Rithm Property Trust (RPT) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Entity Information [Line Items]
Document Transition Report	false
Entity Registrant Name	GREAT AJAX CORP.
Document Period End Date	Jun. 30, 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	Q2
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		22,924,982
Document Quarterly Report	true
AJXA
Entity Information [Line Items]
Trading Symbol	AJXA
Security Exchange Name	NYSE
Title of 12(b) Security	7.25% Convertible Senior Notes due 2024
Common Stock
Entity Information [Line Items]
Trading Symbol	AJX
Security Exchange Name	NYSE
Title of 12(b) Security	Common stock, par value $0.01 per share

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 163,422	$ 64,343
Cash held in trust		190	20
Mortgage loans, net	[1],[2]	1,080,617	1,151,469
Property held-for-sale, net	[3]	6,879	13,537
Rental property, net		1,354	1,534
Investments at fair value		257,990	231,685
Investments in beneficial interests		69,876	57,954
Receivable from servicer		15,460	17,013
Investments in affiliates		28,487	29,649
Prepaid expenses and other assets		15,649	9,637
Total assets		1,639,924	1,576,841
Liabilities:
Secured borrowings, net	[1],[2],[4]	609,812	652,747
Borrowings under repurchase transactions		400,035	414,114
Convertible senior notes, net	[4]	111,773	118,784
Management fee payable		2,139	1,634
Accrued expenses and other liabilities		17,295	5,478
Total liabilities		1,141,054	1,192,757
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 22,924,982 shares issued and outstanding at June 30, 2020 and 22,142,143 shares issued and outstanding at December 31, 2019		230	222
Additional paid-in capital		317,029	309,395
Treasury stock		(564)	(458)
Retained earnings		45,084	49,446
Accumulated other comprehensive (loss)/gain		(3,936)	1,277
Equity attributable to stockholders		472,987	359,882
Non-controlling interests	[5]	25,883	24,202
Total equity		498,870	384,084
Total liabilities and equity		1,639,924	1,576,841
7.25% Series A Preferred Stock
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized		51,100	0
5.00% Series B Preferred Stock
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized		$ 64,044	$ 0
[1]	As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 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 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 $871.7 million and $908.6 million of loans at June 30, 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 $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.
[3]	Property held-for-sale, net, includes valuation allowances of the $1.3 million and $1.8 million at June 30, 2020 and December 31, 2019, respectively.
[4]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[5]	As of June 30, 2020 and December 31, 2019 non-controlling interests includes $24.2 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		Jun. 30, 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)		22,924,982	22,142,143
Common stock shares outstanding (in shares)		22,924,982	22,142,143
Mortgage loans		$ 871,700	$ 908,600
Property held-for-sale, valuation allowances		1,300	1,800
Secured borrowings, net		609,812	652,747
Investment in debt securities - Basis		261,926	230,408
Noncontrolling interest	[1]	25,883	24,202
Financing Receivable, Allowance for Credit Loss		14,450	1,960
Debt securities accumulated unrealized gain (loss)		$ 3,900	$ 1,300
Series A Preferred Stock
Preferred stock shares outstanding (in shares)		2,307,400	0
Series B Preferred Stock
Preferred stock shares outstanding (in shares)		2,892,600	0
Beneficial interests
Financing Receivable, Allowance for Credit Loss		$ 7,000	$ 0
Consolidated Entities
Mortgage loans		312,000	341,800
Secured borrowings, net		263,600	284,800
Noncontrolling interest		$ 24,200	$ 22,400
2017-D | Great Ajax Corp
Noncontrolling Interest, Ownership Percentage by Parent		50.00%	50.00%
2018-C | Great Ajax Corp
Noncontrolling Interest, Ownership Percentage by Parent		63.00%	63.00%
[1]	As of June 30, 2020 and December 31, 2019 non-controlling interests includes $24.2 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		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
INCOME
Interest income		$ 23,705	$ 28,128	$ 50,991	$ 57,580
Interest expense		(13,058)	(15,439)	(26,128)	(31,124)
Net interest income		10,647	12,689	24,863	26,456
Provision for credit benefit/(losses)		4,328	85	781	239
Net interest income after provision for credit benefit/(losses)		14,975	12,604	24,082	26,217
Income/(loss) from investments in affiliates		672	257	(440)	718
Income/(loss) on sale of mortgage loans	[1]	0	7,014	(705)	7,014
Other income		680	828	1,427	1,938
Total revenue, net		16,327	20,703	24,364	35,887
EXPENSE
Related party expense – loan servicing fees		1,936	2,274	3,950	4,780
Related party expense – management fee		2,143	1,652	3,942	3,340
Loan transaction expense		65	191	(38)	260
Professional fees		732	634	1,537	1,496
Real estate operating expenses		188	887	1,100	1,673
Other expense		2,325	1,219	3,350	2,300
Total expense		7,389	6,857	13,841	13,849
Loss on debt extinguishment		0	182	408	182
Income before provision for income taxes		8,938	13,664	10,115	21,856
Provision for income taxes (benefit)		120	38	(199)	109
Consolidated net income		8,818	13,626	10,314	21,747
Less: consolidated net income attributable to the non-controlling interest		735	599	1,831	1,390
Consolidated net income attributable to common stockholders		8,083	13,027	8,483	20,357
Less: dividends on preferred stock		1,841	0	1,841	0
Consolidated net income attributable to common stockholders		$ 6,242	$ 13,027	$ 6,642	$ 20,357
Basic earnings per common share (in dollars per share)		$ 0.27	$ 0.67	$ 0.29	$ 1.06
Diluted earnings per common share (in dollars per share)		$ 0.27	$ 0.56	$ 0.29	$ 0.93
Weighted average shares - basic (in shares)		22,808,943	19,169,941	22,439,648	18,991,817
Weighted average shares - diluted (in shares)		22,929,849	27,732,587	22,559,916	27,879,608
[1]	The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company 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. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parentheticals) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020USD ($)loan	Jun. 30, 2019USD ($)loan	Jun. 30, 2020USD ($)loan	Jun. 30, 2019USD ($)loan	Dec. 31, 2019USD ($)
Number of sold loans | loan		0	962	26	962
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance			$ 200,100	$ 26,200	$ 200,100
Income/(loss) on sale of mortgage loans	[1]	$ 0	$ 7,014	(705)	$ 7,014
Carrying value of mortgages	[2],[3]	1,080,617		1,080,617		$ 1,151,469
Mortgage loans
Carrying value of mortgages		$ 26,100		$ 26,100
[1]	The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company 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. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.
[2]	As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 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 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[3]	Mortgage loans net include $871.7 million and $908.6 million of loans at June 30, 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 $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 6,242	$ 13,027	$ 6,642	$ 20,357
Other comprehensive income:
Net unrealized gain/(loss) on investments in available-for-sale debt securities	23,231	710	(5,213)	1,107
Income tax expense related to items of other comprehensive income	0	0	0	0
Comprehensive income	$ 29,473	$ 13,737	$ 1,429	$ 21,464

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income		$ 10,314	$ 21,747
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense		428	2,112
Non-cash interest income accretion on mortgage loans		(16,230)	(21,097)
Discount accretion on investment in debt securities and beneficial interests		(7,822)	(5,556)
Loss/(gain) on sale of mortgage loans	[1]	705	(7,014)
Loss on debt extinguishment		408	182
Gain on sale of property held-for-sale		(591)	(121)
Gain on sale of securities		0	(8)
Depreciation of property		16	229
Impairment of real estate owned		1,000	1,001
Provision for credit losses on mortgage loans		597	239
Provision for credit losses on beneficial interests		184	0
Amortization of debt discount and prepaid financing costs		2,589	2,657
Undistributed loss/(income) from investment in affiliates		440	(718)
Accretion of put option liability		1,222	0
Net change in operating assets and liabilities
Prepaid expenses and other assets		(6,347)	424
Receivable from servicer		1,588	(3,881)
Accrued expenses, management fee payable, and other liabilities		(1,267)	147
Net cash from operating activities		(10,232)	(9,951)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loan pools and related balances		(185)	(97,899)
Acquisition of commercial loans		(1,206)	(18,449)
Principal paydowns on mortgage loans		60,812	63,595
Principal paydowns on debt securities held as investments		25,503	22,086
Proceeds from sale of mortgage loans		25,412	184,071
Draws on small balance commercial loans		0	(391)
Purchase of securities		(61,306)	(84,150)
Proceeds from sale of securities		0	39,635
Purchase of rental property		0	(4,600)
Proceeds from sale of property held-for-sale		7,319	8,010
Recovery costs of property held-for-sale		24	130
Renovations of rental property		(17)	0
Distribution from affiliates		627	490
Net cash from investing activities		56,983	112,528
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions		145,250	147,398
Repayments on repurchase transactions		(159,329)	(130,363)
Repayments on secured borrowings		(44,478)	(105,455)
Deferred financing costs		(34)	0
Repurchase of senior convertible notes		(8,176)	0
Proceeds from issuance of preferred stock and warrants, net of offering costs		124,977	0
Sale of common stock pursuant to dividend reinvestment plan		41	136
Distribution to non-controlling interests		(150)	(594)
Issuance of stock from subsidiary		145	0
Dividends on common stock and preferred stock		(5,748)	(13,119)
Net cash from financing activities		52,498	(101,997)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST		99,249	580
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		163,612	55,750
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest		22,810	28,234
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain on available for sale securities, net of non-controlling interest and tax		5,213	1,107
Issuance of common stock for dividends paid		7,097	0
Net transfer of loans to rental property or property held-for-sale		912	9,826
Issuance of common stock for management fee and compensation expense		428	2,112
Treasury stock received through distributions from investment in Manager		94	82
Non-cash adjustments to basis in mortgage loans		35	21
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows		$ 163,612	$ 55,750
[1]	The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company 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. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Total	Series A Preferred Stock	Series B Preferred Stock	Total Stockholders’ Equity	Common Stock	Treasury stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive loss	Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 0	$ 0
Preferred Stock, Shares Outstanding		0	0
Beginning balance (in shares) at Dec. 31, 2018					18,909,874
Beginning balance at Dec. 31, 2018	$ 334,279,000			$ 300,834,000	$ 189,000	$ (270,000)	$ 260,427,000	$ 41,063,000	$ (575,000)	$ 33,445,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company				7,330,000				7,330,000
Consolidated net income	8,121,000									791,000
Issuance of shares under dividend reinvestment plan (in shares)					5,321
Issuance of shares under dividend reinvestment plan	72,000			72,000			72,000
Stock-based management fee expense (in shares)					52,556
Stock-based management fee expense	728,000			728,000	$ 1,000		727,000
Stock-based compensation expense (in shares)					2,424
Stock-based compensation expense	301,000			301,000			301,000
Dividends declared and distributions	(7,183,000)			(7,021,000)				(7,021,000)		(162,000)
Other comprehensive Income/(loss)	397,000			397,000					397,000
Treasury stock (in shares)					(2,952)
Treasury stock	(40,000)			(40,000)		(40,000)
Ending balance (in shares) at Mar. 31, 2019					18,967,223
Ending balance at Mar. 31, 2019	336,675,000			302,601,000	$ 190,000	(310,000)	261,527,000	41,372,000	(178,000)	34,074,000
Beginning balance (in shares) at Dec. 31, 2018					18,909,874
Beginning balance at Dec. 31, 2018	334,279,000			300,834,000	$ 189,000	(270,000)	260,427,000	41,063,000	(575,000)	33,445,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	20,357,000
Consolidated net income	21,747,000
Issuance of shares under dividend reinvestment plan (in shares)					10,377
Treasury stock	(82,000)
Ending balance (in shares) at Jun. 30, 2019					19,654,330
Ending balance at Jun. 30, 2019	$ 345,586,000			322,116,000	$ 197,000	(352,000)	273,438,000	48,301,000	532,000	23,470,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 0	$ 0
Preferred Stock, Shares Outstanding		0	0
Dividends Payable, Amount Per Share	$ 0.32
Beginning balance (in shares) at Mar. 31, 2019					18,967,223
Beginning balance at Mar. 31, 2019	$ 336,675,000			302,601,000	$ 190,000	(310,000)	261,527,000	41,372,000	(178,000)	34,074,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	13,027,000			13,027,000				13,027,000
Consolidated net income	13,626,000									599,000
Conversion of OP Units (in shares)					624,106
Conversion of OP Units	0			(10,771,000)	$ (6,000)		(10,765,000)			(10,771,000)
Issuance of shares under dividend reinvestment plan (in shares)					5,056
Issuance of shares under dividend reinvestment plan	64,000			64,000			64,000
Stock-based management fee expense (in shares)					62,301
Stock-based management fee expense	824,000			824,000	$ 1,000		823,000
Stock-based compensation expense (in shares)					(1,403)
Stock-based compensation expense	259,000			259,000			259,000
Dividends declared and distributions	(6,530,000)			(6,098,000)				(6,098,000)		(432,000)
Other comprehensive Income/(loss)	710,000			710,000					710,000
Treasury stock (in shares)					(2,953)
Treasury stock	(42,000)			(42,000)		(42,000)
Ending balance (in shares) at Jun. 30, 2019					19,654,330
Ending balance at Jun. 30, 2019	$ 345,586,000			322,116,000	$ 197,000	(352,000)	273,438,000	48,301,000	532,000	23,470,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 0	$ 0
Preferred Stock, Shares Outstanding		0	0
Dividends Payable, Amount Per Share	$ 0.32
Preferred Stock, Value, Issued		$ 0	$ 0
Preferred Stock, Shares Outstanding	0	0	0
Beginning balance (in shares) at Dec. 31, 2019	22,142,143				22,142,143
Beginning balance at Dec. 31, 2019	$ 384,084,000			359,882,000	$ 222,000	(458,000)	309,395,000	49,446,000	1,277,000	24,202,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company				400,000				400,000
Consolidated net income	1,496,000									1,096,000
Issuance of shares of subsidiary	145,000			145,000			145,000
Stock-based compensation expense (in shares)					2,600
Stock-based compensation expense	214,000			214,000	$ 0		214,000
Dividends declared and distributions (in shares)					781,222
Dividends declared and distributions	(84,000)			0	$ 8,000		7,089,000	(7,097,000)		(84,000)
Convertible senior note repurchase	81,000			81,000			81,000
Other comprehensive Income/(loss)	(28,444,000)			(28,444,000)					(28,444,000)
Treasury stock (in shares)					(4,030)
Treasury stock	(56,000)			(56,000)		(56,000)
Ending balance (in shares) at Mar. 31, 2020					22,921,935
Ending balance at Mar. 31, 2020	$ 357,274,000			332,060,000	$ 230,000	(514,000)	316,762,000	42,749,000	(27,167,000)	25,214,000
Beginning balance (in shares) at Dec. 31, 2019	22,142,143				22,142,143
Beginning balance at Dec. 31, 2019	$ 384,084,000			359,882,000	$ 222,000	(458,000)	309,395,000	49,446,000	1,277,000	24,202,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	8,483,000
Consolidated net income	10,314,000
Issuance of shares under dividend reinvestment plan (in shares)					5,057
Convertible senior note repurchase	100,000
Treasury stock	$ (94,000)
Ending balance (in shares) at Jun. 30, 2020	22,924,982				22,924,982
Ending balance at Jun. 30, 2020	$ 498,870,000			472,987,000	$ 230,000	(564,000)	317,029,000	45,084,000	(3,936,000)	25,883,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 0	$ 0
Preferred Stock, Shares Outstanding		0	0
Dividends Payable, Amount Per Share	$ 0.32
Beginning balance (in shares) at Mar. 31, 2020					22,921,935
Beginning balance at Mar. 31, 2020	$ 357,274,000			332,060,000	$ 230,000	(514,000)	316,762,000	42,749,000	(27,167,000)	25,214,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	8,083,000			8,083,000				8,083,000
Consolidated net income	8,818,000									735,000
Issuance of shares under dividend reinvestment plan (in shares)					5,057
Issuance of shares under dividend reinvestment plan	41,000			41,000			41,000
Stock-based compensation expense (in shares)					3,468
Stock-based compensation expense	$ 214,000			214,000	$ 0		214,000
Dividends declared and distributions (in shares)	781,222
Dividends declared and distributions	$ (5,814,000)			(5,748,000)				(5,748,000)		(66,000)
Other comprehensive Income/(loss)	23,231,000			23,231,000					23,231,000
Treasury stock (in shares)					(5,478)
Treasury stock	(38,000)			(38,000)		(50,000)
Treasury Stock Dividend	12,000
Preferred Stock Dividends, Shares		2,307,400	2,892,600
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 115,144,000	$ 51,100,000	$ 64,044,000
Ending balance (in shares) at Jun. 30, 2020	22,924,982				22,924,982
Ending balance at Jun. 30, 2020	$ 498,870,000			$ 472,987,000	$ 230,000	$ (564,000)	$ 317,029,000	$ 45,084,000	$ (3,936,000)	$ 25,883,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 51,100,000	$ 64,044,000
Preferred Stock, Shares Outstanding	0	2,307,400	2,892,600
Dividends Payable, Amount Per Share	$ 0.17

