Rithm Property Trust (RPT) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Entity Information [Line Items]
Document Transition Report	false
Entity Registrant Name	GREAT AJAX CORP.
Document Period End Date	Mar. 31, 2020
Entity Central Index Key	0001614806
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Address, Address Line One	9400 SW Beaverton-Hillsdale Hwy
Entity Address, Address Line Two	Suite 131
Entity Address, City or Town	Beaverton
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97005
Entity File Number	001-36844
Entity Tax Identification Number	47-1271842
City Area Code	503
Local Phone Number	505-5670
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		22,921,935
Document Quarterly Report	true
AJXA
Entity Information [Line Items]
Trading Symbol	AJXA
Security Exchange Name	NYSE
Title of 12(g) Security	7.25% Convertible Senior Notes due 2024
Common Stock
Entity Information [Line Items]
Trading Symbol	AJX
Security Exchange Name	NYSE
Title of 12(g) Security	Common stock, par value $0.01 per share

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 31,179	$ 64,343
Cash held in trust		19	20
Mortgage loans, net	[1],[2]	1,098,629	1,151,469
Property held-for-sale, net	[3]	10,905	13,537
Rental property, net		1,345	1,534
Investments at fair value	[4]	247,372	231,685
Investments in beneficial interests	[5]	64,703	57,954
Receivable from servicer		17,322	17,013
Investments in affiliates		28,028	29,649
Prepaid expenses and other assets		38,345	9,637
Total assets		1,537,847	1,576,841
Liabilities:
Secured borrowings, net	[1],[2],[6]	630,938	652,747
Borrowings under repurchase transactions		431,091	414,114
Convertible senior notes, net	[6]	111,420	118,784
Management fee payable		1,795	1,634
Accrued expenses and other liabilities		5,329	5,478
Total liabilities		1,180,573	1,192,757
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, 22,921,935 shares at March 31, 2020 and 22,142,143 shares at December 31, 2019 issued and outstanding		230	222
Additional paid-in capital		316,762	309,395
Treasury stock		(514)	(458)
Retained earnings		42,749	49,446
Accumulated other comprehensive gain/(loss)		(27,167)	1,277
Equity attributable to stockholders		332,060	359,882
Non-controlling interests	[7]	25,214	24,202
Total equity		357,274	384,084
Total liabilities and equity		$ 1,537,847	$ 1,576,841
[1]	As of March 31, 2020, balances for Mortgage loans, net includes $316.5 million and Secured borrowings, net of deferred costs includes $271.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $888.2 million and $908.6 million of loans at March 31, 2020 and December 31, 2019, 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 $16.1 million and $2.0 million of allowance for loan credit losses at March 31, 2020 and December 31, 2019, respectively.
[3]	Property held-for-sale, net, includes valuation allowances of $2.3 million and $1.8 million at March 31, 2020 and December 31, 2019, respectively.
[4]	As of March 31, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $274.5 million and $230.4 million, respectively, and unrealized losses of $27.2 million and unrealized gains of $1.3 million, respectively.
[5]	Investments in beneficial interests includes allowance for credit losses of $7.2 million at March 31, 2020. No allowance for credit losses were recorded as of December 31, 2019.
[6]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[7]	As of March 31, 2020 and December 31, 2019 non-controlling interests includes $23.4 million and $22.4 million, respectively, from the 50% and 63% owned joint ventures, which the Company consolidates under U.S. GAAP.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
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)		22,921,935	22,142,143
Common stock shares outstanding (in shares)		22,921,935	22,142,143
Mortgage loans		$ 888,200	$ 908,600
Property held-for-sale, valuation allowances		2,300	1,800
Secured borrowings, net		630,938	652,747
Investment in debt securities - Basis		274,539	230,408
Investment in debt securities - Gross unrealized loss		(27,167)	(366)
Investment in debt securities - Gross unrealized gains		0	1,643
Noncontrolling interest	[1]	25,214	24,202
Financing Receivable, Allowance for Credit Loss		16,136	1,960
Beneficial interests
Financing Receivable, Allowance for Credit Loss		7,200	0
Consolidated Entities
Mortgage loans		316,500	341,800
Secured borrowings, net		271,600	284,800
Noncontrolling interest		$ 23,400	$ 22,400
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 March 31, 2020 and December 31, 2019 non-controlling interests includes $23.4 million and $22.4 million, respectively, from the 50% and 63% owned joint ventures, which the Company consolidates under U.S. GAAP.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
INCOME
Interest income	$ 27,286	$ 29,452
Interest expense	(13,070)	(15,685)
Net interest income	14,216	13,767
Provision for credit losses	(5,109)	(154)
Net interest income after provision for credit losses	9,107	13,613
Income/(Loss) from investments in affiliates	(1,112)	461
Loss on sale of mortgage loans	(705)	0
Other income	747	1,110
Total income	8,037	15,184
EXPENSE
Related party expense – loan servicing fees	2,014	2,506
Related party expense – management fee	1,799	1,688
Loan transaction expense	(103)	69
Professional fees	805	862
Real estate operating expenses	912	786
Other expense	1,025	1,081
Total expense	6,452	6,992
Loss on debt extinguishment	408	0
Income before provision for income taxes	1,177	8,192
Provision for income taxes (benefit)	(319)	71
Consolidated net income	1,496	8,121
Less: consolidated net income attributable to the non-controlling interest	1,096	791
Consolidated net income attributable to common stockholders	$ 400	$ 7,330
Basic earnings per common share (in dollars per share)	$ 0.02	$ 0.39
Diluted earnings per common share (in dollars per share)	$ 0.02	$ 0.36
Weighted average shares - basic (in shares)	22,070,354	18,811,713
Weighted average shares - diluted (in shares)	22,189,984	27,829,448

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 400	$ 7,330
Other comprehensive (loss)/income:
Net unrealized (loss)/gain on investments in available-for-sale debt securities	(28,444)	397
Income tax expense related to items of other comprehensive income	0	0
Comprehensive (loss)/income	$ (28,044)	$ 7,727

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 1,496	$ 8,121
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	214	1,029
Non-cash interest income accretion	(9,450)	(10,891)
Discount accretion on investment in debt securities and beneficial interests	(2,794)	(1,155)
Loss on sale of mortgage loans	705	0
Loss on debt extinguishment	408	0
Gain on sale of property held-for-sale	(286)	(103)
Gain on sale of securities	0	(8)
Depreciation of property	8	106
Impairment of real estate owned	897	475
Provision for credit losses on mortgage loans	2,122	154
Provision for credit losses on beneficial interests	2,987	0
Amortization of debt discount and prepaid financing costs	1,316	1,281
Undistributed loss/(income) from investment in affiliates	1,112	(461)
Net change in operating assets and liabilities
Prepaid expenses and other assets	(28,878)	(798)
Receivable from servicer	(278)	(4,160)
Accrued expenses, management fee payable, and other liabilities	(12)	(1,366)
Net cash from operating activities	(30,409)	(5,044)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loan pools and related balances	(185)	(7,205)
Acquisition of commercial loans	(1,206)	(17,793)
Principal paydowns on mortgage loans	34,597	28,765
Principal paydowns on debt securities held as investments	10,233	11,941
Proceeds from sale of mortgage loans	25,412	0
Purchase of securities	(61,306)	(64,014)
Proceeds from sale of securities	0	39,635
Purchase of rental property	0	(2,300)
Proceeds from sale of property held-for-sale	3,017	5,131
Renovations of rental property	0	(77)
Distribution from affiliates	453	170
Net cash from investing activities	11,015	(5,593)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	72,417	67,463
Repayments on repurchase transactions	(55,440)	(45,483)
Repayments on secured borrowings	(22,599)	(17,837)
Deferred financing costs	(34)	0
Repurchase of senior convertible notes	(8,176)	0
Sale of common stock pursuant to dividend reinvestment plan	0	72
Distribution to non-controlling interests	(84)	(162)
Issuance of stock from subsidiary	145	0
Dividends paid on common stock	0	(7,021)
Net cash from financing activities	(13,771)	(2,968)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	(33,165)	(13,605)
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	64,363	55,170
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	31,198	41,565
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	11,249	15,469
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain on available for sale securities, net of non-controlling interest and tax	28,444	397
Issuance of common stock for dividends paid	7,097	0
Net transfer of loans to rental property or property held-for-sale	814	4,171
Issuance of common stock for management fee and compensation expense	214	1,029
Treasury stock received through distributions from investment in Manager	56	40
Non-cash adjustments to basis in mortgage loans	31	5
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows	$ 31,198	$ 41,565

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Treasury stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive loss	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2018			18,909,874
Beginning balance at Dec. 31, 2018	$ 334,279	$ 300,834	$ 189	$ (270)	$ 260,427	$ 41,063	$ (575)	$ 33,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,330	7,330				7,330
Consolidated net income	8,121							791
Issuance of shares under dividend reinvestment plan (in shares)			5,321
Issuance of shares under dividend reinvestment plan	72	72			72
Stock-based management fee expense (in shares)			52,556
Stock-based management fee expense	728	728	$ 1		727
Stock-based compensation expense (in shares)			2,424
Stock-based compensation expense	301	301			301
Dividends declared and distributions	(7,183)	(7,021)				(7,021)		(162)
Other comprehensive Income/(loss)	397	397					397
Treasury stock (in shares)			(2,952)
Treasury stock	(40)	(40)		(40)
Ending balance (in shares) at Mar. 31, 2019			18,967,223
Ending balance at Mar. 31, 2019	$ 336,675	302,601	$ 190	(310)	261,527	41,372	(178)	34,074
Beginning balance (in shares) at Dec. 31, 2019	22,142,143		22,142,143
Beginning balance at Dec. 31, 2019	$ 384,084	359,882	$ 222	(458)	309,395	49,446	1,277	24,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	400	400				400
Consolidated net income	1,496							1,096
Issuance of shares of subsidiary	145	145			145
Issuance of shares under dividend reinvestment plan (in shares)			0
Stock-based compensation expense (in shares)			2,600
Stock-based compensation expense	$ 214	214	$ 0		214
Dividends declared and distributions (in shares)	781,222		781,222
Dividends declared and distributions	$ (84)	0	$ 8		7,089	(7,097)		(84)
Convertible senior note repurchase	81	81			81
Other comprehensive Income/(loss)	(28,444)	(28,444)					(28,444)
Treasury stock (in shares)			(4,030)
Treasury stock	$ (56)	(56)		(56)
Ending balance (in shares) at Mar. 31, 2020	22,921,935		22,921,935
Ending balance at Mar. 31, 2020	$ 357,274	$ 332,060	$ 230	$ (514)	$ 316,762	$ 42,749	$ (27,167)	$ 25,214

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Great Ajax Corp., a Maryland corporation (the “Company”), is an externally managed real estate company formed on January 30, 2014, and capitalized on March 28, 2014, by its then sole stockholder, Aspen Yo (“Aspen”), a company affiliated with Aspen Capital, the trade name for the Aspen group of companies. The Company was formed to facilitate capital raising activities and to operate as a mortgage real estate investment trust (“REIT”). The Company primarily targets acquisitions of re-performing loans (“RPLs”), which are residential mortgage loans on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount, to cover at least five payments has been paid in the last seven months. The Company also acquires and originates small balance commercial loans (“SBC loans”). The SBC loans that the Company 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 invests in single-family and smaller commercial properties directly either through a foreclosure event of a loan in its 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 the Servicer") which owns substantially all of the interest in Gregory Funding LLC ("Gregory" or the "Servicer"), the Company's loan and real property servicer that is also an affiliated company. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership (the “Operating Partnership”), and its subsidiaries. The Company, through a wholly-owned subsidiary, is the sole general partner of the Operating Partnership. GA-TRS LLC ("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 variable interest entities ("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 Corp. 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 Corp. as a TRS under the Code. The Operating Partnership, through interests in certain entities, holds 99.8% 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 as a TRS under the Code. Also during 2018, the Company formed Gaea Real Estate Operating Partnership LP, 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 LP, to hold investments in multi-family properties. On November 22, 2019, Gaea completed a private capital raise transaction in which it raised $66.3 million from the issuance of 4,419,641 shares of its 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 interim financial statements should be read in conjunction with the Company's consolidated financial statements and the notes thereto for the period ended December 31, 2019, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 4, 2020. Interim financial statements are unaudited and prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2020. The consolidated interim financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to interim financial statements. The Company consolidates the results and balances of four subsidiaries with non-controlling ownership interests held by third parties. AS Ajax E II LLC ("AS Ajax E II") holds a 5.0% interest in a Delaware trust that was formed to own residential mortgage loans and residential real estate assets; AS Ajax E II is 53.1% owned by the Company. Ajax Mortgage Loan Trusts 2017-D ("2017-D") and Ajax Mortgage Loan Trusts 2018-C (“2018-C”) are securitization trusts that hold mortgage loans, REO property and secured debt; 2017-D is 50.0% owned by the Company, and 2018-C is 63.0% owned by the Company. 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 and is 99.8% owned by the Company. The Company recognizes non-controlling interests in its consolidated financial statements for the amounts of the investments and income due to the third-party investors for its consolidated subsidiaries. At inception, the Operating Partnership was a majority owned partnership that had a non-controlling ownership interest held by an unaffiliated third party included in non-controlling interests on the Company’s consolidated balance sheet. At December 31, 2018, the Company owned 96.8% of the outstanding operating partnership units ("OP Units") and the remaining 3.2% of the OP Units were owned by the unaffiliated holder. The OP units were exchangeable on a 1-for-1 basis with shares of the Company’s common stock. During the 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 March 31, 2020, 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	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Mortgage loans Loans acquired with deterioration in credit quality As of their acquisition date the loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, prior to the adoption of ASU 2016-13, Financial Instruments - Credit Losses, otherwise known as CECL, on January 1, 2020 , the Company was required to account for the mortgage loans pursuant to ASC 310-30, Accounting for Loans with Deterioration in Credit Quality . Under both standards, the Company’s recognition of interest income for loans with deteriorated credit quality ("PCD loans") 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 both CECL and 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. However, CECL allows more flexibility to the Company to adjust its loan pools as the underlying risk factors change over time. Under ASC 310-30, RPLs were determined by the Company to have common risk characteristics and were accounted for as a single loan pool for loans acquired within each three-month calendar quarter. Similarly, NPLs were determined to have common risk characteristics and were accounted for as a single non-performing pool for loans acquired within each three-month calendar quarter. The result was generally two additional pools (RPLs and NPLs) each quarter. Under CECL, the Company has re-aggregated its loan pools around similar risk factors, while eliminating the previous distinction for the quarter in which loans were acquired. This resulted in a reduction of the number of loan pools to four, each of which is oriented around similar risk factors. 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 PCD loans gives rise to an accretable yield and an allowance for credit losses. Under CECL, upon the acquisition of PCD loans the Company records the acquisition as three separate elements for 1) the amount of purchase discount which the Company expects to recover through eventual repayment by the borrower, 2) an allowance for future expected credit loss and 3) the UPB of the loan. The purchase price discount which the Company expects at the time of acquisition to collect over the life of 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 Company’s expectation of the amount of undiscounted cash flows 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, any prior allowance is reversed to the extent of the increase and the expected yield to maturity is adjusted on a prospective basis. The allowance for credit losses is increased when the Company estimates it will not collect all amounts previously estimated to be collectible, and reduced when the underlying asset has been liquidated and all expected underlying cash flows have been realized. 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. 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 SBC loans. 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. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is the difference between the present value of the expected future cash flows from the loan and the contractual balance due. Investments at Fair Value The Company’s Investments at Fair Value as of March 31, 2020 and December 31, 2019 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 marks its investments to fair value using prices received from its financing counterparties and believes any unrealized losses on its debt securities to be temporary. Any other-than-temporary losses, which represent the excess of the amortized cost basis over the present value of expected future cash flows, are recognized in the period identified in the Company’s consolidated statements of income. Risks inherent in the Company's debt securities portfolio, affecting both the valuation of its securities as well as the portfolio's interest income and recovery of principal include the risk of default, delays and inconsistency in the frequency and amount of payments, risks affecting borrowers such as man-made or natural disasters and damage to or delay in realizing the value of the underlying collateral. The Company monitors the credit quality of the mortgage loans underlying its debt securities 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. Investments in Beneficial Interests The Company’s Investments in beneficial interests as of March 31, 2020 and December 31, 2019 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 adopted CECL with respect to its Investment in beneficial interests on January 1, 2020. The methodology is similar to that described in "Mortgage Loans" except that the Company only recognizes its ratable share of gain, loss, income or expense. 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 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, respectively, in aggregate principal amount completed on August 18, 2017 and November 19, 2018, respectively, which, combined with the notes from the April offering form a single series of fungible 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 repurchased, 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 1.7279 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.47 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 at issuance of $3.2 million, representing the fair value of the embedded conversion feature, was recorded to stockholder equity, which was reduced during the quarter ended March 31, 2020 by $0.1 million from the repurchase of notes by the Company. No sinking fund has been established for redemption of the principal. During the first quarter of 2020, the Company completed a series of convertible note repurchases for an aggregate principal amount of $8.0 million and total purchase of $8.2 million. The carrying amount of the equity component reversed from Additional paid-in Capital due to the March 2020 transaction was $0.1 million. Management Fee and Expense Reimbursement The Company is a party to the Third Amended and Restated Management Agreement with the Manager (the "Management Agreement") by and between the Company and the Manager, dated as of May 1, 2020, 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, 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, and has the option to pay up to 100% of the base and incentive fees in cash rather than in half cash and half shares of its common stock. Management fees are expensed in the quarter incurred and the portion payable in common stock (if any) is included in stockholders’ equity at quarter end. See Note 10 — Related party transactions. Servicing Fees The Company is also a party to a 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 ranging from 0.65% annually of the unpaid principal balance (“UPB”) to 1.25% annually of UPB for loans that are on-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 At least a portion of the management fee is payable in cash, and a portion of the management fee may be payable (at the Company's discretion) 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 (if any) 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. Any 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 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 is based on the grant date fair value of the stock. Forfeitures of granted shares are accounted for in the period in which they occur. The share grants vest over three years, with one third of the shares vesting on each of the first, second and third anniversaries of the grant date. The shares may not be sold until the third anniversary of the grant date. Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ Equity in the period in which it is incurred. Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (See “Secured Borrowings” above and Note 9 to the consolidated financial statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements. Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash Held in Trust Cash held in trust consists of restricted cash balances either legally due to lenders or held in trust for the benefit of the Company's secured borrowers, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations. Earnings per Share The Company grants restricted shares which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income available to common shareholders, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense 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 financial counterparties 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 pro

