Rithm Property Trust (RPT) 10-K 4 Mar 20 2019 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 02, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-36844
Entity Registrant Name	GREAT AJAX CORP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-1271842
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
City Area Code	503
Local Phone Number	505-5670
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 258,529,624
Entity Common Stock, Shares Outstanding (in shares)		22,142,143
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement with respect to its 2019 Annual Meeting of Stockholders are incorporated by reference into this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001614806
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NYSE
Trading Symbol	AJX
7.25% Convertible Senior Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	7.25% Convertible Senior Notes due 2024
Security Exchange Name	NYSE
Trading Symbol	AJXA

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 64,343	$ 55,146
Cash held in trust		20	24
Mortgage loans, net	[1],[2]	1,151,469	1,310,873
Property held-for-sale, net	[3]	13,537	19,402
Rental property, net		1,534	17,635
Investments at fair value		231,685	146,811
Investments in beneficial interests		57,954	22,086
Receivable from servicer		17,013	14,587
Investment in affiliates		29,649	8,653
Prepaid expenses and other assets		9,637	7,654
Total assets		1,576,841	1,602,871
Liabilities:
Secured borrowings, net	[1],[2],[4]	652,747	610,199
Borrowings under repurchase transactions		414,114	534,089
Convertible senior notes, net	[4]	118,784	117,525
Management fee payable		1,634	881
Accrued expenses and other liabilities		5,478	5,898
Total liabilities		1,192,757	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, 22,142,143 shares at December 31, 2019 and 18,909,874 shares at December 31, 2018 issued and outstanding		222	189
Additional paid-in capital		309,395	260,427
Treasury stock		(458)	(270)
Retained earnings		49,446	41,063
Accumulated other comprehensive income/(loss)		1,277	(575)
Equity attributable to stockholders		359,882	300,834
Non-controlling interests	[5]	24,202	33,445
Total equity		384,084	334,279
Total liabilities and equity		$ 1,576,841	$ 1,602,871
[1]	As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 2019 and December 31, 2018, respectively.
[3]	Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2019 and December 31, 2018, respectively.
[4]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[5]	As of December 31, 2019 and December 31, 2018 non-controlling interests includes $22.4 million and $20.4 million, respectively, from the 50.0% and 63.0% owned VIEs all of which the Company consolidates under U.S. GAAP.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		Dec. 31, 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)		22,142,143	18,909,874
Common stock shares outstanding (in shares)		22,142,143	18,909,874
Financing Receivable, Allowance for Credit Losses		$ 2,000	$ 1,164
Secured borrowings, net	[1],[2],[3]	652,747	610,199
Property held-for-sale, valuation allowances		1,800	1,800
Non-controlling interests	[4]	24,202	33,445
Consolidated Entities
Mortgage loans		341,800	377,000
Secured borrowings, net		284,800	231,900
Non-controlling interests		$ 22,400	$ 20,400
2017-D | Great Ajax Corp
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
2018-C | Great Ajax Corp
Noncontrolling Interest, Ownership Percentage by Parent		63.00%
[1]	As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 2019 and December 31, 2018, respectively.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[4]	As of December 31, 2019 and December 31, 2018 non-controlling interests includes $22.4 million and $20.4 million, respectively, from the 50.0% and 63.0% owned VIEs all of which the Company consolidates under U.S. GAAP.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME
Interest income	$ 112,416	$ 108,181	$ 91,424
Interest expense	(59,325)	(53,335)	(39,101)
Net interest income	53,091	54,846	52,323
Provision for loan losses	(803)	(1,164)	0
Net interest income after provision for loan losses	52,288	53,682	52,323
Income from investment in affiliates	1,332	762	707
Gain on sale of mortgage loans	7,123	0	0
Other Income	4,176	3,720	1,765
Total income	64,919	58,164	54,795
EXPENSE
Related party expense – loan servicing fees	9,133	10,148	8,245
Related party expense – management fee	7,356	6,025	5,340
Loan transaction expense	328	389	1,471
Professional fees	2,550	2,179	2,340
Real estate operating expenses	3,685	3,252	2,630
Other expense	4,225	3,934	3,353
Total expense	27,277	25,927	23,379
Loss on debt extinguishment	429	836	1,131
Income before provision for income taxes	37,213	31,401	30,285
Provision for income taxes	124	64	131
Consolidated net income	37,089	31,337	30,154
Less: consolidated net income attributable to the non-controlling interest	2,384	2,997	1,227
Consolidated net income attributable to common stockholders	$ 34,705	$ 28,340	$ 28,927
Basic earnings per common share (in dollars per share)	$ 1.74	$ 1.50	$ 1.58
Diluted earnings per common share (in dollars per share)	$ 1.59	$ 1.43	$ 1.51
Weighted average shares - basic (in shares)	19,710,482	18,642,526	18,074,143
Weighted average shares - diluted (in shares)	28,173,217	25,830,546	23,318,521

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 34,705	$ 28,340	$ 28,927
Other comprehensive income/(loss):
Net unrealized income/(loss) on investments, net of non-controlling interest	1,852	(152)	(233)
Cumulative reversal of accumulated other comprehensive income due to sale of securities	0	(190)	0
Income tax expense related to items of other comprehensive income	0	0	0
Comprehensive income	$ 36,557	$ 27,998	$ 28,694

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 37,089	$ 31,337	$ 30,154
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	3,604	3,989	3,247
Non-cash interest income accretion	(39,113)	(43,749)	(43,379)
Discount accretion on investment in securities	(13,081)	(783)	(195)
Gain on sale of mortgage loans	7,123	0	0
Gain on sale of property held-for-sale	(629)	(380)	(506)
Gain on sale of securities	(8)	(347)	0
Loss from payoffs of loans in transit	0	0	26
Depreciation of property	499	155	80
Impairment of real estate owned	2,104	2,700	2,516
Provision for loan losses	803	1,164	0
Amortization of debt discount and prepaid financing costs	5,716	6,378	6,466
Undistributed income from investment in affiliates	(1,332)	(762)	(707)
Net change in operating assets and liabilities
Prepaid expenses and other assets	(2,555)	(2,747)	(2,543)
Receivable from Servicer	(2,231)	2,071	(5,087)
Accrued expenses, management fee payable, and other liabilities	830	1,171	1,233
Net cash from operating activities	(15,427)	197	(8,695)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(110,146)	(165,021)	(459,194)
Origination of commercial loans	(19,040)	(6,290)	(9,083)
Principal paydowns on mortgage loans	134,696	142,107	107,274
Proceeds from sale of mortgage loans	212,648	0	0
Draws on small balance commercial loans	912	267	0
Purchase of securities	(187,825)	(176,363)	0
Principal paydowns on securities	42,386	6,496	0
Proceeds on sale of securities	39,635	8,073	0
Purchase of rental property	(27,524)	(15,385)	0
Proceeds from sale of property held-for-sale	17,436	17,632	17,143
Renovations and recovery costs of rental property and property held-for-sale	171
Renovations and recovery costs of rental property and property held-for-sale		(456)	0
Investment in Great Ajax FS LLC, including warrants	0	1,750	0
Investment in equity method investee	(2,502)	0	(5,115)
Distribution from affiliates	1,144	827	3,055
Net cash from investing activities	100,167	(190,397)	(345,920)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	322,561	311,128	590,669
Repayments on repurchase transactions	(444,372)	(53,424)	(542,221)
Proceeds from sale of secured borrowings	284,343	167,910	431,126
Repayments on secured borrowings	(241,134)	(254,177)	(178,115)
Proceeds from sale of convertible senior notes	0	15,184	105,325
Deferred financing costs	(4,559)	(2,635)	(7,225)
Sale of common stock, net of offering costs	34,301	0	3,864
Sale of common stock pursuant to dividend reinvestment plan	280	199	174
Distribution to non-controlling interest	(789)	(3,343)	(766)
Issuance of non-controlling interest in subsidiaries	144	6,709	16,190
Dividends paid on common stock	(26,322)	(22,943)	(20,602)
Net cash from financing activities	(75,547)	164,608	398,419
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	9,193	(25,592)	43,804
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	55,170	80,762	36,958
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	64,363	55,170	80,762
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	53,324	50,753	35,214
Cash paid for income taxes	0	0	0
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Transfer of loans to rental property or property held-for-sale	12,104	15,072	20,294
Issuance of common stock for management fee and compensation expense	3,604	3,989	3,247
Issuance of shares for investment in Great Ajax FS LLC	0	1,011	0
Non-cash adjustments to basis in mortgage loans	(20)	347	516
Unrealized (gain)/loss on available for sale securities, net of non-controlling interest and tax	(1,852)	342	233
Treasury stock received through distributions from investment in Manager	188	270	0
Convertible senior notes conversion premium recognized in equity	0	494	2,687
Conversion of Operating Partnership Units	10,816	0	0
Non-cash equity investment in Gaea resulting from deconsolidation	18,494	0	0
Non-cash transfer of rental property to Gaea	41,997	0	0
Non-cash transfer of loans to Gaea	2,215	0	0
Property sold to borrowers under the installment method	0	0	56
Transfer of accrued interest to borrowings under repurchase agreement	0	0	497
Cumulative effect of change in accounting principle	0	110	0
Total cash and cash equivalents and restricted cash shown on the consolidated Statements of Cash Flows	$ 64,363	$ 80,762	$ 36,958

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive loss	Total Stockholders’ Equity	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2016		18,122,387
Beginning balance at Dec. 31, 2016	$ 282,723	$ 181	$ 0	$ 244,880	$ 27,231	$ 0	$ 272,292	$ 10,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	28,927				28,927		28,927
Net income	30,154							1,227
Sale of shares (in shares)		286,841
Sale of shares	4,052	$ 3		4,049			4,052
Shelf registration fees	(188)			(188)			(188)
Issuance of non-controlling interest in subsidiaries	16,190							16,190
Issuance of shares under dividend reinvestment (in shares)		12,710
Issuance of shares under dividend reinvestment	174			174			174
Stock-based management fee expense (in shares)		122,350
Stock-based management fee expense	2,335	$ 2		2,333			2,335
Stock-based compensation expense (in shares)		43,940
Stock-based compensation expense	912			912			912
Dividends and distributions	(21,368)				(20,602)		(20,602)	(766)
Conversion premium - Convertible senior notes	2,687			2,687			2,687
Other comprehensive loss	(233)					(233)	(233)
Treasury stock	0
Ending balance (in shares) at Dec. 31, 2017		18,588,228
Ending balance at Dec. 31, 2017	317,438	$ 186	0	254,847	35,556	(233)	290,356	27,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	28,340				28,340		28,340
Net income	31,337							2,997
Issuance of shares to Great Ajax FS LLC		75,001
Issuance of shares for investment in Great Ajax FS LLC	1,011	$ 1		1,010			1,011
Issuance of non-controlling interest in subsidiaries	6,709							6,709
Issuance of shares under dividend reinvestment (in shares)		14,953
Issuance of shares under dividend reinvestment	199			199			199
Stock-based management fee expense (in shares)		196,503
Stock-based management fee expense	2,786	$ 2		2,784			2,786
Stock-based compensation expense (in shares)		55,466
Stock-based compensation expense	1,203			1,203			1,203
Dividends and distributions	(26,286)				(22,943)		(22,943)	(3,343)
Conversion premium - Convertible senior notes	494			494			494
Other comprehensive loss	(342)					(342)	(342)
Cumulative effect of accounting change	0			(110)	110
Treasury stock	$ (270)		(270)				(270)
Ending balance (in shares) at Dec. 31, 2018	18,909,874	18,909,874
Ending balance at Dec. 31, 2018	$ 334,279	$ 189	(270)	260,427	41,063	(575)	300,834	33,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	34,705				34,705		34,705
Net income	37,089							2,384
Sale of shares (in shares)		2,278,518
Sale of shares	34,301	$ 23		34,278			34,301
Stock Issued During Period, Shares, Conversion of Units		624,106
Conversion of Operating Partnership Units	0	$ 6		10,810			10,816	(10,816)
Issuance of non-controlling interest in subsidiaries	22							22
Issuance of shares under dividend reinvestment (in shares)		20,107
Issuance of shares under dividend reinvestment	280			280			280
Stock-based management fee expense (in shares)		237,237
Stock-based management fee expense	2,593	$ 3		2,590			2,593
Stock-based compensation expense (in shares)		85,272
Stock-based compensation expense	1,011	$ 1		1,010			1,011
Dividends and distributions	(27,111)				(26,322)		(26,322)	(789)
Other comprehensive loss	1,852					1,852	1,852
Treasury stock (in shares)		(12,971)
Treasury stock	$ (188)		(188)				(188)
Ending balance (in shares) at Dec. 31, 2019	22,142,143	22,142,143
Ending balance at Dec. 31, 2019	$ 384,084	$ 222	$ (458)	$ 309,395	$ 49,446	$ 1,277	$ 359,882	$ 24,202

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 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”) including residential mortgage loans and small balance commercial mortgage loans (“SBC loans”) and originations of SBC loans. RPLs are mortgage loans on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount, to cover at least five payments has been paid in the last seven months. The SBC loans that the Company intends to opportunistically target, through acquisitions, or originations, generally have a principal balance of up to $5.0 million and are secured by multi-family residential and commercial mixed use retail/residential properties on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount, to cover at least five payments has been paid in the last seven months. Additionally, the Company may invest in single-family and smaller commercial properties directly either through a foreclosure event of a loan in our mortgage portfolio or, less frequently, through a direct acquisition. Historically, the Company has also targeted investments in non-performing loans (“NPL”). NPLs are loans on which the most recent three payments have not been made. The Company may acquire NPLs from time to time, either directly or with joint venture partners. The Company’s manager is Thetis Asset Management LLC (the “Manager” or “Thetis”), an affiliated company. The Company owns 19.8% of the Manager and 8.0% of Great Ajax FS LLC ("GAFS" or "The Parent of our Servicer") which owns substantially all of the interest in Gregory Funding LLC ("Gregory" or the "Servicer"), the Company's loan and real property servicer also an affiliated company. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership (the “Operating Partnership”), and its subsidiaries. The Company, through a wholly-owned subsidiary, is the sole general partner of the Operating Partnership. GA-TRS is a wholly-owned subsidiary of the Operating Partnership that owns the equity interest in the Manager and the Parent of the Servicer. The Company elected to treat GA-TRS as a taxable REIT subsidiary (“TRS”) under the Code. Great Ajax Funding LLC is a wholly-owned subsidiary of the Operating Partnership formed to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts and any additional trusts the Company may form for additional secured borrowings. The Company generally securitizes its mortgage loans through securitization trusts and retains subordinated securities from the secured borrowings. These trusts are considered to be VIEs, and the Company has determined that it is the primary beneficiary of many of these VIEs. AJX Mortgage Trust I and AJX Mortgage Trust II are wholly-owned subsidiaries of the Operating Partnership formed to hold mortgage loans used as collateral for financings under the Company’s repurchase agreements. In addition, the Company, through its Operating Partnership, holds real estate owned properties (“REO”) acquired upon the foreclosure or other settlement of its owned NPLs, as well as through outright purchases. GAJX Real Estate LLC is a wholly-owned subsidiary of the Operating Partnership formed to own, maintain, improve and sell REO properties purchased by the Company. The Company has elected to treat GAJX Real Estate LLC as a TRS under the Code. 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. ("Gaea"), a wholly owned subsidiary of the Operating partnership to hold investments in multi-family, mixed use commercial real estate. The Company had 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, to hold investments in commercial real estate assets. The Company also formed BLFD Holding LLC ("BFLD"), Gaea Commercial Properties LLC, Gaea Commercial Finance LLC and Gaea RE LLC as subsidiaries of Gaea Real Estate Operating Partnership. In 2019, the Company formed DG Brooklyn Holdings, LLC ("DG Brooklyn Holdings") also as a subsidiary of Gaea Real Estate Operating Partnership, to hold investments in multi-family properties. On November 22, 2019 the Company completed a private capital raise transaction for Gaea through which Gaea raised $66.3 million from the issuance of 4,419,641 shares of common stock to third parties to allow Gaea to continue to advance its investment strategy. The purchase price per share was $15.00. Upon completion of the private placement, the Company retained ownership of approximately 23.2% of Gaea with third party investors owning the remaining approximately 76.8%. Prior to the date of the capital raise, the Company consolidated Gaea's results and balances. From the date of the capital raise forward, the Company accounts for its investment in Gaea under the equity method. Basis of Presentation and Use of Estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to financial statements. The Company consolidates the results and balances of three subsidiaries with non-controlling ownership interests held by third parties. AS Ajax E II LLC ("AS Ajax E II") holds a 5.0% interest in a Delaware trust that was formed to own residential mortgage loans and residential real estate assets; AS Ajax E II is 53.1% owned by the Company. Ajax Mortgage Loan Trusts 2017-D ("2017-D") and Ajax Mortgage Loan Trusts 2018-C (“2018-C”) are securitization trusts which holds mortgage loans, REO property and secured debt; 2017-D is 50.0% owned by the Company, and 2018-C is 63.0% owned by the Company. 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. Due to the Company completing the sale of shares of common stock in its Gaea subsidiary, the non-controlling ownership interests previously held by third parties for BFLD and DG Brooklyn Holdings have been eliminated in consolidation. 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 an 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 December 31, 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	12 Months Ended
	Dec. 31, 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 consider alternate loan resolution probabilities, including liquidation or conversion to REO. Observable inputs to the model include interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines, the value of underlying properties and other economic and demographic data. Loans acquired with deterioration in credit quality The loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage loans pursuant to ASC 310-30, Accounting for Loans with Deterioration in Credit Quality . The Company’s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the effective interest method of income recognition. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. RPLs have been determined to have common risk characteristics and are accounted for as a single loan pool for loans acquired within each three-month calendar quarter. Similarly, NPLs have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within each three-month calendar quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the acquisition closing date but prior to pooling. Any gain or loss on these loans is recognized as Interest income in the period the loan pays in full. The Company’s accounting for loans under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral. The Company recognizes the accretable yield as Interest income on a prospective level yield basis over the life of the pool. The excess of a loan’s contractually required payments over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company’s expectation of the amount of undiscounted cash flows expected to be collected is evaluated at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. A provision for loan losses is established when the Company estimates it will not collect all amounts previously estimated to be collectible. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the loan pools as well as other factors, such as the fair value of the underlying collateral. When a loan pool is determined to be impaired, the amount of loss accrual is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan pool’s effective interest rate or the fair value of the underlying collateral. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. The Company’s mortgage loans are secured by real estate. The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. Borrower payments on the Company’s mortgage loans are classified as principal, interest, payments of fees, or escrow deposits. Amounts applied as interest on the borrower account are similarly classified as interest for accounting purposes and are classified as operating cash flows in the Company’s consolidated Statement of Cash Flows. Amounts applied as principal on the borrower account including amounts contractually due from borrowers that exceed the Company’s basis in loans purchased at a discount, are similarly classified as principal for accounting purposes and are classified as investing cash flows in the consolidated Statement of Cash Flows as required under U.S. GAAP. Amounts received as payments of fees are recorded in Other income and classified as operating cash flows in the consolidated Statement of Cash Flows. Escrow deposits are recorded on the Servicer’s Balance Sheet and do not impact the Company’s cash flow. Loans acquired or originated that have not experienced a deterioration in credit quality While the Company generally acquires loans that have experienced deterioration in credit quality, it also acquires loans that have not experienced a deterioration in credit quality and originates small balance commercial loans. The Company recognizes any related loan discount and deferred expenses pursuant to ASC 310-20 by amortizing these amounts over the life of the loan. Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against Interest income. Income is subsequently recognized on the cash basis until, in management’s judgment, the borrower’s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status. An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral dependent. For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that the Manager believes will be adequate to absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans. Investment at Fair Value The Company’s Investments at Fair Value as of December 31, 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 debt securities 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 its 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 December 31, 2019 and December 31, 2018 consist of investments in the trust certificates issued by joint ventures which the Company forms with third party institutional accredited investors. The trust certificates represent the residual interest of any special purpose entity formed to facilitate the investment. The Company recognizes income using the effective interest method and assess each Beneficial Interest for impairment on a quarterly basis. Real Estate The Company acquires real estate properties directly through purchases, when it forecloses on the borrower and takes title to the underlying property, or the borrower surrenders the deed in lieu of foreclosure. Property is recorded at cost if purchased, or at the present value of future cash flows if obtained through foreclosure by the Company. Property that the Company expects to actively market for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value (fair market value less expected selling costs, and any additional costs necessary to prepare the property for sale). Fair market value is determined based on broker price opinions (“BPOs”), appraisals, or other market indicators of fair value including list price or contract price, if listed or under contract for sale at the balance sheet date. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income through real estate operating expenses. No depreciation or amortization expense is recognized on properties held-for-sale. Holding costs are generally incurred by the Servicer and are subtracted from the Servicer’s remittance of sale proceeds upon ultimate disposition of properties held-for-sale. Rental property is property not held-for-sale. Rental properties are intended to be held as long-term investments but may eventually be reclassified as held-for-sale. Property that arose through conversions of mortgage loans in the Company's portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property or the borrower surrenders the deed in lieu of foreclosure is generally held for investment as rental property if the cash flows from use as a rental exceed the present value of expected cash flows from a sale. The Company also acquires rental properties through direct purchases of properties for its rental portfolio. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of 27.5 to 39 years. The Company performs an impairment analysis for rental property using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. The cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. Renovations are performed by the Servicer, and those costs are then reimbursed to the Servicer. Any renovations on properties which the Company elects to hold as rental properties are capitalized as part of the property’s basis and depreciated over the remaining estimated useful life of the property. The Company may perform property renovations to maximize the value of a property for either its rental strategy or for resale. Secured Borrowings The Company, through securitization trusts which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated Balance Sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated Balance Sheets as a deduction from Secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date. Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization. Repurchase Facilities The Company enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold amount plus an interest factor. Despite being legally structured as sales and subsequent repurchases, repurchase transactions are generally accounted for as debt secured by the underlying assets. At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender. The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company’s consolidated Balance Sheets, and the debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up of a repurchasing contract are recorded as deferred issuance cost at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as deferred costs when incurred and amortized over the contractual life of the related borrowing. Convertible Senior Notes On April 25, 2017, the Company completed the public offer and sale of $87.5 million in aggregate principal amount of its convertible senior notes (the “notes”) due 2024, with follow-on offerings of an additional $20.5 million and $15.9 million in aggregate principal amount completed on August 18, 2017 and November 19, 2018, respectively, which, combined with the notes from the April offering, form a single series of securities. The notes bear interest at a rate of 7.25% per annum, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The notes will mature on April 30, 2024, unless earlier converted or redeemed. During certain periods and subject to certain conditions the notes will be convertible by their holders into shares of the Company’s common stock at a conversion rate of 1.6694 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.98 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 Management Agreement by and between the Company and the Manager as amended and restated on 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 incentive management fee based on its cash distributions to its stockholders. Manager fees are expensed in the quarter incurred and the portion payable in common stock is included in stockholders’ equity at quarter end. See Note 10 — Related party transactions. Servicing Fees The Company is also a party to the Servicing Agreement (the "Servicing Agreement"), expiring July 8, 2029, with the Servicer. Under the Servicing Agreement by and between the Company and the Servicer, the Servicer receives an annual servicing fee rate of 0.65% annually of the Unpaid Principal Balance (“UPB”) for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition. For certain of the Company’s joint ventures, the Servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% annually on a loan-by-loan basis for any loan that makes seven consecutive payments. Servicing fees are paid monthly. The total fees incurred by the Company for these services depend upon the UPB and type of mortgage loans that the Servicer services pursuant to the terms of the servicing agreement. The fees do not change if a RPL becomes non-performing or vice versa. Servicing fees for the Company’s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. The Servicer is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations undertaken on the Company’s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that the Servicer services, property values, previous UPB of the relevant loan, and the number of REO properties. The Servicing Agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the Servicing Agreement if the Servicing Agreement is terminated for any reason. See Note 10 — Related party transactions. Stock-based Payments A portion of the management fee is payable in cash, and a portion of the management fee is in shares of the Company’s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act of 1933, as amended (the “Securities Act”). The number of shares issued to the Manager are determined based on the higher of the most recently reported book value or the average of the closing prices of the Company's common stock on the New York Stock Exchange ("NYSE") on the five business days after the date on which the most recent regular quarterly dividend to holders of the common stock is paid. Management fees paid in common stock are recognized as an expense in the quarter incurred and recorded in stockholders' equity at quarter end. The shares vest immediately upon issuance. The Manager has agreed to hold any shares of common stock received by it as payment of the base management fee for at least three years from the date such shares of common stock are received. Under the Company’s 2014 Director Equity Plan (the “Director Plan”), the Company may make stock-based awards to its directors. The Director Plan is designed to promote the Company’s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company’s Board of Directors. The total number of shares of common stock or other stock-based award, including grants of long-term incentive plan units (“LTIP Units”) from the Operating Partnership, available for issuance under the Director Plan is 78,000 shares. The Company has issued to each of its independent directors restricted stock awards of 2,000 shares of its common stock upon joining the Board of Directors, which are subject to a one On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”) to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company’s affiliates. The 2016 Plan authorized the issuance of up to 5% of the Company’s outstanding shares from time to time on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible senior notes, including OP Units and any LTIP Units, into shares of common stock). Grants of restricted stock under the 2016 Plan use grant date fair value of the stock as the basis for measuring the cost of the grant. The cost of grants of restricted stock to employees of the Company’s affiliates had previously been determined using the stock price as of the date at which the counterparty's performance is complete. However, pursuant to the issuance and early adoption of ASU 2018-07 in June 2018, the Company used the grant date fair value of the stock as the basis for measuring the cost of the grant. See “Recently Adopted Accounting Standards” below. Forfeitures of granted shares are accounted for in the period in which they occur. The share grants vest over three Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ equity in the period in which it is incurred. Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (See “Secured Borrowings” above and Note 9 to the consolidated Financial Statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements. Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash Held in Trust Cash held in trust consists of restricted cash balances either legally due to lenders or held in trust for the benefit of the Company's secured borrowers, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations. Earnings per Share The Company grants restricted shares which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income available to common shareholders, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense and applicable portion of management fee expense, net of applicable income taxes, on the Company’s convertible senior notes, by the weighted-average common shares outstanding, assuming all dilutive securities, including stock grants, shares that would be issued in the event that OP Units are redeemed for shares of common stock of the Company, shares issued in respect of the stock-based portion of the base fee payable to the Manager and independent directors, and shares that would be issued in the event of conversion of the Company’s outstanding convertible senior notes, were issued. In the event the Company were to record a net loss, potentially dilutive securities would be excluded from the diluted loss per share calculation, as their effect on loss per share would be anti-dilutive. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities.​ • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.​ • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.​ The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction. The fair value of mortgage loans is estimated using the Manager’s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The Company reviews its discount rates periodically to ensure the assumptions used to calculate fair value are in line with market conditions. The Company’s Investments at fair value are carried at fair value with changes in fair value of equity securities reflected in the Company’s consolidated Statements of Income. Fair values of the Company's investments in debt securities are derived from estimates provided by banking institutions which are compared against available reference data from recent transactions and the Company's proprietary valuation model. The fair value of the Company's Beneficial interests are derived from estimates provided by banking institutions which are compared for reasonableness against analyses from the Company's proprietary valuation model. The Company calculates the fair value for the secured borrowings on its consolidated balance sheets from securitization trusts by using the Company’s proprietary pricing model to estimate the cash flows expected to be generated from the underlying collateral with the discount rate used in the present value calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors. The Company’s borrowings under its repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE under the ticker symbol "AJXA"; the debt’s fair value is determined from the closing price on the balance sheet date. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value. Net realizable value is determined based on broker price opinions, appraisals, or other market indicators of fair value, which are then reduced by anticipated se