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 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 Holdings 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 balance sheet and results of operations. 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 Trust 2017-D ("2017-D") and Ajax Mortgage Loan Trust 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 June 30, 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	6 Months Ended
	Jun. 30, 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 as of March 31, 2020. The number of pools was then increased to six as of June 30, 2020. Each loan pool 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 June 30, 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 June 30, 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 certain investments. 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. Warrant Liability and Preferred Stock During the quarter ended June 30, 2020, the Company issued an aggregate of $125.0 million, net of offering costs, of preferred stock in two series and warrants to institutional accredited investors in a series of private placements. The Company issued 2,307,400 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 2,892,600 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 6,500,000 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. GAAP requires the Company to account for the outstanding warrants as if the put option will be exercised by the holders. Accordingly, the Company has recognized a liability on its consolidated balance sheet within accrued expenses and other liabilities at June 30, 2020 for the present value of the put liability of $11.1 million. The Company is accreting the amount of the liability under the effective interest method to its expected future put value of $50.7 million and marks the obligation to market through earnings. 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. 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 representing the embedded conversion feature 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, 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 the Company’s Consolidated net income attributable to common stockholders, consisting of Consolidated net income, less dividends on the Company’s Series A and Series B preferred stock, is allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing Consolidated net income attributable to common stockholders, 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 Consolidated net income attributable to diluted shareholders, which adds back to Consolidated net income attributable to common stockholders 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 warrants were 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. The Company uses the Treasury Stock method of accounting for the outstanding warrants. Under the Treasury Stock method, the exercise of the warrants is assumed at the beginning of the period, and shares of common stock are assumed to have been issued. The proceeds from the exercise are assumed to be used by the Company to repurchase treasury stock, thereby reducing the assumed dilution from the warrant exercise. In applying the Treasury Stock method, all dilutive potential common shares, regardless of whether they are exercisable, are treated as if they had been exercised. In the event that any of the adjustments normally included to arrive at diluted earnings per share were to produce an anti-dilutive result, one that either increased earnings or reduced the quantity of shares used in the calculation, the anti-dilutive adjustment would not be included in the diluted earnings per share calculation. 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 unobserv

Mortgage Loans

Mortgage Loans	6 Months Ended
	Jun. 30, 2020
Mortgage Loans [Abstract]
Mortgage Loans	Mortgage Loans The following table presents information regarding the carrying value for the Company's RPL loans, NPL loans and SBC loans as of June 30, 2020 and December 31, 2019 ($ in thousands): Loan portfolio basis by asset type June 30, 2020 December 31, 2019 Residential RPLs loans $ 1,048,146 $ 1,085,514 SBC/commercial loans 4,240 35,086 Residential NPL loans 28,231 30,869 Total $ 1,080,617 $ 1,151,469 Included on the Company’s consolidated balance sheets as of June 30, 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 credit and non-credit discount, less principal and interest cash flows received. The carrying values at June 30, 2020 and December 31, 2019 for the Company's loans in the table above are presented net of a cumulative allowance for loan credit losses of $14.5 million and $2.0 million, respectively, reflected in the appropriate lines in the table by loan type. For the three and six months ended June 30, 2020, the Company recognized a recovery of $1.5 million of provision for loan credit losses and $0.6 million of provision for loan credit losses. For the three and six months ended June 30, 2019, the Company recognized a $0.1 million and $0.2 million, respectively, of provision for loan credit losses. For the three and six month periods ended June 30, 2020, the Company accreted $20.3 million and $40.3 million net of credit impairments and recoveries, respectively, into interest income with respect to its RPL, NPL and SBC loans. For the three and six month periods ended June 30, 2019, the Company accreted $23.9 million and $50.3 million net of credit impairments, respectively, into interest income with respect to its RPL, NPL and SBC loans. 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 had no loan acquisitions during the three months ended June 30, 2020, however, during the six months ended June 30, 2020 the Company purchased 26 RPLs with UPB of $2.0 million. Comparatively, during the three and six months ended June 30, 2019, the Company acquired 496 and 534 RPLs, respectively, with UPB of $106.6 million and $115.1 million, respectively. During the three months ended June 30, 2020 no NPLs were purchased, however, during the six months ended June 30, 2020 one NPL was purchased with UPB of $0.2 million. No NPLs were purchased during the three and six months ended June 30, 2019. During the three and six months ended June 30, 2020, the Company acquired no SBC loans. Comparatively, during the three and six months ended June 30, 2019, the Company acquired two and 21 SBC loans with UPB of $0.7 million and $18.4 million, respectively. During the three months ended June 30, 2020 the Company sold no mortgage loans, however, during the six months ended June 30, 2020 the Company sold 26 commercial loans to Gaea, an affiliated entity with a carrying value of $26.1 million and UPB of $26.2 million and a collateral value of $44.2 million. Comparatively, the Company sold 962 loans to a related party joint venture, Ajax Mortgage Loan Trust 2019-C ("2019-C"), a joint venture with third party institutional investors, during the three and six month periods ended June 30, 2019 with a carrying value of $176.9 million and UPB of $200.1 million and a collateral value of $320.1 million. (See Note 10 — Related Party Transactions.) The Company adopted CECL using the prospective transition approach for PCD assets on January 1, 2020, at the time, $10.2 million of loan discount was reclassified to the allowance for credit losses with no net impact on the amortized cost basis of the portfolio. The Company views its mortgage loan portfolio based on loan performance and uses six pools to aggregate its portfolio of PCD loans, and one pool for its non-PCD loans. Among the PCD loans, separate pools exist for loans that have been securitized in rated secured borrowings during 2019 ("Great Ajax II REIT"), loans held by securitization trust 2018-C, loans held by securitization trust 2017-D, loans with collateral in California which are not included in the Great Ajax II REIT, 2018-C or 2017-D pools, and the remaining loans are pooled between those which have made seven of the most recent seven payments ("7f7 and better") and those which have made between four and six of the most recent payments or worse ("4f4-6f6 and below"). The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands): June 30, 2020 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Great Ajax II REIT $ — $ — $ — $ 225 $ 1,097 $ 32,025 $ 208,799 $ 66,450 $ 308,596 7f7 and better — — 152 265 2,044 23,419 144,510 62,431 232,821 4f4-6f6 and below — — — — — 13,934 120,362 40,559 174,855 2018-C — — — 123 — 7,100 95,544 34,356 137,123 California — — — 349 215 5,862 89,475 22,847 118,748 2017-D — — 106 136 707 15,624 60,952 25,555 103,080 Non-PCD — 783 1,244 2,506 101 696 54 10 5,394 Total $ — $ 783 $ 1,502 $ 3,604 $ 4,164 $ 98,660 $ 719,696 $ 252,208 $ 1,080,617 The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three and six months ended June 30, 2020 ($ in thousands): Three months ended June 30, 2020 Six months ended June 30, 2020 PCD Loans Non PCD Loans 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 credit 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 loss. 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 three and six months ended June 30, 2020, the Company recorded a recovery of the provision for credit losses of $1.5 million and a net provision for credit losses of $0.6 million, respectively, 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 three and six months ended June 30, 2019, the Company recorded a provision for credit losses of $0.1 million and $0.2 million, respectively, on its mortgage loan portfolio. An analysis of the balance in the allowance for loan losses account follows ($ in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Allowance for loan credit losses, beginning of period $ (16,136) $ (1,318) $ (1,960) $ (1,164) Beginning period adjustment for CECL — — (10,156) — Reversal of / (Increase in) provision for credit losses on mortgage loans 1,525 (85) (597) (239) Reversal of / (Increase in) allowance for loan credit losses 161 — (1,737) — Allowance for loan credit losses, end of period $ (14,450) $ (1,403) $ (14,450) $ (1,403) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of June 30, 2020 and December 31, 2019 ($ in thousands): June 30, 2020 Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 254,360 $ 21,214 $ 19,437 $ 13,484 $ 101 $ 308,596 7f7 and better 163,097 22,875 21,155 25,181 512 232,820 2018-C 96,276 18,616 17,081 35,369 7,512 174,854 2017-D 83,239 15,549 12,160 23,899 2,274 137,121 California 80,421 9,721 8,926 17,918 1,761 118,747 4f4- 6f6 and below 12,493 6,706 7,617 49,172 27,092 103,080 Non-PCD 1,427 251 1,936 1,785 — 5,399 Total $ 691,313 $ 94,932 $ 88,312 $ 166,808 $ 39,252 $ 1,080,617 December 31, 2019 Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 265,677 $ 37,553 $ 14,034 $ 4,597 $ — $ 321,861 7f7 and better 147,722 29,371 22,645 28,864 1,829 230,431 2018-C 75,253 33,904 19,756 42,315 8,074 179,302 2017-D 68,996 28,318 14,452 33,166 3,188 148,120 California 90,658 12,733 9,123 20,737 1,173 134,424 4f4- 6f6 and below 6,412 4,329 12,946 66,177 24,033 113,897 Non-PCD 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	6 Months Ended
	Jun. 30, 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 June 30, 2020, the Company owned nine rental properties with an aggregate carrying value of $1.4 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 RPLs 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 June 30, 2020 and December 31, 2019, the Company’s net investments in REO held-for-sale were $6.9 million and $13.5 million, respectively, which include balances of $1.3 million and $2.2 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. For the six months ended June 30, 2020 and 2019, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the three and six months ended June 30, 2020 and 2019 ($ in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Property Held-for-sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 45 $ 10,905 97 $ 18,580 58 $ 13,537 102 $ 19,402 Transfers from mortgage loans 2 98 19 5,655 7 912 45 9,826 Adjustments to record at lower of cost or fair value — (103) — (526) — (1,000) — (1,001) Disposals (14) (3,997) (21) (2,858) (33) (6,727) (54) (7,886) Transfer from Rental property — — 2 537 1 181 5 1,417 Transfers to Rental property — — — — — — (1) (293) Other — (24) — (53) — (24) — (130) Balance at end of period 33 $ 6,879 97 $ 21,335 33 $ 6,879 97 $ 21,335 Dispositions During the three and six months ended June 30, 2020, the Company sold 14 and 33 REO properties, respectively, realizing net gains of approximately $0.4 million and $0.8 million, respectively. Comparatively, for the three and six months ended June 30, 2019, the Company sold 21 and 54 REO properties, realizing net gains of approximately $18,000 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 and six months ended June 30, 2020 of $0.1 million and $1.0 million, respectively. Comparatively, for the three and six months ended June 30, 2019, the Company recorded lower of cost or net realizable value adjustments of $0.5 million and $1.0 million, respectively.

Investments

Investments	6 Months Ended
	Jun. 30, 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 June 30, 2020 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 261,926 $ 2,936 $ (6,872) $ 257,990 Beneficial interests in securitization trusts 69,876 — — 69,876 Total investments $ 331,802 $ 2,936 $ (6,872) $ 327,866 (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 $0.3 million. The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands): As of June 30, 2020 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due April 2058 (2) $ 6,498 $ (31) $ 6,467 Debt securities due February 2057 (2) 5,624 (6) 5,618 Debt securities due September 2059 (3) 63,693 (2,802) 60,891 Debt securities due November 2059 (3) 17,367 (346) 17,021 Debt securities due December 2059 (3) 49,519 (3,687) 45,832 Total $ 142,701 $ (6,872) $ 135,829 (1) Basis amount is net of any realized amortized costs and principal paydowns. (2) These securities have been in an unrealized loss position for 12 months or longer. (3) This security has been in an unrealized loss position for less than 12 months. As of December 31, 2019 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due April 2058 (2) $ 6,855 $ (9) $ 6,846 Debt securities due February 2057 (2) 7,324 (1) 7,323 Debt securities due September 2059 (3) 37,843 (356) 37,487 Total $ 52,022 $ (366) $ 51,656 (1) Basis amount is net of any realized amortized costs and principal paydowns. (2) These securities have been in an unrealized loss position for 12 months or longer. (3) This security has been in an unrealized loss position for less than 12 months. As of June 30, 2020, the Company recorded $2.9 million gross unrealized gains and a gross unrealized loss of $6.9 million in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet at a fair value of $258.0 million, which includes $0.3 million in interest receivable. 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 on the Company's consolidated balance sheet at fair value of $231.7 million, which includes $0.3 million in interest receivable. During the three and six months ended June 30, 2020, the Company acquired $0 and $61.3 million, respectively, in notes and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Each joint venture issued senior notes and beneficial interests, which are trust certificates representing the residual investment in the trust. In certain transactions, the joint ventures also issued subordinated notes. Of the $61.3 million acquired in the six months ended June 30, 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. Comparatively for the three and six months ended June 30, 2019, the Company acquired $20.2 million and $84.2 million, respectively, in notes and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Of the $20.2 million and $84.2 million, respectively, for three and six months ended in June 30, 2019, the Company retained $7.5 million and $57.5 million, respectively, in senior notes and $4.7 million and $9.3 million in subordinate notes. During 2019, the Company sold senior notes issued by certain joint ventures for total proceeds of $39.6 million and recognized a gain of $8 thousand, net of transaction fees. During the three and six months ended June 30, 2020, the Company also acquired $0 and $7.1 million in beneficial interests issued by joint ventures during the three and six months ended June 30, 2020. Comparatively, for the three and six months ended June 30, 2019, the Company acquired $8.0 million and $17.4 million, respectively, in beneficial interests issued by joint ventures. As of June 30, 2020, the investments in beneficial interests were carried on the Company's consolidated balance sheet at $69.9 million. At December 31, 2019, the investments in beneficial interests were carried on the Company's consolidated balance sheet at $58.0 million. As of June 30, 2020 and December 31, 2019, the Company had no securities that were past due. The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and six months ended June 30, 2020 ($ in thousands): Three months ended June 30, 2020 Six months ended June 30, 2020 Beneficial Interest 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 loss reserves on a quarterly basis, or more frequently as necessary. During the three and six months ended June 30, 2020, the Company recorded a reversal of the provision for credit losses of $2.8 million and provision for credit losses of $0.2 million, respectively on its beneficial interest portfolio, primarily as a result of increased cash flow expectations despite the pandemic caused by COVID-19 that began during the first quarter of 2020. This reserve reflects the macroeconomic impact of the COVID-19 outbreak on mortgage loan and residential real estate markets generally and is not specific to any specific asset in the beneficial interest portfolio. During the three and six months ended June 30, 2019, the Company recorded no impairment on its beneficial interests. An analysis of the balance in the allowance for beneficial interest losses account follows ($ in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Allowance for beneficial interests credit losses, beginning balance $ (7,208) $ — $ — $ — Beginning period adjustment for CECL — — (4,221) — Reversal of / (Increase in) provision for credit losses on beneficial interests 2,802 — (185) — Increase in allowance for beneficial interest credit losses (2,553) — (2,553) — Allowance for beneficial interests credit losses, end balance $ (6,959) $ — $ (6,959) $ —

