Rithm Property Trust (RPT) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36844
Entity Registrant Name	GREAT AJAX CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5211870
Entity Address, Address Line One	13190 SW 68th Parkway
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Tigard
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97223
City Area Code	503
Local Phone Number	505-5670
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,143,037
Entity Central Index Key	0001614806
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Common stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	AJX
Security Exchange Name	NYSE
7.25% Convertible Senior Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	7.25% Convertible Senior Notes due 2024
Trading Symbol	AJXA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 92,843	$ 107,147
Cash held in trust		2,534	188
Mortgage loans held-for-investment, net	[1],[2]	976,351	1,119,372
Mortgage loans held-for-sale, net		30,963	0
Real estate owned properties, net	[3]	6,097	8,526
Receivable from servicer		18,128	15,755
Investments in affiliates		27,464	28,616
Prepaid expenses and other assets		14,132	8,876
Total assets		1,648,088	1,653,732
Liabilities:
Secured borrowings, net	[1],[2],[4]	612,592	585,403
Borrowings under repurchase transactions		399,340	421,132
Convertible senior notes, net	[4]	103,754	110,057
Management fee payable		2,289	2,247
Put option liability		20,843	14,205
Accrued expenses and other liabilities		6,165	6,197
Total liabilities		1,144,983	1,139,241
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 23,140,131 shares issued and outstanding at September 30, 2021 and 22,978,339 shares issued and outstanding at December 31, 2020		232	231
Additional paid-in capital		315,611	317,424
Treasury stock		(1,539)	(1,159)
Retained earnings		66,958	53,346
Accumulated other comprehensive income		3,418	375
Equity attributable to stockholders		499,824	485,361
Non-controlling interests	[5]	3,281	29,130
Total equity		503,105	514,491
Total liabilities and equity		1,648,088	1,653,732
7.25% Series A preferred stock
Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized		51,100	51,100
5.00% Series B preferred stock
Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized		64,044	64,044
Investments in securities
ASSETS
Investment in debt securities	[6]	340,082	273,834
Beneficial interests in securitization trusts
ASSETS
Investment in debt securities	[7]	$ 139,494	$ 91,418
[1]	As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2]	Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 30, 2021 and December 31, 2020, 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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, respectively.
[3]	Real estate owned properties, net, are presented net of valuation allowances of $0.4 million and $1.4 million at September 30, 2021 and December 31, 2020, respectively.
[4]	Secured borrowings, net are presented net of deferred issuance costs of $8.3 million at September 30, 2021 and $5.4 million at December 31, 2020. Convertible senior notes, net are presented net of deferred issuance costs of $2.1 million at September 30, 2021 and $3.3 million at December 31, 2020.
[5]	As of September 30, 2021 non-controlling interests includes $1.8 million from a 50.0% owned joint venture, $1.3 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary. As of December 31, 2020 non-controlling interests includes $27.4 million from the 50.0% and 63.0% owned joint ventures, $1.5 million from a 53.1% owned subsidiary and $0.2 million from a 99.9% owned subsidiary which the Company consolidates under U.S. GAAP.
[6]	As of September 30, 2021 and December 31, 2020, Investments in securities at fair value include amortized cost basis of $336.7 million and $273.4 million, respectively, and net unrealized gains of $3.4 million and $0.4 million, respectively.
[7]	Investments in beneficial interests includes allowance for expected credit losses of $0.6 million and $4.5 million at September 30, 2021 and December 31, 2020, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
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
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)		23,140,131	22,978,339
Common stock, shares outstanding (in shares)		23,140,131	22,978,339
Mortgage loans		$ 790,900	$ 842,200
Allowance for loan credit losses		13,876	13,712
Property held-for-sale, valuation allowances		400	1,400
Basis		336,700	273,400
Debt securities accumulated unrealized gain (loss)		3,400	400
Noncontrolling interest	[1]	3,281	29,130
Secured Borrowings
Deferred issuance costs		8,300	5,400
Convertible senior notes
Deferred issuance costs		$ 2,100	$ 3,300
2017-D
Percentage of additional ownership in joint venture obtained		50.00%
2017-D | Great Ajax Corp
Ownership percentage by parent		50.00%	50.00%
2018-C
Percentage of additional ownership in joint venture obtained		37.00%
2018-C | Great Ajax Corp
Ownership percentage by parent		100.00%	63.00%
Investment in AS Ajax E II LLC
Percentage of additional ownership in joint venture obtained		53.10%	53.10%
Investment in AS Ajax E II LLC | Great Ajax Corp
Percentage of additional ownership in joint venture obtained		53.10%	53.10%
Great Ajax II REIT | Great Ajax Corp
Ownership percentage by parent		99.90%	99.90%
Consolidated entities
Mortgage loans		$ 1,500	$ 307,100
Secured borrowings, net			250,600
Noncontrolling interest		1,800	27,400
Consolidated entities | Investment in AS Ajax E II LLC
Noncontrolling interest			1,500
Consolidated entities | Investment in AS Ajax E II LLC | Great Ajax Corp
Noncontrolling interest		1,300
Consolidated entities | Great Ajax II REIT
Noncontrolling interest			$ 200
Consolidated entities | Great Ajax II REIT | Great Ajax Corp
Noncontrolling interest		$ 100
Common stock, par value $0.01 per share
Common stock, shares outstanding (in shares)		23,140,131	22,978,339
Beneficial interests in securitization trusts
Allowance for loan credit losses		$ 600	$ 4,500
Preferred stock - Series A shares
Preferred stock, fixed-to-floating rate cumulative redeemable		7.25%
Preferred stock, liquidation preference per share (in dollars per share)		$ 25	$ 25
Preferred stock, shares issued (in shares)		2,307,400	2,307,400
Preferred Stock, shares outstanding (in shares)		2,307,400	2,307,400
Preferred stock - Series B shares
Preferred stock, fixed-to-floating rate cumulative redeemable		5.00%
Preferred stock, liquidation preference per share (in dollars per share)		$ 25	$ 25
Preferred stock, shares issued (in shares)		2,892,600	2,892,600
Preferred Stock, shares outstanding (in shares)		2,892,600	2,892,600
[1]	As of September 30, 2021 non-controlling interests includes $1.8 million from a 50.0% owned joint venture, $1.3 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary. As of December 31, 2020 non-controlling interests includes $27.4 million from the 50.0% and 63.0% owned joint ventures, $1.5 million from a 53.1% owned subsidiary and $0.2 million from a 99.9% owned subsidiary 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
INCOME
Interest income		$ 23,054	$ 23,517	$ 70,137	$ 73,576
Interest expense		(8,609)	(11,727)	(27,743)	(37,855)
Net interest income		14,445	11,790	42,394	35,721
Net increase in the net present value of expected cash flows	[1]	3,678	4,440	13,927	4,591
Net interest income after the impact of changes in the net present value of expected credit losses		18,123	16,230	56,321	40,312
Income/(loss) from investments in affiliates		90	(25)	610	(465)
Other income		778	537	1,620	1,259
Total revenue, net		18,991	16,742	58,551	41,106
EXPENSE
Related party expense – loan servicing fees		1,743	1,848	5,275	5,798
Related party expense – management fee		2,292	2,264	6,835	6,206
Professional fees		526	576	1,929	2,113
Real estate operating expenses		(76)	173	197	1,273
Fair value adjustment on put option liability		2,493	1,766	6,638	3,016
Other expense		1,227	986	3,906	3,048
Total expense		8,205	7,613	24,780	21,454
Loss on debt extinguishment		0	253	1,072	661
Income before provision for income taxes		10,786	8,876	32,699	18,991
Provision for income taxes (benefit)		102	(16)	203	(215)
Consolidated net income		10,684	8,892	32,496	19,206
Less: consolidated net (loss)/income attributable to the non-controlling interest		(578)	1,662	(47)	3,493
Consolidated net income attributable to Company		11,262	7,230	32,543	15,713
Less: dividends on preferred stock		1,949	1,950	5,848	3,791
Consolidated net income attributable to common stockholders		$ 9,313	$ 5,280	$ 26,695	$ 11,922
Basic earnings per common share (in dollars per share)		$ 0.40	$ 0.23	$ 1.16	$ 0.53
Diluted earnings per common share (in dollars per share)		$ 0.38	$ 0.23	$ 1.10	$ 0.53
Weighted average shares - basic (in shares)		22,862,429	22,844,192	22,835,237	22,575,480
Weighted average shares - diluted (in shares)		30,407,649	22,989,616	30,286,613	22,575,480
[1]	Net decrease in the net present value of expected credit losses represents the net decrease to the allowance resulting from changes in actual and expected cash flows during both the three and nine months ended September 30, 2021 and September 30, 2020, respectively. It represents the net increase of the present value of the expected cash flows in excess of contractual cash flows offset by any incremental provision expense on the Mortgage loan pools and Beneficial interests. The decrease is calculated at the pool level for Mortgage loans and at the security level for Beneficial interests. To the extent a pool or Beneficial interest has an associated allowance, the decrease in expected credit losses is recorded in the period in which the change occurs, otherwise it is recognized prospectively as an increase in yield.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 9,313	$ 5,280	$ 26,695	$ 11,922
Other comprehensive income:
Net unrealized income/(loss) on investments in available-for-sale debt securities	1,767	4,337	3,043	(876)
Income tax expense related to items of other comprehensive income	0	0	0	0
Comprehensive income	$ 11,080	$ 9,617	$ 29,738	$ 11,046

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 32,496	$ 19,206
Adjustments to reconcile net income to net cash from operating activities
Stock-based compensation expense	979	650
Non-cash interest income accretion on mortgage loans	(15,495)	(22,765)
Interest and discount accretion on investment in debt securities	(8,159)	(5,074)
Discount accretion on investment in beneficial interests	(12,339)	(7,982)
Loss on sale of mortgage loans	0	705
Gain on refinancing of securitization trust 2017-D	(122)	0
Loss on debt extinguishment	1,072	661
Gain on sale of property held-for-sale	(572)	(957)
Gain on sale of securities	(201)	(145)
Depreciation of property	7	23
Impairment of real estate owned	170	1,155
Decrease in net present value of expected credit losses on loans	(9,148)	(2,902)
Credit loss expense on mortgage loans	757	794
Decrease in net present value of expected credit losses on beneficial interests	(4,779)	(1,688)
Credit loss expense on beneficial interests	440	570
Amortization of debt discount and prepaid financing costs	4,777	3,924
Undistributed (income)/loss from investment in affiliates	(610)	465
Fair value adjustment on put option liability	6,638	3,016
Other non-cash charges	(3)	0
Net change in operating assets and liabilities
Prepaid expenses and other assets	(8,759)	2,355
Receivable from Servicer	(2,373)	618
Accrued expenses, management fee payable, and other liabilities	12	1,316
Net cash from operating activities	(15,212)	(6,055)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(128,422)	(44,846)
Principal paydowns on mortgage loans	145,442	91,161
Proceeds from sale of mortgage loans	0	25,412
Proceeds from refinancing of securitization trust	125,975	0
Draws on small balance commercial loans	(10,366)	0
Purchase of securities	(286,461)	(144,682)
Principal and interest collection on debt securities	111,238	37,921
Proceeds from payoff and sale of securities	90,229	38,944
Proceeds from sale of property held-for-sale	5,835	9,101
Renovations and recovery costs of rental property and property held-for-sale	0	54
Distribution from affiliates	1,381	1,082
Net cash from investing activities	54,851	14,147
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	376,301	270,019
Repayments on repurchase transactions	(398,093)	(268,714)
Proceeds from origination of secured borrowings	391,028	114,534
Repayments on secured borrowings	(354,990)	(153,932)
Payment of prepaid financing costs	(7,339)	(1,861)
Purchase of bonds of non-controlling interest in subsidiaries	(5,887)	0
Repurchase of the Company's senior convertible notes	(7,463)	(10,481)
Proceeds from issuance of preferred stock and warrants, net of offering costs	0	124,976
Sale of common stock, net of offering costs	99	0
Sale of common stock pursuant to dividend reinvestment plan	166	86
Redemption of non-controlling interests in subsidiaries	(26,163)	0
Distribution to non-controlling interests	(325)	(227)
Issuance of non-controlling interests in subsidiaries	0	145
Dividends on common stock and preferred stock	(18,931)	(11,621)
Net cash from financing activities	(51,597)	62,924
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	(11,958)	71,016
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	107,335	64,363
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	95,377	135,379
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	22,151	32,511
Cash paid for income taxes	57	60
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Net transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net	159,733	0
Non-cash adjustments to basis in mortgage loans	3,193	43
Unrealized gain/(loss) on available for sale securities, net of non-controlling interest and tax	3,043	(876)
Net transfer of loans to rental property or property held-for-sale	3,013	1,515
Issuance of common stock for compensation expense	979	650
Treasury stock received through distributions from investment in Manager	380	164
Issuance of common stock for dividends	0	7,097
Cash and cash equivalents	92,843	135,190
Cash held in trust	2,534	189
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows	$ 95,377	$ 135,379

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Total	Total Stockholders' Equity	Common stock	Treasury stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive income/(loss)	Non-controlling Interest	Preferred stock - Series A shares	Preferred stock - Series B shares
Preferred Stock - beginning balance (in shares) at Dec. 31, 2019									0	0
Preferred stock - beginning balance at Dec. 31, 2019									$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2019			22,142,143
Beginning balance at Dec. 31, 2019	$ 384,084,000	$ 359,882,000	$ 222,000	$ (458,000)	$ 309,395,000	$ 49,446,000	$ 1,277,000	$ 24,202,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company		400,000				400,000
Net income	1,496,000							1,096,000
Issuance of shares of subsidiary	145,000	145,000			145,000
Stock-based compensation expense (in shares)			2,600
Stock-based compensation expense	214,000	214,000			214,000
Dividends declared and distributions (in shares)			781,222
Dividends declared and distributions	(84,000)		$ 8,000		7,089,000	(7,097,000)		(84,000)
Convertible senior notes repurchase	(81,000)	(81,000)			(81,000)
Other comprehensive income/(loss)	(28,444,000)	(28,444,000)					(28,444,000)
Treasury stock (in shares)			(4,030)
Treasury stock	(56,000)	(56,000)		(56,000)
Preferred Stock - ending balance (in shares) at Mar. 31, 2020									0	0
Preferred stock - ending balance at Mar. 31, 2020									$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2020			22,921,935
Ending balance at Mar. 31, 2020	357,274,000	332,060,000	$ 230,000	(514,000)	316,762,000	42,749,000	(27,167,000)	25,214,000
Preferred Stock - beginning balance (in shares) at Dec. 31, 2019									0	0
Preferred stock - beginning balance at Dec. 31, 2019									$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2019			22,142,143
Beginning balance at Dec. 31, 2019	384,084,000	359,882,000	$ 222,000	(458,000)	309,395,000	49,446,000	1,277,000	24,202,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	15,713,000
Net income	19,206,000
Issuance of shares under dividend reinvestment plan (in shares)			9,985
Treasury stock	(164,000)
Preferred Stock - ending balance (in shares) at Sep. 30, 2020									2,307,400	2,892,600
Preferred stock - ending balance at Sep. 30, 2020									$ 51,100,000	$ 64,044,000
Ending balance (in shares) at Sep. 30, 2020			23,034,443
Ending balance at Sep. 30, 2020	506,346,000	478,878,000	$ 231,000	(634,000)	317,295,000	46,441,000	401,000	27,468,000
Preferred Stock - beginning balance (in shares) at Mar. 31, 2020									0	0
Preferred stock - beginning balance at Mar. 31, 2020									$ 0	$ 0
Beginning balance (in shares) at Mar. 31, 2020			22,921,935
Beginning balance at Mar. 31, 2020	357,274,000	332,060,000	$ 230,000	(514,000)	316,762,000	42,749,000	(27,167,000)	25,214,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company		8,083,000				8,083,000
Net income	8,818,000							735,000
Preferred stock (in shares)									2,307,400	2,892,600
Preferred Stock	115,144,000	115,144,000							$ 51,100,000	$ 64,044,000
Issuance of shares under dividend reinvestment plan (in shares)			5,057
Issuance of shares under dividend reinvestment plan	41,000	41,000			41,000
Stock-based compensation expense (in shares)			3,468
Stock-based compensation expense	214,000	214,000			214,000
Dividends declared and distributions	(5,814,000)	(5,748,000)				(5,748,000)		(66,000)
Other comprehensive income/(loss)	23,231,000	23,231,000					23,231,000
Treasury stock (in shares)			(5,478)
Treasury stock	(38,000)	(38,000)		(50,000)	12,000
Preferred Stock - ending balance (in shares) at Jun. 30, 2020									2,307,400	2,892,600
Preferred stock - ending balance at Jun. 30, 2020									$ 51,100,000	$ 64,044,000
Ending balance (in shares) at Jun. 30, 2020			22,924,982
Ending balance at Jun. 30, 2020	498,870,000	472,987,000	$ 230,000	(564,000)	317,029,000	45,084,000	(3,936,000)	25,883,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	7,230,000	7,230,000				7,230,000
Net income	8,892,000							1,662,000
Issuance of shares under dividend reinvestment plan (in shares)			4,928
Issuance of shares under dividend reinvestment plan	45,000	45,000			45,000
Stock-based compensation expense (in shares)			111,950
Stock-based compensation expense	222,000	222,000	$ 1,000		221,000
Dividends declared and distributions	(5,950,000)	(5,873,000)				(5,873,000)		(77,000)
Convertible senior notes repurchase	0
Other comprehensive income/(loss)	4,337,000	4,337,000					4,337,000
Treasury stock (in shares)			(7,417)
Treasury stock	(70,000)	(70,000)		(70,000)
Preferred Stock - ending balance (in shares) at Sep. 30, 2020									2,307,400	2,892,600
Preferred stock - ending balance at Sep. 30, 2020									$ 51,100,000	$ 64,044,000
Ending balance (in shares) at Sep. 30, 2020			23,034,443
Ending balance at Sep. 30, 2020	$ 506,346,000	478,878,000	$ 231,000	(634,000)	317,295,000	46,441,000	401,000	27,468,000
Preferred Stock - beginning balance (in shares) at Dec. 31, 2020									2,307,400	2,892,600
Preferred stock - beginning balance at Dec. 31, 2020									$ 51,100,000	$ 64,044,000
Beginning balance (in shares) at Dec. 31, 2020	22,978,339		22,978,339
Beginning balance at Dec. 31, 2020	$ 514,491,000	485,361,000	$ 231,000	(1,159,000)	317,424,000	53,346,000	375,000	29,130,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company		8,953,000				8,953,000
Net income	10,642,000							1,689,000
Issuance of shares under dividend reinvestment plan (in shares)			4,228
Issuance of shares under dividend reinvestment plan	47,000	47,000			47,000
Stock-based compensation expense (in shares)			6,280
Stock-based compensation expense	294,000	294,000			294,000
Dividends declared and distributions	(5,883,000)	(5,799,000)				(5,799,000)		(84,000)
Acquisition of non-controlling interest in subsidiary and distribution to non-controlling interest	11,362,000	3,056,000			3,056,000			8,306,000
Convertible senior notes repurchase	0
Other comprehensive income/(loss)	1,306,000	1,306,000					1,306,000
Preferred Stock - ending balance (in shares) at Mar. 31, 2021									2,307,400	2,892,600
Preferred stock - ending balance at Mar. 31, 2021									$ 51,100,000	$ 64,044,000
Ending balance (in shares) at Mar. 31, 2021			22,988,847
Ending balance at Mar. 31, 2021	$ 509,535,000	487,106,000	$ 231,000	(1,159,000)	314,709,000	56,500,000	1,681,000	22,429,000
Preferred Stock - beginning balance (in shares) at Dec. 31, 2020									2,307,400	2,892,600
Preferred stock - beginning balance at Dec. 31, 2020									$ 51,100,000	$ 64,044,000
Beginning balance (in shares) at Dec. 31, 2020	22,978,339		22,978,339
Beginning balance at Dec. 31, 2020	$ 514,491,000	485,361,000	$ 231,000	(1,159,000)	317,424,000	53,346,000	375,000	29,130,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	32,543,000
Net income	32,496,000
Issuance of shares under dividend reinvestment plan (in shares)			13,097
Treasury stock	$ (380,000)
Preferred Stock - ending balance (in shares) at Sep. 30, 2021									2,307,400	2,892,600
Preferred stock - ending balance at Sep. 30, 2021									$ 51,100,000	$ 64,044,000
Ending balance (in shares) at Sep. 30, 2021	23,140,131		23,140,131
Ending balance at Sep. 30, 2021	$ 503,105,000	499,824,000	$ 232,000	(1,539,000)	315,611,000	66,958,000	3,418,000	3,281,000
Preferred Stock - beginning balance (in shares) at Mar. 31, 2021									2,307,400	2,892,600
Preferred stock - beginning balance at Mar. 31, 2021									$ 51,100,000	$ 64,044,000
Beginning balance (in shares) at Mar. 31, 2021			22,988,847
Beginning balance at Mar. 31, 2021	509,535,000	487,106,000	$ 231,000	(1,159,000)	314,709,000	56,500,000	1,681,000	22,429,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company		12,328,000				12,328,000
Net income	11,170,000							(1,158,000)
Issuance of shares under dividend reinvestment plan (in shares)			3,820
Issuance of shares under dividend reinvestment plan	48,000	48,000			48,000
Stock-based compensation expense (in shares)			19,945
Stock-based compensation expense	374,000	374,000			374,000
Dividends declared and distributions	(6,495,000)	(6,326,000)				(6,326,000)		(169,000)
Acquisition of non-controlling interest in subsidiary and distribution to non-controlling interest	(16,864,000)							(16,864,000)
Convertible senior notes repurchase	0
Other comprehensive income/(loss)	(30,000)	(30,000)					(30,000)
Treasury stock (in shares)			(19,366)
Treasury stock	(246,000)	(246,000)		(246,000)
Preferred Stock - ending balance (in shares) at Jun. 30, 2021									2,307,400	2,892,600
Preferred stock - ending balance at Jun. 30, 2021									$ 51,100,000	$ 64,044,000
Ending balance (in shares) at Jun. 30, 2021			22,993,246
Ending balance at Jun. 30, 2021	497,492,000	493,254,000	$ 231,000	(1,405,000)	315,131,000	62,502,000	1,651,000	4,238,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income attributable to Company	11,262,000	11,262,000				11,262,000
Net income	10,684,000							(578,000)
Sale of shares (in shares)			9,073
Sale of shares	99,000	99,000			99,000
Issuance of shares under dividend reinvestment plan (in shares)			5,049
Issuance of shares under dividend reinvestment plan	71,000	71,000			71,000
Stock-based compensation expense (in shares)			142,557
Stock-based compensation expense	311,000	311,000	$ 1,000		310,000
Dividends declared and distributions	(6,878,000)	(6,806,000)				(6,806,000)		(72,000)
Acquisition of non-controlling interest in subsidiary and distribution to non-controlling interest	(307,000)							(307,000)
Other comprehensive income/(loss)	1,767,000	1,767,000					1,767,000
Treasury stock (in shares)			(9,794)
Treasury stock	$ (134,000)	(134,000)		(134,000)
Preferred Stock - ending balance (in shares) at Sep. 30, 2021									2,307,400	2,892,600
Preferred stock - ending balance at Sep. 30, 2021									$ 51,100,000	$ 64,044,000
Ending balance (in shares) at Sep. 30, 2021	23,140,131		23,140,131
Ending balance at Sep. 30, 2021	$ 503,105,000	$ 499,824,000	$ 232,000	$ (1,539,000)	$ 315,611,000	$ 66,958,000	$ 3,418,000	$ 3,281,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends payable (in dollars per share)	$ 0.21	$ 0.19	$ 0.17	$ 0.17	$ 0.17	$ 0.32