Mortgage Loans

Mortgage Loans	12 Months Ended
	Dec. 31, 2019
Mortgage Loans [Abstract]
Mortgage Loans	Mortgage Loans The following table presents information regarding the carrying value for the Mortgage loan categories of RPL, NPL, SBC and originated as of December 31, 2019 and 2018 ($ in thousands): As of December 31, Loan portfolio basis by asset type 2019 2018 Residential RPL loan pools $ 1,085,514 $ 1,242,207 SBC loan pools 11,652 21,203 SBC loans non-pooled (1) 23,434 11,140 Residential NPL loan pools 30,869 36,323 Total $ 1,151,469 $ 1,310,873 (1) SBC loans not pooled are accounted for using ASC 310-20 versus ASC 310-30 for our loan pools. Included on the Company’s consolidated Balance Sheets as of December 31, 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 accretion of interest income and discount, less principal and interest cash flows received. The carrying values at December 31, 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 $2.0 million and $1.2 million, respectively, reflected in the totals for each line in the table above. For the years ended December 31, 2019, 2018 and 2017 the Company recognized $0.8 million, $1.2 million and $0, respectively. For the years ended December 31, 2019, 2018 and 2017, the Company accreted $95.1 million, $102.5 million and $89.9 million, respectively, into interest income with respect to its RPL, NPL and SBC loan pools. The Company’s loan acquisitions for the year ended December 31, 2019 consisted of 573 purchased RPLs with $122.5 million UPB, 35 NPLs with $6.7 million UPB and 22 originated SBC loans with $19.0 million UPB. Comparatively during the year ended December 31, 2018, the Company acquired 810 purchased RPLs with $175.5 million UPB, 36 NPLs with $6.0 million UPB and eight originated SBC loans with $6.4 million UPB. The following table presents information regarding the accretable yield and non-accretable amount for purchased loans acquired during the following periods ($ in thousands): For the year ended December 31, ​ 2019 2018 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Contractually required principal and interest $ 207,348 $ 11,542 $ 299,462 $ 10,976 Non-accretable amount (70,953) (4,917) (104,940) (4,891) Expected cash flows to be collected 136,395 6,625 194,522 6,085 Accretable yield (31,917) (957) (35,471) (675) Fair value at acquisition $ 104,478 $ 5,668 $ 159,051 $ 5,410 ​ The Company determines the accretable yield on new acquisitions by comparing the expected cash flows from its 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 December 31, 2019 and 2018. The following table presents the 2019 and 2018 accretable yield and non-accretable amount for the loan portfolio ($ in thousands): For the year ended December 31, 2019 2018 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Balance at beginning of period $ 311,806 $ 6,459 $ 344,141 $ 7,370 Accretable yield additions 31,917 957 35,471 675 Accretion (94,334) (787) (101,195) (1,316) Reclassification from (to) non-accretable amount, net (30,273) (2,922) 33,389 (270) Balance at end of period $ 219,116 $ 3,707 $ 311,806 $ 6,459 During the year ended December 31, 2019, the Company reclassified a net $33.2 million from accretable yield to non-accretable amount, consisting of a $30.3 million transfer from accretable yield to non-accretable amount for RPLs, and a $2.9 million transfer from accretable yield to non-accretable amount for NPLs. Comparatively, during the year ended 2018, the Company reclassified a net $33.1 million from non-accretable amount to accretable yield, consisting of a $33.4 million transfer from non-accretable amount to accretable yield for its RPLs and $0.3 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, prior to modeled expecations. 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 primary driver of the reclassification from accretable yield to non-accretable amount for the year ended 2019 was the sale of $176.9 million of loans to an unconsolidated joint venture. The 2018 reclassifications from non-accretable amount to accretable yield were driven by actual loan payment performance exceeding expectations at acquisition. This is offset by the removal of the accretable yield for loans that are removed from the pool at foreclosure and loan payoffs, both in full or in part, prior to modeled expectations. The Company performs an analysis of its expectation of the amount of undiscounted cash flows expected to be collected from its mortgage loan pools at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. An allowance for loan losses is established when it is probable the Company will not collect all amounts previously estimated to be collectible 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 year ended December 31, 2019, the Company recorded an impairment of $0.8 million of the value of five of its NPL pools acquired in 2014, 2015 and 2016. During the year ended December 31, 2018, the Company recorded an impairment of $1.2 million of the value of three of its NPL pools acquired in 2014 and 2015. The Company had no allowance for loan losses at December 31, 2017. An analysis of the balance in the allowance for loan losses account follows ($ in thousands): For the year ended December 31, 2019 2018 2017 Allowance for loan losses, beginning of period $ (1,164) $ — $ — Provision for loan losses (803) (1,164) — Recovery of loan losses 7 — — Allowance for loan losses, end of period $ (1,960) $ (1,164) $ — The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of December 31, 2019 and 2018 ($ in thousands): As of December 31, ​ 2019 2018 Number of loans Carrying value Unpaid principal balance Number of loans Carrying value Unpaid principal balance Current 3,449 $ 676,144 $ 735,307 3,929 $ 757,276 $ 848,551 30 851 146,208 158,363 1,006 167,286 185,742 60 568 93,806 102,661 711 123,078 136,586 90 1,173 197,014 224,078 1,188 200,419 231,063 Foreclosure 143 38,297 47,717 277 62,814 79,777 Mortgage loans 6,184 $ 1,151,469 $ 1,268,126 7,111 $ 1,310,873 $ 1,481,719

Real Estate Assets, Net

Real Estate Assets, Net	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The Company acquires REO either through direct purchases of properties for its rental portfolio or through conversions of mortgage loans in its portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property on the foreclosure date or the borrower surrenders the deed in lieu of foreclosure. Rental Property As of December 31, 2019, the Company owned 10 REO properties with an aggregate carrying value of $1.5 million held for investment as rentals, at which time six were rented. Two properties were acquired as an RPL but transitioned to foreclosure prior to boarding by the Servicer, one was acquired through foreclosure and six were transferred from Property held-for-sale, where all six were acquired through foreclosures. The remaining rental property was directly purchased. As of December 31, 2018, the Company owned 21 REO 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. Property Held-for-Sale The Company classifies REO as held-for-sale if the REO is expected to be actively marketed for sale. As of December 31, 2019 and 2018, the Company’s net investments in REO held-for-sale were $13.5 million and $19.4 million, respectively, which include balances of $2.2 million and $2.2 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. For the years ended December 31, 2019 and 2018, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the years ended December 31, 2019 and 2018 ($ in thousands): For the year ended December 31, 2019 2018 Count Amount Count Amount Balance at beginning of year 102 $ 19,402 136 $ 24,947 Net transfers from mortgage loans 61 12,104 93 15,072 Adjustments to record at lower of cost or fair value — (2,104) — (2,700) Disposals (109) (16,819) (127) (17,251) Transfer from rental property 6 1,613 6 549 Transfer to rental property (2) (414) (6) (1,140) Other — (245) — (75) Balance at end of year 58 $ 13,537 102 $ 19,402 Dispositions

