Rithm Property Trust (RPT) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		23,183,898
Entity Central Index Key	0001614806
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 70,722	$ 84,426
Cash held in trust		5,005	3,100
Mortgage loans held-for-sale, net		0	29,572
Mortgage loans held-for-investment, net	[1],[2]	1,063,476	1,080,434
Real estate owned properties, net	[3]	6,586	6,063
Investments in securities at fair value	[4]	327,793	355,178
Investments in beneficial interests	[5]	139,249	139,588
Due from related parties		19,153	20,899
Investments in affiliates		32,578	27,020
Prepaid expenses and other assets		21,317	13,400
Total assets		1,685,879	1,759,680
Liabilities:
Secured borrowings, net	[1],[2],[6]	536,988	575,563
Borrowings under repurchase transactions		522,574	546,054
Convertible senior notes, net	[6]	103,749	102,845
Management fee payable		2,424	2,279
Put option liability		26,867	23,667
Accrued expenses and other liabilities		5,778	8,799
Total liabilities		1,198,380	1,259,207
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 23,194,566 shares issued and outstanding at March 31, 2022 and 23,146,775 shares issued and outstanding at December 31, 2021		234	233
Additional paid-in capital		316,326	316,162
Treasury stock		(1,808)	(1,691)
Retained earnings		63,996	66,427
Accumulated other comprehensive (loss)/income		(8,758)	1,020
Equity attributable to stockholders		485,134	497,295
Non-controlling interests	[7]	2,365	3,178
Total equity		487,499	500,473
Total liabilities and equity		1,685,879	1,759,680
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
[1]	As of March 31, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $1.0 million and $1.4 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans held-for-investment, net include $729.0 million and $756.8 million of loans at March 31, 2022 and December 31, 2021, 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 $7.7 million and $7.1 million of allowance for expected credit losses at March 31, 2022 and December 31, 2021, respectively.
[3]	Real estate owned properties, net, are presented net of valuation allowances of $0.6 million and $0.5 million at March 31, 2022 and December 31, 2021, respectively.
[4]	As of March 31, 2022, Investments in securities at fair value include an amortized cost basis of $336.6 million and a net unrealized loss of $8.8 million. As of December 31, 2021, Investments in securities at fair value include an amortized costs basis of $354.2 million and net unrealized gains $1.0 million.
[5]	Investments in beneficial interests includes allowance for expected credit losses of zero and $0.6 million at March 31, 2022 and December 31, 2021, respectively.
[6]	Secured borrowings, net are presented net of deferred issuance costs of $6.5 million at March 31, 2022 and $7.3 million at December 31, 2021. Convertible senior notes, net are presented net of deferred issuance costs of $0.8 million and $1.7 million at March 31, 2022 and December 31, 2021, respectively.
[7]	As of March 31, 2022 non-controlling interests includes $1.1 million from a 50.0% owned joint venture, $1.2 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary. As of December 31, 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 which the Company consolidates.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
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)		23,194,566	23,146,775
Common stock, shares outstanding (in shares)		23,194,566	23,146,775
Mortgage loans held-for-investment, net	[1],[2]	$ 1,063,476	$ 1,080,434
Allowance for loan credit losses		7,691	7,112
Mortgage loans held-for-sale, net		0	29,572
Property held-for-sale, valuation allowances		600	500
Basis		336,600	354,200
Debt securities accumulated unrealized gain (loss)		(8,800)	1,000
Noncontrolling interest	[3]	2,365	3,178
Mortgage loans
Mortgage loans held-for-investment, net		729,036	756,787
Secured Debt
Deferred issuance costs		6,500	7,300
Convertible Debt
Deferred issuance costs		$ 800	$ 1,700
2017-D
Ownership percentage by parent		50.00%	50.00%
Ownership percentage by third parties		50.00%	50.00%
AS Ajax E II LLC
Ownership percentage by parent		53.10%	53.10%
Great Ajax II REIT
Ownership percentage by parent		99.90%	99.90%
Consolidated entities
Mortgage loans held-for-sale, net		$ 1,000	$ 1,400
Consolidated entities | 2017-D
Noncontrolling interest		1,100	1,800
Consolidated entities | AS Ajax E II LLC
Noncontrolling interest		1,200	1,300
Consolidated entities | Great Ajax II REIT
Noncontrolling interest		100	100
Beneficial interests in securitization trusts
Allowance for loan credit losses		$ 0	$ 600
Preferred stock - Series A shares
Preferred stock, fixed-to-floating rate cumulative redeemable		7.25%	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%	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 March 31, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $1.0 million and $1.4 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans held-for-investment, net include $729.0 million and $756.8 million of loans at March 31, 2022 and December 31, 2021, 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 $7.7 million and $7.1 million of allowance for expected credit losses at March 31, 2022 and December 31, 2021, respectively.
