Rithm Property Trust (RPT) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Entity Information [Line Items]
Document Transition Report	false
Entity Registrant Name	GREAT AJAX CORP.
Document Period End Date	Sep. 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	Q3
Entity Address, Address Line One	13190 SW 68th Parkway
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Tigard
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97223
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		23,034,443
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		Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 135,190	$ 64,343
Cash held in trust		189	20
Mortgage loans, net	[1],[2]	1,102,360	1,151,469
Property held-for-sale, net	[3]	6,484	13,537
Rental property, net		724	1,534
Investments at fair value	[4]	284,655	231,685
Investments in beneficial interests	[5]	86,241	57,954
Receivable from servicer		16,438	17,013
Investments in affiliates		28,730	30,441
Prepaid expenses and other assets		5,963	8,845
Total assets		1,666,974	1,576,841
Liabilities:
Secured borrowings, net	[1],[2],[6]	614,214	652,747
Borrowings under repurchase transactions		415,419	414,114
Convertible senior notes, net	[6]	109,710	118,784
Management fee payable		2,261	1,634
Accrued expenses and other liabilities		19,024	5,478
Total liabilities		1,160,628	1,192,757
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 23,034,443 shares issued and outstanding at September 30, 2020 and 22,142,143 shares issued and outstanding at December 31, 2019		231	222
Additional paid-in capital		317,295	309,395
Treasury stock		(634)	(458)
Retained earnings		46,441	49,446
Accumulated other comprehensive gain		401	1,277
Equity attributable to stockholders		478,878	359,882
Non-controlling interests	[7]	27,468	24,202
Total equity		506,346	384,084
Total liabilities and equity		1,666,974	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 September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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 $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.
[3]	Property held-for-sale, net, includes valuation allowances of $1.4 million and $1.8 million at September 30, 2020 and December 31, 2019, respectively.
[4]	As of September 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $284.3 million and $230.4 million, respectively, and net unrealized gains of $0.4 million and $1.3 million, respectively.
[5]	Investments in beneficial interests includes allowance for credit losses of $5.9 million at September 30, 2020. No allowance for credit losses was recorded as of December 31, 2019.
[6]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[7]	As of September 30, 2020 and December 31, 2019 non-controlling interests includes $25.8 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		Sep. 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)		23,034,443	22,142,143
Common stock shares outstanding (in shares)		23,034,443	22,142,143
Mortgage loans		$ 862,800	$ 908,600
Property held-for-sale, valuation allowances		1,400	1,800
Secured borrowings, net		614,214	652,747
Investment in debt securities - Basis		284,254	230,408
Noncontrolling interest	[1]	27,468	24,202
Financing Receivable, Allowance for Credit Loss		15,154	1,960
Debt securities accumulated unrealized gain (loss)		$ 400	$ 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		$ 5,900	$ 0
Consolidated Entities
Mortgage loans		309,200	341,800
Secured borrowings, net		257,000	284,800
Noncontrolling interest		$ 25,800	$ 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 September 30, 2020 and December 31, 2019 non-controlling interests includes $25.8 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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
INCOME
Interest income		$ 23,950	$ 27,723	$ 74,941	$ 85,303
Interest expense		(11,727)	(14,317)	(37,855)	(45,441)
Net interest income		12,223	13,406	37,086	39,862
Provision for credit benefit/(losses)		4,007	(3)	3,226	(242)
Net interest income after provision for credit benefit/(losses)		16,230	13,403	40,312	39,620
(Loss)/income from investments in affiliates		(25)	583	(465)	1,301
Income/(loss) on sale of mortgage loans	[1]	0	109	(705)	7,123
Other income		537	1,221	1,964	3,159
Total revenue, net		16,742	15,316	41,106	51,203
EXPENSE
Related party expense – loan servicing fees		1,848	2,197	5,798	6,977
Related party expense – management fee		2,264	2,215	6,206	5,555
Loan transaction expense		(178)	52	(216)	312
Professional fees		576	446	2,113	1,942
Real estate operating expenses		173	1,216	1,273	2,889
Other expense		2,930	940	6,280	3,240
Total expense		7,613	7,066	21,454	20,915
Loss on debt extinguishment		253	0	661	182
Income before provision for income taxes		8,876	8,250	18,991	30,106
Provision for taxes (benefit)		(16)	27	(215)	136
Consolidated net income		8,892	8,223	19,206	29,970
Less: consolidated net income attributable to the non-controlling interest		1,662	532	3,493	1,922
Consolidated net income attributable to Company		7,230	7,691	15,713	28,048
Less: dividends on preferred stock		1,950	0	3,791	0
Consolidated net income attributable to common stockholders		$ 5,280	$ 7,691	$ 11,922	$ 28,048
Basic earnings per common share (in dollars per share)		$ 0.23	$ 0.39	$ 0.53	$ 1.44
Diluted earnings per common share (in dollars per share)		$ 0.23	$ 0.36	$ 0.53	$ 1.29
Weighted average shares - basic (in shares)		22,844,192	19,751,142	22,575,480	19,247,706
Weighted average shares - diluted (in shares)		22,989,616	28,200,653	22,575,480	27,987,798
[1]	The Company sold no mortgage loans during the three months ended September 30, 2020. During the nine months ended September 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 months ended September 30, 2019, the Company sold three loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. During the nine months ended September 30, 2019, the Company sold 965 loans with a carrying value of $178.8 million and UPB of $202.1 million for a gain of $7.1 million.

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parentheticals) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)loan	Dec. 31, 2019USD ($)
Number of sold loans | loan		0	3	26	965
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance			$ 2,000	$ 26,200	$ 202,100
Income/(loss) on sale of mortgage loans	[1]	$ 0	109	(705)	$ 7,123
Carrying value of mortgages	[2],[3]	1,102,360		1,102,360		$ 1,151,469
2019-C
Number of sold loans | loan					962
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance					$ 200,100
Income/(loss) on sale of mortgage loans					7,000
Carrying value of mortgages			176,900		176,900
Mortgage loans
Carrying value of mortgages		$ 26,100	178,800	$ 26,100	178,800
Mortgage loans | 2019-C
Carrying value of mortgages			$ 1,900		$ 1,900
[1]	The Company sold no mortgage loans during the three months ended September 30, 2020. During the nine months ended September 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 months ended September 30, 2019, the Company sold three loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. During the nine months ended September 30, 2019, the Company sold 965 loans with a carrying value of $178.8 million and UPB of $202.1 million for a gain of $7.1 million.
[2]	As of September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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 $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 5,280	$ 7,691	$ 11,922	$ 28,048
Other comprehensive income:
Net unrealized gain/(loss) on investments in available-for-sale debt securities	4,337	1,012	(876)	2,119
Income tax expense related to items of other comprehensive income	0	0	0	0
Comprehensive income	$ 9,617	$ 8,703	$ 11,046	$ 30,167

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income		$ 19,206,000	$ 29,970,000
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense		650,000	3,344,000
Non-cash interest income accretion on mortgage loans		(22,765,000)	(30,274,000)
Discount accretion on investment in debt securities and beneficial interests		(13,056,000)	(8,878,000)
Loss/(gain) on sale of mortgage loans	[1]	705,000	(7,123,000)
Loss on debt extinguishment		661,000	182,000
Gain on sale of property held-for-sale		(957,000)	(401,000)
Gain on sale of securities		(145,000)	(8,000)
Depreciation of property		23,000	367,000
Impairment of real estate owned		1,155,000	1,691,000
Provision for credit (benefit)/losses on mortgage loans		(2,108,000)	242,000
Provision for credit benefit on beneficial interests		(1,118,000)	0
Amortization of debt discount and prepaid financing costs		3,924,000	4,010,000
Undistributed loss/(income) from investment in affiliates		465,000	(1,301,000)
Accretion of put option expense		2,956,000	0
Net change in operating assets and liabilities
Prepaid expenses and other assets		2,355,000	(1,066,000)
Receivable from Servicer		618,000	(2,596,000)
Accrued expenses, management fee payable, and other liabilities		(1,376,000)	(862,000)
Net cash from operating activities		(6,055,000)	(10,979,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loan pools and related balances		(41,823,000)	(98,315,000)
Acquisition of commercial loans		(3,023,000)	(18,449,000)
Principal paydowns on mortgage loans		91,161,000	104,012,000
Principal paydowns on debt securities held as investments		37,921,000	31,348,000
Proceeds from sale of mortgage loans		25,412,000	186,071,000
Draws on small balance commercial loans		0	(735,000)
Purchase of securities		(144,682,000)	(127,552,000)
Proceeds from sale of securities		38,944,000	39,635,000
Purchase of rental property		0	(22,275,000)
Proceeds from sale of property held-for-sale		9,101,000	13,323,000
Recovery costs of property held-for-sale		64,000	156,000
Renovations of rental property		(10,000)	0
Distribution from affiliates		1,082,000	731,000
Net cash from investing activities		14,147,000	107,950,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions		270,019,000	198,172,000
Repayments on repurchase transactions		(268,714,000)	(298,935,000)
Proceeds from sale of secured borrowings		114,534,000	156,488,000
Repayments on secured borrowings		(153,932,000)	(135,653,000)
Deferred financing costs		(1,861,000)	(2,666,000)
Repurchase of the Company's senior convertible notes		(10,481,000)	0
Proceeds from issuance of preferred stock and warrants, net of offering costs		124,976,000	0
Sale of common stock, net of offering costs		0	8,291,000
Sale of common stock pursuant to dividend reinvestment plan		86,000	206,000
Distribution to non-controlling interests		(227,000)	(715,000)
Issuance of non-controlling interests in subsidiaries		145,000	59,000
Dividends on common stock and preferred stock		(11,621,000)	(19,462,000)
Net cash from financing activities		62,924,000	(94,215,000)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST		71,016,000	2,756,000
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period		64,363,000	55,170,000
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period		135,379,000	57,926,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest		32,511,000	41,346,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Issuance of common stock for dividends		7,097,000	0
Net transfer of loans to rental property or property held-for-sale		1,515,000	10,675,000
Issuance of common stock for management fee and compensation expense		650,000	3,344,000
Treasury stock received through distributions from investment in Manager		164,000	127,000
Non-cash adjustments to basis in mortgage loans		43,000	26,000
Unrealized (loss)/gain on available for sale securities, net of non-controlling interest and tax		(876,000)	2,119,000
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows		$ 135,379,000	$ 57,926,000
[1]	The Company sold no mortgage loans during the three months ended September 30, 2020. During the nine months ended September 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 months ended September 30, 2019, the Company sold three loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. During the nine months ended September 30, 2019, the Company sold 965 loans with a carrying value of $178.8 million and UPB of $202.1 million for a gain of $7.1 million.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	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)/gain	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			$ 300,834	$ 189	$ (270)	$ 260,427	$ 41,063	$ (575)	$ 33,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company				7,330				7,330
Consolidated net income	8,121									791
Issuance of shares under dividend reinvestment plan (in shares)					5,321
Issuance of shares under dividend reinvestment plan	72			72			72
Stock-based management fee expense (in shares)					52,556
Stock-based management fee expense	728			728	$ 1		727
Stock-based compensation expense (in shares)					2,424
Stock-based compensation expense	301			301			301
Dividends declared and distributions	(7,183)			(7,021)				(7,021)		(162)
Other comprehensive Income/(loss)	397			397					397
Treasury stock (in shares)					(2,952)
Treasury stock	(40)			(40)		(40)
Ending balance (in shares) at Mar. 31, 2019					18,967,223
Ending balance at Mar. 31, 2019	336,675			302,601	$ 190	(310)	261,527	41,372	(178)	34,074
Beginning balance (in shares) at Dec. 31, 2018					18,909,874
Beginning balance at Dec. 31, 2018	334,279			300,834	$ 189	(270)	260,427	41,063	(575)	33,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	28,048
Consolidated net income	29,970
Issuance of shares under dividend reinvestment plan (in shares)					15,204
Treasury stock	(127)
Ending balance (in shares) at Sep. 30, 2019					20,347,509
Ending balance at Sep. 30, 2019	357,964			334,069	$ 204	(397)	283,069	49,649	1,544	23,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 0	$ 0
Preferred Stock, Shares Outstanding		0	0
Beginning balance (in shares) at Mar. 31, 2019					18,967,223
Beginning balance at Mar. 31, 2019	336,675			302,601	$ 190	(310)	261,527	41,372	(178)	34,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company				13,027				13,027
Consolidated net income	13,626									599
Conversion of OP Units (in shares)					624,106
Conversion of OP Units	0			(10,771)	$ (6)		(10,765)			(10,771)
Issuance of shares under dividend reinvestment plan (in shares)					5,056
Issuance of shares under dividend reinvestment plan	64			64			64
Stock-based management fee expense (in shares)					62,301
Stock-based management fee expense	824			824	$ 1		823
Stock-based compensation expense (in shares)					(1,403)
Stock-based compensation expense	259			259			259
Dividends declared and distributions	(6,530)			(6,098)				(6,098)		(432)
Other comprehensive Income/(loss)	710			710					710
Treasury stock (in shares)					(2,953)
Treasury stock	(42)			(42)		(42)
Ending balance (in shares) at Jun. 30, 2019					19,654,330
Ending balance at Jun. 30, 2019	$ 345,586			322,116	$ 197	(352)	273,438	48,301	532	23,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 0	$ 0
Preferred Stock, Shares Outstanding		0	0
Dividends Payable, Amount Per Share	$ 0.32
Consolidated net income attributable to Company	$ 7,691			7,691				7,691
Consolidated net income	8,223									532
Issuance of shares of subsidiary	59									(59)
Conversion of OP Units	0			(45)			(45)			(45)
Issuance of shares under dividend reinvestment plan (in shares)					4,827
Issuance of shares under dividend reinvestment plan	70			70			70
Stock-based management fee expense (in shares)					58,398
Stock-based management fee expense	985			985	$ 0		985
Stock-based compensation expense (in shares)					81,836
Stock-based compensation expense	247			247	$ 1		246
Dividends declared and distributions	(6,464)			(6,343)				(6,343)		(121)
Other comprehensive Income/(loss)	1,012			1,012					1,012
Treasury stock (in shares)					(3,105)
Treasury stock	(45)			(45)		(45)
Ending balance (in shares) at Sep. 30, 2019					20,347,509
Ending balance at Sep. 30, 2019	357,964			334,069	$ 204	(397)	283,069	49,649	1,544	23,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, New Issues	$ (8,291)			(8,291)	$ (6)		(8,285)
Stock Issued During Period, Shares, New Issues					551,223
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			359,882	$ 222	(458)	309,395	49,446	1,277	24,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company				400				400
Consolidated net income	1,496									1,096
Conversion of OP Units				(10,800)
Issuance of shares of subsidiary	145			145			145
Stock-based compensation expense (in shares)					2,600
Stock-based compensation expense	214			214	$ 0		214
Dividends declared and distributions (in shares)					781,222
Dividends declared and distributions	(84)			0	$ 8		7,089	(7,097)		(84)
Convertible senior note repurchase	(81)			(81)			(81)
Other comprehensive Income/(loss)	(28,444)			(28,444)					(28,444)
Treasury stock (in shares)					(4,030)
Treasury stock	(56)			(56)		(56)
Ending balance (in shares) at Mar. 31, 2020					22,921,935
Ending balance at Mar. 31, 2020	$ 357,274			332,060	$ 230	(514)	316,762	42,749	(27,167)	25,214
Beginning balance (in shares) at Dec. 31, 2019	22,142,143				22,142,143
Beginning balance at Dec. 31, 2019	$ 384,084			359,882	$ 222	(458)	309,395	49,446	1,277	24,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	15,713
Consolidated net income	19,206
Issuance of shares under dividend reinvestment plan (in shares)					9,985
Treasury stock	$ (164)
Ending balance (in shares) at Sep. 30, 2020	23,034,443				23,034,443
Ending balance at Sep. 30, 2020	$ 506,346			478,878	$ 231	(634)	317,295	46,441	401	27,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 0	$ 0
Preferred Stock, Shares Outstanding		0	0
Beginning balance (in shares) at Mar. 31, 2020					22,921,935
Beginning balance at Mar. 31, 2020	357,274			332,060	$ 230	(514)	316,762	42,749	(27,167)	25,214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company				8,083				8,083
Consolidated net income	8,818									735
Issuance of shares under dividend reinvestment plan (in shares)					5,057
Issuance of shares under dividend reinvestment plan	41			41			41
Stock-based compensation expense (in shares)					3,468
Stock-based compensation expense	214			214	$ 0		214
Dividends declared and distributions	(5,814)			(5,748)				(5,748)		(66)
Other comprehensive Income/(loss)	23,231			23,231					23,231	0
Treasury stock (in shares)					(5,478)
Treasury stock	(38)			(38)		(50)	12
Preferred Stock Dividends, Shares		2,307,400	2,892,600
Proceeds from Issuance of Preferred Stock and Preference Stock	115,144	$ 51,100	$ 64,044	115,144
Ending balance (in shares) at Jun. 30, 2020					22,924,982
Ending balance at Jun. 30, 2020	$ 498,870			472,987	$ 230	(564)	317,029	45,084	(3,936)	25,883
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 51,100	$ 64,044
Preferred Stock, Shares Outstanding		2,307,400	2,892,600
Dividends Payable, Amount Per Share	$ 0.32
Consolidated net income attributable to Company	$ 7,230			7,230				7,230
Consolidated net income	8,892									1,662
Issuance of shares under dividend reinvestment plan (in shares)					4,928
Issuance of shares under dividend reinvestment plan	45			45			45
Stock-based compensation expense (in shares)					111,950
Stock-based compensation expense	$ 222			222	$ 1		221
Dividends declared and distributions (in shares)	781,222
Dividends declared and distributions	$ (5,950)			(5,873)				(5,873)		(77)
Convertible senior note repurchase	0
Other comprehensive Income/(loss)	4,337			4,337					4,337
Treasury stock (in shares)					(7,417)
Treasury stock	(70)			(70)		(70)
Treasury Stock Dividend	$ 0
Ending balance (in shares) at Sep. 30, 2020	23,034,443				23,034,443
Ending balance at Sep. 30, 2020	$ 506,346			$ 478,878	$ 231	$ (634)	$ 317,295	$ 46,441	$ 401	$ 27,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Stock, Value, Issued		$ 51,100	$ 64,044
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	9 Months Ended
	Sep. 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 opportunistically targets, 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 as of September 30, 2020 and December 31, 2019, holds 99.9% and 99.8%, respectively, 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, 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 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. At September 30, 2020 the Company owned approximately 23.0% of Gaea. 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 99.9% and 99.8%, respectively, owned by the Company as of September 30, 2020 and December 31, 2019. 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 September 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	9 Months Ended
	Sep. 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 re-evaluated and increased to six as of June 30, 2020 and remains at six loan pools as of September 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. 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. 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 September 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 September 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. 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. The shares have a liquidation preference of $25.00 per share. Warrant Liability As part of the Company’s capital raise transactions during the quarter ended June 30, 2020, the Company issued 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. The warrants were recorded as a liability in the Company's consolidated balance sheet within accrued expenses and other liabilities with an original basis of $9.5 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. See Note 8 — Commitments and Contingencies. 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 and third quarter of 2020, the Company completed a series of convertible note repurchases for aggregate principal amounts of $8.0 million and $2.5 million, respectively, for total purchase prices of $8.2 million and $2.3 million, respectively. The carrying amounts of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first and third quarter of 2020 transactions were $0.1 million and zero, respectively. 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 non-performing at acquisition. For certain of the Company's joint ventures, the servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.20% 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 an 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 the 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. 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 borrowings, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purpose 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 of 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