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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 facilitates capital raising activities and operates 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, generally have a principal balance of up to $5.0 million and are secured by multi-family residential and commercial mixed use retail/residential properties on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount, to cover at least five payments has been paid in the last seven months. The Company may also opportunistically originate SBC loans with principal balances generally up to $5.0 million which are secured by multi-family residential and commercial mixed use retail/residential properties. 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. The Company may also target investments in non-performing loans (“NPLs”). 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 and Great Ajax Depositor LLC are wholly owned subsidiaries 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, 2021, held 99.9% of Great Ajax II REIT Inc. which wholly owns Great Ajax II Depositor LLC which then acts as the depositor of mortgage loans into rated securitization trusts and holds 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 these securitization trusts and retained subordinated securities from the secured borrowings. These trusts are considered to be VIEs and the Company has determined that it is the primary beneficiary of these VIEs. In 2018, the Company formed Gaea Real Estate Corp. ("Gaea"), as a wholly owned subsidiary of the Operating partnership to hold investments in multi-family, mixed use and 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 BFLD 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 also formed DG Brooklyn Holdings, LLC 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, 2021 the Company owned approximately 22.8% of Gaea. Following the capital raise, the Company has accounted for its ownership interest 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, 2020, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 5, 2021. 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, 2021. 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 three subsidiaries with non-controlling ownership interests held by third parties. AS Ajax E II LLC ("AS Ajax E II") holds a 5.0% interest in a Delaware trust that owns 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") is a securitization trust that holds mortgage loans, REO property and secured borrowings; 2017-D is 50.0% owned by the Company. Great Ajax II REIT Inc. which wholly owns Great Ajax II Depositor LLC which acts as the depositor of mortgage loans into securitization trusts and holds the subordinated securities issued by such trusts and any additional trusts the Company may form for additional secured borrowings and is 99.9% owned by the Company as of September 30, 2021 and December 31, 2020. 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. During the second quarter of 2021, the majority of loans held by 2017-D were re-securitized into Ajax Mortgage Loan Trust 2021-C ("2021-C"), a related party joint venture with third party institutional investors. The Company held a 50.0% ownership of the remaining loans held by 2017-D at September 30, 2021. During the first quarter of 2021, the Company acquired the remaining ownership of Ajax Mortgage Loan Trusts 2018-C ("2018-C"), a subsidiary that previously had non-controlling ownership interest held by third parties and was 63.0% owned by the Company as of December 31, 2020 and consolidated in the Company's consolidated financial statements. At September 30, 2021 there was no non-controlling ownership interest in 2018-C held by third parties. The Company’s 19.8% ownership of the Manager and 8.0% ownership of 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, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Mortgage loans Purchased Credit Deteriorated Loans ("PCD Loans") As of their acquisition date, the loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company’s recognition of interest income for PCD loans is based upon it having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the effective interest method of income recognition. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses, otherwise known as 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 expected credit losses with no net impact on the amortized cost basis of the portfolio. 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. The Company may adjust its loan pools as the underlying risk factors change over time. The Company has aggregated its mortgage loan portfolio into loan pools based on 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 expected credit losses. Upon the acquisition of PCD loans the Company records the acquisition as three separate elements for (i) the amount of purchase discount which the Company expects to recover through eventual repayment by the borrower, (ii) an allowance for future expected credit loss and (iii) 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. The net present value of changes in expected cash flows, whether caused by timing or loan performance, is reported in the period in which it arises and is reflected as an increase or decrease in the provision for expected credit losses to the extent a provision for expected credit losses is recorded against the pool of mortgage loans. If no provision for expected credit losses is recorded against the pool of assets, the increase in expected future cash flows is recognized prospectively as an increase in yield. 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. Non-PCD Loans 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. The Company accounts for its non-PCD loans by estimating any allowance for expected credit losses for its non-PCD loans based on historical experience and the risk characteristics of the individual loans. 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 expected credit losses is established through a provision for loan losses. The allowance is the difference between the net present value of the expected future cash flows from the loan and the contractual balance due. Investments in Securities at Fair Value The Company’s Investments in Securities at Fair Value 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 are expected 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 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 and each beneficial interest is accounted for independently. 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 may also acquire 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 up to 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 third party 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. Put Option 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. U.S. 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 as a put option liability 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 at each balance sheet date. The Company determines the fair value using a discounted cash flow method. 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 expense when incurred. 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, is 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 second quarters of 2021, the Company completed a series of convertible note repurchases for aggregate principal amounts of $2.5 million and $5.0 million, respectively, for total purchase prices of $2.4 million and $5.1 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 second quarter of 2021 transactions were both zero. There were no convertible note repurchases during the third quarter of 2021. During the first and third quarters 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. There were no convertible note repurchases during the second quarter of 2020. 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. 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 average of the closing prices of the Company's common stock on the New York Stock Exchange ("NYSE") on the five business days preceding the record date of the most recent regular quarterly dividend to holders of the common stock. 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 awards, including grants of long-term incentive plan units (“LTIP Units”) from the Operating Partnership, available for issuance under the Director Plan is 60,000 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. The Company may also periodically issue additional restricted stock awards to its independent directors under the Director Plan. In addition, each of the Company’s independent directors receives an annual fee of $100,000, payable quarterly, 40% in shares of the Company’s common stock and 60% in cash. Stock-based expense for the directors’ annual fee is expensed as earned, in equal quarterly amounts during the year, and recorded in stockholders' equity at quarter end. 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 shares granted in 2021 vest over four years, with one-fourth of the shares vesting on each of the first, second, third and fourth anniversaries of the grant date. The shares granted prior to 2021 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 or fourth anniversary of the grant date, as determined by the contract. 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 periodically grants restricted common 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 its outstanding warrants. Under the treasury stock method, the exercise of the warrants is assumed at the beginning of the period, and shares of common stock are assumed to have been issued. The proceeds from the exercise are assumed to be used by the Company to repurchase treasury stock, thereby reducing the assumed dilution from the warrant exercise. In applying the treasury stock method, all dilutive potential common shares, regardless of whether they are exercisable, are treated as if they had been exercised. In the event that any of the adjustments normally included to arrive at diluted earnings per share were to produce an anti-dilutive result, one that either increased earnings or reduced the quantity of shares used in the calculation, the anti-dilutive adjustment would not be included in the diluted earnings per share calculation. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of 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 degre

Mortgage Loans

Mortgage Loans	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020 ($ in thousands): September 30, 2021 December 31, 2020 Loan portfolio basis by asset type Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Residential RPLs $ 834,309 $ 30,963 $ 1,057,454 $ — Residential NPLs 117,681 — 38,724 — SBC loans 24,361 — 23,194 — Total $ 976,351 $ 30,963 $ 1,119,372 $ — Included on the Company’s consolidated balance sheets as of September 30, 2021 and December 31, 2020 are approximately $976.4 million and $1.1 billion, respectively, of RPLs, NPLs, and SBC loans that are held-for-investment and approximately $31.0 million and zero, respectively, of RPLs that are held-for-sale. At September 30, 2021 the Company reclassified $31.0 million of Mortgage loans held-for-investment to the Mortgage loans held-for-sale line in its consolidated balance sheet. The Company intends to sell the loans to a joint venture trust held with a third party institutional accredited investor. The categorization of RPLs, NPLs and SBC loans is determined at acquisition. The carrying value of RPLs, NPLs and SBC loans reflects the original investment amount, plus accretion of interest income and credit and non-credit discount, less principal and interest cash flows received. The carrying values at September 30, 2021 and December 31, 2020 for the Company's loans in the table above are presented net of a cumulative allowance for expected credit losses of $13.9 million and $13.7 million, respectively, reflected in the appropriate lines in the table by loan type. For the three and nine months ended September 30, 2021, the Company recognized a $0.9 million and $9.1 million, respectively, of revenue during the three and nine month periods due to a net decrease in expected credit losses resulting from increases in the present value of the expected cash flows. For the three and nine months ended September 30, 2020, the Company recognized $3.0 million and $2.9 million, respectively, of revenue, respectively due to a net decrease in expected credit losses resulting from increases in the present value of the expected cash flows. For the three and nine months ended September 30, 2021, the Company accreted $16.6 million and $58.1 million, respectively, net of the impact of changes in expected credit losses into interest income with respect to its RPL, NPL and SBC loans. For the three and nine months ended September 30, 2020, the Company accreted $21.2 million and $61.1 million, respectively, net of the impact of net changes in expected credit losses 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 using a constant prepayment rate assumption. 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 bearing upon cash flow expectations 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, 2021, the Company purchased four and 241 RPLs with UPB of $0.5 million and $41.7 million, respectively. Comparatively, 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. During the three and nine months ended September 30, 2021, the Company purchased 364 and 367 NPLs with UPB of $90.9 million and $91.5 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. The Company had no SBC acquisitions during the three months ended September 30, 2021; however, during the nine months ended September 30, 2021, the Company acquired one SBC loan with UPB of $3.6 million. Comparatively, during both the three and nine months ended September 30, 2020 two SBC loans were acquired with UPB of $1.9 million. During the three months ended September 30, 2021, the Company sold no mortgage loans. During the nine months ended September 30, 2021, the Company re-securitized 760 loans from 2017-D with a carrying value of $129.2 million and UPB of $133.8 million through a sponsored joint venture between the Company and a third party accredited institutional investor. The Company retained various classes of securities from the joint venture. 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 loans with a carrying value of $26.1 million and UPB of $26.2 million and collateral value of $44.2 million to Gaea, a related party. 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 expected 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, or legal ownership for loans held by certain consolidated trusts, and used five and six pools at September 30, 2021 and December 31, 2020, respectively, to aggregate its portfolio of PCD loans, and one pool for its non-PCD loans as of both September 30, 2021 and December 31, 2020. Among the PCD loans, separate pools exist for loans that have been securitized in rated secured borrowings during 2019, 2020 and 2021 ("Great Ajax II REIT") and for loans that are consolidated under U.S. GAAP but where the Company did not own 100% of the loan pool (2017-D and 2018-C). During the quarter ending March 31, 2021 the Company acquired the non-controlling interest in securitization trust 2018-C previously held by its joint venture partner. As a result of the acquisition, the non-controlling interest was eliminated and the loans in securitization trust 2018-C were reclassified into new pools based on their payment status as of the acquisition date of the non-controlling interest. Subsequent to the acquisition date, a significant portion of the loans from 2018-C were added to the Great Ajax II REIT pool as these loans became the collateral for a secured borrowing at that entity. As of March 31, 2021 the loans pooled under 2017-D were designated as held-for-sale. During the second quarter of 2021, 760 loans from 2017-D were re-securitized into a new joint venture, leaving 22 loans in the trust. The remaining loans were reclassified into new pools based on their payment status as of the sale date. A significant portion of the remaining loans from 2017-D were added to the 7f7 and better pool, and the remaining loans were added to the 4f4-6f6 and below pool. As of September 30, 2021 the loans pooled under Ajax N Trust were designated as held-for-sale while these loans were designated as held-for-investment as of June 30, 2021. Since the criteria for pooling loans includes a combination of both performance and legal ownership by subsidiary trust, these factors are not always mutually exclusive. The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis as of September 30, 2021 and December 31, 2020 ($ in thousands): September 30, 2021 Mortgage loans held-for-investment, net 2021 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Great Ajax II REIT $ — $ 762 $ 180 $ 697 $ 329 $ 1,749 $ 47,403 $ 357,311 $ 131,165 $ 539,596 California — — 1,265 632 370 — 4,019 44,297 12,351 62,934 7f7 and better — — 933 108 435 449 14,274 95,403 32,125 143,727 4f4-6f6 and below — 109 2,802 2,203 209 366 25,373 118,411 49,171 198,644 Non-PCD 13,686 9,621 4,580 78 2,592 124 733 24 12 31,450 Total $ 13,686 $ 10,492 $ 9,760 $ 3,718 $ 3,935 $ 2,688 $ 91,802 $ 615,446 $ 224,824 $ 976,351 September 30, 2021 Mortgage loans held-for-sale, net 2021 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Ajax N Trust $ — $ — $ 332 $ — $ — $ — $ 4,602 $ 16,545 $ 9,484 $ 30,963 Total $ — $ — $ 332 $ — $ — $ — $ 4,602 $ 16,545 $ 9,484 $ 30,963 December 31, 2020 Mortgage loans held-for-investment, net 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Great Ajax II REIT $ — $ — $ 257 $ 488 $ 1,991 $ 41,746 $ 280,606 $ 99,909 $ 424,997 2018-C — — — — — 14,100 119,343 39,778 173,221 2017-D — — — 121 — 6,826 94,711 32,238 133,896 California 2,221 952 1,484 362 — 5,292 60,393 18,084 88,788 7f7 and better — 911 434 — 2,125 17,520 88,414 32,831 142,235 4f4-6f6 and below 872 1,397 2,054 336 305 13,409 78,202 30,239 126,814 Non-PCD 21,387 4,738 64 2,493 99 611 20 9 29,421 Total $ 24,480 $ 7,998 $ 4,293 $ 3,800 $ 4,520 $ 99,504 $ 721,689 $ 253,088 $ 1,119,372 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, 2021 and 2020 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans Par $ 91,392 $ — $ 46,811 $ 1,859 $ 133,245 $ 3,611 $ 47,038 $ 3,811 Premium/(discount) 2,582 — (3,901) (41) (737) (8) (3,938) (788) Allowance (5,962) — (1,272) — (7,689) — (1,276) — Purchase Price $ 88,012 $ — $ 41,638 $ 1,818 $ 124,819 $ 3,603 $ 41,824 $ 3,023 The Company performs an analysis of its expectation of the amount of undiscounted cash flows to be collected from its mortgage loan pools at the end of each calendar quarter. Under CECL, the Company adjusts its allowance for expected credit losses when there are changes in its expectation of future cash flows. An increase to the allowance for expected credit 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 an allowance for expected credit loss. A decrease in the allowance for expected credit losses is generally facilitated by reclassifying amounts to non-credit discount from the allowance and then recording the recovery. During the three months ended September 30, 2021 the Company recorded a $1.2 million reclassification to non-credit discount from the allowance for expected credit losses, and during the nine months ended September 30, 2021 the Company recorded a $2.6 million reclassification from non-credit discount to the allowance for expected credit losses. This was followed by a $0.9 million and $9.1 million reduction of the allowance for expected credit losses, respectively, due to increases in the net present value of expected cash flows. During the three and nine months ended September 30, 2021, the Company also recorded a $6.0 million and $7.7 million increase, respectively, in the allowance for expected credit losses due to new acquisitions. Comparatively, during the three and nine months ended September 30, 2020 the Company recorded a $2.1 million and $3.9 million reclassification, respectively, from non-credit discount to the allowance for expected credit losses followed by a $3.0 million and $2.9 million reduction of allowance for expected credit losses, respectively, due to increases in the net present value of expected cash flows. During the three and nine months ended September 30, 2020, the Company also recorded a $1.3 million increase in the allowance for expected credit losses due to new acquisitions. An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Allowance for expected credit losses, beginning of period $ (9,833) $ (14,450) $ (13,712) $ (1,960) Beginning period adjustment for CECL adoption — — — (10,156) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations 1,175 (2,137) (2,607) (3,870) Increase in allowance for expected credit losses for loan acquisitions (5,962) (1,272) (7,689) (1,276) Credit loss expense on mortgage loans (164) (291) (757) (794) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 908 2,996 9,148 2,902 Reversal of allowance upon reclass of pool 2017-D to mortgage loans held-for-sale, net — — 1,741 — Allowance for expected credit losses, end of period $ (13,876) $ (15,154) $ (13,876) $ (15,154) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of September 30, 2021 and December 31, 2020 ($ in thousands): September 30, 2021 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 474,914 $ 22,649 $ 11,594 $ 28,018 $ 2,421 $ 539,596 California 28,456 4,880 5,270 17,436 6,892 62,934 7f7 and better 68,210 21,403 15,374 38,299 441 143,727 4f4-6f6 and below 24,164 4,271 5,331 113,691 51,187 198,644 Non-PCD 30,707 — 12 84 647 31,450 Total $ 626,451 $ 53,203 $ 37,581 $ 197,528 $ 61,588 $ 976,351 September 30, 2021 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Ajax N Trust $ 16,940 $ 1,899 $ 1,338 $ 9,108 $ 1,678 $ 30,963 Total $ 16,940 $ 1,899 $ 1,338 $ 9,108 $ 1,678 $ 30,963 December 31, 2020 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 311,941 $ 48,266 $ 19,559 $ 43,364 $ 1,867 $ 424,997 2018-C 70,034 20,541 15,300 57,538 9,808 173,221 2017-D 58,198 24,906 12,437 36,106 2,249 133,896 California 42,214 7,660 5,519 29,343 4,052 88,788 7f7 and better 72,613 14,003 12,447 41,383 1,789 142,235 4f4-6f6 and below 13,976 10,773 7,157 68,677 26,231 126,814 Non-PCD 22,562 6,099 56 704 — 29,421 Total $ 591,538 $ 132,248 $ 72,475 $ 277,115 $ 45,996 $ 1,119,372

Real Estate Assets, Net

Real Estate Assets, Net	9 Months Ended
	Sep. 30, 2021
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. Property Held-for-Sale and Rental Property The Company's REO property consists of property held-for-sale and rental property. REO property is considered held-for-sale if the REO is expected to be actively marketed for sale. As of September 30, 2021 and December 31, 2020, the Company’s net investments in real estate owned properties were $6.1 million and $8.5 million, respectively, which included balances relating to properties held-for-sale of $6.1 million and $7.8 million, respectively, and rental properties of zero and $0.7 million, respectively. Also, included in the properties held-for-sale balance for the periods as of September 30, 2021 and December 31, 2020, was $0.4 million and $0.3 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. As of September 30, 2021 and December 31, 2020, the Company had a total of 31 and 38 real estate owned properties, respectively, which included 31 and 32 held-for-sale properties, respectively, and zero and six rental properties, respectively. For the nine months ended September 30, 2021 and 2020, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio and transfers from rental properties. The following table presents the activity in the Company’s carrying value of property held-for-sale and rental property for the three and nine months ended September 30, 2021 and 2020 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Property Held-for-Sale and Rental Property Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 25 $ 4,768 42 $ 8,233 38 $ 8,526 68 $ 15,071 Net transfers from mortgage loans 10 1,739 5 603 17 3,013 12 1,515 Adjustments to record at lower of cost or fair value — 78 — (156) — (170) — (1,156) Depreciation on rental properties — (1) — (7) — (7) — (23) Disposals (4) (487) (7) (1,416) (24) (5,265) (40) (8,143) Other — — — (49) — — — (56) Balance at end of period 31 $ 6,097 40 $ 7,208 31 $ 6,097 40 $ 7,208 Dispositions

Investments

Investments	9 Months Ended
	Sep. 30, 2021
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 pandemic, 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, 2021 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities $ 336,664 $ 3,621 $ (203) $ 340,082 Beneficial interests in securitization trusts 139,494 — — 139,494 Total investments $ 476,158 $ 3,621 $ (203) $ 479,576 (1) Basis amount is net of amortized discount, allowance for expected credit losses, principal paydowns and interest receivable on securities of $0.2 million. As of December 31, 2020 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities $ 273,459 $ 1,152 $ (777) $ 273,834 Beneficial interests in securitization trusts 91,418 — — 91,418 Total investments $ 364,877 $ 1,152 $ (777) $ 365,252 (1) Basis amount is net of amortized costs, principal paydowns and interest receivable on securities of $0.2 million. The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands): As of September 30, 2021 Step-up date (1) Basis (2) Gross unrealized losses Carrying value Debt securities due September 2059 (3) April 2023 $ 9,159 $ (203) $ 8,956 Total $ 9,159 $ (203) $ 8,956 (1) Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date. (2) Basis amount is net of any realized amortized costs and principal paydowns. (3) This security has been in an unrealized loss position for 12 months or longer. As of December 31, 2020 Step-up date (1) Basis (2) Gross unrealized losses Carrying value Debt securities due September 2059 (3) February 2023/April 2023 $ 22,216 $ (238) $ 21,978 Debt securities due November 2059 (4) April 2023 14,738 (61) 14,677 Debt securities due December 2059 (4) July 2023 47,270 (315) 46,955 Debt securities due September 2060 (4) March 2024 34,970 (44) 34,926 Debt securities due June 2060 (4) March 2024 35,127 (119) 35,008 Total $ 154,321 $ (777) $ 153,544 (1) Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date. (2) Basis amount is net of any realized amortized costs and principal paydowns. (3) This line is comprised of two securities that are both due September 2059. One security with a balance of $0.2 million has been in an unrealized loss position for less than 12 months and has a step-up date in April 2023, and the other security of $0.1 million has been in a loss position for 12 months or longer and has a step-up date in February 2023. (4) This security has been in an unrealized loss position for less than 12 months. As of September 30, 2021, the Company recorded $3.6 million of gross unrealized gains and a gross unrealized loss of $0.2 million in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet on investments with a fair value of $340.1 million, which includes $0.2 million in interest receivable. As of December 31, 2020, the Company recorded $1.2 million of gross unrealized gains and a gross unrealized loss of $0.8 million in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet on investments with a fair value of $273.8 million, which includes $0.2 million in interest receivable. During the three and nine months ended September 30, 2021, the Company acquired $54.7 million and $287.6 million, respectively, in aggregate of debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. The joint ventures issued senior notes and beneficial interests. In certain transactions, the joint ventures also issued subordinated notes. Of the $54.7 million and $287.6 million, respectively, the Company acquired $43.2 million and $213.1 million, respectively, in senior notes, $8.3 million and $31.8 million, respectively, of subordinate notes and $3.2 million and $42.7 million, respectively, in beneficial interests issued by joint ventures. Comparatively, during the three and nine months ended September 30, 2020, the Company acquired $83.4 million and $144.7 million, respectively, in aggregate of debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Of the $83.4 million and $144.7 million, respectively, of debt securities acquired in the three and nine months ended September 30, 2020, respectively, the Company acquired $66.0 million and $115.6 million, respectively, in senior notes, $5.2 million and $9.8 million, respectively, in subordinate notes and $12.2 million and $19.3 million, respectively, in beneficial interests issued by joint ventures. As of September 30, 2021, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $340.1 million and $139.5 million, respectively. At December 31, 2020, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $273.8 million and $91.4 million, respectively. As of September 30, 2021 and December 31, 2020, the Company had no securities that were past due. The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and nine months ended September 30, 2021 and 2020 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Par $ 5,177 $ 15,349 $ 51,662 $ 27,319 Discount (1,346) (2,899) (6,771) (5,234) Allowance (618) (225) (2,211) (2,778) Purchase Price (1) $ 3,213 $ 12,225 $ 42,680 $ 19,307 (1) During the quarter ended September 30, 2021, the Company acquired Class XS, an interest only class, in Ajax Mortgage Loan Trust 2021-E. Class XS is entitled to receive the spread between the interest income on the underlying mortgage loans and the interest expense on the bonds outstanding. Because Class XS has no stated principal balance, the sum of the contractual cash flows is presented as par. The Company adopted CECL using the prospective transition approach for PCD assets for its beneficial interests on January 1, 2020, at the time $1.7 million was reclassified from discount to allowance for expected credit losses for its Investments in beneficial interests. Under CECL, the Company generally recognizes increases and decreases in the net present value of expected cash flows in earnings in the period they occur. An expense will be recorded to increase the allowance for expected credit losses when there is a reduction in the Company’s expected future cash flows compared to contractual amounts due. Income will be recognized if there is an increase in expected future cash flows to the extent an allowance has been recorded against the beneficial interest. If there is no allowance for expected credit losses recorded against a beneficial interest, any increase in expected cash flows is recognized prospectively as a change in yield. A decrease in the allowance for expected credit losses is generally facilitated by reclassifying amounts to non-credit discount from the allowance and then recording the reduction to the allowance. 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, 2021, the Company recorded reversals of the allowance for expected credit losses for beneficial interests of $2.8 million and $4.8 million, respectively. During the three and nine months ended September 30, 2020, the Company recorded reversals of the allowance for expected credit losses for beneficial interests of $1.4 million and $1.7 million, respectively. An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Allowance for expected credit losses, beginning balance $ (2,959) $ (6,959) $ (4,453) $ — Beginning period adjustment for CECL adoption — — — (1,668) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations 274 — 1,709 (2,553) Increase in allowance for expected credit losses for acquisitions (618) (225) (2,211) (2,778) Credit loss expense on beneficial interests (85) (141) (440) (570) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 2,770 1,443 4,777 1,687 Allowance for expected credit losses, ending balance $ (618) $ (5,882) $ (618) $ (5,882)

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Recurring financial assets and liabilities measured and carried at fair value by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2021 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Recurring financial assets Investment in debt securities at fair value $ 340,082 $ — $ 340,082 $ — Recurring financial liabilities Put option liability $ 20,843 $ — $ — $ 20,843 Level 1 Level 2 Level 3 December 31, 2020 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Recurring financial assets Investment in debt securities at fair value $ 273,834 $ — $ 273,834 $ — Recurring financial liabilities Put option liability $ 14,205 $ — $ — $ 14,205 The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2021 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 976,351 $ — $ — $ 1,059,040 Mortgage loans held-for-sale, net $ 30,963 $ — $ — $ 33,429 Investment in beneficial interests $ 139,494 $ — $ — $ 139,494 Investment in Manager $ 1,569 $ — $ — $ 12,379 Investment in AS Ajax E LLC $ 611 $ — $ 761 $ — Investment in AS Ajax E II LLC $ 2,755 $ — $ 2,958 $ — Investment in GAFS, including warrants $ 2,619 $ — $ — $ 3,320 Investment in Gaea $ 19,670 $ — $ — $ 20,287 Investment in Loan pool LLCs $ 240 $ — $ — $ 672 Financial liabilities Secured borrowings, net $ 612,592 $ — $ 624,743 $ — Borrowings under repurchase transactions $ 399,340 $ — $ 399,340 $ — Convertible senior notes, net $ 103,754 $ 111,227 $ — $ — Level 1 Level 2 Level 3 December 31, 2020 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 1,119,372 $ — $ — $ 1,232,081 Investment in beneficial interests $ 91,418 $ — $ — $ 91,418 Investment in Manager $ 1,366 $ — $ — $ 11,709 Investment in AS Ajax E LLC $ 776 $ — $ 934 $ — Investment in AS Ajax E II LLC $ 3,381 $ — $ 3,484 $ — Investment in GAFS, including warrants $ 2,711 $ — $ — $ 3,320 Investment in Gaea $ 20,001 $ — $ — $ 19,150 Investment in Loan pool LLCs $ 381 $ — $ — $ 701 Financial liabilities Secured borrowings, net $ 585,403 $ — $ 586,419 $ — Borrowings under repurchase agreement $ 421,132 $ — $ 421,132 $ — Convertible senior notes, net $ 110,057 $ 110,675 $ — $ — 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's investments in beneficial interests are trust certificates representing the residual investment in securitization trusts the Company forms with joint venture partners. The trust certificates represent the residual investment in the trust. The Company relies on its Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on its investments in beneficial interests. The Company's ownership interest in the Manager is valued by applying an earnings multiple to base fee revenue. The Company’s ownership interests in AS Ajax E LLC and AS Ajax E II LLC are valued using estimates provided by financing counterparties or other publicly available information. The fair value of the Company's ownership interest in GAFS, including warrants, is determined by applying an earnings multiple to expected earnings. The fair value of the Company's ownership interest in Gaea is estimated using a projected net operating income for its property portfolio. The fair value of the Company's ownership interest in the loan pool LLCs is determined by using estimates of underlying assets and liabilities taken from its Manager's pricing 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. The Company is able to call the bonds issued in its secured borrowings at par value plus accrued interest pursuant to the terms of the offering document. The Company carries its secured borrowings net of deferred issuance cost. Accordingly, the difference between fair value and carrying value is largely driven by the deferred issuance costs. The Company's put option liability is adjusted to approximate market value through earnings. The put obligation is a fixed amount that may be settled in cash or shares of the Company’s common stock at the option of the Company. Fair value is determined using the discounted cash flow method using a rate to accrete the initial basis of $9.5 million to the future put obligation of $50.7 million over the 39-month term of the put option liability. The fair value of the Company's put option liability is measured quarterly with adjustments posted to the Company's consolidated statements of income. The Company’s borrowings under repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the NYSE closing price on the balance sheet date. The Convertible debt may be redeemable at par plus accrued interest beginning on April 30, 2022 subject to satisfying the conversion price trigger. The Company carries its Convertible debt net of deferred issuance cost. Accordingly, the difference between fair value and carrying value is partially driven by the deferred issuance costs. The carrying values of its Cash and cash equivalents, Cash held in trust, Receivable from Servicer, Prepaid expenses and other assets, Management fee payable and Accrued expenses and other liabilities are equal to or approximate fair value. Non-financial assets Property held-for-sale is carried at the lower of its acquisition cost ("cost") or net realizable value. Net realizable value is determined based on appraisals, BPOs, or other market indicators of fair value less expected liquidation costs. The lower of cost or net realizable value for the Company’s REO Property is stated as it's carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2021 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 $ 6,097 $ (170) $ — $ — $ 6,097 Level 1 Level 2 Level 3 December 31, 2020 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 $ 7,807 $ (1,359) $ — $ — $ 7,807