Mortgage Loans

Mortgage Loans	3 Months Ended
	Mar. 31, 2020
Mortgage Loans [Abstract]
Mortgage Loans	Mortgage Loans The following table presents information regarding the carrying value for the Company's RPL loan pools, NPL loan pools and SBC loans as of March 31, 2020 and December 31, 2019 ($ in thousands): Loan portfolio basis by asset type March 31, 2020 December 31, 2019 Residential RPL loan pools $ 1,066,555 $ 1,085,514 SBC loan pools 5 11,652 Other mortgage loans non-pooled (1) 4,212 23,434 Residential NPL loan pools 27,857 30,869 Total $ 1,098,629 $ 1,151,469 (1) Other mortgage loans non-pooled are accounted for as non-PCD loans under CECL. Included on the Company’s consolidated balance sheets as of March 31, 2020 and December 31, 2019 are approximately $1.1 billion and $1.2 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 March 31, 2020 and December 31, 2019 for the Company's loans in the table above are presented net of a cumulative allowance for loan losses of $16.1 million and $2.0 million, respectively, reflected in the appropriate lines in the table by loan type. For the three months ended March 31, 2020 and 2019, the Company recognized $2.1 million and $0.2 million, respectively, of provision for loan loss. For the three month periods ended March 31, 2020 and 2019, the Company accreted $19.6 million and $26.4 million net of credit impairments, respectively, into interest income with respect to its RPL, NPL and SBC loan pools. Loss estimates are determined based on the net present value of the difference between the contractual cash flows and the expected cash flows over the expected life of the assets. Contractual cash flows are calculated based on the stated terms of the loans, and incorporate any prepayment assumptions utilized in the expected cash flows. Expected cash flows are based on our proprietary model, which includes factors such as resolution method, resolution timeline, foreclosure costs, rehabilitation costs and eviction costs. Additional variables include the specific location of the underlying property, loan-to-value ratio, property age and condition, change and rate of change of borrower credit rating, servicing notes, interest rate, monthly payment amount and neighborhood rents. The Company's mortgage loans are secured by real estate. Risks inherent in the Company's mortgage loan portfolio, affecting both the valuation of its mortgage loans as well as the portfolio's interest income include the risk of default, delays and inconsistency in the frequency and amount of payments, risks affecting borrowers such as man-made or natural disasters, or the pandemic caused by the novel coronavirus ("COVID-19") outbreak, and damage to or delay in realizing the value of the underlying collateral. The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. The Company’s loan acquisitions during the three months ended March 31, 2020 consisted of 26 purchased RPLs with UPB of $2.0 million, one NPL with UPB of $0.2 million and no originated SBC loans. Comparatively, during the three months ended March 31, 2019, the Company acquired 38 purchased RPLs with UPB of $8.5 million, no NPLs and 19 originated SBC loans with UPB of $17.8 million. The Company also sold 26 commercial loans to Gaea, an affiliated entity, during the quarter with a carrying value of $26.1 million and UPB of $26.2 million and collateral values of $44.2 million for $25.4 million, recognizing a loss on the sale of $0.7 million. (See Note 10 — Related Party Transactions.) No loans were sold during the quarter ended March 31, 2019. The Company adopted CECL using the prospective transition approach for PCD assets on January 1, 2020, at the time, $10.2 million of loan discount was reclassified to the allowance for credit losses with no net impact on the amortized cost basis of the portfolio. The Company views its mortgage loan portfolio based on loan performance and uses four pools to aggregate its portfolio of PCD loans, and one pool for its originated loans. Among the PCD loans, separate pools exist for loans that have made seven of the most recent seven payments ("7f7 and better"), loans that have been securitized in rated secured borrowings during 2019 ("Great Ajax II REIT"), loans with collateral in California which are not included in Great Ajax II REIT ("California") and loans which have made between four and six of the most recent payments or worse ("4f4-6f6 and below"). Originated loans are aggregated in the "Originated" pool. The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands): March 31, 2020 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total 7f7 and better $ — $ — $ 244 $ 124 $ 2,085 $ 33,490 $ 262,595 $ 114,237 $ 412,775 Great Ajax II REIT — — — 226 1,107 34,114 212,468 67,583 315,498 California — — — 351 216 8,291 155,506 36,116 200,480 4f4-6f6 and below — — — 361 698 24,410 99,980 39,006 164,455 Originated — 788 1,245 2,508 104 711 55 10 5,421 Total $ — $ 788 $ 1,489 $ 3,570 $ 4,210 $ 101,016 $ 730,604 $ 256,952 $ 1,098,629 The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the quarter ended March 31, 2020 ($ in thousands): Three months ended March 31, 2020 PCD Loans Non PCD Loans Par $ 227 $ 1,952 Discount (37) (747) Allowance (4) — Purchase Price $ 186 $ 1,205 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. Under CECL, the Company adjusts its allowance for loan losses when there are changes in its expectation of future cash flows. An increase to the allowance for losses will occur when there is a reduction in the Company's expected future cash flows. Reduction to the allowance, or recovery, may occur if there is an increase in expected future cash flows that were previously subject to a provision for losses. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. During the quarter ended March 31, 2020, the Company recorded a provision for credit losses of $2.1 million on its mortgage loan portfolio primarily as a result of reduced cash flow expectations due to the COVID-19 outbreak. This reserve reflects the macroeconomic impact of the COVID-19 outbreak on mortgage loans and residential real estate markets generally and is not specific to any loan losses or impairments in the mortgage loan portfolio. During the quarter ended March 31, 2019, the Company recorded an impairment of $0.2 million on its mortgage loan portfolio. An analysis of the balance in the allowance for loan losses account follows ($ in thousands): Three months ended March 31, 2020 2019 Allowance for loan credit losses, beginning of period $ (1,960) $ (1,164) Beginning period adjustment for CECL (10,156) — Provision for credit losses on mortgage loans (2,122) (154) Change to allowance for loan credit losses (1,898) — Allowance for loan credit losses, end of period $ (16,136) $ (1,318) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of March 31, 2020 and December 31, 2019 ($ in thousands): March 31, 2020 Current 30 60 90 Foreclosure Total 7f7 and better $ 231,761 $ 66,809 $ 51,058 $ 61,750 $ 1,398 $ 412,776 Great Ajax II REIT 247,368 35,519 17,831 14,448 331 315,497 California 113,120 30,438 14,315 40,643 1,964 200,480 4f4- 6f6 and below 9,412 12,492 15,057 90,019 37,476 164,456 Originated 3,635 — 1,177 608 — 5,420 Total $ 605,296 $ 145,258 $ 99,438 $ 207,468 $ 41,169 $ 1,098,629 December 31, 2019 Current 30 60 90 Foreclosure Total 7f7 and better $ 252,815 $ 72,394 $ 41,673 $ 50,602 $ 1,894 $ 419,378 Great Ajax II REIT 129,812 31,426 16,467 36,785 1,986 216,476 California 265,679 37,553 14,034 4,597 — 321,863 4f4- 6f6 and below 6,412 4,835 20,782 103,872 34,417 170,318 Originated 21,425 — 850 1,159 — 23,434 Total $ 676,143 $ 146,208 $ 93,806 $ 197,015 $ 38,297 $ 1,151,469

Real Estate Assets, Net

Real Estate Assets, Net	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The Company acquires real estate assets either through direct purchases of properties for its rental portfolio or through conversions of mortgage loans in its portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property on the foreclosure date or the borrower surrenders the deed in lieu of foreclosure. Rental Property As of March 31, 2020, the Company owned nine rental properties with an aggregate carrying value of $1.3 million held for investment as rentals, at which time five properties were rented. One property was acquired as an RPL but transitioned to foreclosure prior to boarding by the Servicer, 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, 2019, the Company owned 10 rental properties with a carrying value of $1.5 million held for use 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 foreclosures, and six were transferred from Property held-for-sale, where all six were acquired through foreclosures. The remaining rental property was directly purchased. Property Held-for-Sale The Company classifies REO as held-for-sale if the REO is expected to be actively marketed for sale. As of March 31, 2020 and December 31, 2019, the Company’s net investments in REO held-for-sale were $10.9 million and $13.5 million, respectively, which include balances of $0.7 million and $2.2 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. For the three months ended March 31, 2020 and 2019, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the three months ended March 31, 2020 and 2019 ($ in thousands): Three months ended March 31, 2020 2019 Property Held-for-sale Count Amount Count Amount Balance at beginning of period 58 $ 13,537 102 $ 19,402 Transfers from mortgage loans 5 814 26 4,171 Adjustments to record at lower of cost or fair value — (897) — (475) Disposals (19) (2,730) (33) (5,028) Transfer from Rental property 1 181 3 880 Transfers to Rental property — — (1) (293) Other — — — (77) Balance at end of period 45 $ 10,905 97 $ 18,580 Dispositions During the three months ended March 31, 2020 and 2019, the Company sold 19 and 33 REO properties, respectively, realizing a net gain of approximately $0.4 million and $0.1 million, respectively. These amounts are included in Other income on the Company's consolidated statements of income. The Company recorded lower of cost or net realizable value adjustments in Real estate operating expense for the three months ended March 31, 2020 and 2019 of $0.9 million and $0.5 million, respectively.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The Company holds investments in various debt securities and beneficial interests which are the net residual interest of the Company’s investments in securitization trusts. The Company's debt securities and beneficial interests are issued by securitization trusts, which are VIEs, 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 marks its debt securities to fair value using prices provided by financing counterparties, and believes any unrealized losses to be temporary. Risks inherent in the Company's debt securities portfolio, affecting both the valuation of its securities as well as the portfolio's interest income include the risk of default, delays and inconsistency in the frequency and amount of payments, risks affecting borrowers such as man-made or natural disasters, or the COVID-19 outbreak, and damage to or delay in realizing the value of the underlying collateral. The Company monitors the credit quality of the mortgage loans underlying its debt securities on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of March 31, 2020 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 274,539 $ — $ (27,167) $ 247,372 Beneficial interests in securitization trusts 64,703 — — 64,703 Total investments $ 339,242 $ — $ (27,167) $ 312,075 (1) Basis amount is net of any amortized discount, allowance for credit losses, principal paydowns and interest receivable on securities of $0.3 million. 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 $ 288,362 $ 1,643 $ (366) $ 289,639 (1) Basis amount is net of any amortized discount, principal paydown and interest receivable on securities of $0.3 million. As of March 31, 2020, the Company recorded no gross unrealized gains and a gross unrealized loss of $27.2 million in fair valuation adjustments in accumulated other comprehensive income and carried the Notes on the consolidated balance sheet at a fair value of $247.4 million, which includes $0.3 million in interest receivable. As of March 31, 2020, the Company had a gross unrealized loss of $5.2 million for securities due in April 2058, February 2057 and September 2059 which have been in an unrealized loss position for 12 months or longer. 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 valuation adjustments in accumulated other comprehensive income and carried the Notes on the Company's consolidated balance sheet at fair value of $231.7 million, which includes $0.3 million in interest receivable. As of December 31, 2019, the Company had a gross unrealized loss of $0.4 million for securities due in April 2058, February 2057 and September 2059 which had been in an unrealized loss position for 12 months or longer. During the first quarter of 2020, the Company acquired $61.3 million in notes and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Each joint venture issued senior notes and beneficial interests, which are trust certificates representing the residual investment of the trust. In certain transactions, the joint ventures also issued subordinate notes. Of the $61.3 million acquired in the first quarter of 2020, the Company acquired $49.6 million in senior notes and $4.6 million in subordinate notes, collectively “the Notes.” The Notes are accounted for as debt securities and carried at fair value. During the first quarter of 2019, the Company sold senior notes issued by certain joint ventures for total proceeds of $39.6 million and recognized a gain of $8 thousand, net of transaction fees. The remaining $7.1 million consisted of beneficial interests issued by its sponsored joint ventures during the first quarter of 2020. As of March 31, 2020, the investments in beneficial interests were carried on the Company's consolidated balance sheet at $64.7 million. For the year ended December 31, 2019, the investments in beneficial interests were carried on the Company's consolidated balance sheet at $58.0 million. As of March 31, 2020 and December 31, 2019, the Company had no securities that were past due. The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the quarter ended March 31, 2020 ($ in thousands): Three months ended March 31, 2020 Beneficial Interest Par $ 11,970 Discount (4,888) Purchase Price $ 7,082 The Company adopted CECL using the prospective transition approach for PCD assets for its beneficial interests on January 1, 2020, at the time $4.2 million was reclassified from discount to allowance for credit losses for its Investments in beneficial interests. Under CECL, the company adjusts its allowance for loan losses when there are changes in its expectation of future cash flows. An increase to the allowance for losses will occur when there is a reduction in the Company’s expected future cash flows. A reduction to the allowance, or recovery, may occur if there is an increase in expected future cash flows that were previously subject to a provision for losses. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. During the quarter ended March 31, 2020, the Company recorded a provision for credit losses of $3.0 million on its mortgage loan portfolio, primarily as a result of reduced cash flow expectations due to the pandemic caused by COVID-19. This reserve reflects the macroeconomic impact of the COVID-19 outbreak on mortgage loan and residential real estate markets generally and is not specific to any specific asset in the beneficial interest portfolio. During the quarter ended March 31, 2019, the Company recorded no impairment on its beneficial interests. An analysis of the balance in the allowance for beneficial interest losses account follows ($ in thousands): Three months ended March 31, 2020 2019 Allowance for beneficial interests credit losses, beginning balance $ — $ — Beginning period adjustment for CECL (4,221) — Provision for credit losses on beneficial interests (2,987) — Allowance for beneficial interests credit losses, end balance $ (7,208) $ —

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 ($ in thousands): ​ Level 1 Level 2 Level 3 March 31, 2020 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Recurring financial assets Investments in debt securities at fair value $ 247,372 $ — $ 247,372 $ — Investments in beneficial interests $ 64,703 $ — $ 64,703 $ — Non-recurring financial assets Mortgage loans, net $ 1,098,629 $ — $ — $ 1,098,638 Investment in Manager $ 734 $ — $ — $ 4,419 Investment in AS Ajax E LLC $ 894 $ — $ 968 $ — Investment in GAFS, including warrants $ 2,747 $ — $ — $ 3,320 Investment in Gaea $ 19,998 $ — $ — $ 19,998 Investment in legacy entities $ 651 $ — $ — $ 651 Financial liabilities Recurring financial liabilities Borrowings under repurchase transactions $ 431,091 $ — $ 431,091 $ — Non-recurring financial liabilities Secured borrowings, net $ 630,938 $ — $ — $ 568,525 Convertible senior notes, net $ 111,420 $ 87,073 $ — $ — ​ ​ 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 Recurring financial assets Investments in debt securities at fair value $ 231,685 $ — $ 231,685 $ — Investments in beneficial interests $ 57,954 $ — $ 57,954 $ — Non-recurring financial assets Mortgage loans, net $ 1,151,469 $ — $ — $ 1,260,385 Investment in Manager $ 1,755 $ — $ — $ 7,721 Investment in AS Ajax E LLC $ 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 Recurring financial liabilities Borrowings under repurchase transactions $ 414,114 $ — $ 414,114 $ — Non-recurring financial liabilities Secured borrowings, net $ 652,747 $ — $ — $ 657,918 Convertible senior notes, net $ 118,784 $ 132,173 $ — $ — The fair value of mortgage loans and beneficial interests 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 using estimates provided by its financing counterparties. 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 financing counterparties (See Note 5 — Investments). The Company's investment in the Manager is valued by applying an earnings multiple to net income. The Company’s investment in AS Ajax E LLC is valued using estimates provided by financing counterparties. 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 estimates provided by the Company's financing counterparties which are compared for reasonableness to the Manager’s proprietary pricing model which estimates expected cash flows of the underlying mortgage loans collateralizing the debt, and which drive the cash flows used to make interest payments. The Company’s borrowings under repurchase agreements are short-term in nature, and the Company’s management believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the NYSE closing price on the balance sheet date. The carrying values of its Cash and cash equivalents, Cash held in trust, Receivable from Servicer, Prepaid expenses and other assets, Management fee payable and Accrued expenses and other liabilities are equal to or approximate fair value. Non-financial assets Property held-for-sale is carried at the lower of its acquisition basis plus improvements (cost) or net realizable value. Net realizable value is determined based on appraisals, broker price opinions, or other market indicators of fair value less expected liquidation costs. The lower of cost or net realizable value for the Company’s REO Property is stated as its carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of March 31, 2020 and December 31, 2019 ($ in thousands): Level 1 Level 2 Level 3 March 31, 2020 Carrying value Three months ended fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 10,905 $ 897 $ — $ — $ 10,905 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