Mortgage Loans

Mortgage Loans	9 Months Ended
	Sep. 30, 2020
Mortgage Loans [Abstract]
Mortgage Loans	Mortgage Loans The following table presents information regarding the carrying value for the Company's RPLs, NPLs and SBC loans as of September 30, 2020 and December 31, 2019 ($ in thousands): Loan portfolio basis by asset type September 30, 2020 December 31, 2019 Residential RPLs $ 1,068,503 $ 1,085,514 Residential NPLs 28,448 30,869 SBC/commercial loans 5,409 35,086 Total $ 1,102,360 $ 1,151,469 Included on the Company’s consolidated balance sheets as of September 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 RPLs and NPLs reflects the original investment amount, plus accretion of interest income and credit and non-credit discount, less principal and interest cash flows received; while the carrying value of SBCs reflects the original investment amount, credit and non-credit discount, less principal cash flows received. The carrying values at September 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 $15.2 million and $2.0 million, respectively, reflected in the appropriate lines in the table by loan type. For the three and nine months ended September 30, 2020, the Company recognized a recovery of $2.7 million and $2.1 million, respectively, of provision for loan credit losses. For the three and nine months ended September 30, 2019, the Company recognized a $3 thousand and $0.2 million, respectively, of provision for loan credit losses. For the three and nine month periods ended September 30, 2020, the Company accreted $21.2 million and $61.1 million net of credit impairments and recoveries, respectively, into interest income with respect to its RPL, NPL and SBC loans. For the three and nine month periods ended September 30, 2019, the Company accreted $23.2 million and $73.6 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 loans. 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 the Manager's 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. During the three and nine months ended September 30, 2020, the Company purchased 244 and 270 RPLs with UPB of $46.3 million and $48.2 million, respectively. Comparatively, during the three and nine months ended September 30, 2019, the Company acquired five and 539 RPLs with UPB of $0.5 million and $115.6 million, respectively. During the three and nine months ended September 30, 2020, one and two NPLs were purchased with UPB of $0.5 million and $0.7 million, respectively. No NPLs were purchased during the three and nine months ended September 30, 2019. During the three and nine months ended September 30, 2020, the Company originated two SBC loans with UPB of $1.9 million. Comparatively, during the nine months ended September 30, 2019, the Company acquired 21 SBC loans with UPB of $18.4 million, and no SBC loans were acquired during the three months ended September 30, 2019. During the three months ended September 30, 2020 the Company sold no mortgage loans; however, during the nine months ended September 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, during the three and nine months ended September 30, 2019 the Company sold three and 965 loans with a carrying value of $1.9 million and $178.8 million, respectively, and UPB of $2.0 million and $202.1 million, respectively, and collateral values of $3.6 million and $323.7 million, respectively. 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, $10.2 million of loan discount was reclassified to the allowance for credit losses with no net impact on the amortized cost basis of the portfolio. The Company views its mortgage loan portfolio based on loan performance and uses six pools to aggregate its portfolio of PCD loans, and one pool for its non-PCD loans. Among the PCD loans, separate pools exist for loans that have been securitized in rated secured borrowings during 2019 and 2020 ("Great Ajax II REIT"), loans held by securitization trusts 2018-C, and 2017-D, loans with collateral in California which are not included in the Great Ajax II REIT, 2018-C or 2017-D pools, and the remaining loans which are pooled between those which have made seven of the most recent seven payments ("7f7 and better") and those which have made between four and six of the most recent payments or worse ("4f4-6f6 and below"). The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands): September 30, 2020 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Great Ajax II REIT $ — $ — $ 258 $ 490 $ 2,001 $ 43,337 $ 291,294 $ 103,024 $ 440,404 2018-C — — — — — 13,975 119,230 40,324 173,529 2017-D — — — 123 — 6,795 95,147 33,596 135,661 California 2,244 1,221 590 620 — 4,031 57,726 17,752 84,184 7f7 and better — 116 435 — 1,636 16,391 82,482 32,092 133,152 4f4-6f6 and below 854 103 25 132 447 14,795 81,105 30,772 128,233 Non-PCD 1,822 777 1,242 2,499 101 693 54 9 7,197 Total $ 4,920 $ 2,217 $ 2,550 $ 3,864 $ 4,185 $ 100,017 $ 727,038 $ 257,569 $ 1,102,360 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 nine months ended September 30, 2020 ($ in thousands): Three months ended September 30, 2020 Nine months ended September 30, 2020 PCD Loans Non PCD Loans PCD Loans Non PCD Loans Par $ 46,811 $ 1,859 $ 47,038 $ 3,811 Discount (3,901) (41) (3,938) (788) Allowance (1,272) — (1,276) — Purchase Price $ 41,638 $ 1,818 $ 41,824 $ 3,023 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 nine months ended September 30, 2020, the Company recorded a recovery of the provision for credit losses of $2.7 million and $2.1 million, respectively, on its mortgage loan portfolio primarily as a result of improved cash flow expectations despite the pandemic caused by COVID-19 that began during the first quarter of 2020. During the three and nine months ended September 30, 2019, the Company recorded a provision for credit losses of $3 thousand 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 Allowance for loan credit losses, beginning of period $ (14,450) $ (1,403) $ (1,960) $ (1,164) Beginning period adjustment for CECL — — (10,156) — Reversal of / (increase in) provision for credit losses on mortgage loans 2,705 (3) 2,108 (242) Incremental increase in allowance for loan credit losses (2,137) — (3,870) — Increase in allowance for loan credit losses for loan acquisitions (1,272) — (1,276) — Allowance for loan credit losses, end of period $ (15,154) $ (1,406) $ (15,154) $ (1,406) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of September 30, 2020 and December 31, 2019 ($ in thousands): September 30, 2020 Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 379,092 $ 23,054 $ 14,625 $ 23,257 $ 376 $ 440,404 2018-C 97,469 14,162 10,938 42,357 8,603 173,529 2017-D 82,982 11,816 8,203 30,446 2,214 135,661 California 45,910 7,451 6,901 20,861 3,061 84,184 7f7 and better 81,015 14,515 9,029 28,593 — 133,152 4f4- 6f6 and below 23,926 12,184 10,659 49,563 31,901 128,233 Non-PCD 5,102 129 51 1,915 — 7,197 Total $ 715,496 $ 83,311 $ 60,406 $ 196,992 $ 46,155 $ 1,102,360 December 31, 2019 Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 265,677 $ 37,553 $ 14,034 $ 4,597 $ — $ 321,861 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 7f7 and better 147,722 29,371 22,645 28,864 1,829 230,431 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	9 Months Ended
	Sep. 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 September 30, 2020, the Company owned six rental properties with an aggregate carrying value of $0.7 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 three were transferred from Property held-for-sale, where all three 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 September 30, 2020 and December 31, 2019, the Company’s net investments in REO held-for-sale were $6.5 million and $13.5 million, respectively, which include balances of $0.3 million and $2.2 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. For the nine months ended September 30, 2020 and 2019, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio and transfers from rental properties. The following table presents the activity in the Company’s carrying value of property held-for-sale for the three and nine months ended September 30, 2020 and 2019 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Property Held-for-sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 33 $ 6,879 97 $ 21,335 58 $ 13,537 102 $ 19,402 Transfers from mortgage loans 5 603 7 849 12 1,515 52 10,675 Adjustments to record at lower of cost or fair value — (156) — (690) — (1,156) — (1,691) Disposals (7) (1,416) (30) (5,055) (40) (8,143) (84) (12,941) Transfers from Rental property 3 574 1 196 4 755 6 1,613 Transfers to Rental property — — — — — — (1) (293) Other — — — (94) — (24) — (224) Balance at end of period 34 $ 6,484 75 $ 16,541 34 $ 6,484 75 $ 16,541 Dispositions During the three and nine months ended September 30, 2020, the Company sold seven and 40 REO properties, respectively, realizing net gains of approximately $0.2 million and $1.0 million, respectively. Comparatively, for the three and nine months ended September 30, 2019, the Company sold 30 and 84 REO properties, realizing net gains of approximately $0.3 million and $0.4 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 nine months ended September 30, 2020 of $0.2 million and $1.2 million, respectively. Comparatively, for the three and nine months ended September 30, 2019, the Company recorded lower of cost or net realizable value adjustments of $0.7 million and $1.7 million, respectively.

Investments

Investments	9 Months Ended
	Sep. 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 holding pools of mortgage loans. 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 September 30, 2020 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 284,254 $ 1,999 $ (1,598) $ 284,655 Beneficial interests in securitization trusts 86,241 — — 86,241 Total investments $ 370,495 $ 1,999 $ (1,598) $ 370,896 (1) Basis amount is net of any amortized discount, allowance for credit losses, principal paydowns and interest receivable on securities of $0.2 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 September 30, 2020 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due February 2057 (2) $ 5,405 $ (6) $ 5,399 Debt securities due October 2058 (3) 11,039 (109) 10,930 Debt securities due September 2059 (3) 23,263 (534) 22,729 Debt securities due November 2059 (3) 16,169 (331) 15,838 Debt securities due December 2059 (3) 48,336 (618) 47,718 Total $ 104,212 $ (1,598) $ 102,614 (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 September 30, 2020, the Company recorded $2.0 million gross unrealized gains and a gross unrealized loss of $1.6 million in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet at a fair value of $284.7 million, which includes $0.2 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 nine months ended September 30, 2020, the Company acquired $83.4 million and $144.7 million, respectively, in debt securities 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 $83.4 million and $144.7 million, respectively, of debt securities acquired in the three and nine months ended September 30, 2020, the Company acquired $66.0 million and $115.6 million, respectively, in senior notes and $5.2 million and $9.8 million, respectively, in subordinate notes. The debt securities are carried at fair value. Comparatively for the three and nine months ended September 30, 2019, the Company acquired $43.4 million and $127.6 million, respectively, in debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Of the $43.4 million and $127.6 million, respectively, for three and nine months ended September 30, 2019, the Company retained $36.1 million and $93.6 million, respectively, in senior notes and $3.3 million and $12.6 million in subordinate notes. During the three and nine months ended September 30, 2020, the Company sold senior notes issued by certain joint ventures for total proceeds of $38.9 million and recognized a gain of $0.1 million. During three months ended September 30, 2019, the Company did not sell any senior notes. During the nine months ended September 30, 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 nine months ended September 30, 2020, the Company also acquired $12.2 million and $19.3 million, respectively, in beneficial interests issued by joint ventures. Comparatively, for the three and nine months ended September 30, 2019, the Company acquired $4.0 million and $21.4 million, respectively, in beneficial interests issued by joint ventures. As of September 30, 2020, the investments in beneficial interests were carried on the Company's consolidated balance sheet at $86.2 million. At December 31, 2019, the investments in beneficial interests were carried on the Company's consolidated balance sheet at $58.0 million. As of September 30, 2020 and December 31, 2019, the Company had no securities that were past due. The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and nine months ended September 30, 2020 ($ in thousands): Three months ended September 30, 2020 Nine months ended September 30, 2020 Beneficial Interest Beneficial Interest Par $ 15,349 $ 27,319 Discount (2,899) (7,787) Allowance (225) (2,779) Purchase Price $ 12,225 $ 16,753 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 nine months ended September 30, 2020, the Company recorded a reversal of the provision for credit losses of $1.3 million and $1.1 million, respectively on its beneficial interest portfolio, primarily as a result of increased cash flow expectations despite the pandemic caused by COVID-19 that began during the first quarter of 2020. During the three and nine months ended September 30, 2019, the Company recorded no impairment on its beneficial interests. An analysis of the balance in the allowance for beneficial interest losses account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Allowance for beneficial interests credit losses, beginning balance $ (6,959) $ — $ — $ — Beginning period adjustment for CECL — — (4,221) — Reversal of provision for credit losses on beneficial interests 1,302 — 1,118 — Increase in allowance for beneficial interest credit losses for acquisitions (225) — (2,779) — Allowance for beneficial interests credit losses, end balance $ (5,882) $ — $ (5,882) $ —