Affiliates

Affiliates	9 Months Ended
	Sep. 30, 2021
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, 2021 the Company owned approximately 22.8% of Gaea with third party investors owning the remaining approximately 77.2%. The Company accounts for its ownership interest 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 loan pool LLCs managed by the Servicer for $1.0 million, which hold investments in RPLs and NPLs. The Company accounts for its ownership interest 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 $0.4 million. The Company accounts for its ownership interest in GAFS using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E LLC was reduced to a lower percentage of the total. As of September 30, 2021 and December 31, 2020, the Company’s ownership interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its ownership interest using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its ownership interest in the Manager using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ 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% 2021 2020 2021 2020 Thetis Asset Management LLC $ 665 $ 378 $ 2,945 $ (1,837) AS Ajax E LLC $ 66 $ 52 $ 162 $ 151 Loan pool LLCs $ (41) $ (114) $ (92) $ 27 Gaea Real Estate Corp. $ (123) $ 60 $ 136 $ 320 Great Ajax FS LLC $ (460) $ (1,454) $ (1,148) $ (4,004) September 30, 2021 December 31, 2020 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 10,524 $ 2,378 $ 9,531 $ 2,122 AS Ajax E LLC $ 3,797 $ 2 $ 4,808 $ 2 Loan pool LLCs $ 2,234 $ 4,018 $ 2,423 $ 3,961 Gaea Real Estate Corp. $ 92,877 $ 11,270 $ 94,639 $ 11,886 Great Ajax FS LLC $ 54,529 $ 35,251 $ 56,532 $ 36,101 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 2021 2020 2021 2020 Thetis Asset Management LLC $ 132 $ 75 $ 583 $ (364) AS Ajax E LLC $ 11 $ 9 $ 27 $ 25 Loan pool LLCs $ (16) $ (46) $ (37) $ 10 Gaea Real Estate Corp. $ (28) $ 14 $ 32 $ 74 Great Ajax FS LLC $ (37) $ (116) $ (92) $ (320) September 30, 2021 December 31, 2020 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 2,084 $ 471 $ 1,887 $ 420 AS Ajax E LLC $ 625 $ — $ 791 $ — Loan pool LLCs $ 897 $ 1,619 $ 973 $ 1,595 Gaea Real Estate Corp. $ 21,195 $ 2,572 $ 21,729 $ 2,729 Great Ajax FS LLC $ 4,362 $ 2,820 $ 4,523 $ 2,888 Consolidated Affiliates The Company consolidates the results and balances of certain securitization trusts which are established to provide debt financing to the Company by securitizing pools of mortgage loans. These trusts are considered to be VIEs, and the Company has determined that it is the primary beneficiary of certain of these VIEs. See Note 9 — Debt. The Company also consolidates the activities and balances of its controlled affiliates, which include AS Ajax E II LLC, 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, 2021, AS Ajax E II LLC was 53.1% owned by the Company, with the remainder held by third parties. 2017-D is a securitization trust formed to hold mortgage loans, REO property and secured borrowings. During the second quarter of 2021, the majority of loans held by 2017-D was re-securitized into 2021-C, a related party joint venture with third party institutional investors. At September 30, 2021, the Company held a 50.0% ownership in the remaining loans held by 2017-D. Great Ajax II REIT owns Great Ajax II Depositor LLC which acts as the depositor of mortgage loans into securitization trusts and holds 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% owned by the Company as of September 30, 2021 and December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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, 2021, the Company had commitments to purchase, subject to due diligence, 161 RPLs and NPLs secured by single-family residences with aggregated UPB of $49.0 million. 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. U.S. 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, 2021 for the present value of the put liability of $20.8 million. The Company is accreting the amount of the liability under the effective interest method to its expected future put value of $50.7 million and marks the obligation to market through earnings. The expense is recognized in the Fair value adjustment on put option liability line of the Company's consolidated statements of income. The following table sets forth the details of the Company's put option liability ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Beginning balance $ 18,350 $ 10,722 $ 14,205 $ — Initial recognition of put option liability — — — 9,472 Fair value adjustments during the period 2,493 1,766 6,638 3,016 Ending balance $ 20,843 $ 12,488 $ 20,843 $ 12,488 The full extent of the impact of the COVID-19 pandemic on the global economy generally, and the Company's business in particular, continues to be uncertain. As of September 30, 2021, no contingencies have been recorded on the Company's consolidated balance sheet as a result of the COVID-19 pandemic, 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, 2021, 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, 2021
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 $150.0 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 five repurchase facilities substantially similar to the mortgage loan repurchase facilities, but where the pledged assets are securities retained from the Company's securitization 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, 2021 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate October 5, 2021 April 9, 2021 $ 31,326 $ 31,326 $ 37,953 121 % 1.41 % October 6, 2021 July 6, 2021 7,073 7,073 8,745 124 % 1.34 % October 6, 2021 July 6, 2021 4,150 4,150 5,057 122 % 1.34 % October 6, 2021 July 6, 2021 3,343 3,343 4,761 142 % 1.74 % October 12, 2021 July 12, 2021 5,242 5,242 6,572 125 % 1.32 % October 15, 2021 July 15, 2021 5,553 5,553 6,627 119 % 1.18 % October 20, 2021 July 20, 2021 10,879 10,879 12,889 118 % 1.18 % October 22, 2021 April 26, 2021 7,899 7,899 9,279 117 % 1.11 % October 22, 2021 April 26, 2021 6,231 6,231 7,276 117 % 1.11 % October 22, 2021 April 26, 2021 5,123 5,123 6,063 118 % 1.11 % October 29, 2021 July 30, 2021 9,984 9,984 12,436 125 % 1.33 % October 29, 2021 July 30, 2021 9,840 9,840 11,851 120 % 1.33 % November 12, 2021 August 12, 2021 3,110 3,110 4,428 142 % 1.72 % November 19, 2021 August 19, 2021 9,747 9,747 12,635 130 % 1.33 % November 24, 2021 August 24, 2021 3,543 3,543 5,106 144 % 1.73 % December 7, 2021 September 7, 2021 5,825 5,825 7,444 128 % 1.12 % December 7, 2021 September 7, 2021 2,311 2,311 2,848 123 % 1.12 % December 13, 2021 June 15, 2021 14,148 14,148 20,151 142 % 1.35 % December 13, 2021 June 15, 2021 7,160 7,160 8,682 121 % 1.15 % December 16, 2021 September 16, 2021 44,200 44,200 57,815 131 % 1.12 % December 16, 2021 September 16, 2021 4,333 4,333 6,232 144 % 1.37 % December 17, 2021 September 17, 2021 7,333 7,333 9,556 130 % 1.32 % December 17, 2021 September 17, 2021 6,687 6,687 8,451 126 % 1.32 % December 17, 2021 September 17, 2021 1,179 1,179 1,687 143 % 1.72 % December 20, 2021 September 20, 2021 35,153 35,153 37,867 108 % 0.57 % December 20, 2021 September 20, 2021 2,918 2,918 3,421 117 % 0.87 % December 20, 2021 September 20, 2021 1,570 1,570 1,943 124 % 1.07 % December 20, 2021 September 20, 2021 1,400 1,400 2,047 146 % 1.47 % December 20, 2021 September 20, 2021 1,341 1,341 1,788 133 % 1.32 % December 27, 2021 September 24, 2021 16,643 16,643 21,720 131 % 1.33 % December 27, 2021 September 24, 2021 4,482 4,482 6,413 143 % 1.73 % December 27, 2021 September 24, 2021 2,277 2,277 2,923 128 % 1.33 % July 8, 2022 July 9, 2021 150,000 14,085 21,232 151 % 2.58 % September 22, 2022 September 23, 2021 400,000 103,252 144,774 140 % 2.58 % Totals/weighted averages $ 832,003 $ 399,340 $ 518,672 130 % 1.60 % December 31, 2020 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate January 6, 2021 October 9, 2020 $ 35,635 $ 35,635 $ 46,120 129 % 2.33 % January 6, 2021 September 28, 2020 7,697 7,697 10,075 131 % 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 6,114 129 % 2.33 % January 6, 2021 September 28, 2020 4,666 4,666 6,044 130 % 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 7,575 129 % 2.32 % January 14, 2021 October 29, 2020 6,991 6,991 8,738 125 % 2.35 % January 20, 2021 October 20, 2020 13,263 13,263 16,582 125 % 2.22 % January 29, 2021 October 30, 2020 7,762 7,762 9,702 125 % 2.21 % January 29, 2021 October 30, 2020 7,153 7,153 9,537 133 % 2.21 % February 1, 2021 December 1, 2020 12,258 12,258 16,052 131 % 1.88 % February 1, 2021 December 1, 2020 12,015 12,015 15,794 131 % 1.88 % February 1, 2021 December 1, 2020 5,298 5,298 6,895 130 % 1.88 % February 1, 2021 December 1, 2020 3,985 3,985 5,136 129 % 1.88 % February 1, 2021 December 1, 2020 2,887 2,887 3,790 131 % 1.88 % February 1, 2021 December 1, 2020 2,332 2,332 3,360 144 % 2.03 % February 1, 2021 December 1, 2020 1,132 1,132 1,607 142 % 2.03 % February 12, 2021 November 13, 2020 2,945 2,945 4,428 150 % 2.02 % March 5, 2021 December 7, 2020 24,946 24,946 33,348 134 % 1.78 % March 5, 2021 December 7, 2020 24,312 24,312 32,571 134 % 1.78 % March 17, 2021 December 17, 2020 10,219 10,219 13,172 129 % 1.78 % March 17, 2021 December 17, 2020 8,381 8,381 10,872 130 % 1.78 % March 17, 2021 December 17, 2020 3,894 3,894 5,193 133 % 1.78 % March 17, 2021 December 17, 2020 1,145 1,145 1,687 147 % 1.93 % March 24, 2021 December 24, 2020 7,016 7,016 10,024 143 % 1.94 % March 24, 2021 December 24, 2020 5,008 5,008 6,637 133 % 1.79 % March 24, 2021 December 24, 2020 2,577 2,577 3,367 131 % 1.79 % April 9, 2021 October 13, 2020 33,084 33,084 43,069 130 % 2.35 % July 9, 2021 July 10, 2020 250,000 53,256 84,337 158 % 2.64 % September 23, 2021 September 24, 2020 400,000 101,117 160,068 158 % 2.65 % Totals/weighted averages $ 916,759 $ 421,132 $ 595,599 141 % 2.29 % 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. As of September 30, 2021 and December 31, 2020, the Company had $10.4 million and $4.7 million, respectively, of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheets and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at September 30, 2021 and December 31, 2020 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2021 December 31, 2020 Gross amount of recognized liabilities $ 399,340 $ 421,132 Gross amount of loans and securities pledged as collateral 518,672 595,599 Other prepaid collateral 10,377 4,653 Net collateral amount $ 129,709 $ 179,120 Secured Borrowings From its inception (January 30, 2014) to September 30, 2021, the Company has completed 18 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, five of which were outstanding at September 30, 2021. 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 non-rated 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. The Company has retained the subordinate notes and the applicable trust certificates from one non-rated secured borrowing outstanding at September 30, 2021. The Company’s rated secured borrowings are generally structured as “REIT TMP” transactions which allow the Company to issue multiple classes of securities without using a REMIC structure or being subject to an entity level tax. The Company’s rated secured borrowings generally issue classes of debt from AAA through mezzanine. The Company generally retains the mezzanine and residual certificates in the transactions. The Company has retained the applicable mezzanine and residual certificates from the other four rated secured borrowings at September 30, 2021. The Company’s rated secured borrowings are designated in the table below. At March 31, 2021, the Company's 2017-D secured borrowing contained 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 notes. The Company had retained 50% of both the Class A notes and Class B certificates from 2017-D; and the assets and liabilities were consolidated on the Company's consolidated balance sheets. During the second quarter of 2021, the majority of the loans in 2017-D were refinanced in 2021-C. Based on the structure of the transaction the Company does not consolidate 2021-C under U.S. GAAP. The Company's 2018-C secured borrowing was structured with 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 had retained 5% of the Class A notes and 63% of the Class B notes and trust certificates. During the first quarter of 2021 the Company acquired the remaining 37% ownership of the Class B notes and trust certificates and settled the remaining 95% of the outstanding Class A notes. The Company's secured borrowings carry no provision for a step-up in interest rate on any of the Class B notes, except for 2021-B. The following table sets forth the original terms of all notes from the Company's secured borrowings outstanding at September 30, 2021 at their respective cutoff dates: Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Rated Ajax Mortgage Loan Trust 2019-D/ July 2019 July 25, 2027 Class A-1 notes due 2065 $140.4 million 2.96 % July 25, 2027 Class A-2 notes due 2065 $6.1 million 3.50 % July 25, 2027 Class A-3 notes due 2065 $10.1 million 3.50 % July 25, 2027 Class M-1 notes due 2065 (1) $9.3 million 3.50 % None Class B-1 notes due 2065 (2) $7.5 million 3.50 % None Class B-2 notes due 2065 (2) $7.1 million variable (3) None Class B-3 notes due 2065 (2) $12.8 million variable (3) Deferred issuance costs $(2.7) million — % Rated Ajax Mortgage Loan Trust 2019-F/ November 2019 November 25, 2026 Class A-1 notes due 2059 $110.1 million 2.86 % November 25, 2026 Class A-2 notes due 2059 $12.5 million 3.50 % November 25, 2026 Class A-3 notes due 2059 $5.1 million 3.50 % November 25, 2026 Class M-1 notes due 2059 (1) $6.1 million 3.50 % None Class B-1 notes due 2059 (2) $11.5 million 3.50 % None Class B-2 notes due 2059 (2) $10.4 million variable (3) None Class B-3 notes due 2059 (2) $15.1 million variable (3) Deferred issuance costs $(1.8) million — % Rated Ajax Mortgage Loan Trust 2020-B/ August 2020 July 25, 2027 Class A-1 notes due 2059 $97.2 million 1.70 % July 25, 2027 Class A-2 notes due 2059 $17.3 million 2.86 % July 25, 2027 Class M-1 notes due 2059 (1) $7.3 million 3.70 % None Class B-1 notes due 2059 (2) $5.9 million 3.70 % None Class B-2 notes due 2059 (2) $5.1 million variable (3) None Class B-3 notes due 2059 (2) $23.6 million variable (3) Deferred issuance costs $(1.8) million — % Rated Ajax Mortgage Loan Trust 2021-A/ January 2021 January 25, 2029 Class A-1 notes due 2065 $146.2 million 1.07 % January 25, 2029 Class A-2 notes due 2065 $21.1 million 2.35 % January 25, 2029 Class M-1 notes due 2065 (1) $7.8 million 3.15 % None Class B-1 notes due 2065 (2) $5.0 million 3.80 % None Class B-2 notes due 2065 (2) $5.0 million variable (3) None Class B-3 notes due 2065 (2) $21.5 million variable (3) Deferred issuance costs $(2.5) million — % Non-rated Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Ajax Mortgage Loan Trust 2021-B/ February 2021 August 25, 2024 Class A notes due 2066 $215.9 million 2.24 % February 25, 2025 Class B notes due 2066 (2) $20.2 million 4.00 % Deferred issuance costs $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. Servicing for the mortgage loans in the Company’s secured borrowings is provided by the Servicer at servicing fee rates of between 0.65% of outstanding UPB and 1.25% of outstanding UPB at acquisition, and is paid monthly. The determination of RPL or NPL status, which determines the servicing fee rates, is based on the status of the loan at acquisition and does not change regardless of the loan's subsequent performance. The following table sets forth the status of the notes held by others at September 30, 2021 and December 31, 2020, and the securitization cutoff date ($ in thousands): Balances at September 30, 2021 Balances at December 31, 2020 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 $ — $ — — % $ 110,062 $ 68,729 160 % $ 165,850 $ 115,846 2017-D — — — % 133,897 51,256 (1) 261 % 203,870 (2) 88,903 2018-C — — — % 173,221 131,983 (3) 131 % 222,181 (4) 167,910 2019-D 126,893 102,367 124 % 148,641 125,008 119 % 193,301 156,670 2019-F 121,110 86,702 140 % 139,996 108,184 129 % 170,876 127,673 2020-B 123,544 91,203 135 % 136,360 105,601 129 % 156,468 114,534 2021-A 168,049 149,730 112 % — — — % 206,528 175,116 2021-B 251,303 190,920 132 % — — — % 287,895 215,912 $ 790,899 $ 620,922 (5) 127 % $ 842,177 $ 590,761 (5) 143 % $ 1,606,969 $ 1,162,564 (1) The gross amount of senior bonds at December 31, 2020 was $102.6 million however, only $51.3 million is reflected in Secured borrowings as the remainder is owned by the Company. (2) Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3) 2018-C contained 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 December 31, 2020 were $132.7 million and $15.9 million, however, only $126.1 million and $5.9 million, respectively, are reflected in Secured borrowings as the remainder is owned by the Company. (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 $8.3 million and $5.4 million as of September 30, 2021 and December 31, 2020. Convertible Senior Notes At September 30, 2021 and December 31, 2020, the Company had carrying values of $103.8 million and $110.1 million, respectively, for its convertible senior notes. 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. As of September 30, 2021, the amount by which the if-converted value falls short of the principal value for the entire series is $7.2 million. At September 30, 2021, the outstanding aggregate principal amount of the notes was $105.9 million, and discount and deferred expenses were $2.1 million. At December 31, 2020, the outstanding aggregate principal amount of the notes was $113.4 million, and discount and deferred expenses were $3.3 million. During the three and nine months ended September 30, 2021 the Company recognized interest expense on its outstanding convertible notes of $2.2 million and $6.8 million, respectively, which includes $0.3 million and $1.0 million of amortization of discount and deferred expenses, respectively. During the three and nine months ended September 30, 2020 the Company recognized interest expense on its outstanding convertible notes of $2.4 million and $7.3 million, respectively, which includes $0.3 million and $1.0 million of amortization of discount and deferred expenses, respectively. The effective interest rates of the notes for the quarters ended September 30, 2021 and September 30, 2020 were 8.96% and 8.92%, respectively. During the first and second quarters of 2021, the Company completed a series of convertible note repurchases for aggregate principal amounts of $2.5 million and $5.0 million, respectively, for total purchase prices of $2.4 million and $5.1 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 second quarter of 2021 transactions were both zero. There were no convertible note repurchases during the third quarter of 2021. During the first and third quarters 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. There were no convertible note repurchases during the second quarter of 2020. 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. No sinking fund has been established for redemption of the principal. 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
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 2021 2020 Interest income on securities and beneficial interest and net decrease in the net present value of expected credit losses on beneficial interests Net interest income after the impact of changes in the net present value of expected credit losses Various non-consolidated joint ventures $ 9,896 $ 6,536 Management fee Related party expense – management fee Manager $ 2,289 $ 2,264 Loan servicing fees Related party expense – loan servicing fees Servicer $ 1,743 $ 1,848 Gain on sale of securities Other income Various non-consolidated joint ventures $ 201 $ 145 Three months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2021 2020 Income from equity investment Income/(loss) from investments in affiliates Manager $ 132 $ 75 Affiliate loan interest income Interest income Gaea $ 74 $ — Income from equity investment Income/(loss) from investments in affiliates AS Ajax E LLC $ 11 $ 9 Loss from equity investment Income/(loss) from investments in affiliates Loan pool LLCs $ (16) $ (46) (Loss)/income from equity investment Income/(loss) from investments in affiliates Gaea $ (28) $ 14 Loss from equity investment Income/(loss) from investments in affiliates Servicer $ (37) $ (116) Nine months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2021 2020 Interest income on securities and beneficial interest and net decrease in the net present value of expected credit losses on beneficial interests Net interest income after the impact of changes in the net present value of expected credit losses Various non-consolidated joint ventures $ 24,835 $ 16,386 Management fee Related party expense – management fee Manager $ 6,826 $ 6,206 Loan servicing fees Related party expense – loan servicing fees Servicer $ 5,275 $ 5,798 Income/(loss) from equity investment Income/(loss) from investments in affiliates Manager $ 583 $ (364) Affiliate loan interest income Interest income Gaea $ 203 $ — Gain on sale of securities Other income Various non-consolidated joint ventures $ 201 $ 145 Gain on refinancing of securitization trust Other income 2021-C $ 122 $ — Income from equity investment Income/(loss) from investments in affiliates Gaea $ 32 $ 74 Income from equity investment Income/(loss) from investments in affiliates AS Ajax E LLC $ 27 $ 25 Loss on sale of mortgage loans Other income Gaea $ — $ (705) (Loss)/income from equity investment Income/(loss) from investments in affiliates Loan pool LLCs $ (37) $ 10 Loss from equity investment Income/(loss) from investments in affiliates Servicer $ (92) $ (320) The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of September 30, 2021 Transaction Consolidated Balance Sheet location Counterparty Amount Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 139,494 Receivables from Servicer Receivable from servicer Servicer $ 18,128 Affiliate loan receivable Mortgage loans held-for-investment, net Gaea $ 10,025 Management fee payable Management fee payable Manager $ 2,289 As of September 30, 2021 Transaction Consolidated Balance Sheet location Counterparty Amount Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 1,354 Servicing fee payable Accrued expenses and other liabilities Servicer $ (92) As of December 31, 2020 Transaction Consolidated Balance Sheet location Counterparty Amount Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 91,418 Receivables from Servicer Receivable from servicer Servicer $ 15,755 Affiliate loan receivable Mortgage loans held-for-investment, net Gaea $ 11,000 Management fee payable Management fee payable Manager $ 2,247 Affiliate loan purchase Mortgage loans held-for-investment, net Servicer $ 1,838 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 876 Expense reimbursement receivable Prepaid expenses and other assets Manager $ 18 Expense reimbursements Accrued expenses and other liabilities Servicer $ (44) On June 21, 2021, the Company became a party to a promissory note with Gaea under which Gaea can borrow up to $11.0 million on a revolving line of credit from the Company. Funds advanced to Gaea under the note carry an interest rate of 4.25% and are secured by a selection of Gaea's mortgage loans. The agreement expires on December 31, 2021 and can be extended to January 30, 2022 at Gaea’s option. At September 30, 2021, the amount outstanding under the note was $10.0 million, which was secured by 18 of Gaea's SBC loans. At December 31, 2020, the Company had a separate loan of $11.0 million outstanding loan to Gaea, which was secured by 20 of Gaea's SBC loans. The loan was repaid to the Company on April 5, 2021. At September 30, 2021 and December 31, 2020, these loans were included in Mortgage loans held-for-investment, net on the Company's consolidated balance sheets. During the quarter ended December 31, 2020, the Company purchased 15 RPLs from GAFS, a related party, for $1.8 million with UPB of $2.1 million and collateral value of $3.7 million. The loans are included in Mortgage loans held-for-investment, net on the Company's consolidated balance sheets. During the three months ended September 30, 2021, the Company sold no mortgage loans; however, during the nine months ended September 30, 2021, as part of a refinancing transaction the Company sold 760 loans from 2017-D with a carrying value of $129.2 million and UPB of $133.8 million to a joint venture formed between the Company and a third party accredited institutional investor, and retained various classes of securities from the joint venture. 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 to Gaea, a related party. During the three and nine months ended September 30, 2021, the Company acquired $54.7 million and $287.6 million, respectively, in aggregate of debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. The joint ventures issued senior notes and beneficial interests. In certain transactions, the joint ventures also issued subordinated notes. Of the $54.7 million and $287.6 million, respectively, the Company acquired $43.2 million and $213.1 million, respectively, in senior notes, $8.3 million and $31.8 million, respectively, of subordinate notes and $3.2 million and $42.7 million, respectively, in beneficial interests issued by joint ventures. Comparatively, during the three and nine months ended September 30, 2020, the Company acquired $83.4 million and $144.7 million, respectively, in aggregate of debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Of the $83.4 million and $144.7 million, respectively, of debt securities acquired in the three and nine months ended September 30, 2020, respectively, the Company acquired $66.0 million and $115.6 million, respectively, in senior notes, $5.2 million and $9.8 million, respectively, in subordinate notes and $12.2 million and $19.3 million, respectively, in beneficial interests issued by joint ventures. As of September 30, 2021, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $340.1 million and $139.5 million, respectively. At December 31, 2020, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $273.8 million and $91.4 million, respectively. As of September 30, 2021 and December 31, 2020, the Company had no securities that were past due. 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, 2021, and December 31, 2020, the Company had no advances 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, 2021 the Company owned approximately 22.8% of Gaea with third party investors owning the remaining approximately 77.2%. The Company accounts for its ownership interest 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 loan pool LLCs managed by the Servicer for $1.0 million, which hold investments in RPLs and NPLs. The Company accounts for its ownership interest 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 LLC was reduced to a lower percentage of the total. As of September 30, 2021 and December 31, 2020, 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 is 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 contains 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 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 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, 2021 and September 30, 2020, the Company did not record 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. 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. 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

