Accounting Standards Update 2018-07 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect on balance sheet										$ 100,000
Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal			$ 87,500,000
Additional aggregate principal		$ 20,500,000							$ 15,900,000
Interest Rate		7.25%	7.25%			7.25%	7.25%
Principal amount of note (in dollars per share) | $ / shares						$ 25
Conversion premium - Convertible senior notes		$ 200,000	$ 2,500,000
Amortization of debt discount						$ 300,000
Convertible Notes Payable | Common Stock
Summary Of Significant Accounting Policies [Line Items]
Conversion rate						1.6650
Conversion price (in dollars per share) | $ / shares						$ 15.02	$ 15.02

Mortgage Loans - Schedule of Lo

Mortgage Loans - Schedule of Loan Portfolio Basis by Asset Type (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net	[1],[2]	$ 1,164,914	$ 1,310,873
SBC loan pools
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		11,674	21,203
SBC loans non-pooled
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		26,279	11,140
Residential RPL loan pools
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		1,100,224	1,242,207
Non-performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 26,737	$ 36,323
[1]	As of September 30, 2019, balances for Mortgage loans, net includes $350.7 million and Secured borrowings, net of deferred costs includes $295.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $912.7 million and $897.8 million of loans at September 30, 2019 and December 31, 2018, 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 $1.4 million and $1.2 million of allowance for loan losses at September 30, 2019 and December 31, 2018, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details)		3 Months Ended			9 Months Ended		12 Months Ended
		Sep. 30, 2019USD ($)numberOfLoanPoolsloan	Jun. 30, 2019USD ($)	Sep. 30, 2018USD ($)loannumberOfLoanPools	Sep. 30, 2019USD ($)loan	Sep. 30, 2018USD ($)loan	Dec. 31, 2018USD ($)loan	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net	[1],[2]	$ 1,164,914,000			$ 1,164,914,000		$ 1,310,873,000
Financing Receivable, Allowance for Credit Loss		1,406,000	$ 1,403,000	$ 365,000	1,406,000	$ 365,000	1,164,000	$ 0	$ 0
Current period additions to allowance account		3,000		365,000	242,000	365,000	$ 1,200,000
Interest income		23,200,000		25,600,000	$ 73,600,000	76,700,000
Number of loans | loan					6,249		7,111
Aggregate unpaid principal balance of mortgage loans on real estate			$ 176,900,000
Reclassification from (to) non-accretable amount, net		$ 3,000,000		$ 6,900,000
Number of provision for loan loss pools | numberOfLoanPools		1		2
Provision for loan losses		$ (3,000)		$ (365,000)	$ (242,000)	$ (365,000)
SBC loans acquired at or near origination
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 26,279,000			$ 26,279,000		$ 11,140,000
Number of loans | loan		0		6	21	6
Aggregate unpaid principal balance of mortgage loans on real estate				$ 4,800,000	$ 18,400,000	$ 4,800,000
SBC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 11,674,000			11,674,000		21,203,000
Re-performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 1,100,224,000			$ 1,100,224,000		1,242,207,000
Number of mortgage loans on real estate | loan		5		271	539	422
Aggregate unpaid principal balance of mortgage loans on real estate		$ 500,000		$ 69,200,000	$ 115,600,000	$ 104,500,000
Reclassification from (to) non-accretable amount, net		$ 2,473,000		$ 7,484,000	$ (30,936,000)	$ 7,838,000
Mortgage Loans On Real Estate Commitments To Purchase Number | loan		5		271	539	422
Non-performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 26,737,000			$ 26,737,000		$ 36,323,000
Number of mortgage loans on real estate | loan		0		11	0	11
Aggregate unpaid principal balance of mortgage loans on real estate				$ 1,700,000		$ 1,700,000
Reclassification from (to) non-accretable amount, net		$ 494,000		$ (550,000)	$ (1,428,000)	$ (1,019,000)
Mortgage Loans On Real Estate Commitments To Purchase Number | loan		0		11	0	11
[1]	As of September 30, 2019, balances for Mortgage loans, net includes $350.7 million and Secured borrowings, net of deferred costs includes $295.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $912.7 million and $897.8 million of loans at September 30, 2019 and December 31, 2018, 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 $1.4 million and $1.2 million of allowance for loan losses at September 30, 2019 and December 31, 2018, respectively.

Mortgage Loans - Schedule of Ac

Mortgage Loans - Schedule of Accretable and Non-Accretable Amounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Reclassification from (to) non-accretable amount, net	$ 3,000	$ 6,900
Re-performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield	238,528	296,397	$ 238,528	$ 296,397	$ 258,738	$ 311,806	$ 302,454	$ 344,141
Contractually required principal and interest	917	80,971	195,075	138,860
Non-accretable amount	(352)	(5,352)	(66,600)	(23,629)
Expected cash flows to be collected	565	75,619	128,475	115,231
Accretable yield	(149)	(11,750)	(30,160)	(19,483)
Fair value at acquisition	416	63,869	98,315	95,748
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions	149	11,750	30,160	19,483
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion	22,832	25,291	72,502	75,065
Reclassification from (to) non-accretable amount, net	2,473	7,484	(30,936)	7,838
Non-performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield	3,971	4,793	3,971	4,793	$ 3,890	$ 6,459	$ 5,558	$ 7,370
Contractually required principal and interest	0	1,963	0	1,963
Non-accretable amount	0	(478)	0	(478)
Expected cash flows to be collected	0	1,485	0	1,485
Accretable yield	0	(54)	0	(54)
Fair value at acquisition	0	1,431	0	1,431
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions	0	54	0	54
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion	413	269	1,060	1,612
Reclassification from (to) non-accretable amount, net	$ 494	$ (550)	$ (1,428)	$ (1,019)

Mortgage Loans - Schedule of Ch

Mortgage Loans - Schedule of Change in Accretable Yield (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Reclassification from (to) non-accretable amount, net	$ 3,000	$ 6,900
Re-performing loans
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at beginning of period	258,738	302,454	$ 311,806	$ 344,141
Accretable yield additions	149	11,750	30,160	19,483
Accretion	(22,832)	(25,291)	(72,502)	(75,065)
Reclassification from (to) non-accretable amount, net	2,473	7,484	(30,936)	7,838
Balance at end of period	238,528	296,397	238,528	296,397
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	3,890	5,558	6,459	7,370
Accretable yield additions	0	54	0	54
Accretion	(413)	(269)	(1,060)	(1,612)
Reclassification from (to) non-accretable amount, net	494	(550)	(1,428)	(1,019)
Balance at end of period	$ 3,971	$ 4,793	$ 3,971	$ 4,793

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for loan losses, beginning of period	$ (1,403)	$ 0	$ (1,164)	$ 0	$ 0
Provision for loan losses	(3)	(365)	(242)	(365)	(1,200)
Allowance for loan losses, end of period	$ (1,406)	$ (365)	$ (1,406)	$ (365)	$ (1,164)