Fair Value

Fair Value	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 ($ in thousands): ​ Level 1 Level 2 Level 3 September 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 $ 284,655 $ — $ 284,655 $ — Investments in beneficial interests (1) $ 86,241 $ — $ — $ 86,241 Non-recurring financial assets Mortgage loans, net $ 1,102,360 $ — $ — $ 1,203,720 Investment in Manager $ 1,228 $ — $ — $ 11,196 Investment in AS Ajax E LLC $ 823 $ — $ 970 $ — Investment in AS Ajax E II LLC $ 3,543 $ — $ 3,643 $ — Investment in GAFS, including warrants $ 2,703 $ — $ — $ 3,320 Investment in Gaea $ 19,987 $ — $ — $ 19,987 Investment in legacy entities $ 446 $ — $ — $ 446 Financial liabilities Recurring financial liabilities Warrant liability $ 12,488 $ — $ — $ 12,488 Borrowings under repurchase transactions $ 415,419 $ — $ 415,419 $ — Non-recurring financial liabilities Secured borrowings, net $ 614,214 $ — $ 613,099 $ — Convertible senior notes, net $ 109,710 $ 108,045 $ — $ — (1) Includes acquisition cost of $104.7 million. ​ ​ 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 (1) $ 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 AS Ajax E II LLC $ 3,977 $ — $ 3,895 $ — 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 $ — $ — (1) Includes acquisition cost of $58.0 million. 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. The Company also relies on its Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on its investments in beneficial interests. During the quarter ended September 30, 2020, the Company transferred its beneficial interests from level 2 to level 3 due to the Company's increased reliance on its Manager’s pricing model for these valuations. 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 investments 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 warrant liability is adjusted to approximate market value through earnings. Fair value is determined by using the greater of the expected call or put prices based on the call price, the carry cost discount and the interest discount. 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 cost (cost) or net realizable value. Net realizable value is determined based on appraisals, broker price opinions, or other market indicators of fair value less expected liquidation costs. The lower of cost or net realizable value for the Company’s REO Property is stated as its carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of September 30, 2020 and December 31, 2019 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2020 Carrying value Nine months ended fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 6,484 $ (1,156) $ — $ — $ 6,484 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	9 Months Ended
	Sep. 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. At September 30, 2020 the Company owned approximately 23.0% of Gaea with third party investors owning the remaining approximately 77.0%. 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 $0.4 million. The Company accounts for its investment in GAFS using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E was reduced to a lower percentage of the total. As of September 30, 2020 and December 31, 2019, the Company’s interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its investment using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100% Three months ended September 30, Nine months ended September 30, Net income/(loss) at 100% 2020 2019 2020 2019 Thetis Asset Management LLC $ 378 $ 2,261 $ (1,837) $ 4,660 Gaea Real Estate Corp. $ 60 $ — $ 320 $ — AS Ajax E LLC $ 52 $ 61 $ 151 $ 214 Legacy Entities $ (114) $ — $ 27 $ — Great Ajax FS LLC $ (1,454) $ 886 $ (4,004) $ 2,489 September 30, 2020 December 31, 2019 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 9,921 $ 2,864 $ 12,277 $ 2,265 Gaea Real Estate Corp. $ 83,485 $ 845 $ 83,068 $ 768 AS Ajax E LLC $ 5,095 $ 2 $ 5,747 $ 2 Legacy Entities $ 2,564 $ 3,941 $ 1,592 $ 3,095 Great Ajax FS LLC $ 55,784 $ 35,463 $ 61,432 $ 37,142 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended September 30, Nine months ended September 30, Net income/(loss) at the Company's share 2020 2019 2020 2019 Thetis Asset Management LLC $ 75 $ 448 $ (364) $ 923 Gaea Real Estate Corp. $ 14 $ — $ 74 $ — AS Ajax E LLC $ 9 $ 10 $ 25 $ 36 Legacy Entities $ (46) $ — $ 10 $ — Great Ajax FS LLC $ (116) $ 71 $ (320) $ 200 September 30, 2020 December 31, 2019 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 1,964 $ 567 $ 2,431 $ 448 Gaea Real Estate Corp. $ 19,186 $ 194 $ 19,252 $ 178 AS Ajax E LLC $ 841 $ — $ 948 $ — Legacy Entities $ 1,029 $ 1,587 $ 637 $ 1,247 Great Ajax FS LLC $ 4,463 $ 2,837 $ 4,915 $ 2,971 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 September 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 September 30, 2020, 2017-D was 50.0% owned by a third-party institutional accredited investor. As of September 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 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 99.9% and 99.8%, respectively, owned by the Company as of September 30, 2020 and December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2020, the Company had commitments to purchase, subject to due diligence, 130 RPLs and NPLs secured by single-family residences, and one SBC loan secured by real property, with aggregated UPBs of $35.4 million and $0.9 million, respectively. 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 September 30, 2020 for the present value of the put liability of $12.5 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 expense is recognized in the other expense line of the Company's consolidated statements of income. 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 September 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 September 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	9 Months Ended
	Sep. 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 is 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 Company's 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 four 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): ​ ​ September 30, 2020 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate October 9, 2020 September 11, 2020 $ 35,718 $ 35,718 $ 47,661 133 % 2.65 % October 13, 2020 July 13, 2020 30,754 30,754 44,160 144 % 2.97 % October 20, 2020 July 24, 2020 13,857 13,857 17,813 129 % 2.97 % October 30, 2020 July 31, 2020 7,762 7,762 9,702 125 % 2.26 % October 30, 2020 July 31, 2020 6,795 6,795 9,537 140 % 2.26 % November 13, 2020 August 13, 2020 2,735 2,735 4,428 162 % 2.50 % December 1, 2020 September 1, 2020 13,533 13,533 17,720 131 % 2.34 % December 1, 2020 September 1, 2020 13,056 13,056 17,017 130 % 2.34 % December 1, 2020 September 1, 2020 5,474 5,474 7,215 132 % 2.34 % December 1, 2020 September 1, 2020 4,068 4,068 5,307 130 % 2.34 % December 1, 2020 September 1, 2020 2,934 2,934 3,866 132 % 2.34 % December 1, 2020 September 1, 2020 2,332 2,332 3,360 144 % 2.49 % December 1, 2020 September 1, 2020 1,132 1,132 1,607 142 % 2.49 % December 17, 2020 September 17, 2020 11,351 11,351 14,619 129 % 2.35 % December 17, 2020 September 17, 2020 8,878 8,878 11,678 132 % 2.35 % December 17, 2020 September 17, 2020 4,110 4,110 5,405 132 % 2.35 % December 17, 2020 September 17, 2020 1,110 1,110 1,687 152 % 2.50 % December 24, 2020 September 24, 2020 6,876 6,876 10,024 146 % 2.47 % December 24, 2020 September 24, 2020 5,145 5,145 6,796 132 % 2.32 % December 24, 2020 September 24, 2020 2,646 2,646 3,442 130 % 2.32 % December 28, 2020 September 16, 2020 7,306 7,306 9,532 130 % 2.59 % January 5, 2021 September 28, 2020 25,044 25,044 33,970 136 % 2.37 % January 5, 2021 September 28, 2020 24,423 24,423 33,105 136 % 2.37 % January 6, 2021 September 28, 2020 7,697 7,697 10,299 134 % 2.33 % January 6, 2021 September 28, 2020 6,311 6,311 9,038 143 % 2.48 % January 6, 2021 September 28, 2020 4,755 4,755 6,352 134 % 2.33 % January 6, 2021 September 28, 2020 4,666 4,666 6,222 133 % 2.33 % January 6, 2021 September 28, 2020 3,213 3,213 4,667 145 % 2.48 % January 11, 2021 September 29, 2020 5,879 5,879 7,843 133 % 2.32 % July 9, 2021 July 10, 2020 250,000 43,998 71,384 162 % 2.65 % September 23, 2021 September 24, 2020 400,000 101,861 161,856 159 % 2.65 % Totals ​ $ 919,560 $ 415,419 $ 597,312 144 % 2.56 % ​ ​ 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 September 30, 2020, the Company had $1.0 million of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheet at September 30, 2020 and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at September 30, 2020 and December 31, 2019 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2020 December 31, 2019 Gross amount of recognized liabilities $ 415,419 $ 414,114 Gross amount of loans and securities pledged as collateral 597,312 580,167 Other prepaid collateral 986 4,117 Net collateral amount $ 182,879 $ 170,170 Secured Borrowings From inception (January 30, 2014) to September 30, 2020, the Company has completed 16 secured borrowings for its own balance sheet, not including its off-balance sheet joint ventures in which it holds investments in various classes of securities, pursuant to Rule 144A under the Securities Act, six of which were outstanding at September 30, 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 September 30, 2020. The Company's 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. The Company's 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, 2019-F and 2020-B 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, 2019-F and 2020-B, 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, 2019-F and 2020-B are also mezzanine, sequential pay, fixed rate notes. For all of the Company's secured borrowings, except 2017-B, 2019-D, 2019-F and 2020-B, which contain 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 an interest rate step-up of 300 basis points is triggered. Twelve months after the 300 basis points step up is triggered, an additional 100 basis point step up will be triggered, and an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the subordinate notes will be paid as principal to the Class A notes on that date and each subsequent payment date until the Class A notes are paid in full. After the Class A notes are paid in full, the subordinate notes will resume receiving their respective interest payment amounts and any interest that accrued but was not paid while the Class A notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes and subordinate notes have been paid in full. The following table sets forth the original terms of all notes from our secured borrowings outstanding at September 30, 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-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 (3) $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 — % Ajax Mortgage Loan Trust 2020-B/ August 2020 None Class A-1 notes due 2059 $97.2 million 1.70 % None Class A-2 notes due 2059 $17.3 million 2.86 % None Class M-1 notes due 2059 (3) $7.3 million 3.70 % None Class B-1 notes due 2059 (6) $5.9 million 3.70 % None Class B-2 notes due 2059 (6) $5.1 million variable (7) None Class B-3 notes due 2059 (6) $23.6 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 0.20% 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 September 30, 2020 and December 31, 2019, and the securitization cutoff date ($ in thousands): Balances at September 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 $ 113,240 $ 72,897 155 % $ 121,909 $ 84,624 144 % $ 165,850 $ 115,846 2017-C — — — % 137,369 94,126 146 % 185,942 130,159 2017-D 135,660 52,968 (1) 256 % 148,119 60,934 (1) 243 % 203,870 (2) 88,903 2018-C 173,529 135,008 (3) 129 % 179,303 146,925 (3) 122 % 222,181 (4) 167,910 2019-D 153,729 131,075 117 % 165,963 146,383 113 % 193,301 156,670 2019-F 145,312 115,389 126 % 155,899 126,723 123 % 170,876 127,673 2020-B 141,363 112,978 125 % — — — % 156,468 114,534 ​ $ 862,833 $ 620,315 (5) 139 % $ 908,562 $ 659,715 (5) 138 % $ 1,298,488 $ 901,695 ​ (1) The gross amount of senior bonds at September 30, 2020 and December 31, 2019 were $105.9 million and $121.9 million however, only $53.0 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 September 30, 2020 were $135.9 million and $15.9 million, however, only $129.1 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. The gross amount of the senior and class B bonds at December 31, 2019 were $148.5 million and $15.9 million, however, only $141.0 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (4) Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans. (5) This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $6.1 million and $7.0 million as of September 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 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 and third quarter of 2020, the Company completed a series of convertible note repurchases for aggregate principal amounts of $8.0 million and $2.5 million, respectively, for total purchase prices of $8.2 million and $2.3 million, respectively. The carrying amounts of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first and third quarter of 2020 transactions were $0.1 million and zero, respectively. Holders may convert their notes at their option prior to April 30, 2023 only under certain circumstances. In addition, the notes will be convertible irrespective of those circumstances from, and including, April 30, 2023 to, and including, the business day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company's election. The conversion rate as of September 30, 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 September 30, 2020, the amount by which the if-converted value falls short of the principal value for the entire series is $50.9 million. The Company may not redeem the notes prior to April 30, 2022, and may redeem for cash all or any portion of the notes, at its option, on or after April 30, 2022 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No "sinking fund" will be provided for the notes.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands): Three months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income and recovery of provision for credit losses on beneficial interests Net interest income after provision for credit benefit/(losses) Various non-consolidated joint ventures $ 6,536 $ 3,322 Management fee Related party expense – management fee Thetis $ 2,264 $ 2,215 Loan servicing fees Related party expense – loan servicing fees Gregory $ 1,848 $ 2,197 Gain on sale of securities Other income Various non-consolidated joint ventures $ 145 $ — Income from equity investment Income from investments in affiliates Thetis $ 75 $ 448 Income from equity investment Income from investments in affiliates Gaea $ 14 $ — Income from equity investment Income from investments in affiliates AS Ajax E LLC $ 9 $ 10 Loss from equity investment Income from investments in affiliates Legacy Entities $ (46) $ — (Loss)/income from equity investment Income from investments in affiliates Great Ajax FS $ (116) $ 71 Nine months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income and recovery of provision for credit losses on beneficial interests Net interest income after provision for credit benefit/(losses) Various non-consolidated joint ventures $ 16,386 $ 8,878 Management fee Related party expense – management fee Thetis $ 6,206 $ 5,555 Loan servicing fees Related party expense – loan servicing fees Gregory $ 5,798 $ 6,977 Gain on sale of securities Other income Various non-consolidated joint ventures $ 145 $ 8 Income from equity investment Income from investments in affiliates Gaea $ 74 $ — Income from equity investment Income from investments in affiliates AS Ajax E LLC $ 25 $ 36 Income from equity investment Income from investments in affiliates Legacy Entities $ 10 $ — Gain on sale of mortgage loans Gain on sale of mortgage loans 2019-C $ — $ 7,014 (Loss)/income from equity investment Income from investments in affiliates Great Ajax FS $ (320) $ 200 (Loss)/income from equity investment Income from investments in affiliates Thetis $ (364) $ 923 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 September 30, 2020 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 16,438 Management fee payable Management fee payable Thetis $ 2,261 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 655 Expense reimbursement receivable Prepaid expenses and other assets Gregory $ 219 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ 38 ​ 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 September 30, 2020, the Company sold no mortgage loans, however, during the nine months ended September 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 to Gaea, a related party. Comparatively, during the three months ended September 30, 2019, the Company sold three mortgage loans to third parties with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. During the nine months ended September 30, 2019, the Company sold a total of 965 loans with a carrying value of $178.8 million and UPB of $202.1 million. Of these, 962 of the loans sold during 2019 were sold to a related party joint venture, 2019-C, with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million and retained 34% or $8.0 million of the trust certificates and $12.1 million in debt securities. The retained securities are included in the notes and beneficial interests discussed in the paragraph below. During the three and nine months ended September 30, 2020, the Company acquired $83.4 million and $144.7 million in debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Comparatively for the three and nine months ended September 30, 2019, the Company acquired debt securities and beneficial interests of $43.4 million and $127.6 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 $83.4 million and $144.7 million, respectively, acquired in the three and nine months ended September 30, 2020, the Company retained $66.0 million and $115.6 million, respectively, in senior notes and $5.2 million and $9.8 million, respectively, in subordinate notes. Comparatively, during the three and nine months ended September 30, 2019, the Company retained $36.1 million and $93.6 million, respectively, in senior notes and $3.3 million and $12.6 million, respectively, in subordinate notes. The debt securities are carried at fair value. During the three and nine months ended September 30, 2020, the Company sold senior notes issued by certain joint ventures for total proceeds of $38.9 million and recognized a gain of $0.1 million. During three months ended September 30, 2019, the Company did not sell any senior notes. During the nine months ended September 30, 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. As of September 30, 2020 and December 31, 2019, the debt securities were carried on the Company’s consolidated balance sheet at a fair value of $284.7 million and $231.7 million, respectively. During the three and nine months ended September 30, 2020 the Company also acquired $12.2 million and $19.3 million, respectively, in beneficial interests issued by joint ventures. Comparatively, for the three and nine months ended September 30, 2019, the Company acquired $4.0 million and $21.4 million, respectively, in beneficial interests issued by joint ventures. As of September 30, 2020 and December 31, 2019, the Investments in beneficial interests were carried on the Company's consolidated balance sheet at $86.2 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 September 30, 2020, and December 31, 2019, the Company had advances of zero and $0.6 million, respectively, outstanding to the Servicer. Interest on the arrangement accrues at 7.2% annually. 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. At September 30, 2020 the Company owned approximately 23.0% of Gaea with third party investors owning the remaining approximately 77.0%. 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. 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 5.0% 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 September 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. 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 nine months ended September 30, 2020, the Company did not record an incentive fee payable to the Manager. Comparatively during the three and nine months ended September 30, 2019, the Company recorded $0.5 million and $0.7 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 0.20% 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 the type of mortgage loans that the Servicer services, property values, previous UPB of the relevant loan, and the number of REO properties. If the Servicing Agreement has been terminated other than for cause and/or the Servicer terminates the servicing agreement, the Company will be required to pay a termination fee equal to the aggregate servicing fees payable under the servicing agreement for the immediate preceding 12-month period. Trademark Licenses Aspen has granted the Company a non-exclusive, non-transferable, non-sublicensable, royalty-free license to use the name “Great Ajax” and the related logo. The Company also has a similar license to use the name “Thetis.” The agreement has no specified term. If the Management Agreement expires or is terminated, the trademark license agreement will terminate within 30 days. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use “Great Ajax” in its name will terminate. Aspen also granted to the Manager a substantially identical non-exclusive, non-transferable, non-sublicensable, royalty-free license use of the name “Thetis.”