Stock-based Payments and Direct

Stock-based Payments and Director Fees	9 Months Ended
	Sep. 30, 2021
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 management 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 record date of the most recent regular quarterly dividend to holders of the common stock. The Company recognized base management fees to the Manager for the three and nine months ended September 30, 2021 of $2.3 million and $6.9 million, respectively, all of which was payable in cash. Comparatively, for the three and nine months ended September 30, 2020, the Company recognized base management fees of $2.3 million and $6.2 million, all of which was payable in cash. In addition, each of the Company’s independent directors received an annual retainer of $100,000, payable quarterly, 40% of which was payable in shares of the Company's common stock using the same valuation method as defined for the stock portion of the management fee payable to the Manager. This excludes additional compensation for committee chairs which is paid in cash. The following table sets forth the Company’s stock-based independent director fees ($ in thousands): Stock-based Director Fees For the three months ended September 30, 2021 2020 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 3,580 $ 50 4,116 $ 35 Totals 3,580 $ 50 4,116 $ 35 For the nine months ended September 30, 2021 2020 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 11,550 $ 150 12,784 $ 115 Totals 11,550 $ 150 12,784 $ 115 (1) All independent director fees are fully expensed in the period in which the relevant service is received by the Company. Restricted Stock The Company periodically grants shares of its common stock to employees of its Manager and Servicer. The shares granted in 2021 vest over four years, with one-fourth of the shares vesting on the each of the first, second, third and fourth anniversaries of the grant date. The shares granted prior to 2021 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 or fourth anniversary of the grant date, as determined by the contract. Grants of restricted stock use grant date fair value of the stock as the basis for measuring the cost of the grant. Each independent member of the Company's Board of Directors was issued a restricted stock award of 2,000 shares of the Company’s common stock upon joining the Board. Additionally, the Company may issue grants of its shares of common stock from time to time to its directors. Under the Company’s 2014 Director Equity Plan and 2016 Equity Incentive Plan the Company made grants of restricted stock to its Directors and to employees of its Manager and Servicer as set forth the table below: Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nine months ended September 30, 2021 December 31, 2020 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (2,000) 12.00 Shares forfeited — — — — Shares granted — — 2,000 12.00 March 31, 2021 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (8,000) 12.60 Shares forfeited — — — — Shares granted — — 16,000 12.60 June 30, 2021 outstanding unvested share grants 163,083 $ 11.07 8,000 $ 12.60 Shares vested (65,305) 11.74 — — Shares forfeited (14,168) 10.88 — — Shares granted 152,700 12.79 — — September 30, 2021 outstanding unvested share grants 236,310 $ 12.01 8,000 $ 12.60 Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nine months ended September 30, 2020 December 31, 2019 outstanding unvested share grants 114,334 $ 13.83 — $ — Shares vested — — — — Shares forfeited — — — — Shares granted — — — — March 31, 2020 outstanding unvested share grants 114,334 $ 13.83 — $ — Shares vested — — — — Shares forfeited — — — — Shares granted — — — — June 30, 2020 outstanding unvested share grants 114,334 $ 13.83 — $ — Shares vested (50,334) 13.86 — — Shares forfeited (2,000) 12.06 — — Shares granted 108,750 9.55 — — September 30, 2020 outstanding unvested share grants 170,750 $ 11.11 — $ — The following table presents the expenses for the Company's restricted stock plan for the years ended ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Restricted stock grants $ 230 $ 187 $ 644 $ 535 Director grants 25 — 167 — Total expenses for plan grants $ 255 $ 187 $ 811 $ 535

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
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, 2021 the Company had consolidated taxable income of $9.9 million and $26.3 million, respectively; and provisions for income taxes of $0.1 million and $0.2 million, respectively. For the three and nine months ended September 30, 2020, the Company had consolidated taxable income $2.5 million and $1.7 million, respectively; and income tax benefit of $16 thousand and $0.2 million, respectively. The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at September 30, 2021 or 2020. The Company also recorded no interest or penalties for the three and nine months ended September 30, 2021 or 2020.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): Three months ended September 30, 2021 Three months ended September 30, 2020 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 9,313 22,862,429 $ 5,280 22,844,192 Allocation of earnings to participating restricted shares (92) — (33) — Consolidated net income attributable to unrestricted common stockholders $ 9,221 22,862,429 $ 0.40 $ 5,247 22,844,192 $ 0.23 Effect of dilutive securities (1) Restricted stock grants and Manager and director fee shares 92 229,291 33 145,424 Interest expense (add back) and assumed conversion of shares from convertible senior notes (2) 2,237 7,315,929 — — Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 11,550 30,407,649 $ 0.38 $ 5,280 22,989,616 $ 0.23 (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, 2021 and September 30, 2020, and have not been included in the calculation. (2) The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended September 30, 2020 would have been anti-dilutive and has been removed from the calculation. Nine months ended September 30, 2021 Nine months ended September 30, 2020 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 26,695 22,835,237 $ 11,922 22,575,480 Allocation of earnings to participating restricted shares (222) — (68) — Consolidated net income attributable to unrestricted common stockholders $ 26,473 22,835,237 $ 1.16 $ 11,854 22,575,480 $ 0.53 Effect of dilutive securities (1,2) Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) 6,836 7,451,376 — — Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 33,309 30,286,613 $ 1.10 $ 11,854 22,575,480 $ 0.53 (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, 2021 and 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, 2021 and September 30, 2020 would have been anti-dilutive and have not been included in the calculation.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	Equity Common Stock As of September 30, 2021 and December 31, 2020, the Company had 23,140,131 and 22,978,339 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 to institutional accredited investors an aggregate of $130.0 million of preferred stock in two series and warrants 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 continues 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, 2021 and December 31, 2020. There were 25,000,000 shares, cumulative for all series, authorized as of both September 30, 2021 and December 31, 2020. Treasury Stock and Stock Repurchase Plan On February 28, 2020, the Company's Board of Directors approved a stock repurchase of up to $25.0 million of its common shares. The amount and timing of any repurchases will depend on a number of factors, including but not limited to the price and availability of the common shares, trading volume and general circumstances and market conditions. As of September 30, 2021, the Company held 136,403 shares of treasury stock consisting of 87,939 shares received through distributions of the Company's shares previously held by its Manager and 48,464 shares acquired through open market purchases in the fourth quarter of 2020 under the Company's approved stock repurchase plan. As of December 31, 2020, the Company held 107,243 shares of treasury stock consisting of 58,779 shares received through distributions of the Company's shares previously held by its Manager and 48,464 shares acquired through open market purchases in the fourth quarter of 2020 under the Company's approved stock repurchase plan. 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, 2021 5,049 and 13,097 shares were issued, respectively, under the plan for total proceeds of approximately $0.1 million and $0.2 million, respectively. Comparatively, 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. 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 $100.0 million from time to time in any method permitted by law deemed to be an “At the Market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During both the three and nine months ended September 30, 2021, 9,073 shares were sold under the At the Market program. Comparatively, no shares were sold under the At the Market program during the three and nine months ended September 30, 2020. The Company intends to use the net proceeds to acquire mortgage loans and mortgage-related assets consistent with its investment strategy. Accumulated Other Comprehensive Income The Company recognizes unrealized gains or losses on its investment in debt securities as components of other comprehensive income. Total accumulated other comprehensive income on the Company’s balance sheet at September 30, 2021 and December 31, 2020 was as follows ($ in thousands): Investments in securities: September 30, 2021 December 31, 2020 Unrealized gains $ 3,621 $ 1,152 Unrealized losses (203) (777) Accumulated other comprehensive income $ 3,418 $ 375 Non-controlling Interest At December 31, 2020, the Company had non-controlling interests attributable to ownership interests for four legal entities. During the first quarter of 2021, the Company acquired the remaining ownership of 2018-C. This decreased the number of third party non-controlling interests as of September 30, 2021 to three legal entities. Legal entities consolidated by the Company which have non-controlling interests held by third parties are described below. 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, 2021 and December 31, 2020, the Company owned 53.1% of AS Ajax E II LLC and consolidated the assets, liabilities, revenues and expenses of the entity. 2017-D, a securitization trust, was formed by the Company during 2017, and is 50.0% held by an accredited institutional investor. During the second quarter of 2021, the majority of the loans in 2017-D were re-securitized into 2021-C, with 22 loans remaining in 2017-D. As of September 30, 2021 and December 31, 2020, the Company owned 50.0% of 2017-D and consolidated the assets, liabilities, revenues and expenses of the trust. Great Ajax II REIT was formed by the Company during 2019 to own Great Ajax II Depositor LLC, which acts as the depositor of mortgage loans into securitization trusts and holds the subordinated securities issued by such trusts and any additional trusts the Company may form for additional secured borrowings. As of September 30, 2021 and December 31, 2020, Great Ajax II REIT was 0.1% held by third parties. As of September 30, 2021 and December 31, 2020, the Company owned 99.9% of Great Ajax II REIT and consolidated the assets, liabilities, revenues and expenses of the entity. 2018-C, a securitization trust was formed by the Company during 2018 and was 37.0% held by an accredited institutional investor. The remaining 37.0% ownership was purchased by the Company during the first quarter of 2021. As of September 30, 2021 the Company owned 100.0% of 2018-C. Comparatively, as of December 31, 2020 the Company owned 63.0% of 2018-C and consolidated the assets, liabilities, revenues and expenses of the trust. 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): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Decrease from redemption of 2018-C $ — $ — $ (8,306) $ — Decrease from the distribution resulting from the refinancing of substantially all of 2017-D (307) — (17,171) — Change in non-controlling interest $ (307) $ — $ (25,477) $ —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Since September 30, 2021, the Company has acquired 20 residential RPLs in two transactions from two different sellers, and one NPL in one transaction from a single seller, with aggregate UPB of $2.4 million and $0.4 million, respectively. The purchase price of the RPLs was 68.8% of UPB and 47.3% of the estimated market value of the underlying collateral of $3.5 million. The purchase price of the NPL was 97.4% of UPB and 84.4% of the estimated market value of the underlying collateral of $0.4 million. The Company has agreed to acquire, subject to due diligence, four residential RPLs in four transactions, and three NPLs in two transactions, with aggregate UPB of $1.7 million and $0.8 million, respectively. The purchase price of the residential RPLs is 96.5% of UPB and 70.3% of the estimated market value of the underlying collateral of $2.4 million. The purchase price of the NPLs is 93.9% of UPB and 61.8% of the estimated market value of the underlying collateral of $1.2 million. The Company has agreed to acquire, subject to due diligence, 2,498 NPLs with aggregate UPB of $350.9 million in one transaction from a single seller. The purchase price is 103.5% of UPB and 49.4% of the estimated market value of the underlying collateral of $734.9 million. These loans are expected to be acquired through a joint venture with third party institutional accredited investors. The Company expects its ownership percentage to be approximately 16.3%.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
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, 2020, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 5, 2021. 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, 2021. 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.
Mortgage loans	Mortgage loans Purchased Credit Deteriorated Loans ("PCD Loans") As of their acquisition date, the loans acquired by the Company have generally suffered some credit deterioration subsequent to origination. As a result, the Company’s recognition of interest income for PCD loans is based upon it having a reasonable expectation of the amount and timing of the cash flows expected to be collected. When the timing and amount of cash flows expected to be collected are reasonably estimable, the Company uses expected cash flows to apply the effective interest method of income recognition. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses, otherwise known as 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 expected credit losses with no net impact on the amortized cost basis of the portfolio. 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. The Company may adjust its loan pools as the underlying risk factors change over time. The Company has aggregated its mortgage loan portfolio into loan pools based on 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 expected credit losses. Upon the acquisition of PCD loans the Company records the acquisition as three separate elements for (i) the amount of purchase discount which the Company expects to recover through eventual repayment by the borrower, (ii) an allowance for future expected credit loss and (iii) 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. The net present value of changes in expected cash flows, whether caused by timing or loan performance, is reported in the period in which it arises and is reflected as an increase or decrease in the provision for expected credit losses to the extent a provision for expected credit losses is recorded against the pool of mortgage loans. If no provision for expected credit losses is recorded against the pool of assets, the increase in expected future cash flows is recognized prospectively as an increase in yield. 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.
Non PCD Loans	Non-PCD Loans 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. The Company accounts for its non-PCD loans by estimating any allowance for expected credit losses for its non-PCD loans based on historical experience and the risk characteristics of the individual loans. 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 expected credit losses is established through a provision for loan losses. The allowance is the difference between the net present value of the expected future cash flows from the loan and the contractual balance due.
Investments in Securities at Fair Value and Beneficial Interests	Investments in Securities at Fair Value The Company’s Investments in Securities at Fair Value 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 are expected 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 may also acquire 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 up to 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 third party 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.
Put Option Liability	Put Option 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. U.S. 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 as a put option liability 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 at each balance sheet date. The Company determines the fair value using a discounted cash flow method.
Secured Borrowings	Secured Borrowings The Company, through securitization trusts which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated balance sheets as a deduction from Secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date. Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization. See Note 8 — Commitments and Contingencies.
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 expense when incurred.
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, is 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 second quarters of 2021, the Company completed a series of convertible note repurchases for aggregate principal amounts of $2.5 million and $5.0 million, respectively, for total purchase prices of $2.4 million and $5.1 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 second quarter of 2021 transactions were both zero. There were no convertible note repurchases during the third quarter of 2021. During the first and third quarters 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. There were no convertible note repurchases during the second quarter of 2020.
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. 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
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 average of the closing prices of the Company's common stock on the New York Stock Exchange ("NYSE") on the five business days preceding the record date of the most recent regular quarterly dividend to holders of the common stock. 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 awards, including grants of long-term incentive plan units (“LTIP Units”) from the Operating Partnership, available for issuance under the Director Plan is 60,000 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. The Company may also periodically issue additional restricted stock awards to its independent directors under the Director Plan. In addition, each of the Company’s independent directors receives an annual fee of $100,000, payable quarterly, 40% in shares of the Company’s common stock and 60% in cash. Stock-based expense for the directors’ annual fee is expensed as earned, in equal quarterly amounts during the year, and recorded in stockholders' equity at quarter end. 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 shares granted in 2021 vest over four years, with one-fourth of the shares vesting on each of the first, second, third and fourth anniversaries of the grant date. The shares granted prior to 2021 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 or fourth anniversary of the grant date, as determined by the contract.
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
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 periodically grants restricted common 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 its 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 loans. 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 the 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's investments in beneficial interests are trust certificates representing the residual investment in securitization trusts the Company forms with joint venture partners. The trust certificates represent the residual investment in the trust. The Company relies on its Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on its investments in beneficial interests. The Company's ownership interest in the Manager is valued by applying an earnings multiple to base fee revenue. The Company's ownership interests in AS Ajax E LLC and AS Ajax E II LLC are valued using estimates provided by financing counterparties and other publicly available information. The fair value of the Company's ownership interest in GAFS, including warrants, is determined by applying an earnings multiple to expected earnings. The fair value of the Company's ownership interest in Gaea is estimated using a projected net operating income for its property portfolio. The fair value of the Company's ownership interest in the loan pool LLCs is determined by using estimates of underlying assets and liabilities taken from its Manager's pricing 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. The Company is able to call the bonds issued in its secured borrowings at par value plus accrued interest pursuant to the terms of the offering document. The Company carries its secured borrowings net of deferred issuance cost. Accordingly, the difference between fair value and carrying value is largely driven by the deferred issuance costs. The fair value of the Company's put option liability is adjusted to approximate market value through earnings. The put obligation is a fixed amount that may be settled in cash or shares of the Company’s common stock at the option of the Company. Fair value is determined using the discounted cash flow method using a rate to accrete the initial basis of $9.5 million to the future put obligation of $50.7 million over the 39-month term of the put option liability. The fair value of the Company's put option liability is measured quarterly with adjustments posted to the Company's consolidated statements of income. 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. The Convertible debt may be redeemable at par plus accrued interest beginning on April 30, 2022 subject to satisfying the conversion price trigger. The Company carries its Convertible debt net of deferred issuance cost. Accordingly, the difference between fair value and carrying value is partially driven by the deferred issuance costs. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value. Net realizable value is determined based on BPOs, appraisals, or other market indicators of fair value, which are then reduced by anticipated selling costs. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income. The carrying values of the Company's 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.
Income Taxes	Income Taxes The Company initially 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 GA-TRS and GAJX Real Estate Corp. and other TRS entities, which are subject to U.S. federal, state and local income taxes on their taxable income. Income from these 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’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.
Reclassifications	Reclassifications The Company combined its Property held-for-sale, net and Rental property, net lines with balances of $7.8 million and $0.7 million, respectively, in its December 31, 2020 consolidated balance sheet into a single line, Real estate owned properties, net, to conform to the current period presentation. There was no effect on the Company's reported earnings or cash flows for the periods presented. The Company reclassified its put option liability of $14.2 million at December 31, 2020, from Accrued expenses and other liabilities in its consolidated balance sheets to a separate line, Put option liability, to conform to the current period presentation. There was no effect on the Company's reported earnings or cash flows for the periods presented. The Company also reclassified its loans and securities credit loss expenses of $0.4 million and $1.3 million for the three and nine months ended September 30, 2020, respectively, from Net decrease in the net present value of expected credit losses to Interest income on its consolidated statement of income to align the presentation with the method the Company uses to evaluate these results. The Company reclassified its loss from loan settlement of $0.7 million for the nine months ended September 30, 2020 from Loss on sale of mortgage loans to Other income on its consolidated statement of income to align the presentation with the method the Company uses to evaluate these results. The Company also reclassified its loan transaction expense of $0.2 million for both the three and nine months ended September 30, 2020 from Loan transaction expense to Other expense on its consolidated statement of income to align the presentation with the method the Company uses to evaluate these results.
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 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 adopted ASU 2019-12 in the first quarter of 2021 with no effect on its consolidated assets or liabilities, consolidated net income or equity or cash flows on the date of adoption. 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 adopted ASU 2020-01 in the first quarter of 2021 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 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 or recognition as derivatives. This guidance is effective for interim and annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020 ($ in thousands): September 30, 2021 December 31, 2020 Loan portfolio basis by asset type Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Residential RPLs $ 834,309 $ 30,963 $ 1,057,454 $ — Residential NPLs 117,681 — 38,724 — SBC loans 24,361 — 23,194 — Total $ 976,351 $ 30,963 $ 1,119,372 $ —
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 as of September 30, 2021 and December 31, 2020 ($ in thousands): September 30, 2021 Mortgage loans held-for-investment, net 2021 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Great Ajax II REIT $ — $ 762 $ 180 $ 697 $ 329 $ 1,749 $ 47,403 $ 357,311 $ 131,165 $ 539,596 California — — 1,265 632 370 — 4,019 44,297 12,351 62,934 7f7 and better — — 933 108 435 449 14,274 95,403 32,125 143,727 4f4-6f6 and below — 109 2,802 2,203 209 366 25,373 118,411 49,171 198,644 Non-PCD 13,686 9,621 4,580 78 2,592 124 733 24 12 31,450 Total $ 13,686 $ 10,492 $ 9,760 $ 3,718 $ 3,935 $ 2,688 $ 91,802 $ 615,446 $ 224,824 $ 976,351 September 30, 2021 Mortgage loans held-for-sale, net 2021 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Ajax N Trust $ — $ — $ 332 $ — $ — $ — $ 4,602 $ 16,545 $ 9,484 $ 30,963 Total $ — $ — $ 332 $ — $ — $ — $ 4,602 $ 16,545 $ 9,484 $ 30,963 December 31, 2020 Mortgage loans held-for-investment, net 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Great Ajax II REIT $ — $ — $ 257 $ 488 $ 1,991 $ 41,746 $ 280,606 $ 99,909 $ 424,997 2018-C — — — — — 14,100 119,343 39,778 173,221 2017-D — — — 121 — 6,826 94,711 32,238 133,896 California 2,221 952 1,484 362 — 5,292 60,393 18,084 88,788 7f7 and better — 911 434 — 2,125 17,520 88,414 32,831 142,235 4f4-6f6 and below 872 1,397 2,054 336 305 13,409 78,202 30,239 126,814 Non-PCD 21,387 4,738 64 2,493 99 611 20 9 29,421 Total $ 24,480 $ 7,998 $ 4,293 $ 3,800 $ 4,520 $ 99,504 $ 721,689 $ 253,088 $ 1,119,372
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, 2021 and 2020 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans Par $ 91,392 $ — $ 46,811 $ 1,859 $ 133,245 $ 3,611 $ 47,038 $ 3,811 Premium/(discount) 2,582 — (3,901) (41) (737) (8) (3,938) (788) Allowance (5,962) — (1,272) — (7,689) — (1,276) — Purchase Price $ 88,012 $ — $ 41,638 $ 1,818 $ 124,819 $ 3,603 $ 41,824 $ 3,023
Allowance for credit losses on mortgage loans	An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Allowance for expected credit losses, beginning of period $ (9,833) $ (14,450) $ (13,712) $ (1,960) Beginning period adjustment for CECL adoption — — — (10,156) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations 1,175 (2,137) (2,607) (3,870) Increase in allowance for expected credit losses for loan acquisitions (5,962) (1,272) (7,689) (1,276) Credit loss expense on mortgage loans (164) (291) (757) (794) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 908 2,996 9,148 2,902 Reversal of allowance upon reclass of pool 2017-D to mortgage loans held-for-sale, net — — 1,741 — Allowance for expected credit losses, end of period $ (13,876) $ (15,154) $ (13,876) $ (15,154)
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, 2021 and December 31, 2020 ($ in thousands): September 30, 2021 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 474,914 $ 22,649 $ 11,594 $ 28,018 $ 2,421 $ 539,596 California 28,456 4,880 5,270 17,436 6,892 62,934 7f7 and better 68,210 21,403 15,374 38,299 441 143,727 4f4-6f6 and below 24,164 4,271 5,331 113,691 51,187 198,644 Non-PCD 30,707 — 12 84 647 31,450 Total $ 626,451 $ 53,203 $ 37,581 $ 197,528 $ 61,588 $ 976,351 September 30, 2021 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Ajax N Trust $ 16,940 $ 1,899 $ 1,338 $ 9,108 $ 1,678 $ 30,963 Total $ 16,940 $ 1,899 $ 1,338 $ 9,108 $ 1,678 $ 30,963 December 31, 2020 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 311,941 $ 48,266 $ 19,559 $ 43,364 $ 1,867 $ 424,997 2018-C 70,034 20,541 15,300 57,538 9,808 173,221 2017-D 58,198 24,906 12,437 36,106 2,249 133,896 California 42,214 7,660 5,519 29,343 4,052 88,788 7f7 and better 72,613 14,003 12,447 41,383 1,789 142,235 4f4-6f6 and below 13,976 10,773 7,157 68,677 26,231 126,814 Non-PCD 22,562 6,099 56 704 — 29,421 Total $ 591,538 $ 132,248 $ 72,475 $ 277,115 $ 45,996 $ 1,119,372

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2021
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 and rental property for the three and nine months ended September 30, 2021 and 2020 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Property Held-for-Sale and Rental Property Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 25 $ 4,768 42 $ 8,233 38 $ 8,526 68 $ 15,071 Net transfers from mortgage loans 10 1,739 5 603 17 3,013 12 1,515 Adjustments to record at lower of cost or fair value — 78 — (156) — (170) — (1,156) Depreciation on rental properties — (1) — (7) — (7) — (23) Disposals (4) (487) (7) (1,416) (24) (5,265) (40) (8,143) Other — — — (49) — — — (56) Balance at end of period 31 $ 6,097 40 $ 7,208 31 $ 6,097 40 $ 7,208

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities $ 336,664 $ 3,621 $ (203) $ 340,082 Beneficial interests in securitization trusts 139,494 — — 139,494 Total investments $ 476,158 $ 3,621 $ (203) $ 479,576 (1) Basis amount is net of amortized discount, allowance for expected credit losses, principal paydowns and interest receivable on securities of $0.2 million. As of December 31, 2020 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities $ 273,459 $ 1,152 $ (777) $ 273,834 Beneficial interests in securitization trusts 91,418 — — 91,418 Total investments $ 364,877 $ 1,152 $ (777) $ 365,252 (1) Basis amount is net of amortized costs, principal paydowns and interest receivable on securities of $0.2 million.
Debt securities, available-for-sale, unrealized loss position, fair value	The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands): As of September 30, 2021 Step-up date (1) Basis (2) Gross unrealized losses Carrying value Debt securities due September 2059 (3) April 2023 $ 9,159 $ (203) $ 8,956 Total $ 9,159 $ (203) $ 8,956 (1) Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date. (2) Basis amount is net of any realized amortized costs and principal paydowns. (3) This security has been in an unrealized loss position for 12 months or longer. As of December 31, 2020 Step-up date (1) Basis (2) Gross unrealized losses Carrying value Debt securities due September 2059 (3) February 2023/April 2023 $ 22,216 $ (238) $ 21,978 Debt securities due November 2059 (4) April 2023 14,738 (61) 14,677 Debt securities due December 2059 (4) July 2023 47,270 (315) 46,955 Debt securities due September 2060 (4) March 2024 34,970 (44) 34,926 Debt securities due June 2060 (4) March 2024 35,127 (119) 35,008 Total $ 154,321 $ (777) $ 153,544 (1) Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date. (2) Basis amount is net of any realized amortized costs and principal paydowns. (3) This line is comprised of two securities that are both due September 2059. One security with a balance of $0.2 million has been in an unrealized loss position for less than 12 months and has a step-up date in April 2023, and the other security of $0.1 million has been in a loss position for 12 months or longer and has a step-up date in February 2023. (4) This security has been in an unrealized loss position for less than 12 months.
Schedule of securities acquisition reconciliation between purchase price and par value	The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and nine months ended September 30, 2021 and 2020 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Par $ 5,177 $ 15,349 $ 51,662 $ 27,319 Discount (1,346) (2,899) (6,771) (5,234) Allowance (618) (225) (2,211) (2,778) Purchase Price (1) $ 3,213 $ 12,225 $ 42,680 $ 19,307 (1) During the quarter ended September 30, 2021, the Company acquired Class XS, an interest only class, in Ajax Mortgage Loan Trust 2021-E. Class XS is entitled to receive the spread between the interest income on the underlying mortgage loans and the interest expense on the bonds outstanding. Because Class XS has no stated principal balance, the sum of the contractual cash flows is presented as par.
Allowance for credit loss on beneficial interests	An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Allowance for expected credit losses, beginning balance $ (2,959) $ (6,959) $ (4,453) $ — Beginning period adjustment for CECL adoption — — — (1,668) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations 274 — 1,709 (2,553) Increase in allowance for expected credit losses for acquisitions (618) (225) (2,211) (2,778) Credit loss expense on beneficial interests (85) (141) (440) (570) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 2,770 1,443 4,777 1,687 Allowance for expected credit losses, ending balance $ (618) $ (5,882) $ (618) $ (5,882)