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 ($ in thousands): ​ Level 1 Level 2 Level 3 June 30, 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 $ 257,990 $ — $ 257,990 $ — Investments in beneficial interests $ 69,876 $ — $ 69,876 $ — Non-recurring financial assets Mortgage loans, net $ 1,080,617 $ — $ — $ 1,080,621 Investment in Manager $ 1,223 $ — $ — $ 5,939 Investment in AS Ajax E LLC $ 853 $ — $ 977 $ — Investment in GAFS, including warrants $ 2,819 $ — $ — $ 3,320 Investment in Gaea $ 20,053 $ — $ — $ 20,053 Investment in legacy entities $ 628 $ — $ — $ 628 Financial liabilities Recurring financial liabilities Warrant liability $ 11,102 $ — $ 11,102 $ — Borrowings under repurchase transactions $ 400,035 $ — $ 400,035 $ — Non-recurring financial liabilities Secured borrowings, net $ 609,812 $ — $ 595,993 $ — Convertible senior notes, net $ 111,773 $ 107,231 $ — $ — ​ ​ 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. During the quarter ended June 30, 2020, the Company transferred its secured borrowings from level 3 to level 2 due to the Company's increased reliance on the use of estimates provided by its financing counterparties in the determination of secured borrowings fair values. 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 June 30, 2020 and December 31, 2019 ($ in thousands): Level 1 Level 2 Level 3 June 30, 2020 Carrying value Six 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 $ 6,879 $ (1,000) $ — $ — $ 6,879 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	6 Months Ended
	Jun. 30, 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. On January 26, 2018, the Company in an initial closing 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 $0.4 million. The Company accounts for its investment in GAFS using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E was reduced to a lower percentage of the total. As of June 30, 2020 and December 31, 2019, the Company’s interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its investment using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100% Three months ended June 30, Six months ended June 30, Net income/(loss) at 100% 2020 2019 2020 2019 Thetis Asset Management LLC $ 2,662 $ 991 $ (2,215) $ 2,399 Great Ajax FS LLC (1) $ 900 $ 3 $ (2,550) $ 1,603 Gaea Real Estate Corp. $ 245 $ — $ 260 $ — AS Ajax E LLC $ 37 $ 77 $ 99 $ 153 Legacy Entities $ (57) $ — $ 141 $ — June 30, 2020 December 31, 2019 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 83,459 $ 791 $ 83,068 $ 768 Great Ajax FS LLC $ 56,203 $ 34,358 $ 61,432 $ 37,142 Thetis Asset Management LLC $ 9,539 $ 2,453 $ 12,277 $ 2,265 AS Ajax E LLC $ 5,275 $ 2 $ 5,747 $ 2 Legacy Entities $ 2,515 $ 2,765 $ 1,592 $ 3,095 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended June 30, Six months ended June 30, Net income/(loss) at the Company's share 2020 2019 2020 2019 Thetis Asset Management LLC $ 527 $ 196 $ (439) $ 475 Great Ajax FS LLC $ 72 $ 1 $ (204) $ 129 Gaea Real Estate Corp. $ 56 $ — $ 60 $ — AS Ajax E LLC $ 6 $ 13 $ 16 $ 26 Legacy Entities $ (23) $ — $ 56 $ — June 30, 2020 December 31, 2019 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 19,343 $ 183 $ 19,252 $ 178 Great Ajax FS LLC $ 4,496 $ 2,749 $ 4,915 $ 2,971 Thetis Asset Management LLC $ 1,889 $ 486 $ 2,431 $ 448 Legacy Entities $ 1,009 $ 1,114 $ 637 $ 1,247 AS Ajax E LLC $ 870 $ — $ 948 $ — Consolidated affiliates The Company consolidates the results and balances of securitization trusts that 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 June 30, 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 June 30, 2020, 2017-D was 50.0% owned by a third-party institutional accredited investor. As of June 30, 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. Great Ajax II REIT was 99.8% owned by the Company as of June 30, 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company regularly enters into agreements to acquire additional mortgage loans and mortgage-related assets, subject to continuing diligence on such assets and other customary closing conditions. There can be no assurance that the Company will acquire any or all of the mortgage loans identified in any acquisition agreement as of the date of these consolidated financial statements, and it is possible that the terms of such acquisitions may change. At June 30, 2020, the Company had commitments to purchase, subject to due diligence, 281 RPLs and SBCs with aggregated UPB of $60.0 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. During the quarter ended June 30, 2020, the Company issued an aggregate of $125.0 million, net of offering costs, of preferred stock in two series and warrants to institutional accredited investors in a series of private placements. The Company issued 2,307,400 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 2,892,600 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 6,500,000 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. GAAP requires the Company to account for the outstanding warrants as if the put option will be exercised by the holders. Accordingly, the Company has recognized a liability on its consolidated balance sheet within accrued expenses and other liabilities at June 30, 2020 for the present value of the put liability of $11.1 million. The Company is accreting the amount of the liability under the effective interest method to its expected future put value of $50.7 million and marks the obligation to market through earnings. 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 June 30, 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, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 between 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): ​ ​ June 30, 2020 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate July 10, 2020 January 13, 2020 $ 9,020 $ 9,020 $ 13,016 144 % 3.67 % July 13, 2020 April 13, 2020 30,026 30,026 45,368 151 % 6.97 % July 17, 2020 June 19, 2020 36,047 36,047 49,503 137 % 3.44 % July 20, 2020 June 19, 2020 13,565 13,565 19,047 140 % 3.04 % 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 % August 13, 2020 May 13, 2020 1,955 1,955 4,428 226 % 3.33 % September 1, 2020 June 3, 2020 19,948 19,948 27,271 137 % 3.04 % September 1, 2020 June 3, 2020 14,158 14,158 18,850 133 % 3.04 % September 1, 2020 June 3, 2020 13,994 13,994 24,496 175 % 3.04 % September 1, 2020 June 3, 2020 5,624 5,624 7,352 131 % 3.04 % September 1, 2020 June 3, 2020 4,296 4,296 5,513 128 % 3.04 % September 1, 2020 June 3, 2020 2,954 2,954 3,916 133 % 3.04 % September 1, 2020 June 3, 2020 2,332 2,332 3,360 144 % 3.19 % September 1, 2020 June 3, 2020 1,132 1,132 1,607 142 % 3.19 % September 17, 2020 June 19, 2020 11,825 11,825 15,832 134 % 3.02 % September 17, 2020 June 19, 2020 9,485 9,485 12,488 132 % 3.02 % September 17, 2020 June 19, 2020 4,336 4,336 5,624 130 % 3.02 % September 17, 2020 June 19, 2020 1,110 1,110 1,687 152 % 3.17 % September 24, 2020 September 25, 2019 400,000 112,257 167,347 149 % 2.69 % September 24, 2020 June 26, 2020 6,876 6,876 10,024 146 % 3.13 % September 24, 2020 June 26, 2020 5,198 5,198 6,930 133 % 2.98 % September 24, 2020 June 26, 2020 2,730 2,730 3,585 131 % 2.98 % September 25, 2020 June 26, 2020 21,400 21,400 30,747 144 % 3.13 % September 28, 2020 June 30, 2020 8,049 8,049 10,727 133 % 3.01 % September 28, 2020 June 30, 2020 6,099 6,099 9,038 148 % 3.16 % September 28, 2020 June 30, 2020 4,938 4,938 6,581 133 % 3.01 % September 28, 2020 June 30, 2020 4,850 4,850 6,498 134 % 3.01 % September 28, 2020 June 30, 2020 3,324 3,324 4,667 140 % 3.16 % July 9, 2021 July 15, 2016 250,000 27,593 43,569 158 % 2.69 % Totals ​ $ 910,185 $ 400,035 $ 578,310 145 % 3.29 % ​ ​ 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. The Company ended the first quarter of 2020 with $32.4 million of cash collateral on deposit with its financing counterparties. However, subsequent to March 31, 2020, the Company's required cash collateral position has declined as security prices increased and its financing counterparties returned a portion of the cash collateral. As of June 30, 2020, the Company had $7.6 million of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheet at June 30, 2020 and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at June 30, 2020 and December 31, 2019 in the table below ($ in thousands): Gross amounts not offset in balance sheet June 30, 2020 December 31, 2019 Gross amount of recognized liabilities $ 400,035 $ 414,114 Gross amount of loans and securities pledged as collateral 578,310 580,167 Other prepaid collateral 7,632 4,117 Net collateral amount $ 185,907 $ 170,170 Secured Borrowings From inception (January 30, 2014) to June 30, 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 June 30, 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, subordinated 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 June 30, 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 June 30, 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 subordinated, 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 subordinated, 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 subordinated, 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 June 30, 2020 and December 31, 2019, and the securitization cutoff date ($ in thousands): Balances at June 30, 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 $ 117,259 $ 77,929 150 % $ 121,909 $ 84,624 144 % $ 165,850 $ 115,846 2017-C 133,863 87,459 153 % 137,369 94,126 146 % 185,942 130,159 2017-D 137,122 55,016 (1) 249 % 148,119 60,934 (1) 243 % 203,870 (2) 88,903 2018-C 174,855 137,551 (3) 127 % 179,303 146,925 (3) 122 % 222,181 (4) 167,910 2019-D 158,121 137,258 115 % 165,963 146,383 113 % 193,301 156,670 2019-F 150,475 120,024 125 % 155,899 126,723 123 % 170,876 127,673 ​ $ 871,695 $ 615,237 (5) 142 % $ 908,562 $ 659,715 (5) 138 % $ 1,142,020 $ 787,161 ​ (1) The gross amount of senior bonds at June 30, 2020 and December 31, 2019 were $110.0 million and $121.9 million however, only $55.0 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 June 30, 2020 were $138.6 million and $15.9 million, however, only $131.6 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. The gross amount of the senior and class B bonds at December 31, 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 $5.4 million and $7.0 million as of June 30, 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 of $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 June 30, 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 June 30, 2020, the amount by which the if-converted value falls short of the principal value for the entire series is $42.2 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	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands): Three months ended June 30, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income Interest income Various non-consolidated joint ventures $ 7,831 $ 3,140 Management fee Related party expense – management fee Thetis $ 2,143 $ 1,652 Loan servicing fees Related party expense – loan servicing fees Gregory $ 1,936 $ 2,274 Income from equity investment Income from investments in affiliates Thetis $ 527 $ 196 Income from equity investment Income from investments in affiliates Great Ajax FS $ 72 $ 1 Gain on sale of mortgage loans Gain on sale of mortgage loans 2019-C $ — $ 7,014 Six months ended June 30, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income Interest income Various non-consolidated joint ventures $ 9,850 $ 5,556 Loan servicing fees Related party expense – loan servicing fees Gregory $ 3,950 $ 4,780 Management fee Related party expense – management fee Thetis $ 3,942 $ 3,340 Gain on sale of mortgage loans Gain on sale of mortgage loans 2019-C $ — $ 7,014 Income/(loss) from equity investment Income from investments in affiliates Great Ajax FS $ (204) $ 129 Income/(loss) from equity investment Income from investments in affiliates Thetis $ (439) $ 475 Loss on sale of mortgage loans Loss on sale of mortgage loans Gaea $ (705) $ — The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of June 30, 2020 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 15,460 Management fee payable Management fee payable Thetis $ 2,139 Expense reimbursement receivable Prepaid expenses and other assets Gregory $ 918 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 560 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ 59 ​ 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 three months ended June 30, 2020, the Company sold no mortgage loans, however, during the six months ended June 30, 2020, the Company sold 26 SBC mortgage loans with a carrying value $26.1 million and UPB of $26.2 million, for a loss of $0.7 million to Gaea, a related party. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 mortgage loans with a carrying value of $176.9 million and UPB of $200.1 million to a related party joint venture, 2019-C, 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 discussed in the paragraph below. During the three and six months ended June 30, 2020, the Company acquired $0 and $61.3 million in notes and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Comparatively for the three and six months ended June 30, 2019, the Company acquired notes and beneficial interests of $20.2 million and $84.2 million, respectively. 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. Of the $61.3 million acquired in the six months ended June 30, 2020, the Company retained $49.6 million, in senior notes and $4.6 million, in subordinate notes. Comparatively, during the three and six months ended in June 30, 2019, the Company retained $7.5 million and $57.5 million, respectively, in senior notes and $4.7 million and $9.3 million, respectively, in subordinate notes. The notes are accounted for as debt securities carried at fair value. As of June 30, 2020 and December 31, 2019, the Notes were carried on the Company’s consolidated balance sheet at a fair value of $258.0 million and $231.7 million, respectively. During the three and six months ended June 30, 2020 the Company also acquired $0 and $7.1 million in beneficial interests issued by joint ventures during the three and six months ended June 30, 2020. Comparatively, for the three and six months ended June 30, 2019, the Company acquired $8.0 million and $17.4 million, respectively, in beneficial interests issued by joint ventures. As of June 30, 2020 and December 31, 2019, the Investments in beneficial interests were carried on the Company's consolidated balance sheet at $69.9 million and $58.0 million, respectively. 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 June 30, 2020, and December 31, 2019, the Company had advanced $0 and $0.6 million, respectively, to the Servicer. Interest on the arrangement accrues at 7.2% annually. 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 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. 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. During the three and six months ended June 30, 2020, the Company did not record an incentive fee payable to the Manager. Comparatively during the three and six months ended June 30, 2019, the Company recorded $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	6 Months Ended
	Jun. 30, 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 three and six months ended June 30, 2020 of $2.1 million and $3.9 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. Comparatively, for the three and six months ended June 30, 2019, the Company recognized a base management fee of $1.6 million and $3.2 million, respectively, of which $0.8 million and $1.6 million, respectively, was payable in shares of its common stock. 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): Stock-based Management Fees and Director Fees For the three months ended June 30, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 5,200 $ 40 2,836 $ 40 Management fees — — 58,398 824 Totals 5,200 $ 40 61,234 $ 864 For the six months ended June 30, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 8,668 $ 80 5,600 $ 78 Management fees — — 120,699 1,552 Totals 8,668 $ 80 126,299 $ 1,630 (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 June 30, 2020 Fully-vested shares at June 30, 2020 Three months ended June 30, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended June 30, 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 June 30, 2019 Fully-vested shares at June 30, 2019 Three months ended June 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended June 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ — — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 144,667 1,953 — 143 46,222 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 (4,6) 34,000 462 — 31 34,000 13.58 — — Totals 229,667 $ 3,121 — $ 219 106,222 $ 13.64 123,445 $ 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 June 30, 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 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (6) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Current period activity Non-vested shares at June 30, 2020 Fully-vested shares at June 30, 2020 Six months ended June 30, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the six months ended June 30, 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 — $ 88 12,667 $ 13.95 26,000 $ 13.95 Employee and Service Provider Grant 2018 (2,5) 34,000 462 — 76 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (3) 79,000 1,101 — 184 79,000 13.94 — — Totals 151,667 $ 2,102 — $ 348 114,334 $ 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 June 30, 2019 Fully-vested shares at June 30, 2019 Six months ended June 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the six months ended June 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ 14 — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 144,667 1,953 — 306 46,222 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 90 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4,6) 34,000 462 — 72 34,000 13.58 — — Totals 229,667 $ 3,121 — $ 482 106,222 $ 13.64 123,445 $ 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 June 30, 2019. (2) Vesting is ratable over the three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (6) Total is shown net of 2019 forfeitures of 2,500 shares.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020 the Company had consolidated tax losses of $2.0 million and $0.8 million, respectively; and provisions for income taxes were $0.1 million and an income tax benefit of $0.2 million, respectively. For the three and six months ended June 30, 2019, the Company’s consolidated taxable income was $14.3 million and $16.4 million, respectively; and provisions for income taxes of $38,000 and $0.1 million, respectively. The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at June 30, 2020 or 2019. The Company also recorded no interest or penalties for the three and six months ended June 30, 2020 or 2019.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 June 30, 2020 Three months ended June 30, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 6,242 22,808,943 $ 13,027 19,169,941 Allocation of earnings to participating restricted shares (33) — (133) — Consolidated net income attributable to unrestricted common stockholders $ 6,209 22,808,943 $ 0.27 $ 12,894 19,169,941 $ 0.67 Effect of dilutive securities (1) Operating Partnership units — — 107 349,774 Restricted stock grants and Manager and director fee shares (2) 33 120,906 — — Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 2,545 8,212,872 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 6,242 22,929,849 $ 0.27 $ 15,546 27,732,587 $ 0.56 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock would have an antidilutive effect on diluted earnings per share for the quarter ended June 30, 2020, and have not been included in the calculation. (2) The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for June 30, 2019 would have been anti-dilutive and have been removed from the calculation. (3) 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 June 30, 2020. Six months ended June 30, 2020 Six months ended June 30, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 6,642 22,439,648 $ 20,357 18,991,817 Allocation of earnings to participating restricted shares (35) — (221) — Consolidated net income attributable to unrestricted common stockholders $ 6,607 22,439,648 $ 0.29 $ 20,136 18,991,817 $ 1.06 Effect of dilutive securities (1) Operating Partnership units — — 346 486,182 Restricted stock grants and Manager and director fee shares (2) 35 120,268 219 206,916 Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 5,093 8,194,693 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 6,642 22,559,916 $ 0.29 $ 25,794 27,879,608 $ 0.93 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock would have an antidilutive effect on diluted earnings per share for the quarter ended June 30, 2020, and have not been included in the calculation. (2) The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for June 30, 2019 would have been anti-dilutive and have been removed from the calculation. (3) 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 June 30, 2020.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	Equity Common stock As of June 30, 2020 and December 31, 2019, the Company had 22,924,982 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 During the quarter ended June 30, 2020, the Company issued an aggregate of $130.0 million of preferred stock in two series and warrants to institutional accredited investors in a series of private placements. The Company issued 2,307,400 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 2,892,600 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 6,500,000 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. The Company expects to use the net proceeds from the private placement to acquire mortgage loans and mortgage-related assets consistent with the Company's investment strategy. The Company had 2,307,400 shares of Series A preferred stock and 2,892,600 shares of Series B preferred stock outstanding at June 30, 2020 and no shares of either series outstanding at December 31, 2019. There were 25,000,000 shares, cumulative for all series, authorized as of both June 30, 2020 and December 31, 2019. Treasury stock As of June 30, 2020 the Company held 42,756 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 both the three and six months ended June 30, 2020 5,057 shares were issued under the plan for total proceeds of approximately $41,000. Comparatively, during the three and six months ended June 30, 2019 5,056 and 10,377 shares were issued, respectively, under the plan for total proceeds of approximately $0.1 million for both periods. Stock Dividend On March 24, 2020, the Company announced that it would pay its previously 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. 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 its common stockholders of record as of May 15, 2020. Comparatively, during the three and six months ended June 30, 2019 the Company’s dividends paid on its outstanding shares of common stock were paid in cash with the exception of shares issued under existing dividend reinvestment plans as noted above. 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 $50.0 million from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the three and six months ended June 30, 2020 and 2019, no shares were sold under the at the market program in either period. Accumulated Other Comprehensive Loss The Company recognizes unrealized gains or losses on its investment in debt securities as components of Other comprehensive income/(loss). Total accumulated other comprehensive gain/(loss) on the Company’s balance sheet at June 30, 2020 and December 31, 2019 was as follows ($ in thousands): Investments in securities: June 30, 2020 December 31, 2019 Unrealized gains $ 2,936 $ 1,643 Unrealized losses (6,872) (366) Accumulated other comprehensive gain/(loss) $ (3,936) $ 1,277 Non-controlling Interest During the second quarter of 2019, all 624,106 of the outstanding OP units held by an 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 June 30, 2020 and December 31, 2019, 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 June 30, 2020 and December 31, 2019, the Company had non-controlling interests attributable to ownership interests by the following four legal entities. AS Ajax E II LLC was formed by the Company during 2017 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 June 30, 2020 and December 31, 2019, the Company had retained 53.1% of AS Ajax E II LLC and consolidates the assets, liabilities, revenues and expenses of the entity. 2017-D, a securitization trust, was formed by the Company during 2017. It is 50.0% held by an accredited institutional investor. As of June 30, 2020 and December 31, 2019, the Company had retained 50.0% of 2017-D and consolidates the assets, liabilities, revenues and expenses of the trust. 2018-C, a securitization trust, was formed by the Company during 2018. It is 37.0% held by an accredited institutional investor. As of June 30, 2020 and December 31, 2019 the Company had retained 63.0% of 2018-C and consolidates the assets, liabilities, revenues and expenses of the trust. Great Ajax II REIT was formed by the Company during 2019 to hold 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. It is 0.2% held by third parties. As of June 30, 2020 and December 31, 2019, the Company had retained 99.8% of Great Ajax II REIT and consolidates the assets, liabilities, revenues and expenses of the entity. The following table sets forth the effects of changes in ownership of the Company's non-controlling interests due to transfers to or from non-controlling interest for the calendar preceding the Consolidated balance sheet dates ($ in thousands): June 30, 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	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent events	Subsequent Events Loan Acquisitions The Company has acquired 239 residential RPLs with aggregate UPB of $45.4 million in four transactions from four sellers. The purchase price equals 88.9% of UPB and 66.2% of the estimated market value of the underlying collateral of $60.9 million. The Company has also agreed to acquire, subject to due diligence, 29 residential RPLs and three NPLs with aggregate UPB of $8.1 million and $0.9 million, respectively, in nine transactions and one transaction, respectively, from eight sellers and one seller, respectively. The purchase price of the residential RPLs equals 87.1% of UPB and 61.3% of the estimated market value of the underlying collateral of $11.4 million. The purchase price of the NPLs equals 77.2% of UPB and 58.0% of the estimated market value of the underlying collateral of $1.2 million. The Company also agreed to acquire two SBC loans with UPB of $2.1 million. The purchase price of the SBC loans equals 100.0% of UPB. Securitization Pricing On July 30, 2020, the Company priced Ajax Mortgage Loan Trust 2020-B with $97.2 million of AAA-rated senior securities, and $17.3 million of A-rated securities issued with respect to $156.5 million of mortgage loans, all of which were RPLs. The AAA- and A-rated securities have a weighted average coupon of 1.874% and represent 73.2% of the UPB of the underlying mortgage loans. Dividend Declaration