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Financing Receivable, Past Due [Line Items]
Number of loans | loan		6,249	7,111
Carrying value	[1],[2]	$ 1,164,914	$ 1,310,873
Unpaid principal balance		$ 1,290,144	$ 1,481,719
Current
Financing Receivable, Past Due [Line Items]
Number of loans | loan		3,508	3,929
Carrying value		$ 688,419	$ 757,276
Unpaid principal balance		$ 752,939	$ 848,551
30
Financing Receivable, Past Due [Line Items]
Number of loans | loan		913	1,006
Carrying value		$ 148,765	$ 167,286
Unpaid principal balance		$ 162,863	$ 185,742
60
Financing Receivable, Past Due [Line Items]
Number of loans | loan		604	711
Carrying value		$ 100,736	$ 123,078
Unpaid principal balance		$ 110,310	$ 136,586
90
Financing Receivable, Past Due [Line Items]
Number of loans | loan		1,056	1,188
Carrying value		$ 186,864	$ 200,419
Unpaid principal balance		$ 212,957	$ 231,063
Foreclosure
Financing Receivable, Past Due [Line Items]
Number of loans | loan		168	277
Carrying value		$ 40,130	$ 62,814
Unpaid principal balance		$ 51,075	$ 79,777
[1]	As of September 30, 2019, balances for Mortgage loans, net includes $350.7 million and Secured borrowings, net of deferred costs includes $295.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $912.7 million and $897.8 million of loans at September 30, 2019 and December 31, 2018, 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 $1.4 million and $1.2 million of allowance for loan losses at September 30, 2019 and December 31, 2018, respectively.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019USD ($)property		Mar. 31, 2019USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2019USD ($)property		Sep. 30, 2018USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	[1]	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Real Estate [Line Items]
Number of properties owned | property			21		23
Aggregate carrying value REO properties	$ 38,300		$ 17,600		$ 38,300
Number of REO properties held for rental | property			16		19
Number of properties acquired through foreclosure | property			1		1
Number of properties transferred from property held for sale | property			12		8
Property held-for-sale, net	$ 16,541	[1]		$ 20,463	$ 16,541	[1]	$ 20,463	$ 21,335	$ 19,402		$ 22,807	$ 24,947
Real Estate Held For Sale Improvements			$ 2,200		$ 300
Number of held-for-sale residential properties disposed | property	30			32	84		93
Gain (loss) on sale of property					$ 401		$ 264
Real Estate Impairment	$ 700			$ 900	1,700		2,000
Other Income
Real Estate [Line Items]
Gain (loss) on sale of property	$ 300			$ (200)	$ 400		$ 300
[1]	Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2019 and December 31, 2018, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of ROE Held-For-Sale (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019USD ($)property		Sep. 30, 2018USD ($)property	Sep. 30, 2019USD ($)property		Sep. 30, 2018USD ($)property
Real Estate Held For Sale [Roll Forward]
Balance at beginning of period | property	97		130	102		136
Balance at beginning of year | $	$ 21,335		$ 22,807	$ 19,402	[1]	$ 24,947
Transfers from mortgage loans, count | property	7		19	52		73
Transfers from mortgage loans | $	$ 849		$ 3,248	$ 10,675		$ 10,974
Adjustments to record at lower of cost or fair value, count | property	0		0	0		0
Adjustments to record at lower of cost or fair value  | $	$ (690)		$ (897)	$ (1,691)		$ (2,049)
Disposals, count | property	(30)		(32)	(84)		(93)
Disposals | $	$ (5,055)		$ (4,448)	$ (12,941)		$ (12,680)
Number of properties transferred from held-for-sale to rental | property	0		(2)	(1)		(6)
Properties transferred from held-for-sale to rental | $	$ 0		$ (197)	$ (293)		$ (1,140)
Number of properties transferred from rental to held-for-sale | property	1		1	6		6
Properties transferred from rental to held-for-sale | $	$ 196		$ 51	$ 1,613		$ 550
Other, count | property	0		0	0		0
Other | $	$ (94)		$ (101)	$ (224)		$ (139)
Balance at end of year, count | property	75		116	75		116
Balance at end of period | $	$ 16,541	[1]	$ 20,463	$ 16,541	[1]	$ 20,463
[1]	Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2019 and December 31, 2018, respectively.

Investments (Details)

Investments (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Oct. 31, 2016	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Interest and Dividend Income, Securities, Operating, Available-for-sale			$ 200,000
Investment in debt securities - Basis		$ 147,386,000	189,224,000		$ 147,386,000
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Investment in debt securities - Gross unrealized gains		250,000	1,685,000		250,000
Debt Securities, Available-for-sale [Abstract]
Investment in debt securities			190,768,000
Investment in debt securities - Gross unrealized loss		(825,000)	(141,000)		(825,000)
Proceeds from Sale of Debt Securities, Available-for-sale			39,635,000	$ 0
Debt and Equity Securities, Gain (Loss)			8,000
Purchase of debt securities			127,552,000	$ 49,837,000
Investments in beneficial interests		22,086,000	45,699,000		22,086,000
Investment In Securities		175,300,000	127,600,000		175,300,000
Investments at fair value		146,811,000	190,768,000		146,811,000
Available-for-sale Securities, Equity Securities		22,086,000	45,699,000		22,086,000
Oileus Residential Loan Trust
Debt Securities, Available-for-sale [Abstract]
Purchase of debt securities	$ 6,300,000
Available-for-sale Securities, Gross Realized Gains		200,000			200,000
Senior Notes
Debt Securities, Available-for-sale [Abstract]
Investments at fair value		144,100,000	93,600,000		144,100,000
Subordinated Debt
Debt Securities, Available-for-sale [Abstract]
Investments at fair value		9,400,000	12,600,000		9,400,000
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests - Basis		169,472,000	234,923,000		169,472,000
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Investment in beneficial interests - Gross unrealized gains		250,000			250,000
Investment in beneficial interests - Gross unrealized loss		(825,000)			(825,000)
Debt Securities, Available-for-sale [Abstract]
Investment in beneficial interests		168,897,000	236,467,000		168,897,000
Beneficial interests
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests - Basis		22,086,000	45,699,000		22,086,000
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Investment in beneficial interests - Gross unrealized gains		0	0		0
Investment in beneficial interests - Gross unrealized loss		0	0		0
Debt Securities, Available-for-sale [Abstract]
Investment in beneficial interests		22,086,000	45,699,000		22,086,000
Beneficial interests
Debt Securities, Available-for-sale [Abstract]
Investments in beneficial interests		21,800,000	21,400,000		21,800,000
Available-for-sale Securities, Equity Securities		$ 21,800,000	$ 21,400,000		$ 21,800,000

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net	[1],[2]	$ 1,164,914	$ 1,310,873
Investment in debt securities		190,768	146,811
Investments in beneficial interests		45,699	22,086
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, net	[1],[2],[3]	631,228	610,199
Borrowings under repurchase transactions		438,388	534,089
Convertible senior notes, net	[3]	118,464	117,525
Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		0	0
Investment In Debt Securities, Fairvalue Disclosure		0	0
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0	0
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		132,272	118,103
Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		0	0
Investment In Debt Securities, Fairvalue Disclosure		190,768	146,811
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0	0
Borrowings under repurchase agreement, fair value		438,388	534,089
Convertible senior notes, net, fair value		0	0
Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		1,286,739	1,448,895
Investment In Debt Securities, Fairvalue Disclosure		0	0
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		632,934	610,217
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		0	0
Investment in Manager
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		1,812	1,016
Investment in Manager | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in Manager | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in Manager | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		9,054	5,231
Investment in AS Ajax E
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		957	1,037
Investment in AS Ajax E | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in AS Ajax E | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		1,280	1,239
Investment in AS Ajax E | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in GAFS
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		3,044	2,844
Investment in GAFS | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in GAFS | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in GAFS | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		3,320	3,320
Beneficial interests
Consolidated balance sheet at fair value disclosure (assets)
Investment in beneficial interests		45,699	22,086
Beneficial interests | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		0	0
Beneficial interests | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		45,699	22,086
Beneficial interests | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		$ 0	$ 0
[1]	As of September 30, 2019, balances for Mortgage loans, net includes $350.7 million and Secured borrowings, net of deferred costs includes $295.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $912.7 million and $897.8 million of loans at September 30, 2019 and December 31, 2018, 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 $1.4 million and $1.2 million of allowance for loan losses at September 30, 2019 and December 31, 2018, respectively.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