Stock-based Payments and Direct

Stock-based Payments and Director Fees	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020 of $2.3 million and $6.2 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 nine months ended September 30, 2019, the Company recognized a base management fee of $1.7 million and $4.9 million, respectively, of which $0.9 million and $2.5 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 September 30, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 4,116 $ 35 2,748 $ 40 Management fees — — 63,982 986 Totals 4,116 $ 35 66,730 $ 1,026 For the nine months ended September 30, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 12,784 $ 115 8,348 $ 118 Management fees — — 184,681 2,538 Totals 12,784 $ 115 193,029 $ 2,656 (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 September 30, 2020 Fully-vested shares at September 30, 2020 Three months ended September 30, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2020 Shares Per share grant date fair value Shares Per share grant date fair value Employee and Service Provider Grant 2017 (1,5) 38,667 $ 539 — $ 15 — $ 13.95 38,667 $ 13.95 Employee and Service Provider Grant 2018 (2,6) 34,000 462 — 38 11,333 13.58 22,667 13.58 Employee and Service Provider Grant 2019 (3,7) 77,000 1,073 — 76 50,667 13.94 26,333 13.94 Employee and Service Provider Grant 2020 (4) 108,750 1,039 108,750 58 108,750 9.55 — — Totals 258,417 $ 3,113 108,750 $ 187 170,750 $ 11.12 87,667 $ 13.85 (1) Vesting is ratable over three (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2019 forfeitures of 333 shares. (6) Total is shown net of 2019 forfeitures of 2,500 shares. (7) Total is shown net of 2020 forfeitures of 2,000 shares. Total Grants Current period activity Non-vested shares at September 30, 2019 Fully-vested shares at September 30, 2019 Three months ended September 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ — — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,6) 144,667 1,953 — 62 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 45 13,000 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,7) 34,000 462 — 39 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 61 79,000 13.94 — — Totals 308,667 $ 4,222 79,000 $ 207 114,667 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at September 30, 2019. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Vesting is ratable over three (6) Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (7) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Current period activity Non-vested shares at September 30, 2020 Fully-vested shares at September 30, 2020 Nine months ended September 30, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2020 Shares Per share grant date fair value Shares Per share grant date fair value Employee and Service Provider Grant 2017 (1,5) 38,667 $ 539 — $ 103 — $ 13.95 38,667 $ 13.95 Employee and Service Provider Grant 2018 (2,6) 34,000 462 — 114 11,333 13.58 22,667 13.58 Employee and Service Provider Grant 2019 (3,7) 77,000 1,073 — 260 50,667 13.94 26,333 13.94 Employee and Service Provider Grant 2020 (4) 108,750 1,039 108,750 58 108,750 9.55 — — Totals 258,417 $ 3,113 108,750 $ 535 170,750 $ 11.12 87,667 $ 13.85 (1) Vesting is ratable over three (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2019 forfeitures of 333 shares. (6) Total is shown net of 2019 forfeitures of 2,500 shares. (7) Total is shown net of 2020 forfeitures of 2,000 shares. Total Grants Current period activity Non-vested shares at September 30, 2019 Fully-vested shares at September 30, 2019 Nine months ended September 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ 14 — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 144,667 1,953 — 368 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 135 13,000 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,6) 34,000 462 — 111 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 61 79,000 13.94 — — Totals 308,667 $ 4,222 79,000 $ 689 114,667 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at September 30, 2019. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Vesting is ratable over three (6) Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (7) Total is shown net of 2019 forfeitures of 2,500 shares.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. And as a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. The Company’s consolidated financial statements include the operations of 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 nine months ended September 30, 2020 the Company had consolidated taxable income of $2.5 million and $1.7 million, respectively; and an income tax benefit of $16 thousand and $0.2 million, respectively. For the three and nine months ended September 30, 2019, the Company’s consolidated taxable income was $4.0 million and $20.4 million, respectively; and provisions for income taxes of $27 thousand and $0.1 million, respectively. The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at September 30, 2020 or 2019. The Company also recorded no interest or penalties for the three and nine months ended September 30, 2020 or 2019.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per ShareThe following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): Three months ended September 30, 2020 Three months ended September 30, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 5,280 22,844,192 $ 7,691 19,751,142 Allocation of earnings to participating restricted shares (33) — (82) — Consolidated net income attributable to unrestricted common stockholders $ 5,247 22,844,192 $ 0.23 $ 7,609 19,751,142 $ 0.39 Effect of dilutive securities (1) Restricted stock grants and Manager and director fee shares 33 145,424 82 212,991 Interest expense (add back) and assumed conversion of shares from convertible senior notes (2) — — 2,552 8,236,520 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 5,280 22,989,616 $ 0.23 $ 10,243 28,200,653 $ 0.36 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended September 30, 2020, and have not been included in the calculation. (2) The effect of the interest expense and assumed conversion of shares from convertible senior notes on the Company's diluted EPS calculation for the three months ended September 30, 2020 would have been anti-dilutive and have been removed from the calculation. Nine months ended September 30, 2020 Nine months ended September 30, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 11,922 22,575,480 $ 28,048 19,247,706 Allocation of earnings to participating restricted shares (68) — (301) — Consolidated net income attributable to unrestricted common stockholders $ 11,854 22,575,480 $ 0.53 $ 27,747 19,247,706 $ 1.44 Effect of dilutive securities (1) Operating Partnership units — — 346 322,340 Restricted stock grants and Manager and director fee shares (2) — — 301 208,963 Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 7,645 8,208,789 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 11,854 22,575,480 $ 0.53 $ 36,039 27,987,798 $ 1.29 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the nine months ended September 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 the nine months ended September 30, 2020 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 nine months ended September 30, 2020 would have been anti-dilutive and have been removed from the calculation.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	Equity Common stock As of September 30, 2020 and December 31, 2019, the Company had 23,034,443 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 September 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 September 30, 2020 and December 31, 2019. Treasury stock As of September 30, 2020 the Company held 50,173 shares of treasury stock received through distributions of the Company's shares previously held by its Manager. The Company held 33,248 shares of treasury stock at December 31, 2019. Dividend Reinvestment Plan The Company sponsors a dividend reinvestment plan through which stockholders may purchase additional shares of the Company’s common stock by reinvesting some or all of the cash dividends received on shares of the Company’s common stock. During the three and nine months ended September 30, 2020 4,928 and 9,985 shares were issued, respectively, under the plan for total proceeds of approximately $45 thousand and $0.1 million, respectively. Comparatively, during the three and nine months ended September 30, 2019 4,827 and 15,204 shares were issued, respectively, under the plan for total proceeds of approximately $0.1 million and $0.2 million, respectively. 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. With the exception of shares issued under existing dividend reinvestment plans the Company’s dividends paid on August 31, 2020 and May 29, 2020 were paid in cash. Comparatively, during the three and nine months ended September 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 nine months ended September 30, 2020 no shares were sold under the at the market program for either period. Comparatively, during the three and nine months ended September 30, 2019 551,223 shares of common stock were sold under the at the market program for net proceeds of $8.3 million for both periods. Accumulated Other Comprehensive Loss The Company recognizes unrealized gains or losses on its investment in debt securities as components of Other comprehensive income. Total accumulated other comprehensive gain on the Company’s balance sheet at September 30, 2020 and December 31, 2019 was as follows ($ in thousands): Investments in securities: September 30, 2020 December 31, 2019 Unrealized gains $ 1,999 $ 1,643 Unrealized losses (1,598) (366) Accumulated other comprehensive gain $ 401 $ 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 September 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 September 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 September 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 September 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 September 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. As of September 30, 2020 and December 31, 2019, Great Ajax II REIT was 0.1% and 0.2%, respectively, held by third parties. As of September 30, 2020 and December 31, 2019, the Company had retained 99.9% and 99.8%, respectively, 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): September 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	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent events	Subsequent Events Loan Acquisitions Since quarter end the Company has acquired seven residential RPLs and nine residential NPLs with aggregate UPB of $3.3 million and $1.4 million, respectively, in two transactions one transaction, respectively, from two sellers and one seller, respectively. The purchase price equals 81.9% and 83.1%, respectively, of UPB and 66.1% and 70.0%, respectively, of the estimated market value of the underlying collateral of $4.1 million and $1.7 million, respectively. The Company has also agreed to acquire, subject to due diligence, 28 residential RPLs and 71 NPLs with aggregate UPB of $3.1 million and $16.5 million, respectively, in eight transactions and two transactions, respectively, from eight sellers and two sellers, respectively. The purchase price of the residential RPLs equals 94.3% of UPB and 45.6% of the estimated market value of the underlying collateral of $6.4 million. The purchase price of the NPLs equals 87.1% of UPB and 45.8% of the estimated market value of the underlying collateral of $31.4 million. The Company also agreed to acquire seven SBC loan with UPB of $9.9 million. The purchase price of the SBC loans equals 102.0% of UPB and 49.6% of the estimated market value of the underlying collateral of $20.3 million. Dividend Declaration

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 re-evaluated and increased to six as of June 30, 2020 and remains at six loan pools as of September 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. 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. 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
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 September 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.
Preferred Stock	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. The shares have a liquidation preference of $25.00 per share.
Warrant Liability	Warrant Liability As part of the Company’s capital raise transactions during the quarter ended June 30, 2020, the Company issued 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. The warrants were recorded as a liability in the Company's consolidated balance sheet within accrued expenses and other liabilities with an original basis of $9.5 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
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 non-performing at acquisition. For certain of the Company's joint ventures, the servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.20% 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 an 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 the 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
Directors' fees	Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ Equity in the period in which it is incurred.
Variable Interest Entities	Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (see “Secured Borrowings” above and Note 9 to the consolidated financial statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
Cash Held in Trust	Cash Held in Trust Cash held in trust consists of restricted cash balances either legally due to lenders or held in trust for the benefit of the Company's secured borrowings, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purpose 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 of 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 Manager'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 Manager'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 the Manager's 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.
Reclassification, Comparability Adjustment	Reclassifications The Company reclassified its investment in warrants for the purchase of an additional interest in GAFS with a balance of $0.8 million at both September 30, 2020 and December 31, 2019 from the Prepaid expenses and other assets classification in the Consolidated balance sheets to the Investments in affiliates classification to more accurately present the Company’s combined interest in GAFS. There was no effect on the Company’s reported earnings or cash flows for the periods presented.
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 2019-11 and 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. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The amendments in this update simplify the accounting for convertible instruments by removing certain accounting models that require separation of convertible instruments into debt and equity components with conversion features that are not required to be accounted for as derivatives or that do not result in substantial premiums. Consequently a convertible instrument will be accounted for as a single liability measured as its amortized cost and convertible preferred stock will be accounted for as a single instrument recorded at historical cost as long as no other features require bifurcation and recognition as derivatives. This guidance is effective for interim and annual reporting periods beginning after December 15, 2021, with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures. In August 2020, the Securities and Exchange Commission (“SEC”) voted to adopt amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. The business description was amended to be primarily principles-based, requiring disclosure of information material to an understanding of the general development of the business, and eliminating the previously prescribed five-year timeframe. The amendment clarifies that registrants may provide an update of the general development of the business rather than a full discussion. The amendment includes a nonexclusive list of disclosure topic examples, including a description of the registrant’s human capital resources to the extent such disclosures would be material to an understanding of the registrant’s business. Amendments to the legal proceedings disclosure allow the required information to be provided by hyperlink or cross-reference to legal proceedings disclosure located elsewhere in the document to avoid duplicative disclosure. The amendments also require a summary risk factor disclosure of no more than two pages if the registrant’s risk factor section exceeds 15 pages. The amendments will become effective 30 days after publication in the Federal Register. The Company is currently evaluating the impact on its disclosures.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Sep. 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 RPLs, NPLs and SBC loans as of September 30, 2020 and December 31, 2019 ($ in thousands): Loan portfolio basis by asset type September 30, 2020 December 31, 2019 Residential RPLs $ 1,068,503 $ 1,085,514 Residential NPLs 28,448 30,869 SBC/commercial loans 5,409 35,086 Total $ 1,102,360 $ 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): September 30, 2020 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Great Ajax II REIT $ — $ — $ 258 $ 490 $ 2,001 $ 43,337 $ 291,294 $ 103,024 $ 440,404 2018-C — — — — — 13,975 119,230 40,324 173,529 2017-D — — — 123 — 6,795 95,147 33,596 135,661 California 2,244 1,221 590 620 — 4,031 57,726 17,752 84,184 7f7 and better — 116 435 — 1,636 16,391 82,482 32,092 133,152 4f4-6f6 and below 854 103 25 132 447 14,795 81,105 30,772 128,233 Non-PCD 1,822 777 1,242 2,499 101 693 54 9 7,197 Total $ 4,920 $ 2,217 $ 2,550 $ 3,864 $ 4,185 $ 100,017 $ 727,038 $ 257,569 $ 1,102,360
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 nine months ended September 30, 2020 ($ in thousands): Three months ended September 30, 2020 Nine months ended September 30, 2020 PCD Loans Non PCD Loans PCD Loans Non PCD Loans Par $ 46,811 $ 1,859 $ 47,038 $ 3,811 Discount (3,901) (41) (3,938) (788) Allowance (1,272) — (1,276) — Purchase Price $ 41,638 $ 1,818 $ 41,824 $ 3,023
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 September 30, Nine months ended September 30, 2020 2019 2020 2019 Allowance for loan credit losses, beginning of period $ (14,450) $ (1,403) $ (1,960) $ (1,164) Beginning period adjustment for CECL — — (10,156) — Reversal of / (increase in) provision for credit losses on mortgage loans 2,705 (3) 2,108 (242) Incremental increase in allowance for loan credit losses (2,137) — (3,870) — Increase in allowance for loan credit losses for loan acquisitions (1,272) — (1,276) — Allowance for loan credit losses, end of period $ (15,154) $ (1,406) $ (15,154) $ (1,406)
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 September 30, 2020 and December 31, 2019 ($ in thousands): September 30, 2020 Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 379,092 $ 23,054 $ 14,625 $ 23,257 $ 376 $ 440,404 2018-C 97,469 14,162 10,938 42,357 8,603 173,529 2017-D 82,982 11,816 8,203 30,446 2,214 135,661 California 45,910 7,451 6,901 20,861 3,061 84,184 7f7 and better 81,015 14,515 9,029 28,593 — 133,152 4f4- 6f6 and below 23,926 12,184 10,659 49,563 31,901 128,233 Non-PCD 5,102 129 51 1,915 — 7,197 Total $ 715,496 $ 83,311 $ 60,406 $ 196,992 $ 46,155 $ 1,102,360 December 31, 2019 Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 265,677 $ 37,553 $ 14,034 $ 4,597 $ — $ 321,861 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 7f7 and better 147,722 29,371 22,645 28,864 1,829 230,431 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Property Held-for-sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 33 $ 6,879 97 $ 21,335 58 $ 13,537 102 $ 19,402 Transfers from mortgage loans 5 603 7 849 12 1,515 52 10,675 Adjustments to record at lower of cost or fair value — (156) — (690) — (1,156) — (1,691) Disposals (7) (1,416) (30) (5,055) (40) (8,143) (84) (12,941) Transfers from Rental property 3 574 1 196 4 755 6 1,613 Transfers to Rental property — — — — — — (1) (293) Other — — — (94) — (24) — (224) Balance at end of period 34 $ 6,484 75 $ 16,541 34 $ 6,484 75 $ 16,541

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value (fair value) Debt securities $ 284,254 $ 1,999 $ (1,598) $ 284,655 Beneficial interests in securitization trusts 86,241 — — 86,241 Total investments $ 370,495 $ 1,999 $ (1,598) $ 370,896 (1) Basis amount is net of any amortized discount, allowance for credit losses, principal paydowns and interest receivable on securities of $0.2 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 September 30, 2020 Basis (1) Gross unrealized losses Carrying value (fair value) Debt securities due February 2057 (2) $ 5,405 $ (6) $ 5,399 Debt securities due October 2058 (3) 11,039 (109) 10,930 Debt securities due September 2059 (3) 23,263 (534) 22,729 Debt securities due November 2059 (3) 16,169 (331) 15,838 Debt securities due December 2059 (3) 48,336 (618) 47,718 Total $ 104,212 $ (1,598) $ 102,614 (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 nine months ended September 30, 2020 ($ in thousands): Three months ended September 30, 2020 Nine months ended September 30, 2020 Beneficial Interest Beneficial Interest Par $ 15,349 $ 27,319 Discount (2,899) (7,787) Allowance (225) (2,779) Purchase Price $ 12,225 $ 16,753
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 September 30, Nine months ended September 30, 2020 2019 2020 2019 Allowance for beneficial interests credit losses, beginning balance $ (6,959) $ — $ — $ — Beginning period adjustment for CECL — — (4,221) — Reversal of provision for credit losses on beneficial interests 1,302 — 1,118 — Increase in allowance for beneficial interest credit losses for acquisitions (225) — (2,779) — Allowance for beneficial interests credit losses, end balance $ (5,882) $ — $ (5,882) $ —

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 ($ in thousands): ​ Level 1 Level 2 Level 3 September 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 $ 284,655 $ — $ 284,655 $ — Investments in beneficial interests (1) $ 86,241 $ — $ — $ 86,241 Non-recurring financial assets Mortgage loans, net $ 1,102,360 $ — $ — $ 1,203,720 Investment in Manager $ 1,228 $ — $ — $ 11,196 Investment in AS Ajax E LLC $ 823 $ — $ 970 $ — Investment in AS Ajax E II LLC $ 3,543 $ — $ 3,643 $ — Investment in GAFS, including warrants $ 2,703 $ — $ — $ 3,320 Investment in Gaea $ 19,987 $ — $ — $ 19,987 Investment in legacy entities $ 446 $ — $ — $ 446 Financial liabilities Recurring financial liabilities Warrant liability $ 12,488 $ — $ — $ 12,488 Borrowings under repurchase transactions $ 415,419 $ — $ 415,419 $ — Non-recurring financial liabilities Secured borrowings, net $ 614,214 $ — $ 613,099 $ — Convertible senior notes, net $ 109,710 $ 108,045 $ — $ — (1) Includes acquisition cost of $104.7 million. ​ ​ 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 (1) $ 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 AS Ajax E II LLC $ 3,977 $ — $ 3,895 $ — 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 $ — $ — (1) Includes acquisition cost of $58.0 million.
Fair value of non-financial assets by level	The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of September 30, 2020 and December 31, 2019 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2020 Carrying value Nine months ended fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 6,484 $ (1,156) $ — $ — $ 6,484 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, Net income/(loss) at 100% 2020 2019 2020 2019 Thetis Asset Management LLC $ 378 $ 2,261 $ (1,837) $ 4,660 Gaea Real Estate Corp. $ 60 $ — $ 320 $ — AS Ajax E LLC $ 52 $ 61 $ 151 $ 214 Legacy Entities $ (114) $ — $ 27 $ — Great Ajax FS LLC $ (1,454) $ 886 $ (4,004) $ 2,489 September 30, 2020 December 31, 2019 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 9,921 $ 2,864 $ 12,277 $ 2,265 Gaea Real Estate Corp. $ 83,485 $ 845 $ 83,068 $ 768 AS Ajax E LLC $ 5,095 $ 2 $ 5,747 $ 2 Legacy Entities $ 2,564 $ 3,941 $ 1,592 $ 3,095 Great Ajax FS LLC $ 55,784 $ 35,463 $ 61,432 $ 37,142 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended September 30, Nine months ended September 30, Net income/(loss) at the Company's share 2020 2019 2020 2019 Thetis Asset Management LLC $ 75 $ 448 $ (364) $ 923 Gaea Real Estate Corp. $ 14 $ — $ 74 $ — AS Ajax E LLC $ 9 $ 10 $ 25 $ 36 Legacy Entities $ (46) $ — $ 10 $ — Great Ajax FS LLC $ (116) $ 71 $ (320) $ 200 September 30, 2020 December 31, 2019 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 1,964 $ 567 $ 2,431 $ 448 Gaea Real Estate Corp. $ 19,186 $ 194 $ 19,252 $ 178 AS Ajax E LLC $ 841 $ — $ 948 $ — Legacy Entities $ 1,029 $ 1,587 $ 637 $ 1,247 Great Ajax FS LLC $ 4,463 $ 2,837 $ 4,915 $ 2,971