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 as of March 31, 2020. The number of pools was then increased to six as of June 30, 2020. Each loan pool 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 June 30, 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.
Warrant Liability and Preferred Stock	Warrant Liability and Preferred Stock During the quarter ended June 30, 2020, the Company issued an aggregate of $125.0 million, net of offering costs, of preferred stock in two series and warrants to institutional accredited investors in a series of private placements. The Company issued 2,307,400 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 2,892,600 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 6,500,000 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. GAAP requires the Company to account for the outstanding warrants as if the put option will be exercised by the holders. Accordingly, the Company has recognized a liability on its consolidated balance sheet within accrued expenses and other liabilities at June 30, 2020 for the present value of the put liability of $11.1 million. The Company is accreting the amount of the liability under the effective interest method to its expected future put value of $50.7 million and marks the obligation to market through earnings.
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. 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, 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 behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that the Servicer services, property values, previous UPB of the relevant loan, and the number of REO properties. The Servicing Agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the Servicing Agreement if the Servicing Agreement is terminated for any reason. See Note 10 — Related party transactions.
Stock-based Payments	Stock-based Payments 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’ FeesThe 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 the Company’s Consolidated net income attributable to common stockholders, consisting of Consolidated net income, less dividends on the Company’s Series A and Series B preferred stock, is allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing Consolidated net income attributable to common stockholders, 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 Consolidated net income attributable to diluted shareholders, which adds back to Consolidated net income attributable to common stockholders 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 warrants were 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. The Company uses the Treasury Stock method of accounting for the outstanding warrants. Under the Treasury Stock method, the exercise of the warrants is assumed at the beginning of the period, and shares of common stock are assumed to have been issued. The proceeds from the exercise are assumed to be used by the Company to repurchase treasury stock, thereby reducing the assumed dilution from the warrant exercise. In applying the Treasury Stock method, all dilutive potential common shares, regardless of whether they are exercisable, are treated as if they had been exercised. In the event that any of the adjustments normally included to arrive at diluted earnings per share were to produce an anti-dilutive result, one that either increased earnings or reduced the quantity of shares used in the calculation, the anti-dilutive adjustment would not be included in the diluted earnings per share calculation.
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 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 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 taxable as long-term capital gain, although a portion of such distributions may be designated as ordinary income or qualified dividend income, or may constitute a return of capital. The Company furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.
Segment Information	Segment Information The Company’s primary business is acquiring, investing in and managing a portfolio of mortgage loans. 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)	6 Months Ended
	Jun. 30, 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 loans, NPL loans and SBC loans as of June 30, 2020 and December 31, 2019 ($ in thousands): Loan portfolio basis by asset type June 30, 2020 December 31, 2019 Residential RPLs loans $ 1,048,146 $ 1,085,514 SBC/commercial loans 4,240 35,086 Residential NPL loans 28,231 30,869 Total $ 1,080,617 $ 1,151,469
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): June 30, 2020 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Great Ajax II REIT $ — $ — $ — $ 225 $ 1,097 $ 32,025 $ 208,799 $ 66,450 $ 308,596 7f7 and better — — 152 265 2,044 23,419 144,510 62,431 232,821 4f4-6f6 and below — — — — — 13,934 120,362 40,559 174,855 2018-C — — — 123 — 7,100 95,544 34,356 137,123 California — — — 349 215 5,862 89,475 22,847 118,748 2017-D — — 106 136 707 15,624 60,952 25,555 103,080 Non-PCD — 783 1,244 2,506 101 696 54 10 5,394 Total $ — $ 783 $ 1,502 $ 3,604 $ 4,164 $ 98,660 $ 719,696 $ 252,208 $ 1,080,617
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 three and six months ended June 30, 2020 ($ in thousands): Three months ended June 30, 2020 Six months ended June 30, 2020 PCD Loans Non PCD Loans 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Allowance for loan credit losses, beginning of period $ (16,136) $ (1,318) $ (1,960) $ (1,164) Beginning period adjustment for CECL — — (10,156) — Reversal of / (Increase in) provision for credit losses on mortgage loans 1,525 (85) (597) (239) Reversal of / (Increase in) allowance for loan credit losses 161 — (1,737) — Allowance for loan credit losses, end of period $ (14,450) $ (1,403) $ (14,450) $ (1,403)
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 June 30, 2020 and December 31, 2019 ($ in thousands): June 30, 2020 Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 254,360 $ 21,214 $ 19,437 $ 13,484 $ 101 $ 308,596 7f7 and better 163,097 22,875 21,155 25,181 512 232,820 2018-C 96,276 18,616 17,081 35,369 7,512 174,854 2017-D 83,239 15,549 12,160 23,899 2,274 137,121 California 80,421 9,721 8,926 17,918 1,761 118,747 4f4- 6f6 and below 12,493 6,706 7,617 49,172 27,092 103,080 Non-PCD 1,427 251 1,936 1,785 — 5,399 Total $ 691,313 $ 94,932 $ 88,312 $ 166,808 $ 39,252 $ 1,080,617 December 31, 2019 Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 265,677 $ 37,553 $ 14,034 $ 4,597 $ — $ 321,861 7f7 and better 147,722 29,371 22,645 28,864 1,829 230,431 2018-C 75,253 33,904 19,756 42,315 8,074 179,302 2017-D 68,996 28,318 14,452 33,166 3,188 148,120 California 90,658 12,733 9,123 20,737 1,173 134,424 4f4- 6f6 and below 6,412 4,329 12,946 66,177 24,033 113,897 Non-PCD 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020 and 2019 ($ in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Property Held-for-sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 45 $ 10,905 97 $ 18,580 58 $ 13,537 102 $ 19,402 Transfers from mortgage loans 2 98 19 5,655 7 912 45 9,826 Adjustments to record at lower of cost or fair value — (103) — (526) — (1,000) — (1,001) Disposals (14) (3,997) (21) (2,858) (33) (6,727) (54) (7,886) Transfer from Rental property — — 2 537 1 181 5 1,417 Transfers to Rental property — — — — — — (1) (293) Other — (24) — (53) — (24) — (130) Balance at end of period 33 $ 6,879 97 $ 21,335 33 $ 6,879 97 $ 21,335

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 261,926 $ 2,936 $ (6,872) $ 257,990 Beneficial interests in securitization trusts 69,876 — — 69,876 Total investments $ 331,802 $ 2,936 $ (6,872) $ 327,866 (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 $0.3 million.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands): As of June 30, 2020 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due April 2058 (2) $ 6,498 $ (31) $ 6,467 Debt securities due February 2057 (2) 5,624 (6) 5,618 Debt securities due September 2059 (3) 63,693 (2,802) 60,891 Debt securities due November 2059 (3) 17,367 (346) 17,021 Debt securities due December 2059 (3) 49,519 (3,687) 45,832 Total $ 142,701 $ (6,872) $ 135,829 (1) Basis amount is net of any realized amortized costs and principal paydowns. (2) These securities have been in an unrealized loss position for 12 months or longer. (3) This security has been in an unrealized loss position for less than 12 months. As of December 31, 2019 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due April 2058 (2) $ 6,855 $ (9) $ 6,846 Debt securities due February 2057 (2) 7,324 (1) 7,323 Debt securities due September 2059 (3) 37,843 (356) 37,487 Total $ 52,022 $ (366) $ 51,656 (1) Basis amount is net of any realized amortized costs and principal paydowns. (2) These securities have been in an unrealized loss position for 12 months or longer. (3) This security has been in an unrealized loss position for less than 12 months.
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 three and six months ended June 30, 2020 ($ in thousands): Three months ended June 30, 2020 Six months ended June 30, 2020 Beneficial Interest 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Allowance for beneficial interests credit losses, beginning balance $ (7,208) $ — $ — $ — Beginning period adjustment for CECL — — (4,221) — Reversal of / (Increase in) provision for credit losses on beneficial interests 2,802 — (185) — Increase in allowance for beneficial interest credit losses (2,553) — (2,553) — Allowance for beneficial interests credit losses, end balance $ (6,959) $ — $ (6,959) $ —

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 ($ in thousands): ​ Level 1 Level 2 Level 3 June 30, 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 $ 257,990 $ — $ 257,990 $ — Investments in beneficial interests $ 69,876 $ — $ 69,876 $ — Non-recurring financial assets Mortgage loans, net $ 1,080,617 $ — $ — $ 1,080,621 Investment in Manager $ 1,223 $ — $ — $ 5,939 Investment in AS Ajax E LLC $ 853 $ — $ 977 $ — Investment in GAFS, including warrants $ 2,819 $ — $ — $ 3,320 Investment in Gaea $ 20,053 $ — $ — $ 20,053 Investment in legacy entities $ 628 $ — $ — $ 628 Financial liabilities Recurring financial liabilities Warrant liability $ 11,102 $ — $ 11,102 $ — Borrowings under repurchase transactions $ 400,035 $ — $ 400,035 $ — Non-recurring financial liabilities Secured borrowings, net $ 609,812 $ — $ 595,993 $ — Convertible senior notes, net $ 111,773 $ 107,231 $ — $ — ​ ​ 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 June 30, 2020 and December 31, 2019 ($ in thousands): Level 1 Level 2 Level 3 June 30, 2020 Carrying value Six 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 $ 6,879 $ (1,000) $ — $ — $ 6,879 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)	6 Months Ended
	Jun. 30, 2020
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Equity Method Investments	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 June 30, Six months ended June 30, Net income/(loss) at 100% 2020 2019 2020 2019 Thetis Asset Management LLC $ 2,662 $ 991 $ (2,215) $ 2,399 Great Ajax FS LLC (1) $ 900 $ 3 $ (2,550) $ 1,603 Gaea Real Estate Corp. $ 245 $ — $ 260 $ — AS Ajax E LLC $ 37 $ 77 $ 99 $ 153 Legacy Entities $ (57) $ — $ 141 $ — June 30, 2020 December 31, 2019 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 83,459 $ 791 $ 83,068 $ 768 Great Ajax FS LLC $ 56,203 $ 34,358 $ 61,432 $ 37,142 Thetis Asset Management LLC $ 9,539 $ 2,453 $ 12,277 $ 2,265 AS Ajax E LLC $ 5,275 $ 2 $ 5,747 $ 2 Legacy Entities $ 2,515 $ 2,765 $ 1,592 $ 3,095 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended June 30, Six months ended June 30, Net income/(loss) at the Company's share 2020 2019 2020 2019 Thetis Asset Management LLC $ 527 $ 196 $ (439) $ 475 Great Ajax FS LLC $ 72 $ 1 $ (204) $ 129 Gaea Real Estate Corp. $ 56 $ — $ 60 $ — AS Ajax E LLC $ 6 $ 13 $ 16 $ 26 Legacy Entities $ (23) $ — $ 56 $ — June 30, 2020 December 31, 2019 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 19,343 $ 183 $ 19,252 $ 178 Great Ajax FS LLC $ 4,496 $ 2,749 $ 4,915 $ 2,971 Thetis Asset Management LLC $ 1,889 $ 486 $ 2,431 $ 448 Legacy Entities $ 1,009 $ 1,114 $ 637 $ 1,247 AS Ajax E LLC $ 870 $ — $ 948 $ —