Investments

Investments	12 Months Ended
	Dec. 31, 2019
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 investment trust. The Company's debt securities and beneficial interests are issued by securitization trusts, which are VIE's, that the Company has sponsored but which the Company does not consolidate since it has determined it is not the primary beneficiary. (See Note 10 - Related party transactions). The Company models the expected cash flows from the underlying loan pools held by the trusts using its Manager's proprietary pricing model, and believes any unrealized losses to be temporary. The following table presents information regarding the Company's investments and investments in beneficial interests ($ in thousands): As of December 31, 2019 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 230,408 $ 1,643 $ (366) $ 231,685 Beneficial interests in securitization trusts 57,954 — — 57,954 Total investments at fair value $ 288,362 $ 1,643 $ (366) $ 289,639 (1) Basis amount is net of any realized amortized costs, principal paydowns and interest receivable on securities of $0.3 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 at fair value $ 169,472 $ 250 $ (825) $ 168,897 (1) Basis amount is net of any realized amortized costs and principal paydowns. The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands): As of December 31, 2019 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due April 2058 (2) $ 6,855 $ (9) $ 6,846 Debt securities due February 2057 (2) 7,324 (1) 7,323 Debt securities due September 2059 (3) 37,843 (356) 37,487 Total $ 52,022 $ (366) $ 51,656 (1) Basis amount is net of any realized amortized costs and principal paydowns. (2) These securities have been in an unrealized loss position for 12 months or longer. (3) This security has been in an unrealized loss position for less than 12 months. As of December 31, 2018 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due April 2058 (2) $ 7,896 $ (315) $ 7,581 Debt securities due February 2057 (2) 11,813 (203) 11,610 Debt securities due June 2058 (2) 18,702 (3) 18,699 Debt securities due August 2058 (2) 16,143 (297) 15,846 Debt securities due November 2058 (2) 45,680 (7) 45,673 Total $ 100,234 $ (825) $ 99,409 (1) Basis amount is net of any realized amortized costs and principal paydowns. (2) These securities have been in an unrealized loss position for less than 12 months. 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 and 2018, the Company acquired $187.8 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 investment of the trust. In certain transactions, the joint venture also issued subordinate notes. The Company acquired $139.6 million in senior notes and $16.8 million in subordinate notes, collectively “the Notes.” The Notes are accounted for as debt securities carried at fair value. As of December 31, 2019, the Company recorded a gross unrealized gain of $1.6 million and a gross unrealized loss of $0.4 million in fair value valuation adjustments in accumulated other comprehensive income. As of December 31, 2019 the Company carried the Notes on the consolidated Balance Sheet at a fair value of $231.7 million. 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.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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 December 31, 2019 and 2018 ($ in thousands): ​ Level 1 Level 2 Level 3 December 31, 2019 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,151,469 $ — $ — $ 1,260,385 Investment in debt securities at fair value $ 231,685 $ — $ 231,685 $ — Investment in beneficial interests $ 57,954 $ — $ 57,954 $ — Investment in Manager $ 1,755 $ — $ — $ 7,712 Investment in AS Ajax E $ 931 $ — $ 1,012 $ — Investment in GAFS, including warrants $ 3,023 $ — $ — $ 3,320 Investment in Gaea $ 19,995 $ — $ — $ 19,995 Investment in legacy entities $ 760 $ — $ — $ 760 Financial liabilities Secured borrowings, net $ 652,747 $ — $ — $ 657,918 Borrowings under repurchase agreement $ 414,114 $ — $ 414,114 $ — Convertible senior notes, net $ 118,784 $ 132,173 $ — $ — ​ ​ Level 1 Level 2 Level 3 December 31, 2018 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,310,873 $ — $ — $ 1,448,895 Investment in debt securities at fair value $ 146,811 $ — $ 146,811 $ — Investment in beneficial interests $ 22,086 $ — $ 22,086 $ — Investment in Manager $ 1,016 $ — $ — $ 5,231 Investment in AS Ajax E $ 1,037 $ — $ 1,239 $ — Investment in GAFS, including warrants $ 2,844 $ — $ — $ 3,320 Financial liabilities Secured borrowings, net $ 610,199 $ — $ — $ 610,217 Borrowings under repurchase agreement $ 534,089 $ — $ 534,089 $ — Convertible senior notes, net $ 117,525 $ 118,103 $ — $ — 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 expected earnings. The Company’s investment in AS Ajax E is valued using estimates provided by banking institutions. The fair value of the Company's investment in GAFS is presented by applying an earnings multiple to expected earnings. The Company's investment in Gaea and the legacy entities are presented as the carrying value due to the recent nature of the acquisition transactions. The fair value of secured borrowings is estimated using the Manager’s proprietary pricing model which estimates expected cash flows of the underlying mortgage loans which collateralize the debt, and which drive the cash flows used to make interest payments. The discount rate used in the present value calculation of the mortgage loans used as collateral, therefore, represents the estimated effective yield on the secured debt. The discount rate is then applied to the face value of the secured debt to derive the debt's fair value. The Company’s borrowings under repurchase agreement are short-term in nature, and the Company’s management believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the NYSE closing price on the Balance Sheet date. The carrying values of its Cash and cash equivalents, Cash held in trust, Receivable from servicer, Prepaid expenses and other assets, Management fee payable and Accrued expenses and other liabilities are equal to or approximate fair value. Non-financial assets Property held-for-sale is carried at the lower of its acquisition basis 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 at its carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of December 31, 2019 and 2018 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2019 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 $ 13,537 $ 2,104 $ — $ — $ 13,537 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	12 Months Ended
	Dec. 31, 2019
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates On November 22, 2019 the Company completed a private capital raise transaction for its Gaea subsidiary through which Gaea raised $66.3 million from the issuance of 4,419,641 shares of common stock to third parties to allow it to continue to advance its investment strategy. Upon completion of the capital raise, the Company retained ownership of approximately 23.2% of Gaea with third party investors owning the remaining approximately 76.8%. The Company recognized no gain or loss on the transaction as Gaea's fair value at the date of the deconsolidation did not represent a material change from the fair values of its recently acquired assets and liabilities due to the limited lapse of time since their acquisitions. The Company accounts for its investment in Gaea using the equity method. During the year ended December 31, 2019, the Company acquired a cumulative 40.43% average ownership interest in three legacy entity LLCs managed by the Servicer for $1.0 million which hold investments in RPLs and NPLs. The Company accounts for its investment using the equity method. 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 $0.4 million. The Company accounts for its investment in GAFS using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC, to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At both December 31, 2019 and 2018, the Company’s interest in AS Ajax E was approximately 16.5%. The Company accounts for its investment using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income, assets and liabilities of unconsolidated affiliates at 100% For the year ended December 31, Net income at 100% 2019 2018 2017 Thetis Asset Management LLC $ 4,685 $ 2,202 $ 2,136 Great Ajax FS LLC (1)(2) $ 2,233 $ 1,257 $ — AS Ajax E LLC $ 299 $ 324 $ 319 Legacy entities $ (9) $ — $ — Gaea Real Estate Corp. $ (20) $ — $ — GA-E 2014-12 $ — $ — $ 426 December 31, 2019 December 31, 2018 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 83,068 $ 768 $ — $ — Great Ajax FS LLC $ 61,432 $ 37,142 $ 74,164 $ 52,184 Thetis Asset Management LLC $ 12,277 $ 2,265 $ 8,604 $ 2,136 AS Ajax E LLC $ 5,747 $ 2 $ 6,424 $ 13 Legacy entities $ 1,592 $ 3,095 $ — $ — Net income, assets and liabilities of unconsolidated affiliates at Company share For the year ended December 31, Net income at Company share 2019 2018 2017 Thetis Asset Management LLC $ 928 $ 436 $ 423 Great Ajax FS LLC (1)(2) $ 179 $ 90 $ — AS Ajax E LLC $ 49 $ 53 $ 53 GA-E 2014-12 $ — $ — $ 173 Legacy entities $ (4) $ — $ — Gaea Real Estate Corp. $ (5) $ — $ — ​ December 31, 2019 December 31, 2018 Assets and Liabilities at Company share Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 19,252 $ 178 $ — $ — Great Ajax FS LLC $ 4,915 $ 2,971 $ 5,933 $ 4,175 Thetis Asset Management LLC $ 2,431 $ 448 $ 1,704 $ 423 AS Ajax E LLC $ 948 $ — $ 1,060 $ 2 Legacy entities $ 637 $ 1,247 $ — $ — (1) Net income at the Company's share is not directly proportionate to Net income at 100% due to the timing of the Company's acquisition during the year ended December 31, 2018. (2) Amounts for the Company's share for 2017 is presented as zero since the Company's investment was a 2018 event. Consolidated affiliates The Company consolidates the results and balances of securitization trusts which are established to provide debt financing to the Company by securitizing pools of mortgage loans. These trusts are considered to be VIE’s, and the Company has determined that it is the primary beneficiary of the VIE’s. See Note 9 - Debt. The Company also consolidates the activities and balances of its controlled affiliates, which include AS Ajax E II, which was established to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 2019, the Company had commitments to purchase, subject to due diligence, 371 RPLs with aggregated UPB of $59.0 million and four NPLs with aggregate UPB of $0.9 million secured by single-family residences. The Company will only acquire loans that meet the acquisition criteria for its own portfolios, or those of its third party institutional accredited co-investors. See Note 16 - Subsequent Events, for remaining open acquisitions as of the filing date. Litigation, Claims and Assessments From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 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	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreement The Company has entered into two repurchase facilities whereby the Company, through two wholly-owned Delaware trusts (the “Trusts”) acquires pools of mortgage loans which are then sold by the Trusts, as “Seller” to two separate counterparties, the “buyer” or “buyers.” One facility has a ceiling of $250.0 million and the other $400.0 million at any one time. Upon the time of the initial sale to the buyer, the Trust, with a simultaneous agreement, also agrees to repurchase the pools of mortgage loans from the buyer. Mortgage loans sold under these facilities carry interest calculated based on a spread to one-month LIBOR, which are fixed for the term of the borrowing. The purchase price that the Trust realizes upon the initial sale of the mortgage loans to the buyer can vary between 70% and 85% of the asset’s acquisition price, depending upon the facility being utilized and/or the quality of the underlying collateral. The obligations of a Trust to repurchase these mortgage loans at a future date are guaranteed by the Operating Partnership. The difference between the market value of the asset and the amount of the repurchase agreement is generally the amount of equity in the position and is intended to provide the buyer with some protection against fluctuations in the value of the collateral, and/or a failure by the Company to repurchase the asset and repay the borrowing at maturity. The Company has also entered into 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): ​ ​ December 31, 2019 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate January 3, 2020 November 26, 2019 $ 8,411 $ 8,411 $ 11,098 132 % 3.45 % January 3, 2020 November 26, 2019 6,093 6,093 9,038 148 % 3.45 % January 3, 2020 November 26, 2019 5,175 5,175 6,855 132 % 3.45 % January 3, 2020 December 2, 2019 11,966 11,966 15,742 132 % 3.45 % January 3, 2020 December 2, 2019 10,648 10,648 14,058 132 % 3.45 % January 3, 2020 December 2, 2019 5,485 5,485 7,050 129 % 3.45 % January 3, 2020 December 2, 2019 4,096 4,096 5,261 128 % 3.45 % January 3, 2020 December 2, 2019 1,644 1,644 2,388 145 % 3.55 % January 3, 2020 December 2, 2019 1,576 1,576 2,287 145 % 3.55 % January 10, 2020 December 11, 2019 21,088 21,088 28,284 134 % 3.47 % January 10, 2020 December 11, 2019 1,808 1,808 2,640 146 % 3.57 % January 13, 2020 July 11, 2019 8,956 8,956 13,016 145 % 4.16 % January 21, 2020 December 20, 2019 15,718 15,718 20,623 131 % 3.41 % January 21, 2020 December 20, 2019 10,305 10,305 13,521 131 % 3.41 % January 21, 2020 December 20, 2019 5,840 5,840 7,324 125 % 3.41 % January 21, 2020 December 20, 2019 2,784 2,784 4,050 145 % 3.51 % January 28, 2020 October 30, 2019 5,318 5,318 7,464 140 % 3.19 % January 28, 2020 October 30, 2019 2,520 2,520 3,381 134 % 2.99 % 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 % February 24, 2020 November 26, 2019 41,412 41,412 54,828 132 % 2.92 % 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 7,423 127 % 3.81 % March 26, 2020 September 26, 2019 27,075 27,075 34,591 128 % 3.81 % March 27, 2020 September 27, 2019 2,915 2,915 3,709 127 % 3.79 % June 3, 2020 December 6, 2019 6,097 6,097 7,891 129 % 3.64 % June 3, 2020 December 6, 2019 4,704 4,704 6,106 130 % 3.64 % June 3, 2020 December 6, 2019 3,053 3,053 4,035 132 % 3.64 % June 3, 2020 December 6, 2019 2,332 2,332 3,360 144 % 3.79 % June 3, 2020 December 6, 2019 1,132 1,132 1,607 142 % 3.79 % June 19, 2020 December 19, 2019 13,447 13,447 18,076 134 % 3.55 % June 19, 2020 December 19, 2019 1,155 1,155 1,687 146 % 3.70 % June 30, 2020 December 30, 2019 5,286 5,286 7,044 133 % 3.57 % June 30, 2020 December 30, 2019 3,324 3,324 4,667 140 % 3.72 % July 10, 2020 July 15, 2016 250,000 28,931 57,397 198 % 4.28 % September 24, 2020 September 25, 2019 400,000 116,662 164,403 141 % 4.24 % Totals ​ $ 918,521 $ 414,114 $ 580,167 140 % 3.77 % ​ ​ 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 December 31, 2019 and 2018 in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2019 December 31, 2018 Gross amount of recognized liabilities $ 414,114 $ 534,089 Gross amount pledged as collateral 580,167 745,211 Net amount $ 166,053 $ 211,122 Secured Borrowings From inception (January 30, 2014) to December 31, 2019, the Company has completed 15 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 December 31, 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 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 six secured borrowings outstanding at December 31, 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, 2019-D and 2019-F 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 with the exception of 2019-D and 2019-F, 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, 2019-D and 2019-F are also mezzanine, sequential pay, fixed rate notes. For all of the Company's secured borrowings, except 2017-B, 2019-D and 2019-F, which contains no interest rate step-up, if the Class A notes have not been redeemed by the payment date or otherwise paid in full 36 months after issue, or in the case of 2017-C, 48 months after issue, an interest rate step-up of 300 basis points is triggered. Twelve months after the 300 basis points step up is triggered, an additional 100 basis point step up will be triggered, and an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the subordinate notes will be paid as principal to the Class A notes on that date and each subsequent payment date until the Class A notes are paid in full. After the Class A notes are paid in full, the subordinate notes will resume receiving their respective interest payment amounts and any interest that accrued but was not paid while the Class A notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes and subordinate notes have been paid in full. The following table sets forth the original terms of all securitization notes outstanding at December 31, 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-B/ December 2017 None Class A notes due 2056 $115.8 million 3.16 % None Class M-1 notes due 2056 (1) $9.7 million 3.50 % None Class M-2 notes due 2056 (1) $9.5 million 3.50 % None Class B-1 notes due 2056 (2) $9.0 million 3.75 % None Class B-2 notes due 2056 (2) $7.5 million 3.75 % Trust certificates (3) $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 (2) $13.0 million 5.25 % Trust certificates (3) $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 (1) $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 $(2.7) million — % Ajax Mortgage Loan Trust 2019-F/ November 2019 None Class A-1 notes due 2059 $110.1 million 2.86 % None Class A-2 notes due 2059 $12.5 million 3.50 % None Class A-3 notes due 2059 $5.1 million 3.50 % None Class M-1 notes due 2059 (1) $6.1 million 3.50 % None Class B-1 notes due 2059 (6) $11.5 million 3.50 % None Class B-2 notes due 2059 (6) $10.4 million variable (7) None Class B-3 notes due 2059 (6) $15.1 million variable (7) Deferred issuance costs $(1.8) million — % (1) 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. ​ (2) 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. ​ (3) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (4) Ajax Mortgage Loan Trust ("AJAXM") AJAXM 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and are reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net and 50% of the Class B-1 certificates are recognized as Non-controlling interest. (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 a servicing fee rate between 0.65% of outstanding UPB and 1.25% of outstanding UPB at acquisition, and is paid monthly. For certain of our joint ventures, the Servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% annually on a loan-by-loan basis for any loan that makes seven consecutive payments. 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 December 31, 2019 and 2018, and the securitization cutoff date: Balances at December 31, 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 — — — % 157,033 102,755 153 % 216,413 140,669 2017-B 121,909 84,624 144 % 132,902 99,857 133 % 165,850 115,846 2017-C 137,369 94,126 146 % 146,938 109,616 134 % 185,942 130,159 2017-D 148,119 60,934 (1) 243 % 163,791 69,528 (1) 236 % 203,870 (2) 88,903 2018-C 179,303 146,925 (3) 122 % 194,606 165,051 (3) 118 % 222,181 (4) 167,910 2019-D 165,963 146,383 113 % — — — % 193,301 156,670 2019-F 155,899 126,723 123 % — — — % 170,876 127,673 ​ $ 908,562 $ 659,715 (5) 138 % $ 897,833 $ 616,499 (5) 146 % $ 1,516,241 $ 1,030,405 ​ (1) The gross amount of senior bonds at December 31, 2019 and December 31, 2018 were $121.9 million and $139.0 million, however, only $60.9 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 third party institutional investors for senior bonds and class B bonds. The gross amount of senior and class B bonds at December 31, 2019 were $148.5 million and $15.9 million, however, only $141.0 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 $7.0 million and $6.3 million as of December 31, 2019 and December 31, 2018, respectively. ​ The Company’s obligations under its secured borrowings are not fixed, and the payments on these borrowings are predicated upon cash flows received on the underlying mortgage loans. Convertible Senior Notes On April 25, 2017, the Company completed the issuance and sale of $87.5 million aggregate principal amount of its 7.25% convertible senior notes due 2024, in an underwritten public offering. The net proceeds to the Company from the sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $84.9 million. The carrying amount of the equity component of the transaction was $2.5 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes were issued at a 17.5% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on July 15, 2017. On August 18, 2017, the Company completed the public offer and sale of an additional $20.5 million in aggregate principal amount of its 7.25% convertible senior notes due 2024, which combined with the $87.5 million aggregate principal amount from its April offering, form a single series of notes. The net proceeds to the Company from the August 18, 2017 sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $20.5 million. The carrying amount of the equity component of the August transaction was $0.2 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes in the August transaction were issued at a 6.0% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on October 15, 2017. The notes will mature on April 30, 2024, unless earlier repurchased, redeemed or converted. On November 19, 2018, the Company completed the public offer and sale of an additional $15.9 million in aggregate principal amount of its 7.25% convertible senior notes due 2024, which combined with the $108.0 million aggregate principal amount from its August and April offerings in 2017, form a single series of notes. The net proceeds to the Company from the November 19, 2018 sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $15.2 million. The carrying amount of the equity component of the November transaction was $0.5 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes in the November transaction were issued at a 11.43% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on January 15, 2019. The notes will mature on April 30, 2024, unless earlier repurchased, redeemed or converted. Holders may convert their notes at their option prior to April 30, 2023 only under certain circumstances. In addition, the notes will be convertible irrespective of those circumstances from, and including, April 30, 2023 to, and including, the business day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company's election. The conversion rate as of December 31, 2019 equals 1.6694 shares of the Company's common stock per $25.00 principal amount of notes which is equivalent to a conversion price of approximately $14.98 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. As of December 31, 2019, the amount by which the if-converted value falls short of the principal value for the entire series is $1.4 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. As of December 31, 2019 and December 31, 2018, the notes' UPB was $123.9 million, and discount and deferred expenses were $5.1 million and $6.3 million. Interest expense of $10.2 million and $8.8 million, respectively, was recognized during the year ended December 31, 2019 and December 31, 2018 which includes $1.3 million and $0.9 million, respectively, of amortization of discount and deferred expenses. The discount will be amortized through April 30, 2023, the date at which the notes can be converted. The effective interest rate of the notes at December 31, 2019 and December 31, 2018 was 8.94% and 8.70%, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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): For the year ended December 31, 2019 Transaction Consolidated Statement of Income location Counterparty Amount Interest income Interest income Various non-consolidated joint ventures $ 13,081 Loan servicing fees Related party expense - loan servicing fees Gregory $ 9,133 Management fee Related party expense - management fee Thetis $ 7,356 Income from equity investment Income from investments in affiliates Thetis $ 928 Income from equity investment Income from investments in affiliates Great Ajax FS $ 179 ​ For the year ended December 31, 2018 Transaction Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense - loan servicing fees Gregory $ 10,148 Management fee Related party expense - management fee Thetis $ 6,025 Interest income Interest income Various securitization trusts $ 1,967 Income from equity investment Income from investments in affiliates Thetis $ 436 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 99 Income from equity investment Income from investments in affiliates Great Ajax FS $ 90 Expense reimbursements Other fees and expenses Gregory $ 40 ​ For the year ended December 31, 2017 Transaction Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 8,245 Management fee Related party expense – management fee Thetis $ 5,340 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 101 Expense reimbursements Other fees and expenses Gregory $ 80 Expense reimbursements Other fees and expenses Thetis $ 4 The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of December 31, 2019 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,013 Management fee payable Management fee payable Thetis $ 1,634 Expense reimbursements receivable Prepaid expenses and other assets Gregory $ 687 Advances to Servicer Prepaid expenses and other assets Gregory $ 585 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 241 Expense reimbursements receivable Prepaid expenses and other assets Thetis $ 87 Expense reimbursements Accrued expenses and other liabilities Gaea $ 68 Expense reimbursements Accrued expenses and other liabilities Various non-consolidated joint ventures $ 10 ​ As of December 31, 2018 Transaction Consolidated Balance Sheet location Counterparty Amount Receivable 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, a related party 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 acquired $187.8 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 acquired $139.6 million in senior notes and $16.8 million in subordinate notes. In 2018 the Company acquired $144.1 million in senior notes and $9.4 million in subordinate notes. The notes are accounted for as debt securities carried at fair value. As of December 31, 2019 and December 31, 2018, the Notes were carried on the Company’s consolidated Balance Sheet at a fair value of $231.7 million and $146.8 million, respectively. During the second quarter of 2019, the Company sold $176.9 million of mortgage loans to Ajax Mortgage Loan Trust 2019-C ("2019-C") a joint venture with third party institutional accredited 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 acquired securities are included in the notes and beneficial interests of $187.8 million discussed in the previous paragraph. In June 2019 the Company entered into an arrangement with the Servicer as the borrower and the Company as the lender to advance funds secured by real property to facilitate the purchase of real estate from certain of the company's joint ventures. Such funds are repaid no later than the liquidation of the real estate. The maximum amount available to the Servicer is $12.0 million. At December 31, 2019, the Company had advanced $0.6 million to the Servicer. Interest on the arrangement accrues at 7.2% annually. The Company also acquired $31.4 million and $21.8 million in beneficial interests issued by joint ventures in 2019 and 2018, respectively. As of December 31, 2019 and December 31, 2018, the Investments in Beneficial Interests were carried on the Company's consolidated Balance Sheet at $58.0 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 recent issuance of convertible senior notes, per annum and calculated and payable quarterly in arrears. The initial $1.0 million of the quarterly base management fee will be payable 75% in cash and 25% in shares of the Company’s common stock. Any amount of the base management fee in excess of $1.0 million will be payable in shares of the Company’s common stock until payment is 50% in cash and 50% in shares (the “50/50 split”). Any remaining amount of the quarterly base management fee after the 50/50 split threshold is reached will be payable in equal amounts of cash and shares. The base management fee currently exceeds the 50/50 split threshold, and the Company is currently paying the management fee 50% in cash and 50% in shares. The Manager has agreed to hold any shares of common stock received by it as payment of the base management fee for at least three years from the date such shares of common stock are received. The Manager is also entitled to an incentive fee, payable quarterly and calculated in arrears, which through the end of 2018, was calculated as 20% of the amount by which total dividends on common stock and distributions on OP units exceeded 8% of book value on a per share basis. 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. For the year ended December 31, 2019, 2018 and 2017 the Company recorded an expense of $0.7 million, $0.1 million and $0, respectively, for an incentive fee 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 diligence and valuation consultants, legal expenses, auditors and other financial services. The reimbursement obligation is not subject to any dollar limitation. Expenses are reimbursed in cash on a monthly basis. The Company will be required to pay the Manager a termination fee in the event that the Management Agreement is terminated as a result of (i) a termination by the Company without cause, (ii) its decision not to renew the Management Agreement upon the determination of at least two thirds of the Company’s independent directors for reasons including the failure to agree on revised compensation, (iii) a termination by the Manager as a result of the Company becoming regulated as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”) (other than as a result of the acts or omissions of the Manager in violation of investment guidelines approved by the Company’s Board of Directors), or (iv) a termination by the Manager if the Company defaults in the performance of any material term of the Management Agreement (subject to a notice and cure period). The termination fee will be equal to twice the combined base fee and incentive fees payable to the Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior to the date of termination. Servicing Agreement The Company is also a party to the Servicing Agreement, expiring July 8, 2029, with the Servicer. The Company’s overall servicing costs under the Servicing Agreement will vary based on the types of assets serviced. Servicing fees range from 0.65% to 1.25% annually of current UPB (or the fair market value or purchase price of REO), and are paid monthly. For certain of the Company’s securitization trusts, the servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% annually on a loan-by-loan basis for any loan that makes seven consecutive payments. The 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

Stock-based Payments and Direct

Stock-based Payments and Director Fees	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-based Payments and Director Fees	Stock-based Payments and Director Fees Pursuant to the terms of the Management Agreement, the Company pays a portion of the base fee to the Manager in shares of its common stock with the number of shares determined based on the 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 year ended December 31, 2019 of $6.7 million, of which the Company recorded $2.5 million in expense, payable in 175,211 shares of its common stock. The Company also recorded an incentive fee of $0.7 million, of which $0.1 million is payable in 9,470 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. 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 year ended December 31, 2019 2018 2017 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 184,681 $ 2,600 200,405 $ 2,813 150,652 $ 2,335 Independent director fees 10,948 158 9,628 150 9,708 150 Total 195,629 $ 2,758 210,033 $ 2,963 160,360 $ 2,485 (1) All management fees and independent director fees are fully expensed in the period in which the underlying expense is incurred. ​ Restricted Stock Each independent director is issued a restricted stock award of 2,000 shares of the Company’s common stock subject to a one 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 were 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 Activity Non-vested shares at December 31, 2019 Fully-vested shares at December 31, 2019 Year ended December 31, 2019 Total Total Shares Grant Shares Per share 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 — 367 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3,7) 38,667 539 — 170 12,667 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,8) 34,000 462 — 149 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 153 79,000 13.94 — — Totals 308,334 $ 4,217 79,000 $ 839 114,334 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one (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 333 shares. (8) Total is shown net of 2019 forfeitures of 2,500 shares. ​ Total Grants Activity Non-vested shares at December 31, 2018 Fully-vested shares at December 31, 2018 Year ended December 31, 2018 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 12,000 $ 162 12,000 $ 148 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 629 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 180 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 36,500 69 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 1,026 116,389 $ 13.62 117,445 $ 13.55 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over one (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 December 31, 2017 Fully-vested shares at December 31, 2017 Year ended December 31, 2017 Total Total Shares Grant Shares Per share Shares Weighted Directors’ Grants (1) 10,000 $ 146 — $ 14 — $ — 10,000 $ 14.61 Employee and Service Provider Grant 2016 (2,4) 149,000 2,027 — 675 99,333 13.50 49,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 542 39,000 76 39,000 13.95 — — Totals 198,000 $ 2,715 39,000 $ 765 138,333 $ 13.83 59,667 $ 13.69 (1) Vesting period is one (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Total is shown net of 2017 forfeitures of 4,000 shares. ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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. As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. The Company’s consolidated Financial Statements include the operations of two TRS entities, GA-TRS and GAJX Real Estate LLC, which are subject to U.S. federal, state and local income taxes on their taxable income. For the year ended December 31, 2019, the Company’s consolidated taxable income was $23.3 million; and provisions for income taxes of $0.1 million. For the year ended December 31, 2018, the Company’s consolidated Taxable Income was $24.1 million; and provisions for income taxes of $0.1 million. For the year ended December 31, 2017, the Company’s taxable income was $18.0 million; and provisions for income taxes of $0.1 million. The Company recognized no deferred income tax assets or liabilities on its consolidated Balance Sheets at December 31, 2019 or 2018. The Company also recorded no interest or penalties for the years ended December 31, 2019, 2018 and 2017.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 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): For the year ended December 31, 2019 Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 34,705 19,710,482 Allocation of earnings to participating restricted shares (336) — Consolidated net income attributable to unrestricted common stockholders $ 34,369 19,710,482 $ 1.74 Effect of dilutive securities (1) Operating Partnership units 346 241,093 Interest expense (add back) and assumed conversion of shares from convertible senior notes 10,200 8,221,642 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 44,915 28,173,217 $ 1.59 (1) The effect of the restricted stock grants and Manager and director fee shares on the Company's Diluted EPS calculation for 2019 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the year ended December 31, 2019. ​ For the year ended December 31, 2018 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 28,340 18,642,526 Allocation of earnings to participating restricted shares (307) — Consolidated net income attributable to unrestricted common stockholders $ 28,033 18,642,526 $ 1.50 Effect of dilutive securities (1) Interest expense (add back) and assumed conversion of shares from convertible senior notes 8,786 7,188,020 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 36,819 25,830,546 $ 1.43 (1) (1) The effect of operating partnership units, restricted stock grants and Manager and director fee shares on the Company's Diluted EPS calculation for 2018 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the year ended December 31, 2018. ​ For the year ended December 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 28,927 18,074,143 Allocation of earnings to participating restricted shares (321) — Consolidated net income attributable to unrestricted common stockholders $ 28,606 18,074,143 $ 1.58 Effect of dilutive securities Operating Partnership units 998 624,106 Restricted stock grants and Manager and director fee shares 321 203,083 Interest expense (add back) and assumed conversion of shares from convertible senior notes 5,289 4,417,189 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 35,214 23,318,521 $ 1.51