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of fair value, assets and liabilities measured on recurring basis	Recurring financial assets and liabilities measured and carried at fair value by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2021 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Recurring financial assets Investment in debt securities at fair value $ 340,082 $ — $ 340,082 $ — Recurring financial liabilities Put option liability $ 20,843 $ — $ — $ 20,843 Level 1 Level 2 Level 3 December 31, 2020 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Recurring financial assets Investment in debt securities at fair value $ 273,834 $ — $ 273,834 $ — Recurring financial liabilities Put option liability $ 14,205 $ — $ — $ 14,205
Schedule of fair value of financial assets and liabilities	The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2021 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 976,351 $ — $ — $ 1,059,040 Mortgage loans held-for-sale, net $ 30,963 $ — $ — $ 33,429 Investment in beneficial interests $ 139,494 $ — $ — $ 139,494 Investment in Manager $ 1,569 $ — $ — $ 12,379 Investment in AS Ajax E LLC $ 611 $ — $ 761 $ — Investment in AS Ajax E II LLC $ 2,755 $ — $ 2,958 $ — Investment in GAFS, including warrants $ 2,619 $ — $ — $ 3,320 Investment in Gaea $ 19,670 $ — $ — $ 20,287 Investment in Loan pool LLCs $ 240 $ — $ — $ 672 Financial liabilities Secured borrowings, net $ 612,592 $ — $ 624,743 $ — Borrowings under repurchase transactions $ 399,340 $ — $ 399,340 $ — Convertible senior notes, net $ 103,754 $ 111,227 $ — $ — Level 1 Level 2 Level 3 December 31, 2020 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 1,119,372 $ — $ — $ 1,232,081 Investment in beneficial interests $ 91,418 $ — $ — $ 91,418 Investment in Manager $ 1,366 $ — $ — $ 11,709 Investment in AS Ajax E LLC $ 776 $ — $ 934 $ — Investment in AS Ajax E II LLC $ 3,381 $ — $ 3,484 $ — Investment in GAFS, including warrants $ 2,711 $ — $ — $ 3,320 Investment in Gaea $ 20,001 $ — $ — $ 19,150 Investment in Loan pool LLCs $ 381 $ — $ — $ 701 Financial liabilities Secured borrowings, net $ 585,403 $ — $ 586,419 $ — Borrowings under repurchase agreement $ 421,132 $ — $ 421,132 $ — Convertible senior notes, net $ 110,057 $ 110,675 $ — $ —
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, 2021 and December 31, 2020 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2021 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 $ 6,097 $ (170) $ — $ — $ 6,097 Level 1 Level 2 Level 3 December 31, 2020 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 $ 7,807 $ (1,359) $ — $ — $ 7,807

Affiliates (Tables)

Affiliates (Tables)	9 Months Ended
	Sep. 30, 2021
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% 2021 2020 2021 2020 Thetis Asset Management LLC $ 665 $ 378 $ 2,945 $ (1,837) AS Ajax E LLC $ 66 $ 52 $ 162 $ 151 Loan pool LLCs $ (41) $ (114) $ (92) $ 27 Gaea Real Estate Corp. $ (123) $ 60 $ 136 $ 320 Great Ajax FS LLC $ (460) $ (1,454) $ (1,148) $ (4,004) September 30, 2021 December 31, 2020 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 10,524 $ 2,378 $ 9,531 $ 2,122 AS Ajax E LLC $ 3,797 $ 2 $ 4,808 $ 2 Loan pool LLCs $ 2,234 $ 4,018 $ 2,423 $ 3,961 Gaea Real Estate Corp. $ 92,877 $ 11,270 $ 94,639 $ 11,886 Great Ajax FS LLC $ 54,529 $ 35,251 $ 56,532 $ 36,101 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 2021 2020 2021 2020 Thetis Asset Management LLC $ 132 $ 75 $ 583 $ (364) AS Ajax E LLC $ 11 $ 9 $ 27 $ 25 Loan pool LLCs $ (16) $ (46) $ (37) $ 10 Gaea Real Estate Corp. $ (28) $ 14 $ 32 $ 74 Great Ajax FS LLC $ (37) $ (116) $ (92) $ (320) September 30, 2021 December 31, 2020 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 2,084 $ 471 $ 1,887 $ 420 AS Ajax E LLC $ 625 $ — $ 791 $ — Loan pool LLCs $ 897 $ 1,619 $ 973 $ 1,595 Gaea Real Estate Corp. $ 21,195 $ 2,572 $ 21,729 $ 2,729 Great Ajax FS LLC $ 4,362 $ 2,820 $ 4,523 $ 2,888

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Other commitments	The following table sets forth the details of the Company's put option liability ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Beginning balance $ 18,350 $ 10,722 $ 14,205 $ — Initial recognition of put option liability — — — 9,472 Fair value adjustments during the period 2,493 1,766 6,638 3,016 Ending balance $ 20,843 $ 12,488 $ 20,843 $ 12,488

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate October 5, 2021 April 9, 2021 $ 31,326 $ 31,326 $ 37,953 121 % 1.41 % October 6, 2021 July 6, 2021 7,073 7,073 8,745 124 % 1.34 % October 6, 2021 July 6, 2021 4,150 4,150 5,057 122 % 1.34 % October 6, 2021 July 6, 2021 3,343 3,343 4,761 142 % 1.74 % October 12, 2021 July 12, 2021 5,242 5,242 6,572 125 % 1.32 % October 15, 2021 July 15, 2021 5,553 5,553 6,627 119 % 1.18 % October 20, 2021 July 20, 2021 10,879 10,879 12,889 118 % 1.18 % October 22, 2021 April 26, 2021 7,899 7,899 9,279 117 % 1.11 % October 22, 2021 April 26, 2021 6,231 6,231 7,276 117 % 1.11 % October 22, 2021 April 26, 2021 5,123 5,123 6,063 118 % 1.11 % October 29, 2021 July 30, 2021 9,984 9,984 12,436 125 % 1.33 % October 29, 2021 July 30, 2021 9,840 9,840 11,851 120 % 1.33 % November 12, 2021 August 12, 2021 3,110 3,110 4,428 142 % 1.72 % November 19, 2021 August 19, 2021 9,747 9,747 12,635 130 % 1.33 % November 24, 2021 August 24, 2021 3,543 3,543 5,106 144 % 1.73 % December 7, 2021 September 7, 2021 5,825 5,825 7,444 128 % 1.12 % December 7, 2021 September 7, 2021 2,311 2,311 2,848 123 % 1.12 % December 13, 2021 June 15, 2021 14,148 14,148 20,151 142 % 1.35 % December 13, 2021 June 15, 2021 7,160 7,160 8,682 121 % 1.15 % December 16, 2021 September 16, 2021 44,200 44,200 57,815 131 % 1.12 % December 16, 2021 September 16, 2021 4,333 4,333 6,232 144 % 1.37 % December 17, 2021 September 17, 2021 7,333 7,333 9,556 130 % 1.32 % December 17, 2021 September 17, 2021 6,687 6,687 8,451 126 % 1.32 % December 17, 2021 September 17, 2021 1,179 1,179 1,687 143 % 1.72 % December 20, 2021 September 20, 2021 35,153 35,153 37,867 108 % 0.57 % December 20, 2021 September 20, 2021 2,918 2,918 3,421 117 % 0.87 % December 20, 2021 September 20, 2021 1,570 1,570 1,943 124 % 1.07 % December 20, 2021 September 20, 2021 1,400 1,400 2,047 146 % 1.47 % December 20, 2021 September 20, 2021 1,341 1,341 1,788 133 % 1.32 % December 27, 2021 September 24, 2021 16,643 16,643 21,720 131 % 1.33 % December 27, 2021 September 24, 2021 4,482 4,482 6,413 143 % 1.73 % December 27, 2021 September 24, 2021 2,277 2,277 2,923 128 % 1.33 % July 8, 2022 July 9, 2021 150,000 14,085 21,232 151 % 2.58 % September 22, 2022 September 23, 2021 400,000 103,252 144,774 140 % 2.58 % Totals/weighted averages $ 832,003 $ 399,340 $ 518,672 130 % 1.60 % December 31, 2020 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate January 6, 2021 October 9, 2020 $ 35,635 $ 35,635 $ 46,120 129 % 2.33 % January 6, 2021 September 28, 2020 7,697 7,697 10,075 131 % 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 6,114 129 % 2.33 % January 6, 2021 September 28, 2020 4,666 4,666 6,044 130 % 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 7,575 129 % 2.32 % January 14, 2021 October 29, 2020 6,991 6,991 8,738 125 % 2.35 % January 20, 2021 October 20, 2020 13,263 13,263 16,582 125 % 2.22 % January 29, 2021 October 30, 2020 7,762 7,762 9,702 125 % 2.21 % January 29, 2021 October 30, 2020 7,153 7,153 9,537 133 % 2.21 % February 1, 2021 December 1, 2020 12,258 12,258 16,052 131 % 1.88 % February 1, 2021 December 1, 2020 12,015 12,015 15,794 131 % 1.88 % February 1, 2021 December 1, 2020 5,298 5,298 6,895 130 % 1.88 % February 1, 2021 December 1, 2020 3,985 3,985 5,136 129 % 1.88 % February 1, 2021 December 1, 2020 2,887 2,887 3,790 131 % 1.88 % February 1, 2021 December 1, 2020 2,332 2,332 3,360 144 % 2.03 % February 1, 2021 December 1, 2020 1,132 1,132 1,607 142 % 2.03 % February 12, 2021 November 13, 2020 2,945 2,945 4,428 150 % 2.02 % March 5, 2021 December 7, 2020 24,946 24,946 33,348 134 % 1.78 % March 5, 2021 December 7, 2020 24,312 24,312 32,571 134 % 1.78 % March 17, 2021 December 17, 2020 10,219 10,219 13,172 129 % 1.78 % March 17, 2021 December 17, 2020 8,381 8,381 10,872 130 % 1.78 % March 17, 2021 December 17, 2020 3,894 3,894 5,193 133 % 1.78 % March 17, 2021 December 17, 2020 1,145 1,145 1,687 147 % 1.93 % March 24, 2021 December 24, 2020 7,016 7,016 10,024 143 % 1.94 % March 24, 2021 December 24, 2020 5,008 5,008 6,637 133 % 1.79 % March 24, 2021 December 24, 2020 2,577 2,577 3,367 131 % 1.79 % April 9, 2021 October 13, 2020 33,084 33,084 43,069 130 % 2.35 % July 9, 2021 July 10, 2020 250,000 53,256 84,337 158 % 2.64 % September 23, 2021 September 24, 2020 400,000 101,117 160,068 158 % 2.65 % Totals/weighted averages $ 916,759 $ 421,132 $ 595,599 141 % 2.29 %
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, 2021 and December 31, 2020 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2021 December 31, 2020 Gross amount of recognized liabilities $ 399,340 $ 421,132 Gross amount of loans and securities pledged as collateral 518,672 595,599 Other prepaid collateral 10,377 4,653 Net collateral amount $ 129,709 $ 179,120
Schedule of securitization of notes	The following table sets forth the original terms of all notes from the Company's secured borrowings outstanding at September 30, 2021 at their respective cutoff dates: Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Rated Ajax Mortgage Loan Trust 2019-D/ July 2019 July 25, 2027 Class A-1 notes due 2065 $140.4 million 2.96 % July 25, 2027 Class A-2 notes due 2065 $6.1 million 3.50 % July 25, 2027 Class A-3 notes due 2065 $10.1 million 3.50 % July 25, 2027 Class M-1 notes due 2065 (1) $9.3 million 3.50 % None Class B-1 notes due 2065 (2) $7.5 million 3.50 % None Class B-2 notes due 2065 (2) $7.1 million variable (3) None Class B-3 notes due 2065 (2) $12.8 million variable (3) Deferred issuance costs $(2.7) million — % Rated Ajax Mortgage Loan Trust 2019-F/ November 2019 November 25, 2026 Class A-1 notes due 2059 $110.1 million 2.86 % November 25, 2026 Class A-2 notes due 2059 $12.5 million 3.50 % November 25, 2026 Class A-3 notes due 2059 $5.1 million 3.50 % November 25, 2026 Class M-1 notes due 2059 (1) $6.1 million 3.50 % None Class B-1 notes due 2059 (2) $11.5 million 3.50 % None Class B-2 notes due 2059 (2) $10.4 million variable (3) None Class B-3 notes due 2059 (2) $15.1 million variable (3) Deferred issuance costs $(1.8) million — % Rated Ajax Mortgage Loan Trust 2020-B/ August 2020 July 25, 2027 Class A-1 notes due 2059 $97.2 million 1.70 % July 25, 2027 Class A-2 notes due 2059 $17.3 million 2.86 % July 25, 2027 Class M-1 notes due 2059 (1) $7.3 million 3.70 % None Class B-1 notes due 2059 (2) $5.9 million 3.70 % None Class B-2 notes due 2059 (2) $5.1 million variable (3) None Class B-3 notes due 2059 (2) $23.6 million variable (3) Deferred issuance costs $(1.8) million — % Rated Ajax Mortgage Loan Trust 2021-A/ January 2021 January 25, 2029 Class A-1 notes due 2065 $146.2 million 1.07 % January 25, 2029 Class A-2 notes due 2065 $21.1 million 2.35 % January 25, 2029 Class M-1 notes due 2065 (1) $7.8 million 3.15 % None Class B-1 notes due 2065 (2) $5.0 million 3.80 % None Class B-2 notes due 2065 (2) $5.0 million variable (3) None Class B-3 notes due 2065 (2) $21.5 million variable (3) Deferred issuance costs $(2.5) million — % Non-rated Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Ajax Mortgage Loan Trust 2021-B/ February 2021 August 25, 2024 Class A notes due 2066 $215.9 million 2.24 % February 25, 2025 Class B notes due 2066 (2) $20.2 million 4.00 % Deferred issuance costs $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at September 30, 2021 and December 31, 2020, and the securitization cutoff date ($ in thousands): Balances at September 30, 2021 Balances at December 31, 2020 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 $ — $ — — % $ 110,062 $ 68,729 160 % $ 165,850 $ 115,846 2017-D — — — % 133,897 51,256 (1) 261 % 203,870 (2) 88,903 2018-C — — — % 173,221 131,983 (3) 131 % 222,181 (4) 167,910 2019-D 126,893 102,367 124 % 148,641 125,008 119 % 193,301 156,670 2019-F 121,110 86,702 140 % 139,996 108,184 129 % 170,876 127,673 2020-B 123,544 91,203 135 % 136,360 105,601 129 % 156,468 114,534 2021-A 168,049 149,730 112 % — — — % 206,528 175,116 2021-B 251,303 190,920 132 % — — — % 287,895 215,912 $ 790,899 $ 620,922 (5) 127 % $ 842,177 $ 590,761 (5) 143 % $ 1,606,969 $ 1,162,564 (1) The gross amount of senior bonds at December 31, 2020 was $102.6 million however, only $51.3 million is reflected in Secured borrowings as the remainder is owned by the Company. (2) Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3) 2018-C contained 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 December 31, 2020 were $132.7 million and $15.9 million, however, only $126.1 million and $5.9 million, respectively, are reflected in Secured borrowings as the remainder is owned by the Company. (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, 2021
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 2021 2020 Interest income on securities and beneficial interest and net decrease in the net present value of expected credit losses on beneficial interests Net interest income after the impact of changes in the net present value of expected credit losses Various non-consolidated joint ventures $ 9,896 $ 6,536 Management fee Related party expense – management fee Manager $ 2,289 $ 2,264 Loan servicing fees Related party expense – loan servicing fees Servicer $ 1,743 $ 1,848 Gain on sale of securities Other income Various non-consolidated joint ventures $ 201 $ 145 Three months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2021 2020 Income from equity investment Income/(loss) from investments in affiliates Manager $ 132 $ 75 Affiliate loan interest income Interest income Gaea $ 74 $ — Income from equity investment Income/(loss) from investments in affiliates AS Ajax E LLC $ 11 $ 9 Loss from equity investment Income/(loss) from investments in affiliates Loan pool LLCs $ (16) $ (46) (Loss)/income from equity investment Income/(loss) from investments in affiliates Gaea $ (28) $ 14 Loss from equity investment Income/(loss) from investments in affiliates Servicer $ (37) $ (116) Nine months ended September 30, Transaction Consolidated Statement of Income location Counterparty 2021 2020 Interest income on securities and beneficial interest and net decrease in the net present value of expected credit losses on beneficial interests Net interest income after the impact of changes in the net present value of expected credit losses Various non-consolidated joint ventures $ 24,835 $ 16,386 Management fee Related party expense – management fee Manager $ 6,826 $ 6,206 Loan servicing fees Related party expense – loan servicing fees Servicer $ 5,275 $ 5,798 Income/(loss) from equity investment Income/(loss) from investments in affiliates Manager $ 583 $ (364) Affiliate loan interest income Interest income Gaea $ 203 $ — Gain on sale of securities Other income Various non-consolidated joint ventures $ 201 $ 145 Gain on refinancing of securitization trust Other income 2021-C $ 122 $ — Income from equity investment Income/(loss) from investments in affiliates Gaea $ 32 $ 74 Income from equity investment Income/(loss) from investments in affiliates AS Ajax E LLC $ 27 $ 25 Loss on sale of mortgage loans Other income Gaea $ — $ (705) (Loss)/income from equity investment Income/(loss) from investments in affiliates Loan pool LLCs $ (37) $ 10 Loss from equity investment Income/(loss) from investments in affiliates Servicer $ (92) $ (320) The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of September 30, 2021 Transaction Consolidated Balance Sheet location Counterparty Amount Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 139,494 Receivables from Servicer Receivable from servicer Servicer $ 18,128 Affiliate loan receivable Mortgage loans held-for-investment, net Gaea $ 10,025 Management fee payable Management fee payable Manager $ 2,289 As of September 30, 2021 Transaction Consolidated Balance Sheet location Counterparty Amount Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 1,354 Servicing fee payable Accrued expenses and other liabilities Servicer $ (92) As of December 31, 2020 Transaction Consolidated Balance Sheet location Counterparty Amount Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 91,418 Receivables from Servicer Receivable from servicer Servicer $ 15,755 Affiliate loan receivable Mortgage loans held-for-investment, net Gaea $ 11,000 Management fee payable Management fee payable Manager $ 2,247 Affiliate loan purchase Mortgage loans held-for-investment, net Servicer $ 1,838 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 876 Expense reimbursement receivable Prepaid expenses and other assets Manager $ 18 Expense reimbursements Accrued expenses and other liabilities Servicer $ (44)

Stock-based Payments and Dire_2

Stock-based Payments and Director Fees (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of management fees and director fees	The following table sets forth the Company’s stock-based independent director fees ($ in thousands): Stock-based Director Fees For the three months ended September 30, 2021 2020 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 3,580 $ 50 4,116 $ 35 Totals 3,580 $ 50 4,116 $ 35 For the nine months ended September 30, 2021 2020 Number of shares Amount of expense recognized (1) Number of shares Amount of expense recognized (1) Independent director fees 11,550 $ 150 12,784 $ 115 Totals 11,550 $ 150 12,784 $ 115 (1) All independent director fees are fully expensed in the period in which the relevant service is received by the Company.
Schedule of grants of restricted stock	Under the Company’s 2014 Director Equity Plan and 2016 Equity Incentive Plan the Company made grants of restricted stock to its Directors and to employees of its Manager and Servicer as set forth the table below: Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nine months ended September 30, 2021 December 31, 2020 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (2,000) 12.00 Shares forfeited — — — — Shares granted — — 2,000 12.00 March 31, 2021 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (8,000) 12.60 Shares forfeited — — — — Shares granted — — 16,000 12.60 June 30, 2021 outstanding unvested share grants 163,083 $ 11.07 8,000 $ 12.60 Shares vested (65,305) 11.74 — — Shares forfeited (14,168) 10.88 — — Shares granted 152,700 12.79 — — September 30, 2021 outstanding unvested share grants 236,310 $ 12.01 8,000 $ 12.60 Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nine months ended September 30, 2020 December 31, 2019 outstanding unvested share grants 114,334 $ 13.83 — $ — Shares vested — — — — Shares forfeited — — — — Shares granted — — — — March 31, 2020 outstanding unvested share grants 114,334 $ 13.83 — $ — Shares vested — — — — Shares forfeited — — — — Shares granted — — — — June 30, 2020 outstanding unvested share grants 114,334 $ 13.83 — $ — Shares vested (50,334) 13.86 — — Shares forfeited (2,000) 12.06 — — Shares granted 108,750 9.55 — — September 30, 2020 outstanding unvested share grants 170,750 $ 11.11 — $ —
Schedule of restricted stock plan grants, expense	The following table presents the expenses for the Company's restricted stock plan for the years ended ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Restricted stock grants $ 230 $ 187 $ 644 $ 535 Director grants 25 — 167 — Total expenses for plan grants $ 255 $ 187 $ 811 $ 535

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Three months ended September 30, 2020 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 9,313 22,862,429 $ 5,280 22,844,192 Allocation of earnings to participating restricted shares (92) — (33) — Consolidated net income attributable to unrestricted common stockholders $ 9,221 22,862,429 $ 0.40 $ 5,247 22,844,192 $ 0.23 Effect of dilutive securities (1) Restricted stock grants and Manager and director fee shares 92 229,291 33 145,424 Interest expense (add back) and assumed conversion of shares from convertible senior notes (2) 2,237 7,315,929 — — Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 11,550 30,407,649 $ 0.38 $ 5,280 22,989,616 $ 0.23 (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, 2021 and September 30, 2020, and have not been included in the calculation. (2) The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended September 30, 2020 would have been anti-dilutive and has been removed from the calculation. Nine months ended September 30, 2021 Nine months ended September 30, 2020 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 26,695 22,835,237 $ 11,922 22,575,480 Allocation of earnings to participating restricted shares (222) — (68) — Consolidated net income attributable to unrestricted common stockholders $ 26,473 22,835,237 $ 1.16 $ 11,854 22,575,480 $ 0.53 Effect of dilutive securities (1,2) Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) 6,836 7,451,376 — — Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 33,309 30,286,613 $ 1.10 $ 11,854 22,575,480 $ 0.53 (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, 2021 and 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, 2021 and September 30, 2020 would have been anti-dilutive and have not been included in the calculation.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
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 income on the Company’s balance sheet at September 30, 2021 and December 31, 2020 was as follows ($ in thousands): Investments in securities: September 30, 2021 December 31, 2020 Unrealized gains $ 3,621 $ 1,152 Unrealized losses (203) (777) Accumulated other comprehensive income $ 3,418 $ 375
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): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Decrease from redemption of 2018-C $ — $ — $ (8,306) $ — Decrease from the distribution resulting from the refinancing of substantially all of 2017-D (307) — (17,171) — Change in non-controlling interest $ (307) $ — $ (25,477) $ —

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	Apr. 06, 2020USD ($)	Nov. 22, 2019USD ($)$ / sharesshares	Sep. 30, 2021USD ($)paymententity	Sep. 30, 2020USD ($)	Jun. 30, 2021	Dec. 31, 2020entity	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
Proceeds from issuance of preferred stock and warrants, net of offering costs | $	$ 125,000,000		$ 0	$ 124,976,000
Number of non controlling interest subsidiaries | entity			3			4
Delaware Trust
Organization And Basis Of Presentation [Line Items]
Ownership percentage			5.00%
Investment in AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Percentage of additional ownership in joint venture obtained			53.10%			53.10%
Investment in AS Ajax E II LLC | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Percentage of additional ownership in joint venture obtained			53.10%			53.10%
Investment in AS Ajax E II LLC | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by third parties			46.90%
2017-D
Organization And Basis Of Presentation [Line Items]
Percentage of additional ownership in joint venture obtained			50.00%
2017-D | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent			50.00%			50.00%
Great Ajax II REIT | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent			99.90%			99.90%
Great Ajax II REIT | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by third parties			0.10%			0.10%
2018-C
Organization And Basis Of Presentation [Line Items]
Percentage of additional ownership in joint venture obtained			37.00%		37.00%		37.00%
2018-C | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent			100.00%			63.00%
2018-C | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by third parties			0.00%
Servicer
Organization And Basis Of Presentation [Line Items]
Ownership percentage			8.00%
Thetis Asset Management LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage			19.80%
Gaea Real Estate Corp.
Organization And Basis Of Presentation [Line Items]
Ownership percentage		23.20%	22.80%
Proceeds from issuance of preferred stock and warrants, net of offering costs | $		$ 66,300,000
Private placement share issuance (in shares) | shares		4,419,641
Purchase price per share (in usd per share) | $ / shares		$ 15
Gaea Real Estate Corp. | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by third parties		76.80%	77.20%
Maximum
Organization And Basis Of Presentation [Line Items]
Principal balance of small balance commercial mortgage loans (up to) | $			$ 5,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)

Apr. 06, 2020USD ($)

Jan. 01, 2020USD ($)

Jun. 07, 2016

Jun. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Sep. 30, 2020USD ($)$ / sharesshares

Jun. 30, 2020USD ($)$ / sharesshares

Mar. 31, 2020USD ($)

Sep. 30, 2021USD ($)Segment$ / sharesshares

Sep. 30, 2020USD ($)$ / sharesshares

Dec. 31, 2020USD ($)$ / sharesshares

Nov. 19, 2018USD ($)

Aug. 18, 2017USD ($)

Apr. 25, 2017USD ($)

Summary Of Significant Accounting Policies [Line Items]

Amount of loan discount reclassified

$ (10,200,000)

Proceeds from issuance of preferred stock and warrants, net of offering costs

$ 125,000,000

$ 0

$ 124,976,000

Preferred stock, par value per share (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Preferred stock, liquidation preference per share (in dollars per share) | $ / shares

$ 25

$ 25

Warrant term

5 years

Class of warrant or right, outstanding (in shares) | shares

6,500,000

6,500,000

6,500,000

6,500,000

Investment warrants, exercise price (in dollars per share) | $ / shares

$ 10

Warrants original basis

$ 9,500,000

$ 9,500,000

Convertible notes payable

$ 5,000,000

$ 2,500,000

$ 2,500,000

0

$ 8,000,000

$ 0

$ 2,500,000

Payments for repurchase of convertible notes

5,100,000

2,400,000

2,300,000

8,200,000

2,300,000

Convertible senior notes repurchase

$ 0

$ 0

0

$ 81,000

Percentage of incentive fees payable in cash

100.00%

Minimum assets with banking institutions

$ 1,000,000,000

Property held-for-sale

6,100,000

$ 7,800,000

Rental properties

0

700,000

Put option liability

$ 20,843,000

$ 14,205,000

Loans and securities, credit loss expenses

400,000

1,300,000

Loss from loan settlement

700,000

Loan transaction expense

$ 200,000

$ 200,000

Number of operating segments | Segment

1

Restricted stock | Granted in 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Vesting period

4 years

Restricted stock | Granted Prior to 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Vesting period

3 years

Restricted stock | Share-based Payment Arrangement, Tranche One | Granted in 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

25.00%

Restricted stock | Share-based Payment Arrangement, Tranche One | Granted Prior to 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