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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): ​ ​ June 30, 2020 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate July 10, 2020 January 13, 2020 $ 9,020 $ 9,020 $ 13,016 144 % 3.67 % July 13, 2020 April 13, 2020 30,026 30,026 45,368 151 % 6.97 % July 17, 2020 June 19, 2020 36,047 36,047 49,503 137 % 3.44 % July 20, 2020 June 19, 2020 13,565 13,565 19,047 140 % 3.04 % 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 % August 13, 2020 May 13, 2020 1,955 1,955 4,428 226 % 3.33 % September 1, 2020 June 3, 2020 19,948 19,948 27,271 137 % 3.04 % September 1, 2020 June 3, 2020 14,158 14,158 18,850 133 % 3.04 % September 1, 2020 June 3, 2020 13,994 13,994 24,496 175 % 3.04 % September 1, 2020 June 3, 2020 5,624 5,624 7,352 131 % 3.04 % September 1, 2020 June 3, 2020 4,296 4,296 5,513 128 % 3.04 % September 1, 2020 June 3, 2020 2,954 2,954 3,916 133 % 3.04 % September 1, 2020 June 3, 2020 2,332 2,332 3,360 144 % 3.19 % September 1, 2020 June 3, 2020 1,132 1,132 1,607 142 % 3.19 % September 17, 2020 June 19, 2020 11,825 11,825 15,832 134 % 3.02 % September 17, 2020 June 19, 2020 9,485 9,485 12,488 132 % 3.02 % September 17, 2020 June 19, 2020 4,336 4,336 5,624 130 % 3.02 % September 17, 2020 June 19, 2020 1,110 1,110 1,687 152 % 3.17 % September 24, 2020 September 25, 2019 400,000 112,257 167,347 149 % 2.69 % September 24, 2020 June 26, 2020 6,876 6,876 10,024 146 % 3.13 % September 24, 2020 June 26, 2020 5,198 5,198 6,930 133 % 2.98 % September 24, 2020 June 26, 2020 2,730 2,730 3,585 131 % 2.98 % September 25, 2020 June 26, 2020 21,400 21,400 30,747 144 % 3.13 % September 28, 2020 June 30, 2020 8,049 8,049 10,727 133 % 3.01 % September 28, 2020 June 30, 2020 6,099 6,099 9,038 148 % 3.16 % September 28, 2020 June 30, 2020 4,938 4,938 6,581 133 % 3.01 % September 28, 2020 June 30, 2020 4,850 4,850 6,498 134 % 3.01 % September 28, 2020 June 30, 2020 3,324 3,324 4,667 140 % 3.16 % July 9, 2021 July 15, 2016 250,000 27,593 43,569 158 % 2.69 % Totals ​ $ 910,185 $ 400,035 $ 578,310 145 % 3.29 % ​ ​ 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 June 30, 2020 and December 31, 2019 in the table below ($ in thousands): Gross amounts not offset in balance sheet June 30, 2020 December 31, 2019 Gross amount of recognized liabilities $ 400,035 $ 414,114 Gross amount of loans and securities pledged as collateral 578,310 580,167 Other prepaid collateral 7,632 4,117 Net collateral amount $ 185,907 $ 170,170
Schedule of securitization of notes	The following table sets forth the original terms of all notes from our secured borrowings outstanding at June 30, 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 subordinated, 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 subordinated, 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 subordinated, 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 June 30, 2020 and December 31, 2019, and the securitization cutoff date ($ in thousands): Balances at June 30, 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 $ 117,259 $ 77,929 150 % $ 121,909 $ 84,624 144 % $ 165,850 $ 115,846 2017-C 133,863 87,459 153 % 137,369 94,126 146 % 185,942 130,159 2017-D 137,122 55,016 (1) 249 % 148,119 60,934 (1) 243 % 203,870 (2) 88,903 2018-C 174,855 137,551 (3) 127 % 179,303 146,925 (3) 122 % 222,181 (4) 167,910 2019-D 158,121 137,258 115 % 165,963 146,383 113 % 193,301 156,670 2019-F 150,475 120,024 125 % 155,899 126,723 123 % 170,876 127,673 ​ $ 871,695 $ 615,237 (5) 142 % $ 908,562 $ 659,715 (5) 138 % $ 1,142,020 $ 787,161 ​ (1) The gross amount of senior bonds at June 30, 2020 and December 31, 2019 were $110.0 million and $121.9 million however, only $55.0 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 June 30, 2020 were $138.6 million and $15.9 million, however, only $131.6 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. The gross amount of the senior and class B bonds at December 31, 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)	6 Months Ended
	Jun. 30, 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 June 30, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income Interest income Various non-consolidated joint ventures $ 7,831 $ 3,140 Management fee Related party expense – management fee Thetis $ 2,143 $ 1,652 Loan servicing fees Related party expense – loan servicing fees Gregory $ 1,936 $ 2,274 Income from equity investment Income from investments in affiliates Thetis $ 527 $ 196 Income from equity investment Income from investments in affiliates Great Ajax FS $ 72 $ 1 Gain on sale of mortgage loans Gain on sale of mortgage loans 2019-C $ — $ 7,014 Six months ended June 30, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income Interest income Various non-consolidated joint ventures $ 9,850 $ 5,556 Loan servicing fees Related party expense – loan servicing fees Gregory $ 3,950 $ 4,780 Management fee Related party expense – management fee Thetis $ 3,942 $ 3,340 Gain on sale of mortgage loans Gain on sale of mortgage loans 2019-C $ — $ 7,014 Income/(loss) from equity investment Income from investments in affiliates Great Ajax FS $ (204) $ 129 Income/(loss) from equity investment Income from investments in affiliates Thetis $ (439) $ 475 Loss on sale of mortgage loans Loss on sale of mortgage loans Gaea $ (705) $ — The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of June 30, 2020 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 15,460 Management fee payable Management fee payable Thetis $ 2,139 Expense reimbursement receivable Prepaid expenses and other assets Gregory $ 918 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 560 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ 59 ​ 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)	6 Months Ended
	Jun. 30, 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): Stock-based Management Fees and Director Fees For the three months ended June 30, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 5,200 $ 40 2,836 $ 40 Management fees — — 58,398 824 Totals 5,200 $ 40 61,234 $ 864 For the six months ended June 30, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 8,668 $ 80 5,600 $ 78 Management fees — — 120,699 1,552 Totals 8,668 $ 80 126,299 $ 1,630 (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 June 30, 2020 Fully-vested shares at June 30, 2020 Three months ended June 30, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended June 30, 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 June 30, 2019 Fully-vested shares at June 30, 2019 Three months ended June 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended June 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ — — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 144,667 1,953 — 143 46,222 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 (4,6) 34,000 462 — 31 34,000 13.58 — — Totals 229,667 $ 3,121 — $ 219 106,222 $ 13.64 123,445 $ 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 June 30, 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 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (6) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Current period activity Non-vested shares at June 30, 2020 Fully-vested shares at June 30, 2020 Six months ended June 30, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the six months ended June 30, 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 — $ 88 12,667 $ 13.95 26,000 $ 13.95 Employee and Service Provider Grant 2018 (2,5) 34,000 462 — 76 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (3) 79,000 1,101 — 184 79,000 13.94 — — Totals 151,667 $ 2,102 — $ 348 114,334 $ 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 June 30, 2019 Fully-vested shares at June 30, 2019 Six months ended June 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the six months ended June 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ 14 — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 144,667 1,953 — 306 46,222 13.50 98,445 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 90 26,000 13.95 13,000 13.95 Employee and Service Provider Grant 2018 (4,6) 34,000 462 — 72 34,000 13.58 — — Totals 229,667 $ 3,121 — $ 482 106,222 $ 13.64 123,445 $ 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 June 30, 2019. (2) Vesting is ratable over the three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 Three months ended June 30, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 6,242 22,808,943 $ 13,027 19,169,941 Allocation of earnings to participating restricted shares (33) — (133) — Consolidated net income attributable to unrestricted common stockholders $ 6,209 22,808,943 $ 0.27 $ 12,894 19,169,941 $ 0.67 Effect of dilutive securities (1) Operating Partnership units — — 107 349,774 Restricted stock grants and Manager and director fee shares (2) 33 120,906 — — Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 2,545 8,212,872 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 6,242 22,929,849 $ 0.27 $ 15,546 27,732,587 $ 0.56 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock would have an antidilutive effect on diluted earnings per share for the quarter ended June 30, 2020, and have not been included in the calculation. (2) The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for June 30, 2019 would have been anti-dilutive and have been removed from the calculation. (3) 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 June 30, 2020. Six months ended June 30, 2020 Six months ended June 30, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 6,642 22,439,648 $ 20,357 18,991,817 Allocation of earnings to participating restricted shares (35) — (221) — Consolidated net income attributable to unrestricted common stockholders $ 6,607 22,439,648 $ 0.29 $ 20,136 18,991,817 $ 1.06 Effect of dilutive securities (1) Operating Partnership units — — 346 486,182 Restricted stock grants and Manager and director fee shares (2) 35 120,268 219 206,916 Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 5,093 8,194,693 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 6,642 22,559,916 $ 0.29 $ 25,794 27,879,608 $ 0.93 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock would have an antidilutive effect on diluted earnings per share for the quarter ended June 30, 2020, and have not been included in the calculation. (2) The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for June 30, 2019 would have been anti-dilutive and have been removed from the calculation. (3) 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 June 30, 2020.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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). Total accumulated other comprehensive gain/(loss) on the Company’s balance sheet at June 30, 2020 and December 31, 2019 was as follows ($ in thousands): Investments in securities: June 30, 2020 December 31, 2019 Unrealized gains $ 2,936 $ 1,643 Unrealized losses (6,872) (366) Accumulated other comprehensive gain/(loss) $ (3,936) $ 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 ownership of the Company's non-controlling interests due to transfers to or from non-controlling interest for the calendar preceding the Consolidated balance sheet dates ($ in thousands): June 30, 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	Jun. 30, 2020USD ($)numberOfLoanPools	Jun. 30, 2020USD ($)paymentnumberOfLoanPools	Jun. 30, 2019USD ($)shares	Dec. 31, 2019numberOfLoanPools	Dec. 31, 2018
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least) | payment			5
Number of Recent Payments Made on RPL Mortgage Loans | payment			7
Number of payments made on NPL mortgage loans | payment			3
Number of non controlling interest subsidiaries | numberOfLoanPools		4	4		4
Percentage of ownership interests in joint venture		34.00%	34.00%
Proceeds from issuance of preferred stock and warrants, net of offering costs | $		$ 130,000,000	$ 124,977,000	$ 0
Percentage of outstanding OP units owned		100.00%	100.00%		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	$ 5,000,000
Delaware Trust
Organization And Basis Of Presentation [Line Items]
Ownership percentage		5.00%	5.00%
2018-C | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		63.00%	63.00%		63.00%
2017-D
Organization And Basis Of Presentation [Line Items]
Percentage of ownership interests in joint venture		50.00%	50.00%
2017-D | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		50.00%	50.00%		50.00%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Percentage of ownership interests in joint venture		53.10%	53.10%		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%	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%	0.20%
Great Ajax II REIT | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent					99.80%
Gaea
Organization And Basis Of Presentation [Line Items]
Ownership percentage	23.20%
Share Price | $ / shares	$ 15
Proceeds from issuance of preferred stock and warrants, net of offering costs | $	$ 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%	19.80%
Great Ajax FS
Organization And Basis Of Presentation [Line Items]
Ownership percentage		8.00%	8.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	Apr. 06, 2020$ / sharesshares	Jan. 01, 2020USD ($)	Apr. 01, 2019USD ($)	Jun. 07, 2016	Jul. 08, 2014	Jun. 30, 2020USD ($)numberOfSubsidiariesnumberOfLoanPools$ / sharesshares	Mar. 31, 2020USD ($)numberOfLoanPools	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)numberOfLoanPoolsnumberOfSubsidiaries$ / sharesshares	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019shares	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of loan pools | numberOfLoanPools						6	4			6
Amortization of debt discount												$ 3,200,000
Convertible senior note repurchase							$ 81,000			$ 100,000
Convertible Notes Payable						$ 8,000,000				8,000,000
Payments for Repurchase of Convertible Notes						8,200,000				8,200,000
Provision for credit losses		$ (10,200,000)				$ 0		$ 0		$ 10,156,000	$ 0
Number of taxable subsidiaries | numberOfSubsidiaries						2				2
Minimum assets with banking institutions						$ 1,000,000,000				$ 1,000,000,000
Proceeds from issuance of preferred stock and warrants, net of offering costs						$ 130,000,000				$ 124,977,000	$ 0
Preferred Stock, Shares Issued | shares						0				0			0
Class of Warrant or Right, Outstanding | shares	6,500,000
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 25					$ 25				$ 25
Investment warrants, exercise price (in dollars per share) | $ / shares	$ 10
Other Commitment						$ 11,102,000				$ 11,102,000
Put Option [Member]
Summary Of Significant Accounting Policies [Line Items]
Other Commitment						50,700,000				50,700,000
Warrant [Member] | Put Option [Member]
Summary Of Significant Accounting Policies [Line Items]
Other Commitment						$ 11,100,000				$ 11,100,000
Series B Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred Stock, Shares Issued | shares	2,892,600
Preferred Stock, Dividend Rate, Percentage	5.00%									5.00%
Series A Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred Stock, Shares Issued | shares	2,307,400
Preferred Stock, Dividend Rate, Percentage	7.25%									7.25%
Beneficial interests
Summary Of Significant Accounting Policies [Line Items]
Provision for credit losses		$ (4,200,000)
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of an assets										27 years 6 months
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				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%	7.25%
Principal amount of note (in dollars per share) | $ / shares						$ 25
Amortization of debt discount						$ 400,000				$ 700,000
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				$ 14.47

Mortgage Loans - Schedule of Lo

Mortgage Loans - Schedule of Loan Portfolio Basis by Asset Type (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate
Mortgage loans, net	[1],[2]	$ 1,080,617	$ 1,151,469
SBC/commercial loans
Mortgage Loans on Real Estate
Mortgage loans, net		4,240	35,086
Residential RPLs loans
Mortgage Loans on Real Estate
Mortgage loans, net		1,048,146	1,085,514
Residential NPL loans
Mortgage Loans on Real Estate
Mortgage loans, net		$ 28,231	$ 30,869
[1]	As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 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 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 $871.7 million and $908.6 million of loans at June 30, 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 $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) $ in Thousands		Jan. 01, 2020USD ($)	Jun. 30, 2020USD ($)numberOfLoanPoolsloan		Jun. 30, 2019USD ($)loan	Jun. 30, 2020USD ($)paymentloannumberOfLoanPools		Jun. 30, 2019USD ($)loan	Mar. 31, 2020USD ($)numberOfLoanPools	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Mortgage Loans on Real Estate
Mortgage loans, net	[1],[2]		$ 1,080,617			$ 1,080,617				$ 1,151,469
Financing Receivable, Allowance for Credit Loss			(14,450)		$ (1,403)	(14,450)		$ (1,403)	$ (16,136)	(1,960)	$ (1,318)	$ (1,164)
Current period additions to allowance account			(161)		0	1,737		0
Interest income			20,300		23,900	40,300		50,300
Aggregate unpaid principal balance of mortgage loans on real estate					200,100	26,200		200,100
Reversal of / (Increase in) provision for credit losses on mortgage loans			(1,525)		85	597		239
Estimated Market Value Of Underlying Collaterals			$ 44,200		320,100	$ 44,200		320,100
Number of loan pools | numberOfLoanPools			6			6			4
Number of Recent Payments Made on RPL Mortgage Loans | payment						7
Income/(loss) on sale of mortgage loans	[3]		$ 0		$ 7,014	$ (705)		$ 7,014
Number of sold loans | loan			0		962	26		962
Beginning period adjustment for CECL		$ 10,200	$ 0		$ 0	$ (10,156)		$ 0
RPLs, NPLs, and Originated SBCs [Member]
Mortgage Loans on Real Estate
Mortgage loans, net			1,100,000	[2]		1,100,000	[2]			1,200,000
Mortgages purchased
Mortgage Loans on Real Estate
Mortgage loans, net			$ 26,100			$ 26,100
SBC loans acquired at or near origination
Mortgage Loans on Real Estate
Number of originated SBC loans acquired | loan			0		2	0		21
Aggregate unpaid principal balance of mortgage loans on real estate					$ 700			$ 18,400
SBC
Mortgage Loans on Real Estate
Mortgage loans, net			$ 4,240			$ 4,240				35,086
7f7 and better
Mortgage Loans on Real Estate
Mortgage loans, net			$ 232,820			232,820				230,431
Number of Recent Payments Made on RPL Mortgage Loans | numberOfLoanPools			7
Great Ajax II REIT
Mortgage Loans on Real Estate
Mortgage loans, net			$ 308,596			308,596				321,861
4f4-6f6 and below
Mortgage Loans on Real Estate
Mortgage loans, net			$ 103,080			$ 103,080				113,897
Number of Recent Payments Made on RPL Mortgage Loans | numberOfLoanPools			4
Originated loans [Member]
Mortgage Loans on Real Estate
Number of loan pools | numberOfLoanPools			1			1
Residential RPLs loans
Mortgage Loans on Real Estate
Mortgage loans, net			$ 1,048,146			$ 1,048,146				1,085,514
Number of mortgage loans on real estate | loan			0		496	26		534
Aggregate unpaid principal balance of mortgage loans on real estate					$ 106,600	$ 2,000		$ 115,100
Mortgage Loans On Real Estate Commitments To Purchase Number | loan			0		496	26		534
Residential NPL loans
Mortgage Loans on Real Estate
Mortgage loans, net			$ 28,231			$ 28,231				$ 30,869
Number of mortgage loans on real estate | loan			0		0	1		0
Aggregate unpaid principal balance of mortgage loans on real estate						$ 200
Mortgage Loans On Real Estate Commitments To Purchase Number | loan			0		0	1		0
[1]	As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 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 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 $871.7 million and $908.6 million of loans at June 30, 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 $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.
[3]	The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company 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. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.