Affiliates

Affiliates	3 Months Ended
	Mar. 31, 2020
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates On November 22, 2019, Gaea completed a private capital raise transaction in which it raised $66.3 million from the issuance of 4,419,641 shares of its 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 40.4% 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 $0.4 million. The Company accounts for its investment in GAFS using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E was reduced to a lower percentage of the total. As of March 31, 2020 and December 31, 2019, the Company’s interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its investment using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100% Three months ended March 31, Net income/(loss) at 100% 2020 2019 Legacy Entities $ 198 $ — AS Ajax E LLC $ 62 $ 76 Gaea Real Estate Corp. $ 15 $ — Great Ajax FS LLC (1) $ (3,450) $ 1,600 Thetis Asset Management LLC $ (4,877) $ 1,408 March 31, 2020 December 31, 2019 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 83,173 $ 772 $ 83,068 $ 768 Great Ajax FS LLC $ 56,538 $ 35,656 $ 61,432 $ 37,142 Thetis Asset Management LLC $ 7,229 $ 2,379 $ 12,277 $ 2,265 AS Ajax E LLC $ 5,522 $ 2 $ 5,747 $ 2 Legacy entities $ 1,350 $ 3,125 $ 1,592 $ 3,095 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended March 31, Net income/(loss) at the Company's share 2020 2019 Legacy Entities $ 79 $ — AS Ajax E LLC $ 10 $ 13 Gaea Real Estate Corp. $ 4 $ — Great Ajax FS LLC (1) $ (276) $ 128 Thetis Asset Management LLC $ (966) $ 279 March 31, 2020 December 31, 2019 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 19,277 $ 179 $ 19,252 $ 178 Great Ajax FS LLC $ 4,523 $ 2,852 $ 4,915 $ 2,971 Thetis Asset Management LLC $ 1,431 $ 471 $ 2,431 $ 448 AS Ajax E LLC $ 911 $ — $ 948 $ — Legacy Entities $ 540 $ 1,259 $ 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 three months ended March 31, 2019 ​ Consolidated affiliates The Company consolidates the results and balances of securitization trusts which are established to provide debt financing to the Company by securitizing pools of mortgage loans. These trusts are considered to be VIEs, and the Company has determined that it is the primary beneficiary of the VIEs. See Note 9 — Debt. The Company also consolidates the activities and balances of its controlled affiliates, which include AS Ajax E II, which was established to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. As of March 31, 2020, AS Ajax E II LLC was 53.1% owned by the Company, with the remainder held by third parties. 2017-D and 2018-C are securitization trusts formed to hold mortgage loans, REO property and secured debt. As of March 31, 2020, 2017-D was 50.0% owned by a third-party institutional accredited investor. As of March 31, 2020, 2018-C was 63.0% owned by the Company, with the remainder held by third-party institutional accredited investors. Great Ajax II REIT 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 is 99.8% owned by the Company as of March 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe 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 March 31, 2020, the Company had commitments to purchase, subject to due diligence, 906 RPLs and NPLs with aggregated UPB of $162.0 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 15 — Subsequent Events, for remaining open acquisitions as of the filing date. The full extent of the impact of COVID-19 on the global economy generally, and the Company's business in particular, is uncertain. As of March 31, 2020, no contingencies have been recorded on the Company's consolidated balance sheet as a result of COVID-19, however as the global pandemic continues and the economic implications worsen, it may have long-term adverse impacts on the Company's financial condition, results of operations, and cash flows. 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 March 31, 2020, 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	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Repurchase Agreements The Company has entered into two repurchase facilities whereby the Company, through two wholly-owned Delaware trusts (the “Trusts”) acquires pools of mortgage loans which are then sold by the Trusts, as “Seller” to two separate counterparties, the “buyer” or “buyers.” One facility has a ceiling of $250.0 million and the other $400.0 million at any one time. Upon the time of the initial sale to the buyer, the Trust, with a simultaneous agreement, also agrees to repurchase the pools of mortgage loans from the buyer. Mortgage loans sold under these facilities carry interest calculated based on a spread to one-month LIBOR, which are fixed for the term of the borrowing. The purchase price that the Trust realizes upon the initial sale of the mortgage loans to the buyer can vary between 70% and 85% of the asset’s acquisition price, depending upon the facility being utilized and/or the quality of the underlying collateral. The obligations of a Trust to repurchase these mortgage loans at a future date are guaranteed by the Operating Partnership. The difference between the market value of the asset and the amount of the repurchase agreement is generally the amount of equity in the position and is intended to provide the buyer with some protection against fluctuations in the value of the collateral, and/or a failure by the Company to repurchase the asset and repay the borrowing at maturity. The Company has also entered into three repurchase facilities substantially similar to the mortgage loan repurchase facilities, but where the pledged assets are the class B bonds and certificates from the Company's secured borrowing transactions. These facilities have no effective ceilings. Each repurchase transaction represents its own borrowing. As such, the ceilings associated with these transactions are the amounts currently borrowed at any one time. The Company has effective control over the assets subject to all of these transactions; therefore, the Company’s repurchase transactions are accounted for as financing arrangements. The Servicer services these mortgage loans pursuant to the terms of a Servicing Agreement by and among the Servicer and each Buyer. Each Servicing Agreement has the same fees and expenses terms as the Company’s Servicing Agreement described under Note 10 — Related party transactions. The Operating Partnership, as guarantor, will provide to the buyers a limited guaranty of certain losses incurred by the buyers in connection with certain events and/or the Seller’s obligations under the mortgage loan purchase agreement, following the breach of certain covenants by the Seller, the occurrence of certain bad acts by the Seller, the occurrence of certain insolvency events of the Seller or other events specified in the Guaranty. As security for its obligations under the Guaranty, the guarantor will pledge the Trust Certificate representing the Guarantor’s 100% beneficial interest in the Seller. The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): ​ ​ March 31, 2020 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate April 2, 2020 January 3, 2020 $ 1,758 $ 1,758 $ 2,388 136 % 2.96 % April 2, 2020 January 3, 2020 1,684 1,684 2,287 136 % 2.96 % April 13, 2020 March 12, 2020 37,201 37,201 49,877 134 % 2.46 % April 13, 2020 March 12, 2020 3,236 3,236 4,655 144 % 2.56 % April 22, 2020 March 24, 2020 35,381 35,381 51,679 146 % 5.00 % April 27, 2020 January 28, 2020 5,749 5,749 7,464 130 % 3.00 % April 27, 2020 March 27, 2020 4,811 4,811 10,024 208 % 3.71 % April 27, 2020 March 27, 2020 4,108 4,108 7,101 173 % 3.71 % April 27, 2020 January 28, 2020 2,522 2,522 3,381 134 % 2.80 % April 27, 2020 March 27, 2020 2,153 2,153 10,938 508 % 3.86 % June 3, 2020 March 3, 2020 20,987 20,987 27,814 133 % 3.11 % June 3, 2020 March 3, 2020 11,181 11,181 14,682 131 % 3.11 % June 3, 2020 March 3, 2020 10,019 10,019 13,192 132 % 3.11 % June 3, 2020 December 6, 2019 6,097 6,097 7,565 124 % 3.64 % June 3, 2020 March 3, 2020 5,161 5,161 6,616 128 % 3.11 % June 3, 2020 December 6, 2019 4,704 4,704 5,755 122 % 3.64 % June 3, 2020 March 3, 2020 3,827 3,827 4,907 128 % 3.11 % June 3, 2020 December 6, 2019 3,053 3,053 3,959 130 % 3.64 % June 3, 2020 December 6, 2019 2,332 2,332 3,360 144 % 3.79 % June 3, 2020 March 3, 2020 1,848 1,848 2,640 143 % 3.21 % June 3, 2020 December 6, 2019 1,132 1,132 1,607 142 % 3.79 % June 19, 2020 March 20, 2020 14,599 14,599 19,893 136 % 6.22 % June 19, 2020 December 19, 2019 13,447 13,447 17,077 127 % 3.55 % June 19, 2020 March 20, 2020 9,571 9,571 13,043 136 % 6.22 % June 19, 2020 March 20, 2020 4,691 4,691 6,089 130 % 6.22 % June 19, 2020 March 20, 2020 2,665 2,665 4,050 152 % 6.72 % June 19, 2020 December 19, 2019 1,155 1,155 1,687 146 % 3.70 % June 26, 2020 March 26, 2020 20,906 20,906 31,930 153 % 9.23 % June 30, 2020 January 3, 2020 8,328 8,328 3,656 44 % 3.56 % June 30, 2020 January 3, 2020 6,099 6,099 9,038 148 % 3.56 % June 30, 2020 December 30, 2019 5,286 5,286 6,850 130 % 3.57 % June 30, 2020 January 3, 2020 5,116 5,116 6,721 131 % 3.56 % June 30, 2020 December 30, 2019 3,324 3,324 4,667 140 % 3.72 % July 10, 2020 January 13, 2020 9,020 9,020 13,016 144 % 3.67 % July 31, 2020 February 3, 2020 7,763 7,763 9,702 125 % 3.56 % July 31, 2020 February 3, 2020 7,151 7,151 9,537 133 % 3.56 % July 10, 2020 July 15, 2016 250,000 30,141 44,217 147 % 3.38 % September 24, 2020 September 25, 2019 400,000 112,885 164,103 145 % 3.11 % Totals ​ $ 938,065 $ 431,091 $ 607,167 141 % 3.86 % ​ ​ 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 % 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. During the last two weeks in March 2020, the Company received margin calls from its financing counterparties in the amount of $28.2 million due to the turmoil in the financial markets resulting from the COVID-19 outbreak. As of March 31, 2020, the Company had $32.4 million of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheet at March 31, 2020 and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at March 31, 2020 and December 31, 2019 in the table below ($ in thousands): Gross amounts not offset in balance sheet March 31, 2020 December 31, 2019 Gross amount of recognized liabilities $ 431,091 $ 414,114 Gross amount of loans and securities pledged as collateral 607,167 580,167 Other prepaid collateral 32,360 4,117 Net collateral amount $ 143,716 $ 161,936 Secured Borrowings From inception (January 30, 2014) to March 31, 2020, 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 March 31, 2020. The secured borrowings are structured as debt financings and not sales through a real estate investment conduit (“REMIC”), and the loans included in the secured borrowings remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts, which are VIEs. The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities. The notes that are issued by the securitization trusts are secured solely by the mortgages held by the applicable trusts and not by any of the Company’s other assets. The mortgage loans of the applicable trusts are the only source of repayment and interest on the notes issued by such trusts. The Company does not guarantee any of the obligations of the trusts under the terms of the agreement governing the notes or otherwise. The Company’s secured borrowings are generally structured with Class A notes, subordinate notes, and trust certificates, which have rights to the residual interests in the mortgages once the notes are repaid. With the exception of the Company’s 2017-D securitization, from which the Company sold a 50% interest in the Class B certificates to third parties and 2018-C securitization, from which the Company sold a 95% interest in the Class A notes and 37% in the Class B notes and trust certificates, the Company has retained the subordinate notes and the applicable trust certificates from the other six secured borrowings outstanding at March 31, 2020. 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 notes from our secured borrowings outstanding at March 31, 2020 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 (3) $9.7 million 3.50 % None Class M-2 notes due 2056 (3) $9.5 million 3.50 % None Class B-1 notes due 2056 (1) $9.0 million 3.75 % None Class B-2 notes due 2056 (1) $7.5 million 3.75 % Trust certificates (2) $14.3 million — % Deferred issuance costs $(1.8) million — % Ajax Mortgage Loan Trust 2017-C/ November 2017 November 25, 2021 Class A notes due 2060 $130.2 million 3.75 % May 25, 2022 Class B-1 notes due 2060 (1) $13.0 million 5.25 % Trust certificates (2) $42.8 million — % Deferred issuance costs $(1.7) million — % Ajax Mortgage Loan Trust 2017-D/ December 2017 April 25, 2021 Class A notes due 2057 (4) $177.8 million 3.75 % None Class B certificates (4) $44.5 million — % Deferred issuance costs $(1.1) million — % Ajax Mortgage Loan Trust 2018-C/ September 2018 October 25, 2021 Class A notes due 2065 (5) $170.5 million 4.36 % April 25, 2022 Class B notes due 2065 (5) $15.9 million 5.25 % Trust certificates (5) $40.9 million — % Deferred issuance costs $(2.0) million — % Ajax Mortgage Loan Trust 2019-D/ July 2019 None Class A-1 notes due 2065 $140.4 million 2.96 % None Class A-2 notes due 2065 $6.1 million 3.50 % None Class A-3 notes due 2065 $10.1 million 3.50 % None Class M-1 notes due 2065 (3) $9.3 million 3.50 % None Class B-1 notes due 2065 (6) $7.5 million 3.50 % None Class B-2 notes due 2065 (6) $7.1 million variable (7) None Class B-3 notes due 2065 (6) $12.8 million variable (7) Deferred issuance costs $(2.7) 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 B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes.​ (2) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (3) The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes. (4) Ajax Mortgage Loan Trust ("AJAXM") 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest. (5) AJAXM 2018-C is a joint venture in which a third party owns 95% of the Class A notes and 37% of the Class B notes and certificates. The Company is required to consolidate 2018-C under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 95% of the Class A notes and 37% of the Class B notes, which are held by the third party, are included in Secured borrowings, net. The 5% portion of the Class A notes retained by the Company have been encumbered under the repurchase agreement. 37% of the Class C certificates are recognized as Non-controlling interest. (6) The Class B notes are subordinate, sequential pay, with B-2 and B-3 notes having variable interest rates and subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (7) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. Servicing for the mortgage loans in the Company’s secured borrowings is provided by the Servicer at servicing fee rates of between 0.65% of outstanding UPB and 1.25% of outstanding UPB at acquisition, and is paid monthly. 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. 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 March 31, 2020 and December 31, 2019, and the securitization cutoff date ($ in thousands): Balances at March 31, 2020 Balances at December 31, 2019 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 2017-B $ 120,075 $ 80,325 149 % $ 121,909 $ 84,624 144 % $ 165,850 $ 115,846 2017-C 136,177 91,159 149 % 137,369 94,126 146 % 185,942 130,159 2017-D 140,364 57,434 (1) 244 % 148,119 60,934 (1) 243 % 203,870 (2) 88,903 2018-C 176,116 140,815 (3) 125 % 179,303 146,925 (3) 122 % 222,181 (4) 167,910 2019-D 161,705 142,980 113 % 165,963 146,383 113 % 193,301 156,670 2019-F 153,793 124,403 124 % 155,899 126,723 123 % 170,876 127,673 ​ $ 888,230 $ 637,116 (5) 139 % $ 908,562 $ 659,715 (5) 138 % $ 1,142,020 $ 787,161 ​ (1) The gross amount of senior bonds at March 31, 2020 and December 31, 2019 were $114.9 million and $121.9 million however, only $57.4 million and $60.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (2) Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3) 2018-C contains notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at March 31, 2020 were $142.0 million and $15.9 million, however, only $134.9 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, 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. (4) Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans. (5) This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $6.2 million and $7.0 million as of March 31, 2020 and December 31, 2019. ​ 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 fungible notes. The net proceeds to the Company from the August 18, 2017 sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $20.5 million. The carrying amount of the equity component of the August transaction was $0.2 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes in the August transaction were issued at a 6.0% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on July 15, 2017. The notes will mature on April 30, 2024, unless earlier repurchased, redeemed or converted. On November 19, 2018, the Company completed the public offer and sale of an additional $15.9 million in aggregate principal amount of its 7.25% convertible senior notes due 2024, which combined with the $108.0 million aggregate principal amount from its August and April offerings in 2017, form a single series of fungible notes. The net proceeds to the Company from the November 19, 2018 sale of the notes, after deducting the underwriter's discounts, commissions and offering expenses, were approximately $15.2 million. The carrying amount of the equity component of the November transaction was $0.5 million representing the fair value to the notes' owners of the right to convert the notes into shares of the Company's common stock. The notes in the November transaction were issued at an 11.43% conversion premium and bear interest at a rate of 7.25% per year, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on January 15, 2019. The notes will mature on April 30, 2024, unless earlier repurchased, redeemed or converted. During the first quarter of 2020, the Company completed a series of convertible note repurchases for an aggregate principal amount of $8.0 million for a total purchase price $8.2 million. The carrying amount of the equity component of $0.1 million reversed from Additional paid-in Capital due to the March 2020 transaction. 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 March 31, 2020 equals 1.7279 shares of the Company's common stock per $25.00 principal amount of notes which is equivalent to a conversion price of approximately $14.47 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. As of March 31, 2020, the amount by which the if-converted value falls short of the principal value for the entire series is $64.9 million. The Company may not redeem the notes prior to April 30, 2022, and may redeem for cash all or any portion of the notes, at its option, on or after April 30, 2022 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No "sinking fund" will be provided for the notes.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands): Three months ended March 31, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income Interest income Various non-consolidated joint ventures $ 2,019 $ 2,416 Loan servicing fees Related party expense – loan servicing fees Gregory $ 2,014 $ 2,506 Management fee Related party expense – management fee Thetis $ 1,799 $ 1,688 Income/(loss) from equity investment Income from investments in affiliates Great Ajax FS $ (276) $ 128 Loss on sale of mortgage loans Loss on sale of mortgage loans Gaea $ (705) $ — Income/(loss) from equity investment Income from investments in affiliates Thetis $ (966) $ 279 The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of March 31, 2020 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,322 Management fee payable Management fee payable Thetis $ 1,795 Expense reimbursement receivable Prepaid expenses and other assets Gregory $ 865 Advances to Servicer Prepaid expenses and other assets Gregory $ 757 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 377 Expense reimbursement receivable Prepaid expenses and other assets Gaea $ 98 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ 87 Expense reimbursements Accrued expenses and other liabilities Various non-consolidated joint ventures $ 7 ​ 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 reimbursements 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 During the quarter ended March 31, 2020 we sold 26 SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million for a loss of $0.7 million. During 2020 and 2019, the Company retained $61.3 million and $187.8 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 the first quarter of 2020, the Company retained $49.6 million in senior notes and $4.6 million in subordinate notes. In the first quarter of 2019, the Company retained $50.0 million in senior notes and $4.6 million in subordinate notes. The notes are accounted for as debt securities carried at fair value. As of March 31, 2020 and December 31, 2019, the Notes were carried on the Company’s consolidated balance sheet at a fair value of $247.4 million and $231.7 million, respectively. During the second quarter of 2019, the Company sold $176.9 million to a related party joint venture, Ajax Mortgage Loan Trust 2019-C ("2019-C") a joint venture with third party institutional investors and retained 34% or $8.0 million of the trust certificates and $12.1 million in debt securities. The Company recorded a $7.0 million gain on the sale. The retained securities are included in the notes and beneficial interests of $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 March 31, 2020, and December 31, 2019, the Company had advanced $0.8 million and $0.6 million, respectively, to the Servicer. Interest on the arrangement accrues at 7.2% annually. The Company also acquired $7.1 million and $9.5 million in beneficial interests issued by joint ventures in the first quarters of 2020 and 2019, respectively. As of March 31, 2020, and December 31, 2019 the Investments in beneficial interests were carried on the Company's consolidated balance sheet at $64.7 million and $58.0 million, respectively. Management Agreement The Company is a party to the Amended and Restated Management Agreement with the Manager, which expires on March 5, 2034. Under the Management Agreement, the Manager implements the Company’s business strategy and manages the Company’s business and investment activities and day-to-day operations, subject to oversight by the Company’s Board of Directors. Among other services, the Manager, directly or through affiliates, provides the Company with a management team and necessary administrative and support personnel. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager. The base management fee equals 1.5% of the Company's stockholders’ equity, including equity equivalents such as the Company's issuance of convertible senior notes, per annum and calculated and payable quarterly in arrears. The Company has the option to pay its management fee with between 50% to 100% cash at its discretion, and pay the remainder in shares of its common stock. In the event the Company elects to pay its manager in shares of its common stock, the calculation for to determine the number of shares of the Company's common stock to be issued to the Manager is outlined below. The initial $1.0 million of the quarterly base management fee will be payable at least 75% in cash and up to 25% in shares of the Company’s common stock (allocated at the Company's discretion). Any amount of the base management fee in excess of $1.0 million may be payable in shares of the Company’s common stock (at the Company's discretion) until payment is at least 50% in cash and up to 50% in shares (the “50/50 split”). Any remaining amount of the quarterly base management fee after the 50/50 split threshold is reached may be payable in equal amounts of cash and shares (at the Company's discretion). 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. Effective as of March 5, 2019, 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, up to 100% of the incentive fee will be payable in shares of the Company’s common stock, at the Company's discretion, 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, up to 20% of the remaining incentive fee is payable in shares of the Company’s common stock at the Company's discretion and the remaining incentive fee is payable in cash. In the first quarter of 2020 and 2019 the Company recorded an expense of $0 and $0.2 million, 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 due diligence and valuation consultants, legal expenses, auditors and other financial services. The reimbursement obligation is not subject to any dollar limitation. Expenses are reimbursed in cash on a monthly basis. The Company will be required to pay the Manager a termination fee in the event that the Management Agreement is terminated as a result of (i) a termination by the Company without cause, (ii) its decision not to renew the Management Agreement upon the determination of at least two thirds of the Company’s independent directors for reasons including the failure to agree on revised compensation, (iii) a termination by the Manager as a result of the Company becoming regulated as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”) (other than as a result of the acts or omissions of the Manager in violation of investment guidelines approved by the Company’s Board of Directors), or (iv) a termination by the Manager if the Company defaults in the performance of any material term of the Management Agreement (subject to a notice and cure period). The termination fee will be equal to twice the combined base fee and incentive fees payable to the Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior to the date of termination. Servicing Agreement The Company is also a party to the Servicing Agreement, expiring July 8, 2029, with the Servicer. The Company’s overall servicing costs under the Servicing Agreement will vary based on the types of assets serviced. Servicing fees range from 0.65% to 1.25% annually UPB at acquisition (or the fair market value or purchase price of REO), and are paid monthly. 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 limited to, the right to use “Great Ajax” in its name will terminate. Aspen also granted to the Manager a substantially identical non-exclusive, non-transferable, non-sublicensable, royalty-free license use of the name “Thetis.”