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 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): ​ ​ September 30, 2020 Maturity Date Origination date Maximum Amount Amount of Percentage of Collateral Coverage Interest Rate October 9, 2020 September 11, 2020 $ 35,718 $ 35,718 $ 47,661 133 % 2.65 % October 13, 2020 July 13, 2020 30,754 30,754 44,160 144 % 2.97 % October 20, 2020 July 24, 2020 13,857 13,857 17,813 129 % 2.97 % October 30, 2020 July 31, 2020 7,762 7,762 9,702 125 % 2.26 % October 30, 2020 July 31, 2020 6,795 6,795 9,537 140 % 2.26 % November 13, 2020 August 13, 2020 2,735 2,735 4,428 162 % 2.50 % December 1, 2020 September 1, 2020 13,533 13,533 17,720 131 % 2.34 % December 1, 2020 September 1, 2020 13,056 13,056 17,017 130 % 2.34 % December 1, 2020 September 1, 2020 5,474 5,474 7,215 132 % 2.34 % December 1, 2020 September 1, 2020 4,068 4,068 5,307 130 % 2.34 % December 1, 2020 September 1, 2020 2,934 2,934 3,866 132 % 2.34 % December 1, 2020 September 1, 2020 2,332 2,332 3,360 144 % 2.49 % December 1, 2020 September 1, 2020 1,132 1,132 1,607 142 % 2.49 % December 17, 2020 September 17, 2020 11,351 11,351 14,619 129 % 2.35 % December 17, 2020 September 17, 2020 8,878 8,878 11,678 132 % 2.35 % December 17, 2020 September 17, 2020 4,110 4,110 5,405 132 % 2.35 % December 17, 2020 September 17, 2020 1,110 1,110 1,687 152 % 2.50 % December 24, 2020 September 24, 2020 6,876 6,876 10,024 146 % 2.47 % December 24, 2020 September 24, 2020 5,145 5,145 6,796 132 % 2.32 % December 24, 2020 September 24, 2020 2,646 2,646 3,442 130 % 2.32 % December 28, 2020 September 16, 2020 7,306 7,306 9,532 130 % 2.59 % January 5, 2021 September 28, 2020 25,044 25,044 33,970 136 % 2.37 % January 5, 2021 September 28, 2020 24,423 24,423 33,105 136 % 2.37 % January 6, 2021 September 28, 2020 7,697 7,697 10,299 134 % 2.33 % January 6, 2021 September 28, 2020 6,311 6,311 9,038 143 % 2.48 % January 6, 2021 September 28, 2020 4,755 4,755 6,352 134 % 2.33 % January 6, 2021 September 28, 2020 4,666 4,666 6,222 133 % 2.33 % January 6, 2021 September 28, 2020 3,213 3,213 4,667 145 % 2.48 % January 11, 2021 September 29, 2020 5,879 5,879 7,843 133 % 2.32 % July 9, 2021 July 10, 2020 250,000 43,998 71,384 162 % 2.65 % September 23, 2021 September 24, 2020 400,000 101,861 161,856 159 % 2.65 % Totals ​ $ 919,560 $ 415,419 $ 597,312 144 % 2.56 % ​ ​ 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 September 30, 2020 and December 31, 2019 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2020 December 31, 2019 Gross amount of recognized liabilities $ 415,419 $ 414,114 Gross amount of loans and securities pledged as collateral 597,312 580,167 Other prepaid collateral 986 4,117 Net collateral amount $ 182,879 $ 170,170
Schedule of securitization of notes	The following table sets forth the original terms of all notes from our secured borrowings outstanding at September 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-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 (3) $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 — % Ajax Mortgage Loan Trust 2020-B/ August 2020 None Class A-1 notes due 2059 $97.2 million 1.70 % None Class A-2 notes due 2059 $17.3 million 2.86 % None Class M-1 notes due 2059 (3) $7.3 million 3.70 % None Class B-1 notes due 2059 (6) $5.9 million 3.70 % None Class B-2 notes due 2059 (6) $5.1 million variable (7) None Class B-3 notes due 2059 (6) $23.6 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 September 30, 2020 and December 31, 2019, and the securitization cutoff date ($ in thousands): Balances at September 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 $ 113,240 $ 72,897 155 % $ 121,909 $ 84,624 144 % $ 165,850 $ 115,846 2017-C — — — % 137,369 94,126 146 % 185,942 130,159 2017-D 135,660 52,968 (1) 256 % 148,119 60,934 (1) 243 % 203,870 (2) 88,903 2018-C 173,529 135,008 (3) 129 % 179,303 146,925 (3) 122 % 222,181 (4) 167,910 2019-D 153,729 131,075 117 % 165,963 146,383 113 % 193,301 156,670 2019-F 145,312 115,389 126 % 155,899 126,723 123 % 170,876 127,673 2020-B 141,363 112,978 125 % — — — % 156,468 114,534 ​ $ 862,833 $ 620,315 (5) 139 % $ 908,562 $ 659,715 (5) 138 % $ 1,298,488 $ 901,695 ​ (1) The gross amount of senior bonds at September 30, 2020 and December 31, 2019 were $105.9 million and $121.9 million however, only $53.0 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 September 30, 2020 were $135.9 million and $15.9 million, however, only $129.1 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)	9 Months Ended
	Sep. 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 September 30, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income and recovery of provision for credit losses on beneficial interests Net interest income after provision for credit benefit/(losses) Various non-consolidated joint ventures $ 6,536 $ 3,322 Management fee Related party expense – management fee Thetis $ 2,264 $ 2,215 Loan servicing fees Related party expense – loan servicing fees Gregory $ 1,848 $ 2,197 Gain on sale of securities Other income Various non-consolidated joint ventures $ 145 $ — Income from equity investment Income from investments in affiliates Thetis $ 75 $ 448 Income from equity investment Income from investments in affiliates Gaea $ 14 $ — Income from equity investment Income from investments in affiliates AS Ajax E LLC $ 9 $ 10 Loss from equity investment Income from investments in affiliates Legacy Entities $ (46) $ — (Loss)/income from equity investment Income from investments in affiliates Great Ajax FS $ (116) $ 71 Nine months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2020 2019 Interest income and recovery of provision for credit losses on beneficial interests Net interest income after provision for credit benefit/(losses) Various non-consolidated joint ventures $ 16,386 $ 8,878 Management fee Related party expense – management fee Thetis $ 6,206 $ 5,555 Loan servicing fees Related party expense – loan servicing fees Gregory $ 5,798 $ 6,977 Gain on sale of securities Other income Various non-consolidated joint ventures $ 145 $ 8 Income from equity investment Income from investments in affiliates Gaea $ 74 $ — Income from equity investment Income from investments in affiliates AS Ajax E LLC $ 25 $ 36 Income from equity investment Income from investments in affiliates Legacy Entities $ 10 $ — Gain on sale of mortgage loans Gain on sale of mortgage loans 2019-C $ — $ 7,014 (Loss)/income from equity investment Income from investments in affiliates Great Ajax FS $ (320) $ 200 (Loss)/income from equity investment Income from investments in affiliates Thetis $ (364) $ 923 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 September 30, 2020 Transaction Consolidated Balance Sheet location Counterparty Amount Receivables from Servicer Receivable from Servicer Gregory $ 16,438 Management fee payable Management fee payable Thetis $ 2,261 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 655 Expense reimbursement receivable Prepaid expenses and other assets Gregory $ 219 Expense reimbursement receivable Prepaid expenses and other assets Thetis $ 38 ​ 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)	9 Months Ended
	Sep. 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 September 30, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 4,116 $ 35 2,748 $ 40 Management fees — — 63,982 986 Totals 4,116 $ 35 66,730 $ 1,026 For the nine months ended September 30, 2020 2019 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 12,784 $ 115 8,348 $ 118 Management fees — — 184,681 2,538 Totals 12,784 $ 115 193,029 $ 2,656 (1) All management fees and independent director fees are fully expensed in the period in which the relevant service is received by the Company.
Schedule of activity in restricted stock	The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except per share amounts): Total Grants Current period activity Non-vested shares at September 30, 2020 Fully-vested shares at September 30, 2020 Three months ended September 30, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2020 Shares Per share grant date fair value Shares Per share grant date fair value Employee and Service Provider Grant 2017 (1,5) 38,667 $ 539 — $ 15 — $ 13.95 38,667 $ 13.95 Employee and Service Provider Grant 2018 (2,6) 34,000 462 — 38 11,333 13.58 22,667 13.58 Employee and Service Provider Grant 2019 (3,7) 77,000 1,073 — 76 50,667 13.94 26,333 13.94 Employee and Service Provider Grant 2020 (4) 108,750 1,039 108,750 58 108,750 9.55 — — Totals 258,417 $ 3,113 108,750 $ 187 170,750 $ 11.12 87,667 $ 13.85 (1) Vesting is ratable over three (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2019 forfeitures of 333 shares. (6) Total is shown net of 2019 forfeitures of 2,500 shares. (7) Total is shown net of 2020 forfeitures of 2,000 shares. Total Grants Current period activity Non-vested shares at September 30, 2019 Fully-vested shares at September 30, 2019 Three months ended September 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the three months ended September 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ — — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,6) 144,667 1,953 — 62 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 45 13,000 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,7) 34,000 462 — 39 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 61 79,000 13.94 — — Totals 308,667 $ 4,222 79,000 $ 207 114,667 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at September 30, 2019. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Vesting is ratable over three (6) Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares. (7) Total is shown net of 2019 forfeitures of 2,500 shares. Total Grants Current period activity Non-vested shares at September 30, 2020 Fully-vested shares at September 30, 2020 Nine months ended September 30, 2020 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2020 Shares Per share grant date fair value Shares Per share grant date fair value Employee and Service Provider Grant 2017 (1,5) 38,667 $ 539 — $ 103 — $ 13.95 38,667 $ 13.95 Employee and Service Provider Grant 2018 (2,6) 34,000 462 — 114 11,333 13.58 22,667 13.58 Employee and Service Provider Grant 2019 (3,7) 77,000 1,073 — 260 50,667 13.94 26,333 13.94 Employee and Service Provider Grant 2020 (4) 108,750 1,039 108,750 58 108,750 9.55 — — Totals 258,417 $ 3,113 108,750 $ 535 170,750 $ 11.12 87,667 $ 13.85 (1) Vesting is ratable over three (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Total is shown net of 2019 forfeitures of 333 shares. (6) Total is shown net of 2019 forfeitures of 2,500 shares. (7) Total is shown net of 2020 forfeitures of 2,000 shares. Total Grants Current period activity Non-vested shares at September 30, 2019 Fully-vested shares at September 30, 2019 Nine months ended September 30, 2019 Total shares granted Total expected cost of grant Shares granted during the year Grant expense recognized for the nine months ended September 30, 2019 Shares Per share grant date fair value Shares Per share grant date fair value Directors’ Grants 2018 (1) 12,000 $ 162 — $ 14 — $ 13.48 12,000 $ 13.48 Employee and Service Provider Grant 2016 (2,5) 144,667 1,953 — 368 — 13.50 144,667 13.50 Employee and Service Provider Grant 2017 (3) 39,000 544 — 135 13,000 13.95 26,000 13.95 Employee and Service Provider Grant 2018 (4,6) 34,000 462 — 111 22,667 13.58 11,333 13.58 Employee and Service Provider Grant 2019 (5) 79,000 1,101 79,000 61 79,000 13.94 — — Totals 308,667 $ 4,222 79,000 $ 689 114,667 $ 13.87 194,000 $ 13.56 (1) Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at September 30, 2019. (2) Vesting is ratable over three (3) Vesting is ratable over three (4) Vesting is ratable over three (5) Vesting is ratable over three (6) Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 Three months ended September 30, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 5,280 22,844,192 $ 7,691 19,751,142 Allocation of earnings to participating restricted shares (33) — (82) — Consolidated net income attributable to unrestricted common stockholders $ 5,247 22,844,192 $ 0.23 $ 7,609 19,751,142 $ 0.39 Effect of dilutive securities (1) Restricted stock grants and Manager and director fee shares 33 145,424 82 212,991 Interest expense (add back) and assumed conversion of shares from convertible senior notes (2) — — 2,552 8,236,520 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 5,280 22,989,616 $ 0.23 $ 10,243 28,200,653 $ 0.36 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended September 30, 2020, and have not been included in the calculation. (2) The effect of the interest expense and assumed conversion of shares from convertible senior notes on the Company's diluted EPS calculation for the three months ended September 30, 2020 would have been anti-dilutive and have been removed from the calculation. Nine months ended September 30, 2020 Nine months ended September 30, 2019 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 11,922 22,575,480 $ 28,048 19,247,706 Allocation of earnings to participating restricted shares (68) — (301) — Consolidated net income attributable to unrestricted common stockholders $ 11,854 22,575,480 $ 0.53 $ 27,747 19,247,706 $ 1.44 Effect of dilutive securities (1) Operating Partnership units — — 346 322,340 Restricted stock grants and Manager and director fee shares (2) — — 301 208,963 Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 7,645 8,208,789 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 11,854 22,575,480 $ 0.53 $ 36,039 27,987,798 $ 1.29 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the nine months ended September 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 the nine months ended September 30, 2020 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 nine months ended September 30, 2020 would have been anti-dilutive and have been removed from the calculation.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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. Total accumulated other comprehensive gain on the Company’s balance sheet at September 30, 2020 and December 31, 2019 was as follows ($ in thousands): Investments in securities: September 30, 2020 December 31, 2019 Unrealized gains $ 1,999 $ 1,643 Unrealized losses (1,598) (366) Accumulated other comprehensive gain $ 401 $ 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): September 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	Sep. 30, 2020USD ($)numberOfLoanPools	Sep. 30, 2020USD ($)paymentnumberOfLoanPools	Sep. 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%
Proceeds from issuance of preferred stock and warrants, net of offering costs | $		$ 130,000,000	$ 124,976,000	$ 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 | Third Party
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		0.10%	0.10%		0.20%
Great Ajax II REIT | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		99.90%	99.90%		99.80%
Gaea
Organization And Basis Of Presentation [Line Items]
Ownership percentage	23.20%	23.00%	23.00%
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%	77.00%	77.00%
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	Sep. 30, 2020USD ($)numberOfSubsidiariesnumberOfLoanPools$ / sharesshares	Mar. 31, 2020USD ($)numberOfLoanPools	Sep. 30, 2019USD ($)	Jun. 30, 2019	Jun. 30, 2019USD ($)	Sep. 30, 2020USD ($)numberOfSubsidiariesnumberOfLoanPools$ / sharesshares	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)numberOfLoanPools	Dec. 31, 2019$ / sharesshares	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of loan pools | numberOfLoanPools						6	4				6		6
Convertible senior note repurchase						$ 0	$ 81,000
Convertible Notes Payable						2,500,000	8,000,000				$ 2,500,000
Payments for Repurchase of Convertible Notes						2,300,000	$ 8,200,000				2,300,000
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					$ 124,976,000	$ 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
Investment warrants, exercise price (in dollars per share) | $ / shares	$ 10
Warrants original basis													$ 9,500,000
Other Commitment						$ 12,488,000					$ 12,488,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 25					$ 0.01					$ 0.01			$ 0.01
Prior Period Reclassification Adjustment											$ 800,000
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						$ 12,500,000					$ 12,500,000
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											0.20%
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%
Principal amount of note (in dollars per share) | $ / shares						$ 25
Conversion premium - Convertible senior notes											$ 3,200,000
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		Sep. 30, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate
Mortgage loans, net	[1],[2]	$ 1,102,360	$ 1,151,469
SBC/commercial loans
Mortgage Loans on Real Estate
Mortgage loans, net		5,409	35,086
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans, net		1,068,503	1,085,514
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans, net		$ 28,448	$ 30,869
[1]	As of September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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 $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) $ in Thousands		Jan. 01, 2020USD ($)	Sep. 30, 2020USD ($)loannumberOfLoanPools		Sep. 30, 2019USD ($)loan	Sep. 30, 2020USD ($)paymentnumberOfLoanPoolsloan		Sep. 30, 2019USD ($)loan	Jun. 30, 2020USD ($)numberOfLoanPools	Mar. 31, 2020numberOfLoanPools	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Mortgage Loans on Real Estate
Mortgage loans, net	[1],[2]		$ 1,102,360			$ 1,102,360					$ 1,151,469
Financing Receivable, Allowance for Credit Loss			(15,154)		$ (1,406)	(15,154)		$ (1,406)	$ (14,450)		(1,960)	$ (1,403)	$ (1,164)
Current period additions to allowance account			2,137		0	3,870		0
Interest income			21,200		23,200	61,100		73,600
Aggregate unpaid principal balance of mortgage loans on real estate					2,000	26,200		202,100
Reversal of / (increase in) provision for credit losses on mortgage loans			$ (2,705)		3	(2,108)		242
Estimated Market Value Of Underlying Collaterals					3,600	$ 44,200		323,700
Number of loan pools | numberOfLoanPools			6			6			6	4
Number of Recent Payments Made on RPL Mortgage Loans | payment						7
Income/(loss) on sale of mortgage loans	[3]		$ 0		$ 109	$ (705)		$ 7,123
Number of sold loans | loan			0		3	26		965
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		$ 178,800	$ 26,100		$ 178,800
SBC loans acquired at or near origination
Mortgage Loans on Real Estate
Number of originated SBC loans acquired | loan			2		0	2		21
Aggregate unpaid principal balance of mortgage loans on real estate			$ 1,900			$ 1,900		$ 18,400
SBC
Mortgage Loans on Real Estate
Mortgage loans, net			5,409			5,409					35,086
7f7 and better
Mortgage Loans on Real Estate
Mortgage loans, net			$ 133,152			133,152					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			$ 440,404			440,404					321,861
4f4-6f6 and below
Mortgage Loans on Real Estate
Mortgage loans, net			$ 128,233			$ 128,233					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
Mortgage Loans on Real Estate
Mortgage loans, net			$ 1,068,503			$ 1,068,503					1,085,514
Number of mortgage loans on real estate | loan			244		5	270		539
Aggregate unpaid principal balance of mortgage loans on real estate			$ 46,300		$ 500	$ 48,200		$ 115,600
Mortgage Loans On Real Estate Commitments To Purchase Number | loan			244		5	270		539
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans, net			$ 28,448			$ 28,448					$ 30,869
Number of mortgage loans on real estate | loan			1		0	2		0
Aggregate unpaid principal balance of mortgage loans on real estate			$ 500			$ 700
Mortgage Loans On Real Estate Commitments To Purchase Number | loan			1		0	2		0
[1]	As of September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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 $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.
[3]	The Company sold no mortgage loans during the three months ended September 30, 2020. During the nine months ended September 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 months ended September 30, 2019, the Company sold three loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. During the nine months ended September 30, 2019, the Company sold 965 loans with a carrying value of $178.8 million and UPB of $202.1 million for a gain of $7.1 million.