Mortgage Loans - Schedule of _2

Mortgage Loans - Schedule of loan basis by year of origination (Details) $ in Thousands	Jun. 30, 2020USD ($)
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	$ 1,080,617
Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	308,596
7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	232,821
4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	174,855
2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	137,123
CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	118,748
2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	103,080
Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	5,394
Year 2020
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 | 7f7 and better
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 | 2018-C
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 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2020 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2019
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	783
Year 2019 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2019 | 7f7 and better
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 | 2018-C
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 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2019 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	783
Year 2018
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,502
Year 2018 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2018 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	152
Year 2018 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2018 | 2018-C
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 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	106
Year 2018 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,244
Year 2017
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	3,604
Year 2017 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	225
Year 2017 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	265
Year 2017 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2017 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	123
Year 2017 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	349
Year 2017 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	136
Year 2017 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,506
Year 2016
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	4,164
Year 2016 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,097
Year 2016 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,044
Year 2016 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2016 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
Year 2016 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	215
Year 2016 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	707
Year 2016 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	101
Years 2009-2015
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	98,660
Years 2009-2015 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	32,025
Years 2009-2015 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	23,419
Years 2009-2015 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	13,934
Years 2009-2015 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	7,100
Years 2009-2015 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	5,862
Years 2009-2015 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	15,624
Years 2009-2015 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	696
Years 2006-2008
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	719,696
Years 2006-2008 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	208,799
Years 2006-2008 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	144,510
Years 2006-2008 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	120,362
Years 2006-2008 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	95,544
Years 2006-2008 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	89,475
Years 2006-2008 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	60,952
Years 2006-2008 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	54
Years 2005 and prior
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	252,208
Years 2005 and prior | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	66,450
Years 2005 and prior | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	62,431
Years 2005 and prior | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	40,559
Years 2005 and prior | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	34,356
Years 2005 and prior | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	22,847
Years 2005 and prior | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	25,555
Years 2005 and prior | Non-PCD
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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Mortgage Loans on Real Estate
Par	$ 0	$ 11,970
Discount	0	(4,888)
PCD loans
Mortgage Loans on Real Estate
Par	0	227
Discount	0	(37)
Allowance	0	(4)
Purchase Price	0	186
Non-PCD
Mortgage Loans on Real Estate
Par	0	1,952
Discount	0	(747)
Allowance	0	0
Purchase Price	$ 0	$ 1,205

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for loan credit losses, beginning of period	$ (1,960)	$ (16,136)	$ (1,318)	$ (1,960)	$ (1,164)
Beginning period adjustment for CECL	$ 10,200	0	0	(10,156)	0
Reversal of / (Increase in) provision for credit losses on mortgage loans		1,525	(85)	(597)	(239)
Reversal of / (Increase in) allowance for loan credit losses		161	0	(1,737)	0
Allowance for loan credit losses, end of period		$ (14,450)	$ (1,403)	$ (14,450)	$ (1,403)

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate
Carrying value of mortgages	[1],[2]	$ 1,080,617	$ 1,151,469
Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		308,596	321,861
7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		232,820	230,431
2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		174,854	179,302
2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		137,121	148,120
CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		118,747	134,424
4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		103,080	113,897
Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		5,399	23,434
Current
Mortgage Loans on Real Estate
Carrying value of mortgages		691,313	676,143
Current | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		254,360	265,677
Current | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		163,097	147,722
Current | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		96,276	75,253
Current | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		83,239	68,996
Current | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		80,421	90,658
Current | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		12,493	6,412
Current | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		1,427	21,425
30
Mortgage Loans on Real Estate
Carrying value of mortgages		94,932	146,208
30 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		21,214	37,553
30 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		22,875	29,371
30 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		18,616	33,904
30 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		15,549	28,318
30 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		9,721	12,733
30 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		6,706	4,329
30 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		251	0
60
Mortgage Loans on Real Estate
Carrying value of mortgages		88,312	93,806
60 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		19,437	14,034
60 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		21,155	22,645
60 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		17,081	19,756
60 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		12,160	14,452
60 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		8,926	9,123
60 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		7,617	12,946
60 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		1,936	850
90
Mortgage Loans on Real Estate
Carrying value of mortgages		166,808	197,015
90 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		13,484	4,597
90 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		25,181	28,864
90 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		35,369	42,315
90 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		23,899	33,166
90 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		17,918	20,737
90 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		49,172	66,177
90 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		1,785	1,159
Foreclosure
Mortgage Loans on Real Estate
Carrying value of mortgages		39,252	38,297
Foreclosure | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		101	0
Foreclosure | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		512	1,829
Foreclosure | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		7,512	8,074
Foreclosure | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		2,274	3,188
Foreclosure | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		1,761	1,173
Foreclosure | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		27,092	24,033
Foreclosure | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		$ 0	$ 0
[1]	As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 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 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 $871.7 million and $908.6 million of loans at June 30, 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 $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details)	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2020USD ($)property		Jun. 30, 2019USD ($)property	Jun. 30, 2020USD ($)property		Jun. 30, 2019USD ($)property	Dec. 31, 2019USD ($)property		Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Number of properties owned | property				9			10
Aggregate carrying value REO properties | $	$ 1,400,000			$ 1,400,000			$ 1,500,000
Number of REO properties held for rental | property				5			6
Number of real estate properties purchased | property							2
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 | $	$ 6,879,000	[1]	$ 21,335,000	$ 6,879,000	[1]	$ 21,335,000	$ 13,537,000	[1]	$ 10,905,000	$ 18,580,000	$ 19,402,000
Real Estate Held For Sale Improvements | $				$ 1,300,000			$ 2,200,000
Number of held-for-sale residential properties disposed | property	14		21	33		54
Gain (loss) on sale of property | $				$ 591,000		$ 121,000
Real Estate Impairment | $	$ 100,000		$ 500,000	1,000,000		1,000,000
Other Income
Real Estate [Line Items]
Gain (loss) on sale of property | $	$ 400,000		$ 18,000	$ 800,000		$ 100,000
[1]	Property held-for-sale, net, includes valuation allowances of the $1.3 million and $1.8 million at June 30, 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			6 Months Ended
	Jun. 30, 2020USD ($)property		Jun. 30, 2019USD ($)property	Jun. 30, 2020USD ($)property		Jun. 30, 2019USD ($)property
Real Estate Held For Sale [Roll Forward]
Balance at beginning of period | property	45		97	58		102
Balance at beginning of year | $	$ 10,905		$ 18,580	$ 13,537	[1]	$ 19,402
Transfers from mortgage loans, count | property	2		19	7		45
Transfers from mortgage loans | $	$ 98		$ 5,655	$ 912		$ 9,826
Adjustments to record at lower of cost or fair value, count | property	0		0	0		0
Adjustments to record at lower of cost or fair value  | $	$ (103)		$ (526)	$ (1,000)		$ (1,001)
Disposals, count | property	(14)		(21)	(33)		(54)
Disposals | $	$ (3,997)		$ (2,858)	$ (6,727)		$ (7,886)
Number of properties transferred from held-for-sale to rental | property	0		0	0		(1)
Properties transferred from held-for-sale to rental | $	$ 0		$ 0	$ 0		$ (293)
Number of properties transferred from rental to held-for-sale | property	0		2	1		5
Properties transferred from rental to held-for-sale | $	$ 0		$ 537	$ 181		$ 1,417
Other, count | property	0		0	0		0
Other | $	$ (24)		$ (53)	$ (24)		$ (130)
Balance at end of year, count | property	33		97	33		97
Balance at end of period | $	$ 6,879	[1]	$ 21,335	$ 6,879	[1]	$ 21,335
[1]	Property held-for-sale, net, includes valuation allowances of the $1.3 million and $1.8 million at June 30, 2020 and December 31, 2019, respectively.

Investments (Details)

Investments (Details) - USD ($)	Jan. 01, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	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			$ 39,600,000		0	$ 39,635,000
Debt and Equity Securities, Gain (Loss)			8,000
Investments in beneficial interests		$ 69,876,000			69,876,000		$ 57,954,000
Investment In Securities		0	20,200,000		61,300,000	84,200,000
Investments at fair value		257,990,000			257,990,000		231,685,000
Provision for credit losses	$ 10,200,000	0	0		(10,156,000)	0
Reversal of / (Increase in) provision for credit losses on beneficial interests					(184,000)	0
Debt Securities		257,990,000			257,990,000		231,685,000
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
Reversal of / (Increase in) provision for credit losses on beneficial interests		2,802,000	0		(185,000)	0
Senior Notes
Debt Securities, Available-for-sale [Line Items]
Investment in senior notes			$ 7,500,000		49,600,000	$ 57,500,000
Beneficial interests
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests - Gross unrealized gains		0			0		0
Investment in beneficial interests - Gross unrealized loss		0			0		0
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests - Gross unrealized gains		2,936,000			2,936,000		1,643,000
Investment in beneficial interests - Gross unrealized loss		$ (6,872,000)			$ (6,872,000)		$ (366,000)

Investments - Available-for-sal

Investments - Available-for-sale (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Investment in debt securities - Basis	$ 261,926	$ 230,408
Investment in debt securities - Gross unrealized gains	2,936	1,643
Investment in debt securities - Gross unrealized loss	(6,872)	(366)
Investment in debt securities	257,990	231,685
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests - Basis	331,802	288,362
Investment in beneficial interests - Gross unrealized gains	2,936	1,643
Investment in beneficial interests - Gross unrealized loss	(6,872)	(366)
Investment in beneficial interests	327,866	289,639
Beneficial interests
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests - Basis	69,876	57,954
Investment in beneficial interests - Gross unrealized gains	0	0
Investment in beneficial interests - Gross unrealized loss	0	0
Investment in beneficial interests	$ 69,876	$ 57,954

Investments - Debt Securities A

Investments - Debt Securities Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis	$ 261,926	$ 230,408
Investment in debt securities - Gross unrealized loss	(6,872)	(366)
Investments at fair value	257,990	231,685
Debt Securities due April 2058
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis	6,498	6,855
Investment in debt securities - Gross unrealized loss	(31)	(9)
Investments at fair value	6,467	6,846
Debt securities due February 2057
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis	5,624	7,324
Investment in debt securities - Gross unrealized loss	(6)	(1)
Investments at fair value	5,618	7,323
Debt securities due September 2059
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis	63,693	37,843
Investment in debt securities - Gross unrealized loss	(2,802)	(356)
Investments at fair value	60,891	37,487
Total Basis
Investments, Debt and Equity Securities [Line Items]
Investment in beneficial interests - Basis	142,701	52,022
Total Gross unrealized losses
Investments, Debt and Equity Securities [Line Items]
Investment in beneficial interests - Gross unrealized loss	(6,872)	(366)
Total Carrying value (fair value)
Investments, Debt and Equity Securities [Line Items]
Investment in beneficial interests	135,829	$ 51,656
Debt securities due November 2059
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis	17,367
Investment in debt securities - Gross unrealized loss	(346)
Investments at fair value	17,021
Debt securities due December 2059
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis	49,519
Investment in debt securities - Gross unrealized loss	(3,687)
Investments at fair value	$ 45,832

Investments - Schedule of secur

Investments - Schedule of securities at acquisition reconciliation between purchase price and par value (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Investments, Debt and Equity Securities [Line Items]
Par	$ 0	$ 11,970
Discount	0	(4,888)
Purchase Price	0	7,082
PCD loans
Investments, Debt and Equity Securities [Line Items]
Par	0	227
Discount	$ 0	$ (37)

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	$ 7,208	$ 0	$ 0	$ 0
Beginning period adjustment for CECL	0	0	(4,221)	0
Reversal of / (Increase in) provision for credit losses on beneficial interests			(184)	0
Increase in allowance for beneficial interest credit losses	2,553	0	2,553	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance	$ (6,959)	$ 0	$ (6,959)	$ 0

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment
Mortgage loans, net	[1],[2]	1,080,617	$ 1,151,469
Investment in debt securities		257,990	231,685
Investments in beneficial interests		69,876	57,954
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, net		609,812	652,747
Borrowings under repurchase transactions		400,035	414,114
Convertible senior notes, net	[3]	111,773	118,784
Other Commitment		11,102
Carrying value
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net		1,080,617	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		107,231	132,173
Commitments, Fair Value Disclosure		0
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		257,990	231,685
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		595,993	0
Borrowings under repurchase agreement, fair value		400,035	414,114
Convertible senior notes, net, fair value		0	0
Commitments, Fair Value Disclosure		11,102
Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		1,080,621	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		0	657,918
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		0	0
Commitments, Fair Value Disclosure		0
Investment in Manager
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		1,223	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		5,939	7,721
AS Ajax E [Member]
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		853	931
AS Ajax E [Member] | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0
AS Ajax E [Member] | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		977	1,012
AS Ajax E [Member] | 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		2,819	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		20,053	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		20,053	19,995
Legacy entities | Carrying value
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		628	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		628	760
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		69,876	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 June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 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 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 $871.7 million and $908.6 million of loans at June 30, 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 $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.
[3]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

Fair Value - Schedule of Non Fi

Fair Value - Schedule of Non Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020		Mar. 31, 2020	Dec. 31, 2019		Jun. 30, 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	$ 6,879	[1]	$ 10,905	$ 13,537	[1]	$ 21,335	$ 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	6,879			13,537
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	6,900			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	$ 1,000			$ 2,104
[1]	Property held-for-sale, net, includes valuation allowances of the $1.3 million and $1.8 million at June 30, 2020 and December 31, 2019, respectively.

Affiliates - Narrative (Details

Affiliates - Narrative (Details) $ in Thousands	Nov. 22, 2019USD ($)shares	May 29, 2018USD ($)warrantshares	Jan. 26, 2018USD ($)warrantshares	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)numberOfLoanPools	Dec. 31, 2018transaction	Mar. 14, 2016
Schedule of Equity Method Investments [Line Items]
Proceeds from issuance of preferred stock and warrants, net of offering costs				$ 130,000	$ 124,977	$ 0
Percentage of ownership interests in joint venture				34.00%	34.00%
2017-D
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interests in joint venture				50.00%	50.00%
Great Ajax II REIT
Schedule of Equity Method Investments [Line Items]
Company ownership percentage					99.80%
Great Ajax II REIT | Third Party
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				0.20%	0.20%
Thetis
Schedule of Equity Method Investments [Line Items]
Ownership percentage				19.80%	19.80%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				16.50%	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%	5.00%
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage				100.00%	100.00%
Gaea
Schedule of Equity Method Investments [Line Items]
Proceeds from issuance of preferred stock and warrants, net of offering costs	$ 66,300
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%	8.00%
Number of transactions | transaction								2
Percentage of equity interest at closing date		3.10%	4.90%
Number of warrants | warrant		3	3
Percentage of warrants exercisable		1.55%	2.45%
Cash payment in business acquisition		$ 700	$ 1,100
Number of shares (in shares) | shares		29,063	45,938
Common stock value		$ 400	$ 600
Legacy entities
Schedule of Equity Method Investments [Line Items]
Number of entities | numberOfLoanPools							3
Ownership percentage							40.40%
Cash payment in business acquisition							$ 1,000

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at the Company's share	$ 672	$ 257	$ (440)	$ 718
Assets at Company share	1,639,924		1,639,924		$ 1,576,841
Liabilities at Company share	1,141,054		1,141,054		1,192,757
Thetis
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	2,662	991	(2,215)	2,399
Assets	9,539		9,539		12,277
Liabilities	2,453		2,453		2,265
Net income/(loss) at the Company's share	527	196	(439)	475
Assets at Company share	1,889		1,889		2,431
Liabilities at Company share	486		486		448
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	900	3	(2,550)	1,603
Assets	56,203		56,203		61,432
Liabilities	34,358		34,358		37,142
Net income/(loss) at the Company's share	72	1	(204)	129
Assets at Company share	4,496		4,496		4,915
Liabilities at Company share	2,749		2,749		2,971
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	37	77	99	153
Assets	5,275		5,275		5,747
Liabilities	2		2		2
Net income/(loss) at the Company's share	6	13	16	26
Assets at Company share	870		870		948
Liabilities at Company share	0		0		0
Legacy entities
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(57)	0	141	0
Assets	2,515		2,515		1,592
Liabilities	2,765		2,765		3,095
Net income/(loss) at the Company's share	(23)	0	56	0
Assets at Company share	1,009		1,009		637
Liabilities at Company share	1,114		1,114		1,247
Gaea
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	245	0	260	0
Assets	83,459		83,459		83,068
Liabilities	791		791		768
Net income/(loss) at the Company's share	56	$ 0	60	$ 0
Assets at Company share	19,343		19,343		19,252
Liabilities at Company share	$ 183		$ 183		$ 178