33.33%

Restricted stock | Share-based Payment Arrangement, Tranche Two | Granted in 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

25.00%

Restricted stock | Share-based Payment Arrangement, Tranche Two | Granted Prior to 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

33.33%

Restricted stock | Share-based Payment Arrangement, Tranche Three | Granted in 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

25.00%

Restricted stock | Share-based Payment Arrangement, Tranche Three | Granted Prior to 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

33.33%

Restricted stock | Share-based Payment Arrangement, Tranche Four | Granted in 2021 | Employees

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

25.00%

2014 Director Equity Plan

Summary Of Significant Accounting Policies [Line Items]

Number of shares available under for distribution (in shares) | shares

60,000

Percentage of annual retainer received in shares

40.00%

Percentage of annual retainer received in cash

60.00%

2014 Director Equity Plan | Restricted stock

Summary Of Significant Accounting Policies [Line Items]

Annual retainer amount

$ 100,000

Long Term Incentive Plan | Restricted stock | IPO

Summary Of Significant Accounting Policies [Line Items]

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

2,000

2016 Equity Incentive Plan

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

5.00%

2016 Equity Incentive Plan | Share-based Payment Arrangement, Tranche One | Granted in 2021

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

25.00%

2016 Equity Incentive Plan | Share-based Payment Arrangement, Tranche One | Granted Prior to 2021

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

33.33%

2016 Equity Incentive Plan | Share-based Payment Arrangement, Tranche Two | Granted in 2021

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

25.00%

2016 Equity Incentive Plan | Share-based Payment Arrangement, Tranche Two | Granted Prior to 2021

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

33.33%

2016 Equity Incentive Plan | Share-based Payment Arrangement, Tranche Three | Granted in 2021

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

25.00%

2016 Equity Incentive Plan | Share-based Payment Arrangement, Tranche Three | Granted Prior to 2021

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

33.33%

2016 Equity Incentive Plan | Share-based Payment Arrangement, Tranche Four | Granted in 2021

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding shares on a fully diluted basis (up to)

25.00%

Servicer | Servicing agreement

Summary Of Significant Accounting Policies [Line Items]

Percentage of fair market value of REO

1.00%

Percentage of purchase price of REO

1.00%

Renewal term

1 year

Thetis Asset Management LLC | Amended and restated management agreement

Summary Of Significant Accounting Policies [Line Items]

Period of common shares held as base management fee (at least)

3 years

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

Cumulative discount

$ 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

Put option

Summary Of Significant Accounting Policies [Line Items]

Present value of put liability

$ 50,700,000

$ 50,700,000

Put option liability term

39 months

Preferred stock - Series A shares

Summary Of Significant Accounting Policies [Line Items]

Preferred stock, shares issued (in shares) | shares

2,307,400

2,307,400

2,307,400

Preferred stock, fixed-to-floating rate cumulative redeemable

7.25%

7.25%

Preferred stock, par value per share (in dollars per share) | $ / shares

$ 25

Preferred stock, liquidation preference per share (in dollars per share) | $ / shares

$ 25

$ 25

Preferred stock - Series B shares

Summary Of Significant Accounting Policies [Line Items]

Preferred stock, shares issued (in shares) | shares

2,892,600

2,892,600

2,892,600

Preferred stock, fixed-to-floating rate cumulative redeemable

5.00%

5.00%

Preferred stock, par value per share (in dollars per share) | $ / shares

$ 25

Preferred stock, liquidation preference per share (in dollars per share) | $ / shares

$ 25

$ 25

Minimum | Servicer | Servicing agreement

Summary Of Significant Accounting Policies [Line Items]

Servicing fees percentage

0.65%

Maximum

Summary Of Significant Accounting Policies [Line Items]

Estimated useful lives of an assets

27 years 6 months

Maximum | Servicer | Servicing agreement

Summary Of Significant Accounting Policies [Line Items]

Servicing fees percentage

1.25%

Mortgage Loans - Schedule of lo

Mortgage Loans - Schedule of loan portfolio basis by asset type (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net	[1],[2]	$ 976,351	$ 1,119,372
Mortgage loans held-for-sale, net		30,963	0
SBC loans
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		24,361	23,194
Mortgage loans held-for-sale, net		0	0
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		834,309	1,057,454
Mortgage loans held-for-sale, net		30,963	0
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		117,681	38,724
Mortgage loans held-for-sale, net		$ 0	$ 0
[1]	As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2]	Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 30, 2021 and December 31, 2020, 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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details)		Jan. 01, 2020USD ($)	Sep. 30, 2021USD ($)loanloanPool	Jun. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2021USD ($)loanloanPool	Sep. 30, 2020USD ($)loan	Dec. 31, 2020USD ($)loanPool	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net	[1],[2]		$ 976,351,000			$ 976,351,000		$ 1,119,372,000
Allowance for loan credit losses			13,876,000	$ 9,833,000	$ 15,154,000	13,876,000	$ 15,154,000	$ 13,712,000	$ 14,450,000	$ 1,960,000
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows			908,000		2,996,000	9,148,000	2,902,000
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows					3,000,000	(9,148,000)	(2,902,000)
Interest income			$ 16,600,000		$ 21,200,000	$ 58,100,000	61,100,000
Number of sold loans | loan			0		0
Collateral value							44,200,000
Beginning period adjustment for CECL adoption		$ 10,200,000
Number of loan pools | loanPool			5			5		6
Number of remaining loans | loan				22
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations			$ 1,175,000		$ (2,137,000)	$ (2,607,000)	(3,870,000)
Mortgage loans held-for-sale, net			$ 30,963,000			30,963,000		$ 0
SBC loans acquired at or near origination
Mortgage Loans on Real Estate
Aggregate unpaid principal balance of mortgage loans on real estate					$ 1,900,000	$ 3,600,000	$ 1,900,000
Number of originated SBC loans acquired | loan			0		2	1	2
2017-D
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net			$ 129,200,000			$ 129,200,000		133,896,000
Aggregate unpaid principal balance of mortgage loans on real estate			133,800,000			$ 133,800,000
Number of sold loans | loan				760		760
Non-PCD
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net			$ 31,450,000			$ 31,450,000		$ 29,421,000
Number of loan pools | loanPool			1			1		1
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net			$ 834,309,000			$ 834,309,000		$ 1,057,454,000
Number of mortgage loans on real estate | loan			4		244	241	270
Aggregate unpaid principal balance of mortgage loans on real estate			$ 500,000		$ 46,300,000	$ 41,700,000	$ 48,200,000
Mortgage loans held-for-sale, net			30,963,000			30,963,000		0
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net			$ 117,681,000			$ 117,681,000		38,724,000
Number of mortgage loans on real estate | loan			364		1	367	2
Aggregate unpaid principal balance of mortgage loans on real estate			$ 90,900,000		$ 500,000	$ 91,500,000	$ 700,000
Mortgage loans held-for-sale, net			0			0		0
RPLs, NPLs, and originated SBCs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net			976,400,000			976,400,000		1,100,000,000
RPLs Held-for-Sale
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net			$ 31,000,000			$ 31,000,000		$ 0
[1]	As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2]	Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 30, 2021 and December 31, 2020, 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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, respectively.

Mortgage Loans - Schedule of _2

Mortgage Loans - Schedule of loan basis by year of origination (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	$ 976,351	$ 1,119,372
Mortgage loans held-for-sale, net	30,963	0
Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	539,596	424,997
California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	62,934	88,788
2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		173,221
2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		133,896
7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	143,727	142,235
4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	198,644	126,814
Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	31,450	29,421
Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	30,963
2021
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	13,686
2021 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
2021 | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
2021 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
2021 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0
2021 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	13,686
2021 | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	0
2020
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	10,492	24,480
2020 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	762	0
2020 | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0	2,221
2020 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2020 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2020 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0	0
2020 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	109	872
2020 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	9,621	21,387
2020 | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	0
2019
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	9,760	7,998
2019 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	180	0
2019 | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,265	952
2019 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2019 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2019 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	933	911
2019 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,802	1,397
2019 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	4,580	4,738
2019 | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	332
2018
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	3,718	4,293
2018 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	697	257
2018 | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	632	1,484
2018 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2018 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2018 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	108	434
2018 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,203	2,054
2018 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	78	64
2018 | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	0
2017
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	3,935	3,800
2017 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	329	488
2017 | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	370	362
2017 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2017 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		121
2017 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	435	0
2017 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	209	336
2017 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,592	2,493
2017 | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	0
2016
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	2,688	4,520
2016 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	1,749	1,991
2016 | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	0	0
2016 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2016 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		0
2016 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	449	2,125
2016 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	366	305
2016 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	124	99
2016 | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	0
2009-2015
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	91,802	99,504
2009-2015 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	47,403	41,746
2009-2015 | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	4,019	5,292
2009-2015 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		14,100
2009-2015 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		6,826
2009-2015 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	14,274	17,520
2009-2015 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	25,373	13,409
2009-2015 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	733	611
2009-2015 | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	4,602
2006-2008
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	615,446	721,689
2006-2008 | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	357,311	280,606
2006-2008 | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	44,297	60,393
2006-2008 | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		119,343
2006-2008 | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		94,711
2006-2008 | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	95,403	88,414
2006-2008 | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	118,411	78,202
2006-2008 | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	24	20
2006-2008 | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	16,545
2005 and prior
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	224,824	253,088
2005 and prior | Great Ajax II REIT
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	131,165	99,909
2005 and prior | California
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	12,351	18,084
2005 and prior | 2018-C
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		39,778
2005 and prior | 2017-D
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis		32,238
2005 and prior | 7f7 and better
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	32,125	32,831
2005 and prior | 4f4-6f6 and below
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	49,171	30,239
2005 and prior | Non-PCD
Mortgage Loans [Line Items]
Mortgage loan portfolio by basis	12	$ 9
2005 and prior | Ajax N Trust
Mortgage Loans [Line Items]
Mortgage loans held-for-sale, net	$ 9,484

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Mortgage Loans on Real Estate
Allowance	$ (5,962)	$ (1,272)	$ (7,689)	$ (1,276)
PCD Loans
Mortgage Loans on Real Estate
Par	91,392	46,811	133,245	47,038
Premium/(discount)	2,582	(3,901)	(737)	(3,938)
Allowance	(5,962)	(1,272)	(7,689)	(1,276)
Purchase Price	88,012	41,638	124,819	41,824
Non-PCD
Mortgage Loans on Real Estate
Par	0	1,859	3,611	3,811
Premium/(discount)	0	(41)	(8)	(788)
Allowance	0	0	0	0
Purchase Price	$ 0	$ 1,818	$ 3,603	$ 3,023

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning of period	$ (9,833)	$ (14,450)	$ (13,712)	$ (1,960)
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations	1,175	(2,137)	(2,607)	(3,870)
Increase in allowance for expected credit losses for loan acquisitions	(5,962)	(1,272)	(7,689)	(1,276)
Credit loss expense on mortgage loans	(164)	(291)	(757)	(794)
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows	908	2,996	9,148	2,902
Reversal of allowance upon reclass of pool 2017-D to mortgage loans held-for-sale, net	0	0	1,741	0
Allowance for expected credit losses, end of period	(13,876)	(15,154)	(13,876)	(15,154)
Beginning period adjustment for CECL adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning of period	$ 0	$ 0	$ 0	$ 10,156

Mortgage Loans - Schedule of ca

Mortgage Loans - Schedule of carrying value of mortgage loans (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate
Carrying value of mortgages	[1],[2]	$ 976,351	$ 1,119,372
Mortgage loans held-for-sale, net		30,963	0
Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		539,596	424,997
2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages			173,221
2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages		129,200	133,896
California
Mortgage Loans on Real Estate
Carrying value of mortgages		62,934	88,788
7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		143,727	142,235
4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		198,644	126,814
Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		31,450	29,421
Ajax N Trust
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net		30,963
Current
Mortgage Loans on Real Estate
Carrying value of mortgages		626,451	591,538
Mortgage loans held-for-sale, net		16,940
Current | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		474,914	311,941
Current | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages			70,034
Current | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages			58,198
Current | California
Mortgage Loans on Real Estate
Carrying value of mortgages		28,456	42,214
Current | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		68,210	72,613
Current | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		24,164	13,976
Current | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		30,707	22,562
Current | Ajax N Trust
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net		16,940
30
Mortgage Loans on Real Estate
Carrying value of mortgages		53,203	132,248
Mortgage loans held-for-sale, net		1,899
30 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		22,649	48,266
30 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages			20,541
30 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages			24,906
30 | California
Mortgage Loans on Real Estate
Carrying value of mortgages		4,880	7,660
30 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		21,403	14,003
30 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		4,271	10,773
30 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		0	6,099
30 | Ajax N Trust
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net		1,899
60
Mortgage Loans on Real Estate
Carrying value of mortgages		37,581	72,475
Mortgage loans held-for-sale, net		1,338
60 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		11,594	19,559
60 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages			15,300
60 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages			12,437
60 | California
Mortgage Loans on Real Estate
Carrying value of mortgages		5,270	5,519
60 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		15,374	12,447
60 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		5,331	7,157
60 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		12	56
60 | Ajax N Trust
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net		1,338
90
Mortgage Loans on Real Estate
Carrying value of mortgages		197,528	277,115
Mortgage loans held-for-sale, net		9,108
90 | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		28,018	43,364
90 | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages			57,538
90 | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages			36,106
90 | California
Mortgage Loans on Real Estate
Carrying value of mortgages		17,436	29,343
90 | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		38,299	41,383
90 | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		113,691	68,677
90 | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		84	704
90 | Ajax N Trust
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net		9,108
Foreclosure
Mortgage Loans on Real Estate
Carrying value of mortgages		61,588	45,996
Mortgage loans held-for-sale, net		1,678
Foreclosure | Great Ajax II REIT
Mortgage Loans on Real Estate
Carrying value of mortgages		2,421	1,867
Foreclosure | 2018-C
Mortgage Loans on Real Estate
Carrying value of mortgages			9,808
Foreclosure | 2017-D
Mortgage Loans on Real Estate
Carrying value of mortgages			2,249
Foreclosure | California
Mortgage Loans on Real Estate
Carrying value of mortgages		6,892	4,052
Foreclosure | 7f7 and better
Mortgage Loans on Real Estate
Carrying value of mortgages		441	1,789
Foreclosure | 4f4-6f6 and below
Mortgage Loans on Real Estate
Carrying value of mortgages		51,187	26,231
Foreclosure | Non-PCD
Mortgage Loans on Real Estate
Carrying value of mortgages		647	$ 0
Foreclosure | Ajax N Trust
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net		$ 1,678
[1]	As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2]	Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 30, 2021 and December 31, 2020, 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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, respectively.

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2021USD ($)property		Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property		Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)property		Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Net investments in real estate	$ 6,097,000	[1]	$ 7,208,000	$ 6,097,000	[1]	$ 7,208,000	$ 8,526,000	[1]	$ 4,768,000	$ 8,233,000	$ 15,071,000
Property held-for-sale	6,100,000			6,100,000			7,800,000
Rental properties	$ 0			0			700,000
Real estate held for sale improvements				$ 400,000			$ 300,000
Number of properties owned | property				31			38
Number of held-for-sale properties | property				31			32
Number of rental properties | property				0			6
Number of held-for-sale residential properties disposed | property	4		7	24		40
Gain (loss) on sale of property				$ 572,000		$ 957,000
Real estate impairment	$ 100,000		$ 200,000	200,000		1,200,000
Other income
Real Estate [Line Items]
Gain (loss) on sale of property	400,000		$ 200,000	600,000		$ 1,000,000
Carrying value
Real Estate [Line Items]
Net investments in real estate	6,100,000			6,100,000			$ 8,500,000
Property held-for-sale	$ 6,097,000			$ 6,097,000			$ 7,807,000
[1]	Real estate owned properties, net, are presented net of valuation allowances of $0.4 million and $1.4 million at September 30, 2021 and December 31, 2020, 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, 2021USD ($)property		Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property		Sep. 30, 2020USD ($)property
Count
Balance at beginning of period | property	25		42	38		68
Net transfers from mortgage loans | property	10		5	17		12
Adjustments to record at lower of cost or fair value  | property	0		0	0		0
Depreciation on rental properties | property	0		0	0		0
Disposals | property	(4)		(7)	(24)		(40)
Other | property	0		0	0		0
Balance at end of period | property	31		40	31		40
Amount
Balance at beginning of period | $	$ 4,768		$ 8,233	$ 8,526	[1]	$ 15,071
Net transfers from mortgage loans | $	1,739		603	3,013		1,515
Adjustments to record at lower of cost or fair value  | $	78		(156)	(170)		(1,156)
Depreciation on rental properties | $	(1)		(7)	(7)		(23)
Disposals | $	(487)		(1,416)	(5,265)		(8,143)
Other | $	0		(49)	0		(56)
Balance at end of period | $	$ 6,097	[1]	$ 7,208	$ 6,097	[1]	$ 7,208
[1]	Real estate owned properties, net, are presented net of valuation allowances of $0.4 million and $1.4 million at September 30, 2021 and December 31, 2020, respectively.

Investments - Available-for-sal

Investments - Available-for-sale (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Gross unrealized gains		$ 3,600	$ 1,200
Gross unrealized losses		(200)	(800)
Interest receivable on securities		200	200
Debt securities
Debt Securities, Available-for-sale [Line Items]
Basis		336,664	273,459
Gross unrealized gains		3,621	1,152
Gross unrealized losses		(203)	(777)
Carrying value		340,082	273,834
Beneficial interests in securitization trusts
Debt Securities, Available-for-sale [Line Items]
Basis		139,494	91,418
Gross unrealized gains		0	0
Gross unrealized losses		0	0
Carrying value	[1]	139,494	91,418
Accumulated net investment gain (loss) attributable to noncontrolling interest
Debt Securities, Available-for-sale [Line Items]
Basis		476,158	364,877
Gross unrealized gains		3,621	1,152
Gross unrealized losses		(203)	(777)
Carrying value		$ 479,576	$ 365,252
[1]	Investments in beneficial interests includes allowance for expected credit losses of $0.6 million and $4.5 million at September 30, 2021 and December 31, 2020, respectively.

Investments - Debt Securities A

Investments - Debt Securities Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	$ (200)	$ (800)
Debt securities due September 2059
Investments, Debt and Equity Securities [Line Items]
Basis	9,159	22,216
Gross unrealized losses	(203)	(238)
Carrying value	8,956	21,978
Debt securities due September 2059 | Unrealized loss 12 months or longer
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(100)
Debt securities due September 2059 | Unrealized loss less than 12 months
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(200)
Debt securities due November 2059
Investments, Debt and Equity Securities [Line Items]
Basis		14,738
Gross unrealized losses		(61)
Carrying value		14,677
Debt securities due December 2059
Investments, Debt and Equity Securities [Line Items]
Basis		47,270
Gross unrealized losses		(315)
Carrying value		46,955
Debt securities due September 2060
Investments, Debt and Equity Securities [Line Items]
Basis		34,970
Gross unrealized losses		(44)
Carrying value		34,926
Debt securities due June 2060
Investments, Debt and Equity Securities [Line Items]
Basis		35,127
Gross unrealized losses		(119)
Carrying value		35,008
Total basis
Investments, Debt and Equity Securities [Line Items]
Basis	9,159	154,321
Total gross unrealized losses
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	(203)	(777)
Total carrying value (fair value)
Investments, Debt and Equity Securities [Line Items]
Carrying value	$ 8,956	$ 153,544

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)		Jan. 01, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Gross unrealized gains			$ 3,600,000		$ 3,600,000		$ 1,200,000
Gross unrealized loss			200,000		200,000		800,000
Investment In securities			54,700,000	$ 83,400,000	287,600,000	$ 144,700,000
Provision for credit losses		$ 10,200,000
Financial Asset, Past Due
Debt Securities, Available-for-sale [Line Items]
Securities past due			0		0		0
Beneficial interests in securitization trusts
Debt Securities, Available-for-sale [Line Items]
Provision for credit losses		$ (1,700,000)
Reversal of provision for credit losses			2,800,000	1,400,000	4,800,000	1,700,000
Beneficial interests in securitization trusts
Debt Securities, Available-for-sale [Line Items]
Investment in beneficial interests			3,200,000	12,200,000	42,700,000	19,300,000
Senior notes
Debt Securities, Available-for-sale [Line Items]
Investment in senior notes			43,200,000	66,000,000	213,100,000	115,600,000
Subordinated debt
Debt Securities, Available-for-sale [Line Items]
Investment in subordinate notes			8,300,000	$ 5,200,000	31,800,000	$ 9,800,000
Beneficial interests in securitization trusts
Debt Securities, Available-for-sale [Line Items]
Gross unrealized gains			0		0		0
Gross unrealized loss			0		0		0
Carrying value	[1]		$ 139,494,000		$ 139,494,000		$ 91,418,000
[1]	Investments in beneficial interests includes allowance for expected credit losses of $0.6 million and $4.5 million at September 30, 2021 and December 31, 2020, 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Par	$ 5,177	$ 15,349	$ 51,662	$ 27,319
Premium/(discount)	(1,346)	(2,899)	(6,771)	(5,234)
Allowance	(618)	(225)	(2,211)	(2,778)
Purchase Price	$ 3,213	$ 12,225	$ 42,680	$ 19,307

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	$ (2,959)	$ (6,959)	$ (4,453)	$ 0
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations	274	0	1,709	(2,553)
Increase in allowance for expected credit losses for acquisitions	(618)	(225)	(2,211)	(2,778)
Credit loss expense on beneficial interests	(85)	(141)	(440)	(570)
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows	2,770	1,443	4,777	1,687
Allowance for expected credit losses, ending balance	(618)	(5,882)	(618)	(5,882)
Beginning period adjustment for CECL adoption
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	$ 0	$ 0	$ 0	$ (1,668)

Fair Value - Schedule of Recurr

Fair Value - Schedule of Recurring Financial Assets and Liabilities (Details) - Fair value, recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value	$ 0	$ 0
Put option liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value	340,082	273,834
Put option liability	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value	0	0
Put option liability	20,843	14,205
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value - carrying value	340,082	273,834
Put option liability - carrying value	$ 20,843	$ 14,205

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Financial assets
Mortgage loans held-for-investment, net	[1],[2]	$ 976,351	$ 1,119,372
Mortgage loans held-for-sale, net		30,963	0
Financial liabilities
Borrowings under repurchase transactions		399,340	421,132
Convertible senior notes, net	[3]	103,754	110,057
Level 1 - Quoted prices in active markets
Financial assets
Mortgage loans, net fair value		0	0
Mortgage loans held-for-sale, net		0
Financial liabilities
Secured borrowings, fair value		0	0
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		111,227	110,675
Level 1 - Quoted prices in active markets | Investment in Manager
Financial assets
Investments in affiliates, fair value		0	0
Level 1 - Quoted prices in active markets | Investment in AS Ajax E LLC
Financial assets
Investments in affiliates, fair value		0	0
Level 1 - Quoted prices in active markets | Investment in AS Ajax E II LLC
Financial assets
Investments in affiliates, fair value		0	0
Level 1 - Quoted prices in active markets | Great Ajax F S
Financial assets
Investments in affiliates, fair value		0	0
Level 1 - Quoted prices in active markets | Gaea Real Estate Corp.
Financial assets
Investments in affiliates, fair value		0	0
Level 1 - Quoted prices in active markets | Investment in Loan pool LLCs
Financial assets
Investments in affiliates, fair value		0	0
Level 1 - Quoted prices in active markets | Beneficial interests in securitization trusts
Financial assets
Investments, fair value disclosure		0	0
Level 2 - Observable inputs other than Level 1 prices
Financial assets
Mortgage loans, net fair value		0	0
Mortgage loans held-for-sale, net		0
Financial liabilities
Secured borrowings, fair value		624,743	586,419
Borrowings under repurchase agreement, fair value		399,340	421,132
Convertible senior notes, net, fair value		0	0
Level 2 - Observable inputs other than Level 1 prices | Investment in Manager
Financial assets
Investments in affiliates, fair value		0	0
Level 2 - Observable inputs other than Level 1 prices | Investment in AS Ajax E LLC
Financial assets
Investments in affiliates, fair value		761	934
Level 2 - Observable inputs other than Level 1 prices | Investment in AS Ajax E II LLC
Financial assets
Investments in affiliates, fair value		2,958	3,484
Level 2 - Observable inputs other than Level 1 prices | Great Ajax F S
Financial assets
Investments in affiliates, fair value		0	0
Level 2 - Observable inputs other than Level 1 prices | Gaea Real Estate Corp.
Financial assets
Investments in affiliates, fair value		0	0
Level 2 - Observable inputs other than Level 1 prices | Investment in Loan pool LLCs
Financial assets
Investments in affiliates, fair value		0	0
Level 2 - Observable inputs other than Level 1 prices | Beneficial interests in securitization trusts
Financial assets
Investments, fair value disclosure		0	0
Level 3 - Unobservable inputs
Financial assets
Mortgage loans, net fair value		1,059,040	1,232,081
Mortgage loans held-for-sale, net		33,429
Financial liabilities
Secured borrowings, fair value		0	0
Borrowings under repurchase agreement, fair value		0	0
Convertible senior notes, net, fair value		0	0
Level 3 - Unobservable inputs | Investment in Manager
Financial assets
Investments in affiliates, fair value		12,379	11,709
Level 3 - Unobservable inputs | Investment in AS Ajax E LLC
Financial assets
Investments in affiliates, fair value		0	0
Level 3 - Unobservable inputs | Investment in AS Ajax E II LLC
Financial assets
Investments in affiliates, fair value		0	0
Level 3 - Unobservable inputs | Great Ajax F S
Financial assets
Investments in affiliates, fair value		3,320	3,320
Level 3 - Unobservable inputs | Gaea Real Estate Corp.
Financial assets
Investments in affiliates, fair value		20,287	19,150
Level 3 - Unobservable inputs | Investment in Loan pool LLCs
Financial assets
Investments in affiliates, fair value		672	701
Level 3 - Unobservable inputs | Beneficial interests in securitization trusts
Financial assets
Investments, fair value disclosure		139,494	91,418
Carrying value
Financial assets
Mortgage loans held-for-investment, net		976,351	1,119,372
Mortgage loans held-for-sale, net		30,963
Financial liabilities
Secured borrowings, net		612,592	585,403
Borrowings under repurchase transactions		399,340	421,132
Convertible senior notes, net		103,754	110,057
Carrying value | Investment in Manager
Financial assets
Investments In affiliates		1,569	1,366
Carrying value | Investment in AS Ajax E LLC
Financial assets
Investments In affiliates		611	776
Carrying value | Investment in AS Ajax E II LLC
Financial assets
Investments In affiliates		2,755	3,381
Carrying value | Great Ajax F S
Financial assets
Investments In affiliates		2,619	2,711
Carrying value | Gaea Real Estate Corp.
Financial assets
Investments In affiliates		19,670	20,001
Carrying value | Investment in Loan pool LLCs
Financial assets
Investments In affiliates		240	381
Carrying value | Beneficial interests in securitization trusts
Financial assets
Investments In affiliates		$ 139,494	$ 91,418
[1]	As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2]	Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 30, 2021 and December 31, 2020, 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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, respectively.
[3]	Secured borrowings, net are presented net of deferred issuance costs of $8.3 million at September 30, 2021 and $5.4 million at December 31, 2020. Convertible senior notes, net are presented net of deferred issuance costs of $2.1 million at September 30, 2021 and $3.3 million at December 31, 2020.