Fair Value - Schedule of Non Fi

Fair Value - Schedule of Non Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019		Jun. 30, 2019	Dec. 31, 2018		Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 16,541	[1]	$ 21,335	$ 19,402	[1]	$ 20,463	$ 22,807	$ 24,947
Level 1 Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	0			0
Level 2 Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	0			0
Level 3 Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	16,541			19,402
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	16,500			19,400
Current period ended fair value adjustment recognized in the consolidated Statements of Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 1,691			$ 2,700
[1]	Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2019 and December 31, 2018, respectively.

Affiliates - Narrative (Details

Affiliates - Narrative (Details) $ in Millions	May 29, 2018USD ($)warrantshares	Jan. 26, 2018USD ($)warrantshares	Dec. 31, 2018transaction	Sep. 30, 2019	Mar. 14, 2016
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interests in joint venture				34.00%
2017-D
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interests in joint venture				50.00%
Noncontrolling Interest, Ownership Percentage by Parent				50.00%
2018-C
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent				63.00%
Banfield
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent				90.00%
Thetis
Schedule of Equity Method Investments [Line Items]
Ownership percentage				19.80%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage			16.50%	16.50%	24.20%
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				5.00%
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage				100.00%
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				8.00%
Number of transactions | transaction			2
Percentage of equity interest at closing date	3.10%	4.90%
Number of warrants | warrant	3	3
Percentage of warrants exercisable	1.55%	2.45%
Cash payment in business acquisition	$ 0.7	$ 1.1
Number of shares (in shares) | shares	29,063	45,938
Common stock value	$ 0.4	$ 0.6

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Net income at the Company's share	$ 583	$ 239	$ 1,301	$ 628
Assets at Company share	1,553,686		1,553,686		$ 1,602,871
Liabilities at Company share	1,195,722		1,195,722		1,268,592
Thetis
Schedule of Equity Method Investments [Line Items]
Net income at 100%	2,261	569	4,660	1,813
Assets	12,342		12,342		8,604
Liabilities	2,111		2,111		2,136
Net income at the Company's share	448	113	923	359
Assets at Company share	2,444		2,444		1,704
Liabilities at Company share	418		418		423
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income at 100%	886	805	2,489	1,231
Assets	54,836		54,836		74,164
Liabilities	30,251		30,251		52,184
Net income at the Company's share	71	64	200	88
Assets at Company share	4,387		4,387		5,933
Liabilities at Company share	2,420		2,420		4,175
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income at 100%	61	92	214	261
Assets	5,918		5,918		6,424
Liabilities	5		5		13
Net income at the Company's share	10	$ 15	36	$ 43
Assets at Company share	976		976		1,060
Liabilities at Company share	$ 1		$ 1		$ 2

Commitments and Contingencies (

Commitments and Contingencies (Details Textuals) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate	$ 176,900
Re-performing loans | Purchase commitment | One-to-four family residences
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan		358
Aggregate unpaid principal balance of mortgage loans on real estate		$ 61,600

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 25, 2019	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)	Sep. 30, 2019USD ($)securitization$ / shares	Sep. 30, 2018USD ($)$ / shares	Sep. 30, 2019USD ($)FacilityDaysecuritization$ / shares	Sep. 30, 2018USD ($)$ / shares	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)securitization$ / shares	Jun. 30, 2019$ / shares	Jun. 30, 2018$ / shares
Debt Instrument [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares					$ 0.32	$ 0.30	$ 0.32	$ 0.30		$ 0.32	$ 0.32	$ 0.30
Percentage of ownership interests in joint venture					34.00%		34.00%			34.00%
Percentage of guarantors beneficial interest					100.00%		100.00%			100.00%
Number of securitizations completed | securitization										14
Number of securitizations outstanding | securitization					6		6			6
Percentage of interests in trust certificates sold to third parties							50.00%
Interest expense					$ 14,317,000	$ 12,997,000	$ 45,441,000	$ 38,290,000
Amortization of debt discount									$ 3,200,000
Percentage of ownership interests in joint venture					34.00%		34.00%			34.00%
Debt Instrument, Basis Spread on Variable Rate	100.00%
Class A Notes
Debt Instrument [Line Items]
Period after issue							36 months
Mortgage loans
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization					4		4			4
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal				$ 87,500,000
Interest Rate			7.25%	7.25%	7.25%		7.25%			7.25%
Proceeds from sale of convertible senior notes			$ 20,500,000	$ 84,900,000
Conversion premium - Convertible senior notes			200,000	$ 2,500,000
Percentage of notes convertible to common stock				17.50%
Additional aggregate principal		$ 15,900,000	$ 20,500,000
Conversion premium			6.00%
Principal amount of note (in dollars per share) | $ / shares					$ 25
If-converted value in excess of principal							$ 4,000,000
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%
Unamortized discount					$ 5,400,000		$ 5,400,000			$ 5,400,000
Amortization of debt discount					$ 300,000
Interest rate, effective percentage					8.94%		8.94%			8.94%
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate					4.26%		4.26%		4.80%	4.26%
Master Repurchase Agreement | Delaware Trust | Mortgage loans
Debt Instrument [Line Items]
Number of facilities repurchased | Facility							2
Number of wholly-owned Delaware trusts | Facility							2
Number of counterparties | Facility							2
Ceiling for each repurchase facility					$ 250,000,000		$ 250,000,000			$ 250,000,000
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO							70.00%
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO							85.00%
Master Repurchase Agreement | Delaware Trust | Mortgages One
Debt Instrument [Line Items]
Ceiling for each repurchase facility					$ 400,000,000		$ 400,000,000			$ 400,000,000
Master Repurchase Agreement | Delaware Trust | Bonds [Member]
Debt Instrument [Line Items]
Number of facilities repurchased | Facility							3,000
Gregory | Servicing Agreement | Minimum
Debt Instrument [Line Items]
Servicing fees percentage							0.65%
Gregory | Servicing Agreement | Maximum
Debt Instrument [Line Items]
Servicing fees percentage							1.25%
Common Stock | Convertible Notes Payable
Debt Instrument [Line Items]
Conversion rate					1.6650
Conversion price (in dollars per share) | $ / shares					$ 15.02		$ 15.02			$ 15.02
2018-C | Class A Notes
Debt Instrument [Line Items]
Percentage of Interest retained by the Company							5.00%
2018-C | Mortgage loans | Class B Notes
Debt Instrument [Line Items]
Aggregate principal					$ 15,900,000		$ 15,900,000		$ 15,900,000	$ 15,900,000
2018-C | Mortgage loans | Class A Notes
Debt Instrument [Line Items]
Aggregate principal					152,200,000		$ 152,200,000		167,500,000	152,200,000
Ajax Mortgage Loan Trust 2018 C September 2018
Debt Instrument [Line Items]
Percentage of Interests Sold to Third Parties							37.00%
Ajax Mortgage Loan Trust 2018 C September 2018 | Class A Notes
Debt Instrument [Line Items]
Percentage of Interests Sold to Third Parties							95.00%
Ajax Mortgage Loan Trust 2018 C September 2018 | Mortgage loans | Class B Notes
Debt Instrument [Line Items]
Aggregate principal					$ 15,900,000		$ 15,900,000			$ 15,900,000
Interest Rate					5.25%		5.25%			5.25%
Ajax Mortgage Loan Trust 2018 C September 2018 | Mortgage loans | Class A Notes
Debt Instrument [Line Items]
Aggregate principal					$ 170,500,000		$ 170,500,000			$ 170,500,000
Interest Rate					4.36%		4.36%			4.36%
2017-C
Debt Instrument [Line Items]
Period after issue							48 months
2017-D
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	300.00%
2017-D | Mortgage loans | Class A Notes
Debt Instrument [Line Items]
Aggregate principal					$ 128,600,000		$ 128,600,000		$ 139,000,000	$ 128,600,000
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal		$ 108,000,000
Interest Rate		7.25%
Proceeds from sale of convertible senior notes		$ 15,200,000
Conversion premium - Convertible senior notes		$ 500,000
Conversion premium		11.43%
Unpaid principal balance					123,900,000		$ 123,900,000			$ 123,900,000
Interest expense					$ 2,600,000