Commitments and Contingencies (

Commitments and Contingencies (Details Textuals)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)loan$ / sharesshares	Jun. 30, 2019USD ($)	Apr. 06, 2020$ / sharesshares	Dec. 31, 2019shares
Mortgage Loans on Real Estate
Aggregate unpaid principal balance of mortgage loans on real estate		$ 200,100,000	$ 26,200,000	$ 200,100,000
Proceeds from issuance of preferred stock and warrants, net of offering costs	$ 130,000,000		$ 124,977,000	$ 0
Preferred Stock, Shares Issued | shares	0		0			0
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 25		$ 25		$ 25
Class of Warrant or Right, Outstanding | shares					6,500,000
Investment warrants, exercise price (in dollars per share) | $ / shares					$ 10
Other Commitment	$ 11,102,000		$ 11,102,000
Loss Contingency Accrual	0		0
Put Option [Member]
Mortgage Loans on Real Estate
Other Commitment	50,700,000		50,700,000
Put Option [Member] | Warrant [Member]
Mortgage Loans on Real Estate
Other Commitment	$ 11,100,000		$ 11,100,000
Re-performing loans | Purchase commitment | One-to-four family residences
Mortgage Loans on Real Estate
Number of mortgage loans on real estate | loan			281
Aggregate unpaid principal balance of mortgage loans on real estate			$ 60,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 25, 2019	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)	Jun. 30, 2020USD ($)securitization$ / shares	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)FacilityDaysecuritization$ / shares	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2020USD ($)securitization$ / shares	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture					34.00%			34.00%			34.00%
Percentage of guarantors beneficial interest					100.00%			100.00%			100.00%
Number of securitizations completed | securitization											15
Number of securitizations outstanding | securitization					6			6			6
Percentage of interests in trust certificates sold to third parties								50.00%
Interest expense					$ 13,058,000		$ 15,439,000	$ 26,128,000	$ 31,124,000
Amortization of debt discount										$ 3,200,000
Percentage of ownership interests in joint venture					34.00%			34.00%			34.00%
Debt Instrument, Basis Spread on Variable Rate	100.00%
Collateralized Financings					$ 7,632,000	$ 32,400,000		$ 7,632,000			$ 7,632,000	$ 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			6
Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal				$ 87,500,000
Interest Rate			7.25%	7.25%	7.25%			7.25%			7.25%
Proceeds from sale of convertible senior notes			$ 20,500,000	$ 84,900,000
Conversion premium - Convertible senior notes			200,000	$ 2,500,000
Percentage of notes convertible to common stock				17.50%
Additional aggregate principal		$ 15,900,000	$ 20,500,000
Conversion premium			6.00%
Principal amount of note (in dollars per share) | $ / shares					$ 25
If-converted value in excess of principal								$ 42,200,000
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					$ 4,100,000			$ 4,100,000			$ 4,100,000
Amortization of debt discount					$ 400,000			$ 700,000
Interest rate, effective percentage					9.09%			9.09%			9.09%
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate					3.29%			3.29%			3.29%	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			$ 250,000,000
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO								70.00%
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO								85.00%
Master Repurchase Agreement | Delaware Trust | Mortgages One
Debt Instrument [Line Items]
Ceiling for each repurchase facility					400,000,000			$ 400,000,000			400,000,000
Master Repurchase Agreement | Delaware Trust | Bonds [Member]
Debt Instrument [Line Items]
Number of facilities repurchased | Facility								3,000
Gregory
Debt Instrument [Line Items]
Ceiling for each repurchase facility					$ 12,000,000			$ 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			$ 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 A Notes
Debt Instrument [Line Items]
Aggregate principal					$ 138,600,000			$ 138,600,000			$ 138,600,000	$ 148,500,000
2018-C | Mortgage loans | Class B Notes
Debt Instrument [Line Items]
Aggregate principal					15,900,000			$ 15,900,000			15,900,000	15,900,000
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 A Notes
Debt Instrument [Line Items]
Aggregate principal					$ 170,500,000			$ 170,500,000			$ 170,500,000
Interest Rate					4.36%			4.36%			4.36%
Ajax Mortgage Loan Trust 2018 C September 2018 | Mortgage loans | Class B Notes
Debt Instrument [Line Items]
Aggregate principal					$ 15,900,000			$ 15,900,000			$ 15,900,000
Interest Rate					5.25%			5.25%			5.25%
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					$ 110,000,000			$ 110,000,000			$ 110,000,000	$ 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			$ 115,900,000
Interest expense					$ 2,500,000			$ 4,900,000

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Amount of Collateral	$ 578,310	$ 580,167
Repurchase Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	910,185	918,521
Amount Outstanding	400,035	414,114
Amount of Collateral	$ 578,310	$ 580,167
Percentage of Collateral Coverage	145.00%	140.00%
Interest Rate	3.29%	3.77%
Repurchase Agreement | July 10, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 250,000
Amount Outstanding		28,931
Amount of Collateral		$ 57,397
Percentage of Collateral Coverage		198.00%
Interest Rate		4.28%
Repurchase Agreement | September 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000	$ 400,000
Amount Outstanding	112,257	116,662
Amount of Collateral	$ 167,347	$ 164,403
Percentage of Collateral Coverage	149.00%	141.00%
Interest Rate	2.69%	4.24%
Repurchase Agreement | July 9, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 250,000
Amount Outstanding	27,593
Amount of Collateral	$ 43,569
Percentage of Collateral Coverage	158.00%
Interest Rate	2.69%
Class A Notes | 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 | 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 | Repurchase Agreement | September 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,198
Amount Outstanding	5,198
Amount of Collateral	$ 6,930
Percentage of Collateral Coverage	133.00%
Interest Rate	2.98%
2018-C | Class B Notes | 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 | Repurchase Agreement | September 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,876
Amount Outstanding	6,876
Amount of Collateral	$ 10,024
Percentage of Collateral Coverage	146.00%
Interest Rate	3.13%
2019-A | 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 | 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 A Notes | Repurchase Agreement | September 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 14,158
Amount Outstanding	14,158
Amount of Collateral	$ 18,850
Percentage of Collateral Coverage	133.00%
Interest Rate	3.04%
2019-A | Class B Notes | 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 | 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 | Repurchase Agreement | September 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,994
Amount Outstanding	13,994
Amount of Collateral	$ 24,496
Percentage of Collateral Coverage	175.00%
Interest Rate	3.04%
2019-B | Class B Notes | 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 | 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-A | Class A Notes | Repurchase Agreement | September 28, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,850
Amount Outstanding	4,850
Amount of Collateral	$ 6,498
Percentage of Collateral Coverage	134.00%
Interest Rate	3.01%
2018-G | 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 | Repurchase Agreement | July 20, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,565
Amount Outstanding	13,565
Amount of Collateral	$ 19,047
Percentage of Collateral Coverage	140.00%
Interest Rate	3.04%
2018-G | Class A Notes | 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 A Notes | Repurchase Agreement | September 17, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 9,485
Amount Outstanding	9,485
Amount of Collateral	$ 12,488
Percentage of Collateral Coverage	132.00%
Interest Rate	3.02%
2018-G | Class B Notes | 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 | Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 6,097
Amount Outstanding		6,097
Amount of Collateral		$ 7,891
Percentage of Collateral Coverage		129.00%
Interest Rate		3.64%
2017-D | Class A Notes | 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%
2017-D | Class A Notes | Repurchase Agreement | July 17, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 36,047
Amount Outstanding	36,047
Amount of Collateral	$ 49,503
Percentage of Collateral Coverage	137.00%
Interest Rate	3.44%
2017-D | Class A Notes | Repurchase Agreement | September 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,296
Amount Outstanding	4,296
Amount of Collateral	$ 5,513
Percentage of Collateral Coverage	128.00%
Interest Rate	3.04%
2018-D | Class A Notes | 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 | Repurchase Agreement | September 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,730
Amount Outstanding	2,730
Amount of Collateral	$ 3,585
Percentage of Collateral Coverage	131.00%
Interest Rate	2.98%
2018-D | Class A Notes | 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%
2018-D | Class A Notes | Repurchase Agreement | September 28, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,049
Amount Outstanding	8,049
Amount of Collateral	$ 10,727
Percentage of Collateral Coverage	133.00%
Interest Rate	3.01%
2017-B | Class B 1 Notes | 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 1 Notes | Repurchase Agreement | September 28, 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	3.16%
2017-B | Class B 2 Notes | 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 | 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 | 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 | 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 | 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 | Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 4,704
Amount Outstanding		4,704
Amount of Collateral		$ 6,106
Percentage of Collateral Coverage		130.00%
Interest Rate		3.64%
2018-E | Class A Notes | Repurchase Agreement | September 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,954
Amount Outstanding	2,954
Amount of Collateral	$ 3,916
Percentage of Collateral Coverage	133.00%
Interest Rate	3.04%
2018-E | Class B Notes | Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 3,053
Amount Outstanding		3,053
Amount of Collateral		$ 4,035
Percentage of Collateral Coverage		132.00%
Interest Rate		3.64%
2018-E | Class B Notes | Repurchase Agreement | September 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,132
Amount Outstanding	1,132
Amount of Collateral	$ 1,607
Percentage of Collateral Coverage	142.00%
Interest Rate	3.19%
2018-F | Class A Notes | Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,332
Amount Outstanding		2,332
Amount of Collateral		$ 3,360
Percentage of Collateral Coverage		144.00%
Interest Rate		3.79%
2018-F | Class A Notes | Repurchase Agreement | September 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,624
Amount Outstanding	5,624
Amount of Collateral	$ 7,352
Percentage of Collateral Coverage	131.00%
Interest Rate	3.04%
2018-F | Class B Notes | Repurchase Agreement | June 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,132
Amount Outstanding		1,132
Amount of Collateral		$ 1,607
Percentage of Collateral Coverage		142.00%
Interest Rate		3.79%
2018-F | Class B Notes | Repurchase Agreement | September 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,332
Amount Outstanding	2,332
Amount of Collateral	$ 3,360
Percentage of Collateral Coverage	144.00%
Interest Rate	3.19%
2019-C | Class A Notes | Repurchase Agreement | June 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 5,286
Amount Outstanding		5,286
Amount of Collateral		$ 7,044
Percentage of Collateral Coverage		133.00%
Interest Rate		3.57%
2019-C | Class A Notes | Repurchase Agreement | September 28, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,938
Amount Outstanding	4,938
Amount of Collateral	$ 6,581
Percentage of Collateral Coverage	133.00%
Interest Rate	3.01%
2019-C | Class B Notes | Repurchase Agreement | June 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 3,324
Amount Outstanding		3,324
Amount of Collateral		$ 4,667
Percentage of Collateral Coverage		140.00%
Interest Rate		3.72%
2019-C | Class B Notes | Repurchase Agreement | September 28, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,324
Amount Outstanding	3,324
Amount of Collateral	$ 4,667
Percentage of Collateral Coverage	140.00%
Interest Rate	3.16%
2018-B | Class A Notes | 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%
2018-B | Class A Notes | Repurchase Agreement | September 17, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,336
Amount Outstanding	4,336
Amount of Collateral	$ 5,624
Percentage of Collateral Coverage	130.00%
Interest Rate	3.02%
2017-C | Class B Notes | 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 | 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 | 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 | Repurchase Agreement | September 25, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 21,400
Amount Outstanding	21,400
Amount of Collateral	$ 30,747
Percentage of Collateral Coverage	144.00%
Interest Rate	3.13%
2019-E | Class B Notes | 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 | 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 A Notes | Repurchase Agreement | September 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 19,948
Amount Outstanding	19,948
Amount of Collateral	$ 27,271
Percentage of Collateral Coverage	137.00%
Interest Rate	3.04%
2019-G | Class B Notes | 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 | Repurchase Agreement | June 19, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 13,447
Amount Outstanding		13,447
Amount of Collateral		$ 18,076
Percentage of Collateral Coverage		134.00%
Interest Rate		3.55%
2019-H | Class A Notes | Repurchase Agreement | September 17, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 11,825
Amount Outstanding	11,825
Amount of Collateral	$ 15,832
Percentage of Collateral Coverage	134.00%
Interest Rate	3.02%
2019-H | Class B Notes | Repurchase Agreement | June 19, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,155
Amount Outstanding		1,155
Amount of Collateral		$ 1,687
Percentage of Collateral Coverage		146.00%
Interest Rate		3.70%
2019-H | Class B Notes | Repurchase Agreement | September 17, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,110
Amount Outstanding	1,110
Amount of Collateral	$ 1,687
Percentage of Collateral Coverage	152.00%
Interest Rate	3.17%
2020-A | Class A Notes | Repurchase Agreement | July 13, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 30,026
Amount Outstanding	30,026
Amount of Collateral	$ 45,368
Percentage of Collateral Coverage	151.00%
Interest Rate	6.97%
2020-A | Class B Notes | Repurchase Agreement | August 13, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,955
Amount Outstanding	1,955
Amount of Collateral	$ 4,428
Percentage of Collateral Coverage	226.00%
Interest Rate	3.33%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 400,035		$ 414,114
Gross amount of loans and securities pledged as collateral	578,310		580,167
Collateralized Financings	7,632	$ 32,400	4,117
Net collateral amount	$ 185,907		$ 170,170

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - USD ($)	Jun. 30, 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	$ (5,400,000)	$ (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	$ 138,600,000	148,500,000
Securities Borrowed, Liability	131,600,000	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		Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying value of mortgages	[1],[2]	$ 1,080,617	$ 1,151,469
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages		871,695	908,562
Bond principal balance		$ 615,237	$ 659,715
Percentage of collateral coverage		142.00%	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		5,400	$ 7,000
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Carrying value of mortgages		117,259	121,909
Bond principal balance		$ 77,929	$ 84,624
Percentage of collateral coverage		150.00%	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		133,863	$ 137,369
Bond principal balance		$ 87,459	$ 94,126
Percentage of collateral coverage		153.00%	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		137,122	$ 148,119
Bond principal balance		$ 55,016	$ 60,934
Percentage of collateral coverage		249.00%	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		174,855	$ 179,303
Bond principal balance		$ 137,551	$ 146,925
Percentage of collateral coverage		127.00%	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		158,121	$ 165,963
Bond principal balance		$ 137,258	$ 146,383
Percentage of collateral coverage		115.00%	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		150,475	$ 155,899
Bond principal balance		$ 120,024	$ 126,723
Percentage of collateral coverage		125.00%	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		110,000	$ 121,900
Secured borrowings		55,000	60,900
Class A Notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		138,600	148,500
Secured borrowings		131,600	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 June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 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 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 $871.7 million and $908.6 million of loans at June 30, 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 $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 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		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Related party expense – loan servicing fees		$ 1,936	$ 2,274	$ 3,950	$ 4,780
Related party expense – management fee		2,143	1,652	3,942	3,340
Income/(loss) on sale of mortgage loans	[1]	0	7,014	(705)	7,014
Interest Income
Related Party Transaction [Line Items]
Amount of transaction		7,831	3,140	9,850	5,556
Gregory | Loan Servicing Fees
Related Party Transaction [Line Items]
Related party expense – loan servicing fees		1,936	2,274	3,950	4,780
Thetis
Related Party Transaction [Line Items]
Related party expense – management fee			1,600		3,200
Thetis | Management fees
Related Party Transaction [Line Items]
Related party expense – management fee		2,143	1,652	3,942	3,340
Thetis | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction		527	196	(439)	475
Great Ajax FS | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction		72	1	(204)	129
Gaea | Gain/Loss on sale of Mortgage Loans
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans				$ (705)	0
2019-C | Gain/Loss on sale of Mortgage Loans
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans		$ 0	$ 7,014		$ 7,014
[1]	The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company 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. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	$ 560	$ 241
Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction		10
Gregory | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	918	687
Gregory | Prepaid expenses and other assets | Receivable from Servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction	0	585
Gregory | Receivable from Servicer
Related Party Transaction [Line Items]
Amount of transaction	15,460	17,013
Thetis | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	59	87
Thetis | Management Fee Payable
Related Party Transaction [Line Items]
Amount of transaction	$ 2,139	1,634
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	Jun. 30, 2020USD ($)loan	Jun. 30, 2019USD ($)loan	Jun. 30, 2020USD ($)calenderloan	Jun. 30, 2019USD ($)loan	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans	[1]		$ 0	$ 7,014	$ (705)	$ 7,014
Management fee payable			2,139		$ 2,139		$ 1,634
Period of termination of license agreement					30 days
Investment In Securities			$ 0	$ 20,200	$ 61,300	$ 84,200
Number of sold loans | loan			0	962	26	962
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance				$ 200,100	$ 26,200	$ 200,100
Investment in debt securities			$ 257,990		$ 257,990		231,685
Percentage of ownership interests in joint venture			34.00%		34.00%
Investments in beneficial interests			$ 69,876		$ 69,876		57,954
Related party expense – management fee			2,143	1,652	$ 3,942	3,340
Percentage Of Management Fees Payable in Cash, Minimum					50.00%
Percentage Of Management Fees Payable In Cash, Maximum					100.00%
Percentage Of Incentive Fees Payable in Cash					100.00%
Carrying value of mortgages	[2],[3]		1,080,617		$ 1,080,617		1,151,469
Mortgage loans
Related Party Transaction [Line Items]
Carrying value of mortgages			26,100		26,100
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction			560		560		241
Thetis
Related Party Transaction [Line Items]
Related party expense – management fee				1,600		3,200
Thetis | Management fees
Related Party Transaction [Line Items]
Related party expense – management fee			2,143	1,652	$ 3,942	3,340
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]
Management fee payable			1,000		$ 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	0	$ 0	200
Percentage of Independent Directors					66.67%
Thetis | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction			59		$ 59		87
Gregory
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 12,000		$ 12,000
Fixed interest rate			7.20%		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 other assets
Related Party Transaction [Line Items]
Amount of transaction			$ 918		$ 918		687
Gregory | Prepaid expenses and other assets | Receivable from Servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction			0		0		$ 585
2019-C
Related Party Transaction [Line Items]
Investment In Securities				12,100		12,100
2019-C | Mortgage loans
Related Party Transaction [Line Items]
Carrying value of mortgages				176,900		176,900
Beneficial interests
Related Party Transaction [Line Items]
Investment in beneficial interests			$ 0		7,100	17,400
Beneficial interests | 2019-C
Related Party Transaction [Line Items]
Investment in beneficial interests				8,000		8,000
Senior Notes
Related Party Transaction [Line Items]
Investment in senior notes				7,500	49,600	57,500
Subordinated Debt
Related Party Transaction [Line Items]
Investment in subordinate notes				$ 4,700	$ 4,600	$ 9,300
[1]	The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company 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. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.
[2]	As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 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 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[3]	Mortgage loans net include $871.7 million and $908.6 million of loans at June 30, 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 $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.