[3]	As of March 31, 2022 non-controlling interests includes $1.1 million from a 50.0% owned joint venture, $1.2 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary. As of December 31, 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 which the Company consolidates.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
INCOME
Interest income		$ 23,212	$ 24,035
Interest expense		(8,606)	(10,304)
Net interest income		14,606	13,731
Net decrease in the net present value of expected cash flows	[1]	3,978	5,516
Net interest income after the impact of changes in the net present value of expected credit losses		18,584	19,247
(Loss)/income from investments in affiliates		(63)	163
Other (loss)/income		(3,550)	356
Total revenue, net		14,971	19,766
EXPENSE
Related party expense – loan servicing fees		2,091	1,833
Related party expense – management fee		2,293	2,273
Professional fees		345	640
Real estate operating expenses		185	185
Fair value adjustment on put option liability		3,200	1,944
Other expense		1,254	1,304
Total expense		9,368	8,179
Loss on debt extinguishment		0	911
Income before provision for income taxes		5,603	10,676
Provision for income taxes (benefit)		(28)	34
Consolidated net income		5,631	10,642
Less: consolidated net income/(loss) attributable to the non-controlling interest		96	1,689
Consolidated net income attributable to Company		5,535	8,953
Less: dividends on preferred stock		1,949	1,949
Consolidated net income attributable to common stockholders		$ 3,586	$ 7,004
Basic earnings per common share (in dollars per share)		$ 0.15	$ 0.30
Diluted earnings per common share (in dollars per share)		$ 0.15	$ 0.30
Weighted average shares - basic (in shares)		22,922,316	22,816,978
Weighted average shares - diluted (in shares)		22,922,316	22,816,978
[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 months ended March 31, 2022 and March 31, 2021. 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
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Consolidated net income attributable to common stockholders	$ 3,586	$ 7,004
Other comprehensive (loss)/income:
Net unrealized (loss)/income on investments in available-for-sale debt securities	(9,778)	1,306
Income tax expense related to items of other comprehensive income	0	0
Comprehensive (loss)/income	$ (6,192)	$ 8,310

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 5,631	$ 10,642
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	761	294
Non-cash interest income accretion on mortgage loans	(4,251)	(5,878)
Interest and discount accretion on investment in debt securities	(2,763)	(2,476)
Discount accretion on investment in beneficial interests	(4,153)	(3,600)
Loss on debt extinguishment	0	911
Loss/(gain) on sale of real estate owned properties	16	(105)
Depreciation of property	0	3
Impairment of real estate owned	169	171
Decrease in net present value of expected credit losses on loans	(3,624)	(5,500)
Credit loss expense on mortgage loans	111	454
Decrease in net present value of expected credit losses on beneficial interests	(354)	(15)
Impairment on beneficial interests	3,973	0
Credit loss expense on beneficial interests	50	139
Amortization of debt discount and prepaid financing costs	1,041	1,613
Undistributed loss/(income) from investment in affiliates	63	(163)
Fair value adjustment on put option liability	3,200	1,944
Other non-cash charges	0	6
Net change in operating assets and liabilities
Prepaid expenses and other assets	(7,917)	(4,468)
Receivable from Servicer	1,764	(3,092)
Accrued expenses, management fee payable, and other liabilities	(2,878)	(254)
Net cash from operating activities	(9,161)	(9,374)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(903)	(35,637)
Principal paydowns on mortgage loans	54,350	43,578
Draws on small balance commercial loans	0	(85)
Proceeds from paydowns on securities	21,194	12,935
Proceeds from sale of property held-for-sale	121	1,587
Investment in equity method investments	(6,090)	0
Distribution from affiliates	352	485
Net cash from investing activities	69,024	22,863
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	6,006	89,652
Repayments on repurchase transactions	(29,486)	(205,691)
Proceeds from origination of secured borrowings	0	391,028
Repayments on secured borrowings	(39,422)	(225,232)
Payment of prepaid financing costs	0	(7,301)
Purchase of bonds of non-controlling interest in subsidiaries	0	(5,887)
Repurchase of the Company's senior convertible notes	0	(2,430)
Sale of common stock pursuant to dividend reinvestment plan	115	47
Acquisition of non-controlling interest in subsidiary	0	(11,362)
Distribution to non-controlling interests	(909)	(84)
Dividends paid on common stock and preferred stock	(7,966)	(5,799)
Net cash from financing activities	(71,662)	16,941
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST	(11,799)	30,430
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period	87,526	107,335
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period	75,727	137,765
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	7,819	8,441
Cash paid for income taxes	0	0
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Net transfer of loans to rental property or property held-for-sale	828	228
Issuance of common stock for management fee and compensation expense	761	294
Non-cash adjustments to basis in mortgage loans	18	1,324
Treasury stock received through distributions from investment in Manager	(117)	0
Unrealized (loss)/gain on available for sale securities, net of non-controlling interest and tax	(9,778)	1,306