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Amount of Collateral	$ 588,974	$ 745,211
Repurchase Agreement [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity	906,094	886,134
Amount Outstanding	438,388	534,089
Amount of Collateral	$ 588,974	$ 745,211
Percentage of Collateral Coverage	134.00%	140.00%
Interest Rate	4.26%	4.80%
Repurchase Agreement [Member] | January 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%
Repurchase Agreement [Member] | September 24, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 400,000
Amount Outstanding		102,311
Amount of Collateral		$ 134,835
Percentage of Collateral Coverage		132.00%
Interest Rate		4.89%
Repurchase Agreement [Member] | February 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%
Repurchase Agreement [Member] | March 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%
Repurchase Agreement [Member] | July 10, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 250,000
Amount Outstanding	79,197
Amount of Collateral	$ 120,572
Percentage of Collateral Coverage	152.00%
Interest Rate	4.54%
Repurchase Agreement [Member] | June 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%
Repurchase Agreement [Member] | June 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%
Repurchase Agreement [Member] | July 12 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 250,000
Amount Outstanding		195,644
Amount of Collateral		$ 289,908
Percentage of Collateral Coverage		148.00%
Interest Rate		5.00%
Repurchase Agreement [Member] | September 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000
Amount Outstanding	103,097
Amount of Collateral	$ 125,410
Percentage of Collateral Coverage	122.00%
Interest Rate	4.70%
Class A Notes | Repurchase Agreement [Member] | June 21, 2019
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%
Class A Notes | Repurchase Agreement [Member] | March 25, 2019
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%
Class A Notes | Repurchase Agreement [Member] | April 25, 2019
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%
Class A Notes | Repurchase Agreement [Member] | June 6, 2019
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%
Class B Notes | Repurchase Agreement [Member] | June 21, 2019
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%
Class B Notes | Repurchase Agreement [Member] | March 25, 2019
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%
Class B Notes | Repurchase Agreement [Member] | May 8, 2019
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%
Class B Notes | Repurchase Agreement [Member] | June 6, 2019
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%
Class B-1 Certificates | Repurchase Agreement [Member] | April 25, 2019
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%
2017-B | Class B Notes | Repurchase Agreement [Member] | May 8, 2019
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%
2018-C | Class A Notes | Repurchase Agreement [Member] | March 25, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,851
Amount Outstanding	5,851
Amount of Collateral	$ 7,611
Percentage of Collateral Coverage	130.00%
Interest Rate	3.81%
2018-C | Class B Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,648
Amount Outstanding	1,648
Amount of Collateral	$ 2,388
Percentage of Collateral Coverage	145.00%
Interest Rate	3.87%
2018-C | Class B Notes | Repurchase Agreement [Member] | March 25, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,075
Amount Outstanding	7,075
Amount of Collateral	$ 10,024
Percentage of Collateral Coverage	142.00%
Interest Rate	3.96%
2019-A | Class A Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,389
Amount Outstanding	4,389
Amount of Collateral	$ 5,725
Percentage of Collateral Coverage	130.00%
Interest Rate	3.77%
2019-A | Class A-1 Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 12,822
Amount Outstanding	12,822
Amount of Collateral	$ 17,130
Percentage of Collateral Coverage	134.00%
Interest Rate	3.77%
2019-B | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,579
Amount Outstanding	1,579
Amount of Collateral	$ 2,287
Percentage of Collateral Coverage	145.00%
Interest Rate	3.87%
2019-B | Class A Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 11,056
Amount Outstanding	11,056
Amount of Collateral	$ 14,819
Percentage of Collateral Coverage	134.00%
Interest Rate	3.77%
2019-B | Class B Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,695
Amount Outstanding	5,695
Amount of Collateral	$ 7,432
Percentage of Collateral Coverage	131.00%
Interest Rate	3.77%
2018-A | Class A Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,511
Amount Outstanding	5,511
Amount of Collateral	$ 7,112
Percentage of Collateral Coverage	129.00%
Interest Rate	4.37%
2018-G | Repurchase Agreement [Member] | December 20, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 11,619
Amount Outstanding	11,619
Amount of Collateral	$ 14,382
Percentage of Collateral Coverage	124.00%
Interest Rate	3.97%
2018-G | Class A Notes | Repurchase Agreement [Member] | December 20, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 17,722
Amount Outstanding	17,722
Amount of Collateral	$ 21,937
Percentage of Collateral Coverage	124.00%
Interest Rate	3.97%
2018-G | Class B Notes | Repurchase Agreement [Member] | December 20, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,784
Amount Outstanding	2,784
Amount of Collateral	$ 4,050
Percentage of Collateral Coverage	145.00%
Interest Rate	4.12%
Ajax Mortgage Loan Trust 2017-D | Class A Notes | Repurchase Agreement [Member] | December 6, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,083
Amount Outstanding	5,083
Amount of Collateral	$ 6,442
Percentage of Collateral Coverage	127.00%
Interest Rate	4.16%
Ajax Mortgage Loan Trust 2017-D | Class A Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 43,584
Amount Outstanding	43,584
Amount of Collateral	$ 57,846
Percentage of Collateral Coverage	133.00%
Interest Rate	3.81%
Ajax Mortgage Loan Trust 2017-A | Class B 1 Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,602
Amount Outstanding	10,602
Amount of Collateral	$ 15,145
Percentage of Collateral Coverage	143.00%
Interest Rate	4.52%
Ajax Mortgage Loan Trust 2017-A | Class B 2 Notes [Member] | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,345
Amount Outstanding	7,345
Amount of Collateral	$ 10,819
Percentage of Collateral Coverage	147.00%
Interest Rate	4.52%
Ajax Mortgage Loan Trust 2018-D | Class A Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,517
Amount Outstanding	8,517
Amount of Collateral	$ 11,382
Percentage of Collateral Coverage	134.00%
Interest Rate	3.79%
Ajax Mortgage Loan Trust 2018-D | Class A Notes | Repurchase Agreement [Member] | March 27, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,915
Amount Outstanding	2,915
Amount of Collateral	$ 3,804
Percentage of Collateral Coverage	130.00%
Interest Rate	3.79%
Ajax Mortgage Loan Trust 2017-B | Class B 1 Notes | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,074
Amount Outstanding	6,074
Amount of Collateral	$ 9,038
Percentage of Collateral Coverage	149.00%
Interest Rate	4.52%
Ajax Mortgage Loan Trust 2017-B | Class B 2 Notes [Member] | Repurchase Agreement [Member] | October 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,859
Amount Outstanding	4,859
Amount of Collateral	$ 7,464
Percentage of Collateral Coverage	154.00%
Interest Rate	4.52%
Ajax Mortgage Loan Trust 2017-B | Class M1 Notes | Repurchase Agreement [Member] | February 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,568
Amount Outstanding	7,568
Amount of Collateral	$ 9,702
Percentage of Collateral Coverage	128.00%
Interest Rate	4.19%
Ajax Mortgage Loan Trust 2017-B | Class M2 Notes | Repurchase Agreement [Member] | February 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,664
Amount Outstanding	6,664
Amount of Collateral	$ 9,537
Percentage of Collateral Coverage	143.00%
Interest Rate	4.19%
Ajax Mortgage Loan Trust 2018-E | Class A Notes | Repurchase Agreement [Member] | December 6, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,228
Amount Outstanding	3,228
Amount of Collateral	$ 4,175
Percentage of Collateral Coverage	129.00%
Interest Rate	4.17%
Ajax Mortgage Loan Trust 2018-E | Class B Notes | Repurchase Agreement [Member] | December 6, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,050
Amount Outstanding	1,050
Amount of Collateral	$ 1,607
Percentage of Collateral Coverage	153.00%
Interest Rate	4.32%
Ajax Mortgage Loan Trust 2018-F | Class A Notes | Repurchase Agreement [Member] | December 6, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,499
Amount Outstanding	6,499
Amount of Collateral	$ 8,258
Percentage of Collateral Coverage	127.00%
Interest Rate	4.17%
Ajax Mortgage Loan Trust 2018-F | Class B Notes | Repurchase Agreement [Member] | December 6, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,326
Amount Outstanding	2,326
Amount of Collateral	$ 3,360
Percentage of Collateral Coverage	144.00%
Interest Rate	4.32%
2019-C | Class A Notes | Repurchase Agreement [Member] | December 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,578
Amount Outstanding	5,578
Amount of Collateral	$ 7,242
Percentage of Collateral Coverage	130.00%
Interest Rate	3.95%
2019-C | Class B Notes | Repurchase Agreement [Member] | December 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,272
Amount Outstanding	3,272
Amount of Collateral	$ 4,667
Percentage of Collateral Coverage	143.00%
Interest Rate	4.10%
Ajax Mortgage Loan Trust 2018-B | Class A Notes | Repurchase Agreement [Member] | December 30, 2019
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,148
Amount Outstanding	7,148
Amount of Collateral	$ 8,371
Percentage of Collateral Coverage	117.00%
Interest Rate	3.95%
Ajax Mortgage Loan Trust 2017-C | Class B Notes | Repurchase Agreement [Member] | January 13, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,956
Amount Outstanding	8,956
Amount of Collateral	$ 13,016
Percentage of Collateral Coverage	145.00%
Interest Rate	4.16%
Ajax Mortgage Loan Trust 2019-E | Class A Notes | Repurchase Agreement [Member] | March 26, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 27,075
Amount Outstanding	27,075
Amount of Collateral	$ 36,220
Percentage of Collateral Coverage	134.00%
Interest Rate	3.81%
Mortgage loans
Debt Instrument [Line Items]
Percentage of Collateral Coverage	143.00%	146.00%
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Percentage of Collateral Coverage	142.00%	133.00%
Mortgage loans | 2018-C
Debt Instrument [Line Items]
Cash collateral for borrowed securities	$ 45,500
Percentage of Collateral Coverage	121.00%	118.00%
Mortgage loans | 2018-C | Class A Notes
Debt Instrument [Line Items]
Original Principal	$ 152,200	$ 167,500
Mortgage loans | 2018-C | Class B Notes
Debt Instrument [Line Items]
Original Principal	$ 15,900	$ 15,900
Mortgage loans | 2017-A
Debt Instrument [Line Items]
Percentage of Collateral Coverage	170.00%	153.00%
Mortgage loans | 2017-D
Debt Instrument [Line Items]
Cash collateral for borrowed securities	$ 26,700
Percentage of Collateral Coverage	238.00%	236.00%
Mortgage loans | 2017-D | Class A Notes
Debt Instrument [Line Items]
Original Principal	$ 128,600	$ 139,000