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity	Equity Common stock As of December 31, 2019 and 2018, the Company had 22,142,143 and 18,909,874 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each year end. Preferred stock The Company had no shares of preferred stock outstanding at December 31, 2019 or 2018. There were 25,000,000 shares authorized at each year end. Treasury stock As of December 31, 2019 the Company held 33,248 shares of treasury stock received through distributions of the Company's shares previously held by its Manager. The Company held 20,277 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 years ended December 31, 2019 and 2018, 20,107 and 14,953 shares, respectively, were issued under the plan for total proceeds of approximately $0.3 million and $0.2 million, respectively. At-the-Market Offering The Company has entered into an equity distribution agreement under which the Company may sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the year ended December 31, 2019, 2,278,518 shares of common stock have been sold under the At-the-Market program for total proceeds of approximately $34.3 million. During the year ended December 31, 2018, no shares were sold under the at-the-market program. Accumulated Other Comprehensive Income (Loss) The Company recognizes temporary holding gains or losses on its investment in debt securities as components of Other comprehensive income (loss). Accumulated other comprehensive income (loss) at December 31, 2019, 2018 and 2017 was as follows ($ in thousands): For the year ended December 31, 2019 2018 2017 Investment in securities: Unrealized gains $ 1,643 $ 250 $ 9 Unrealized losses (366) (825) (242) Income tax related to items of other comprehensive income — — — Accumulated other comprehensive income/(loss) $ 1,277 $ (575) $ (233) Non-controlling Interest At December 31, 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 of 2019, all of 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 December 31, 2019, the Company had non-controlling interests attributable to ownership interests by three 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 December 31, 2019 the Company has retained 53.1% of AS Ajax E II LLC and consolidates the assets, liabilities, revenues and expenses of the entity. During the year ended December 31, 2017, the Company established 2017-D, a securitization trust, which is 50.0% held by an accredited institutional investor. As of December 31, 2019 the Company has retained 50.0% 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 December 31, 2019 the Company has 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. BFLD was 10.0% held by a third party and 90.0% retained by the Company through its Gaea subsidiary. During the year ended December 31, 2019, the Company also established DG Brooklyn Holdings, to purchase and hold REO property. DG Brooklyn Holdings was 5.0% held by a third party and 95.0% owned by the Company through Gaea. On November 22, 2019, the Company undertook a private capital raise transaction for Gaea which resulted in the Company's deconsolidation of Gaea. As a result, the Company did not consolidate either BFLD or DG Brooklyn Holdings at December 31, 2019. At December 31, 2019, the Company had a 23.2% interest in Gaea which was accounted for under the equity method. The following table sets forth the effects of changes in the Company's ownership interest due to transfers to or from non-controlling interest ($ in thousands): For the year ended December 31, 2019 2018 2017 Increase from establishment of 2017-D $ — $ — $ 13,793 Increase from establishment of AS Ajax E II — — 2,397 Increase from establishment of 2018-C — 6,685 — Increase from establishment of BFLD — 24 — Decrease from redemption of OP units by third party investor (10,816) — — Decrease due to deconsolidation of Gaea (22) — — Change in non-controlling interest $ (10,838) $ 6,709 $ 16,190

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data [Abstract]
Quarterly Financial Information (unaudited)	Quarterly Financial Information (unaudited): The following table sets forth our quarterly financial information ($ in thousands): For the year ended December 31, 2019 First quarter Second quarter Third quarter Fourth quarter Total income $ 15,184 $ 20,703 $ 15,316 $ 13,716 Income before provision for income tax $ 8,192 $ 13,664 $ 8,250 $ 7,107 Net income attributable to common stockholders $ 7,330 $ 13,027 $ 7,691 $ 6,657 Basic earnings common share $ 0.39 $ 0.67 $ 0.39 $ 0.31 Diluted earnings per common share $ 0.36 $ 0.56 $ 0.36 $ 0.31 For the year ended December 31, 2018 First quarter Second quarter Third quarter Fourth quarter Total income $ 14,743 $ 14,777 $ 14,750 $ 13,894 Income before provision for income tax $ 8,338 $ 8,215 $ 7,579 $ 7,269 Net income attributable to common stockholders $ 7,665 $ 7,521 $ 6,558 $ 6,596 Basic earnings common share $ 0.41 $ 0.40 $ 0.35 $ 0.35 Diluted earnings per common share $ 0.38 $ 0.37 $ 0.34 $ 0.34

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent events	Subsequent Events Loan Acquisitions Since year end, the Company acquired 27 residential RPLs with aggregate UPB of $2.2 million in two transactions from two sellers for its own account. The RPLs were acquired at 63.8% of UPB and 37.7% of the estimated market value of the underlying collateral of $3.7 million. Also expected to close in the first quarter of 2020 are acquisitions that went under contract in February and March, 2020 of 1,943 RPLs for an aggregate purchase price of $309.3 million million, 334 NPLS, for an aggregate purchase price of $81.5 million, and the acquisition of two SBCs for a purchase price of $3.2 million. The purchase price of the RPLs equals 91.5% of UPB and 66.0% of the estimated market value of the underlying collateral of $469.0 million. The purchase price of the NPLs equals 77% of UPB and 60.5% of the underlying collateral of $134.6 million. The purchase price of the SBCs equals 100% of UPB and 52.4% of the underlying collateral of $6.2 million. The majority of these loans is expected to be acquired through joint ventures with institutional investors. Dividend Declaration On February 25, 2020, the Company’s Board of Directors declared a dividend of $0.32 per share, to be paid on March 27, 2020 to stockholders of record as of March 17, 2020. Stock buyback On February 28, 2020, the Company's Board of Directors approved a stock buyback of up to $25.0 million of its common shares. The amount and timing of any repurchases will depend on a number of factors, including but not limited to the price and availability of the common shares, trading volume and general circumstances and market conditions.

Schedule IV Mortgage loans on r

Schedule IV Mortgage loans on real estate	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV Mortgage loans on real estate	Schedule IV Mortgage loans on real estate December 31, 2019 ($ in thousands) Loan Count Interest rate Maturity Carrying amount of mortgages (1) Principal amount subject to delinquent principal and interest Amount of balloon payments at maturity $0 – 49,999 598 0.00% - 15.00% 08/13/2008 – 09/01/2058 $ 16,516 $ 8,438 $ 1,452 $50,000 – 99,999 1,185 0.00% - 12.95% 09/01/2009 – 09/01/2059 84,471 40,491 6,359 $100,000 – 149,999 1,294 0.00% - 13.34% 08/01/2019 – 08/01/2065 147,677 75,703 10,714 $150,000 – 199,999 889 2.00% - 12.50% 11/01/2019 –08/01/2065​ 139,959 69,309 9,425 $200,000 – 249,999 584 1.99% - 10.93% 10/01/2019 – 07/01/2064 118,735 59,263 11,657 $250,000+ 1,634 0.00% - 19.00% 09/06/2016 –05/01/2066​ 644,111 279,616 109,280 Total 6,184 ​ ​ $ 1,151,469 $ 532,820 $ 148,887 ​ (1) The aggregate cost for federal income tax purposes is $1,067.3 million as of December 31, 2019. The following table sets forth the activity in our mortgage loans ($ in thousands): Mortgage loans January 1, 2019 Beginning carrying value $ 1,310,873 RPL, NPL and SBC pool portfolio acquisitions, net cost basis 110,146 SBC non-pooled portfolio acquisitions, net cost basis 19,040 Draws on SBC loans 912 Accretion recognized 96,064 Payments received, net (191,647) Reclassifications to REO (12,104) Sale of mortgage loans (180,992) Provision for loan losses (803) Other (20) Ending carrying value $ 1,151,469

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 consider alternate loan resolution probabilities, including liquidation or conversion to REO. Observable inputs to the model include interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines, the value of underlying properties and other economic and demographic data.
Loans Acquired with Deterioration in Credit Quality	Loans acquired with deterioration in credit quality The loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company is required to account for the mortgage loans pursuant to ASC 310-30, Accounting for Loans with Deterioration in Credit Quality . The Company’s recognition of interest income for loans within the scope of ASC 310-30 is based upon its having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the effective interest method of income recognition. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. RPLs have been determined to have common risk characteristics and are accounted for as a single loan pool for loans acquired within each three-month calendar quarter. Similarly, NPLs have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within each three-month calendar quarter. Excluded from the aggregate pools are loans that pay in full subsequent to the acquisition closing date but prior to pooling. Any gain or loss on these loans is recognized as Interest income in the period the loan pays in full. The Company’s accounting for loans under ASC 310-30 gives rise to an accretable yield and a non-accretable amount. The excess of all undiscounted cash flows expected to be collected at acquisition over the initial investment in the loans is the accretable yield. Cash flows expected at acquisition include all cash flows directly related to the acquired loan, including those expected from the underlying collateral. The Company recognizes the accretable yield as Interest income on a prospective level yield basis over the life of the pool. The excess of a loan’s contractually required payments over the amount of cash flows expected at the acquisition is the non-accretable amount. The Company’s expectation of the amount of undiscounted cash flows expected to be collected is evaluated at the end of each calendar quarter. If the Company expects to collect greater cash flows over the life of the pool, the accretable yield amount increases and the expected yield to maturity is adjusted on a prospective basis. A provision for loan losses is established when the Company estimates it will not collect all amounts previously estimated to be collectible. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the loan pools as well as other factors, such as the fair value of the underlying collateral. When a loan pool is determined to be impaired, the amount of loss accrual is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan pool’s effective interest rate or the fair value of the underlying collateral. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. The Company’s mortgage loans are secured by real estate. The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. Borrower payments on the Company’s mortgage loans are classified as principal, interest, payments of fees, or escrow deposits. Amounts applied as interest on the borrower account are similarly classified as interest for accounting purposes and are classified as operating cash flows in the Company’s consolidated Statement of Cash Flows. Amounts applied as principal on the borrower account including amounts contractually due from borrowers that exceed the Company’s basis in loans purchased at a discount, are similarly classified as principal for accounting purposes and are classified as investing cash flows in the consolidated Statement of Cash Flows as required under U.S. GAAP. Amounts received as payments of fees are recorded in Other income and classified as operating cash flows in the consolidated Statement of Cash Flows. Escrow deposits are recorded on the Servicer’s Balance Sheet and do not impact the Company’s cash flow.
Loans acquired or originated that have not experienced a deterioration in credit quality	Loans acquired or originated that have not experienced a deterioration in credit quality While the Company generally acquires loans that have experienced deterioration in credit quality, it also acquires loans that have not experienced a deterioration in credit quality and originates small balance commercial loans. The Company recognizes any related loan discount and deferred expenses pursuant to ASC 310-20 by amortizing these amounts over the life of the loan. Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. The Company’s policy is to stop accruing interest when a loan’s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against Interest income. Income is subsequently recognized on the cash basis until, in management’s judgment, the borrower’s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status. An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral dependent. For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the net realizable value of the underlying collateral falls below net book value. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that the Manager believes will be adequate to absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans.
Real Estate	Real Estate The Company acquires real estate properties directly through purchases, when it forecloses on the borrower and takes title to the underlying property, or the borrower surrenders the deed in lieu of foreclosure. Property is recorded at cost if purchased, or at the present value of future cash flows if obtained through foreclosure by the Company. Property that the Company expects to actively market for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value (fair market value less expected selling costs, and any additional costs necessary to prepare the property for sale). Fair market value is determined based on broker price opinions (“BPOs”), appraisals, or other market indicators of fair value including list price or contract price, if listed or under contract for sale at the balance sheet date. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income through real estate operating expenses. No depreciation or amortization expense is recognized on properties held-for-sale. Holding costs are generally incurred by the Servicer and are subtracted from the Servicer’s remittance of sale proceeds upon ultimate disposition of properties held-for-sale. Rental property is property not held-for-sale. Rental properties are intended to be held as long-term investments but may eventually be reclassified as held-for-sale. Property that arose through conversions of mortgage loans in the Company's portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property or the borrower surrenders the deed in lieu of foreclosure is generally held for investment as rental property if the cash flows from use as a rental exceed the present value of expected cash flows from a sale. The Company also acquires rental properties through direct purchases of properties for its rental portfolio. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of 27.5 to 39 years. The Company performs an impairment analysis for rental property using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. The cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. Renovations are performed by the Servicer, and those costs are then reimbursed to the Servicer. Any renovations on properties which the Company elects to hold as rental properties are capitalized as part of the property’s basis and depreciated over the remaining estimated useful life of the property. The Company may perform property renovations to maximize the value of a property for either its rental strategy or for resale.
Secured Borrowings	Secured Borrowings The Company, through securitization trusts which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated Balance Sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated Balance Sheets as a deduction from Secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date. Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization.
Repurchase Facilities	Repurchase Facilities The Company enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold amount plus an interest factor. Despite being legally structured as sales and subsequent repurchases, repurchase transactions are generally accounted for as debt secured by the underlying assets. At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender. The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company’s consolidated Balance Sheets, and the debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up of a repurchasing contract are recorded as deferred issuance cost at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as deferred costs when incurred and amortized over the contractual life of the related borrowing.
Convertible senior notes	Convertible Senior Notes On April 25, 2017, the Company completed the public offer and sale of $87.5 million in aggregate principal amount of its convertible senior notes (the “notes”) due 2024, with follow-on offerings of an additional $20.5 million and $15.9 million in aggregate principal amount completed on August 18, 2017 and November 19, 2018, respectively, which, combined with the notes from the April offering, form a single series of securities. The notes bear interest at a rate of 7.25% per annum, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The notes will mature on April 30, 2024, unless earlier converted or redeemed. During certain periods and subject to certain conditions the notes will be convertible by their holders into shares of the Company’s common stock at a conversion rate of 1.6694 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.98 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
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 the Servicing Agreement (the "Servicing Agreement"), expiring July 8, 2029, with the Servicer. Under the Servicing Agreement by and between the Company and the Servicer, the Servicer receives an annual servicing fee rate of 0.65% annually of the Unpaid Principal Balance (“UPB”) for loans that are re-performing at acquisition and 1.25% annually of UPB for loans that are non-performing at acquisition. For certain of the Company’s joint ventures, the Servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% annually on a loan-by-loan basis for any loan that makes seven consecutive payments. Servicing fees are paid monthly. The total fees incurred by the Company for these services depend upon the UPB and type of mortgage loans that the Servicer services pursuant to the terms of the servicing agreement. The fees do not change if a RPL becomes non-performing or vice versa. Servicing fees for the Company’s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. The Servicer is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations undertaken on the Company’s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that the Servicer services, property values, previous UPB of the relevant loan, and the number of REO properties. The Servicing Agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the Servicing Agreement if the Servicing Agreement is terminated for any reason. See Note 10 — Related party transactions.
Stock-based Payments	Stock-based Payments A portion of the management fee is payable in cash, and a portion of the management fee is in shares of the Company’s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act of 1933, as amended (the “Securities Act”). The number of shares issued to the Manager are determined based on the higher of the most recently reported book value or the average of the closing prices of the Company's common stock on the New York Stock Exchange ("NYSE") on the five business days after the date on which the most recent regular quarterly dividend to holders of the common stock is paid. Management fees paid in common stock are recognized as an expense in the quarter incurred and recorded in stockholders' equity at quarter end. The shares vest immediately upon issuance. The Manager has agreed to hold any shares of common stock received by it as payment of the base management fee for at least three years from the date such shares of common stock are received. Under the Company’s 2014 Director Equity Plan (the “Director Plan”), the Company may make stock-based awards to its directors. The Director Plan is designed to promote the Company’s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company’s Board of Directors. The total number of shares of common stock or other stock-based award, including grants of long-term incentive plan units (“LTIP Units”) from the Operating Partnership, available for issuance under the Director Plan is 78,000 shares. The Company has issued to each of its independent directors restricted stock awards of 2,000 shares of its common stock upon joining the Board of Directors, which are subject to a one On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”) to attract and retain non-employee directors, executive officers, key employees and service providers, including officers and employees of the Company’s affiliates. The 2016 Plan authorized the issuance of up to 5% of the Company’s outstanding shares from time to time on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible senior notes, including OP Units and any LTIP Units, into shares of common stock). Grants of restricted stock under the 2016 Plan use grant date fair value of the stock as the basis for measuring the cost of the grant. The cost of grants of restricted stock to employees of the Company’s affiliates had previously been determined using the stock price as of the date at which the counterparty's performance is complete. However, pursuant to the issuance and early adoption of ASU 2018-07 in June 2018, the Company used the grant date fair value of the stock as the basis for measuring the cost of the grant. See “Recently Adopted Accounting Standards” below. Forfeitures of granted shares are accounted for in the period in which they occur. The share grants vest over three
Directors' fees	Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ equity in the period in which it is incurred.
Variable Interest Entities	Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (See “Secured Borrowings” above and Note 9 to the consolidated Financial Statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
Cash Held in Trust	Cash Held in Trust Cash held in trust consists of restricted cash balances either legally due to lenders or held in trust for the benefit of the Company's secured borrowers, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations.
Earnings per Share	Earnings per Share The Company grants restricted shares which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income available to common shareholders, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense and applicable portion of management fee expense, net of applicable income taxes, on the Company’s convertible senior notes, by the weighted-average common shares outstanding, assuming all dilutive securities, including stock grants, shares that would be issued in the event that OP Units are redeemed for shares of common stock of the Company, shares issued in respect of the stock-based portion of the base fee payable to the Manager and independent directors, and shares that would be issued in the event of conversion of the Company’s outstanding convertible senior notes, were issued. In the event the Company were to record a net loss, potentially dilutive securities would be excluded from the diluted loss per share calculation, as their effect on loss per share would be anti-dilutive.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities.​ • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.​ • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.​ The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction. The fair value of mortgage loans is estimated using the Manager’s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The Company reviews its discount rates periodically to ensure the assumptions used to calculate fair value are in line with market conditions. The Company’s Investments at fair value are carried at fair value with changes in fair value of equity securities reflected in the Company’s consolidated Statements of Income. Fair values of the Company's investments in debt securities are derived from estimates provided by banking institutions which are compared against available reference data from recent transactions and the Company's proprietary valuation model. The fair value of the Company's Beneficial interests are derived from estimates provided by banking institutions which are compared for reasonableness against analyses from the Company's proprietary valuation model. The Company calculates the fair value for the secured borrowings on its consolidated balance sheets from securitization trusts by using the Company’s proprietary pricing model to estimate the cash flows expected to be generated from the underlying collateral with the discount rate used in the present value calculation representing an estimate of the average rate for debt instruments with similar durations and risk factors. The Company’s borrowings under its repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE under the ticker symbol "AJXA"; the debt’s fair value is determined from the closing price on the balance sheet date. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value. Net realizable value is determined based on broker price opinions, appraisals, or other market indicators of fair value, which are then reduced by anticipated selling costs. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income.
Income Taxes	Income Taxes The Company elected REIT status upon the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31, 2014 forward on the portion of the Company’s REIT taxable income that is distributed to the Company’s stockholders as long as certain asset, income and stock ownership tests are met. If the Company fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost. In addition, notwithstanding the Company’s qualification as a REIT, it may also have to pay certain state and local income taxes, because not all states and localities treat REITs in the same manner that they are treated for U.S. federal income tax purposes. The Company’s consolidated Financial Statements include the operations of three TRS entities, GA-TRS, GAJX Real Estate LLC and Gaea, which are subject to U.S. federal, state and local income taxes on their taxable income. Income from these these three entities and any other TRS that the Company forms will be subject to U.S. federal and state income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences or benefits attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company’s judgment, it reduces a deferred tax asset by a valuation allowance if it is “more-likely-than-not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be primarily taxable as long-term capital gain, although a portion of such distributions may be designated as ordinary income or qualified dividend income, or may constitute a return of capital. The Company furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.
Investment in Securities at Fair Value	Investment at Fair Value The Company’s Investments at Fair Value as of December 31, 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 debt securities 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 its 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
Segment Information	Segment Information The Company’s primary business is acquiring, investing in and managing a portfolio of mortgage loans. The Company operates in a single segment focused on re-performing mortgages, and to a lesser extent non-performing mortgages and real property.
Reclassifications	Reclassifications The Company reclassified the balance of its Loans Purchase deposit account on its 2017 consolidated Balance Sheet to its Cash held in trust account to better reflect the nature of the asset. The Company believes this to be an immaterial classification. Additionally, certain other immaterial amounts in the Company’s 2016, 2017 and 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. 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 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 2019-04, 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. Also 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. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses to clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13. The guidance in ASU 2016-13, and ASU 2019-04, ASU 2019-05 and ASU 2019-11 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 adopted ASU 2016-13, and all related amendments on January 1, 2020. For the Company’s mortgage loan portfolio, the initial adoption will result in a reclassification between loan discount and allowance for purchased credit impaired loans, which will have no effect on the Company’s balance sheet presentation, or on consolidated equity. The Company does not consider this transition adjustment to be material to its financial position or previously reported statements. During subsequent periods this allowance for credit losses will be adjusted either upward or downward for expected changes in future credit losses based on expected cash flows. These changes to the reserve will be recognized in the Company's current period income. Historically, only reductions in expected cash flows were recognized in the current period earnings, while increases in expected cash flows were recognized prospectively over the remaining expected lives of the loan pools. The Company’s investments in beneficial interests are also deemed to be credit impaired under ASC 2016-13 and follow guidance comparable to that for impaired loans. Similarly, upon adoption, a reclassification from discount to allowance for credit impaired loss will be recorded, with no net impact on the Company’s balance sheet or on consolidated equity. In subsequent periods, changes to the reserve for beneficial interests will be recognized in the Company’s current period income. Under ASU 2016-13, credit losses for available-for-sale debt securities are measured in a manner similar to current GAAP. However, the amendments in this ASU require that credit losses be recorded through an allowance for credit losses, which will cause subsequent reversals in credit loss estimates to be recognized in current income. In addition, the allowance for available-for-sale debt securities is limited to the extent that the fair value is less than the amortized cost. As a result of the adoption, the Company does not anticipate a material change to its balance sheet or its consolidated equity. 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 does not anticipate a material 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 does not anticipate a material impact on its consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and adding certain clarifications to rules and definitions used in the calculation of the income tax provision. This guidance is effective for interim and annual reporting periods beginning after December 15, 2020, 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.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2019
Mortgage Loans [Abstract]
Schedule of loan portfolio basis by asset type	The following table presents information regarding the carrying value for the Mortgage loan categories of RPL, NPL, SBC and originated as of December 31, 2019 and 2018 ($ in thousands): As of December 31, Loan portfolio basis by asset type 2019 2018 Residential RPL loan pools $ 1,085,514 $ 1,242,207 SBC loan pools 11,652 21,203 SBC loans non-pooled (1) 23,434 11,140 Residential NPL loan pools 30,869 36,323 Total $ 1,151,469 $ 1,310,873
Allowance for loan losses	During the year ended December 31, 2019, the Company recorded an impairment of $0.8 million of the value of five of its NPL pools acquired in 2014, 2015 and 2016. During the year ended December 31, 2018, the Company recorded an impairment of $1.2 million of the value of three of its NPL pools acquired in 2014 and 2015. The Company had no allowance for loan losses at December 31, 2017. An analysis of the balance in the allowance for loan losses account follows ($ in thousands): For the year ended December 31, 2019 2018 2017 Allowance for loan losses, beginning of period $ (1,164) $ — $ — Provision for loan losses (803) (1,164) — Recovery of loan losses 7 — — Allowance for loan losses, end of period $ (1,960) $ (1,164) $ —
Schedule of accretable yield	Accretable yield and accretion amounts do not include any of the interest income on unpooled SBC loans at December 31, 2019 and 2018. The following table presents the 2019 and 2018 accretable yield and non-accretable amount for the loan portfolio ($ in thousands): For the year ended December 31, 2019 2018 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Balance at beginning of period $ 311,806 $ 6,459 $ 344,141 $ 7,370 Accretable yield additions 31,917 957 35,471 675 Accretion (94,334) (787) (101,195) (1,316) Reclassification from (to) non-accretable amount, net (30,273) (2,922) 33,389 (270) Balance at end of period $ 219,116 $ 3,707 $ 311,806 $ 6,459
Schedule of carrying value of mortgage loans and related UPB by delinquency status	The following table sets forth the carrying value of the Company’s mortgage loans, and related unpaid principal balance by delinquency status as of December 31, 2019 and 2018 ($ in thousands): As of December 31, ​ 2019 2018 Number of loans Carrying value Unpaid principal balance Number of loans Carrying value Unpaid principal balance Current 3,449 $ 676,144 $ 735,307 3,929 $ 757,276 $ 848,551 30 851 146,208 158,363 1,006 167,286 185,742 60 568 93,806 102,661 711 123,078 136,586 90 1,173 197,014 224,078 1,188 200,419 231,063 Foreclosure 143 38,297 47,717 277 62,814 79,777 Mortgage loans 6,184 $ 1,151,469 $ 1,268,126 7,111 $ 1,310,873 $ 1,481,719
Contractually Required Payments And Estimated Cash Flows Expected To Be Collected [Table Text Block]	The Company’s loan acquisitions for the year ended December 31, 2019 consisted of 573 purchased RPLs with $122.5 million UPB, 35 NPLs with $6.7 million UPB and 22 originated SBC loans with $19.0 million UPB. Comparatively during the year ended December 31, 2018, the Company acquired 810 purchased RPLs with $175.5 million UPB, 36 NPLs with $6.0 million UPB and eight originated SBC loans with $6.4 million UPB. The following table presents information regarding the accretable yield and non-accretable amount for purchased loans acquired during the following periods ($ in thousands): For the year ended December 31, ​ 2019 2018 Re-performing loans Non-performing loans Re-performing loans Non-performing loans Contractually required principal and interest $ 207,348 $ 11,542 $ 299,462 $ 10,976 Non-accretable amount (70,953) (4,917) (104,940) (4,891) Expected cash flows to be collected 136,395 6,625 194,522 6,085 Accretable yield (31,917) (957) (35,471) (675) Fair value at acquisition $ 104,478 $ 5,668 $ 159,051 $ 5,410