Net transfer of loans (to)/from mortgage held-for-investment, net (from)/to mortgage loans held-for-sale, net	(29,572)
Net transfer of loans (to)/from mortgage held-for-investment, net (from)/to mortgage loans held-for-sale, net		131,719
Cash and cash equivalents	70,722	137,579
Cash held in trust	5,005	186
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows	$ 75,727	$ 137,765

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders' Equity	Total Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment	Common stock	Treasury stock	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated other comprehensive income/(loss)	Non-controlling Interest	Preferred stock - Series A sharesPreferred Stock	Preferred stock - Series B sharesPreferred Stock
Beginning balance (in shares) at Dec. 31, 2020					22,978,339							2,307,400	2,892,600
Beginning balance at Dec. 31, 2020	$ 514,491		$ 485,361		$ 231	$ (1,159)	$ 317,424		$ 53,346	$ 375	$ 29,130	$ 51,100	$ 64,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,642		8,953						8,953		1,689
Issuance of shares under dividend reinvestment plan (in shares)					4,228
Issuance of shares under dividend reinvestment plan	47		47				47
Acquisition of non-controlling interest in subsidiary	(11,362)		(3,056)				(3,056)				(8,306)
Stock based compensation expense (in shares)					6,280
Stock-based compensation expense	294		294				294
Dividends declared and distributions	(5,883)		(5,799)						(5,799)		(84)
Other comprehensive income/(loss)	1,306		1,306							1,306
Ending balance (in shares) at Mar. 31, 2021					22,988,847							2,307,400	2,892,600
Ending balance at Mar. 31, 2021	509,535		487,106		$ 231	(1,159)	314,709		56,500	1,681	22,429	$ 51,100	$ 64,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclass of conversion premium - convertible notes	497,295	$ (711)		$ (711)				$ (711)
Beginning balance (in shares) at Dec. 31, 2021					23,146,775							2,307,400	2,892,600
Beginning balance at Dec. 31, 2021	500,473		497,295		$ 233	(1,691)	316,162		66,427	1,020	3,178	$ 51,100	$ 64,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,631		5,535						5,535		96
Issuance of shares under dividend reinvestment plan (in shares)					9,739
Issuance of shares under dividend reinvestment plan	115		115				115
Distribution to non-controlling interest	(819)										(819)
Stock-based management fee expense (in shares)					39,558
Stock-based management fee expense	437		437		$ 1		436
Stock based compensation expense (in shares)					8,900
Stock-based compensation expense	324		324				324
Dividends declared and distributions	(8,056)		(7,966)						(7,966)		(90)
Other comprehensive income/(loss)	(9,778)		(9,778)							(9,778)
Treasury stock (in shares)					(10,406)
Treasury stock	(117)		(117)			(117)
Ending balance (in shares) at Mar. 31, 2022					23,194,566							2,307,400	2,892,600
Ending balance at Mar. 31, 2022	487,499		$ 485,134		$ 234	$ (1,808)	$ 316,326		$ 63,996	$ (8,758)	$ 2,365	$ 51,100	$ 64,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclass of conversion premium - convertible notes	$ 485,134

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends payable (in dollars per share)	$ 0.26	$ 0.17

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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 may also acquire or originate small balance commercial loans (“SBC loans”). The SBC loans that the Company opportunistically targets generally have a principal balance of up to $5.0 million and are secured by multi-family residential and commercial mixed use retail/residential properties on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount to cover at least five payments has been paid in the last seven months. Additionally, the Company invests in single-family and smaller commercial properties directly either through a foreclosure event of a loan in its mortgage portfolio or, less frequently, through a direct acquisition. 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 is a wholly owned subsidiary of the Operating Partnership formed to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts and any additional trusts the Company may form for additional secured borrowings. The Company generally securitizes its mortgage loans through securitization trusts and retains subordinated securities from the secured borrowings. These trusts are considered to be variable interest entities ("VIEs"), and the Company has determined that it is the primary beneficiary of many of these VIEs. AJX Mortgage Trust I and AJX Mortgage Trust II are wholly owned subsidiaries of the Operating Partnership formed to hold mortgage loans used as collateral for financings under the Company’s repurchase agreements. In addition, the Company, through its Operating Partnership, holds real estate owned (“REO”) properties 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 March 31, 2022, held 99.9% of Great Ajax II REIT Inc., which owns Great Ajax II Depositor LLC, which was formed to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts. The Company has securitized mortgage loans through a securitization trust and retained subordinated securities from the secured borrowings. This trust is considered to be a VIE, and the Company has determined that it is the primary beneficiary of this 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 elected to treat Gaea as a TRS under the Code in 2018 and elected to treat Gaea as a REIT under the Code in 2019 and thereafter. On November 22, 2019, Gaea completed a private capital raise transaction through which it raised $66.3 million from the issuance common stock to third parties to allow Gaea to continue to advance its investment strategy. At March 31, 2022 the Company owned approximately 22.2% of Gaea. The Company accounts for its investment in Gaea under the equity method. Basis of Presentation and Use of Estimates The consolidated interim financial statements should be read in conjunction with the Company's consolidated financial statements and the notes thereto for the period ended December 31, 2021, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 4, 2022. 