Mortgage Loans - Schedule of _2

Mortgage Loans - Schedule of loan basis by year of origination (Details) $ in Thousands	Sep. 30, 2020USD ($)
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	$ 1,102,360
Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	440,404
7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	133,152
4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	173,529
2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	135,661
CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	84,184
2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	128,233
Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	7,197
Year 2020
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	4,920
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	2,244
Year 2020 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	854
Year 2020 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,822
Year 2019
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,217
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	116
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	1,221
Year 2019 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	103
Year 2019 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	777
Year 2018
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,550
Year 2018 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	258
Year 2018 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	435
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	590
Year 2018 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	25
Year 2018 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,242
Year 2017
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	3,864
Year 2017 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	490
Year 2017 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
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	620
Year 2017 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	132
Year 2017 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,499
Year 2016
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	4,185
Year 2016 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,001
Year 2016 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,636
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	0
Year 2016 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	447
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	100,017
Years 2009-2015 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	43,337
Years 2009-2015 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	16,391
Years 2009-2015 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	13,975
Years 2009-2015 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	6,795
Years 2009-2015 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	4,031
Years 2009-2015 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	14,795
Years 2009-2015 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	693
Years 2006-2008
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	727,038
Years 2006-2008 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	291,294
Years 2006-2008 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	82,482
Years 2006-2008 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	119,230
Years 2006-2008 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	95,147
Years 2006-2008 | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	57,726
Years 2006-2008 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	81,105
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	257,569
Years 2005 and prior | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	103,024
Years 2005 and prior | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	32,092
Years 2005 and prior | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	40,324
Years 2005 and prior | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	33,596
Years 2005 and prior | CALIFORNIA
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	17,752
Years 2005 and prior | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	30,772
Years 2005 and prior | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	$ 9

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Mortgage Loans on Real Estate
Par	$ 15,349		$ 27,319
Discount	(2,899)		(7,787)
Allowance	(1,272)	$ 0	(1,276)	$ 0
PCD loans
Mortgage Loans on Real Estate
Par	46,811		47,038
Discount	(3,901)		(3,938)
Allowance	(1,272)		(1,276)
Purchase Price	41,638		41,824
Non-PCD
Mortgage Loans on Real Estate
Par	1,859		3,811
Discount	(41)		(788)
Allowance	0		0
Purchase Price	$ 1,818		$ 3,023

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for loan credit losses, beginning of period	$ (1,960)	$ (14,450)	$ (1,403)	$ (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		2,705	(3)	2,108	(242)
Incremental increase in allowance for loan credit losses		(2,137)	0	(3,870)	0
Increase in allowance for loan credit losses for loan acquisitions		(1,272)	0	(1,276)	0
Allowance for loan credit losses, end of period		$ (15,154)	$ (1,406)	$ (15,154)	$ (1,406)

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate
Carrying value of mortgages	[1],[2]	$ 1,102,360	$ 1,151,469
Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		440,404	321,861
7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		133,152	230,431
2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		173,529	179,302
2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		135,661	148,120
CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		84,184	134,424
4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		128,233	113,897
Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		7,197	23,434
Current
Mortgage Loans on Real Estate
Carrying value of mortgages		715,496	676,143
Current | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		379,092	265,677
Current | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		81,015	147,722
Current | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		97,469	75,253
Current | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		82,982	68,996
Current | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		45,910	90,658
Current | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		23,926	6,412
Current | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		5,102	21,425
30
Mortgage Loans on Real Estate
Carrying value of mortgages		83,311	146,208
30 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		23,054	37,553
30 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		14,515	29,371
30 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		14,162	33,904
30 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		11,816	28,318
30 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		7,451	12,733
30 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		12,184	4,329
30 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		129	0
60
Mortgage Loans on Real Estate
Carrying value of mortgages		60,406	93,806
60 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		14,625	14,034
60 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		9,029	22,645
60 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		10,938	19,756
60 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		8,203	14,452
60 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		6,901	9,123
60 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		10,659	12,946
60 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		51	850
90
Mortgage Loans on Real Estate
Carrying value of mortgages		196,992	197,015
90 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		23,257	4,597
90 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		28,593	28,864
90 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		42,357	42,315
90 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		30,446	33,166
90 | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		20,861	20,737
90 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		49,563	66,177
90 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		1,915	1,159
Foreclosure
Mortgage Loans on Real Estate
Carrying value of mortgages		46,155	38,297
Foreclosure | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		376	0
Foreclosure | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		0	1,829
Foreclosure | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages		8,603	8,074
Foreclosure | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		2,214	3,188
Foreclosure | CALIFORNIA
Mortgage Loans on Real Estate
Carrying value of mortgages		3,061	1,173
Foreclosure | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		31,901	24,033
Foreclosure | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		$ 0	$ 0
[1]	As of September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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 $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2020USD ($)property		Sep. 30, 2019USD ($)property	Sep. 30, 2020USD ($)property		Sep. 30, 2019USD ($)property	Dec. 31, 2019USD ($)property		Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Number of properties owned | property				6			10
Aggregate carrying value REO properties | $	$ 700,000			$ 700,000			$ 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				3			6
Property held-for-sale, net | $	$ 6,484,000	[1]	$ 16,541,000	$ 6,484,000	[1]	$ 16,541,000	$ 13,537,000	[1]	$ 6,879,000	$ 21,335,000	$ 19,402,000
Real Estate Held For Sale Improvements | $				$ 300,000			$ 2,200,000
Number of held-for-sale residential properties disposed | property	7		30	40		84
Gain (loss) on sale of property | $				$ 957,000		$ 401,000
Real Estate Impairment | $	$ 200,000		$ 700,000	1,200,000		1,700,000
Other Income
Real Estate [Line Items]
Gain (loss) on sale of property | $	$ 200,000		$ 300,000	$ 1,000,000		$ 400,000
[1]	Property held-for-sale, net, includes valuation allowances of $1.4 million and $1.8 million at September 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			9 Months Ended
	Sep. 30, 2020USD ($)property		Sep. 30, 2019USD ($)property	Sep. 30, 2020USD ($)property		Sep. 30, 2019USD ($)property
Real Estate Held For Sale [Roll Forward]
Balance at beginning of period | property	33		97	58		102
Balance at beginning of year | $	$ 6,879		$ 21,335	$ 13,537	[1]	$ 19,402
Transfers from mortgage loans, count | property	5		7	12		52
Transfers from mortgage loans | $	$ 603		$ 849	$ 1,515		$ 10,675
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  | $	$ (156)		$ (690)	$ (1,156)		$ (1,691)
Disposals, count | property	(7)		(30)	(40)		(84)
Disposals | $	$ (1,416)		$ (5,055)	$ (8,143)		$ (12,941)
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	3		1	4		6
Properties transferred from rental to held-for-sale | $	$ 574		$ 196	$ 755		$ 1,613
Other, count | property	0		0	0		0
Other | $	$ 0		$ (94)	$ (24)		$ (224)
Balance at end of year, count | property	34		75	34		75
Balance at end of period | $	$ 6,484	[1]	$ 16,541	$ 6,484	[1]	$ 16,541
[1]	Property held-for-sale, net, includes valuation allowances of $1.4 million and $1.8 million at September 30, 2020 and December 31, 2019, respectively.

Investments (Details)

Investments (Details) - USD ($)		Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Interest and Dividend Income, Securities, Operating, Available-for-sale						$ 200,000		$ 300,000
Proceeds from Sale of Debt Securities, Available-for-sale			$ 38,900,000	$ 0		38,944,000	$ 39,635,000
Debt and Equity Securities, Gain (Loss)			100,000	8,000		100,000	8,000
Investments in beneficial interests	[1]		86,241,000			86,241,000		57,954,000
Investment In Securities			83,400,000	43,400,000		144,700,000	127,600,000
Investments at fair value	[2]		284,655,000			284,655,000		231,685,000
Provision for credit losses		$ 10,200,000	0	0		(10,156,000)	0
Provision for credit benefit on beneficial interests			(1,302,000)	0		(1,118,000)	0
Debt Securities			284,655,000			284,655,000		231,685,000
Oileus Residential Loan Trust
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Gross Realized Gains					$ 0
2019-C
Debt Securities, Available-for-sale [Line Items]
Investment In Securities							12,100,000
Beneficial interests
Debt Securities, Available-for-sale [Line Items]
Provision for credit losses		$ 4,200,000
Provision for credit benefit on beneficial interests			(1,300,000)	0		(1,100,000)	0
Senior Notes
Debt Securities, Available-for-sale [Line Items]
Investment in senior notes			66,000,000	36,100,000		115,600,000	93,600,000
Subordinated Debt
Debt Securities, Available-for-sale [Line Items]
Investment in subordinate notes			5,200,000	3,300,000		9,800,000	12,600,000
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			1,999,000			1,999,000		1,643,000
Investment in beneficial interests - Gross unrealized loss			(1,598,000)			(1,598,000)		$ (366,000)
Beneficial interests
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests			$ 12,200,000	$ 4,000,000		$ 19,300,000	21,400,000
Beneficial interests | 2019-C
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests							$ 8,000,000
[1]	Investments in beneficial interests includes allowance for credit losses of $5.9 million at September 30, 2020. No allowance for credit losses was recorded as of December 31, 2019.
[2]	As of September 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $284.3 million and $230.4 million, respectively, and net unrealized gains of $0.4 million and $1.3 million, respectively.

Investments - Available-for-sal

Investments - Available-for-sale (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Investment in debt securities - Basis	$ 284,254	$ 230,408
Investment in debt securities - Gross unrealized gains	1,999	1,643
Investment in debt securities - Gross unrealized loss	(1,598)	(366)
Investment in debt securities	284,655	231,685
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests - Basis	370,495	288,362
Investment in beneficial interests - Gross unrealized gains	1,999	1,643
Investment in beneficial interests - Gross unrealized loss	(1,598)	(366)
Investment in beneficial interests	370,896	289,639
Beneficial interests
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests - Basis	86,241	57,954
Investment in beneficial interests - Gross unrealized gains	0	0
Investment in beneficial interests - Gross unrealized loss	0	0
Investment in beneficial interests	$ 86,241	$ 57,954

Investments - Debt Securities A

Investments - Debt Securities Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis		$ 284,254		$ 284,254		$ 230,408
Investment in debt securities - Gross unrealized loss		(1,598)		(1,598)		(366)
Investments at fair value	[1]	284,655		284,655		231,685
Increase in allowance for beneficial interest credit losses for acquisitions		(225)	$ 0	(2,779)	$ 0
Debt Securities due April 2058
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis						6,855
Investment in debt securities - Gross unrealized loss						(9)
Investments at fair value						6,846
Debt securities due February 2057
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis		5,405		5,405		7,324
Investment in debt securities - Gross unrealized loss		(6)		(6)		(1)
Investments at fair value		5,399		5,399		7,323
Debt securities due September 2059
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis		23,263		23,263		37,843
Investment in debt securities - Gross unrealized loss		(534)		(534)		(356)
Investments at fair value		22,729		22,729		37,487
Total Basis
Investments, Debt and Equity Securities [Line Items]
Investment in beneficial interests - Basis		104,212		104,212		52,022
Total Gross unrealized losses
Investments, Debt and Equity Securities [Line Items]
Investment in beneficial interests - Gross unrealized loss		(1,598)		(1,598)		(366)
Total Carrying value (fair value)
Investments, Debt and Equity Securities [Line Items]
Investment in beneficial interests		102,614		102,614		$ 51,656
Debt securities due November 2059
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis		16,169		16,169
Investment in debt securities - Gross unrealized loss		(331)		(331)
Investments at fair value		15,838		15,838
Debt securities due December 2059
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis		48,336		48,336
Investment in debt securities - Gross unrealized loss		(618)		(618)
Investments at fair value		47,718		47,718
Debt securities due October 2058
Investments, Debt and Equity Securities [Line Items]
Investment in debt securities - Basis		11,039		11,039
Investment in debt securities - Gross unrealized loss		(109)		(109)
Investments at fair value		$ 10,930		$ 10,930
[1]	As of September 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $284.3 million and $230.4 million, respectively, and net unrealized gains of $0.4 million and $1.3 million, respectively.

Investments - Schedule of secur

Investments - Schedule of securities at acquisition reconciliation between purchase price and par value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Line Items]
Par	$ 15,349		$ 27,319
Discount	(2,899)		(7,787)
Increase in allowance for beneficial interest credit losses for acquisitions	(225)	$ 0	(2,779)	$ 0
Purchase Price	12,225		16,753
PCD loans
Investments, Debt and Equity Securities [Line Items]
Par	46,811		47,038
Discount	$ (3,901)		$ (3,938)

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	$ (6,959)	$ 0	$ 0	$ 0
Beginning period adjustment for CECL	0	0	(4,221)	0
Reversal of provision for credit losses on beneficial interests	1,302	0	1,118	0
Increase in allowance for beneficial interest credit losses for acquisitions	(225)	0	(2,779)	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance	$ (5,882)	$ 0	$ (5,882)	$ 0

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net	[1],[2]	$ 1,102,360	$ 1,102,360	$ 1,151,469
Investment in debt securities	[3]	284,655	284,655	231,685
Investments in beneficial interests	[4]	86,241	86,241	57,954
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, net		614,214	614,214	652,747
Borrowings under repurchase transactions		415,419	415,419	414,114
Convertible senior notes, net	[5]	109,710	109,710	118,784
Other Commitment		12,488	12,488
Par		15,349	27,319
Investments in Beneficial Interest Acquisition Price		104,700	104,700	58,000
Carrying value
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net		1,102,360	1,102,360	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	0
Investment In Debt Securities, Fairvalue Disclosure		0	0	0
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0	0	0
Borrowings under repurchase agreement, fair value		0	0	0
Convertible senior notes, net, fair value		108,045	108,045	132,173
Commitments, Fair Value Disclosure		0	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	0
Investment In Debt Securities, Fairvalue Disclosure		284,655	284,655	231,685
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		613,099	613,099	0
Borrowings under repurchase agreement, fair value		415,419	415,419	414,114
Convertible senior notes, net, fair value		0	0	0
Commitments, Fair Value Disclosure		0	0
Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Mortgage loans, net fair value		1,203,720	1,203,720	1,260,385
Investment In Debt Securities, Fairvalue Disclosure		0	0	0
Not recognized on consolidated balance sheet at fair value (liabilities)
Secured borrowings, fair value		0	0	657,918
Borrowings under repurchase agreement, fair value		0	0	0
Convertible senior notes, net, fair value		0	0	0
Commitments, Fair Value Disclosure		12,488	12,488
Investment in Manager
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		1,228	1,228	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	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	0
Investment in Manager | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		11,196	11,196	7,721
AS Ajax E
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		823	823	931
AS Ajax E | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0	0
AS Ajax E | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		970	970	1,012
AS Ajax E | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0	0
AS Ajax E II LLC
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		3,543	3,543	3,977
AS Ajax E II LLC | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0	0
AS Ajax E II LLC | Level 2 Observable inputs other than Level 1 prices
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		3,643	3,643	3,895
AS Ajax E II LLC | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	0	0
Investment in GAFS
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		2,703	2,703	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	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	0
Investment in GAFS | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		3,320	3,320	3,320
Gaea | Carrying value
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		19,987	19,987	19,995
Gaea | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	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	0
Gaea | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		19,987	19,987	19,995
Legacy entities | Carrying value
Consolidated balance sheet at fair value disclosure (assets)
Investments In affiliates		446	446	760
Legacy entities | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		0	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	0
Legacy entities | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Fair Value Adjustment		446	446	760
Beneficial interests | Level 1 Quoted prices in active markets
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		0	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		0	0	57,954
Beneficial interests | Level 3 Unobservable inputs
Consolidated balance sheet at fair value disclosure (assets)
Investments, Fair Value Disclosure		$ 86,241	$ 86,241	$ 0
[1]	As of September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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 $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.
[3]	As of September 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $284.3 million and $230.4 million, respectively, and net unrealized gains of $0.4 million and $1.3 million, respectively.
[4]	Investments in beneficial interests includes allowance for credit losses of $5.9 million at September 30, 2020. No allowance for credit losses was recorded as of December 31, 2019.
[5]	Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