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2019 and 2018 ($ in thousands): For the year ended December 31, 2019 2018 Count Amount Count Amount Balance at beginning of year 102 $ 19,402 136 $ 24,947 Net transfers from mortgage loans 61 12,104 93 15,072 Adjustments to record at lower of cost or fair value — (2,104) — (2,700) Disposals (109) (16,819) (127) (17,251) Transfer from rental property 6 1,613 6 549 Transfer to rental property (2) (414) (6) (1,140) Other — (245) — (75) Balance at end of year 58 $ 13,537 102 $ 19,402

Investments at fair value Inves

Investments at fair value Investments at fair value (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The Company holds investments in various debt securities and beneficial interests which are the net residual interest of the investment trust. The Company's debt securities and beneficial interests are issued by securitization trusts, which are VIE's, that the Company has sponsored but which the Company does not consolidate since it has determined it is not the primary beneficiary. (See Note 10 - Related party transactions). The Company models the expected cash flows from the underlying loan pools held by the trusts using its Manager's proprietary pricing model, and believes any unrealized losses to be temporary. The following table presents information regarding the Company's investments and investments in beneficial interests ($ in thousands): As of December 31, 2019 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 230,408 $ 1,643 $ (366) $ 231,685 Beneficial interests in securitization trusts 57,954 — — 57,954 Total investments at fair value $ 288,362 $ 1,643 $ (366) $ 289,639 (1) Basis amount is net of any realized amortized costs, principal paydowns and interest receivable on securities of $0.3 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 at fair value $ 169,472 $ 250 $ (825) $ 168,897 (1) Basis amount is net of any realized amortized costs and principal paydowns.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands): As of December 31, 2019 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due April 2058 (2) $ 6,855 $ (9) $ 6,846 Debt securities due February 2057 (2) 7,324 (1) 7,323 Debt securities due September 2059 (3) 37,843 (356) 37,487 Total $ 52,022 $ (366) $ 51,656 (1) Basis amount is net of any realized amortized costs and principal paydowns. (2) These securities have been in an unrealized loss position for 12 months or longer. (3) This security has been in an unrealized loss position for less than 12 months. As of December 31, 2018 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due April 2058 (2) $ 7,896 $ (315) $ 7,581 Debt securities due February 2057 (2) 11,813 (203) 11,610 Debt securities due June 2058 (2) 18,702 (3) 18,699 Debt securities due August 2058 (2) 16,143 (297) 15,846 Debt securities due November 2058 (2) 45,680 (7) 45,673 Total $ 100,234 $ (825) $ 99,409 (1) Basis amount is net of any realized amortized costs and principal paydowns.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2019 and 2018 ($ in thousands): ​ Level 1 Level 2 Level 3 December 31, 2019 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,151,469 $ — $ — $ 1,260,385 Investment in debt securities at fair value $ 231,685 $ — $ 231,685 $ — Investment in beneficial interests $ 57,954 $ — $ 57,954 $ — Investment in Manager $ 1,755 $ — $ — $ 7,712 Investment in AS Ajax E $ 931 $ — $ 1,012 $ — Investment in GAFS, including warrants $ 3,023 $ — $ — $ 3,320 Investment in Gaea $ 19,995 $ — $ — $ 19,995 Investment in legacy entities $ 760 $ — $ — $ 760 Financial liabilities Secured borrowings, net $ 652,747 $ — $ — $ 657,918 Borrowings under repurchase agreement $ 414,114 $ — $ 414,114 $ — Convertible senior notes, net $ 118,784 $ 132,173 $ — $ — ​ ​ Level 1 Level 2 Level 3 December 31, 2018 Carrying Value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans $ 1,310,873 $ — $ — $ 1,448,895 Investment in debt securities at fair value $ 146,811 $ — $ 146,811 $ — Investment in beneficial interests $ 22,086 $ — $ 22,086 $ — Investment in Manager $ 1,016 $ — $ — $ 5,231 Investment in AS Ajax E $ 1,037 $ — $ 1,239 $ — Investment in GAFS, including warrants $ 2,844 $ — $ — $ 3,320 Financial liabilities Secured borrowings, net $ 610,199 $ — $ — $ 610,217 Borrowings under repurchase agreement $ 534,089 $ — $ 534,089 $ — Convertible senior notes, net $ 117,525 $ 118,103 $ — $ —
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of December 31, 2019 and 2018 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2019 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 $ 13,537 $ 2,104 $ — $ — $ 13,537 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)	12 Months Ended
	Dec. 31, 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% For the year ended December 31, Net income at 100% 2019 2018 2017 Thetis Asset Management LLC $ 4,685 $ 2,202 $ 2,136 Great Ajax FS LLC (1)(2) $ 2,233 $ 1,257 $ — AS Ajax E LLC $ 299 $ 324 $ 319 Legacy entities $ (9) $ — $ — Gaea Real Estate Corp. $ (20) $ — $ — GA-E 2014-12 $ — $ — $ 426 December 31, 2019 December 31, 2018 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 83,068 $ 768 $ — $ — Great Ajax FS LLC $ 61,432 $ 37,142 $ 74,164 $ 52,184 Thetis Asset Management LLC $ 12,277 $ 2,265 $ 8,604 $ 2,136 AS Ajax E LLC $ 5,747 $ 2 $ 6,424 $ 13 Legacy entities $ 1,592 $ 3,095 $ — $ — Net income, assets and liabilities of unconsolidated affiliates at Company share For the year ended December 31, Net income at Company share 2019 2018 2017 Thetis Asset Management LLC $ 928 $ 436 $ 423 Great Ajax FS LLC (1)(2) $ 179 $ 90 $ — AS Ajax E LLC $ 49 $ 53 $ 53 GA-E 2014-12 $ — $ — $ 173 Legacy entities $ (4) $ — $ — Gaea Real Estate Corp. $ (5) $ — $ — ​ December 31, 2019 December 31, 2018 Assets and Liabilities at Company share Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 19,252 $ 178 $ — $ — Great Ajax FS LLC $ 4,915 $ 2,971 $ 5,933 $ 4,175 Thetis Asset Management LLC $ 2,431 $ 448 $ 1,704 $ 423 AS Ajax E LLC $ 948 $ — $ 1,060 $ 2 Legacy entities $ 637 $ 1,247 $ — $ — (1) Net income at the Company's share is not directly proportionate to Net income at 100% due to the timing of the Company's acquisition during the year ended December 31, 2018.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ December 31, 2019 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate January 3, 2020 November 26, 2019 $ 8,411 $ 8,411 $ 11,098 132 % 3.45 % January 3, 2020 November 26, 2019 6,093 6,093 9,038 148 % 3.45 % January 3, 2020 November 26, 2019 5,175 5,175 6,855 132 % 3.45 % January 3, 2020 December 2, 2019 11,966 11,966 15,742 132 % 3.45 % January 3, 2020 December 2, 2019 10,648 10,648 14,058 132 % 3.45 % January 3, 2020 December 2, 2019 5,485 5,485 7,050 129 % 3.45 % January 3, 2020 December 2, 2019 4,096 4,096 5,261 128 % 3.45 % January 3, 2020 December 2, 2019 1,644 1,644 2,388 145 % 3.55 % January 3, 2020 December 2, 2019 1,576 1,576 2,287 145 % 3.55 % January 10, 2020 December 11, 2019 21,088 21,088 28,284 134 % 3.47 % January 10, 2020 December 11, 2019 1,808 1,808 2,640 146 % 3.57 % January 13, 2020 July 11, 2019 8,956 8,956 13,016 145 % 4.16 % January 21, 2020 December 20, 2019 15,718 15,718 20,623 131 % 3.41 % January 21, 2020 December 20, 2019 10,305 10,305 13,521 131 % 3.41 % January 21, 2020 December 20, 2019 5,840 5,840 7,324 125 % 3.41 % January 21, 2020 December 20, 2019 2,784 2,784 4,050 145 % 3.51 % January 28, 2020 October 30, 2019 5,318 5,318 7,464 140 % 3.19 % January 28, 2020 October 30, 2019 2,520 2,520 3,381 134 % 2.99 % 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 % February 24, 2020 November 26, 2019 41,412 41,412 54,828 132 % 2.92 % 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 7,423 127 % 3.81 % March 26, 2020 September 26, 2019 27,075 27,075 34,591 128 % 3.81 % March 27, 2020 September 27, 2019 2,915 2,915 3,709 127 % 3.79 % June 3, 2020 December 6, 2019 6,097 6,097 7,891 129 % 3.64 % June 3, 2020 December 6, 2019 4,704 4,704 6,106 130 % 3.64 % June 3, 2020 December 6, 2019 3,053 3,053 4,035 132 % 3.64 % June 3, 2020 December 6, 2019 2,332 2,332 3,360 144 % 3.79 % June 3, 2020 December 6, 2019 1,132 1,132 1,607 142 % 3.79 % June 19, 2020 December 19, 2019 13,447 13,447 18,076 134 % 3.55 % June 19, 2020 December 19, 2019 1,155 1,155 1,687 146 % 3.70 % June 30, 2020 December 30, 2019 5,286 5,286 7,044 133 % 3.57 % June 30, 2020 December 30, 2019 3,324 3,324 4,667 140 % 3.72 % July 10, 2020 July 15, 2016 250,000 28,931 57,397 198 % 4.28 % September 24, 2020 September 25, 2019 400,000 116,662 164,403 141 % 4.24 % Totals ​ $ 918,521 $ 414,114 $ 580,167 140 % 3.77 % ​ ​ 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 December 31, 2019 and 2018 in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2019 December 31, 2018 Gross amount of recognized liabilities $ 414,114 $ 534,089 Gross amount pledged as collateral 580,167 745,211 Net amount $ 166,053 $ 211,122
Schedule of securitization of notes	The following table sets forth the original terms of all securitization notes outstanding at December 31, 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-B/ December 2017 None Class A notes due 2056 $115.8 million 3.16 % None Class M-1 notes due 2056 (1) $9.7 million 3.50 % None Class M-2 notes due 2056 (1) $9.5 million 3.50 % None Class B-1 notes due 2056 (2) $9.0 million 3.75 % None Class B-2 notes due 2056 (2) $7.5 million 3.75 % Trust certificates (3) $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 (2) $13.0 million 5.25 % Trust certificates (3) $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 (1) $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 $(2.7) million — % Ajax Mortgage Loan Trust 2019-F/ November 2019 None Class A-1 notes due 2059 $110.1 million 2.86 % None Class A-2 notes due 2059 $12.5 million 3.50 % None Class A-3 notes due 2059 $5.1 million 3.50 % None Class M-1 notes due 2059 (1) $6.1 million 3.50 % None Class B-1 notes due 2059 (6) $11.5 million 3.50 % None Class B-2 notes due 2059 (6) $10.4 million variable (7) None Class B-3 notes due 2059 (6) $15.1 million variable (7) Deferred issuance costs $(1.8) million — % (1) 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. ​ (2) 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. ​ (3) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (4) Ajax Mortgage Loan Trust ("AJAXM") AJAXM 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and are reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net and 50% of the Class B-1 certificates are recognized as Non-controlling interest. (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.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at December 31, 2019 and 2018, and the securitization cutoff date: Balances at December 31, 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 — — — % 157,033 102,755 153 % 216,413 140,669 2017-B 121,909 84,624 144 % 132,902 99,857 133 % 165,850 115,846 2017-C 137,369 94,126 146 % 146,938 109,616 134 % 185,942 130,159 2017-D 148,119 60,934 (1) 243 % 163,791 69,528 (1) 236 % 203,870 (2) 88,903 2018-C 179,303 146,925 (3) 122 % 194,606 165,051 (3) 118 % 222,181 (4) 167,910 2019-D 165,963 146,383 113 % — — — % 193,301 156,670 2019-F 155,899 126,723 123 % — — — % 170,876 127,673 ​ $ 908,562 $ 659,715 (5) 138 % $ 897,833 $ 616,499 (5) 146 % $ 1,516,241 $ 1,030,405 ​ (1) The gross amount of senior bonds at December 31, 2019 and December 31, 2018 were $121.9 million and $139.0 million, however, only $60.9 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 third party institutional investors for senior bonds and class B bonds. The gross amount of senior and class B bonds at December 31, 2019 were $148.5 million and $15.9 million, however, only $141.0 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)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of consolidated statement of income	The Company’s consolidated Statements of Income included the following significant related party transactions ($ in thousands): For the year ended December 31, 2019 Transaction Consolidated Statement of Income location Counterparty Amount Interest income Interest income Various non-consolidated joint ventures $ 13,081 Loan servicing fees Related party expense - loan servicing fees Gregory $ 9,133 Management fee Related party expense - management fee Thetis $ 7,356 Income from equity investment Income from investments in affiliates Thetis $ 928 Income from equity investment Income from investments in affiliates Great Ajax FS $ 179 ​ For the year ended December 31, 2018 Transaction Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense - loan servicing fees Gregory $ 10,148 Management fee Related party expense - management fee Thetis $ 6,025 Interest income Interest income Various securitization trusts $ 1,967 Income from equity investment Income from investments in affiliates Thetis $ 436 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 99 Income from equity investment Income from investments in affiliates Great Ajax FS $ 90 Expense reimbursements Other fees and expenses Gregory $ 40 ​ For the year ended December 31, 2017 Transaction Consolidated Statement of Income location Counterparty Amount Loan servicing fees Related party expense – loan servicing fees Gregory $ 8,245 Management fee Related party expense – management fee Thetis $ 5,340 Due diligence and related loan acquisition costs Loan transaction expense Gregory $ 101 Expense reimbursements Other fees and expenses Gregory $ 80 Expense reimbursements Other fees and expenses Thetis $ 4
schedule of related party transactions for consolidated balance sheet	The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of December 31, 2019 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,013 Management fee payable Management fee payable Thetis $ 1,634 Expense reimbursements receivable Prepaid expenses and other assets Gregory $ 687 Advances to Servicer Prepaid expenses and other assets Gregory $ 585 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 241 Expense reimbursements receivable Prepaid expenses and other assets Thetis $ 87 Expense reimbursements Accrued expenses and other liabilities Gaea $ 68 Expense reimbursements Accrued expenses and other liabilities Various non-consolidated joint ventures $ 10 ​ As of December 31, 2018 Transaction Consolidated Balance Sheet location Counterparty Amount Receivable 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)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2019 2018 2017 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees 184,681 $ 2,600 200,405 $ 2,813 150,652 $ 2,335 Independent director fees 10,948 158 9,628 150 9,708 150 Total 195,629 $ 2,758 210,033 $ 2,963 160,360 $ 2,485 (1) All management fees and independent director fees are fully expensed in the period in which the underlying expense is incurred. ​
Schedule of activity in restricted stock	The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except per share amounts): Total Grants Activity Non-vested shares at December 31, 2019 Fully-vested shares at December 31, 2019 Year ended December 31, 2019 Total Total Shares Grant Shares Per share 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 — 367 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3,7) 38,667 539 — 170 12,667 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,8) 34,000 462 — 149 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 153 79,000 13.94 — — Totals 308,334 $ 4,217 79,000 $ 839 114,334 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one (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 333 shares. (8) Total is shown net of 2019 forfeitures of 2,500 shares. ​ Total Grants Activity Non-vested shares at December 31, 2018 Fully-vested shares at December 31, 2018 Year ended December 31, 2018 Total Total Shares Grant Shares Per share Shares Per share grant date fair value Directors’ Grants (1) 12,000 $ 162 12,000 $ 148 6,000 $ 13.48 6,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 629 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 180 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 36,500 69 36,500 13.58 — — Totals 233,834 $ 3,178 48,500 $ 1,026 116,389 $ 13.62 117,445 $ 13.55 (1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over one (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 December 31, 2017 Fully-vested shares at December 31, 2017 Year ended December 31, 2017 Total Total Shares Grant Shares Per share Shares Weighted Directors’ Grants (1) 10,000 $ 146 — $ 14 — $ — 10,000 $ 14.61 Employee and Service Provider Grant 2016 (2,4) 149,000 2,027 — 675 99,333 13.50 49,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 542 39,000 76 39,000 13.95 — — Totals 198,000 $ 2,715 39,000 $ 765 138,333 $ 13.83 59,667 $ 13.69 (1) Vesting period is one (2) Vesting is ratable over three (3) Vesting is ratable over three