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 438,388	$ 534,089
Gross amount pledged as collateral	588,974	745,211
Net amount	$ 150,586	$ 211,122

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture	34.00%
Mortgage loans
Debt Instrument [Line Items]
Deferred issuance costs	$ (6,300,000)	$ (6,300,000)
Mortgage loans | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture	50.00%
Reflection of required consolidation	100.00%
Mortgage loans | Class A Notes | 2018-C
Debt Instrument [Line Items]
Original Principal	$ 152,200,000	167,500,000
Securities Borrowed, Liability	144,600,000	159,200,000
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 140,700,000
Interest Rate	3.47%
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 115,800,000
Interest Rate	3.16%
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 130,200,000
Interest Rate	3.75%
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 177,800,000
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	$ 170,500,000
Interest Rate	4.36%
Mortgage loans | Class B Notes | 2018-C
Debt Instrument [Line Items]
Original Principal	$ 15,900,000	15,900,000
Securities Borrowed, Liability	5,900,000	$ 5,900,000
Mortgage loans | Class B Notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 15,900,000
Interest Rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 15,100,000
Interest Rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9,000,000
Interest Rate	3.75%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 13,000,000
Interest Rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 7,500,000
Interest Rate	3.50%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original Principal	$ 10,800,000
Interest Rate	5.25%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 7,500,000
Interest Rate	3.75%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 7,100,000
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 49,800,000
Interest Rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 14,300,000
Interest Rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 42,800,000
Interest Rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original principal, trust certificates	$ 40,900,000
Interest Rate	0.00%
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-A/ May 2017
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (2,000,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1,800,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1,700,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1,100,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (2,000,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (2,600,000)
Mortgage loans | Class M1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9,700,000
Interest Rate	3.50%
Mortgage loans | Class M1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 9,300,000
Interest Rate	3.50%
Mortgage loans | Class M2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9,500,000
Interest Rate	3.50%
Mortgage loans | Class B Certificates | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 44,500,000
Interest Rate	0.00%
Ownership percentage	50.00%
Mortgage loans | Class A-1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 140,400,000
Interest Rate	2.96%
Mortgage loans | Class A-2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 6,100,000
Interest Rate	3.50%
Mortgage loans | Class A-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 10,100,000
Interest Rate	3.50%
Mortgage loans | Class B-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 12,800,000