Stock-based Payments and Direct

Stock-based Payments and Director Fees	3 Months Ended
	Mar. 31, 2020
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 may pay a portion of the base fee to the Manager in shares of its common stock with the number of shares determined based on the average of the closing prices of its common stock on the NYSE on the five business days preceding the date on which the most recent regular quarterly dividend to holders of its common stock is paid. The Company recognized a base management fee to the Manager for the quarter ended March 31, 2020 of $1.8 million, of which none was payable in shares of its common stock as the Board of Directors approved the management fee to be paid in all cash. In addition, through the first quarter of 2019, each of the Company’s independent directors received an annual retainer of $75,000, payable quarterly, half of which was paid in shares of the Company’s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The annual fee was increased to $100,000, 40% of which is payable in shares of the Company's common stock and 60% in cash, which became effective as of April 1, 2019. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts): Stock-based Management Fees and Director Fees For the three months ended March 31, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees — $ — 62,301 $ 728 Independent director fees 3,468 40 2,764 38 Totals 3,468 $ 40 65,065 $ 766 (1) All management fees and independent director fees are fully expensed in the period in which the relevant service is received by the Company. ​ ​ Restricted Stock Each independent director is issued a restricted stock award of 2,000 shares of the Company’s common stock subject to a one The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except per share amounts): Total Grants Current period activity Non-vested shares at March 31, 2020 Fully-vested shares at March 31, 2020 Three months ended March 31, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended March 31, 2020 Shares Per share grant date fair value Shares Per share grant date fair value Employee and Service Provider Grant 2017 (1,4) 38,667 $ 539 — $ 44 12,667 $ 13.95 26,000 $ 13.95 Employee and Service Provider Grant 2018 (2,5) 34,000 462 — 38 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (3) 79,000 1,101 — 92 79,000 13.94 — — Totals 151,667 $ 2,102 — $ 174 114,334 $ 13.87 37,333 $ 13.84 (1) Vesting is ratable over three (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Total is shown net of 2019 forfeitures of 333 shares. (5) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Current period activity Non-vested shares at March 31, 2019 Fully-vested shares at March 31, 2019 Three months ended March 31, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended March 31, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ 14 — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 163 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 45 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 — 41 36,500 13.58 — — Totals 233,834 $ 3,178 — $ 263 110,389 $ 13.63 123,445 $ 13.55 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at March 31, 2019. (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 4000 shares and 2018 forfeitures of 2666 shares. ​​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesAs a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. And as a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. The Company’s consolidated financial statements include the operations of two TRS entities, GA-TRS and GAJX Real Estate Corp., which are subject to U.S. federal, state and local income taxes on their taxable income. For the three months ended March 31, 2020, the Company’s consolidated taxable income was $1.2 million; and provisions for income taxes were $0.3 million. For the three months ended March 31, 2019, the Company’s consolidated taxable income was $2.0 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 March 31, 2020 or 2019. The Company also recorded no interest or penalties for either the three months ended March 31, 2020 or 2019.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): Three months ended March 31, 2020 Three months ended March 31, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 400 22,070,354 $ 7,330 18,811,713 Allocation of earnings to participating restricted shares (2) — (84) — Consolidated net income attributable to unrestricted common stockholders $ 398 22,070,354 $ 0.02 $ 7,246 18,811,713 $ 0.39 Effect of dilutive securities Operating Partnership units — — 239 624,106 Restricted stock grants and Manager and director fee shares 2 119,630 84 217,316 Interest expense (add back) and assumed conversion of shares from convertible senior notes (1) — — 2,549 8,176,313 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 400 22,189,984 $ 0.02 $ 10,118 27,829,448 $ 0.36 (1) The effect of the interest expense and assumed conversion of shares from convertible senior notes on the Company's Diluted EPS calculation for the first quarter of 2020 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the quarter ended March 31, 2020.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	Equity Common stock As of March 31, 2020 and December 31, 2019 the Company had 22,921,935 and 22,142,143 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each period end. Preferred stock The Company had 0 shares of preferred stock outstanding at March 31, 2020 and December 31, 2019. There were 25,000,000 shares authorized as of March 31, 2020 and December 31, 2019. See Note 15 — Subsequent events for description of the Company's issuance of preferred stock in April 2020. Treasury stock As of March 31, 2020 the Company held 37,278 shares of treasury stock received through distributions of the Company's shares previously held by its Manager. The Company held 33,248 shares of treasury stock at December 31, 2019. 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 three months ended March 31, 2020 no shares were issued under the plan. Comparatively, during the three months ended March 31, 2019 5,321 shares were issued under the plan for total proceeds of approximately $0.1 million. Stock Dividend On March 24, 2020 the Company announced that it would pay its declared dividend of $0.32 per share in shares of the Company's common stock (value based upon the $9.14 per share closing price on the record date of March 17, 2020). The dividend was paid on March 27, 2020 through the issuance of 781,222 shares of common stock. 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 $50.0 million from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the three months ended March 31, 2020 and 2019, no shares were sold under the at-the-market program. Accumulated Other Comprehensive Loss The Company recognizes unrealized gains or losses on its investment in debt securities as components of Other comprehensive income/(loss). Accumulated other comprehensive gain/(loss) at March 31, 2020 and December 31, 2019 was as follows ($ in thousands): Investments in securities: March 31, 2020 December 31, 2019 Unrealized gains $ — $ 1,643 Unrealized losses (27,167) (366) Accumulated other comprehensive gain/(loss) $ (27,167) $ 1,277 Non-controlling Interest During the Company’s second quarter of 2019, all the outstanding 624,106 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. At March 31, 2020, the Company’s Operating Partnership was 100% owned by the Company. The Company consolidates the assets, liabilities, revenues and expenses of the Operating Partnership. At March 31, 2020, the Company had non-controlling interests attributable to ownership interests by four 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 March 31, 2020 the Company had retained 53.1% of AS Ajax E II LLC and consolidates the assets, liabilities, revenues and expenses of the entity. During the year ended December 31, 2017, the Company established 2017-D, a securitization trust, which is 50% held by an accredited institutional investor. As of March 31, 2020 the Company had retained 50% of 2017-D and consolidates the assets, liabilities, revenues and expenses of the trust. During the year ended December 31, 2018, the Company established 2018-C, a securitization trust, which is 37.0% held by an accredited institutional investor. As of March 31, 2020 the Company had retained 63.0% of 2018-C and consolidates the assets, liabilities, revenues and expenses of the trust. During the year ended December 31, 2019 formed Great Ajax II REIT 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 and is 0.2% held by third parties. As of March 31, 2020, the Company had retained 99.8% of Great Ajax II REIT and consolidates the assets, liabilities, revenues and expenses of the entity. 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 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 March 31, 2020 or December 31, 2019. The Company has retained a 23.2% interest in Gaea which is 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): March 31, 2020 December 31, 2019 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)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent events	Subsequent Events Loan Acquisitions The Company has acquired 677 residential RPLs with aggregate UPB of $123.2 million in one transaction from a single seller. The purchase price equals 92.5% of UPB and 60.0% of the estimated market value of the underlying collateral of $189.9 million. These loans were acquired into the joint venture formed in March 2020 with proceeds from the established prefunding account. Preferred Stock On April 6, 2020, the Company closed a private placement of $80.0 million of preferred stock and warrants to institutional accredited investors pursuant to a securities purchase agreement dated April 3, 2020. The Company issued 820,000 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 2,380,000 shares of 5.00% Series B Fixed-to-Floating Rate Preferred Stock, each at a purchase price per share of $25.00 and two series of five-year warrants to purchase an aggregate of 4,000,000 shares of the Company's common stock at an exercise price of $10.00 per share. Each series of warrants includes a put option that allows the holder to sell the warrants to the Company at a specified put price on or after July 6, 2023. In addition, the Company granted the purchasers an option to purchase up to an additional 800,000 shares of Series A Preferred Stock and Series B Preferred Stock and warrants to purchase an aggregate of 1,000,000 shares of the Company's common stock on the same terms. The Company expects to use the net proceeds from the private placement to acquire mortgage loans and mortgage-related assets consistent with its investment strategy. Management Agreement Amendment On April 28, 2020 , the Company's Board of Directors approved the Third Amended and Restated Management Agreement with the Manager, which provides the Company with the option to pay its management fee between 50% to 100% cash at the Company's discretion, and pay the remainder in shares of its common stock. Dividend Declaration On May 3, 2020, the Company’s Board of Directors declared a cash dividend of $0.17 per share, to be paid on May 29, 2020 to stockholders of record as of May 15, 2020. On March 27, 2020, the Company paid the dividend of $0.32 per share we previously announced in February 2020 in shares of our common stock (valued based upon the closing price on the record date) in lieu of cash.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Loans Acquired with Deterioration in Credit Quality	Mortgage loans Loans acquired with deterioration in credit quality As of their acquisition date the loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, prior to the adoption of ASU 2016-13, Financial Instruments - Credit Losses, otherwise known as CECL, on January 1, 2020 , the Company was required to account for the mortgage loans pursuant to ASC 310-30, Accounting for Loans with Deterioration in Credit Quality . Under both standards, the Company’s recognition of interest income for loans with deteriorated credit quality ("PCD loans") 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 both CECL and 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. However, CECL allows more flexibility to the Company to adjust its loan pools as the underlying risk factors change over time. Under ASC 310-30, RPLs were determined by the Company to have common risk characteristics and were accounted for as a single loan pool for loans acquired within each three-month calendar quarter. Similarly, NPLs were determined to have common risk characteristics and were accounted for as a single non-performing pool for loans acquired within each three-month calendar quarter. The result was generally two additional pools (RPLs and NPLs) each quarter. Under CECL, the Company has re-aggregated its loan pools around similar risk factors, while eliminating the previous distinction for the quarter in which loans were acquired. This resulted in a reduction of the number of loan pools to four, each of which is oriented around similar risk factors. 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 PCD loans gives rise to an accretable yield and an allowance for credit losses. Under CECL, upon the acquisition of PCD loans the Company records the acquisition as three separate elements for 1) the amount of purchase discount which the Company expects to recover through eventual repayment by the borrower, 2) an allowance for future expected credit loss and 3) the UPB of the loan. The purchase price discount which the Company expects at the time of acquisition to collect over the life of 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 Company’s expectation of the amount of undiscounted cash flows 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, any prior allowance is reversed to the extent of the increase and the expected yield to maturity is adjusted on a prospective basis. The allowance for credit losses is increased when the Company estimates it will not collect all amounts previously estimated to be collectible, and reduced when the underlying asset has been liquidated and all expected underlying cash flows have been realized. 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. 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 SBC loans. 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. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is the difference between the present value of the expected future cash flows from the loan and the contractual balance due.
Investments in Securities	Investments at Fair Value The Company’s Investments at Fair Value as of March 31, 2020 and December 31, 2019 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 marks its investments to fair value using prices received from its financing counterparties and believes any unrealized losses on its debt securities to be temporary. Any other-than-temporary losses, which represent the excess of the amortized cost basis over the present value of expected future cash flows, are recognized in the period identified in the Company’s consolidated statements of income. Risks inherent in the Company's debt securities portfolio, affecting both the valuation of its securities as well as the portfolio's interest income and recovery of principal include the risk of default, delays and inconsistency in the frequency and amount of payments, risks affecting borrowers such as man-made or natural disasters and damage to or delay in realizing the value of the underlying collateral. The Company monitors the credit quality of the mortgage loans underlying its debt securities 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. Investments in Beneficial Interests
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 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, respectively, in aggregate principal amount completed on August 18, 2017 and November 19, 2018, respectively, which, combined with the notes from the April offering form a single series of fungible 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 repurchased, 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 1.7279 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.47 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 at issuance of $3.2 million, representing the fair value of the embedded conversion feature, was recorded to stockholder equity, which was reduced during the quarter ended March 31, 2020 by $0.1 million from the repurchase of notes by the Company. No sinking fund has been established for redemption of the principal.
Management Fee and Expense Reimbursement	Management Fee and Expense Reimbursement The Company is a party to the Third Amended and Restated Management Agreement with the Manager (the "Management Agreement") by and between the Company and the Manager, dated as of May 1, 2020, 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 a 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 ranging from 0.65% annually of the unpaid principal balance (“UPB”) to 1.25% annually of UPB for loans that are on-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
Stock-based Payments	Stock-based Payments At least a portion of the management fee is payable in cash, and a portion of the management fee may be payable (at the Company's discretion) 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 (if any) 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. Any 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 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 is based on the grant date fair value of the stock. Forfeitures of granted shares are accounted for in the period in which they occur. The share grants vest over three years, with one third of the shares vesting on each of the first, second and third anniversaries of the grant date. The shares may not be sold until the third anniversary of the grant date.
Directors' fees	Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ Equity in the period in which it is incurred.
Variable Interest Entities	Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (See “Secured Borrowings” above and Note 9 to the consolidated financial statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
Cash Held in Trust	Cash Held in Trust Cash held in trust consists of restricted cash balances either legally due to lenders or held in trust for the benefit of the Company's secured borrowers, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purposes other than the settlement of existing obligations.
Earnings per Share	Earnings per Share The Company grants restricted shares which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income available to common shareholders, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense 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 financial counterparties 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 our proprietary asset valuation model unless a property is listed for sale or is under contract, in which case the list price or contract price is used, respectively, which price is then reduced by expected 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 two TRS entities, GA-TRS and GAJX Real Estate Corp., which are subject to U.S. federal, state and local income taxes on their taxable income. Income from these two entities and any other TRS that the Company forms in the future 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
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.
Recently Adopted and Issued Accounting Standards	Recently Adopted 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. In February 2020, the FASB issued ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842) to amend SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 119 and to update the SEC section on the effective date related to ASU 2016-02. The guidance in ASU 2016-13, ASU 2019-04, ASU 2019-05, ASU 2019-11and ASU 2020-02 became effective for the Company for all periods beginning after December 15, 2019. The Company adopted ASU 2016-13 and all related amendments on January 1, 2020. For the Company’s mortgage loan portfolio, the initial adoption resulted in a reclassification between loan discount and allowance for purchased credit impaired loans of $10.2 million. This adjustment had 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 of $4.2 million was recorded, with no net impact on the Company’s balance sheet or on consolidated equity. As with the adjustment noted above for the Company's loan portfolio, this adjustment had 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. 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. 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 adopted ASU 2018-13 in the first quarter of 2020 with no effect on its consolidated assets or liabilities, consolidated net income or equity or cash flows on the date of adoption. 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 adopted ASU 2018-15 in the first quarter of 2020 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 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. In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321, Investments) – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this update clarify the interactions between Topic 321, Topic 323, and Topic 815, which clarifies aspects of accounting for investments in equity-method investees acquired through step acquisitions to require remeasurement of an investment immediately before adopting the equity method of accounting if the investor identifies observable price changes in orderly transactions for an identical or similar investment of the same issuer, and also requires such remeasurement upon discontinuance of the equity method. The amendments also clarify whether upon settlement of a forward contract or option the underlying security would be accounted for under the Equity Method (Topic 323) or the fair value option (Topic 825). 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)	3 Months Ended
	Mar. 31, 2020
Mortgage Loans [Abstract]
Schedule of loan portfolio basis by asset type	The following table presents information regarding the carrying value for the Company's RPL loan pools, NPL loan pools and SBC loans as of March 31, 2020 and December 31, 2019 ($ in thousands): Loan portfolio basis by asset type March 31, 2020 December 31, 2019 Residential RPL loan pools $ 1,066,555 $ 1,085,514 SBC loan pools 5 11,652 Other mortgage loans non-pooled (1) 4,212 23,434 Residential NPL loan pools 27,857 30,869 Total $ 1,098,629 $ 1,151,469 (1) Other mortgage loans non-pooled are accounted for as non-PCD loans under CECL.
Schedule of loan basis by year of origination	The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands): March 31, 2020 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total 7f7 and better $ — $ — $ 244 $ 124 $ 2,085 $ 33,490 $ 262,595 $ 114,237 $ 412,775 Great Ajax II REIT — — — 226 1,107 34,114 212,468 67,583 315,498 California — — — 351 216 8,291 155,506 36,116 200,480 4f4-6f6 and below — — — 361 698 24,410 99,980 39,006 164,455 Originated — 788 1,245 2,508 104 711 55 10 5,421 Total $ — $ 788 $ 1,489 $ 3,570 $ 4,210 $ 101,016 $ 730,604 $ 256,952 $ 1,098,629
Schedule of loan acquisition reconciliation between purchase price and par value	The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the quarter ended March 31, 2020 ($ in thousands): Three months ended March 31, 2020 PCD Loans Non PCD Loans Par $ 227 $ 1,952 Discount (37) (747) Allowance (4) — Purchase Price $ 186 $ 1,205
Allowance for credit losses on mortgage loans	An analysis of the balance in the allowance for loan losses account follows ($ in thousands): Three months ended March 31, 2020 2019 Allowance for loan credit losses, beginning of period $ (1,960) $ (1,164) Beginning period adjustment for CECL (10,156) — Provision for credit losses on mortgage loans (2,122) (154) Change to allowance for loan credit losses (1,898) — Allowance for loan credit losses, end of period $ (16,136) $ (1,318)
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 by delinquency status as of March 31, 2020 and December 31, 2019 ($ in thousands): March 31, 2020 Current 30 60 90 Foreclosure Total 7f7 and better $ 231,761 $ 66,809 $ 51,058 $ 61,750 $ 1,398 $ 412,776 Great Ajax II REIT 247,368 35,519 17,831 14,448 331 315,497 California 113,120 30,438 14,315 40,643 1,964 200,480 4f4- 6f6 and below 9,412 12,492 15,057 90,019 37,476 164,456 Originated 3,635 — 1,177 608 — 5,420 Total $ 605,296 $ 145,258 $ 99,438 $ 207,468 $ 41,169 $ 1,098,629 December 31, 2019 Current 30 60 90 Foreclosure Total 7f7 and better $ 252,815 $ 72,394 $ 41,673 $ 50,602 $ 1,894 $ 419,378 Great Ajax II REIT 129,812 31,426 16,467 36,785 1,986 216,476 California 265,679 37,553 14,034 4,597 — 321,863 4f4- 6f6 and below 6,412 4,835 20,782 103,872 34,417 170,318 Originated 21,425 — 850 1,159 — 23,434 Total $ 676,143 $ 146,208 $ 93,806 $ 197,015 $ 38,297 $ 1,151,469

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of activity in the Company's carrying value held-for-sale	The following table presents the activity in the Company’s carrying value of property held-for-sale for the three months ended March 31, 2020 and 2019 ($ in thousands): Three months ended March 31, 2020 2019 Property Held-for-sale Count Amount Count Amount Balance at beginning of period 58 $ 13,537 102 $ 19,402 Transfers from mortgage loans 5 814 26 4,171 Adjustments to record at lower of cost or fair value — (897) — (475) Disposals (19) (2,730) (33) (5,028) Transfer from Rental property 1 181 3 880 Transfers to Rental property — — (1) (293) Other — — — (77) Balance at end of period 45 $ 10,905 97 $ 18,580