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 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): For the year ended December 31, 2019 Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 34,705 19,710,482 Allocation of earnings to participating restricted shares (336) — Consolidated net income attributable to unrestricted common stockholders $ 34,369 19,710,482 $ 1.74 Effect of dilutive securities (1) Operating Partnership units 346 241,093 Interest expense (add back) and assumed conversion of shares from convertible senior notes 10,200 8,221,642 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 44,915 28,173,217 $ 1.59 (1) The effect of the restricted stock grants and Manager and director fee shares on the Company's Diluted EPS calculation for 2019 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the year ended December 31, 2019. ​ For the year ended December 31, 2018 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 28,340 18,642,526 Allocation of earnings to participating restricted shares (307) — Consolidated net income attributable to unrestricted common stockholders $ 28,033 18,642,526 $ 1.50 Effect of dilutive securities (1) Interest expense (add back) and assumed conversion of shares from convertible senior notes 8,786 7,188,020 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 36,819 25,830,546 $ 1.43 (1) (1) The effect of operating partnership units, restricted stock grants and Manager and director fee shares on the Company's Diluted EPS calculation for 2018 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the year ended December 31, 2018. ​ For the year ended December 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 28,927 18,074,143 Allocation of earnings to participating restricted shares (321) — Consolidated net income attributable to unrestricted common stockholders $ 28,606 18,074,143 $ 1.58 Effect of dilutive securities Operating Partnership units 998 624,106 Restricted stock grants and Manager and director fee shares 321 203,083 Interest expense (add back) and assumed conversion of shares from convertible senior notes 5,289 4,417,189 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 35,214 23,318,521 $ 1.51

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of accumulated other comprehensive income	Accumulated other comprehensive income (loss) at December 31, 2019, 2018 and 2017 was as follows ($ in thousands): For the year ended December 31, 2019 2018 2017 Investment in securities: Unrealized gains $ 1,643 $ 250 $ 9 Unrealized losses (366) (825) (242) Income tax related to items of other comprehensive income — — — Accumulated other comprehensive income/(loss) $ 1,277 $ (575) $ (233)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The following table sets forth the effects of changes in the Company's ownership interest due to transfers to or from non-controlling interest ($ in thousands): For the year ended December 31, 2019 2018 2017 Increase from establishment of 2017-D $ — $ — $ 13,793 Increase from establishment of AS Ajax E II — — 2,397 Increase from establishment of 2018-C — 6,685 — Increase from establishment of BFLD — 24 — Decrease from redemption of OP units by third party investor (10,816) — — Decrease due to deconsolidation of Gaea (22) — — Change in non-controlling interest $ (10,838) $ 6,709 $ 16,190

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data [Abstract]
Schedule of quarterly financial information	The following table sets forth our quarterly financial information ($ in thousands): For the year ended December 31, 2019 First quarter Second quarter Third quarter Fourth quarter Total income $ 15,184 $ 20,703 $ 15,316 $ 13,716 Income before provision for income tax $ 8,192 $ 13,664 $ 8,250 $ 7,107 Net income attributable to common stockholders $ 7,330 $ 13,027 $ 7,691 $ 6,657 Basic earnings common share $ 0.39 $ 0.67 $ 0.39 $ 0.31 Diluted earnings per common share $ 0.36 $ 0.56 $ 0.36 $ 0.31 For the year ended December 31, 2018 First quarter Second quarter Third quarter Fourth quarter Total income $ 14,743 $ 14,777 $ 14,750 $ 13,894 Income before provision for income tax $ 8,338 $ 8,215 $ 7,579 $ 7,269 Net income attributable to common stockholders $ 7,665 $ 7,521 $ 6,558 $ 6,596 Basic earnings common share $ 0.41 $ 0.40 $ 0.35 $ 0.35 Diluted earnings per common share $ 0.38 $ 0.37 $ 0.34 $ 0.34

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details Textuals)	Nov. 22, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)payment	Dec. 31, 2018
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least) | payment		5
Number of recent payments made on RPL mortgage loans | payment		7
Principal balance of small balance commercial mortgage loans (up to) | $		$ 532,820,000
Number of payments made on NPL mortgage loans | payment		3
Company ownership of subsidiary		100.00%
Percentage Of Outstanding Operating Partnership Units Owned		100.00%	96.80%
Percentage of outstanding OP units owned		100.00%	96.80%
Percentage of outstanding OP owned by an unaffiliated holder			3.20%
Maximum
Organization And Basis Of Presentation [Line Items]
Principal balance of small balance commercial mortgage loans (up to) | $		$ 5,000,000
2018-C | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		63.00%
2017-D | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Percentage of ownership interests in joint venture		50.00%
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage		5.00%
Percentage of ownership interests in joint venture		53.10%
AS Ajax E II LLC | Third Party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by noncontrolling owners		46.90%
Thetis
Organization And Basis Of Presentation [Line Items]
Ownership percentage		19.80%
Gaea
Organization And Basis Of Presentation [Line Items]
Ownership percentage		23.20%
Share Price | $ / shares	$ 15
Private placement share issuance | shares	4,419,641
Proceeds from Issuance of Private Placement | $	$ 66,300,000
Gaea | Third Party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by noncontrolling owners		76.80%
Great Ajax FS LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage		8.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	Apr. 01, 2019USD ($)	Apr. 25, 2017USD ($)$ / shares	Jun. 07, 2016	Jul. 08, 2014	Dec. 31, 2019USD ($)payment$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)
Summary Of Significant Accounting Policies [Line Items]
Conversion discount (premium) - Convertible senior notes					$ 3,200,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of an assets					27 years 6 months
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of an assets					39 years
Management Agreement | Thetis
Summary Of Significant Accounting Policies [Line Items]
Terms of agreement					15 years
Servicing Agreement | Gregory
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage					0.42%
Servicing fee consecutive payments for rate reduction | payment					7
Percentage of fair market value of REO				1.00%
Percentage of purchase price of REO				1.00%
Servicing Agreement | Gregory | Minimum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage					0.65%
Servicing Agreement | Gregory | Maximum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage					1.25%
Amended And Restated Management Agreement | Thetis
Summary Of Significant Accounting Policies [Line Items]
Period of common shares held as base management fee (at least)					3 years
2014 Director Equity Plan
Summary Of Significant Accounting Policies [Line Items]
Number of shares available under for distribution (in shares) | shares					78,000
Vesting period					1 year
Annual retainer, shares	40.00%				50.00%
Annual retainer, 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
Percentage of outstanding shares on a fully diluted basis (up to)			5.00%
Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal		$ 87,500,000
Additional aggregate principal								$ 15,900,000	$ 20,500,000
Interest rate		7.25%
Conversion discount (premium) - Convertible senior notes					$ 1,300,000	$ 900,000
Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal		$ 87,500,000						$ 108,000,000
Interest rate		7.25%			7.25%			7.25%	7.25%
Principal amount of note (in dollars per share) | $ / shares		$ 25
Common Stock | Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Conversion rate					1.6694
Conversion price per share | $ / shares					$ 14.98
Accounting Standards Update 2018-07 [Member]
Summary Of Significant Accounting Policies [Line Items]
Effect on net income						$ 0	$ 0

Mortgage Loans - Schedule of Lo

Mortgage Loans - Schedule of Loan Portfolio Basis by Asset Type (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans On Real Estate Mortgage Loan Payments		$ 191,647
Mortgage loans, net	[1],[2]	1,151,469	$ 1,310,873
Provision for loan losses		803	1,164	$ 0
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 1,085,514	$ 1,242,207
Mortgage Loans On Real Estate Commitments To Purchase Number | loan		573	810
SBC loan pools
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 11,652	$ 21,203
SBC loans non-pooled
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		23,434	11,140
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, net		$ 30,869	$ 36,323
Mortgage Loans On Real Estate Commitments To Purchase Number | loan			36
[1]	As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 2019 and December 31, 2018, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Carrying value	[1],[2]	$ 1,151,469	$ 1,310,873
Investment Income, Interest		$ 95,100	$ 102,500	$ 89,900
Number of loans | loan		6,184	7,111
Interest income		$ 112,416	$ 108,181	91,424
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		(33,200)	33,100
Provision for loan losses		(803)	(1,164)	0
Financing Receivable, Allowance for Credit Losses		2,000	1,164	$ 0	$ 0
Sale of mortgage loans		180,992
Ajax Mortgage Loan Trust 2019-C
Mortgage Loans on Real Estate [Line Items]
Sale of mortgage loans		176,900
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		(30,300)
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Carrying value		30,869	$ 36,323
Number of mortgage loans on real estate | loan			36
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		2,900
RPLs
Mortgage Loans on Real Estate [Line Items]
Carrying value		$ 1,085,514	$ 1,242,207
Number of mortgage loans on real estate | loan		573	810
Aggregate unpaid principal balance of mortgage loans on real estate		$ 122,500	$ 175,500
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Number Of Pools Of Mortgage Loans | loan		5	3
Number of mortgage loans on real estate | loan		35
Aggregate unpaid principal balance of mortgage loans on real estate		$ 6,700	$ 6,000
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		30,273	(33,389)
SBC loan pools
Mortgage Loans on Real Estate [Line Items]
Carrying value		11,652	21,203
Aggregate unpaid principal balance of mortgage loans on real estate			6,400
SBC loans non-pooled
Mortgage Loans on Real Estate [Line Items]
Carrying value		23,434	$ 11,140
Aggregate unpaid principal balance of mortgage loans on real estate		$ 19,000
Number of loans | loan		22	8
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Certain loans acquired in transfer not accounted for as debt securities, accretable yield, reclassifications (to) from nonaccretable difference		$ 2,922	$ 270
[1]	As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 2019 and December 31, 2018, respectively.

Mortgage Loans - Schedule of Ac

Mortgage Loans - Schedule of Accretable and Non-Accretable Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	$ 207,348	$ 299,462
Non-accretable amount	(70,953)	(104,940)
Expected cash flows to be collected	136,395	194,522
Accretable yield	(31,917)	(35,471)
Fair value at acquisition	104,478	159,051
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Contractually required principal and interest	11,542	10,976
Non-accretable amount	(4,917)	(4,891)
Expected cash flows to be collected	6,625	6,085
Accretable yield	(957)	(675)
Fair value at acquisition	$ 5,668	$ 5,410

Mortgage Loans - Schedule of Ch

Mortgage Loans - Schedule of Change in Accretable Yield (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 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	$ 33,200	$ (33,100)
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	311,806	344,141
Accretable yield additions	31,917	35,471
Accretion	(94,334)	(101,195)
Reclassification from (to) non-accretable amount, net	(30,273)	33,389
Balance at end of period	219,116	311,806
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	6,459	7,370
Accretable yield additions	957	675
Accretion	(787)	(1,316)
Reclassification from (to) non-accretable amount, net	(2,922)	(270)
Balance at end of period	$ 3,707	$ 6,459

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan losses, beginning of period	$ (1,164)	$ 0	$ 0
Provision for loan losses	803	1,164	0
Recovery of loan losses	7	0	0
Allowance for loan losses, end of period	$ (2,000)	$ (1,164)	$ 0

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		6,184	7,111
Carrying value	[1],[2]	$ 1,151,469	$ 1,310,873
Unpaid principal balance		$ 1,268,126	$ 1,481,719
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		3,449	3,929
Carrying value		$ 676,144	$ 757,276
Unpaid principal balance		$ 735,307	$ 848,551
30
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		851	1,006
Carrying value		$ 146,208	$ 167,286
Unpaid principal balance		$ 158,363	$ 185,742
60
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		568	711
Carrying value		$ 93,806	$ 123,078
Unpaid principal balance		$ 102,661	$ 136,586
90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		1,173	1,188
Carrying value		$ 197,014	$ 200,419
Unpaid principal balance		$ 224,078	$ 231,063
Foreclosure
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans | loan		143	277
Carrying value		$ 38,297	$ 62,814
Unpaid principal balance		$ 47,717	$ 79,777
[1]	As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 2019 and December 31, 2018, respectively.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property		Dec. 31, 2018USD ($)property		Dec. 31, 2017USD ($)
Real Estate [Line Items]
Number of properties owned | property	10		21
Rental Properties	$ 1,534		$ 17,635
Aggregate carrying value REO properties	$ 1,500		$ 17,600
Number of REO properties held for rental | property	6		16
Number of properties acquired through foreclosure | property	1		1
Number of properties transferred from property held for sale | property	6		12
Number of real estate properties purchased | property	2		1
Impaired REO held for sale net at NRV	$ 13,537	[1]	$ 19,402	[1]	$ 24,947
Number of held-for-sale residential properties disposed | property	109		127
Real Estate Held For Sale Improvements	$ 2,200		$ 2,200
Gain on sale of property	629		380		$ 506
Adjustment to record REO properties at lower of cost	2,100		2,700
Other Income
Real Estate [Line Items]
Gain on sale of property	$ 600		$ 400
[1]	Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2019 and December 31, 2018, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of REO Held-For-Sale (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)property		Dec. 31, 2018USD ($)property
Real Estate Held For Sale [Roll Forward]
Balance at beginning of year | property		102		136
Balance at beginning of period | $		$ 19,402	[1]	$ 24,947
Transfers from mortgage loans, count | property		61		93
Real Estate Owned, Transfer to Real Estate Owned | $		$ 12,104		$ 15,072
Adjustments to record at lower of cost or fair value, count | property		0		0
Adjustments to record at lower of cost or fair value  | $		$ (2,104)		$ (2,700)
Disposals, count | property		(109)		(127)
Disposals | $		$ (16,819)		$ (17,251)
Transfer from rental property, count | property		6		6
Transfer from rental property | $		$ 1,613		$ 549
Transfer to rental property, count | property		(2)		(6)
Transfer to rental property | $		$ (414)		$ (1,140)
Other, count | property		0		0
Other | $		$ (245)		$ (75)
Balance at end of period , count | property		58		102
Balance at end of year | $	[1]	$ 13,537		$ 19,402
[1]	Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2019 and December 31, 2018, respectively.

Investments at fair value Inv_2

Investments at fair value Investments at fair value - Schedule of Debt and Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis	$ 230,408	$ 147,386
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	1,643	250
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	(366)	(825)
Available-for-sale Securities [Abstract]
Debt Securities	231,685
Investments at fair value	231,685	146,811
Interest and Dividend Income, Securities, Operating, Available-for-sale	300
Beneficial interests in securitization trusts
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Securities, Amortized Cost Basis	57,954	22,086
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Available-for-sale Securities [Abstract]
Available-for-sale Securities	57,954	22,086
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Securities, Amortized Cost Basis	288,362	169,472
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax		825
Available-for-sale Securities [Abstract]
Available-for-sale Securities	289,639	168,897
Debt securities due April 2058
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis	6,855	7,896
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	(9)	(315)
Available-for-sale Securities [Abstract]
Investments at fair value	6,846	7,581
Debt securities due February 2057
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis	7,324	11,813
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	(1)	(203)
Available-for-sale Securities [Abstract]
Investments at fair value	7,323	11,610
Debt securities due September 2059
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis	37,843
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	(356)
Available-for-sale Securities [Abstract]
Investments at fair value	37,487
Debt securities due June 2058
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis		18,702
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(3)
Available-for-sale Securities [Abstract]
Investments at fair value		18,699
Debt securities due August 2058
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis		16,143
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(297)
Available-for-sale Securities [Abstract]
Investments at fair value		15,846
Debt securities due November 2058
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Debt Securities, Amortized Cost Basis		45,680
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(7)
Available-for-sale Securities [Abstract]
Investments at fair value		45,673
Debt securities basis
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Available-for-sale Securities, Amortized Cost Basis	52,022	100,234
Debt securities carrying value
Available-for-sale Securities [Abstract]
Available-for-sale Securities	51,656	$ 99,409
Debt Securities Gross Unrealized Gain (Losses)
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	$ 366

Investments at fair value - Nar

Investments at fair value - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Realized Gains		$ 200,000
Investment In Securities	$ 187,800,000	175,300,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	1,643,000	250,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	366,000	825,000
Investments at fair value	231,685,000	146,811,000
Investments in beneficial interests	57,954,000	22,086,000
Proceeds on sale of securities	39,635,000	8,073,000	$ 0
Debt and Equity Securities, Gain (Loss)	8,000
Senior Notes
Schedule of Available-for-sale Securities [Line Items]
Investments at fair value	139,600,000	144,100,000
Subordinated Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments at fair value	16,800,000	9,400,000
Oileus Residential Loan Trust
Schedule of Available-for-sale Securities [Line Items]
Investment in debt securities				$ 6,300,000
Available-for-sale Securities, Gross Realized Gains		200,000
Beneficial interests in securitization trusts
Schedule of Available-for-sale Securities [Line Items]
Investments in beneficial interests	$ 31,400,000	$ 21,800,000

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Consolidated balance sheet at fair value disclosure (assets)
Carrying value	[1],[2]	$ 1,151,469	$ 1,310,873
Investments at fair value		231,685	146,811
Consolidated balance sheet at fair value (liabilities)
Borrowings under repurchase transactions		414,114	534,089
Convertible senior notes, net	[3]	118,784	117,525
Beneficial interests in securitization trusts
Consolidated balance sheet at fair value (liabilities)
Available-for-sale Securities		57,954	22,086
Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Carrying value		1,151,469	1,310,873
Investment in debt securities at fair value			146,811
Consolidated balance sheet at fair value (liabilities)
Secured borrowings, net		652,747	610,199
Borrowings under repurchase transactions		414,114	534,089
Convertible senior notes, net		118,784	117,525
Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Carrying value		0	0
Investment In debt securities, fair value		0	0
Trading Securities		0	0
Consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0	0
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		132,173	118,103
Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Carrying value		0	0
Investment In debt securities, fair value		231,685	146,811
Trading Securities		57,954	22,086
Consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0	0
Borrowings under repurchase agreement, fair value		414,114	534,089
Convertible senior notes, net, fair value		0	0
Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Carrying value		1,260,385	1,448,895
Investment In debt securities, fair value		0	0
Trading Securities, Equity		0	0
Consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		657,918	610,217
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		0	0
Manager | Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments		1,755	1,016
Manager | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0	0
Manager | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0	0
Manager | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		7,712	5,231
Great Ajax F S | Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments		3,023	2,844
Great Ajax F S | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0	0
Great Ajax F S | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0	0
Great Ajax F S | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		3,320	3,320
AS Ajax E | Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Real Estate Investments, Net		931	1,037
AS Ajax E | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair value adjustment recognized in the consolidated Statements of Income		0	0
AS Ajax E | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair value adjustment recognized in the consolidated Statements of Income		1,012	1,239
AS Ajax E | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair value adjustment recognized in the consolidated Statements of Income		0	0
Gaea | Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments		19,995
Gaea | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0
Gaea | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0
Gaea | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		19,995
Legacy entities | Carrying Value
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments		760
Legacy entities | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0
Legacy entities | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		0
Legacy entities | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Equity Method Investments, Fair Value Disclosure		760
RPLs, NPLs, and Originated SBCs
Consolidated balance sheet at fair value disclosure (assets)
Carrying value	[2]	$ 1,200,000	$ 1,300,000
[1]	As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 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	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 13,500		$ 19,402
Property held-for-sale, net	13,537	[1]	19,402	[1]	$ 24,947
Level 1 Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	0		0
Level 2 Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	0		0
Level 3 Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale fair value	13,537		19,402
Changes Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 2,104		$ 2,700
[1]	Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2019 and December 31, 2018, respectively.