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants original basis	$ 9.5	$ 9.5
Put option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Present value of put liability	$ 50.7	$ 50.7
Put option liability term	39 months

Fair Value - Schedule of Non Fi

Fair Value - Schedule of Non Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	$ 6,100	$ 7,800
Level 1 - Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	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	0	0
Level 3 - Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	6,097	7,807
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	6,097	7,807
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	$ (170)	$ (1,359)

Affiliates - Narrative (Details

Affiliates - Narrative (Details) $ in Thousands	Apr. 06, 2020USD ($)	Nov. 22, 2019USD ($)shares	May 29, 2018USD ($)warrantshares	Jan. 26, 2018USD ($)warrantshares	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)loanPool	Dec. 31, 2018transaction	Jun. 30, 2021	Dec. 31, 2020	Mar. 14, 2016
Schedule of Equity Method Investments [Line Items]
Proceeds from issuance of preferred stock and warrants, net of offering costs	$ 125,000				$ 0	$ 124,976
Investment in AS Ajax E II LLC
Schedule of Equity Method Investments [Line Items]
Percentage of additional ownership in joint venture obtained					53.10%					53.10%
2017-D
Schedule of Equity Method Investments [Line Items]
Percentage of additional ownership in joint venture obtained					50.00%
2018-C
Schedule of Equity Method Investments [Line Items]
Percentage of additional ownership in joint venture obtained					37.00%			37.00%	37.00%
Investment in Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Ownership percentage							40.40%
Number of entities | loanPool							3
Cash payment in business acquisition							$ 1,000
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					8.00%
Cash payment in business acquisition			$ 700	$ 1,100
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%
Number of shares (in shares) | shares			29,063	45,938
Common stock value			$ 400	$ 600
Third party | Investment in AS Ajax E II LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage by third parties					46.90%
Third party | Great Ajax II REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage by third parties					0.10%					0.10%
Third party | 2018-C
Schedule of Equity Method Investments [Line Items]
Ownership percentage by third parties					0.00%
Great Ajax Corp | Investment in AS Ajax E II LLC
Schedule of Equity Method Investments [Line Items]
Percentage of additional ownership in joint venture obtained					53.10%					53.10%
Great Ajax Corp | 2017-D
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent					50.00%					50.00%
Great Ajax Corp | Great Ajax II REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent					99.90%					99.90%
Great Ajax Corp | 2018-C
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent					100.00%					63.00%
Gaea Real Estate Corp.
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 (in shares) | shares		4,419,641
Ownership percentage		23.20%			22.80%
Gaea Real Estate Corp. | Third party
Schedule of Equity Method Investments [Line Items]
Ownership percentage by third parties		76.80%			77.20%
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					5.00%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					16.50%					16.50%	24.20%
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					19.80%
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage					100.00%

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Income/(loss) from investments in affiliates	$ 90	$ (25)	$ 610	$ (465)
Assets at Company share	1,648,088		1,648,088		$ 1,653,732
Liabilities at Company share	1,144,983		1,144,983		1,139,241
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	665	378	2,945	(1,837)
Income/(loss) from investments in affiliates	132	75	583	(364)
Assets at Company share	2,084		2,084		1,887
Liabilities at Company share	471		471		420
Thetis Asset Management LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	10,524		10,524		9,531
Thetis Asset Management LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	2,378		2,378		2,122
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	66	52	162	151
Income/(loss) from investments in affiliates	11	9	27	25
Assets at Company share	625		625		791
Liabilities at Company share	0		0		0
AS Ajax E LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	3,797		3,797		4,808
AS Ajax E LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	2		2		2
Investment in Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(41)	(114)	(92)	27
Income/(loss) from investments in affiliates	(16)	(46)	(37)	10
Assets at Company share	897		897		973
Liabilities at Company share	1,619		1,619		1,595
Investment in Loan pool LLCs | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	2,234		2,234		2,423
Investment in Loan pool LLCs | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	4,018		4,018		3,961
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(123)	60	136	320
Income/(loss) from investments in affiliates	(28)	14	32	74
Assets at Company share	21,195		21,195		21,729
Liabilities at Company share	2,572		2,572		2,729
Gaea Real Estate Corp. | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	92,877		92,877		94,639
Gaea Real Estate Corp. | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	11,270		11,270		11,886
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(460)	(1,454)	(1,148)	(4,004)
Income/(loss) from investments in affiliates	(37)	$ (116)	(92)	$ (320)
Assets at Company share	4,362		4,362		4,523
Liabilities at Company share	2,820		2,820		2,888
Great Ajax FS LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	54,529		54,529		56,532
Great Ajax FS LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	$ 35,251		$ 35,251		$ 36,101

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	Apr. 06, 2020USD ($)	Jun. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)loan$ / sharesshares	Sep. 30, 2020USD ($)shares	Dec. 31, 2020$ / sharesshares
Mortgage Loans on Real Estate
Proceeds from issuance of preferred stock and warrants, net of offering costs	$ 125,000,000		$ 0	$ 124,976,000
Preferred stock, par value per share (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Warrant term		5 years
Class of warrant or right, outstanding (in shares) | shares		6,500,000	6,500,000	6,500,000
Investment warrants, exercise price (in dollars per share) | $ / shares		$ 10
Loss contingency			$ 0
Put option
Mortgage Loans on Real Estate
Present value of put liability		$ 50,700,000	50,700,000
Put option | Warrant
Mortgage Loans on Real Estate
Present value of put liability			$ 20,800,000
Series A Preferred Stock
Mortgage Loans on Real Estate
Preferred stock, shares issued (in shares) | shares		2,307,400	2,307,400		2,307,400
Preferred stock, fixed-to-floating rate cumulative redeemable		7.25%	7.25%
Preferred stock, par value per share (in dollars per share) | $ / shares		$ 25
Preferred stock - Series B shares
Mortgage Loans on Real Estate
Preferred stock, shares issued (in shares) | shares		2,892,600	2,892,600		2,892,600
Preferred stock, fixed-to-floating rate cumulative redeemable		5.00%	5.00%
Preferred stock, par value per share (in dollars per share) | $ / shares		$ 25
Re-performing loans | Purchase commitment | One-to-four family residences
Mortgage Loans on Real Estate
Number of mortgage loans on real estate | loan			161
Aggregate unpaid principal balance of mortgage loans on real estate			$ 49,000,000

Commitment and Contingencies -

Commitment and Contingencies - Schedule of Put Option Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Separate Account, Liability [Roll Forward]
Fair value adjustments during the period			$ 4,777	$ 3,924
Five-year warrants
Separate Account, Liability [Roll Forward]
Beginning balance	$ 20,843	$ 12,488	20,843	12,488	$ 18,350	$ 14,205	$ 10,722	$ 0
Initial recognition of put option liability	0	0	0	9,472
Fair value adjustments during the period	2,493	1,766	6,638	3,016
Ending balance	$ 20,843	$ 12,488	$ 20,843	$ 12,488

Debt - Narrative (Details)

Debt - Narrative (Details)		3 Months Ended					9 Months Ended		92 Months Ended
		Sep. 30, 2021USD ($)securitization$ / shares	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)trustFacilityDaysecuritizationcounterparty$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)securitization$ / shares	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2018	Apr. 25, 2017
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest		100.00%					100.00%		100.00%
Cash collateral		$ 10,377,000					$ 10,377,000		$ 10,377,000	$ 4,653,000
Number of securitizations completed | securitization									18
Number of securitizations outstanding | securitization		5					5		5
Convertible senior notes, net	[1]	$ 103,754,000					$ 103,754,000		$ 103,754,000	110,057,000
Interest expense		8,609,000			$ 11,727,000		27,743,000	$ 37,855,000
Convertible notes payable		0	$ 5,000,000	$ 2,500,000	2,500,000	$ 8,000,000	0	2,500,000	0		$ 0
Payments for repurchase of convertible notes			5,100,000	2,400,000	2,300,000	8,200,000		2,300,000
Convertible senior notes repurchase			$ 0	$ 0	0	$ 81,000
Servicer
Debt Instrument [Line Items]
Ceiling for each repurchase facility		12,000,000					12,000,000		12,000,000
Convertible notes payable
Debt Instrument [Line Items]
Unpaid principal balance		105,900,000					105,900,000		$ 105,900,000	113,400,000
Interest expense		$ 2,200,000			2,400,000		$ 6,800,000	7,300,000
Securitization Trust, 2018-C
Debt Instrument [Line Items]
Percentage of additional ownership in joint venture obtained		37.00%	37.00%				37.00%		37.00%			37.00%
Class A Notes | 2018-C
Debt Instrument [Line Items]
Percentage of Interest retained by the Company							5.00%
Percentage of settled outstanding notes			0.95
Convertible senior notes
Debt Instrument [Line Items]
Debt issuance costs, net		$ (2,100,000)					$ (2,100,000)		$ (2,100,000)	$ (3,300,000)
Master repurchase agreement
Debt Instrument [Line Items]
Interest rate		1.60%					1.60%		1.60%	2.29%
Servicing agreement | Minimum | Servicer
Debt Instrument [Line Items]
Servicing fees percentage							0.65%
Servicing agreement | Maximum | Servicer
Debt Instrument [Line Items]
Servicing fees percentage							1.25%
Mortgage loans | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Percentage of additional ownership in joint venture obtained				50.00%
Mortgage loans | Non-rated secured borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization		1					1		1
Mortgage loans | Rated secured borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization		4					4		4
Mortgage loans | Delaware Trust | Master repurchase agreement
Debt Instrument [Line Items]
Number of facilities repurchased | Facility							2
Number of wholly-owned Delaware trusts | trust							2
Number of counterparties | counterparty							2
Ceiling for each repurchase facility		$ 150,000,000					$ 150,000,000		$ 150,000,000
Mortgage loans | Delaware Trust | Master repurchase agreement | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO							70.00%
Mortgage loans | Delaware Trust | Master repurchase agreement | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO							85.00%
Mortgages one | Delaware Trust | Master repurchase agreement
Debt Instrument [Line Items]
Ceiling for each repurchase facility		400,000,000					$ 400,000,000		$ 400,000,000
Bonds | Delaware Trust | Master repurchase agreement
Debt Instrument [Line Items]
Number of facilities repurchased | Facility							5
Convertible notes payable
Debt Instrument [Line Items]
Interest rate													7.25%
Principal amount of note (in dollars per share) | $ / shares							$ 25
If-converted value in excess of principal							$ 7,200,000
Amortization of debt discount		$ 300,000			$ 300,000		$ 1,000,000	$ 1,000,000
Interest rate, effective percentage		8.96%			8.92%		8.96%	8.92%	8.96%
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%
Convertible notes payable | Common stock
Debt Instrument [Line Items]
Conversion rate							1.7279
Conversion price (in dollars per share) | $ / shares		$ 14.47					$ 14.47		$ 14.47
[1]	Secured borrowings, net are presented net of deferred issuance costs of $8.3 million at September 30, 2021 and $5.4 million at December 31, 2020. Convertible senior notes, net are presented net of deferred issuance costs of $2.1 million at September 30, 2021 and $3.3 million at December 31, 2020.

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amount of Collateral	$ 518,672	$ 595,599
Master repurchase agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	832,003	916,759
Amount Outstanding	399,340	421,132
Amount of Collateral	$ 518,672	$ 595,599
Percentage of Collateral Coverage	130.00%	141.00%
Interest Rate	1.60%	2.29%
Debt Instrument 1 at 1.41% Interest Rate | Master repurchase agreement | October 5, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 31,326
Amount Outstanding	31,326
Amount of Collateral	$ 37,953
Percentage of Collateral Coverage	121.00%
Interest Rate	1.41%
Debt Instrument 2 at 1.34% Interest Rate | Master repurchase agreement | October 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,073
Amount Outstanding	7,073
Amount of Collateral	$ 8,745
Percentage of Collateral Coverage	124.00%
Interest Rate	1.34%
Debt Instrument 3 at 1.34% Interest Rate | Master repurchase agreement | October 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,150
Amount Outstanding	4,150
Amount of Collateral	$ 5,057
Percentage of Collateral Coverage	122.00%
Interest Rate	1.34%
Debt Instrument 4 at 1.74% Interest Rate | Master repurchase agreement | October 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,343
Amount Outstanding	3,343
Amount of Collateral	$ 4,761
Percentage of Collateral Coverage	142.00%
Interest Rate	1.74%
Debt Instrument 5 at 1.32% Interest Rate | Master repurchase agreement | October 12, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,242
Amount Outstanding	5,242
Amount of Collateral	$ 6,572
Percentage of Collateral Coverage	125.00%
Interest Rate	1.32%
Debt Instrument 6 at 1.18% Interest Rate | Master repurchase agreement | October 15, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,553
Amount Outstanding	5,553
Amount of Collateral	$ 6,627
Percentage of Collateral Coverage	119.00%
Interest Rate	1.18%
Debt Instrument 7 at 1.18% Interest Rate | Master repurchase agreement | October 20, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 10,879
Amount Outstanding	10,879
Amount of Collateral	$ 12,889
Percentage of Collateral Coverage	118.00%
Interest Rate	1.18%
Debt Instrument 8 at 1.11% Interest Rate | Master repurchase agreement | October 22, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,899
Amount Outstanding	7,899
Amount of Collateral	$ 9,279
Percentage of Collateral Coverage	117.00%
Interest Rate	1.11%
Debt Instrument 9 at 1.11% Interest Rate | Master repurchase agreement | October 22, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,231
Amount Outstanding	6,231
Amount of Collateral	$ 7,276
Percentage of Collateral Coverage	117.00%
Interest Rate	1.11%
Debt Instrument 10 at 1.11% Interest Rate | Master repurchase agreement | October 22, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,123
Amount Outstanding	5,123
Amount of Collateral	$ 6,063
Percentage of Collateral Coverage	118.00%
Interest Rate	1.11%
Debt Instrument 11 at 1.33% Interest Rate | Master repurchase agreement | October 29, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 9,984
Amount Outstanding	9,984
Amount of Collateral	$ 12,436
Percentage of Collateral Coverage	125.00%
Interest Rate	1.33%
Debt Instrument 12 at 1.33% Interest Rate | Master repurchase agreement | October 29, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 9,840
Amount Outstanding	9,840
Amount of Collateral	$ 11,851
Percentage of Collateral Coverage	120.00%
Interest Rate	1.33%
Debt Instrument 13 at 1.72% Interest Rate | Master repurchase agreement | November 12, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,110
Amount Outstanding	3,110
Amount of Collateral	$ 4,428
Percentage of Collateral Coverage	142.00%
Interest Rate	1.72%
Debt Instrument 14 at 1.33% Interest Rate | Master repurchase agreement | November 19, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 9,747
Amount Outstanding	9,747
Amount of Collateral	$ 12,635
Percentage of Collateral Coverage	130.00%
Interest Rate	1.33%
Debt Instrument 15 at 1.73% Interest Rate | Master repurchase agreement | November 24, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,543
Amount Outstanding	3,543
Amount of Collateral	$ 5,106
Percentage of Collateral Coverage	144.00%
Interest Rate	1.73%
Debt Instrument 16 at 1.12% Interest Rate | Master repurchase agreement | December 7, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,825
Amount Outstanding	5,825
Amount of Collateral	$ 7,444
Percentage of Collateral Coverage	128.00%
Interest Rate	1.12%
Debt Instrument 17 at 1.12% Interest Rate | Master repurchase agreement | December 7, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,311
Amount Outstanding	2,311
Amount of Collateral	$ 2,848
Percentage of Collateral Coverage	123.00%
Interest Rate	1.12%
Debt Instrument 18 at 1.35% Interest Rate | Master repurchase agreement | December 13, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 14,148
Amount Outstanding	14,148
Amount of Collateral	$ 20,151
Percentage of Collateral Coverage	142.00%
Interest Rate	1.35%
Debt Instrument 19 at 1.15% Interest Rate | Master repurchase agreement | December 13, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,160
Amount Outstanding	7,160
Amount of Collateral	$ 8,682
Percentage of Collateral Coverage	121.00%
Interest Rate	1.15%
Debt Instrument 20 at 1.12% Interest Rate | Master repurchase agreement | December 16, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 44,200
Amount Outstanding	44,200
Amount of Collateral	$ 57,815
Percentage of Collateral Coverage	131.00%
Interest Rate	1.12%
Debt Instrument 21 at 1.37% Interest Rate | Master repurchase agreement | December 16, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,333
Amount Outstanding	4,333
Amount of Collateral	$ 6,232
Percentage of Collateral Coverage	144.00%
Interest Rate	1.37%
Debt Instrument 22 at 1.32% Interest Rate | Master repurchase agreement | December 17, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,333
Amount Outstanding	7,333
Amount of Collateral	$ 9,556
Percentage of Collateral Coverage	130.00%
Interest Rate	1.32%
Debt Instrument 23 at 1.32% Interest Rate | Master repurchase agreement | December 17, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,687
Amount Outstanding	6,687
Amount of Collateral	$ 8,451
Percentage of Collateral Coverage	126.00%
Interest Rate	1.32%
Debt Instrument 24 at 1.72% Interest Rate | Master repurchase agreement | December 17, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,179
Amount Outstanding	1,179
Amount of Collateral	$ 1,687
Percentage of Collateral Coverage	143.00%
Interest Rate	1.72%
Debt Instrument 25 at 0.57% Interest Rate | Master repurchase agreement | December 20, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 35,153
Amount Outstanding	35,153
Amount of Collateral	$ 37,867
Percentage of Collateral Coverage	108.00%
Interest Rate	0.57%
Debt Instrument A at 0.87% Interest Rate | Master repurchase agreement | December 20, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,918
Amount Outstanding	2,918
Amount of Collateral	$ 3,421
Percentage of Collateral Coverage	117.00%
Interest Rate	0.87%
Debt Instrument B at 1.07% Interest Rate | Master repurchase agreement | December 20, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,570
Amount Outstanding	1,570
Amount of Collateral	$ 1,943
Percentage of Collateral Coverage	124.00%
Interest Rate	1.07%
Debt Instrument C at 1.47% Interest Rate | Master repurchase agreement | December 20, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,400
Amount Outstanding	1,400
Amount of Collateral	$ 2,047
Percentage of Collateral Coverage	146.00%
Interest Rate	1.47%
Debt Instrument 26 at 1.32% Interest Rate | Master repurchase agreement | December 20, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,341
Amount Outstanding	1,341
Amount of Collateral	$ 1,788
Percentage of Collateral Coverage	133.00%
Interest Rate	1.32%
Debt Instrument 27 at 1.33% Interest Rate | Master repurchase agreement | December 27, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 16,643
Amount Outstanding	16,643
Amount of Collateral	$ 21,720
Percentage of Collateral Coverage	131.00%
Interest Rate	1.33%
Debt Instrument 28 at 1.73% Interest Rate | Master repurchase agreement | December 27, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,482
Amount Outstanding	4,482
Amount of Collateral	$ 6,413
Percentage of Collateral Coverage	143.00%
Interest Rate	1.73%
Debt Instrument 29 at 1.33% Interest Rate | Master repurchase agreement | December 27, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,277
Amount Outstanding	2,277
Amount of Collateral	$ 2,923
Percentage of Collateral Coverage	128.00%
Interest Rate	1.33%
Debt Instrument at 2.58% Interest Rate | Master repurchase agreement | July 8, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 150,000
Amount Outstanding	14,085
Amount of Collateral	$ 21,232
Percentage of Collateral Coverage	151.00%
Interest Rate	2.58%
Debt Instrument D at 2.58% Interest Rate | Master repurchase agreement | September 22, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000
Amount Outstanding	103,252
Amount of Collateral	$ 144,774
Percentage of Collateral Coverage	140.00%
Interest Rate	2.58%
Debt Instrument 30 at 2.33% Interest Rate | Master repurchase agreement | January 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 35,635
Amount Outstanding		35,635
Amount of Collateral		$ 46,120
Percentage of Collateral Coverage		129.00%
Interest Rate		2.33%
Debt Instrument 31 at 2.33% Interest Rate | Master repurchase agreement | January 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 7,697
Amount Outstanding		7,697
Amount of Collateral		$ 10,075
Percentage of Collateral Coverage		131.00%
Interest Rate		2.33%
Debt Instrument 32 at 2.48% Interest Rate | Master 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%
Debt Instrument 33 at 2.33% Interest Rate | Master repurchase agreement | January 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 4,755
Amount Outstanding		4,755
Amount of Collateral		$ 6,114
Percentage of Collateral Coverage		129.00%
Interest Rate		2.33%
Debt Instrument 34 at 2.33% Interest Rate | Master repurchase agreement | January 6, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 4,666
Amount Outstanding		4,666
Amount of Collateral		$ 6,044
Percentage of Collateral Coverage		130.00%
Interest Rate		2.33%
Debt Instrument 35 at 2.48% Interest Rate | Master 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%
Debt Instrument 36 at 2.32% Interest Rate | Master repurchase agreement | January 11, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 5,879
Amount Outstanding		5,879
Amount of Collateral		$ 7,575
Percentage of Collateral Coverage		129.00%
Interest Rate		2.32%
Debt Instrument 37 at 2.35% Interest Rate | Master repurchase agreement | January 14, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 6,991
Amount Outstanding		6,991
Amount of Collateral		$ 8,738
Percentage of Collateral Coverage		125.00%
Interest Rate		2.35%
Debt Instrument 38 at 2.22% Interest Rate | Master repurchase agreement | January 20, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 13,263
Amount Outstanding		13,263
Amount of Collateral		$ 16,582
Percentage of Collateral Coverage		125.00%
Interest Rate		2.22%
Debt Instrument 39 at 2.21% Interest Rate | Master repurchase agreement | January 29, 2021
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		2.21%
Debt Instrument 40 at 2.21% Interest Rate | Master repurchase agreement | January 29, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 7,153
Amount Outstanding		7,153
Amount of Collateral		$ 9,537
Percentage of Collateral Coverage		133.00%
Interest Rate		2.21%
Debt Instrument 41 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 12,258
Amount Outstanding		12,258
Amount of Collateral		$ 16,052
Percentage of Collateral Coverage		131.00%
Interest Rate		1.88%
Debt Instrument 42 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 12,015
Amount Outstanding		12,015
Amount of Collateral		$ 15,794
Percentage of Collateral Coverage		131.00%
Interest Rate		1.88%
Debt Instrument 43 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 5,298
Amount Outstanding		5,298
Amount of Collateral		$ 6,895
Percentage of Collateral Coverage		130.00%
Interest Rate		1.88%
Debt Instrument 44 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 3,985
Amount Outstanding		3,985
Amount of Collateral		$ 5,136
Percentage of Collateral Coverage		129.00%
Interest Rate		1.88%
Debt Instrument 45 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,887
Amount Outstanding		2,887
Amount of Collateral		$ 3,790
Percentage of Collateral Coverage		131.00%
Interest Rate		1.88%
Debt Instrument 46 at 2.03% Interest Rate | Master repurchase agreement | February 1, 2021
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		2.03%
Debt Instrument 47 at 2.03% Interest Rate | Master repurchase agreement | February 1, 2021
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		2.03%
Debt Instrument 48 at 2.02% Interest Rate | Master repurchase agreement | February 12, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,945
Amount Outstanding		2,945
Amount of Collateral		$ 4,428
Percentage of Collateral Coverage		150.00%
Interest Rate		2.02%
Debt Instrument 49 at 1.78% Interest Rate | Master repurchase agreement | March 5, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 24,946
Amount Outstanding		24,946
Amount of Collateral		$ 33,348
Percentage of Collateral Coverage		134.00%
Interest Rate		1.78%
Debt Instrument 50 at 1.78% Interest Rate | Master repurchase agreement | March 5, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 24,312
Amount Outstanding		24,312
Amount of Collateral		$ 32,571
Percentage of Collateral Coverage		134.00%
Interest Rate		1.78%
Debt Instrument 51 at 1.78% Interest Rate | Master repurchase agreement | March 17, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 10,219
Amount Outstanding		10,219
Amount of Collateral		$ 13,172
Percentage of Collateral Coverage		129.00%
Interest Rate		1.78%
Debt Instrument 52 at 1.78% Interest Rate | Master repurchase agreement | March 17, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 8,381
Amount Outstanding		8,381
Amount of Collateral		$ 10,872
Percentage of Collateral Coverage		130.00%
Interest Rate		1.78%
Debt Instrument 53 at 1.78% Interest Rate | Master repurchase agreement | March 17, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 3,894
Amount Outstanding		3,894
Amount of Collateral		$ 5,193
Percentage of Collateral Coverage		133.00%
Interest Rate		1.78%
Debt Instrument 54 at 1.93% Interest Rate | Master repurchase agreement | March 17, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,145
Amount Outstanding		1,145
Amount of Collateral		$ 1,687
Percentage of Collateral Coverage		147.00%
Interest Rate		1.93%
Debt Instrument 55 at 1.94% Interest Rate | Master repurchase agreement | March 24, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 7,016
Amount Outstanding		7,016
Amount of Collateral		$ 10,024
Percentage of Collateral Coverage		143.00%
Interest Rate		1.94%
Debt Instrument 56 at 1.79% Interest Rate | Master repurchase agreement | March 24, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 5,008
Amount Outstanding		5,008
Amount of Collateral		$ 6,637
Percentage of Collateral Coverage		133.00%
Interest Rate		1.79%
Debt Instrument 57 at 1.79% Interest Rate | Master repurchase agreement | March 24, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,577
Amount Outstanding		2,577
Amount of Collateral		$ 3,367
Percentage of Collateral Coverage		131.00%
Interest Rate		1.79%
Debt Instrument 58 at 2.35% Interest Rate | Master repurchase agreement | April 9, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 33,084
Amount Outstanding		33,084
Amount of Collateral		$ 43,069
Percentage of Collateral Coverage		130.00%
Interest Rate		2.35%
Debt Instrument 59 at 2.64% Interest Rate | Master repurchase agreement | July 9, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 250,000
Amount Outstanding		53,256
Amount of Collateral		$ 84,337
Percentage of Collateral Coverage		158.00%
Interest Rate		2.64%
Debt Instrument 60 at 2.65% Interest Rate | Master repurchase agreement | September 23, 2021
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 400,000
Amount Outstanding		101,117
Amount of Collateral		$ 160,068
Percentage of Collateral Coverage		158.00%
Interest Rate		2.65%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 399,340	$ 421,132
Gross amount of loans and securities pledged as collateral	518,672	595,599
Other prepaid collateral	10,377	4,653
Net collateral amount	$ 129,709	$ 179,120