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of March 31, 2020 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 274,539 $ — $ (27,167) $ 247,372 Beneficial interests in securitization trusts 64,703 — — 64,703 Total investments $ 339,242 $ — $ (27,167) $ 312,075 (1) Basis amount is net of any amortized discount, allowance for credit losses, principal paydowns and interest receivable on securities of $0.3 million. 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 $ 288,362 $ 1,643 $ (366) $ 289,639 (1) Basis amount is net of any amortized discount, principal paydown and interest receivable on securities of $0.3 million.
Schedule of securities acquisition reconciliation between purchase price and par value	The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the quarter ended March 31, 2020 ($ in thousands): Three months ended March 31, 2020 Beneficial Interest Par $ 11,970 Discount (4,888) Purchase Price $ 7,082
Allowance for Credit Loss on Beneficial Interests	An analysis of the balance in the allowance for beneficial interest losses account follows ($ in thousands): Three months ended March 31, 2020 2019 Allowance for beneficial interests credit losses, beginning balance $ — $ — Beginning period adjustment for CECL (4,221) — Provision for credit losses on beneficial interests (2,987) — Allowance for beneficial interests credit losses, end balance $ (7,208) $ —

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 ($ in thousands): ​ Level 1 Level 2 Level 3 March 31, 2020 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Recurring financial assets Investments in debt securities at fair value $ 247,372 $ — $ 247,372 $ — Investments in beneficial interests $ 64,703 $ — $ 64,703 $ — Non-recurring financial assets Mortgage loans, net $ 1,098,629 $ — $ — $ 1,098,638 Investment in Manager $ 734 $ — $ — $ 4,419 Investment in AS Ajax E LLC $ 894 $ — $ 968 $ — Investment in GAFS, including warrants $ 2,747 $ — $ — $ 3,320 Investment in Gaea $ 19,998 $ — $ — $ 19,998 Investment in legacy entities $ 651 $ — $ — $ 651 Financial liabilities Recurring financial liabilities Borrowings under repurchase transactions $ 431,091 $ — $ 431,091 $ — Non-recurring financial liabilities Secured borrowings, net $ 630,938 $ — $ — $ 568,525 Convertible senior notes, net $ 111,420 $ 87,073 $ — $ — ​ ​ 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 Recurring financial assets Investments in debt securities at fair value $ 231,685 $ — $ 231,685 $ — Investments in beneficial interests $ 57,954 $ — $ 57,954 $ — Non-recurring financial assets Mortgage loans, net $ 1,151,469 $ — $ — $ 1,260,385 Investment in Manager $ 1,755 $ — $ — $ 7,721 Investment in AS Ajax E LLC $ 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 Recurring financial liabilities Borrowings under repurchase transactions $ 414,114 $ — $ 414,114 $ — Non-recurring financial liabilities Secured borrowings, net $ 652,747 $ — $ — $ 657,918 Convertible senior notes, net $ 118,784 $ 132,173 $ — $ —
Fair value of non-financial assets by level	The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of March 31, 2020 and December 31, 2019 ($ in thousands): Level 1 Level 2 Level 3 March 31, 2020 Carrying value Three months ended fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 10,905 $ 897 $ — $ — $ 10,905 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

Affiliates (Tables)

Affiliates (Tables)	3 Months Ended
	Mar. 31, 2020
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/(loss), assets and liabilities of unconsolidated affiliates at 100% Three months ended March 31, Net income/(loss) at 100% 2020 2019 Legacy Entities $ 198 $ — AS Ajax E LLC $ 62 $ 76 Gaea Real Estate Corp. $ 15 $ — Great Ajax FS LLC (1) $ (3,450) $ 1,600 Thetis Asset Management LLC $ (4,877) $ 1,408 March 31, 2020 December 31, 2019 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 83,173 $ 772 $ 83,068 $ 768 Great Ajax FS LLC $ 56,538 $ 35,656 $ 61,432 $ 37,142 Thetis Asset Management LLC $ 7,229 $ 2,379 $ 12,277 $ 2,265 AS Ajax E LLC $ 5,522 $ 2 $ 5,747 $ 2 Legacy entities $ 1,350 $ 3,125 $ 1,592 $ 3,095 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended March 31, Net income/(loss) at the Company's share 2020 2019 Legacy Entities $ 79 $ — AS Ajax E LLC $ 10 $ 13 Gaea Real Estate Corp. $ 4 $ — Great Ajax FS LLC (1) $ (276) $ 128 Thetis Asset Management LLC $ (966) $ 279 March 31, 2020 December 31, 2019 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 19,277 $ 179 $ 19,252 $ 178 Great Ajax FS LLC $ 4,523 $ 2,852 $ 4,915 $ 2,971 Thetis Asset Management LLC $ 1,431 $ 471 $ 2,431 $ 448 AS Ajax E LLC $ 911 $ — $ 948 $ — Legacy Entities $ 540 $ 1,259 $ 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 three months ended March 31, 2019

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
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): ​ ​ March 31, 2020 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate April 2, 2020 January 3, 2020 $ 1,758 $ 1,758 $ 2,388 136 % 2.96 % April 2, 2020 January 3, 2020 1,684 1,684 2,287 136 % 2.96 % April 13, 2020 March 12, 2020 37,201 37,201 49,877 134 % 2.46 % April 13, 2020 March 12, 2020 3,236 3,236 4,655 144 % 2.56 % April 22, 2020 March 24, 2020 35,381 35,381 51,679 146 % 5.00 % April 27, 2020 January 28, 2020 5,749 5,749 7,464 130 % 3.00 % April 27, 2020 March 27, 2020 4,811 4,811 10,024 208 % 3.71 % April 27, 2020 March 27, 2020 4,108 4,108 7,101 173 % 3.71 % April 27, 2020 January 28, 2020 2,522 2,522 3,381 134 % 2.80 % April 27, 2020 March 27, 2020 2,153 2,153 10,938 508 % 3.86 % June 3, 2020 March 3, 2020 20,987 20,987 27,814 133 % 3.11 % June 3, 2020 March 3, 2020 11,181 11,181 14,682 131 % 3.11 % June 3, 2020 March 3, 2020 10,019 10,019 13,192 132 % 3.11 % June 3, 2020 December 6, 2019 6,097 6,097 7,565 124 % 3.64 % June 3, 2020 March 3, 2020 5,161 5,161 6,616 128 % 3.11 % June 3, 2020 December 6, 2019 4,704 4,704 5,755 122 % 3.64 % June 3, 2020 March 3, 2020 3,827 3,827 4,907 128 % 3.11 % June 3, 2020 December 6, 2019 3,053 3,053 3,959 130 % 3.64 % June 3, 2020 December 6, 2019 2,332 2,332 3,360 144 % 3.79 % June 3, 2020 March 3, 2020 1,848 1,848 2,640 143 % 3.21 % June 3, 2020 December 6, 2019 1,132 1,132 1,607 142 % 3.79 % June 19, 2020 March 20, 2020 14,599 14,599 19,893 136 % 6.22 % June 19, 2020 December 19, 2019 13,447 13,447 17,077 127 % 3.55 % June 19, 2020 March 20, 2020 9,571 9,571 13,043 136 % 6.22 % June 19, 2020 March 20, 2020 4,691 4,691 6,089 130 % 6.22 % June 19, 2020 March 20, 2020 2,665 2,665 4,050 152 % 6.72 % June 19, 2020 December 19, 2019 1,155 1,155 1,687 146 % 3.70 % June 26, 2020 March 26, 2020 20,906 20,906 31,930 153 % 9.23 % June 30, 2020 January 3, 2020 8,328 8,328 3,656 44 % 3.56 % June 30, 2020 January 3, 2020 6,099 6,099 9,038 148 % 3.56 % June 30, 2020 December 30, 2019 5,286 5,286 6,850 130 % 3.57 % June 30, 2020 January 3, 2020 5,116 5,116 6,721 131 % 3.56 % June 30, 2020 December 30, 2019 3,324 3,324 4,667 140 % 3.72 % July 10, 2020 January 13, 2020 9,020 9,020 13,016 144 % 3.67 % July 31, 2020 February 3, 2020 7,763 7,763 9,702 125 % 3.56 % July 31, 2020 February 3, 2020 7,151 7,151 9,537 133 % 3.56 % July 10, 2020 July 15, 2016 250,000 30,141 44,217 147 % 3.38 % September 24, 2020 September 25, 2019 400,000 112,885 164,103 145 % 3.11 % Totals ​ $ 938,065 $ 431,091 $ 607,167 141 % 3.86 % ​ ​ 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 %
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 March 31, 2020 and December 31, 2019 in the table below ($ in thousands): Gross amounts not offset in balance sheet March 31, 2020 December 31, 2019 Gross amount of recognized liabilities $ 431,091 $ 414,114 Gross amount of loans and securities pledged as collateral 607,167 580,167 Other prepaid collateral 32,360 4,117 Net collateral amount $ 143,716 $ 161,936
Schedule of securitization of notes	The following table sets forth the original terms of all notes from our secured borrowings outstanding at March 31, 2020 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 (3) $9.7 million 3.50 % None Class M-2 notes due 2056 (3) $9.5 million 3.50 % None Class B-1 notes due 2056 (1) $9.0 million 3.75 % None Class B-2 notes due 2056 (1) $7.5 million 3.75 % Trust certificates (2) $14.3 million — % Deferred issuance costs $(1.8) million — % Ajax Mortgage Loan Trust 2017-C/ November 2017 November 25, 2021 Class A notes due 2060 $130.2 million 3.75 % May 25, 2022 Class B-1 notes due 2060 (1) $13.0 million 5.25 % Trust certificates (2) $42.8 million — % Deferred issuance costs $(1.7) million — % Ajax Mortgage Loan Trust 2017-D/ December 2017 April 25, 2021 Class A notes due 2057 (4) $177.8 million 3.75 % None Class B certificates (4) $44.5 million — % Deferred issuance costs $(1.1) million — % Ajax Mortgage Loan Trust 2018-C/ September 2018 October 25, 2021 Class A notes due 2065 (5) $170.5 million 4.36 % April 25, 2022 Class B notes due 2065 (5) $15.9 million 5.25 % Trust certificates (5) $40.9 million — % Deferred issuance costs $(2.0) million — % Ajax Mortgage Loan Trust 2019-D/ July 2019 None Class A-1 notes due 2065 $140.4 million 2.96 % None Class A-2 notes due 2065 $6.1 million 3.50 % None Class A-3 notes due 2065 $10.1 million 3.50 % None Class M-1 notes due 2065 (3) $9.3 million 3.50 % None Class B-1 notes due 2065 (6) $7.5 million 3.50 % None Class B-2 notes due 2065 (6) $7.1 million variable (7) None Class B-3 notes due 2065 (6) $12.8 million variable (7) Deferred issuance costs $(2.7) 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 B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes.​ (2) The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full. (3) The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes. (4) Ajax Mortgage Loan Trust ("AJAXM") 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest. (5) AJAXM 2018-C is a joint venture in which a third party owns 95% of the Class A notes and 37% of the Class B notes and certificates. The Company is required to consolidate 2018-C under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 95% of the Class A notes and 37% of the Class B notes, which are held by the third party, are included in Secured borrowings, net. The 5% portion of the Class A notes retained by the Company have been encumbered under the repurchase agreement. 37% of the Class C certificates are recognized as Non-controlling interest. (6) The Class B notes are subordinate, sequential pay, with B-2 and B-3 notes having variable interest rates and subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (7) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at March 31, 2020 and December 31, 2019, and the securitization cutoff date ($ in thousands): Balances at March 31, 2020 Balances at December 31, 2019 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 2017-B $ 120,075 $ 80,325 149 % $ 121,909 $ 84,624 144 % $ 165,850 $ 115,846 2017-C 136,177 91,159 149 % 137,369 94,126 146 % 185,942 130,159 2017-D 140,364 57,434 (1) 244 % 148,119 60,934 (1) 243 % 203,870 (2) 88,903 2018-C 176,116 140,815 (3) 125 % 179,303 146,925 (3) 122 % 222,181 (4) 167,910 2019-D 161,705 142,980 113 % 165,963 146,383 113 % 193,301 156,670 2019-F 153,793 124,403 124 % 155,899 126,723 123 % 170,876 127,673 ​ $ 888,230 $ 637,116 (5) 139 % $ 908,562 $ 659,715 (5) 138 % $ 1,142,020 $ 787,161 ​ (1) The gross amount of senior bonds at March 31, 2020 and December 31, 2019 were $114.9 million and $121.9 million however, only $57.4 million and $60.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (2) Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3) 2018-C contains notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at March 31, 2020 were $142.0 million and $15.9 million, however, only $134.9 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, 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. (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)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands): Three months ended March 31, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income Interest income Various non-consolidated joint ventures $ 2,019 $ 2,416 Loan servicing fees Related party expense – loan servicing fees Gregory $ 2,014 $ 2,506 Management fee Related party expense – management fee Thetis $ 1,799 $ 1,688 Income/(loss) from equity investment Income from investments in affiliates Great Ajax FS $ (276) $ 128 Loss on sale of mortgage loans Loss on sale of mortgage loans Gaea $ (705) $ — Income/(loss) from equity investment Income from investments in affiliates Thetis $ (966) $ 279 The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of March 31, 2020 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 17,322 Management fee payable Management fee payable Thetis $ 1,795 Expense reimbursement receivable Prepaid expenses and other assets Gregory $ 865 Advances to Servicer Prepaid expenses and other assets Gregory $ 757 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 377 Expense reimbursement receivable Prepaid expenses and other assets Gaea $ 98 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ 87 Expense reimbursements Accrued expenses and other liabilities Various non-consolidated joint ventures $ 7 ​ 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 reimbursements 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

Stock-based Payments and Dire_2

Stock-based Payments and Director Fees (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of management fees and director fees	The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts): Stock-based Management Fees and Director Fees For the three months ended March 31, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Management fees — $ — 62,301 $ 728 Independent director fees 3,468 40 2,764 38 Totals 3,468 $ 40 65,065 $ 766 (1) All management fees and independent director fees are fully expensed in the period in which the relevant service is received by the Company.
Schedule of activity in restricted stock	The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except per share amounts): Total Grants Current period activity Non-vested shares at March 31, 2020 Fully-vested shares at March 31, 2020 Three months ended March 31, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended March 31, 2020 Shares Per share grant date fair value Shares Per share grant date fair value Employee and Service Provider Grant 2017 (1,4) 38,667 $ 539 — $ 44 12,667 $ 13.95 26,000 $ 13.95 Employee and Service Provider Grant 2018 (2,5) 34,000 462 — 38 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (3) 79,000 1,101 — 92 79,000 13.94 — — Totals 151,667 $ 2,102 — $ 174 114,334 $ 13.87 37,333 $ 13.84 (1) Vesting is ratable over three (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Total is shown net of 2019 forfeitures of 333 shares. (5) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Current period activity Non-vested shares at March 31, 2019 Fully-vested shares at March 31, 2019 Three months ended March 31, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended March 31, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ 14 — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 146,334 1,976 — 163 47,889 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 45 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4) 36,500 496 — 41 36,500 13.58 — — Totals 233,834 $ 3,178 — $ 263 110,389 $ 13.63 123,445 $ 13.55 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at March 31, 2019. (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 4000 shares and 2018 forfeitures of 2666 shares.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): Three months ended March 31, 2020 Three months ended March 31, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 400 22,070,354 $ 7,330 18,811,713 Allocation of earnings to participating restricted shares (2) — (84) — Consolidated net income attributable to unrestricted common stockholders $ 398 22,070,354 $ 0.02 $ 7,246 18,811,713 $ 0.39 Effect of dilutive securities Operating Partnership units — — 239 624,106 Restricted stock grants and Manager and director fee shares 2 119,630 84 217,316 Interest expense (add back) and assumed conversion of shares from convertible senior notes (1) — — 2,549 8,176,313 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 400 22,189,984 $ 0.02 $ 10,118 27,829,448 $ 0.36 (1) The effect of the interest expense and assumed conversion of shares from convertible senior notes on the Company's Diluted EPS calculation for the first quarter of 2020 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the quarter ended March 31, 2020.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of accumulated other comprehensive income	The Company recognizes unrealized gains or losses on its investment in debt securities as components of Other comprehensive income/(loss). Accumulated other comprehensive gain/(loss) at March 31, 2020 and December 31, 2019 was as follows ($ in thousands): Investments in securities: March 31, 2020 December 31, 2019 Unrealized gains $ — $ 1,643 Unrealized losses (27,167) (366) Accumulated other comprehensive gain/(loss) $ (27,167) $ 1,277
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): March 31, 2020 December 31, 2019 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)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details Textuals)	Nov. 22, 2019USD ($)$ / sharesshares	Mar. 31, 2020USD ($)numberOfLoanPoolspayment	Jun. 30, 2019shares	Dec. 31, 2018
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least)		5
Number of Recent Payments Made on RPL Mortgage Loans		7
Number of payments made on NPL mortgage loans		3
Number of non controlling interest subsidiaries | numberOfLoanPools		4
Percentage of ownership interests in joint venture		34.00%
Percentage of outstanding OP units owned		100.00%		96.80%
Percentage of outstanding OP owned by an unaffiliated holder				3.20%
Operating partnership units | shares			624,106
Maximum
Organization And Basis Of Presentation [Line Items]
Principal balance of small balance commercial mortgage loans (up to) | $		$ 5,000,000
Delaware Trust
Organization And Basis Of Presentation [Line Items]
Ownership percentage		5.00%
2018-C | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		63.00%
2017-D
Organization And Basis Of Presentation [Line Items]
Percentage of ownership interests in joint venture		50.00%
2017-D | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Percentage of ownership interests in joint venture		53.10%
AS Ajax E II LLC | Third Party
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		46.90%
Great Ajax II REIT
Organization And Basis Of Presentation [Line Items]
Company ownership percentage		99.80%
Great Ajax II REIT | Third Party
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		0.20%
Gaea
Organization And Basis Of Presentation [Line Items]
Ownership percentage	23.20%
Share Price | $ / shares	$ 15
Proceeds from Issuance of Private Placement | $	$ 66,300,000
Private placement share issuance | shares	4,419,641
Gaea | Third Party
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	76.80%
Thetis
Organization And Basis Of Presentation [Line Items]
Ownership percentage		19.80%
Great Ajax FS
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 ($)	Jun. 07, 2016	Jul. 08, 2014	Mar. 31, 2020USD ($)numberOfLoanPools$ / sharesshares	Mar. 31, 2019USD ($)	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of loan pools | numberOfLoanPools				4
Amortization of debt discount					$ 3,200,000
Convertible senior note repurchase				$ 81,000
Convertible Notes Payable				8,000,000
Payments for Repurchase of Convertible Notes				8,200,000
Provision for credit losses				$ (10,156,000)	$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of an assets				27 years 6 months
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%
Percentage of Fair Market Value of REO			1.00%
Servicing Fees, Consecutive Payments | numberOfLoanPools				7
Percentage of Purchase Price of REO			1.00%
Servicing Agreement | Gregory | Minimum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage				0.65%
Servicing Agreement | Gregory | Maximum
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage				1.25%
Amended And Restated Management Agreement [Member] | Thetis
Summary Of Significant Accounting Policies [Line Items]
Period of common shares held as base management fee (at least)				3 years
2014 Director Equity Plan
Summary Of Significant Accounting Policies [Line Items]
Number of shares available under for distribution (in shares) | shares				78,000
Vesting period				1 year
Annual Retainer Received In Shares	40.00%			50.00%
Annual Retainer Received In Cash	60.00%			50.00%
2014 Director Equity Plan | Restricted stock
Summary Of Significant Accounting Policies [Line Items]
Number of shares issued to independent directors (in shares) | shares				2,000
Annual retainer amount	$ 100,000			$ 75,000
2016 Equity Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Vesting period		3 years
Fraction of award vesting period		0.3333
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%			7.25%	7.25%
Principal amount of note (in dollars per share) | $ / shares				$ 25
Amortization of debt discount				$ 300,000
Common Stock | Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Conversion rate				1.7279
Conversion price (in dollars per share) | $ / shares				$ 14.47