Fair Value - Schedule of Non Fi

Fair Value - Schedule of Non Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020		Jun. 30, 2020	Dec. 31, 2019		Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 6,484	[1]	$ 6,879	$ 13,537	[1]	$ 16,541	$ 21,335	$ 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	6,484			13,537
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	6,500			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	$ 1,156			$ 2,104
[1]	Property held-for-sale, net, includes valuation allowances of $1.4 million and $1.8 million at September 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 ($)warrantshares	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	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	$ 124,976	$ 0
Percentage of ownership interests in joint venture						34.00%
2017-D
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interests in joint venture				50.00%	50.00%
Great Ajax II REIT | Third Party
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				0.10%	0.10%		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%			23.00%	23.00%
Gaea | Third Party
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	76.80%			77.00%	77.00%
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
(Loss)/income from investments in affiliates	$ (25)	$ 583	$ (465)	$ 1,301
Assets at Company share	1,666,974		1,666,974		$ 1,576,841
Liabilities at Company share	1,160,628		1,160,628		1,192,757
AS Ajax E II LLC
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	3,543		3,543		3,977
Thetis
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	378	2,261	(1,837)	4,660
(Loss)/income from investments in affiliates	75	448	(364)	923
Assets at Company share	1,964		1,964		2,431
Liabilities at Company share	567		567		448
Thetis | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	9,921		9,921		12,277
Thetis | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	2,864		2,864		2,265
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(1,454)	886	(4,004)	2,489
(Loss)/income from investments in affiliates	(116)	71	(320)	200
Assets at Company share	4,463		4,463		4,915
Liabilities at Company share	2,837		2,837		2,971
Great Ajax FS LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	55,784		55,784		61,432
Great Ajax FS LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	35,463		35,463		37,142
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	52	61	151	214
(Loss)/income from investments in affiliates	9	10	25	36
Assets at Company share	841		841		948
Liabilities at Company share	0		0		0
AS Ajax E LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	5,095		5,095		5,747
AS Ajax E LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	2		2		2
Legacy entities
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(114)	0	27	0
(Loss)/income from investments in affiliates	(46)	0	10	0
Assets at Company share	1,029		1,029		637
Liabilities at Company share	1,587		1,587		1,247
Legacy entities | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	2,564		2,564		1,592
Legacy entities | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	3,941		3,941		3,095
Gaea
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	60	0	320	0
(Loss)/income from investments in affiliates	14	$ 0	74	$ 0
Assets at Company share	19,186		19,186		19,252
Liabilities at Company share	194		194		178
Gaea | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	83,485		83,485		83,068
Gaea | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	$ 845		$ 845		$ 768

Commitments and Contingencies (

Commitments and Contingencies (Details Textuals)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)loan$ / sharesshares	Sep. 30, 2019USD ($)	Apr. 06, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Mortgage Loans on Real Estate
Aggregate unpaid principal balance of mortgage loans on real estate		$ 2,000,000	$ 26,200,000	$ 202,100,000
Proceeds from issuance of preferred stock and warrants, net of offering costs	$ 130,000,000		$ 124,976,000	$ 0
Preferred Stock, Shares Issued | shares	0		0			0
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01		$ 25	$ 0.01
Class of Warrant or Right, Outstanding | shares					6,500,000
Investment warrants, exercise price (in dollars per share) | $ / shares					$ 10
Other Commitment	$ 12,488,000		$ 12,488,000
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	$ 12,500,000		$ 12,500,000
Re-performing loans | Purchase commitment | One-to-four family residences
Mortgage Loans on Real Estate
Number of mortgage loans on real estate | loan			130
Aggregate unpaid principal balance of mortgage loans on real estate			$ 35,400,000
SBC/commercial loans | Purchase commitment | One-to-four family residences
Mortgage Loans on Real Estate
Number of mortgage loans on real estate | loan			1
Aggregate unpaid principal balance of mortgage loans on real estate			$ 900,000

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 25, 2019	Sep. 30, 2020USD ($)securitization$ / shares	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)FacilityDaysecuritization$ / shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)securitization$ / shares	Dec. 31, 2019USD ($)	Nov. 19, 2018USD ($)	Aug. 18, 2017USD ($)	Apr. 25, 2017USD ($)
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture				34.00%		34.00%
Percentage of guarantors beneficial interest		100.00%			100.00%		100.00%
Number of securitizations completed | securitization							16
Number of securitizations outstanding | securitization		6			6		6
Percentage of interests in trust certificates sold to third parties					50.00%
Interest expense		$ 11,727,000		$ 14,317,000	$ 37,855,000	$ 45,441,000
Percentage of ownership interests in joint venture				34.00%		34.00%
Debt Instrument, Basis Spread on Variable Rate	100.00%
Collateralized Financings		$ 986,000	$ 32,400,000		$ 986,000		$ 986,000	$ 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%
Conversion premium - Convertible senior notes					$ 3,200,000
Additional aggregate principal									$ 15,900,000	$ 20,500,000
Principal amount of note (in dollars per share) | $ / shares		$ 25
If-converted value in excess of principal					$ 50,900,000
Threshold percentage of stock price trigger (at least)					130.00%
Threshold trading days (at least) | Day					20
Threshold consecutive trading days | Day					30
Redemption price, percentage					100.00%
Unamortized discount		$ 3,700,000		$ 5,400,000	$ 3,700,000	$ 5,400,000	$ 3,700,000
Amortization of debt discount		$ 300,000		$ 300,000	$ 1,000,000	$ 900,000
Interest rate, effective percentage		8.92%		8.94%	8.92%	8.94%	8.92%
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate		2.56%			2.56%		2.56%	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					4,000
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					0.20%
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		$ 135,900,000			$ 135,900,000		$ 135,900,000	$ 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-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		$ 105,900,000			$ 105,900,000		$ 105,900,000	$ 121,900,000
Convertible Notes Payable
Debt Instrument [Line Items]
Unpaid principal balance		113,400,000		$ 123,900,000	113,400,000	$ 123,900,000	$ 113,400,000
Interest expense		$ 2,400,000		$ 2,600,000	$ 7,300,000	$ 7,700,000

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Amount of Collateral	$ 597,312	$ 580,167
Repurchase Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	919,560	918,521
Amount Outstanding	415,419	414,114
Amount of Collateral	$ 597,312	$ 580,167
Percentage of Collateral Coverage	144.00%	140.00%
Interest Rate	2.56%	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
Amount Outstanding		116,662
Amount of Collateral		$ 164,403
Percentage of Collateral Coverage		141.00%
Interest Rate		4.24%
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%
Class M1 Notes | Repurchase Agreement | September 23, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000
Amount Outstanding	101,861
Amount of Collateral	$ 161,856
Percentage of Collateral Coverage	159.00%
Interest Rate	2.65%
Class M2 Notes | Repurchase Agreement | July 9, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 250,000
Amount Outstanding	43,998
Amount of Collateral	$ 71,384
Percentage of Collateral Coverage	162.00%
Interest Rate	2.65%
2019-E | Repurchase Agreement | December 28, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,306
Amount Outstanding	7,306
Amount of Collateral	$ 9,532
Percentage of Collateral Coverage	130.00%
Interest Rate	2.59%
2018-C | Class A Notes | Repurchase Agreement | December 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,145
Amount Outstanding	5,145
Amount of Collateral	$ 6,796
Percentage of Collateral Coverage	132.00%
Interest Rate	2.32%
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 B Notes | Repurchase Agreement | December 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	2.47%
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%
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 | December 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,533
Amount Outstanding	13,533
Amount of Collateral	$ 17,720
Percentage of Collateral Coverage	131.00%
Interest Rate	2.34%
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 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 | December 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,056
Amount Outstanding	13,056
Amount of Collateral	$ 17,017
Percentage of Collateral Coverage	130.00%
Interest Rate	2.34%
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 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,666
Amount Outstanding	4,666
Amount of Collateral	$ 6,222
Percentage of Collateral Coverage	133.00%
Interest Rate	2.33%
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-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 | Class A Notes | Repurchase Agreement | October 20, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,857
Amount Outstanding	13,857
Amount of Collateral	$ 17,813
Percentage of Collateral Coverage	129.00%
Interest Rate	2.97%
2018-G | Class A Notes | Repurchase Agreement | December 17, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,878
Amount Outstanding	8,878
Amount of Collateral	$ 11,678
Percentage of Collateral Coverage	132.00%
Interest Rate	2.35%
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 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 | Repurchase Agreement | October 9, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 35,718
Amount Outstanding	35,718
Amount of Collateral	$ 47,661
Percentage of Collateral Coverage	133.00%
Interest Rate	2.65%
2017-D | Class A Notes | Repurchase Agreement | December 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,068
Amount Outstanding	4,068
Amount of Collateral	$ 5,307
Percentage of Collateral Coverage	130.00%
Interest Rate	2.34%
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%
2018-D | Class A Notes | Repurchase Agreement | December 24, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,646
Amount Outstanding	2,646
Amount of Collateral	$ 3,442
Percentage of Collateral Coverage	130.00%
Interest Rate	2.32%
2018-D | Class A Notes | Repurchase Agreement | January 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,697
Amount Outstanding	7,697
Amount of Collateral	$ 10,299
Percentage of Collateral Coverage	134.00%
Interest Rate	2.33%
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 | January 3, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 5,175
Amount Outstanding		5,175
Amount of Collateral		$ 6,855
Percentage of Collateral Coverage		132.00%
Interest Rate		3.45%
2017-B | Class B 1 Notes | Repurchase Agreement | January 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,311
Amount Outstanding	6,311
Amount of Collateral	$ 9,038
Percentage of Collateral Coverage	143.00%
Interest Rate	2.48%
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 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 | October 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,762
Amount Outstanding	7,762
Amount of Collateral	$ 9,702
Percentage of Collateral Coverage	125.00%
Interest Rate	2.26%
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 M2 Notes | Repurchase Agreement | October 30, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,795
Amount Outstanding	6,795
Amount of Collateral	$ 9,537
Percentage of Collateral Coverage	140.00%
Interest Rate	2.26%
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%
2018-E | Class A Notes | Repurchase Agreement | December 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,934
Amount Outstanding	2,934
Amount of Collateral	$ 3,866
Percentage of Collateral Coverage	132.00%
Interest Rate	2.34%
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 B Notes | Repurchase Agreement | December 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	2.49%
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-F | Class A Notes | Repurchase Agreement | December 1, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,474
Amount Outstanding	5,474
Amount of Collateral	$ 7,215
Percentage of Collateral Coverage	132.00%
Interest Rate	2.34%
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 B Notes | Repurchase Agreement | December 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	2.49%
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%
2019-C | Class A Notes | Repurchase Agreement | January 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,755
Amount Outstanding	4,755
Amount of Collateral	$ 6,352
Percentage of Collateral Coverage	134.00%
Interest Rate	2.33%
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 B Notes | Repurchase Agreement | January 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,213
Amount Outstanding	3,213
Amount of Collateral	$ 4,667
Percentage of Collateral Coverage	145.00%
Interest Rate	2.48%
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%
2018-B | Class A Notes | Repurchase Agreement | December 17, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,110
Amount Outstanding	4,110
Amount of Collateral	$ 5,405
Percentage of Collateral Coverage	132.00%
Interest Rate	2.35%
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%
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 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 11, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,879
Amount Outstanding	5,879
Amount of Collateral	$ 7,843
Percentage of Collateral Coverage	133.00%
Interest Rate	2.32%
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 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 | December 17, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 11,351
Amount Outstanding	11,351
Amount of Collateral	$ 14,619
Percentage of Collateral Coverage	129.00%
Interest Rate	2.35%
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 B Notes | Repurchase Agreement | December 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	2.50%
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%
2020-A | Class A Notes | Repurchase Agreement | October 13, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 30,754
Amount Outstanding	30,754
Amount of Collateral	$ 44,160
Percentage of Collateral Coverage	144.00%
Interest Rate	2.97%
2020-A | Class B Notes | Repurchase Agreement | November 13, 2020
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,735
Amount Outstanding	2,735
Amount of Collateral	$ 4,428
Percentage of Collateral Coverage	162.00%
Interest Rate	2.50%
2020-C | Class A Notes | Repurchase Agreement | January 5, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 25,044
Amount Outstanding	25,044
Amount of Collateral	$ 33,970
Percentage of Collateral Coverage	136.00%
Interest Rate	2.37%
2020-D | Class A Notes | Repurchase Agreement | January 5, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 24,423
Amount Outstanding	24,423
Amount of Collateral	$ 33,105
Percentage of Collateral Coverage	136.00%
Interest Rate	2.37%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 415,419		$ 414,114
Gross amount of loans and securities pledged as collateral	597,312		580,167
Collateralized Financings	986	$ 32,400	4,117
Net collateral amount	$ 182,879		$ 170,170

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Percentage of ownership interests in joint venture			34.00%
Mortgage loans
Debt Instrument [Line Items]
Deferred issuance costs	$ (6,100,000)	$ (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	$ 135,900,000	148,500,000
Securities Borrowed, Liability	129,100,000	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-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 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 1 Notes | Ajax Mortgage Loan Trust 2020 B August 2020
Debt Instrument [Line Items]
Original Principal	$ 5,900,000
Interest Rate	3.70%
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 | Class B 2 Notes | Ajax Mortgage Loan Trust 2020 B August 2020
Debt Instrument [Line Items]
Original Principal	5,100,000
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 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-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 | Deferred issuance costs | Ajax Mortgage Loan Trust 2020 B August 2020
Debt Instrument [Line Items]
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 M1 Notes | Ajax Mortgage Loan Trust 2020 B August 2020
Debt Instrument [Line Items]
Original Principal	$ 7,300,000
Interest Rate	3.70%
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-1 Notes | Ajax Mortgage Loan Trust 2020 B August 2020
Debt Instrument [Line Items]
Original Principal	$ 97,200,000
Interest Rate	1.70%
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-2 Notes | Ajax Mortgage Loan Trust 2020 B August 2020
Debt Instrument [Line Items]
Original Principal	$ 17,300,000
Interest Rate	2.86%
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
Mortgage loans | Class B-3 Notes | Ajax Mortgage Loan Trust 2020 B August 2020
Debt Instrument [Line Items]
Original Principal	$ 23,600,000

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying value of mortgages	[1],[2]	$ 1,102,360	$ 1,151,469
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages		862,833	908,562
Bond principal balance		$ 620,315	$ 659,715
Percentage of collateral coverage		139.00%	138.00%
Original balances at securitization cutoff date Mortgage UPB		$ 1,298,488
Original balances at securitization cutoff date Bond principal balance		901,695
Debt issuance costs, net		6,100	$ 7,000
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Carrying value of mortgages		113,240	121,909
Bond principal balance		$ 72,897	$ 84,624
Percentage of collateral coverage		155.00%	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		0	$ 137,369
Bond principal balance		$ 0	$ 94,126
Percentage of collateral coverage		0.00%	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		135,660	$ 148,119
Bond principal balance		$ 52,968	$ 60,934
Percentage of collateral coverage		256.00%	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		173,529	$ 179,303
Bond principal balance		$ 135,008	$ 146,925
Percentage of collateral coverage		129.00%	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		153,729	$ 165,963
Bond principal balance		$ 131,075	$ 146,383
Percentage of collateral coverage		117.00%	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		145,312	$ 155,899
Bond principal balance		$ 115,389	$ 126,723
Percentage of collateral coverage		126.00%	123.00%
Original balances at securitization cutoff date Mortgage UPB		$ 170,876
Original balances at securitization cutoff date Bond principal balance		127,673
Mortgage loans | 2020-B
Debt Instrument [Line Items]
Carrying value of mortgages		141,363	$ 0
Bond principal balance		$ 112,978	$ 0
Percentage of collateral coverage		125.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB		$ 156,468
Original balances at securitization cutoff date Bond principal balance		114,534
Class A Notes | Mortgage loans | 2017-D
Debt Instrument [Line Items]
Original Principal		105,900	$ 121,900
Secured borrowings		53,000	60,900
Class A Notes | Mortgage loans | 2018-C
Debt Instrument [Line Items]
Original Principal		135,900	148,500
Secured borrowings		129,100	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 September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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 $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Related party expense – loan servicing fees		$ 1,848	$ 2,197	$ 5,798	$ 6,977
Related party expense – management fee		2,264	2,215	6,206	5,555
Income/(loss) on sale of mortgage loans	[1]	0	109	(705)	7,123
Gain/Loss on sale of Mortgage Loans
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans				145	8
Net interest income after provision for credit benefit/(losses)
Related Party Transaction [Line Items]
Amount of transaction		6,536	3,322	16,386	8,878
Gregory | Loan Servicing Fees
Related Party Transaction [Line Items]
Related party expense – loan servicing fees		1,848	2,197	5,798	6,977
Thetis
Related Party Transaction [Line Items]
Related party expense – management fee			1,700		4,900
Thetis | Management fees
Related Party Transaction [Line Items]
Related party expense – management fee		2,264	2,215	6,206	5,555
Thetis | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction		75	448	(364)	923
Great Ajax FS | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction		(116)	71	(320)	200
Gaea | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction		14	0	74	0
Gaea | Gain/Loss on sale of Mortgage Loans
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans				(705)	0
2019-C
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans					7,000
2019-C | Gain/Loss on sale of Mortgage Loans
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans		145	0		7,014
Legacy entities | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction				10	0
Legacy entities | Gain/Loss on sale of Mortgage Loans
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans		(46)	0
As Ajax E Llc [Member] | Income from investments in affiliate
Related Party Transaction [Line Items]
Amount of transaction				$ 25	$ 36
As Ajax E Llc [Member] | Gain/Loss on sale of Mortgage Loans
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans		$ 9	$ 10
[1]	The Company sold no mortgage loans during the three months ended September 30, 2020. During the nine months ended September 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 months ended September 30, 2019, the Company sold three loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. During the nine months ended September 30, 2019, the Company sold 965 loans with a carrying value of $178.8 million and UPB of $202.1 million for a gain of $7.1 million.