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

Jun. 30, 2020

Jun. 30, 2019

Mar. 31, 2019

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Management fees

$ 2,100,000

$ 3,900,000

Annual retainer amount

$ 75,000

Related party expense – management fee

2,143,000

$ 1,652,000

3,942,000

$ 3,340,000

Thetis

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Related party expense – management fee

1,600,000

3,200,000

Thetis | Management fees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Related party expense – management fee

2,143,000

1,652,000

$ 3,942,000

3,340,000

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 | 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 fees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Amount of expense recognized

$ 0

$ 800,000

$ 1,600,000

Employee And Service Provider Grants | Restricted stock | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of restricted stock awards issued to independent directors (in shares)

153,000

Employee And Service Provider Grants | Long term incentive plan | Restricted stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares forfeited (in shares)

1,667

2,666

4,000

Employee And Service Provider Grants Third Option | Long term incentive plan | Restricted stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares forfeited (in shares)

2,500

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	5,200	61,234	8,668	126,299
Amount of expense recognized	$ 40	$ 864	$ 80	$ 1,630
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	0	58,398	0	120,699
Amount of expense recognized	$ 0	$ 824	$ 0	$ 1,552
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	5,200	2,836	8,668	5,600
Amount of expense recognized	$ 40	$ 40	$ 80	$ 78

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		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 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	229,667	151,667	229,667
Total expected cost of grant	$ 2,102	$ 3,121	$ 2,102	$ 3,121
Shares granted during the year (in shares)	0	0	0	0
Grant expense recognized	$ 174	$ 219	$ 348	$ 482
Shares, nonvested (in shares)	114,334	106,222	114,334	106,222
Per share grant fair value (in dollars per share)	$ 13.87	$ 13.64	$ 13.87	$ 13.64
Shares, fully vested (in shares)	37,333	123,445	37,333	123,445
Per share grant date fair value (in dollars per share)	$ 13.84	$ 13.55	$ 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		12,000
Total expected cost of grant		$ 162		$ 162
Shares granted during the year (in shares)		0		0
Grant expense recognized		$ 0		$ 14
Shares, nonvested (in shares)		0		0
Per share grant fair value (in dollars per share)		$ 13.48		$ 13.48
Shares, fully vested (in shares)		12,000		12,000
Per share grant date fair value (in dollars per share)		$ 13.48		$ 13.48
Employee And Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)		144,667		144,667
Total expected cost of grant		$ 1,953		$ 1,953
Shares granted during the year (in shares)		0		0
Grant expense recognized		$ 143		$ 306
Shares, nonvested (in shares)		46,222		46,222
Per share grant fair value (in dollars per share)		$ 13.50		$ 13.50
Shares, fully vested (in shares)		98,445		98,445
Per share grant date fair value (in dollars per share)		$ 13.50		$ 13.50
Weighted average remaining contractual terms		1 month 6 days		1 month 6 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	38,667	39,000
Total expected cost of grant	$ 539	$ 544	$ 539	$ 544
Shares granted during the year (in shares)	0	0	0	0
Grant expense recognized	$ 44	$ 45	$ 88	$ 90
Shares, nonvested (in shares)	12,667	26,000	12,667	26,000
Per share grant fair value (in dollars per share)	$ 13.95	$ 13.95	$ 13.95	$ 13.95
Shares, fully vested (in shares)	26,000	13,000	26,000	13,000
Per share grant date fair value (in dollars per share)	$ 13.95	$ 13.95	$ 13.95	$ 13.95
Weighted average remaining contractual terms	1 month 6 days	1 year 1 month 6 days	1 month 6 days	1 year 1 month 6 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	34,000	34,000	34,000
Total expected cost of grant	$ 462	$ 462	$ 462	$ 462
Shares granted during the year (in shares)	0	0	0	0
Grant expense recognized	$ 38	$ 31	$ 76	$ 72
Shares, nonvested (in shares)	22,667	34,000	22,667	34,000
Per share grant fair value (in dollars per share)	$ 13.58	$ 13.58	$ 13.58	$ 13.58
Shares, fully vested (in shares)	11,333	0	11,333	0
Per share grant date fair value (in dollars per share)	$ 13.58	$ 0	$ 13.58	$ 0
Weighted average remaining contractual terms	1 year 1 month 6 days	2 years 1 month 6 days	1 year 1 month 6 days	2 years 1 month 6 days
Employee And Service Provider Grants Fourth Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	79,000		79,000
Total expected cost of grant	$ 1,101		$ 1,101
Shares granted during the year (in shares)	0		0
Grant expense recognized	$ 92		$ 184
Shares, nonvested (in shares)	79,000		79,000
Per share grant fair value (in dollars per share)	$ 13.94		$ 13.94
Shares, fully vested (in shares)	0		0
Per share grant date fair value (in dollars per share)	$ 0		$ 0
Weighted average remaining contractual terms	2 years 1 month 6 days		2 years 1 month 6 days
Long Term Incentive Plan [Member] | Employee And Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)				1,667		2,666	4,000
Long Term Incentive Plan [Member] | Employee And Service Provider Grants Third Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)					2,500

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)numberOfSubsidiaries	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)numberOfSubsidiariesyear	Jun. 30, 2019USD ($)
Income Tax Examination [Line Items]
Distribution Percentage Of Real Estate Investment Trust Taxable Income			90.00%
Number Of Taxable Years | year			4
Taxable income	$ 2,000,000	$ (14,300,000)	$ (800,000)	$ (16,400,000)
Provision for income taxes (benefit)	120,000	38,000	(199,000)	109,000
Income tax interest and penalties recorded	$ 0	0	$ 0	0
Number of taxable subsidiaries | numberOfSubsidiaries	2		2
Assets
Income Tax Examination [Line Items]
Deferred income tax assets	$ 0	0	$ 0	0
Liability
Income Tax Examination [Line Items]
Deferred income tax liabilities	$ 0	$ 0	$ 0	$ 0

Earnings per Share - Schedule o

Earnings per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic EPS
Consolidated net income attributable to common stockholders	$ 6,242	$ 13,027	$ 6,642	$ 20,357
Allocation of earnings to participating restricted shares	(33)	(133)	(35)	(221)
Consolidated net income attributable to unrestricted common stockholders	6,209	12,894	6,607	20,136
Effect of dilutive securities
Operating Partnership units	0	107	0	346
Restricted stock grants and Manager and director fee shares(2)	33	0	35	219
Interest expense (add back) and assumed conversion of shares from convertible senior notes(3)	0	2,545	0	5,093
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$ 6,242	$ 15,546	$ 6,642	$ 25,794
Basic EPS
Consolidated net income attributable to unrestricted common stockholders (in shares)	22,808,943	19,169,941	22,439,648	18,991,817
Allocation of earnings to participating restricted shares (in shares)	0	0	0	0
Effect of dilutive securities
Operating Partnership units (in shares)	0	349,774	0	486,182
Restricted stock grants and Manager and director fee shares (in shares)	120,906	0	120,268	206,916
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)	0	8,212,872	0	8,194,693
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)	22,929,849	27,732,587	22,559,916	27,879,608
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.27	$ 0.67	$ 0.29	$ 1.06
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.27	$ 0.56	$ 0.29	$ 0.93

Equity - Narrative (Details)

Equity - Narrative (Details)	Apr. 06, 2020$ / sharesshares	Jun. 30, 2020USD ($)numberOfLoanPools$ / sharesshares	Mar. 31, 2020$ / sharesshares	Dec. 31, 2019USD ($)numberOfLoanPools$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019$ / sharesshares	Jun. 30, 2020USD ($)numberOfLoanPools$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	May 03, 2020$ / shares	Mar. 24, 2020$ / shares	Mar. 17, 2020$ / shares	Dec. 31, 2018shares
Class of Stock [Line Items]
Percentage Of Outstanding Operating Partnership Units Owned		100.00%		100.00%			100.00%					96.80%
Common stock shares outstanding (in shares)		22,924,982		22,142,143			22,924,982
Common stock par value per share (in dollars per share) | $ / shares		$ 0.01		$ 0.01			$ 0.01
Common stock shares authorized (in shares)		125,000,000		125,000,000			125,000,000
Preferred stock shares outstanding (in shares)		0		0			0
Preferred stock shares authorized (in shares)		25,000,000		25,000,000			25,000,000
Treasury Stock, Shares		42,756		33,248			42,756
Sale of common stock pursuant to dividend reinvestment plan | $							$ 41,000	$ 136,000
Operating partnership units					624,106			624,106
Conversion of OP Units | $					$ 0
Percentage of ownership interests in joint venture		34.00%					34.00%
Common Stock, Shares, Issued		22,924,982		22,142,143			22,924,982
Dividends declared and distributions (in shares)		781,222
Dividends Payable, Amount Per Share | $ / shares		$ 0.17	$ 0.32		$ 0.32	$ 0.32	$ 0.17	$ 0.32	$ 0.17	$ 0.32
Shares Issued, Price Per Share | $ / shares											$ 9.14
Number of non controlling interest subsidiaries | numberOfLoanPools		4		4			4
Proceeds from Issuance of Preferred Stock and Preference Stock | $		$ 115,144,000
Preferred Stock, Shares Issued		0		0			0
Class of Warrant or Right, Outstanding	6,500,000
Investment warrants, exercise price (in dollars per share) | $ / shares	$ 10
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 25	$ 25					$ 25
Proceeds from issuance of preferred stock and warrants, net of offering costs | $		$ 130,000,000					$ 124,977,000	$ 0
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $		$ 50,000,000					$ 50,000,000
Common Stock, Shares, Issued		0			0		0	0
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock shares outstanding (in shares)		2,307,400	0	0	0	0	2,307,400	0				0
Proceeds from Issuance of Preferred Stock and Preference Stock | $		$ 51,100,000
Preferred Stock, Shares Issued	2,307,400
Preferred Stock, Dividend Rate, Percentage	7.25%						7.25%
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock shares outstanding (in shares)		2,892,600	0	0	0	0	2,892,600	0				0
Proceeds from Issuance of Preferred Stock and Preference Stock | $		$ 64,044,000
Preferred Stock, Shares Issued	2,892,600
Preferred Stock, Dividend Rate, Percentage	5.00%						5.00%
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)		22,924,982	22,921,935	22,142,143	19,654,330	18,967,223	22,924,982	19,654,330				18,909,874
Issuance of shares under dividend reinvestment plan (in shares)		5,057			5,056	5,321	5,057	10,377
Sale of common stock pursuant to dividend reinvestment plan | $		$ 0			$ 100,000		$ 41,000	$ 100,000
Conversion of OP Units | $					6,000
Dividends declared and distributions (in shares)			781,222
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of OP Units | $				$ 10,800,000	$ 10,771,000
2017-D
Class of Stock [Line Items]
Percentage of ownership interests in joint venture		50.00%					50.00%
2017-D | Great Ajax Corp
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		50.00%		50.00%			50.00%
AS Ajax E II LLC
Class of Stock [Line Items]
Percentage of ownership interests in joint venture		53.10%		53.10%			53.10%
AS Ajax E II LLC | Third Party
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		46.90%					46.90%
2018-C | Great Ajax Corp
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		63.00%		63.00%			63.00%
2018-C | Third Party Institutional Investor
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		37.00%					37.00%
Great Ajax II REIT
Class of Stock [Line Items]
Company ownership percentage							99.80%
Great Ajax II REIT | Great Ajax Corp
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent				99.80%
Great Ajax II REIT | Third Party
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		0.20%					0.20%

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive gain/(loss)	$ (3,936)	$ 1,277
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive gain/(loss)	(3,936)	1,277
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	2,936	1,643
Unrealized losses	$ (6,872)	$ (366)

Equity - Schedule of Less than

Equity - Schedule of Less than wholly owned subsidiary, parent ownership interest, net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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 Millions	Jul. 30, 2020USD ($)	Aug. 05, 2020USD ($)numberOfLoanPools	Aug. 04, 2020	Jun. 30, 2020USD ($)loan$ / shares	Jun. 30, 2019USD ($)loan$ / shares	Jun. 30, 2020USD ($)loan$ / shares	Jun. 30, 2019USD ($)loan$ / shares	May 06, 2020USD ($)	May 03, 2020$ / shares	Mar. 31, 2020$ / shares	Mar. 24, 2020$ / shares	Mar. 31, 2019$ / shares
Subsequent Event [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate					$ 200.1	$ 26.2	$ 200.1
Estimated market value of the underlying collateral				$ 44.2	$ 320.1	$ 44.2	$ 320.1
Dividends payable, amount per share (in dollars per share) | $ / shares				$ 0.17	$ 0.32	$ 0.17	$ 0.32		$ 0.17	$ 0.32	$ 0.32	$ 0.32
Residential RPLs loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				0	496	26	534
Aggregate unpaid principal balance of mortgage loans on real estate					$ 106.6	$ 2	$ 115.1
Residential RPLs loans | One Seller
Subsequent Event [Line Items]
Percentage of estimated market value of the underlying collateral								66.20%
Estimated market value of the underlying collateral								$ 60.9
Residential NPL loans
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan				0	0	1	0
Aggregate unpaid principal balance of mortgage loans on real estate						$ 0.2
Subsequent Event | Ajax Mortgage Loan Trust 2020-B [Member]
Subsequent Event [Line Items]
Securities Percentage of Total UPB	73.20%
Subsequent Event | Ajax Mortgage Loan Trust 2020-B [Member] | Mortgage loans | Class A Notes
Subsequent Event [Line Items]
Original Principal	$ 97.2
Subsequent Event | Ajax Mortgage Loan Trust 2020-B [Member] | Mortgage loans | Senior Notes
Subsequent Event [Line Items]
Original Principal	17.3
Subsequent Event | Four Sellers [Member]
Subsequent Event [Line Items]
Number of transaction | numberOfLoanPools		4
Subsequent Event | Residential RPLs loans | Ajax Mortgage Loan Trust 2020-B [Member]
Subsequent Event [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate	$ 156.5
Percentage of unpaid principal balance of loan acquired	1.874%
Subsequent Event | Residential RPLs loans | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools		239
Aggregate unpaid principal balance of mortgage loans on real estate		$ 45.4
Percentage of unpaid principal balance of loan acquired			88.90%
Subsequent Event | Residential RPLs loans | Eight Sellers [Member]
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools		29
Aggregate unpaid principal balance of mortgage loans on real estate		$ 8.1
Number of transaction | numberOfLoanPools		8
Percentage of unpaid principal balance of loan acquired		87.10%
Percentage of estimated market value of the underlying collateral		61.30%
Estimated market value of the underlying collateral		$ 11.4
Subsequent Event | Residential RPLs loans | Nine Sellers [Member]
Subsequent Event [Line Items]
Number of transaction | numberOfLoanPools		9
Subsequent Event | Residential NPL loans | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools		3,000
Aggregate unpaid principal balance of mortgage loans on real estate		$ 0.9
Number of transaction | numberOfLoanPools		1
Percentage of unpaid principal balance of loan acquired		77.20%
Percentage of estimated market value of the underlying collateral		58.00%
Estimated market value of the underlying collateral		$ 1.2
Subsequent Event | small balance commercial loans [Member] | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools		2,000
Aggregate unpaid principal balance of mortgage loans on real estate		$ 2.1
Percentage of unpaid principal balance of loan acquired		100.00%
Board of Directors
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares									$ 0.17