Mortgage Loans - Schedule of Lo

Mortgage Loans - Schedule of Loan Portfolio Basis by Asset Type (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate
Mortgage loans, net	[1],[2]	$ 1,098,629	$ 1,151,469
SBC loan pools
Mortgage Loans on Real Estate
Mortgage loans, net		5	11,652
SBC loans non-pooled
Mortgage Loans on Real Estate
Mortgage loans, net		4,212	23,434
Residential RPL loan pools
Mortgage Loans on Real Estate
Mortgage loans, net		1,066,555	1,085,514
Nonperforming loan pools
Mortgage Loans on Real Estate
Mortgage loans, net		$ 27,857	$ 30,869
[1]	As of March 31, 2020, balances for Mortgage loans, net includes $316.5 million and Secured borrowings, net of deferred costs includes $271.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $888.2 million and $908.6 million of loans at March 31, 2020 and December 31, 2019, 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 $16.1 million and $2.0 million of allowance for loan credit losses at March 31, 2020 and December 31, 2019, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2020USD ($)numberOfLoanPoolsloanpayment		Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)
Mortgage Loans on Real Estate
Mortgage loans, net	[1],[2]	$ 1,098,629		$ 1,151,469
Financing Receivable, Allowance for Credit Loss		(16,136)		(1,960)	$ (1,318)	$ (1,164)
Current period additions to allowance account		1,898			0
Interest income		19,600			26,400
Aggregate unpaid principal balance of mortgage loans on real estate		26,200		176,900
Provision for credit losses		(2,122)			(154)
Estimated Market Value Of Underlying Collaterals		44,200
Loan purchase price		$ 25,400
Number of loan pools | numberOfLoanPools		4
Number of Recent Payments Made on RPL Mortgage Loans | payment		7
Loss on sale of mortgage loans		$ (705)			$ 0
Number of sold loans | loan		26			0
RPLs, NPLs, and Originated SBCs [Member]
Mortgage Loans on Real Estate
Mortgage loans, net		$ 1,100,000	[2]	1,200,000
Mortgages purchased
Mortgage Loans on Real Estate
Mortgage loans, net		26,100
SBC loans acquired at or near origination
Mortgage Loans on Real Estate
Mortgage loans, net		$ 4,212		23,434
Number of originated SBC loans acquired | loan		0			19
Aggregate unpaid principal balance of mortgage loans on real estate					$ 17,800
SBC
Mortgage Loans on Real Estate
Mortgage loans, net		$ 5		11,652
7f7 and better
Mortgage Loans on Real Estate
Mortgage loans, net		$ 412,776		419,378
Number of Recent Payments Made on RPL Mortgage Loans | numberOfLoanPools		7
Great Ajax II REIT
Mortgage Loans on Real Estate
Mortgage loans, net		$ 315,497		216,476
4f4-6f6 and below
Mortgage Loans on Real Estate
Mortgage loans, net		$ 164,456		170,318
Number of Recent Payments Made on RPL Mortgage Loans | numberOfLoanPools		4
Originated
Mortgage Loans on Real Estate
Mortgage loans, net		$ 5,420		23,434
Number of loan pools | numberOfLoanPools		1
Residential RPL loan pools
Mortgage Loans on Real Estate
Mortgage loans, net		$ 1,066,555		1,085,514
Number of mortgage loans on real estate | loan		26			38
Aggregate unpaid principal balance of mortgage loans on real estate		$ 2,000			$ 8,500
Mortgage Loans On Real Estate Commitments To Purchase Number | loan		26			38
Nonperforming loan pools
Mortgage Loans on Real Estate
Mortgage loans, net		$ 27,857		$ 30,869
Number of mortgage loans on real estate | loan		1			0
Aggregate unpaid principal balance of mortgage loans on real estate		$ 200
Mortgage Loans On Real Estate Commitments To Purchase Number | loan		1			0
[1]	As of March 31, 2020, balances for Mortgage loans, net includes $316.5 million and Secured borrowings, net of deferred costs includes $271.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $888.2 million and $908.6 million of loans at March 31, 2020 and December 31, 2019, 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 $16.1 million and $2.0 million of allowance for loan credit losses at March 31, 2020 and December 31, 2019, respectively.

Mortgage Loans - Schedule of _2

Mortgage Loans - Schedule of loan basis by year of origination (Details) $ in Thousands	Mar. 31, 2020USD ($)
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	$ 1,098,629
7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	412,775
Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	315,498
CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	200,480
4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	164,455
Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	5,421
Year 2020
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2020 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2020 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2020 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2020 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2020 | Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2019
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	788
Year 2019 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2019 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2019 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2019 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2019 | Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	788
Year 2018
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,489
Year 2018 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	244
Year 2018 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2018 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2018 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2018 | Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,245
Year 2017
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	3,570
Year 2017 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	124
Year 2017 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	226
Year 2017 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	351
Year 2017 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	361
Year 2017 | Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,508
Year 2016
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	4,210
Year 2016 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,085
Year 2016 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,107
Year 2016 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	216
Year 2016 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	698
Year 2016 | Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	104
Years 2009-2015
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	101,016
Years 2009-2015 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	33,490
Years 2009-2015 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	34,114
Years 2009-2015 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	8,291
Years 2009-2015 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	24,410
Years 2009-2015 | Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	711
Years 2006-2008
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	730,604
Years 2006-2008 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	262,595
Years 2006-2008 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	212,468
Years 2006-2008 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	155,506
Years 2006-2008 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	99,980
Years 2006-2008 | Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	55
Years 2005 and prior
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	256,952
Years 2005 and prior | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	114,237
Years 2005 and prior | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	67,583
Years 2005 and prior | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	36,116
Years 2005 and prior | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	39,006
Years 2005 and prior | Originated
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	$ 10

Mortgage Loans - Schedule of _3

Mortgage Loans - Schedule of loan acquisition reconciliation between purchase price and par value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Mortgage Loans on Real Estate
Par	$ 11,970
Discount	(4,888)
PCD loans
Mortgage Loans on Real Estate
Par	227
Discount	(37)
Allowance	(4)
Purchase Price	186
Non PCD loans
Mortgage Loans on Real Estate
Par	1,952
Discount	(747)
Allowance	0
Purchase Price	$ 1,205

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for loan credit losses, beginning of period	$ (1,960)	$ (1,164)
Beginning period adjustment for CECL	(10,156)	0
Provision for credit losses on mortgage loans	2,122	154
Change to allowance for loan credit losses	(1,898)	0
Allowance for loan credit losses, end of period	$ (16,136)	$ (1,318)

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate
Carrying value of mortgages	[1],[2]	$ 1,098,629	$ 1,151,469
7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		412,776	419,378
Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		315,497	216,476
CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		200,480	321,863
4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		164,456	170,318
Originated
Mortgage Loans on Real Estate
Carrying value of mortgages		5,420	23,434
Current
Mortgage Loans on Real Estate
Carrying value of mortgages		605,296	676,143
Current | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		231,761	252,815
Current | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		247,368	129,812
Current | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		113,120	265,679
Current | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		9,412	6,412
Current | Originated
Mortgage Loans on Real Estate
Carrying value of mortgages		3,635	21,425
30
Mortgage Loans on Real Estate
Carrying value of mortgages		145,258	146,208
30 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		66,809	72,394
30 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		35,519	31,426
30 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		30,438	37,553
30 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		12,492	4,835
30 | Originated
Mortgage Loans on Real Estate
Carrying value of mortgages		0	0
60
Mortgage Loans on Real Estate
Carrying value of mortgages		99,438	93,806
60 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		51,058	41,673
60 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		17,831	16,467
60 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		14,315	14,034
60 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		15,057	20,782
60 | Originated
Mortgage Loans on Real Estate
Carrying value of mortgages		1,177	850
90
Mortgage Loans on Real Estate
Carrying value of mortgages		207,468	197,015
90 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		61,750	50,602
90 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		14,448	36,785
90 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		40,643	4,597
90 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		90,019	103,872
90 | Originated
Mortgage Loans on Real Estate
Carrying value of mortgages		608	1,159
Foreclosure
Mortgage Loans on Real Estate
Carrying value of mortgages		41,169	38,297
Foreclosure | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		1,398	1,894
Foreclosure | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		331	1,986
Foreclosure | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		1,964	0
Foreclosure | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		37,476	34,417
Foreclosure | Originated
Mortgage Loans on Real Estate
Carrying value of mortgages		$ 0	$ 0
[1]	As of March 31, 2020, balances for Mortgage loans, net includes $316.5 million and Secured borrowings, net of deferred costs includes $271.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $888.2 million and $908.6 million of loans at March 31, 2020 and December 31, 2019, 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 $16.1 million and $2.0 million of allowance for loan credit losses at March 31, 2020 and December 31, 2019, respectively.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020USD ($)property		Mar. 31, 2019USD ($)property	Dec. 31, 2019USD ($)property		Dec. 31, 2018USD ($)
Real Estate [Line Items]
Number of properties owned | property	9			10
Aggregate carrying value REO properties | $	$ 1,300			$ 1,500
Number of REO properties held for rental | property	5			6
Number of properties acquired through foreclosure | property	1			1
Number of properties transferred from property held for sale | property	6			6
Property held-for-sale, net | $	$ 10,905	[1]	$ 18,580	$ 13,537	[1]	$ 19,402
Real Estate Held For Sale Improvements | $	$ 700			$ 2,200
Number of held-for-sale residential properties disposed | property	19		33
Gain (loss) on sale of property | $	$ 286		$ 103
Real Estate Impairment | $	900		500
Number of real estate properties purchased | property				2
Other Income
Real Estate [Line Items]
Gain (loss) on sale of property | $	$ 400		$ 100
[1]	Property held-for-sale, net, includes valuation allowances of $2.3 million and $1.8 million at March 31, 2020 and December 31, 2019, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of ROE Held-For-Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property		Mar. 31, 2019USD ($)property
Real Estate Held For Sale [Roll Forward]
Balance at beginning of period | property	58		102
Balance at beginning of year | $	$ 13,537	[1]	$ 19,402
Transfers from mortgage loans, count | property	5		26
Transfers from mortgage loans | $	$ 814		$ 4,171
Adjustments to record at lower of cost or fair value, count | property	0		0
Adjustments to record at lower of cost or fair value  | $	$ (897)		$ (475)
Disposals, count | property	(19)		(33)
Disposals | $	$ (2,730)		$ (5,028)
Number of properties transferred from held-for-sale to rental | property	0		(1)
Properties transferred from held-for-sale to rental | $	$ 0		$ (293)
Number of properties transferred from rental to held-for-sale | property	1		3
Properties transferred from rental to held-for-sale | $	$ 181		$ 880
Other, count | property	0		0
Other | $	$ 0		$ (77)
Balance at end of year, count | property	45		97
Balance at end of period | $	$ 10,905	[1]	$ 18,580
[1]	Property held-for-sale, net, includes valuation allowances of $2.3 million and $1.8 million at March 31, 2020 and December 31, 2019, respectively.

Investments (Details)

Investments (Details) - USD ($)		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Interest and Dividend Income, Securities, Operating, Available-for-sale		$ 300,000
Proceeds from Sale of Debt Securities, Available-for-sale		0	$ 39,635,000
Debt and Equity Securities, Gain (Loss)			8,000
Investments in beneficial interests	[1]	64,703,000			$ 57,954,000
Investment In Securities		61,300,000			187,800,000
Investments at fair value	[2]	247,372,000			231,685,000
Provision for credit losses		(10,156,000)	0
Provision for credit losses on beneficial interests		(2,987,000)	0
Debt Securities, Available-for-sale [Abstract]
Investment in debt securities - Basis		274,539,000			230,408,000
Investment in debt securities - Gross unrealized gains		0			1,643,000
Investment in debt securities - Gross unrealized loss		(27,167,000)			(366,000)
Investment in debt securities		247,372,000
Oileus Residential Loan Trust
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Gross Realized Gains				$ 0
Beneficial interests
Debt Securities, Available-for-sale [Line Items]
Provision for credit losses		(4,200,000)
Provision for credit losses on beneficial interests		(2,987,000)	0
Senior Notes
Debt Securities, Available-for-sale [Line Items]
Investments at fair value		49,600,000	50,000,000
Subordinated Debt
Debt Securities, Available-for-sale [Line Items]
Investments at fair value		4,600,000	$ 4,600,000
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Debt Securities, Available-for-sale [Abstract]
Investment in beneficial interests - Basis		339,242,000			288,362,000
Investment in beneficial interests - Gross unrealized gains					1,643,000
Investment in beneficial interests - Gross unrealized loss					(366,000)
Investment in beneficial interests		312,075,000			289,639,000
Beneficial interests
Debt Securities, Available-for-sale [Abstract]
Investment in beneficial interests - Basis		64,703,000			57,954,000
Investment in beneficial interests - Gross unrealized gains		0			0
Investment in beneficial interests - Gross unrealized loss		0			0
Investment in beneficial interests		64,703,000			57,954,000
Securities with unrealized loss longer than 12 months
Debt Securities, Available-for-sale [Abstract]
Investment in debt securities - Gross unrealized loss		(5,200,000)			(400,000)
Beneficial interests
Debt Securities, Available-for-sale [Line Items]
Investments in beneficial interests		$ 7,100,000			$ 9,500,000
[1]	Investments in beneficial interests includes allowance for credit losses of $7.2 million at March 31, 2020. No allowance for credit losses were recorded as of December 31, 2019.
[2]	As of March 31, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $274.5 million and $230.4 million, respectively, and unrealized losses of $27.2 million and unrealized gains of $1.3 million, respectively.

Investments - Schedule of secur

Investments - Schedule of securities at acquisition reconciliation between purchase price and par value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Investments, Debt and Equity Securities [Line Items]
Par	$ 11,970
Discount	(4,888)
Purchase Price	7,082
PCD loans
Investments, Debt and Equity Securities [Line Items]
Par	227
Discount	$ (37)

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	$ 0	$ 0
Beginning period adjustment for CECL	(4,221)	0
Provision for credit losses on beneficial interests	(2,987)	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance	$ (7,208)	$ 0

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment
Mortgage loans, net	[1],[2]	1,098,629	$ 1,151,469
Investment in debt securities	[3]	247,372	231,685
Investments in beneficial interests	[4]	64,703	57,954
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, net		630,938	652,747
Borrowings under repurchase transactions		431,091	414,114
Convertible senior notes, net	[5]	111,420	118,784
Carrying value
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net		1,098,629	1,151,469
Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		0	0
Investment In Debt Securities, Fairvalue Disclosure		0	0
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0	0
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		87,073	132,173
Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		0	0
Investment In Debt Securities, Fairvalue Disclosure		247,372	231,685
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0	0
Borrowings under repurchase agreement, fair value		431,091	414,114
Convertible senior notes, net, fair value		0	0
Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		1,098,638	1,260,385
Investment In Debt Securities, Fairvalue Disclosure		0	0
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		568,525	657,918
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		0	0
Investment in Manager
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		734	1,755
Investment in Manager | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in Manager | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in Manager | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		4,419	7,721
Investment in AS Ajax E
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		894	931
Investment in AS Ajax E | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in AS Ajax E | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		968	1,012
Investment in AS Ajax E | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in GAFS
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		2,747	3,023
Investment in GAFS | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in GAFS | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Investment in GAFS | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		3,320	3,320
Gaea | Carrying value
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		19,998	19,995
Gaea | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Gaea | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Gaea | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		19,998	19,995
Legacy entities | Carrying value
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		651	760
Legacy entities | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Legacy entities | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
Legacy entities | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		651	760
Beneficial interests
Consolidated balance sheet at fair value disclosure (assets)
Investment in beneficial interests		64,703	57,954
Beneficial interests | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		0	0
Beneficial interests | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		64,703	57,954
Beneficial interests | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		$ 0	$ 0
[1]	As of March 31, 2020, balances for Mortgage loans, net includes $316.5 million and Secured borrowings, net of deferred costs includes $271.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $888.2 million and $908.6 million of loans at March 31, 2020 and December 31, 2019, 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 $16.1 million and $2.0 million of allowance for loan credit losses at March 31, 2020 and December 31, 2019, respectively.
[3]	As of March 31, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $274.5 million and $230.4 million, respectively, and unrealized losses of $27.2 million and unrealized gains of $1.3 million, respectively.
[4]	Investments in beneficial interests includes allowance for credit losses of $7.2 million at March 31, 2020. No allowance for credit losses were recorded as of December 31, 2019.
[5]	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	Mar. 31, 2020		Dec. 31, 2019		Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 10,905	[1]	$ 13,537	[1]	$ 18,580	$ 19,402
Level 1 Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	0		0
Level 2 Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	0		0
Level 3 Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	10,905		13,537
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	10,900		13,500
Current period ended fair value adjustment recognized in the consolidated Statements of Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 897		$ 2,104
[1]	Property held-for-sale, net, includes valuation allowances of $2.3 million and $1.8 million at March 31, 2020 and December 31, 2019, respectively.