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	$ 655	$ 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	219	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	16,438	17,013
Thetis | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	38	87
Thetis | Management Fee Payable
Related Party Transaction [Line Items]
Amount of transaction	$ 2,261	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)		Jul. 08, 2014	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)loan	Sep. 30, 2020USD ($)loancalender	Sep. 30, 2019USD ($)loan	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans	[1]		$ 0	$ 109,000	$ (705,000)	$ 7,123,000
Management fee payable			2,261,000		$ 2,261,000		$ 1,634,000
Period of termination of license agreement					30 days
Investment In Securities			$ 83,400,000	$ 43,400,000	$ 144,700,000	$ 127,600,000
Number of sold loans | loan			0	3	26	965
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance				$ 2,000,000	$ 26,200,000	$ 202,100,000
Investment in debt securities	[2]		$ 284,655,000		284,655,000		231,685,000
Percentage of ownership interests in joint venture				34.00%		34.00%
Investments in beneficial interests	[3]		86,241,000		86,241,000		57,954,000
Related party expense – management fee			2,264,000	$ 2,215,000	$ 6,206,000	$ 5,555,000
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	[4],[5]		1,102,360,000		$ 1,102,360,000		1,151,469,000
Proceeds from sale of securities			38,900,000	0	38,944,000	39,635,000
Debt and Equity Securities, Gain (Loss)			100,000	8,000	100,000	8,000
Mortgage loans
Related Party Transaction [Line Items]
Carrying value of mortgages			26,100,000	178,800,000	26,100,000	178,800,000
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction			655,000		655,000		241,000
Thetis
Related Party Transaction [Line Items]
Related party expense – management fee				1,700,000		4,900,000
Thetis | Management fees
Related Party Transaction [Line Items]
Related party expense – management fee			2,264,000	2,215,000	$ 6,206,000	5,555,000
Thetis | Management Agreement
Related Party Transaction [Line Items]
Base management fee percentage					1.50%
Thetis | Amended And Restated Management Agreement
Related Party Transaction [Line Items]
Management fee payable			1,000,000		$ 1,000,000
Percentage of base management fees payable in cash					75.00%
Percentage of base management fee payable in shares of common stock					25.00%
Percentage in excess of base management fees payable in cash					50.00%
Percentage in excess of base management fees payable in shares					50.00%
Period of common shares held as base management fee (at least)					3 years
Percentage of remaining incentive fee payable in common stock					20.00%
Percentage of remaining incentive fee in excess of book value					8.00%
Number of calender quarters | calender					8
Incentive Fee Expense			0	500,000	$ 0	700,000
Percentage of Independent Directors					66.67%
Thetis | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction			38,000		$ 38,000		87,000
Gregory
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 12,000,000		$ 12,000,000
Fixed interest rate			7.20%		7.20%
Gregory | Servicing Agreement
Related Party Transaction [Line Items]
Servicing fees percentage					0.20%
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			$ 219,000		$ 219,000		687,000
Gregory | Prepaid expenses and other assets | Receivable from Servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction			0		0		$ 585,000
2019-C
Related Party Transaction [Line Items]
Income/(loss) on sale of mortgage loans						7,000,000
Investment In Securities						$ 12,100,000
Number of sold loans | loan						962
Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance						$ 200,100,000
Carrying value of mortgages				176,900,000		176,900,000
2019-C | Mortgage loans
Related Party Transaction [Line Items]
Carrying value of mortgages				1,900,000		1,900,000
Beneficial interests
Related Party Transaction [Line Items]
Investment in beneficial interests			12,200,000	4,000,000	19,300,000	21,400,000
Beneficial interests | 2019-C
Related Party Transaction [Line Items]
Investment in beneficial interests						8,000,000
Senior Notes
Related Party Transaction [Line Items]
Investment in senior notes			66,000,000	36,100,000	115,600,000	93,600,000
Subordinated Debt
Related Party Transaction [Line Items]
Investment in subordinate notes			$ 5,200,000	$ 3,300,000	$ 9,800,000	$ 12,600,000
[1]	The Company sold no mortgage loans during the three months ended September 30, 2020. During the nine months ended September 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 months ended September 30, 2019, the Company sold three loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. During the nine months ended September 30, 2019, the Company sold 965 loans with a carrying value of $178.8 million and UPB of $202.1 million for a gain of $7.1 million.
[2]	As of September 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $284.3 million and $230.4 million, respectively, and net unrealized gains of $0.4 million and $1.3 million, respectively.
[3]	Investments in beneficial interests includes allowance for credit losses of $5.9 million at September 30, 2020. No allowance for credit losses was recorded as of December 31, 2019.
[4]	As of September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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").
[5]	Mortgage loans net include $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)

Aug. 13, 2020

Aug. 01, 2019

Apr. 01, 2019

Jul. 31, 2018

Jul. 24, 2017

Aug. 17, 2016

Sep. 30, 2020

Sep. 30, 2019

Jun. 30, 2019

Jun. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

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

Management fees

$ 2,300,000

$ 6,200,000

Annual retainer amount

$ 75,000

Related party expense – management fee

2,264,000

$ 2,215,000

6,206,000

$ 5,555,000

Thetis

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

Related party expense – management fee

1,700,000

4,900,000

Thetis | Management fees

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

Related party expense – management fee

2,264,000

2,215,000

$ 6,206,000

5,555,000

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)

108,750

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

$ 900,000

$ 2,500,000

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

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

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

Number of shares forfeited (in shares)

2,000

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	4,116	66,730	12,784	193,029
Amount of expense recognized	$ 35	$ 1,026	$ 115	$ 2,656
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	0	63,982	0	184,681
Amount of expense recognized	$ 0	$ 986	$ 0	$ 2,538
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	4,116	2,748	12,784	8,348
Amount of expense recognized	$ 35	$ 40	$ 115	$ 118

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Schedule of Restricted Stock Plans (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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)	258,417	308,667	258,417	308,667
Total expected cost of grant	$ 3,113	$ 4,222	$ 3,113	$ 4,222
Shares granted during the year (in shares)	108,750	79,000	108,750	79,000
Grant expense recognized	$ 187	$ 207	$ 535	$ 689
Shares, nonvested (in shares)	170,750	114,667	170,750	114,667
Per share grant fair value (in dollars per share)	$ 11.12	$ 13.87	$ 11.12	$ 13.87
Shares, fully vested (in shares)	87,667	194,000	87,667	194,000
Per share grant date fair value (in dollars per share)	$ 13.85	$ 13.56	$ 13.85	$ 13.56
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		$ 62		$ 368
Shares, nonvested (in shares)		0		0
Per share grant fair value (in dollars per share)		$ 13.50		$ 13.50
Shares, fully vested (in shares)		144,667		144,667
Per share grant date fair value (in dollars per share)		$ 13.50		$ 13.50
Weighted average remaining contractual terms		9 months 18 days		9 months 18 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	$ 15	$ 45	$ 103	$ 135
Shares, nonvested (in shares)	0	13,000	0	13,000
Per share grant fair value (in dollars per share)	$ 13.95	$ 13.95	$ 13.95	$ 13.95
Shares, fully vested (in shares)	38,667	26,000	38,667	26,000
Per share grant date fair value (in dollars per share)	$ 13.95	$ 13.95	$ 13.95	$ 13.95
Weighted average remaining contractual terms	10 months 24 days	1 year 10 months 24 days	10 months 24 days	1 year 10 months 24 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	$ 39	$ 114	$ 111
Shares, nonvested (in shares)	11,333	22,667	11,333	22,667
Per share grant fair value (in dollars per share)	$ 13.58	$ 13.58	$ 13.58	$ 13.58
Shares, fully vested (in shares)	22,667	11,333	22,667	11,333
Per share grant date fair value (in dollars per share)	$ 13.58	$ 13.58	$ 13.58	$ 13.58
Weighted average remaining contractual terms	1 year 9 months 18 days	2 years 9 months 18 days	1 year 9 months 18 days	2 years 9 months 18 days
Employee And Service Provider Grants Fourth Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	77,000	79,000	77,000	79,000
Total expected cost of grant	$ 1,073	$ 1,101	$ 1,073	$ 1,101
Shares granted during the year (in shares)	0	79,000	0	79,000
Grant expense recognized	$ 76	$ 61	$ 260	$ 61
Shares, nonvested (in shares)	50,667	79,000	50,667	79,000
Per share grant fair value (in dollars per share)	$ 13.94	$ 13.94	$ 13.94	$ 13.94
Shares, fully vested (in shares)	26,333	0	26,333	0
Per share grant date fair value (in dollars per share)	$ 13.94	$ 0	$ 13.94	$ 0
Weighted average remaining contractual terms	2 years 10 months 24 days		2 years 10 months 24 days
Employee And Service Provider Grants Fifth Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares granted (in shares)	108,750		108,750
Total expected cost of grant	$ 1,039		$ 1,039
Shares granted during the year (in shares)	108,750		108,750
Grant expense recognized	$ 58		$ 58
Shares, nonvested (in shares)	108,750		108,750
Per share grant fair value (in dollars per share)	$ 9.55		$ 9.55
Shares, fully vested (in shares)	0		0
Per share grant date fair value (in dollars per share)	$ 0		$ 0
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
Long Term Incentive Plan [Member] | Employee And Service Provider Grants Fourth Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares forfeited (in shares)			2,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)numberOfSubsidiaries	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)numberOfSubsidiariesyear	Sep. 30, 2019USD ($)
Income Tax Examination [Line Items]
Distribution Percentage Of Real Estate Investment Trust Taxable Income			90.00%
Number Of Taxable Years | year			4
Taxable income	$ (2,500,000)	$ (4,000,000)	$ 1,700,000	$ (20,400,000)
Provision for taxes (benefit)	(16,000)	27,000	(215,000)	136,000
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic EPS
Consolidated net income attributable to common stockholders	$ 5,280	$ 7,691	$ 11,922	$ 28,048
Allocation of earnings to participating restricted shares	(33)	(82)	(68)	(301)
Consolidated net income attributable to unrestricted common stockholders	5,247	7,609	11,854	27,747
Effect of dilutive securities
Dilutive Securities, Effect On Basic Earnings Operating Partnership Units			0	346
Restricted stock grants and Manager and director fee shares	33	82	0	301
Interest expense (add back) and assumed conversion of shares from convertible senior notes(2)	0	2,552	0	7,645
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$ 5,280	$ 10,243	$ 11,854	$ 36,039
Basic EPS
Consolidated net income attributable to unrestricted common stockholders (in shares)	22,844,192	19,751,142	22,575,480	19,247,706
Allocation of earnings to participating restricted shares (in shares)	0	0	0	0
Effect of dilutive securities
Operating Partnership units (in shares)			0	322,340
Restricted stock grants and Manager and director fee shares (in shares)	145,424	212,991	0	208,963
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)	0	8,236,520	0	8,208,789
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)	22,989,616	28,200,653	22,575,480	27,987,798
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.23	$ 0.39	$ 0.53	$ 1.44
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.23	$ 0.36	$ 0.53	$ 1.29

Equity - Narrative (Details)

Equity - Narrative (Details)	Apr. 06, 2020$ / sharesshares	Sep. 30, 2020USD ($)numberOfLoanPools$ / sharesshares	Jun. 30, 2020$ / sharesshares	Mar. 31, 2020USD ($)shares	Sep. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019shares	Sep. 30, 2020USD ($)numberOfLoanPools$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Mar. 24, 2020$ / shares	Mar. 17, 2020$ / shares	Dec. 31, 2019numberOfLoanPools$ / sharesshares	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)		23,034,443						23,034,443				22,142,143
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		50,173						50,173				33,248
Sale of common stock pursuant to dividend reinvestment plan | $								$ 86,000	$ 206,000
Operating partnership units					624,106				624,106
Conversion of OP Units | $					$ 0	$ 0
Percentage of ownership interests in joint venture					34.00%				34.00%
Common Stock, Shares, Issued		23,034,443						23,034,443				22,142,143
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	$ 0.32
Shares Issued, Price Per Share | $ / shares											$ 9.14
Number of non controlling interest subsidiaries | numberOfLoanPools		4						4				4
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
Proceeds from issuance of preferred stock and warrants, net of offering costs | $		$ 130,000,000						$ 124,976,000	$ 0
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 25	$ 0.01						$ 0.01				$ 0.01
Sale of common stock, net of offering costs | $								$ 0	$ 8,291,000
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $		$ 50,000,000						$ 50,000,000
Common Stock, Shares, Issued		0			551,223			0	551,223
Sale of common stock, net of offering costs | $					$ 8,300,000				$ 8,300,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock shares outstanding (in shares)		2,307,400	2,307,400	0	0	0	0	2,307,400	0			0	0
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	2,892,600	0	0	0	0	2,892,600	0			0	0
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)		23,034,443	22,924,982	22,921,935	20,347,509	19,654,330	18,967,223	23,034,443	20,347,509			22,142,143	18,909,874
Issuance of shares under dividend reinvestment plan (in shares)		4,928	5,057		4,827	5,056	5,321	9,985	15,204
Sale of common stock pursuant to dividend reinvestment plan | $		$ 45,000			$ 100,000			$ 100,000	$ 200,000
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	$ 45,000	$ 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 | Great Ajax Corp
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		99.90%						99.90%				99.80%
Great Ajax II REIT | Third Party
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		0.10%						0.10%				0.20%

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive gain	$ 401	$ 1,277
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive gain	401	1,277
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	1,999	1,643
Unrealized losses	$ (1,598)	$ (366)

Equity - Schedule of Less than

Equity - Schedule of Less than wholly owned subsidiary, parent ownership interest, net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 06, 2020USD ($)numberOfLoanPools	Sep. 30, 2020USD ($)loan$ / shares	Sep. 30, 2019USD ($)loan$ / shares	Sep. 30, 2020USD ($)loan$ / shares	Sep. 30, 2019USD ($)loan$ / shares	Nov. 05, 2020$ / shares	Jun. 30, 2020$ / shares	Mar. 24, 2020$ / shares	Jun. 30, 2019$ / shares
Subsequent Event [Line Items]
Aggregate unpaid principal balance of mortgage loans on real estate			$ 2	$ 26.2	$ 202.1
Estimated market value of the underlying collateral			$ 3.6	$ 44.2	$ 323.7
Dividends payable, amount per share (in dollars per share) | $ / shares		$ 0.17	$ 0.32	$ 0.17	$ 0.32		$ 0.32	$ 0.32	$ 0.32
Residential RPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan		244	5	270	539
Aggregate unpaid principal balance of mortgage loans on real estate		$ 46.3	$ 0.5	$ 48.2	$ 115.6
Residential NPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan		1	0	2	0
Aggregate unpaid principal balance of mortgage loans on real estate		$ 0.5		$ 0.7
Subsequent Event | Residential RPLs | Two Sellers [Member]
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	7
Aggregate unpaid principal balance of mortgage loans on real estate	$ 3.3
Number of transaction | numberOfLoanPools	2
Percentage of unpaid principal balance of loan acquired	81.90%
Percentage of estimated market value of the underlying collateral	66.10%
Estimated market value of the underlying collateral	$ 4.1
Subsequent Event | Residential RPLs | Eight Sellers [Member]
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	28
Aggregate unpaid principal balance of mortgage loans on real estate	$ 3.1
Number of transaction | numberOfLoanPools	8
Percentage of unpaid principal balance of loan acquired	94.30%
Percentage of estimated market value of the underlying collateral	45.60%
Estimated market value of the underlying collateral	$ 6.4
Subsequent Event | Residential NPLs | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	9
Aggregate unpaid principal balance of mortgage loans on real estate	$ 1.4
Number of transaction | numberOfLoanPools	1
Percentage of unpaid principal balance of loan acquired	83.10%
Percentage of estimated market value of the underlying collateral	70.00%
Estimated market value of the underlying collateral	$ 1.7
Subsequent Event | Residential NPLs | Two Sellers [Member]
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	71
Aggregate unpaid principal balance of mortgage loans on real estate	$ 16.5
Number of transaction | numberOfLoanPools	2
Percentage of unpaid principal balance of loan acquired	87.10%
Percentage of estimated market value of the underlying collateral	45.80%
Estimated market value of the underlying collateral	$ 31.4
Subsequent Event | small balance commercial loans [Member] | One Seller
Subsequent Event [Line Items]
Number of mortgage loans on real estate | numberOfLoanPools	7
Aggregate unpaid principal balance of mortgage loans on real estate	$ 9.9
Percentage of unpaid principal balance of loan acquired	102.00%
Percentage of estimated market value of the underlying collateral	49.60%
Estimated market value of the underlying collateral	$ 20.3
Board of Directors | Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares						$ 0.17