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying value	[1],[2]	$ 1,164,914	$ 1,310,873
Mortgage loans
Debt Instrument [Line Items]
Carrying value		912,652	897,833
Bond principal balance		$ 637,517	$ 616,499
Percentage of collateral coverage		143.00%	146.00%
Original balances at securitization cutoff date Mortgage UPB		$ 1,345,365
Original balances at securitization cutoff date Bond principal balance		902,732
Debt issuance costs, net		6,300	$ 6,300
Mortgage loans | 2016-C
Debt Instrument [Line Items]
Carrying value		0	102,563
Bond principal balance		$ 0	$ 69,692
Percentage of collateral coverage		0.00%	147.00%
Original balances at securitization cutoff date Mortgage UPB		$ 157,808
Original balances at securitization cutoff date Bond principal balance		102,575
Mortgage loans | 2017-A
Debt Instrument [Line Items]
Carrying value		145,636	$ 157,033
Bond principal balance		$ 85,886	$ 102,755
Percentage of collateral coverage		170.00%	153.00%
Original balances at securitization cutoff date Mortgage UPB		$ 216,413
Original balances at securitization cutoff date Bond principal balance		140,669
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Carrying value		124,774	$ 132,902
Bond principal balance		$ 87,915	$ 99,857
Percentage of collateral coverage		142.00%	133.00%
Original balances at securitization cutoff date Mortgage UPB		$ 165,850
Original balances at securitization cutoff date Bond principal balance		115,846
Mortgage loans | 2017-C
Debt Instrument [Line Items]
Carrying value		139,775	$ 146,938
Bond principal balance		$ 97,771	$ 109,616
Percentage of collateral coverage		143.00%	134.00%
Original balances at securitization cutoff date Mortgage UPB		$ 185,942
Original balances at securitization cutoff date Bond principal balance		130,159
Mortgage loans | 2017-D
Debt Instrument [Line Items]
Carrying value		152,895	$ 163,791
Bond principal balance		$ 64,287	$ 69,528
Percentage of collateral coverage		238.00%	236.00%
Original balances at securitization cutoff date Mortgage UPB		$ 203,870
Original balances at securitization cutoff date Bond principal balance		88,903
Cash collateral for borrowed securities		26,700
Mortgage loans | 2018-C
Debt Instrument [Line Items]
Carrying value		182,554	$ 194,606
Bond principal balance		$ 150,500	$ 165,051
Percentage of collateral coverage		121.00%	118.00%
Original balances at securitization cutoff date Mortgage UPB		$ 222,181
Original balances at securitization cutoff date Bond principal balance		167,910
Cash collateral for borrowed securities		45,500
Class A Notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Original Principal		128,600	$ 139,000
Secured borrowings		64,300	69,500
Class A Notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		152,200	167,500
Secured borrowings		144,600	159,200
Class B Notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		15,900	15,900
Secured borrowings		$ 5,900	$ 5,900
[1]	As of September 30, 2019, balances for Mortgage loans, net includes $350.7 million and Secured borrowings, net of deferred costs includes $295.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $912.7 million and $897.8 million of loans at September 30, 2019 and December 31, 2018, 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 $1.4 million and $1.2 million of allowance for loan losses at September 30, 2019 and December 31, 2018, respectively.

Related Party Transactions - Sc

Related Party Transactions - Schedule Statement of Income of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	$ 2,197	$ 2,457	$ 6,977	$ 7,598
Related party expense – management fee	2,215	1,456	5,555	4,428
Interest Income
Related Party Transaction [Line Items]
Amount of transaction	3,322	444	8,878	813
Gregory | Loan transaction expense
Related Party Transaction [Line Items]
Amount of transaction			0	99
Thetis | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction	448	113	923	359
Great Ajax FS | Other fees and expenses
Related Party Transaction [Line Items]
Amount of transaction			0	40
Great Ajax FS | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction	$ 71	$ 64	$ 200	$ 88

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	$ 193	$ 4
Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction	12
Gregory | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	7	11
Gregory | Prepaid expenses and ather assets | Receivable from Servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction	715
Gregory | Receivable from Servicer
Related Party Transaction [Line Items]
Amount of transaction	17,406	14,587
Thetis | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	89
Thetis | Management Fee Payable
Related Party Transaction [Line Items]
Amount of transaction	$ 1,215	881
Thetis | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction		$ 16

Related party Transactions - Na

Related party Transactions - Narrative (Details)	1 Months Ended			3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Oct. 31, 2016USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)calender	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Management fee payable				$ 1,215,000		$ 881,000		$ 1,215,000		$ 881,000
Period of termination of license agreement								30 days
Investment In Securities				127,600,000		175,300,000		$ 127,600,000		175,300,000
Gain on sale of mortgage loans				109,000			$ 0	7,123,000	$ 0
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance					$ 176,900,000
Purchase of debt securities								127,552,000	49,837,000
Investment in debt securities				$ 190,768,000		146,811,000		$ 190,768,000		146,811,000
Percentage of ownership interests in joint venture				34.00%				34.00%
Investments in beneficial interests				$ 45,699,000		22,086,000		$ 45,699,000		22,086,000
Incentive Fee Expense				500,000
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance					$ 176,900,000
Investments at fair value				190,768,000		146,811,000		190,768,000		146,811,000
Residential RPL loan pools
Related Party Transaction [Line Items]
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance				500,000			69,200,000	115,600,000	104,500,000
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance				500,000			69,200,000	$ 115,600,000	104,500,000
Non-performing loans
Related Party Transaction [Line Items]
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance							1,700,000		1,700,000
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance							$ 1,700,000		$ 1,700,000
Thetis | Management Agreement
Related Party Transaction [Line Items]
Base management fee percentage								1.50%
Thetis | Amended And Restated Management Agreement
Related Party Transaction [Line Items]
Percentage of Independent Directors								66.67%
Management fee payable				1,000,000				$ 1,000,000
Percentage of base management fees payable in cash								75.00%
Percentage of base management fee payable in shares of common stock								25.00%
Percentage in excess of base management fees payable in cash								50.00%
Percentage in excess of base management fees payable in shares								50.00%
Period of common shares held as base management fee (at least)								3 years
Percentage of remaining incentive fee payable in common stock								20.00%
Percentage of remaining incentive fee in excess of book value								8.00%
Number of calender quarters | calender								8
Percentage of remaining incentive fee payable in cash								80.00%
Incentive Fee Expense				500,000
Gregory | Servicing Agreement | Minimum [Member]
Related Party Transaction [Line Items]
Servicing fees percentage								0.65%
Gregory | Servicing Agreement | Maximum [Member]
Related Party Transaction [Line Items]
Servicing fees percentage								1.25%
Oileus Residential Loan Trust
Related Party Transaction [Line Items]
Available-for-sale Securities, Gross Realized Gains						200,000				200,000
Purchase of debt securities			$ 6,300,000
2018-C
Related Party Transaction [Line Items]
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance	$ 50,100,000	$ 52,800,000
Purchase of debt securities	45,100,000	47,400,000
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance	$ 50,100,000	$ 52,800,000
2019-C
Related Party Transaction [Line Items]
Investment In Securities				12,100,000				$ 12,100,000
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance				176,900,000
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance				176,900,000
Beneficial interests
Related Party Transaction [Line Items]
Investments in beneficial interests				21,400,000		21,800,000		21,400,000		21,800,000
Beneficial interests | 2019-C
Related Party Transaction [Line Items]
Investments in beneficial interests				8,000,000				8,000,000
Senior Notes
Related Party Transaction [Line Items]
Investment in debt securities				93,600,000		144,100,000		93,600,000		144,100,000
Investments at fair value				93,600,000		144,100,000		93,600,000		144,100,000
Subordinated Debt
Related Party Transaction [Line Items]
Investment in debt securities				12,600,000		9,400,000		12,600,000		9,400,000
Investments at fair value				$ 12,600,000		$ 9,400,000		$ 12,600,000		$ 9,400,000