Affiliates - Narrative (Details

Affiliates - Narrative (Details) $ in Millions	Nov. 22, 2019USD ($)shares	May 29, 2018USD ($)warrantshares	Jan. 26, 2018USD ($)warrantshares	Dec. 31, 2019USD ($)numberOfLoanPoolstransaction	Mar. 31, 2020	Mar. 14, 2016
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interests in joint venture					34.00%
2017-D
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interests in joint venture					50.00%
Thetis
Schedule of Equity Method Investments [Line Items]
Ownership percentage					19.80%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				16.50%	16.50%	24.20%
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					5.00%
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage					100.00%
Gaea
Schedule of Equity Method Investments [Line Items]
Proceeds from Issuance of Private Placement	$ 66.3
Private placement share issuance | shares	4,419,641
Ownership percentage	23.20%
Gaea | Third Party
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	76.80%
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					8.00%
Number of transactions | transaction				2
Percentage of equity interest at closing date		3.10%	4.90%
Number of warrants | warrant		3	3
Percentage of warrants exercisable		1.55%	2.45%
Cash payment in business acquisition		$ 0.7	$ 1.1
Number of shares (in shares) | shares		29,063	45,938
Common stock value		$ 0.4	$ 0.6
Legacy entities
Schedule of Equity Method Investments [Line Items]
Number of entities | numberOfLoanPools				3
Ownership percentage				40.40%
Cash payment in business acquisition				$ 1

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at the Company's share	$ (1,112)	$ 461
Assets at Company share	1,537,847		$ 1,576,841
Liabilities at Company share	1,180,573		1,192,757
Thetis
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(4,877)	1,408
Assets	7,229		12,277
Liabilities	2,379		2,265
Net income/(loss) at the Company's share	(966)	279
Assets at Company share	1,431		2,431
Liabilities at Company share	471		448
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(3,450)	1,600
Assets	56,538		61,432
Liabilities	35,656		37,142
Net income/(loss) at the Company's share	(276)	128
Assets at Company share	4,523		4,915
Liabilities at Company share	2,852		2,971
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	62	76
Assets	5,522		5,747
Liabilities	2		2
Net income/(loss) at the Company's share	10	13
Assets at Company share	911		948
Liabilities at Company share	0		0
Legacy entities
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	198	0
Assets	1,350		1,592
Liabilities	3,125		3,095
Net income/(loss) at the Company's share	79	0
Assets at Company share	540		637
Liabilities at Company share	1,259		1,247
Gaea
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	15	0
Assets	83,173		83,068
Liabilities	772		768
Net income/(loss) at the Company's share	4	$ 0
Assets at Company share	19,277		19,252
Liabilities at Company share	$ 179		$ 178

Commitments and Contingencies (

Commitments and Contingencies (Details Textuals)	3 Months Ended
	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Mortgage Loans on Real Estate
Aggregate unpaid principal balance of mortgage loans on real estate	$ 26,200,000	$ 176,900,000
Loss Contingency Accrual	$ 0
Re-performing loans | Purchase commitment | One-to-four family residences
Mortgage Loans on Real Estate
Number of mortgage loans on real estate | loan	906
Aggregate unpaid principal balance of mortgage loans on real estate	$ 162,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 25, 2019	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)	Mar. 31, 2020USD ($)securitizationFacilityDay$ / shares	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)securitization$ / shares	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture					34.00%		34.00%
Percentage of guarantors beneficial interest					100.00%		100.00%
Number of securitizations completed | securitization							15
Number of securitizations outstanding | securitization					6		6
Percentage of interests in trust certificates sold to third parties					50.00%
Interest expense					$ 13,070,000	$ 15,685,000
Amortization of debt discount						$ 3,200,000
Percentage of ownership interests in joint venture					34.00%		34.00%
Debt Instrument, Basis Spread on Variable Rate	100.00%
Collateralized Financings					$ 32,360,000		$ 32,360,000	$ 4,117,000
Increase (Decrease) in Margin Deposits Outstanding					$ 28,200,000
Class A Notes
Debt Instrument [Line Items]
Period after issue					36 months
Mortgage loans
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization					6		6
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal				$ 87,500,000
Interest Rate			7.25%	7.25%	7.25%		7.25%
Proceeds from sale of convertible senior notes			$ 20,500,000	$ 84,900,000
Conversion premium - Convertible senior notes			200,000	$ 2,500,000
Percentage of notes convertible to common stock				17.50%
Additional aggregate principal		$ 15,900,000	$ 20,500,000
Conversion premium			6.00%
Principal amount of note (in dollars per share) | $ / shares					$ 25
If-converted value in excess of principal					$ 64,900,000
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					$ 4,400,000		$ 4,400,000
Amortization of debt discount					$ 300,000
Interest rate, effective percentage					8.72%		8.72%
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate					3.86%		3.86%	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 | Facility					2
Number of counterparties | Facility					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 [Member]
Debt Instrument [Line Items]
Number of facilities repurchased | Facility					3,000
Gregory
Debt Instrument [Line Items]
Ceiling for each repurchase facility					$ 12,000,000		$ 12,000,000
Gregory | Servicing Agreement
Debt Instrument [Line Items]
Servicing fees percentage					0.42%
Gregory | Servicing Agreement | Minimum
Debt Instrument [Line Items]
Servicing fees percentage					0.65%
Gregory | Servicing Agreement | Maximum
Debt Instrument [Line Items]
Servicing fees percentage					1.25%
Common Stock | Convertible Notes Payable
Debt Instrument [Line Items]
Conversion rate					1.7279
Conversion price (in dollars per share) | $ / shares					$ 14.47		$ 14.47
2018-C | Class A Notes
Debt Instrument [Line Items]
Percentage of Interest retained by the Company					5.00%
2018-C | Mortgage loans | Class B Notes
Debt Instrument [Line Items]
Aggregate principal					$ 15,900,000		$ 15,900,000	$ 15,900,000
2018-C | Mortgage loans | Class A Notes
Debt Instrument [Line Items]
Aggregate principal					$ 142,000,000		142,000,000	148,500,000
Ajax Mortgage Loan Trust 2018 C September 2018
Debt Instrument [Line Items]
Percentage of Interests Sold to Third Parties					37.00%
Ajax Mortgage Loan Trust 2018 C September 2018 | Class A Notes
Debt Instrument [Line Items]
Percentage of Interests Sold to Third Parties					95.00%
Ajax Mortgage Loan Trust 2018 C September 2018 | Mortgage loans | Class B Notes
Debt Instrument [Line Items]
Aggregate principal					$ 15,900,000		$ 15,900,000
Interest Rate					5.25%		5.25%
Ajax Mortgage Loan Trust 2018 C September 2018 | Mortgage loans | Class A Notes
Debt Instrument [Line Items]
Aggregate principal					$ 170,500,000		$ 170,500,000
Interest Rate					4.36%		4.36%
2017-C
Debt Instrument [Line Items]
Period after issue					48 months
2017-D
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	300.00%
2017-D | Mortgage loans | Class A Notes
Debt Instrument [Line Items]
Aggregate principal					$ 114,900,000		$ 114,900,000	$ 121,900,000
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal		$ 108,000,000
Interest Rate		7.25%
Proceeds from sale of convertible senior notes		$ 15,200,000
Conversion premium - Convertible senior notes		$ 500,000
Conversion premium		11.43%
Unpaid principal balance					115,900,000		$ 115,900,000
Interest expense					$ 2,400,000

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Amount of Collateral	$ 607,167	$ 580,167
Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	938,065	918,521
Amount Outstanding	431,091	414,114
Amount of Collateral	$ 607,167	$ 580,167
Percentage of Collateral Coverage	141.00%	140.00%
Interest Rate	3.86%	3.77%
Master Repurchase Agreement | July 10, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 250,000	$ 250,000
Amount Outstanding	30,141	28,931
Amount of Collateral	$ 44,217	$ 57,397
Percentage of Collateral Coverage	147.00%	198.00%
Interest Rate	3.38%	4.28%
Master Repurchase Agreement | September 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000	$ 400,000
Amount Outstanding	112,885	116,662
Amount of Collateral	$ 164,103	$ 164,403
Percentage of Collateral Coverage	145.00%	141.00%
Interest Rate	3.11%	4.24%
Class A Notes | Master Repurchase Agreement | January 3, 2020
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%
2018-C | Class A Notes | Master Repurchase Agreement | March 25, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 7,075
Amount Outstanding		7,075
Amount of Collateral		$ 10,024
Percentage of Collateral Coverage		142.00%
Interest Rate		3.96%
2018-C | Class A Notes | Master Repurchase Agreement | April 27, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,108
Amount Outstanding	4,108
Amount of Collateral	$ 7,101
Percentage of Collateral Coverage	173.00%
Interest Rate	3.71%
2018-C | Class B Notes | Master Repurchase Agreement | March 25, 2020
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%
2018-C | Class B Notes | Master Repurchase Agreement | April 27, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,811
Amount Outstanding	4,811
Amount of Collateral	$ 10,024
Percentage of Collateral Coverage	208.00%
Interest Rate	3.71%
2019-A | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 11,181
Amount Outstanding	11,181
Amount of Collateral	$ 14,682
Percentage of Collateral Coverage	131.00%
Interest Rate	3.11%
2019-A | Master Repurchase Agreement | January 3, 2020
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%
2019-A | Class A Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,827
Amount Outstanding	3,827
Amount of Collateral	$ 4,907
Percentage of Collateral Coverage	128.00%
Interest Rate	3.11%
2019-A | Class A Notes | Master Repurchase Agreement | January 3, 2020
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%
2019-A | Class B Notes | Master Repurchase Agreement | April 2, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,758
Amount Outstanding	1,758
Amount of Collateral	$ 2,388
Percentage of Collateral Coverage	136.00%
Interest Rate	2.96%
2019-A | Class B Notes | Master Repurchase Agreement | January 3, 2020
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%
2019-B | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,019
Amount Outstanding	10,019
Amount of Collateral	$ 13,192
Percentage of Collateral Coverage	132.00%
Interest Rate	3.11%
2019-B | Master Repurchase Agreement | January 3, 2020
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%
2019-B | Class A Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,161
Amount Outstanding	5,161
Amount of Collateral	$ 6,616
Percentage of Collateral Coverage	128.00%
Interest Rate	3.11%
2019-B | Class B Notes | Master Repurchase Agreement | April 2, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,684
Amount Outstanding	1,684
Amount of Collateral	$ 2,287
Percentage of Collateral Coverage	136.00%
Interest Rate	2.96%
2019-B | Class B Notes | Master Repurchase Agreement | January 3, 2020
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%
2018-A | Class A Notes | Master Repurchase Agreement | June 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,116
Amount Outstanding	5,116
Amount of Collateral	$ 6,721
Percentage of Collateral Coverage	131.00%
Interest Rate	3.56%
2018-A | Class A Notes | Master Repurchase Agreement | January 3, 2020
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%
2018-G | Master Repurchase Agreement | June 19, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 14,599
Amount Outstanding	14,599
Amount of Collateral	$ 19,893
Percentage of Collateral Coverage	136.00%
Interest Rate	6.22%
2018-G | Master Repurchase Agreement | January 21, 2020
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%
2018-G | Class A Notes | Master Repurchase Agreement | June 19, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 9,571
Amount Outstanding	9,571
Amount of Collateral	$ 13,043
Percentage of Collateral Coverage	136.00%
Interest Rate	6.22%
2018-G | Class A Notes | Master Repurchase Agreement | January 21, 2020
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%
2018-G | Class B Notes | Master Repurchase Agreement | June 19, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,665
Amount Outstanding	2,665
Amount of Collateral	$ 4,050
Percentage of Collateral Coverage	152.00%
Interest Rate	6.72%
2018-G | Class B Notes | Master Repurchase Agreement | January 21, 2020
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%
2017-D | Class A Notes | Master Repurchase Agreement | April 22, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 35,381
Amount Outstanding	35,381
Amount of Collateral	$ 51,679
Percentage of Collateral Coverage	146.00%
Interest Rate	5.00%
2017-D | Class A Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,704	$ 6,097
Amount Outstanding	4,704	6,097
Amount of Collateral	$ 5,755	$ 7,891
Percentage of Collateral Coverage	122.00%	129.00%
Interest Rate	3.64%	3.64%
2017-D | Class A Notes | Master Repurchase Agreement | February 24, 2020
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%
2018-D | Class A Notes | Master Repurchase Agreement | March 27, 2020
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%
2018-D | Class A Notes | Master Repurchase Agreement | April 27, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,153
Amount Outstanding	2,153
Amount of Collateral	$ 10,938
Percentage of Collateral Coverage	508.00%
Interest Rate	3.86%
2018-D | Class A Notes | Master Repurchase Agreement | June 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,328
Amount Outstanding	8,328
Amount of Collateral	$ 3,656
Percentage of Collateral Coverage	44.00%
Interest Rate	3.56%
2018-D | Class A Notes | Master Repurchase Agreement | January 3, 2020
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%
2017-B | Class B 1 Notes | Master Repurchase Agreement | June 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,099
Amount Outstanding	6,099
Amount of Collateral	$ 9,038
Percentage of Collateral Coverage	148.00%
Interest Rate	3.56%
2017-B | Class B 1 Notes | Master Repurchase Agreement | January 3, 2020
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%
2017-B | Class B 2 Notes | Master Repurchase Agreement | April 27, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,749
Amount Outstanding	5,749
Amount of Collateral	$ 7,464
Percentage of Collateral Coverage	130.00%
Interest Rate	3.00%
2017-B | Class B 2 Notes | Master Repurchase Agreement | January 28, 2020
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%
2017-B | Class M1 Notes | Master Repurchase Agreement | February 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 7,568
Amount Outstanding		7,568
Amount of Collateral		$ 9,702
Percentage of Collateral Coverage		128.00%
Interest Rate		4.19%
2017-B | Class M1 Notes | Master Repurchase Agreement | July 31, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,763
Amount Outstanding	7,763
Amount of Collateral	$ 9,702
Percentage of Collateral Coverage	125.00%
Interest Rate	3.56%
2017-B | Class M2 Notes | Master Repurchase Agreement | February 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 6,664
Amount Outstanding		6,664
Amount of Collateral		$ 9,537
Percentage of Collateral Coverage		143.00%
Interest Rate		4.19%
2017-B | Class M2 Notes | Master Repurchase Agreement | July 31, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,151
Amount Outstanding	7,151
Amount of Collateral	$ 9,537
Percentage of Collateral Coverage	133.00%
Interest Rate	3.56%
2018-E | Class A Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,053	$ 4,704
Amount Outstanding	3,053	4,704
Amount of Collateral	$ 3,959	$ 6,106
Percentage of Collateral Coverage	130.00%	130.00%
Interest Rate	3.64%	3.64%
2018-E | Class B Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,132	$ 3,053
Amount Outstanding	1,132	3,053
Amount of Collateral	$ 1,607	$ 4,035
Percentage of Collateral Coverage	142.00%	132.00%
Interest Rate	3.79%	3.64%
2018-F | Class A Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,097	$ 2,332
Amount Outstanding	6,097	2,332
Amount of Collateral	$ 7,565	$ 3,360
Percentage of Collateral Coverage	124.00%	144.00%
Interest Rate	3.64%	3.79%
2018-F | Class B Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,332	$ 1,132
Amount Outstanding	2,332	1,132
Amount of Collateral	$ 3,360	$ 1,607
Percentage of Collateral Coverage	144.00%	142.00%
Interest Rate	3.79%	3.79%
2019-C | Class A Notes | Master Repurchase Agreement | June 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,286	$ 5,286
Amount Outstanding	5,286	5,286
Amount of Collateral	$ 6,850	$ 7,044
Percentage of Collateral Coverage	130.00%	133.00%
Interest Rate	3.57%	3.57%
2019-C | Class B Notes | Master Repurchase Agreement | June 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,324	$ 3,324
Amount Outstanding	3,324	3,324
Amount of Collateral	$ 4,667	$ 4,667
Percentage of Collateral Coverage	140.00%	140.00%
Interest Rate	3.72%	3.72%
2018-B | Class A Notes | Master Repurchase Agreement | June 19, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,691
Amount Outstanding	4,691
Amount of Collateral	$ 6,089
Percentage of Collateral Coverage	130.00%
Interest Rate	6.22%
2018-B | Class A Notes | Master Repurchase Agreement | January 21, 2020
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%
2017-C | Class B Notes | Master Repurchase Agreement | July 10, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 9,020
Amount Outstanding	9,020
Amount of Collateral	$ 13,016
Percentage of Collateral Coverage	144.00%
Interest Rate	3.67%
2017-C | Class B Notes | Master Repurchase Agreement | January 13, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 8,956
Amount Outstanding		8,956
Amount of Collateral		$ 13,016
Percentage of Collateral Coverage		145.00%
Interest Rate		4.16%
2019-E | Class A Notes | Master Repurchase Agreement | March 26, 2020
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%
2019-E | Class A Notes | Master Repurchase Agreement | June 26, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 20,906
Amount Outstanding	20,906
Amount of Collateral	$ 31,930
Percentage of Collateral Coverage	153.00%
Interest Rate	9.23%
2019-E | Class B Notes | Master Repurchase Agreement | April 27, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,522
Amount Outstanding	2,522
Amount of Collateral	$ 3,381
Percentage of Collateral Coverage	134.00%
Interest Rate	2.80%
2019-E | Class B Notes | Master Repurchase Agreement | January 28, 2020
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%
2019-G | Class A Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 20,987
Amount Outstanding	20,987
Amount of Collateral	$ 27,814
Percentage of Collateral Coverage	133.00%
Interest Rate	3.11%
2019-G | Class A Notes | Master Repurchase Agreement | January 10, 2020
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%
2019-G | Class B Notes | Master Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,848
Amount Outstanding	1,848
Amount of Collateral	$ 2,640
Percentage of Collateral Coverage	143.00%
Interest Rate	3.21%
2019-G | Class B Notes | Master Repurchase Agreement | January 10, 2020
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%
2019-H | Class A Notes | Master Repurchase Agreement | June 19, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,447	$ 13,447
Amount Outstanding	13,447	13,447
Amount of Collateral	$ 17,077	$ 18,076
Percentage of Collateral Coverage	127.00%	134.00%
Interest Rate	3.55%	3.55%
2019-H | Class B Notes | Master Repurchase Agreement | June 19, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,155	$ 1,155
Amount Outstanding	1,155	1,155
Amount of Collateral	$ 1,687	$ 1,687
Percentage of Collateral Coverage	146.00%	146.00%
Interest Rate	3.70%	3.70%
2020-A | Class A Notes | Master Repurchase Agreement | April 13, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 37,201
Amount Outstanding	37,201
Amount of Collateral	$ 49,877
Percentage of Collateral Coverage	134.00%
Interest Rate	2.46%
2020-A | Class B Notes | Master Repurchase Agreement | April 13, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,236
Amount Outstanding	3,236
Amount of Collateral	$ 4,655
Percentage of Collateral Coverage	144.00%
Interest Rate	2.56%
Mortgage loans
Debt Instrument [Line Items]
Percentage of Collateral Coverage	139.00%	138.00%
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Percentage of Collateral Coverage	149.00%	144.00%
Mortgage loans | 2018-C
Debt Instrument [Line Items]
Percentage of Collateral Coverage	125.00%	122.00%
Mortgage loans | 2017-D
Debt Instrument [Line Items]
Percentage of Collateral Coverage	244.00%	243.00%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 431,091	$ 414,114
Gross amount of loans and securities pledged as collateral	607,167	580,167
Collateralized Financings	32,360	4,117
Net collateral amount	$ 143,716	$ 161,936