Affiliates - Narrative (Details

Affiliates - Narrative (Details) $ in Thousands	Nov. 22, 2019USD ($)shares	May 29, 2018USD ($)warrantshares	Jan. 26, 2018USD ($)warrantshares	Dec. 31, 2019USD ($)counterpartytransaction	Dec. 31, 2018
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				8.00%
Number of transactions | transaction				2
Percentage of equity interest at closing date		3.10%	4.90%
Number of warrants | warrant		3	3
Percentage of warrants exercisable		1.55%	2.45%
Cash payment in business acquisition		$ 700	$ 1,100
Number of shares (in shares) | shares		29,063	45,938
Common stock value		$ 400	$ 600
Legacy entities
Schedule of Equity Method Investments [Line Items]
Ownership percentage				40.43%
Cash payment in business acquisition				$ 1,000
Number of entities | counterparty				3
Securitization Trust, 2017-D
Schedule of Equity Method Investments [Line Items]
Percentage of Interests in Trust Certificates Sold to Third Parties					5000.00%
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Amount prior to equity method investment				$ 0
Thetis
Schedule of Equity Method Investments [Line Items]
Ownership percentage				19.80%
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in real estate trust, percentage				5.00%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				16.50%	16.50%
Gaea
Schedule of Equity Method Investments [Line Items]
Proceeds from Issuance of Private Placement	$ 66,300
Private placement share issuance | shares	4,419,641
Ownership percentage				23.20%
Gaea | Third Party
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners				76.80%

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Net income at Company share	$ 1,332	$ 762	$ 707
Assets at Company share	1,576,841	1,602,871
Liabilities at Company share	1,192,757	1,268,592
GA-E 2014-12
Schedule of Equity Method Investments [Line Items]
Net income at 100%	0	0	426
Net income at Company share	0	0	173
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income at 100%	2,233	1,257	0
Assets	61,432	74,164
Liabilities	37,142	52,184
Net income at Company share	179	90	0
Assets at Company share	4,915	5,933
Liabilities at Company share	$ 2,971	4,175
Thetis
Schedule of Equity Method Investments [Line Items]
Ownership percentage	19.80%
Net income at 100%	$ 4,685	2,202	2,136
Assets	12,277	8,604
Liabilities	2,265	2,136
Net income at Company share	928	436	423
Assets at Company share	2,431	1,704
Liabilities at Company share	$ 448	$ 423
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	16.50%	16.50%
Net income at 100%	$ 299	$ 324	319
Assets	5,747	6,424
Liabilities	2	13
Net income at Company share	49	53	53
Assets at Company share	948	1,060
Liabilities at Company share	$ 0	2
Gaea
Schedule of Equity Method Investments [Line Items]
Ownership percentage	23.20%
Net income at 100%	$ (20)	0	0
Assets	83,068	0
Liabilities	768	0
Net income at Company share	(5)	0	0
Assets at Company share	19,252	0
Liabilities at Company share	178	0
Legacy entities
Schedule of Equity Method Investments [Line Items]
Net income at 100%	(9)	0	0
Assets	1,592	0
Liabilities	3,095	0
Net income at Company share	(4)	0	$ 0
Assets at Company share	637	0
Liabilities at Company share	$ 1,247	0
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage	100.00%
Great Ajax FS LLC | Income from investments in affiliates
Schedule of Equity Method Investments [Line Items]
Related Party Transaction, Amounts of Transaction	$ 179	90
Thetis | Income from investments in affiliates
Schedule of Equity Method Investments [Line Items]
Related Party Transaction, Amounts of Transaction	$ 928	$ 436

Commitments and Contingencies (

Commitments and Contingencies (Details Textuals) - One-to-four family residences - Purchase commitment $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)loan
Re-performing loans
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan	371
Aggregate unpaid principal balance of mortgage loans on real estate | $	$ 59
Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan	4
Aggregate unpaid principal balance of mortgage loans on real estate | $	$ 0.9

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 25, 2019	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)$ / shares	Dec. 31, 2019USD ($)securitizationcounterpartyDayFacilitytrust$ / shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)securitization$ / shares
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest					100.00%			100.00%
Number of securitizations completed | securitization								15
Number of securitizations outstanding | securitization					6			6
Basis spread on variable rate	100.00%
Proceeds from sale of convertible senior notes					$ 0	$ 15,184,000	$ 105,325,000
Conversion premium - Convertible senior notes						494,000	2,687,000
Interest expense					59,325,000	53,335,000	$ 39,101,000
Conversion discount (premium) - Convertible senior notes					$ 3,200,000
Class A Notes
Debt Instrument [Line Items]
Period after issue of class A notes					36 months
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal				$ 87,500,000
Interest rate				7.25%
Additional aggregate principal		$ 15,900,000	$ 20,500,000
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					$ 5,100,000	6,300,000		$ 5,100,000
Conversion discount (premium) - Convertible senior notes					$ 1,300,000	$ 900,000
Interest rate, effective percentage					8.94%	8.70%		8.94%
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest rate					3.77%	4.80%		3.77%
Master Repurchase Agreement | Delaware Trust | Mortgage loans
Debt Instrument [Line Items]
Number of facilities repurchased | Facility					2
Number of wholly-owned Delaware trusts | trust					2
Number of counterparties | counterparty					2
Ceiling for each repurchase facility					$ 250,000,000			$ 250,000,000
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO					70.00%
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO					85.00%
Master Repurchase Agreement | Delaware Trust | Mortgages One
Debt Instrument [Line Items]
Ceiling for each repurchase facility					$ 400,000,000			$ 400,000,000
Master Repurchase Agreement | Delaware Trust | Bonds
Debt Instrument [Line Items]
Number of facilities repurchased | Facility					3,000
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal		$ 108,000,000		$ 87,500,000
Interest rate		7.25%	7.25%	7.25%	7.25%			7.25%
Proceeds from sale of convertible senior notes		$ 15,200,000	$ 20,500,000	$ 84,900,000
Conversion premium - Convertible senior notes		$ 500,000	$ 200,000	$ 2,500,000
Percentage of notes convertible to common stock				17.50%
Conversion premium		11.43%			6.00%			6.00%
Principal amount of note (in dollars per share) | $ / shares				$ 25
If-converted value in excess of principal					$ 1,400,000
Unpaid principal balance					123,900,000			$ 123,900,000
Interest expense					$ 10,200,000	$ 8,800,000
Common Stock | Convertible Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio					1.6694
Debt Instrument, Convertible, Conversion Price | $ / shares					$ 14.98			$ 14.98
2017-D
Debt Instrument [Line Items]
Basis spread on variable rate	300.00%
Servicer | Master Repurchase Agreement | Mortgage loans | Re-performing loans
Debt Instrument [Line Items]
Servicing fees percentage					0.65%
Servicer | Master Repurchase Agreement | Mortgage loans | Non-performing loans
Debt Instrument [Line Items]
Servicing fees percentage					1.25%
Ajax Mortgage Loan Trust 2018-C | Class A Notes
Debt Instrument [Line Items]
Percentage of Interest retained by the Company					5.00%
Percentage of Interests Sold to Third Parties					95.00%
Ajax Mortgage Loan Trust C 2017
Debt Instrument [Line Items]
Period after issue of class A notes					48 months

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Amount of Collateral	$ 580,167	$ 745,211
Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	918,521	886,134
Amount Outstanding	414,114	534,089
Amount of Collateral	$ 580,167	$ 745,211
Percentage of Collateral Coverage	140.00%	140.00%
Interest rate	3.77%	4.80%
Master Repurchase Agreement | 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%
Master Repurchase Agreement | 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%
Master Repurchase Agreement | March 25, 2019 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 6,396
Amount Outstanding		6,396
Amount of Collateral		$ 8,376
Percentage of Collateral Coverage		131.00%
Interest rate		4.34%
Master Repurchase Agreement | March 25, 2019 | Class B Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 7,020
Amount Outstanding		7,020
Amount of Collateral		$ 10,024
Percentage of Collateral Coverage		143.00%
Interest rate		4.49%
Master Repurchase Agreement | 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%
Master Repurchase Agreement | April 25, 2019 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 5,865
Amount Outstanding		5,865
Amount of Collateral		$ 7,580
Percentage of Collateral Coverage		129.00%
Interest rate		4.65%
Master Repurchase Agreement | April 25, 2019 | Class B-1 Certificates
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 10,549
Amount Outstanding		10,549
Amount of Collateral		$ 15,145
Percentage of Collateral Coverage		144.00%
Interest rate		4.85%
Master Repurchase Agreement | May 8, 2019 | 2017-B
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 10,933
Amount Outstanding		10,933
Amount of Collateral		$ 15,618
Percentage of Collateral Coverage		143.00%
Interest rate		4.84%
Master Repurchase Agreement | May 8, 2019 | Class B Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 18,226
Amount Outstanding		18,226
Amount of Collateral		$ 26,036
Percentage of Collateral Coverage		143.00%
Interest rate		4.74%
Master Repurchase Agreement | June 6, 2019 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 44,224
Amount Outstanding		44,224
Amount of Collateral		$ 58,965
Percentage of Collateral Coverage		133.00%
Interest rate		4.65%
Master Repurchase Agreement | June 6, 2019 | Class B Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 3,786
Amount Outstanding		3,786
Amount of Collateral		$ 5,408
Percentage of Collateral Coverage		143.00%
Interest rate		4.80%
Master Repurchase Agreement | 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%
Master Repurchase Agreement | June 21, 2019 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 32,393
Amount Outstanding		32,393
Amount of Collateral		$ 43,390
Percentage of Collateral Coverage		134.00%
Interest rate		4.62%
Master Repurchase Agreement | June 21, 2019 | Class B Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,771
Amount Outstanding		2,771
Amount of Collateral		$ 4,050
Percentage of Collateral Coverage		146.00%
Interest rate		4.77%
Master Repurchase Agreement | 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%
Master Repurchase Agreement | 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%
Master Repurchase Agreement | 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%
Master Repurchase Agreement | January 3, 2020 | Ajax Mortgage Loan Trust 2019-A
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 11,966
Amount Outstanding	11,966
Amount of Collateral	$ 15,742
Percentage of Collateral Coverage	132.00%
Interest rate	3.45%
Master Repurchase Agreement | January 3, 2020 | Ajax Mortgage Loan Trust 2019-B
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,096
Amount Outstanding	4,096
Amount of Collateral	$ 5,261
Percentage of Collateral Coverage	128.00%
Interest rate	3.45%
Master Repurchase Agreement | January 3, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2019-A
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,648
Amount Outstanding	10,648
Amount of Collateral	$ 14,058
Percentage of Collateral Coverage	132.00%
Interest rate	3.45%
Master Repurchase Agreement | January 3, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2019-B
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,644
Amount Outstanding	1,644
Amount of Collateral	$ 2,388
Percentage of Collateral Coverage	145.00%
Interest rate	3.55%
Master Repurchase Agreement | January 3, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2018-D
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,175
Amount Outstanding	5,175
Amount of Collateral	$ 6,855
Percentage of Collateral Coverage	132.00%
Interest rate	3.45%
Master Repurchase Agreement | January 3, 2020 | Class A Notes | 2018-A
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,093
Amount Outstanding	6,093
Amount of Collateral	$ 9,038
Percentage of Collateral Coverage	148.00%
Interest rate	3.45%
Master Repurchase Agreement | January 3, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2019-A
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,485
Amount Outstanding	5,485
Amount of Collateral	$ 7,050
Percentage of Collateral Coverage	129.00%
Interest rate	3.45%
Master Repurchase Agreement | January 3, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2019-B
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,576
Amount Outstanding	1,576
Amount of Collateral	$ 2,287
Percentage of Collateral Coverage	145.00%
Interest rate	3.55%
Master Repurchase Agreement | January 3, 2020 | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-B
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,411
Amount Outstanding	8,411
Amount of Collateral	$ 11,098
Percentage of Collateral Coverage	132.00%
Interest rate	3.45%
Master Repurchase Agreement | January 10, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2019-G
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 21,088
Amount Outstanding	21,088
Amount of Collateral	$ 28,284
Percentage of Collateral Coverage	134.00%
Interest rate	3.47%
Master Repurchase Agreement | January 10, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2019-G
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,808
Amount Outstanding	1,808
Amount of Collateral	$ 2,640
Percentage of Collateral Coverage	146.00%
Interest rate	3.57%
Master Repurchase Agreement | January 13, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2017-C
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%
Master Repurchase Agreement | January 21, 2020 | Class A Notes
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,305
Amount Outstanding	10,305
Amount of Collateral	$ 13,521
Percentage of Collateral Coverage	131.00%
Interest rate	3.41%
Master Repurchase Agreement | January 21, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2018-G
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 15,718
Amount Outstanding	15,718
Amount of Collateral	$ 20,623
Percentage of Collateral Coverage	131.00%
Interest rate	3.41%
Master Repurchase Agreement | January 21, 2020 | Class A Notes | 2018-B
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	3.51%
Master Repurchase Agreement | January 21, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2018-G
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,840
Amount Outstanding	5,840
Amount of Collateral	$ 7,324
Percentage of Collateral Coverage	125.00%
Interest rate	3.41%
Master Repurchase Agreement | January 28, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2019-E
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,520
Amount Outstanding	2,520
Amount of Collateral	$ 3,381
Percentage of Collateral Coverage	134.00%
Interest rate	2.99%
Master Repurchase Agreement | January 28, 2020 | Class B 2 Notes | Ajax Mortgage Loan Trust 2017-B
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,318
Amount Outstanding	5,318
Amount of Collateral	$ 7,464
Percentage of Collateral Coverage	140.00%
Interest rate	3.19%
Master Repurchase Agreement | February 3, 2020 | Class M1 Notes | Ajax Mortgage Loan Trust 2017-B
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%
Master Repurchase Agreement | February 3, 2020 | Class M2 Notes | Ajax Mortgage Loan Trust 2017-B
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%
Master Repurchase Agreement | February 24, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2017-D
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 41,412
Amount Outstanding	41,412
Amount of Collateral	$ 54,828
Percentage of Collateral Coverage	132.00%
Interest rate	2.92%
Master Repurchase Agreement | March 25, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2018-C
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%
Master Repurchase Agreement | March 25, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2018-C
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,851
Amount Outstanding	5,851
Amount of Collateral	$ 7,423
Percentage of Collateral Coverage	127.00%
Interest rate	3.81%
Master Repurchase Agreement | March 26, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2019-E
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 27,075
Amount Outstanding	27,075
Amount of Collateral	$ 34,591
Percentage of Collateral Coverage	128.00%
Interest rate	3.81%
Master Repurchase Agreement | March 27, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2018-D
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,915
Amount Outstanding	2,915
Amount of Collateral	$ 3,709
Percentage of Collateral Coverage	127.00%
Interest rate	3.79%
Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,132
Amount of Collateral	$ 1,607
Percentage of Collateral Coverage	142.00%
Interest rate	3.79%
Master Repurchase Agreement | June 3, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2017-D
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,097
Amount Outstanding	6,097
Amount of Collateral	$ 7,891
Percentage of Collateral Coverage	129.00%
Interest rate	3.64%
Master Repurchase Agreement | June 3, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2018-F
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,332
Amount Outstanding	2,332
Amount of Collateral	$ 3,360
Percentage of Collateral Coverage	144.00%
Interest rate	3.79%
Master Repurchase Agreement | June 3, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2018-E
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,704
Amount Outstanding	4,704
Amount of Collateral	$ 6,106
Percentage of Collateral Coverage	130.00%
Interest rate	3.64%
Master Repurchase Agreement | June 3, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2018-F
Debt Instrument [Line Items]
Amount Outstanding	$ 1,132
Master Repurchase Agreement | June 3, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2018-E
Debt Instrument [Line Items]
Maximum Borrowing Capacity	3,053
Amount Outstanding	3,053
Amount of Collateral	$ 4,035
Percentage of Collateral Coverage	132.00%
Interest rate	3.64%
Master Repurchase Agreement | June 19, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2019-H
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,447
Amount Outstanding	13,447
Amount of Collateral	$ 18,076
Percentage of Collateral Coverage	134.00%
Interest rate	3.55%
Master Repurchase Agreement | June 19, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2019-H
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,155
Amount Outstanding	1,155
Amount of Collateral	$ 1,687
Percentage of Collateral Coverage	146.00%
Interest rate	3.70%
Master Repurchase Agreement | June 30, 2020 | Class A Notes | Ajax Mortgage Loan Trust 2019-C
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,286
Amount Outstanding	5,286
Amount of Collateral	$ 7,044
Percentage of Collateral Coverage	133.00%
Interest rate	3.57%
Master Repurchase Agreement | June 30, 2020 | Class B Notes | Ajax Mortgage Loan Trust 2019-C
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,324
Amount Outstanding	3,324
Amount of Collateral	$ 4,667
Percentage of Collateral Coverage	140.00%
Interest rate	3.72%
Master Repurchase Agreement | July 10, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 250,000
Amount Outstanding	28,931
Amount of Collateral	$ 57,397
Percentage of Collateral Coverage	198.00%
Interest rate	4.28%
Master Repurchase Agreement | September 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000
Amount Outstanding	116,662
Amount of Collateral	$ 164,403
Percentage of Collateral Coverage	141.00%
Interest rate	4.24%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 414,114	$ 534,089
Gross amount pledged as collateral	580,167	745,211
Net amount	$ 166,053	$ 211,122

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Deferred issuance costs	$ (7)	$ (6.3)
Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Ownership percentage	100.00%
Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Ownership percentage	100.00%
Class A notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 115.8
Interest rate	3.16%
Class A notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 130.2
Interest rate	3.75%
Class A notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 177.8	139
Interest rate	3.75%
Ownership percentage	50.00%
Class A notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 170.5
Interest rate	4.36%
Class B Notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 15.9	$ 15.9
Interest rate	5.25%
Class B 1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9
Interest rate	3.75%
Class B 1 Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 13
Interest rate	5.25%
Class B 1 Notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Ownership percentage	50.00%
Class B 1 Notes | Ajax Mortgage Loan Trust 2019 D July 2019
Debt Instrument [Line Items]
Original Principal	$ 7.5
Interest rate	3.50%
Class B 1 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 11.5
Interest rate	3.50%
Class B 2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 7.5
Interest rate	3.75%
Class B 2 Notes | Ajax Mortgage Loan Trust 2019 D July 2019
Debt Instrument [Line Items]
Original Principal	$ 7.1
Class B 2 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	10.4
Trust Certificate | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 14.3
Interest rate	0.00%
Trust Certificate | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 42.8
Interest rate	0.00%
Trust Certificate | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original principal, trust certificates	$ 40.9
Interest rate	0.00%
Deferred issuance costs | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1.8)
Deferred issuance costs | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1.7)
Deferred issuance costs | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1.1)
Deferred issuance costs | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (2)
Deferred issuance costs | Ajax Mortgage Loan Trust 2019 D July 2019
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (2.7)
Deferred issuance costs | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Interest rate	0.00%
Deferred issuance costs	$ (1.8)
Class M1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9.7
Interest rate	3.50%
Class M1 Notes | Ajax Mortgage Loan Trust 2019 D July 2019
Debt Instrument [Line Items]
Original Principal	$ 9.3
Interest rate	3.50%
Class M1 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest rate	3.50%
Class M2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9.5
Interest rate	3.50%
Class B Certificates | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 44.5
Interest rate	0.00%
Ownership percentage	50.00%
Class A-1 Notes | Ajax Mortgage Loan Trust 2019 D July 2019
Debt Instrument [Line Items]
Original Principal	$ 140.4
Interest rate	2.96%
Class A-1 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 110.1
Interest rate	2.86%
Class A-2 Notes | Ajax Mortgage Loan Trust 2019 D July 2019
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest rate	3.50%
Class A-2 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 12.5
Interest rate	3.50%
Class A-3 Notes | Ajax Mortgage Loan Trust 2019 D July 2019
Debt Instrument [Line Items]
Original Principal	$ 10.1
Interest rate	3.50%
Class A-3 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 5.1
Interest rate	3.50%
Class B-3 Notes | Ajax Mortgage Loan Trust 2019 D July 2019
Debt Instrument [Line Items]
Original Principal	$ 12.8
Class B-3 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 15.1

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgage loans, net	[1],[2]	$ 1,151,469	$ 1,310,873
Mortgage loans
Debt Instrument [Line Items]
Mortgage loans, net		908,600	897,833
Bond principal balance		$ 659,715	$ 616,499
Percentage of collateral coverage		138.00%	146.00%
Original balances at securitization cutoff date Mortgage UPB		$ 1,516,241
Original balances at securitization cutoff date Bond principal balance		1,030,405
Debt issuance costs, net		7,000	$ 6,300
Mortgage loans | 2016-C
Debt Instrument [Line Items]
Mortgage loans, net		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]
Mortgage loans, net		0	$ 157,033
Bond principal balance		$ 0	$ 102,755
Percentage of collateral coverage		0.00%	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]
Mortgage loans, net		121,909	$ 132,902
Bond principal balance		$ 84,624	$ 99,857
Percentage of collateral coverage		144.00%	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]
Mortgage loans, net		137,369	$ 146,938
Bond principal balance		$ 94,126	$ 109,616
Percentage of collateral coverage		146.00%	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]
Mortgage loans, net		148,119	$ 163,791
Bond principal balance		$ 60,934	$ 69,528
Percentage of collateral coverage		243.00%	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]
Mortgage loans, net		179,303	$ 194,606
Bond principal balance		$ 146,925	$ 165,051
Percentage of collateral coverage		122.00%	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
Mortgage loans | 2019-D
Debt Instrument [Line Items]
Mortgage loans, net		165,963	$ 0
Bond principal balance		$ 146,383	$ 0
Percentage of collateral coverage		113.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB		$ 193,301
Original balances at securitization cutoff date Bond principal balance		156,670
Mortgage loans | 2019-F
Debt Instrument [Line Items]
Mortgage loans, net		155,899	$ 0
Bond principal balance		$ 126,723	$ 0
Percentage of collateral coverage		123.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB		$ 170,876
Original balances at securitization cutoff date Bond principal balance		127,673
Class A notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Secured borrowings		60,900	$ 69,500
Class A notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Original Principal		177,800	139,000
Class A notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		170,500
Class A Notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Original Principal		121,900
Class A Notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		148,500	167,500
Secured borrowings		141,000	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 December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Related Party Loan Servicing Fee Expense	$ 9,133	$ 10,148	$ 8,245
Related Party Management Fee Expense	7,356	6,025	5,340
Interest Income
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	13,081	1,967
Gregory | Loan servicing fees
Related Party Transaction [Line Items]
Related Party Loan Servicing Fee Expense	9,133	10,148	8,245
Gregory | Loan transaction expense
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		99	101
Gregory | Other fees and expenses
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		40	80
Thetis | Management fee
Related Party Transaction [Line Items]
Related Party Management Fee Expense	7,356	6,025	5,340
Thetis | Other fees and expenses
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction			$ 4
Thetis | Income from investments in affiliates
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	928	436
Great Ajax FS LLC | Income from investments in affiliates
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 179	$ 90