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)	Aug. 01, 2019	Apr. 01, 2019	Jul. 31, 2018	Jul. 24, 2017	Aug. 17, 2016	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees						$ 1,700,000
Number of shares (in shares)						66,730	51,613	193,029	155,053
Share-based Payment Arrangement, Noncash Expense						$ 1,026,000	$ 813,000	$ 2,656,000	$ 2,424,000
Annual retainer amount								$ 75,000
Restricted stock | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)	79,000		36,500	39,000
Vesting period								3 years
2014 Director Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								1 year
Annual Retainer Received In Shares		40.00%				50.00%
Annual Retainer Received In Cash		60.00%				50.00%
2014 Director Equity Plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual Retainer Received In Shares And Cash Amount		$ 100,000						$ 75,000
Long term incentive plan | Initial public offering | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)								2,000
Vesting period								1 year
Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of expense recognized						$ 900,000
Number of shares (in shares)						63,982	49,229	184,681	147,849
Share-based Payment Arrangement, Noncash Expense						$ 986,000	$ 775,000	$ 2,538,000	$ 2,310,000
Common Stock | Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)						57,239
Common Stock | Incentive Fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)						6,743
Share-based Payment Arrangement, Noncash Expense						$ 100,000
Employee And Service Provider Grants | Restricted stock | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)					153,000
Employee And Service Provider Grants | Long term incentive plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)								1,667		2,666	4,000
Employee And Service Provider Grants Third Option | Long term incentive plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)								2,500

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	66,730	51,613	193,029	155,053
Amount of expense recognized	$ 1,026	$ 813	$ 2,656	$ 2,424
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	63,982	49,229	184,681	147,849
Amount of expense recognized	$ 986	$ 775	$ 2,538	$ 2,310
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	2,748	2,384	8,348	7,204
Amount of expense recognized	$ 40	$ 38	$ 118	$ 114

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Schedule of Restricted Stock Plans (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	308,667	233,834		308,667	233,834
Total expected cost of grant	$ 4,222	$ 3,178		$ 4,222	$ 3,178
Shares granted during the year (in shares)	79,000	48,500		79,000	48,500
Grant expense recognized	$ 207	$ 255		$ 689	$ 757
Shares, nonvested (in shares)	114,667	116,389		114,667	116,389
Per share grant fair value (in dollars per share)	$ 13.87	$ 13.56		$ 13.87	$ 13.56
Shares, fully vested (in shares)	194,000	117,445		194,000	117,445
Per share grant date fair value (in dollars per share)	$ 13.56	$ 13.55		$ 13.56	$ 13.55
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
Weighted average remaining contractual terms		4 months 24 days
Directors’ Grants | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	12,000	12,000		12,000	12,000
Total expected cost of grant	$ 162	$ 162		$ 162	$ 162
Shares granted during the year (in shares)	0	12,000		0	12,000
Grant expense recognized	$ 0	$ 20		$ 14	$ 128
Shares, nonvested (in shares)	0	6,000		0	6,000
Per share grant fair value (in dollars per share)	$ 13.48	$ 13.48		$ 13.48	$ 13.48
Shares, fully vested (in shares)	12,000	6,000		12,000	6,000
Per share grant date fair value (in dollars per share)	$ 13.48	$ 13.48		$ 13.48	$ 13.48
Employee And Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	144,667	146,334		144,667	146,334
Total expected cost of grant	$ 1,953	$ 1,976		$ 1,953	$ 1,976
Shares granted during the year (in shares)	0	0		0	0
Grant expense recognized	$ 62	$ 163		$ 368	$ 466
Shares, nonvested (in shares)	0	47,889		0	47,889
Per share grant fair value (in dollars per share)	$ 13.50	$ 13.50		$ 13.50	$ 13.50
Shares, fully vested (in shares)	144,667	98,445		144,667	98,445
Per share grant date fair value (in dollars per share)	$ 13.50	$ 13.50		$ 13.50	$ 13.50
Weighted average remaining contractual terms					10 months 24 days
Employee and Service Provider Second Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	39,000	39,000		39,000	39,000
Total expected cost of grant	$ 544	$ 544		$ 544	$ 544
Shares granted during the year (in shares)	0	0		0	0
Grant expense recognized	$ 45	$ 45		$ 135	$ 136
Shares, nonvested (in shares)	13,000	26,000		13,000	26,000
Per share grant fair value (in dollars per share)	$ 13.95	$ 13.95		$ 13.95	$ 13.95
Shares, fully vested (in shares)	26,000	13,000		26,000	13,000
Per share grant date fair value (in dollars per share)	$ 13.95	$ 13.95		$ 13.95	$ 13.95
Weighted average remaining contractual terms				9 months 18 days	1 year 9 months 18 days
Employee And Service Provider Grants Third Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	34,000	36,500		34,000	36,500
Total expected cost of grant	$ 462	$ 496		$ 462	$ 496
Shares granted during the year (in shares)	0	36,500		0	36,500
Grant expense recognized	$ 39	$ 27		$ 111	$ 27
Shares, nonvested (in shares)	22,667	36,500		22,667	36,500
Per share grant fair value (in dollars per share)	$ 13.58	$ 13.58		$ 13.58	$ 13.58
Shares, fully vested (in shares)	11,333	0		11,333	0
Per share grant date fair value (in dollars per share)	$ 13.58	$ 0		$ 13.58	$ 0
Weighted average remaining contractual terms				1 year 10 months 24 days	2 years 10 months 24 days
Employee And Service Provider Grants Fourth Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	79,000			79,000
Total expected cost of grant	$ 1,101			$ 1,101
Shares granted during the year (in shares)	79,000			79,000
Grant expense recognized	$ 61			$ 61
Shares, nonvested (in shares)	79,000			79,000
Per share grant fair value (in dollars per share)	$ 13.94			$ 13.94
Shares, fully vested (in shares)	0			0
Per share grant date fair value (in dollars per share)	$ 0			$ 0
Weighted average remaining contractual terms				2 years 9 months 18 days
Long Term Incentive Plan [Member] | Employee And Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)				1,667		2,666	4,000
Long Term Incentive Plan [Member] | Employee And Service Provider Grants Third Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)				2,500

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)year	Sep. 30, 2018USD ($)
Income Tax Disclosure [Abstract]
Distribution Percentage Of Real Estate Investment Trust Taxable Income			90.00%
Number Of Taxable Years | year			4
Taxable income	$ 4,000,000	$ 6,500,000	$ 20,400,000	$ 19,800,000
Provision for income taxes	27,000	84,000	136,000	102,000
Deferred income tax assets	0	0	0	0
Deferred income tax liabilities	0	0	0	0
Income tax interest and penalties recorded	$ 0	$ 0	$ 0	$ 0