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture	34.00%
Mortgage loans
Debt Instrument [Line Items]
Deferred issuance costs	$ (6,200,000)	$ (7,000,000)
Mortgage loans | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture	50.00%
Reflection of required consolidation	100.00%
Mortgage loans | Class A Notes | 2018-C
Debt Instrument [Line Items]
Original Principal	$ 142,000,000	148,500,000
Securities Borrowed, Liability	134,900,000	141,000,000
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 115,800,000
Interest Rate	3.16%
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 130,200,000
Interest Rate	3.75%
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 177,800,000
Interest Rate	3.75%
Ownership percentage	50.00%
Mortgage loans | Class A Notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 170,500,000
Interest Rate	4.36%
Mortgage loans | Class B Notes | 2018-C
Debt Instrument [Line Items]
Original Principal	$ 15,900,000	15,900,000
Securities Borrowed, Liability	5,900,000	$ 5,900,000
Mortgage loans | Class B Notes | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original Principal	$ 15,900,000
Interest Rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9,000,000
Interest Rate	3.75%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original Principal	$ 13,000,000
Interest Rate	5.25%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 7,500,000
Interest Rate	3.50%
Mortgage loans | Class B 1 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 11,500,000
Interest Rate	3.50%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 7,500,000
Interest Rate	3.75%
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 7,100,000
Mortgage loans | Class B 2 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	10,400,000
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 14,300,000
Interest Rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 42,800,000
Interest Rate	0.00%
Mortgage loans | Trust Certificate | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Original principal, trust certificates	$ 40,900,000
Interest Rate	0.00%
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1,800,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-C/ November 2017
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1,700,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1,100,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2018-C/ September 2018
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (2,000,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (2,700,000)
Mortgage loans | Deferred issuance costs | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1,800,000)
Mortgage loans | Class M1 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9,700,000
Interest Rate	3.50%
Mortgage loans | Class M1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 9,300,000
Interest Rate	3.50%
Mortgage loans | Class M1 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 6,100,000
Interest Rate	3.50%
Mortgage loans | Class M2 Notes | Ajax Mortgage Loan Trust 2017-B/ December 2017
Debt Instrument [Line Items]
Original Principal	$ 9,500,000
Interest Rate	3.50%
Mortgage loans | Class B Certificates | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Original principal, trust certificates	$ 44,500,000
Interest Rate	0.00%
Ownership percentage	50.00%
Mortgage loans | Class A-1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 140,400,000
Interest Rate	2.96%
Mortgage loans | Class A-1 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 110,100,000
Interest Rate	2.86%
Mortgage loans | Class A-2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 6,100,000
Interest Rate	3.50%
Mortgage loans | Class A-2 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 12,500,000
Interest Rate	3.50%
Mortgage loans | Class A-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 10,100,000
Interest Rate	3.50%
Mortgage loans | Class A-3 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 5,100,000
Interest Rate	3.50%
Mortgage loans | Class B-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 12,800,000
Mortgage loans | Class B-3 Notes | Ajax Mortgage Loan Trust 2019 F November 2019
Debt Instrument [Line Items]
Original Principal	$ 15,100,000

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying value of mortgages	[1],[2]	$ 1,098,629	$ 1,151,469
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages		888,230	908,562
Bond principal balance		$ 637,116	$ 659,715
Percentage of collateral coverage		139.00%	138.00%
Original balances at securitization cutoff date Mortgage UPB		$ 1,142,020
Original balances at securitization cutoff date Bond principal balance		787,161
Debt issuance costs, net		6,200	$ 7,000
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Carrying value of mortgages		120,075	121,909
Bond principal balance		$ 80,325	$ 84,624
Percentage of collateral coverage		149.00%	144.00%
Original balances at securitization cutoff date Mortgage UPB		$ 165,850
Original balances at securitization cutoff date Bond principal balance		115,846
Mortgage loans | 2017-C
Debt Instrument [Line Items]
Carrying value of mortgages		136,177	$ 137,369
Bond principal balance		$ 91,159	$ 94,126
Percentage of collateral coverage		149.00%	146.00%
Original balances at securitization cutoff date Mortgage UPB		$ 185,942
Original balances at securitization cutoff date Bond principal balance		130,159
Mortgage loans | 2017-D
Debt Instrument [Line Items]
Carrying value of mortgages		140,364	$ 148,119
Bond principal balance		$ 57,434	$ 60,934
Percentage of collateral coverage		244.00%	243.00%
Original balances at securitization cutoff date Mortgage UPB		$ 203,870
Original balances at securitization cutoff date Bond principal balance		88,903
Cash collateral for borrowed securities		26,700
Mortgage loans | 2018-C
Debt Instrument [Line Items]
Carrying value of mortgages		176,116	$ 179,303
Bond principal balance		$ 140,815	$ 146,925
Percentage of collateral coverage		125.00%	122.00%
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]
Carrying value of mortgages		161,705	$ 165,963
Bond principal balance		$ 142,980	$ 146,383
Percentage of collateral coverage		113.00%	113.00%
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]
Carrying value of mortgages		153,793	$ 155,899
Bond principal balance		$ 124,403	$ 126,723
Percentage of collateral coverage		124.00%	123.00%
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]
Original Principal		114,900	$ 121,900
Secured borrowings		57,400	60,900
Class A Notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		142,000	148,500
Secured borrowings		134,900	141,000
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 March 31, 2020, balances for Mortgage loans, net includes $316.5 million and Secured borrowings, net of deferred costs includes $271.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $888.2 million and $908.6 million of loans at March 31, 2020 and December 31, 2019, 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 $16.1 million and $2.0 million of allowance for loan credit losses at March 31, 2020 and December 31, 2019, respectively.

Related Party Transactions - Sc

Related Party Transactions - Schedule Statement of Income of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	$ 2,014	$ 2,506
Related party expense – management fee	1,799	1,688
Loss on sale of mortgage loans	(705)	0
Interest Income
Related Party Transaction [Line Items]
Amount of transaction	2,019	2,416
Gregory | Loan Servicing Fees
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	2,014	2,506
Thetis | Management fees
Related Party Transaction [Line Items]
Related party expense – management fee	1,799	1,688
Thetis | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction	(966)	279
Great Ajax FS | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction	(276)	128
Gaea | Gain/Loss on sale of Mortgage Loans
Related Party Transaction [Line Items]
Loss on sale of mortgage loans	$ (705)	$ 0

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	$ 377	$ 241
Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction	7	10
Gregory | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	865	687
Gregory | Prepaid expenses and ather assets | Receivable from Servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction	757	585
Gregory | Receivable from Servicer
Related Party Transaction [Line Items]
Amount of transaction	17,322	17,013
Thetis | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	87	87
Thetis | Management Fee Payable
Related Party Transaction [Line Items]
Amount of transaction	1,795	1,634
Gaea | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction	$ 98
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		Jul. 08, 2014	Mar. 31, 2020USD ($)calenderloan	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)loan
Related Party Transaction [Line Items]
Management fee payable			$ 1,795	$ 1,634
Period of termination of license agreement			30 days
Investment In Securities			$ 61,300	187,800
Number of sold loans | loan			26		0
Carrying value of mortgages	[1],[2]		$ 1,098,629	1,151,469
Loss on sale of mortgage loans			(705)		$ 0
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance			26,200	176,900
Investment in debt securities	[3]		$ 247,372	231,685
Percentage of ownership interests in joint venture			34.00%
Investments in beneficial interests	[4]		$ 64,703	57,954
Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction			377	241
Residential RPL loan pools
Related Party Transaction [Line Items]
Carrying value of mortgages			1,066,555	1,085,514
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance			2,000		8,500
Nonperforming loan pools
Related Party Transaction [Line Items]
Carrying value of mortgages			27,857	30,869
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance			$ 200
Thetis | Management Agreement
Related Party Transaction [Line Items]
Base management fee percentage			1.50%
Thetis | Amended And Restated Management Agreement
Related Party Transaction [Line Items]
Percentage of Independent Directors			66.67%
Management fee payable			$ 1,000
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
Incentive Fee Expense			$ 0		200
Thetis | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction			87	87
Gregory
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 12,000
Fixed interest rate			7.20%
Gregory | Servicing Agreement
Related Party Transaction [Line Items]
Servicing fees percentage			0.42%
Percentage of Purchase Price of REO		1.00%
Gregory | Servicing Agreement | Minimum [Member]
Related Party Transaction [Line Items]
Servicing fees percentage			0.65%
Gregory | Servicing Agreement | Maximum [Member]
Related Party Transaction [Line Items]
Servicing fees percentage			1.25%
Gregory | Prepaid expenses and ather assets
Related Party Transaction [Line Items]
Amount of transaction			$ 865	687
Gregory | Prepaid expenses and ather assets | Receivable from Servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction			757	585
2019-C
Related Party Transaction [Line Items]
Investment In Securities			12,100
Loss on sale of mortgage loans			7,000
Beneficial interests
Related Party Transaction [Line Items]
Investments in beneficial interests			7,100	$ 9,500
Beneficial interests | 2019-C
Related Party Transaction [Line Items]
Investments in beneficial interests			8,000
Senior Notes
Related Party Transaction [Line Items]
Investment in debt securities			49,600		50,000
Subordinated Debt
Related Party Transaction [Line Items]
Investment in debt securities			$ 4,600		$ 4,600
[1]	As of March 31, 2020, balances for Mortgage loans, net includes $316.5 million and Secured borrowings, net of deferred costs includes $271.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans net include $888.2 million and $908.6 million of loans at March 31, 2020 and December 31, 2019, 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 $16.1 million and $2.0 million of allowance for loan credit losses at March 31, 2020 and December 31, 2019, respectively.
[3]	As of March 31, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $274.5 million and $230.4 million, respectively, and unrealized losses of $27.2 million and unrealized gains of $1.3 million, respectively.
[4]	Investments in beneficial interests includes allowance for credit losses of $7.2 million at March 31, 2020. No allowance for credit losses were recorded as of December 31, 2019.

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)	Aug. 01, 2019	Apr. 01, 2019	Jul. 31, 2018	Jul. 24, 2017	Aug. 17, 2016	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees						$ 1,800,000
Annual retainer amount							$ 75,000
Restricted stock | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)	79,000		36,500	39,000
Vesting period						3 years
2014 Director Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual Retainer Received In Shares		40.00%				50.00%
Annual Retainer Received In Cash		60.00%				50.00%
Vesting period						1 year
2014 Director Equity Plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual Retainer Received In Shares And Cash Amount		$ 100,000				$ 75,000
Long term incentive plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)									2,666
Long term incentive plan | Restricted stock | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)								333
Long term incentive plan | Initial public offering | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)						2,000
Vesting period						1 year
Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of expense recognized						$ 0
Employee And Service Provider Grants | Restricted stock | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)					153,000
Employee And Service Provider Grants | Long term incentive plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)										4,000
Employee And Service Provider Grants Third Option | Long term incentive plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)						2,500

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	3,468	65,065
Amount of expense recognized	$ 40	$ 766
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	0	62,301
Amount of expense recognized	$ 0	$ 728
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	3,468	2,764
Amount of expense recognized	$ 40	$ 38

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Schedule of Restricted Stock Plans (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	151,667	233,834
Total expected cost of grant	$ 2,102	$ 3,178
Shares granted during the year (in shares)	0	0
Grant expense recognized	$ 174	$ 263
Shares, nonvested (in shares)	114,334	110,389
Per share grant fair value (in dollars per share)	$ 13.87	$ 13.63
Shares, fully vested (in shares)	37,333	123,445
Per share grant date fair value (in dollars per share)	$ 13.84	$ 13.55
Directors’ Grants | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)		12,000
Total expected cost of grant		$ 162
Shares granted during the year (in shares)		0
Grant expense recognized		$ 14
Shares, nonvested (in shares)		0
Per share grant fair value (in dollars per share)		$ 13.48
Shares, fully vested (in shares)		12,000
Per share grant date fair value (in dollars per share)		$ 13.48
Employee And Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)		146,334
Total expected cost of grant		$ 1,976
Shares granted during the year (in shares)		0
Grant expense recognized		$ 163
Shares, nonvested (in shares)		47,889
Per share grant fair value (in dollars per share)		$ 13.50
Shares, fully vested (in shares)		98,445
Per share grant date fair value (in dollars per share)		$ 13.50
Weighted average remaining contractual terms		4 months 24 days
Employee and Service Provider Second Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	38,667	39,000
Total expected cost of grant	$ 539	$ 544
Shares granted during the year (in shares)	0	0
Grant expense recognized	$ 44	$ 45
Shares, nonvested (in shares)	12,667	26,000
Per share grant fair value (in dollars per share)	$ 13.95	$ 13.95
Shares, fully vested (in shares)	26,000	13,000
Per share grant date fair value (in dollars per share)	$ 13.95	$ 13.95
Weighted average remaining contractual terms	3 months 18 days	1 year 3 months 18 days
Employee And Service Provider Grants Third Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	34,000	36,500
Total expected cost of grant	$ 462	$ 496
Shares granted during the year (in shares)	0	0
Grant expense recognized	$ 38	$ 41
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 4 months 24 days	2 years 4 months 24 days
Employee And Service Provider Grants Fourth Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	79,000
Total expected cost of grant	$ 1,101
Shares granted during the year (in shares)	0
Grant expense recognized	$ 92
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 3 months 18 days
Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)			2,666
Long Term Incentive Plan [Member] | Employee And Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)				4,000
Long Term Incentive Plan [Member] | Employee And Service Provider Grants Third Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)	2,500

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)year	Mar. 31, 2019USD ($)
Income Tax Examination [Line Items]
Distribution Percentage Of Real Estate Investment Trust Taxable Income	90.00%
Number Of Taxable Years | year	4
Taxable income	$ 1,200,000	$ 2,000,000
Provision for income taxes (benefit)	(319,000)	71,000
Income tax interest and penalties recorded	0	0
Assets
Income Tax Examination [Line Items]
Deferred income tax assets	0	0
Liability
Income Tax Examination [Line Items]
Deferred income tax liabilities	$ 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
	Mar. 31, 2020	Mar. 31, 2019
Basic EPS
Consolidated net income attributable to common stockholders	$ 400	$ 7,330
Allocation of earnings to participating restricted shares	(2)	(84)
Consolidated net income attributable to unrestricted common stockholders	398	7,246
Effect of dilutive securities
Operating Partnership units	0	239
Restricted stock grants and Manager and director fee shares	2	84
Interest expense (add back) and assumed conversion of shares from convertible senior notes(1)	0	2,549
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$ 400	$ 10,118
Basic EPS
Consolidated net income attributable to unrestricted common stockholders (in shares)	22,070,354	18,811,713
Allocation of earnings to participating restricted shares (in shares)	0	0
Effect of dilutive securities
Operating Partnership units (in shares)	0	624,106
Restricted stock grants and Manager and director fee shares (in shares)	119,630	217,316
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)	0	8,176,313
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)	22,189,984	27,829,448
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.02	$ 0.39
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.02	$ 0.36

Equity - Narrative (Details)

Equity - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)numberOfLoanPools$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 24, 2020$ / shares	Mar. 17, 2020$ / shares	Jun. 30, 2019shares	Dec. 31, 2018shares
Class of Stock [Line Items]
Percentage Of Outstanding Operating Partnership Units Owned	100.00%						96.80%
Common stock shares outstanding (in shares)	22,921,935	22,142,143
Common stock par value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	125,000,000	125,000,000
Preferred stock shares outstanding (in shares)	0	0
Preferred stock shares authorized (in shares)	25,000,000	25,000,000
Treasury Stock, Shares	37,278	33,248
Sale of common stock pursuant to dividend reinvestment plan | $	$ 0		$ 72,000
Operating partnership units						624,106
Percentage of ownership interests in joint venture	34.00%
Common Stock, Shares, Issued	22,921,935	22,142,143
Dividends declared and distributions (in shares)	781,222
Dividends Payable, Amount Per Share | $ / shares	$ 0.32		$ 0.32	$ 0.32
Shares Issued, Price Per Share | $ / shares					$ 9.14
Number of non controlling interest subsidiaries | numberOfLoanPools	4
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 50,000,000
Common Stock, Shares, Issued	0		0
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	22,921,935	22,142,143	18,967,223				18,909,874
Issuance of shares under dividend reinvestment plan (in shares)	0		5,321
Sale of common stock pursuant to dividend reinvestment plan | $			$ 100,000
Dividends declared and distributions (in shares)	781,222
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of OP Units | $		$ 10,800,000
2017-D
Class of Stock [Line Items]
Percentage of ownership interests in joint venture	50.00%
2017-D | Great Ajax Corp
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	50.00%
AS Ajax E II LLC
Class of Stock [Line Items]
Percentage of ownership interests in joint venture	53.10%
AS Ajax E II LLC | Third Party
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	46.90%
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]
Noncontrolling Interest, 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]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%
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]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%
Great Ajax II REIT
Class of Stock [Line Items]
Company ownership percentage	99.80%
Great Ajax II REIT | Third Party
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	0.20%

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive gain/(loss)	$ (27,167)	$ 1,277
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive gain/(loss)	(27,167)	1,277
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	0	1,643
Unrealized losses	$ (27,167)	$ (366)

Equity - Schedule of Less than

Equity - Schedule of Less than wholly owned subsidiary, parent ownership interest, net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease from redemption of OP units by third party investor	$ 0	$ (10,816)
Change in non-controlling interest	0	(10,838)
Gaea
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease due to deconsolidation of Gaea	$ 0	$ (22)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands	Apr. 28, 2020	Apr. 06, 2020USD ($)$ / sharesshares	May 06, 2020USD ($)numberOfLoanPools	Mar. 31, 2020USD ($)loan$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)loan$ / shares	May 03, 2020$ / shares	Mar. 27, 2020$ / shares	Mar. 24, 2020$ / shares
Subsequent Event [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate | $				$ 26,200	$ 176,900
Estimated market value of the underlying collateral | $				$ 44,200
Preferred Stock, Shares Issued				0	0
Preferred Stock, Par or Stated Value Per Share | $ / shares				$ 0.01	$ 0.01
Preferred Stock, Shares Authorized				25,000,000	25,000,000
Dividends payable, amount per share (in dollars per share) | $ / shares				$ 0.32		$ 0.32			$ 0.32
Residential RPL loan pools
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				26		38
Aggregate unpaid principal balance of mortgage loans on real estate | $				$ 2,000		$ 8,500
Subsequent Event
Subsequent Event [Line Items]
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $		$ 80,000
Preferred Stock, Par or Stated Value Per Share | $ / shares		$ 25
Preferred Stock, Call or Exercise Features		10.00
Preferred Stock, Shares Authorized		4,000,000
Subsequent Event | Minimum [Member]
Subsequent Event [Line Items]
Percentage Of Base Management Fees Payable In Cash	50.00%
Subsequent Event | Maximum [Member]
Subsequent Event [Line Items]
Percentage Of Base Management Fees Payable In Cash	100.00%
Subsequent Event | Series A Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, Shares Issued		820,000
Investment Interest Rate		7.25%
Subsequent Event | Series A Preferred Stock | Second purchase [Member]
Subsequent Event [Line Items]
Preferred Stock, Shares Issued		800,000
Subsequent Event | Series B Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, Shares Issued		2,380,000
Investment Interest Rate		5.00%
Subsequent Event | Series B Preferred Stock | Second purchase [Member]
Subsequent Event [Line Items]
Preferred Stock, Shares Issued		1,000,000
Board of Directors
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares								$ 0.32
Board of Directors | Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares							$ 0.17
Corporate Joint Venture [Member] | Subsequent Event | One Seller
Subsequent Event [Line Items]
Number of transaction | numberOfLoanPools			1
Corporate Joint Venture [Member] | Subsequent Event | Residential RPL loan pools | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools			677
Aggregate unpaid principal balance of mortgage loans on real estate | $			$ 123,200
Percentage of unpaid principal balance of loan acquired			92.50%
Percentage of estimated market value of the underlying collateral			60.00%
Estimated market value of the underlying collateral | $			$ 189,900