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Amount of transaction	$ 17,013	$ 14,587
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	241	4
Accounts Payable and Accrued Liabilities
Related Party Transaction [Line Items]
Amount of transaction	10
Gregory | Receivable from Servicer
Related Party Transaction [Line Items]
Amount of transaction	17,013	14,587
Gregory | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	687	11
Gregory | Prepaid expenses and other assets | Receivable from Servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction	585
Thetis | Management fee payable
Related Party Transaction [Line Items]
Amount of transaction	1,634	881
Thetis | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	87
Thetis | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction		$ 16
Gaea | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction	$ 68

Related party Transactions - Na

Related party Transactions - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2019USD ($)calender	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Oct. 31, 2016USD ($)
Related Party Transaction [Line Items]
Available-for-sale Securities, Gross Realized Gains				$ 200
Payments to Acquire Debt Securities, Available-for-sale			$ 187,825	176,363	$ 0
Investments at fair value			231,685	146,811
Investments in beneficial interests			57,954	22,086
Amount of transaction			17,013	14,587
Management fee payable			1,634	881
Incentive Fee Expense			$ 700	100	0
Period of termination of license agreement			30 days
Gain on sale of mortgage loans			$ 7,123	0	$ 0
Investment In Securities			187,800	175,300
Sale of mortgage loans			180,992
Oileus Residential Loan Trust
Related Party Transaction [Line Items]
Investment in debt securities						$ 6,300
Available-for-sale Securities, Gross Realized Gains				200
2018-C
Related Party Transaction [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate	$ 50,100	$ 52,800
Payments to Acquire Debt Securities, Available-for-sale	$ 45,100	$ 47,400
Gregory
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 12,000
Fixed interest rate			7.20%
Ajax Mortgage Loan Trust 2019-C
Related Party Transaction [Line Items]
Percentage of ownership interests in joint venture			34.00%
Investment In Securities			$ 12,100
Sale of mortgage loans			$ 176,900
Management Agreement | Thetis
Related Party Transaction [Line Items]
Base management fee percentage			1.50%
Amended And Restated Management Agreement | Thetis
Related Party Transaction [Line Items]
Management fee payable			$ 1,000
Percentage of base management fees payable in cash			75.00%
Percentage of base management fee payable in shares of common stock			25.00%
Percentage in excess of base management fees payable in cash			50.00%
Percentage in excess of base management fees payable in shares			50.00%
Period of common shares held as base management fee (at least)			3 years
Percentage of remaining incentive fee payable in common stock			20.00%
Percentage of remaining incentive fee in excess of book value			8.00%
Number of calender quarters | calender			8
Percentage of remaining incentive fee payable in cash			80.00%
Fraction of independent directors			66.67%
Servicing Agreement | Gregory
Related Party Transaction [Line Items]
Servicing fees percentage			0.42%
Servicing Agreement | Gregory | Minimum
Related Party Transaction [Line Items]
Servicing fees percentage			0.65%
Servicing Agreement | Gregory | Maximum
Related Party Transaction [Line Items]
Servicing fees percentage			1.25%
Prepaid Expenses and Other Current Assets [Member]
Related Party Transaction [Line Items]
Amount of transaction			$ 241	4
Prepaid Expenses and Other Current Assets [Member] | Gregory
Related Party Transaction [Line Items]
Amount of transaction			687	11
Prepaid Expenses and Other Current Assets [Member] | Gregory | Receivable from Servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction			585
Prepaid Expenses and Other Current Assets [Member] | Thetis
Related Party Transaction [Line Items]
Amount of transaction			87
Beneficial interests in securitization trusts
Related Party Transaction [Line Items]
Investments in beneficial interests			31,400	21,800
Beneficial interests in securitization trusts | Ajax Mortgage Loan Trust 2019-C
Related Party Transaction [Line Items]
Investments in beneficial interests			8,000
Senior Notes
Related Party Transaction [Line Items]
Investments at fair value			139,600	144,100
Subordinated Debt [Member]
Related Party Transaction [Line Items]
Investments at fair value			$ 16,800	$ 9,400

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($) $ in Thousands	Aug. 01, 2019	Apr. 01, 2019	Jul. 31, 2018	Jul. 24, 2017	Aug. 17, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees						$ 6,700
Incentive Fee Expense						700	$ 100	$ 0
Amount of expense recognized						$ 2,758	$ 2,963	$ 2,485
Number of shares (in shares)						195,629	210,033	160,360
Annual retainer amount						$ 75
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted						308,334	233,834	198,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						79,000	48,500	39,000
Restricted stock | Employee And Service Provider Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted						144,667	146,334	149,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						0	0	0
Restricted stock | Employee And Service Provider Grants Second Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted						38,667	39,000	39,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						0	0	39,000
Restricted stock | Employee And Service Provider Grants Third Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted			36,500			34,000	36,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						0	36,500
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			39,000
Vesting period						3 years
Restricted stock | Employees | Employee And Service Provider Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)					153,000
Restricted stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							3,000
Vesting period							1 year
Long term incentive plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)						333	2,666
Long term incentive plan | Restricted stock | Employee And Service Provider Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)						1,667		4,000
Long term incentive plan | Restricted stock | 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
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
Director Equity Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer, shares		40.00%				50.00%
Vesting period						1 year
Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense						$ 2,500
Amount of expense recognized						$ 2,600	$ 2,813	$ 2,335
Number of shares (in shares)						184,681	200,405	150,652
Common Stock | Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)						175,211
Common Stock | Incentive fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of expense recognized						$ 100
Number of shares (in shares)						9,470

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	195,629	210,033	160,360
Amount of expense recognized	$ 2,758	$ 2,963	$ 2,485
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	184,681	200,405	150,652
Amount of expense recognized	$ 2,600	$ 2,813	$ 2,335
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	10,948	9,628	9,708
Amount of expense recognized	$ 158	$ 150	$ 150

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Schedule of Restricted Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual terms			2 months 12 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)		308,334	233,834	198,000
Total expected cost of grant		$ 4,217	$ 3,178	$ 2,715
Shares granted during the year (in shares)		79,000	48,500	39,000
Grant expense recognized for the year		$ 839	$ 1,026	$ 765
Shares, nonvested (in shares)		114,334	116,389	138,333
Per share grant fair value (in dollars per share)		$ 13.87	$ 13.62	$ 13.83
Shares, fully vested (in shares)		194,000	117,445	59,667
Per share grant date fair value (in dollars per share)		$ 13.56	$ 13.55	$ 13.69
Restricted stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during the year (in shares)			3,000
Vesting period			1 year
Restricted stock | Directors' Grants | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)		12,000	12,000	10,000
Total expected cost of grant		$ 162	$ 162	$ 146
Shares granted during the year (in shares)		0	12,000	0
Grant expense recognized for the year		$ 0	$ 148	$ 14
Shares, nonvested (in shares)		0	6,000	0
Per share grant fair value (in dollars per share)		$ 13.48	$ 13.48	$ 0
Shares, fully vested (in shares)		12,000	6,000	10,000
Per share grant date fair value (in dollars per share)		$ 13.48	$ 13.48	$ 14.61
Vesting period		1 year
Restricted stock | Employee and Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)		144,667	146,334	149,000
Total expected cost of grant		$ 1,953	$ 1,976	$ 2,027
Shares granted during the year (in shares)		0	0	0
Grant expense recognized for the year		$ 367	$ 629	$ 675
Shares, nonvested (in shares)		0	47,889	99,333
Per share grant fair value (in dollars per share)		$ 13.50	$ 13.50	$ 13.50
Shares, fully vested (in shares)		144,667	98,445	49,667
Per share grant date fair value (in dollars per share)		$ 13.50	$ 13.50	$ 13.50
Weighted average remaining contractual terms			7 months 6 days	1 year 7 months 6 days
Restricted stock | Employee And Service Provider Grants Second Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)		38,667	39,000	39,000
Total expected cost of grant		$ 539	$ 544	$ 542
Shares granted during the year (in shares)		0	0	39,000
Grant expense recognized for the year		$ 170	$ 180	$ 76
Shares, nonvested (in shares)		12,667	26,000	39,000
Per share grant fair value (in dollars per share)		$ 13.95	$ 13.95	$ 13.95
Shares, fully vested (in shares)		26,000	13,000	0
Per share grant date fair value (in dollars per share)		$ 13.95	$ 13.95	$ 0
Weighted average remaining contractual terms		7 months 6 days	1 year 7 months 6 days	2 years 7 months 6 days
Restricted stock | Employee And Service Provider Grants Third Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	36,500	34,000	36,500
Total expected cost of grant		$ 462	$ 496
Shares granted during the year (in shares)		0	36,500
Grant expense recognized for the year		$ 149	$ 69
Shares, nonvested (in shares)		22,667	36,500
Per share grant fair value (in dollars per share)		$ 13.58	$ 13.58
Shares, fully vested (in shares)		11,333	0
Per share grant date fair value (in dollars per share)		$ 13.58	$ 0
Weighted average remaining contractual terms		1 year 7 months 6 days	2 years 7 months 6 days
Restricted stock | 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
Total expected cost of grant		$ 1,101
Shares granted during the year (in shares)		79,000
Grant expense recognized for the year		$ 153
Shares, nonvested (in shares)		79,000
Per share grant fair value (in dollars per share)		$ 13.94
Shares, fully vested (in shares)		0
Per share grant date fair value (in dollars per share)		$ 0
Weighted average remaining contractual terms		2 years 7 months 6 days

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)year	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Distribution percentage of REIT taxable income (at least)	90.00%
Number of taxable years | year	4
Taxable income	$ 23,300,000	$ 24,100,000	$ 18,000,000
Provision for income taxes	124,000	64,000	131,000
Deferred Income Tax Assets, Net	0	0
Income Tax Examination, Penalties and Interest Accrued	$ 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								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic EPS
Consolidated net income attributable to common stockholders	$ 6,657	$ 7,691	$ 13,027	$ 7,330	$ 6,596	$ 6,558	$ 7,521	$ 7,665	$ 34,705	$ 28,340	$ 28,927
Allocation of earnings to participating restricted shares									(336)	(307)	(321)
Consolidated net income attributable to unrestricted common stockholders									34,369	28,033	28,606
Effect of dilutive securities
Operating Partnership units									346		998
Restricted stock grants and Manager and director fee shares											321
Interest expense (add back) and assumed conversion of shares from convertible senior notes									10,200	8,786	5,289
Diluted EPS
Consolidated income attributable to common stockholders and dilutive securities									$ 44,915	$ 36,819	$ 35,214
Basic EPS
Weighted Average Number of Shares Issued, Basic									19,710,482	18,642,526
Allocation of earnings to participating restricted shares (in shares)									0	0	0
Weighted Average Number of Shares Outstanding, Basic									19,710,482	18,642,526	18,074,143
Effect of dilutive securities
Operating Partnership units (in shares)									241,093		624,106
Restricted stock grants and Manager and director fee shares (in shares)											203,083
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)									8,221,642	7,188,020	4,417,189
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)									28,173,217	25,830,546	23,318,521
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.31	$ 0.39	$ 0.67	$ 0.39	$ 0.35	$ 0.35	$ 0.40	$ 0.41	$ 1.74	$ 1.50	$ 1.58
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.31	$ 0.36	$ 0.56	$ 0.36	$ 0.34	$ 0.34	$ 0.37	$ 0.38	$ 1.59	$ 1.43	$ 1.51

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common stock shares outstanding (in shares)		22,142,143	18,909,874
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
Preferred stock shares outstanding (in shares)		0	0
Preferred stock shares authorized (in shares)		25,000,000	25,000,000
Treasury Stock, Shares		33,248	20,277
Sale of common stock pursuant to dividend reinvestment plan		$ 280,000	$ 199,000	$ 174,000
Common stock shares issued (in shares)		22,142,143	18,909,874
Conversion of Operating Partnership Units	$ 10,800,000	$ 0
Units of Partnership Interest, Amount		624,106	624,106
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy		three
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized		$ 50,000,000
Proceeds from issuance of common stock		$ 34,300,000
Common stock shares issued (in shares)		2,278,518	0
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)		22,142,143	18,909,874	18,588,228	18,122,387
Issuance of shares under dividend reinvestment (in shares)		20,107	14,953	12,710
Sale of common stock pursuant to dividend reinvestment plan		$ 300,000	$ 200,000
Conversion of Operating Partnership Units		$ 6,000
BLFD Holding LLC | Great Ajax Corp
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		90.00%
BLFD Holding LLC | Third Party Institutional Investor
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners		10.00%
AS Ajax E II LLC
Class of Stock [Line Items]
Percentage of ownership interests in joint venture		53.10%
Ownership percentage		5.00%
AS Ajax E II LLC | Third Party
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners		46.90%
Securitization Trust, 2017-D | Great Ajax Corp
Class of Stock [Line Items]
Percentage of ownership interests in joint venture		50.00%
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
2018-C | Great Ajax Corp
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		63.00%
2018-C | Third Party Institutional Investor
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners		37.00%
DG Brooklyn Holdings | Great Ajax Corp
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		95.00%
DG Brooklyn Holdings | Third Party
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners		5.00%

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Tax	$ 0	$ 0	$ 0
Accumulated other comprehensive income/(loss)	1,277	(575)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income/(loss)	1,277	(575)	(233)
Investment in debt securities | Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	1,643	250	9
Unrealized losses	$ (366)	$ (825)	$ (242)

Equity Non-controlling interest

Equity Non-controlling interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Issuance of non-controlling interest in subsidiaries	$ 22	$ 6,709	$ 16,190
Noncontrolling Interset, Decrease from redemption of OP units	(10,816)	0	0
Change in non-controlling interest	(10,838)	6,709	16,190
Gaea
Noncontrolling Interest [Line Items]
Issuance of non-controlling interest in subsidiaries	0	24	0
Noncontrolling Interest, Decrease from Deconsolidation	(22)	0	0
Ajax Mortgage Loan Trust 2017-D
Noncontrolling Interest [Line Items]
Issuance of non-controlling interest in subsidiaries	0	0	13,793
Ajax Mortgage Loan Trust 2018-C
Noncontrolling Interest [Line Items]
Issuance of non-controlling interest in subsidiaries	0	6,685	0
AS Ajax E II LLC
Noncontrolling Interest [Line Items]
Issuance of non-controlling interest in subsidiaries	$ 0	$ 0	$ 2,397

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Total income	$ 13,716	$ 15,316	$ 20,703	$ 15,184	$ 13,894	$ 14,750	$ 14,777	$ 14,743	$ 64,919	$ 58,164	$ 54,795
Income before provision for income tax	7,107	8,250	13,664	8,192	7,269	7,579	8,215	8,338	37,213	31,401	30,285
Net income attributable to common stockholders	$ 6,657	$ 7,691	$ 13,027	$ 7,330	$ 6,596	$ 6,558	$ 7,521	$ 7,665	$ 34,705	$ 28,340	$ 28,927
Basic earnings per common share (in dollars per share)	$ 0.31	$ 0.39	$ 0.67	$ 0.39	$ 0.35	$ 0.35	$ 0.40	$ 0.41	$ 1.74	$ 1.50	$ 1.58
Diluted earnings per common share (in dollars per share)	$ 0.31	$ 0.36	$ 0.56	$ 0.36	$ 0.34	$ 0.34	$ 0.37	$ 0.38	$ 1.59	$ 1.43	$ 1.51

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent events $ / shares in Units, $ in Millions	2 Months Ended
	Mar. 03, 2020USD ($)numberOfLoanPools	Feb. 28, 2020USD ($)	Feb. 25, 2020$ / shares
Subsequent Event [Line Items]
Common stock authorized		$ 25
Board of Directors Chairman
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares			$ 0.32
Two Sellers
Subsequent Event [Line Items]
Number Of Sellers | numberOfLoanPools	2
Number Of Transaction | numberOfLoanPools	2
Re-performing loans
Subsequent Event [Line Items]
Estimated Market Value Of Underlying Collaterals	$ 469
Re-performing loans | Corporate Joint Venture [Member]
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	1,943
Percentage Of Estimated Market Value Of Underlying Collateral	66.00%
Percentage Of Unpaid Principal Balance Of Loan Acquired	91.50%
Payments to acquire loans	$ 309.3
Re-performing loans | Two Sellers
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	27
Estimated Market Value Of Underlying Collaterals	$ 3.7
Percentage Of Estimated Market Value Of Underlying Collateral	37.70%
Aggregate unpaid principal balance of mortgage loans on real estate	$ 2.2
Percentage Of Unpaid Principal Balance Of Loan Acquired	63.80%
Non-performing loans
Subsequent Event [Line Items]
Estimated Market Value Of Underlying Collaterals	$ 134.6
Non-performing loans | Corporate Joint Venture [Member]
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	334
Percentage Of Estimated Market Value Of Underlying Collateral	60.50%
Percentage Of Unpaid Principal Balance Of Loan Acquired	77.00%
Payments to acquire loans	$ 81.5
SBC loan pools
Subsequent Event [Line Items]
Estimated Market Value Of Underlying Collaterals	$ 6.2
SBC loan pools | Corporate Joint Venture [Member]
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	2
Percentage Of Estimated Market Value Of Underlying Collateral	52.40%
Percentage Of Unpaid Principal Balance Of Loan Acquired	100.00%
Payments to acquire loans	$ 3.2

Schedule IV Mortgage loans on_2

Schedule IV Mortgage loans on real estate - Schedule of Mortgage Loans (Details)		12 Months Ended
		Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		6,184	7,111
Carrying value	[1],[2]	$ 1,151,469,000	$ 1,310,873,000
Principal amount subject to delinquent principal and interest		532,820,000
Amount of balloon payments at maturity		148,887,000
Aggregate cost for federal income tax purposes		1,067,300,000
Maximum
Mortgage Loans on Real Estate [Line Items]
Principal amount subject to delinquent principal and interest		$ 5,000,000
$0 – 49,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		598
Carrying value		$ 16,516,000
Principal amount subject to delinquent principal and interest		8,438,000
Amount of balloon payments at maturity		$ 1,452,000
$0 – 49,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0.00%
$0 – 49,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		13.50%
$50,000 – 99,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		1,185
Carrying value		$ 84,471,000
Principal amount subject to delinquent principal and interest		40,491,000
Amount of balloon payments at maturity		$ 6,359,000
$50,000 – 99,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0.00%
$50,000 – 99,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		15.00%
$100,000 – 149,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		1,294
Carrying value		$ 147,677,000
Principal amount subject to delinquent principal and interest		75,703,000
Amount of balloon payments at maturity		$ 10,714,000
$100,000 – 149,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0.00%
$100,000 – 149,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		17.00%
$150,000 – 199,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		889
Carrying value		$ 139,959,000
Principal amount subject to delinquent principal and interest		69,309,000
Amount of balloon payments at maturity		$ 9,425,000
$150,000 – 199,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		2.00%
$150,000 – 199,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		13.00%
$200,000 – 249,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		584
Carrying value		$ 118,735,000
Principal amount subject to delinquent principal and interest		59,263,000
Amount of balloon payments at maturity		$ 11,657,000
$200,000 – 249,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		1.99%
$200,000 – 249,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		10.93%
$250,000+
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan		1,634
Carrying value		$ 644,111,000
Principal amount subject to delinquent principal and interest		279,616,000
Amount of balloon payments at maturity		$ 109,280,000
$250,000+ | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0.00%
$250,000+ | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		12.00%
[1]	As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 2019 and December 31, 2018, respectively.

Schedule IV Mortgage loans on_3

Schedule IV Mortgage loans on real estate - Schedule of Mortgage Loan Activity (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	[1],[2]	$ 1,310,873
RPL, NPL and SBC pool portfolio acquisitions, net cost basis		110,146
SBC non-pooled portfolio acquisitions, net cost basis		19,040
Draws on SBC loans		912
Accretion recognized		96,064
Payments received, net		(191,647)
Reclassifications to REO		(12,104)
Provision for loan losses		803	$ 1,164	$ 0
Sale of mortgage loans		180,992
Non-Cash Loan Charges		(20)
Ending balance	[1],[2]	$ 1,151,469	$ 1,310,873
[1]	As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% 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 the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 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 $2.0 million and $1.2 million of allowance for loan losses at December 31, 2019 and December 31, 2018, respectively.