Earnings per Share - Schedule o

Earnings per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic EPS
Consolidated net income attributable to common stockholders	$ 7,691	$ 6,558	$ 28,048	$ 21,744
Allocation of earnings to participating restricted shares	(82)	(70)	(301)	(242)
Consolidated net income attributable to unrestricted common stockholders	7,609	6,488	27,747	21,502
Effect of dilutive securities
Operating Partnership units	0	223	346	724
Restricted stock grants and Manager and director fee shares	82	70	301	242
Interest expense (add back) and assumed conversion of shares from convertible senior notes	2,552	2,151	7,645	6,439
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$ 10,243	$ 8,932	$ 36,039	$ 28,907
Basic EPS
Consolidated net income attributable to unrestricted common stockholders (in shares)	19,751,142	18,691,393	19,247,706	18,599,088
Allocation of earnings to participating restricted shares (in shares)	0	0	0	0
Effect of dilutive securities
Operating Partnership units (in shares)	0	624,106	322,340	624,106
Restricted stock grants and Manager and director fee shares (in shares)	212,991	202,856	208,963	209,108
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)	8,236,520	7,074,451	8,208,789	7,056,682
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)	28,200,653	26,592,806	27,987,798	26,488,984
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.39	$ 0.35	$ 1.44	$ 1.16
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.36	$ 0.34	$ 1.29	$ 1.09

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Percentage Of Outstanding Operating Partnership Units Owned	100.00%						100.00%		96.80%
Common stock shares outstanding (in shares)	20,347,509						20,347,509		18,909,874
Common stock par value per share (in dollars per share)	$ 0.01						$ 0.01		$ 0.01
Common stock shares authorized (in shares)	125,000,000						125,000,000		125,000,000
Preferred stock shares outstanding (in shares)	0						0		0
Preferred stock shares authorized (in shares)	25,000,000						25,000,000		25,000,000
Treasury Stock, Shares	29,287						29,287		20,277
Sale of common stock pursuant to dividend reinvestment plan							$ 206,000	$ 140,000
Operating partnership units	624,106						624,106		624,106
Conversion of OP Units	$ 0	$ 0
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]							five
Percentage of ownership interests in joint venture	34.00%						34.00%
Common Stock, Shares, Issued	20,347,509						20,347,509		18,909,874
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized	$ 50,000,000						$ 50,000,000
Proceeds from issuance of common stock							$ 8,300,000	$ 0
Common Stock, Shares, Issued	551,223						551,223
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	20,347,509	19,654,330	18,967,223	18,856,601	18,770,071	18,686,420	20,347,509	18,856,601	18,909,874	18,588,228
Issuance of shares under dividend reinvestment plan (in shares)	4,827	5,056	5,321	4,060	2,483	3,838	15,204	10,381
Sale of common stock pursuant to dividend reinvestment plan							$ 200,000	$ 100,000
Conversion of OP Units	$ 0	$ 6,000
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of OP Units	$ 45,000	$ 10,771,000
2017-D
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%						50.00%
Percentage of ownership interests in joint venture	50.00%						50.00%
Noncontrolling Interest, Ownership Percentage by Parent	50.00%						50.00%
AS Ajax E II LLC
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	46.90%						46.90%
Percentage of ownership interests in joint venture	53.10%						53.10%
2018-C
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	37.00%						37.00%
Noncontrolling Interest, Ownership Percentage by Parent	63.00%						63.00%
Banfield
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%						10.00%
Noncontrolling Interest, Ownership Percentage by Parent	90.00%						90.00%
DG Brooklyn Holdings
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%						5.00%
Noncontrolling Interest, Ownership Percentage by Parent	95.00%						95.00%

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive gain/(loss)	$ 1,544	$ (575)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive gain/(loss)	1,544	(575)
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	1,685	250
Unrealized losses	$ (141)	$ (825)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 06, 2019USD ($)numberOfLoanPoolsproperty	Sep. 30, 2019USD ($)loan$ / shares	Jun. 30, 2019USD ($)$ / shares	Sep. 30, 2018USD ($)loan$ / shares	Sep. 30, 2019USD ($)loan$ / shares	Sep. 30, 2018USD ($)loan$ / shares	Oct. 29, 2019$ / shares	Jun. 30, 2018$ / shares
Subsequent Event [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate			$ 176,900,000
Dividends payable, amount per share (in dollars per share) | $ / shares		$ 0.32	$ 0.32	$ 0.30	$ 0.32	$ 0.30		$ 0.30
Re-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan		5		271	539	422
Aggregate unpaid principal balance of mortgage loans on real estate		$ 500,000		$ 69,200,000	$ 115,600,000	$ 104,500,000
Non-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan		0		11	0	11
Aggregate unpaid principal balance of mortgage loans on real estate				$ 1,700,000		$ 1,700,000
Subsequent Event | One Seller
Subsequent Event [Line Items]
Number of transaction | numberOfLoanPools	2
Number of sellers | numberOfLoanPools	1
Subsequent Event | Re-performing loans
Subsequent Event [Line Items]
Estimated market value of the underlying collateral	$ 68,200,000
Subsequent Event | Re-performing loans | Two Sellers
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	44
Aggregate unpaid principal balance of mortgage loans on real estate	$ 7,900,000
Number of transaction | numberOfLoanPools	2
Percentage of unpaid principal balance of loan acquired	83.50%
Percentage of estimated market value of the underlying collateral	62.40%
Estimated market value of the underlying collateral	$ 10,600,000
Subsequent Event | Re-performing loans | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	6
Aggregate unpaid principal balance of mortgage loans on real estate	$ 1,000,000
Percentage of unpaid principal balance of loan acquired	80.30%
Percentage of estimated market value of the underlying collateral	62.10%
Estimated market value of the underlying collateral	$ 1,300,000
Subsequent Event | Non-performing loans | Two Sellers
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	53,000
Aggregate unpaid principal balance of mortgage loans on real estate	$ 9,900,000
Number of transaction | numberOfLoanPools	2
Number of sellers | numberOfLoanPools	2
Percentage of unpaid principal balance of loan acquired	88.60%
Percentage of estimated market value of the underlying collateral	56.70%
Estimated market value of the underlying collateral	$ 15,500,000
Subsequent Event | SBC loan pools
Subsequent Event [Line Items]
Percentage of unpaid principal balance of loan acquired	101.60%
Percentage of estimated market value of the underlying collateral	65.30%
Estimated market value of the underlying collateral	$ 1,300,000
Subsequent Event | commercial building
Subsequent Event [Line Items]
Number of real estate properties purchased | property	1
Purchase price	$ 600,000
Board of Directors | Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares							$ 0.32
Corporate Joint Venture [Member] | Subsequent Event | One Seller
Subsequent Event [Line Items]
Number of transaction | numberOfLoanPools	1
Corporate Joint Venture [Member] | Subsequent Event | Re-performing loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	285
Percentage of unpaid principal balance of loan acquired	89.60%
Percentage of estimated market value of the underlying collateral	65.40%
Payments to acquire loans	$ 44,700,000
Corporate Joint Venture [Member] | Subsequent Event | Re-performing loans | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	919
Aggregate unpaid principal balance of mortgage loans on real estate	$ 200,000,000
Percentage of unpaid principal balance of loan acquired	93.90%
Percentage of estimated market value of the underlying collateral	64.50%
Estimated market value of the underlying collateral	$ 291,200,000
Corporate Joint Venture [Member] | Subsequent Event | SBC loan pools
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	5
Payments to acquire loans	$ 900,000