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans $ in Millions	Sep. 30, 2021USD ($)
Class A-1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 140.4
Interest Rate	2.96%
Class A-1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 110.1
Interest Rate	2.86%
Class A-1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 97.2
Interest Rate	1.70%
Class A-1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 146.2
Interest Rate	1.07%
Class A-2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest Rate	3.50%
Class A-2 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 12.5
Interest Rate	3.50%
Class A-2 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 17.3
Interest Rate	2.86%
Class A-2 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 21.1
Interest Rate	2.35%
Class A-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 10.1
Interest Rate	3.50%
Class A-3 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 5.1
Interest Rate	3.50%
Class M1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 9.3
Interest Rate	3.50%
Class M1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest Rate	3.50%
Class M1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 7.3
Interest Rate	3.70%
Class M1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 7.8
Interest Rate	3.15%
Class B 1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 7.5
Interest Rate	3.50%
Class B 1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 11.5
Interest Rate	3.50%
Class B 1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 5.9
Interest Rate	3.70%
Class B 1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 5
Interest Rate	3.80%
Class B 2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 7.1
Class B 2 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	10.4
Class B 2 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	5.1
Class B 2 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	5
Class B-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	12.8
Class B-3 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	15.1
Class B-3 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	23.6
Class B-3 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Original Principal	$ 21.5
Deferred issuance costs | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (2.7)
Deferred issuance costs | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1.8)
Deferred issuance costs | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (1.8)
Deferred issuance costs | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (2.5)
Deferred issuance costs | Ajax Mortgage Loan Trust 2021-B/ February 2021
Debt Instrument [Line Items]
Interest Rate	0.00%
Deferred issuance costs	$ (4.3)
Class A Notes | Ajax Mortgage Loan Trust 2021-B/ February 2021
Debt Instrument [Line Items]
Original Principal	$ 215.9
Interest Rate	2.24%
Class B Notes | Ajax Mortgage Loan Trust 2021-B/ February 2021
Debt Instrument [Line Items]
Original Principal	$ 20.2
Interest Rate	4.00%

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying value of mortgages	[1],[2]	$ 976,351	$ 1,119,372
Secured Borrowings
Debt Instrument [Line Items]
Deferred issuance costs		(8,300)	(5,400)
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages		790,899	842,177
Bond principal balance		$ 620,922	$ 590,761
Percentage of collateral coverage		127.00%	143.00%
Original balances at securitization cutoff date Mortgage UPB		$ 1,606,969
Original balances at securitization cutoff date Bond principal balance		1,162,564
Mortgage loans | 2017-B
Debt Instrument [Line Items]
Carrying value of mortgages		0	$ 110,062
Bond principal balance		$ 0	$ 68,729
Percentage of collateral coverage		0.00%	160.00%
Original balances at securitization cutoff date Mortgage UPB		$ 165,850
Original balances at securitization cutoff date Bond principal balance		115,846
Mortgage loans | 2017-D
Debt Instrument [Line Items]
Carrying value of mortgages		0	$ 133,897
Bond principal balance		$ 0	$ 51,256
Percentage of collateral coverage		0.00%	261.00%
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 | 2017-D | Class A Notes
Debt Instrument [Line Items]
Original Principal			$ 102,600
Secured borrowings			51,300
Mortgage loans | 2018-C
Debt Instrument [Line Items]
Carrying value of mortgages		0	173,221
Bond principal balance		$ 0	$ 131,983
Percentage of collateral coverage		0.00%	131.00%
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 | 2018-C | Class A Notes
Debt Instrument [Line Items]
Original Principal			$ 132,700
Secured borrowings			126,100
Mortgage loans | 2018-C | Class B Notes
Debt Instrument [Line Items]
Original Principal			15,900
Secured borrowings			5,900
Mortgage loans | 2019-D
Debt Instrument [Line Items]
Carrying value of mortgages		126,893	148,641
Bond principal balance		$ 102,367	$ 125,008
Percentage of collateral coverage		124.00%	119.00%
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		121,110	$ 139,996
Bond principal balance		$ 86,702	$ 108,184
Percentage of collateral coverage		140.00%	129.00%
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		123,544	$ 136,360
Bond principal balance		$ 91,203	$ 105,601
Percentage of collateral coverage		135.00%	129.00%
Original balances at securitization cutoff date Mortgage UPB		$ 156,468
Original balances at securitization cutoff date Bond principal balance		114,534
Mortgage loans | 2021-A
Debt Instrument [Line Items]
Carrying value of mortgages		168,049	$ 0
Bond principal balance		$ 149,730	$ 0
Percentage of collateral coverage		112.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB		$ 206,528
Original balances at securitization cutoff date Bond principal balance		175,116
Mortgage loans | 2021-B
Debt Instrument [Line Items]
Carrying value of mortgages		251,303	$ 0
Bond principal balance		$ 190,920	$ 0
Percentage of collateral coverage		132.00%	0.00%
Original balances at securitization cutoff date Mortgage UPB		$ 287,895
Original balances at securitization cutoff date Bond principal balance		$ 215,912
[1]	As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2]	Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 30, 2021 and December 31, 2020, 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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Related party expense – management fee	$ 2,292	$ 2,264	$ 6,835	$ 6,206
Related party expense – loan servicing fees	1,743	1,848	5,275	5,798
Loss on sale of mortgage loans			0	(705)
Net interest income after the impact of changes in the net present value of expected credit losses
Related Party Transaction [Line Items]
Amount of transaction	9,896	6,536	24,835	16,386
Thetis Asset Management LLC
Related Party Transaction [Line Items]
Related party expense – management fee		2,300		6,200
Thetis Asset Management LLC | Management fee
Related Party Transaction [Line Items]
Related party expense – management fee	2,289	2,264	6,826	6,206
Thetis Asset Management LLC | Income/(loss) from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	132	75	583	(364)
Servicer | Related party expense – loan servicing fees
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	1,743	1,848	5,275	5,798
Various non-consolidated joint ventures | Other income
Related Party Transaction [Line Items]
Amount of transaction	201	145	201	145
AS Ajax E LLC | Income/(loss) from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	11	9	27	25
Gaea | Income/(loss) from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(28)	14	32	74
Gaea | Interest income
Related Party Transaction [Line Items]
Amount of transaction	74	0	203	0
Gaea | Other income
Related Party Transaction [Line Items]
Loss on sale of mortgage loans			0	(705)
Investment in Loan pool LLCs | Income/(loss) from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(16)	(46)	(37)	10
2021-C | Other income
Related Party Transaction [Line Items]
Amount of transaction			122	0
Servicer | Income/(loss) from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	$ (37)	$ (116)	$ (92)	$ (320)

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Beneficial interests in securitization trusts
Related Party Transaction [Line Items]
Carrying value	$ 139,494	$ 91,418
Receivable from servicer | Gregory
Related Party Transaction [Line Items]
Amount of transaction	18,128	15,755
Mortgage loans held-for-investment, net | Gregory
Related Party Transaction [Line Items]
Amount of transaction		1,838
Mortgage loans held-for-investment, net | Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Amount of transaction	10,025	11,000
Management fee payable | Thetis Asset Management LLC
Related Party Transaction [Line Items]
Amount of transaction	2,289	2,247
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction	1,354	876
Prepaid expenses and other assets | Thetis Asset Management LLC
Related Party Transaction [Line Items]
Amount of transaction		18
Accrued expenses and other liabilities | Gregory
Related Party Transaction [Line Items]
Amount of transaction	$ (92)	$ (44)

Related party Transactions - Na

Related party Transactions - Narrative (Details)		Apr. 06, 2020USD ($)	Nov. 22, 2019USD ($)shares	Sep. 30, 2021USD ($)loan	Jun. 30, 2021loan	Dec. 31, 2020USD ($)loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2021USD ($)calendarQuarterloan	Sep. 30, 2020USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loanPool	Jun. 21, 2021USD ($)	Mar. 14, 2016
Related Party Transaction [Line Items]
Number of purchased loans | loan						15
Collateral value									$ 44,200,000
Number of sold loans | loan				0			0
Carrying value of mortgages	[1],[2]			$ 976,351,000		$ 1,119,372,000		$ 976,351,000		$ 1,119,372,000
Investment In securities				54,700,000			$ 83,400,000	287,600,000	144,700,000
Proceeds from issuance of preferred stock and warrants, net of offering costs		$ 125,000,000						$ 0	124,976,000
Percentage of management fees payable in cash, minimum								50.00%
Percentage of management fees payable in cash, maximum								100.00%
Management fee payable				$ 2,289,000		$ 2,247,000		$ 2,289,000		$ 2,247,000
Percentage of incentive fees payable in cash								100.00%
Period of termination of license agreement								30 days
Investment in Loan pool LLCs
Related Party Transaction [Line Items]
Ownership percentage											40.40%
Number of entities | loanPool											3
Cash payment in business acquisition											$ 1,000,000
Ajax E Master Trust | AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership percentage				5.00%				5.00%
AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership percentage				16.50%		16.50%		16.50%		16.50%			24.20%
Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Unpaid principal balance									$ 26,200,000
Number of sold loans | loan									26
Proceeds from issuance of preferred stock and warrants, net of offering costs			$ 66,300,000
Private placement share issuance (in shares) | shares			4,419,641
Ownership percentage			23.20%	22.80%				22.80%
Gaea Real Estate Corp. | Third party
Related Party Transaction [Line Items]
Ownership percentage by third parties			76.80%	77.20%				77.20%
Financial Asset, Past Due
Related Party Transaction [Line Items]
Securities past due				$ 0		$ 0		$ 0		$ 0
Beneficial interests in securitization trusts
Related Party Transaction [Line Items]
Investment in beneficial interests				3,200,000			12,200,000	42,700,000	$ 19,300,000
Senior notes
Related Party Transaction [Line Items]
Investment in senior notes				43,200,000			66,000,000	213,100,000	115,600,000
Subordinated debt
Related Party Transaction [Line Items]
Investment in subordinate notes				8,300,000			5,200,000	31,800,000	9,800,000
Investments in securities
Related Party Transaction [Line Items]
Carrying value	[3]			340,082,000		273,834,000		340,082,000		273,834,000
Beneficial interests in securitization trusts
Related Party Transaction [Line Items]
Investment in debt securities				139,494,000		91,418,000		139,494,000		91,418,000
Carrying value	[4]			139,494,000		91,418,000		139,494,000		91,418,000
Mortgage loans | Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Carrying value of mortgages							26,100,000		26,100,000
2017-D
Related Party Transaction [Line Items]
Unpaid principal balance				133,800,000				$ 133,800,000
Number of sold loans | loan					760			760
Carrying value of mortgages				129,200,000		133,896,000		$ 129,200,000		133,896,000
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction				$ 1,354,000		876,000		$ 1,354,000		876,000
Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Bond principal balance						11,000,000				$ 11,000,000		$ 11,000,000
Fixed interest rate												4.25%
Number of originated SBC loans acquired | loan								18		20
Gregory
Related Party Transaction [Line Items]
Fixed interest rate				7.20%				7.20%
Ceiling for each repurchase facility				$ 12,000,000				$ 12,000,000
Gregory | Servicing agreement
Related Party Transaction [Line Items]
Percentage of fair market value of REO								1.00%
Percentage of purchase price of REO								1.00%
Gregory | Servicing agreement | Minimum
Related Party Transaction [Line Items]
Servicing fees percentage								0.65%
Gregory | Servicing agreement | Maximum
Related Party Transaction [Line Items]
Servicing fees percentage								1.25%
Gregory | Prepaid expenses and other assets | Receivable from servicer for REO acquisitions
Related Party Transaction [Line Items]
Amount of transaction				0		0		$ 0		$ 0
Gregory | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Amount of transaction				(92,000)		(44,000)		$ (92,000)		(44,000)
Thetis Asset Management LLC | Management agreement
Related Party Transaction [Line Items]
Base management fee percentage								1.50%
Thetis Asset Management LLC | 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 in excess of book value								8.00%
Number of calendar quarters | calendarQuarter								8
Percentage of remaining incentive fee payable in common stock								20.00%
Incentive fee payable				$ 0			$ 0	$ 0	$ 0
Percentage of independent directors								66.67%
Thetis Asset Management LLC | Prepaid expenses and other assets
Related Party Transaction [Line Items]
Amount of transaction						18,000				$ 18,000
Great Ajax F S
Related Party Transaction [Line Items]
Purchase Price						1,800,000
Unpaid principal balance						2,100,000
Collateral value						$ 3,700,000
[1]	As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2]	Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 30, 2021 and December 31, 2020, 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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, respectively.
[3]	As of September 30, 2021 and December 31, 2020, Investments in securities at fair value include amortized cost basis of $336.7 million and $273.4 million, respectively, and net unrealized gains of $3.4 million and $0.4 million, respectively.
[4]	Investments in beneficial interests includes allowance for expected credit losses of $0.6 million and $4.5 million at September 30, 2021 and December 31, 2020, respectively.

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees	$ 2,300,000		$ 6,900,000
Related party expense – management fee	$ 2,292,000	$ 2,264,000	$ 6,835,000	$ 6,206,000
Restricted stock | Employees | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Restricted stock | Employees | Granted Prior to 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted stock | Employees | Share-based Payment Arrangement, Tranche One | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting			25.00%
Restricted stock | Employees | Share-based Payment Arrangement, Tranche One | Granted Prior to 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting			33.33%
Restricted stock | Employees | Share-based Payment Arrangement, Tranche Two | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting			25.00%
Restricted stock | Employees | Share-based Payment Arrangement, Tranche Two | Granted Prior to 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting			33.33%
Restricted stock | Employees | Share-based Payment Arrangement, Tranche Three | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting			25.00%
Restricted stock | Employees | Share-based Payment Arrangement, Tranche Three | Granted Prior to 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting			33.33%
Restricted stock | Employees | Share-based Payment Arrangement, Tranche Four | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting			25.00%
2014 Director Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual retainer received in shares			40.00%
2014 Director Equity Plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer amount			$ 100,000
Long term incentive plan | Restricted stock | Initial public offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)			2,000
Thetis Asset Management LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Related party expense – management fee		$ 2,300,000		$ 6,200,000

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	3,580	4,116	11,550	12,784
Amount of expense recognized	$ 50	$ 35	$ 150	$ 115
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	3,580	4,116	11,550	12,784
Amount of expense recognized	$ 50	$ 35	$ 150	$ 115

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Grants of Restricted Stock Units to Directors and Employees (Details) - Long Term Incentive Plan - Restricted stock - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Employee And Service Provider
Shares
Shares, nonvested (in shares)	236,310	163,083	163,083	170,750	114,334	114,334	163,083	114,334
Shares vested (in shares)	(65,305)	0	0	(50,334)	0	0
Shares forfeited (in shares)	(14,168)	0	0	(2,000)	0	0
Shares granted (in shares)	152,700	0	0	108,750	0	0
Weighted Average Grant Date Fair Value
Per share grant fair value (in dollars per share)	$ 12.01	$ 11.07	$ 11.07	$ 11.11	$ 13.83	$ 13.83	$ 11.07	$ 13.83
Shares vested (in dollars per share)	11.74	0	0	13.86	0	0
Shares forfeited (in dollars per share)	10.88	0	0	12.06	0	0
Shares granted (in dollars per share)	$ 12.79	$ 0	$ 0	$ 9.55	$ 0	$ 0
Director
Shares
Shares, nonvested (in shares)	8,000	8,000	0	0	0	0	0	0
Shares vested (in shares)	0	(8,000)	(2,000)	0	0	0
Shares forfeited (in shares)	0	0	0	0	0	0
Shares granted (in shares)	0	16,000	2,000	0	0	0
Weighted Average Grant Date Fair Value
Per share grant fair value (in dollars per share)	$ 12.60	$ 12.60	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Shares vested (in dollars per share)	0	12.60	12	0	0	0
Shares forfeited (in dollars per share)	0	0	0	0	0	0
Shares granted (in dollars per share)	$ 0	$ 12.60	$ 12	$ 0	$ 0	$ 0

Stock-based Payments and Dire_6

Stock-based Payments and Director Fees - Restricted Stock Plan Expenses (Details) - Restricted stock - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 255	$ 187	$ 811	$ 535
Employee And Service Provider
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	230	187	644	535
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 25	$ 0	$ 167	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)entity	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)entity	Sep. 30, 2020USD ($)
Income Tax Examination [Line Items]
Number of taxable subsidiaries | entity	2		2
Taxable income	$ 9,900,000	$ 2,500,000	$ 26,300,000	$ 1,700,000
Provision for income taxes (benefit)	102,000	(16,000)	203,000	(215,000)
Income tax interest and penalties recorded	0	0	0	0
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Basic EPS
Consolidated net income attributable to common stockholders	$ 9,313	$ 5,280	$ 26,695	$ 11,922
Allocation of earnings to participating restricted shares	(92)	(33)	(222)	(68)
Consolidated net income attributable to unrestricted common stockholders	9,221	5,247	26,473	11,854
Effect of dilutive securities
Restricted stock grants and Manager and director fee shares	92	33
Interest expense (add back) and assumed conversion of shares from convertible senior notes	2,237	0	6,836	0
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$ 11,550	$ 5,280	$ 33,309	$ 11,854
Basic EPS
Consolidated net income attributable to unrestricted common stockholders (in shares)	22,862,429	22,844,192	22,835,237	22,575,480
Allocation of earnings to participating restricted shares (in shares)	0	0	0	0
Effect of dilutive securities
Restricted stock grants and Manager and director fee shares (in shares)	229,291	145,424
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)	7,315,929	0	7,451,376	0
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)	30,407,649	22,989,616	30,286,613	22,575,480
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.40	$ 0.23	$ 1.16	$ 0.53
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.38	$ 0.23	$ 1.10	$ 0.53
Class of warrant or right, outstanding (in shares)	6,500,000	6,500,000	6,500,000	6,500,000	6,500,000

Equity - Narrative (Details)

Equity - Narrative (Details)	3 Months Ended					9 Months Ended
	Sep. 30, 2021USD ($)entity$ / sharesshares	Jun. 30, 2021shares	Mar. 31, 2021shares	Sep. 30, 2020USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)entity$ / sharesshares	Sep. 30, 2020USD ($)shares	Dec. 31, 2020entity$ / sharesshares	Mar. 31, 2020shares	Feb. 28, 2020USD ($)	Dec. 31, 2019shares	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	23,140,131					23,140,131		22,978,339
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
Aggregate amount of preferred stock and warrants issued | $					$ 130,000,000
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.01					$ 0.01		$ 0.01
Warrant term					5 years
Class of warrant or right, outstanding (in shares)	6,500,000			6,500,000	6,500,000	6,500,000	6,500,000
Investment warrants, exercise price (in dollars per share) | $ / shares					$ 10
Preferred stock, shares authorized (in shares)	25,000,000					25,000,000		25,000,000
Common stock authorized | $										$ 25,000,000
Treasury stock (in shares)	136,403					136,403		107,243
Sale of common stock pursuant to dividend reinvestment plan | $						$ 166,000	$ 86,000
Common stock, shares issued (in shares)	23,140,131					23,140,131		22,978,339
Number of non controlling interest subsidiaries | entity	3					3		4
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	23,140,131	22,993,246	22,988,847	23,034,443	22,924,982	23,140,131	23,034,443	22,978,339	22,921,935		22,142,143
Issuance of shares under dividend reinvestment plan (in shares)	5,049	3,820	4,228	4,928	5,057	13,097	9,985
Sale of common stock pursuant to dividend reinvestment plan | $	$ 100,000			$ 45,000		$ 200,000	$ 100,000
Open market purchases
Class of Stock [Line Items]
Treasury stock (in shares)	48,464					48,464		48,464
Thetis Asset Management LLC
Class of Stock [Line Items]
Treasury stock (in shares)	87,939					87,939		58,779
Investment in AS Ajax E II LLC
Class of Stock [Line Items]
Percentage of additional ownership in joint venture obtained	53.10%					53.10%		53.10%
Investment in AS Ajax E II LLC | Third party
Class of Stock [Line Items]
Ownership percentage by third parties	46.90%					46.90%
Investment in AS Ajax E II LLC | Great Ajax Corp
Class of Stock [Line Items]
Percentage of additional ownership in joint venture obtained	53.10%					53.10%		53.10%
2017-D
Class of Stock [Line Items]
Percentage of additional ownership in joint venture obtained	50.00%					50.00%
2017-D | Great Ajax Corp
Class of Stock [Line Items]
Ownership percentage by parent	50.00%					50.00%		50.00%
Great Ajax II REIT | Third party
Class of Stock [Line Items]
Ownership percentage by third parties	0.10%					0.10%		0.10%
Great Ajax II REIT | Great Ajax Corp
Class of Stock [Line Items]
Ownership percentage by parent	99.90%					99.90%		99.90%
2018-C
Class of Stock [Line Items]
Percentage of additional ownership in joint venture obtained	37.00%	37.00%				37.00%						37.00%
2018-C | Third party
Class of Stock [Line Items]
Ownership percentage by third parties	0.00%					0.00%
2018-C | Great Ajax Corp
Class of Stock [Line Items]
Ownership percentage by parent	100.00%					100.00%		63.00%
7.25% Series A preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2,307,400				2,307,400	2,307,400		2,307,400
Preferred stock, fixed-to-floating rate cumulative redeemable					7.25%	7.25%
Preferred stock, par value per share (in dollars per share) | $ / shares					$ 25
Preferred Stock, shares outstanding (in shares)	2,307,400	2,307,400	2,307,400	2,307,400	2,307,400	2,307,400	2,307,400	2,307,400	0		0
Preferred stock - Series B shares
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2,892,600				2,892,600	2,892,600		2,892,600
Preferred stock, fixed-to-floating rate cumulative redeemable					5.00%	5.00%
Preferred stock, par value per share (in dollars per share) | $ / shares					$ 25
Preferred Stock, shares outstanding (in shares)	2,892,600	2,892,600	2,892,600	2,892,600	2,892,600	2,892,600	2,892,600	2,892,600	0		0
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 100,000,000					$ 100,000,000
Common stock, shares issued (in shares)	9,073			0		9,073	0

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 3,418	$ 375
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	3,621	1,152
Unrealized losses	(203)	(777)
AOCI attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 3,418	$ 375

Equity - Schedule of Less than

Equity - Schedule of Less than wholly owned subsidiary, parent ownership interest, net (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease from redemption and disposition in non-controlling interest	$ (307)	$ (16,864)	$ 11,362
Change in non-controlling interest	(307)			$ 0	$ (25,477)	$ 0
2018-C
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease from redemption and disposition in non-controlling interest	0			0	(8,306)	0
2017-D
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease from redemption and disposition in non-controlling interest	$ (307)			$ 0	$ (17,171)	$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 05, 2021USD ($)transactionresidentialRPLloanPoolsellerresidentialNPL	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan	Nov. 04, 2021$ / shares
Subsequent Event [Line Items]
Estimated market value of the underlying collateral					$ 44.2
Subsequent event
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares						$ 0.24
Residential RPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan		4	244	241	270
Aggregate unpaid principal balance of mortgage loans on real estate		$ 0.5	$ 46.3	$ 41.7	$ 48.2
Residential RPLs | Two sellers | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | residentialRPL	20
Aggregate unpaid principal balance of mortgage loans on real estate	$ 2.4
Number of transaction | transaction	2
Number of sellers | seller	2
Percentage of unpaid principal balance of loan acquired	68.80%
Percentage of estimated market value of the underlying collateral	47.30%
Estimated market value of the underlying collateral	$ 3.5
Residential RPLs | four sellers | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | residentialRPL	4
Aggregate unpaid principal balance of mortgage loans on real estate	$ 1.7
Number of transaction | transaction	4
Percentage of unpaid principal balance of loan acquired	96.50%
Percentage of estimated market value of the underlying collateral	70.30%
Estimated market value of the underlying collateral	$ 2.4
Residential NPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan		364	1	367	2
Aggregate unpaid principal balance of mortgage loans on real estate		$ 90.9	$ 0.5	$ 91.5	$ 0.7
Residential NPLs | Subsequent event | Various non-consolidated joint ventures
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loanPool	2,498
Aggregate unpaid principal balance of mortgage loans on real estate	$ 350.9
Number of transaction | transaction	1
Percentage of unpaid principal balance of loan acquired	103.50%
Percentage of estimated market value of the underlying collateral	49.40%
Estimated market value of the underlying collateral	$ 734.9
Investment ownership percentage	16.30%
Residential NPLs | Two sellers | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | residentialNPL	3
Aggregate unpaid principal balance of mortgage loans on real estate	$ 0.8
Number of transaction | transaction	2
Percentage of unpaid principal balance of loan acquired	93.90%
Percentage of estimated market value of the underlying collateral	61.80%
Estimated market value of the underlying collateral	$ 1.2
Residential NPLs | One seller | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loanPool	1
Aggregate unpaid principal balance of mortgage loans on real estate	$ 0.4
Number of transaction | transaction	1
Percentage of unpaid principal balance of loan acquired	97.40%
Percentage of estimated market value of the underlying collateral	84.40%
Estimated market value of the underlying collateral	$ 0.4