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, 2022. 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 at both March 31, 2022 and December 31, 2021. 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. 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 is 99.9% owned by the Company as of March 31, 2022 and December 31, 2021. 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 sold 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 both March 31, 2022 and December 31, 2021. During the first quarter of 2021, the Company acquired the outstanding non-controlling ownership interest in Ajax Mortgage Loan Trust 2018-C ("2018-C"), a subsidiary that had been 63.0% owned by the Company with its results included in the Company's consolidated financial statements. As a result, at March 31, 2022 and December 31, 2021 there were no non-controlling ownership interests 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 either the Manager or GAFS.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 unpaid principal balance (“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. Expected cash flows from acquired loans include all cash flows directly related to the 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 the risk characteristics of the individual 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. 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. 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 accounting methodology used is similar to that described in "Mortgage Loans" except that the Company only recognizes its ratable share of gain, loss, income or expense based on its percentage ownership interest, and each beneficial interest is accounted for independently. Real Estate The Company generally acquires real estate properties through one of three instances, either directly through purchases, when it forecloses on a 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. 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. Preferred Stock During the quarter ended June 30, 2020, the Company issued an aggregate of $125.0 million, net of offering costs, of preferred stock in two series and warrants to institutional accredited investors in a series of private placements. The Company issued 2,307,400 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 2,892,600 shares of 5.00% Series B Fixed-to-Floating Rate Preferred Stock. 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 sheets 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 During 2017 and 2018, the Company completed the public offer and sale of its convertible senior notes (the "notes") due 2024, in three separate offerings which form a single series of fungible securities. At both March 31, 2022 and December 31, 2021, the UPB of the debt was $104.6 million. 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 current conversion rate of 1.7405 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.36 per share of common stock. The conversion rate, and thus the conversion price, are 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. No sinking fund has been established for redemption of the principal. During the quarter ended March 31, 2022, the Company adopted 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) by recording a reduction in its additional paid-in capital account of $0.7 million and a corresponding increase in the carrying value of its Convertible senior notes of $0.7 million, representing the carrying value of the conversion feature associated with the notes. See — Recently Adopted Accounting Standards, below. During the first quarter of 2021, the Company completed a repurchase of convertible notes for an aggregate principal amount of $2.5 million for a total purchase price of $2.4 million. There were no convertible note repurchases during the first quarter of 2022. 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 the change in book value, and has the option to pay up to 100% of the base and incentive fees in cash or in shares of the Company's common stock. Management fees are expensed in the quarter incurred and the portion payable in common stock, if any, is accrued 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 UPB of loans that are re-performing at acquisition to 1.25% annually of UPB of 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, for fees based on mortgage loans, and property values, previous UPB of the relevant loan, and the number of REO properties for fees based on 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) is 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 accrued 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, through December 31, 2021, each of the Company’s independent directors received an annual fee of $100,000, payable quarterly, 40% in shares of the Company's common stock and 60% in cash. The annual fee was increased to $140,000, 50% of which is payable in shares of the Company’s common stock and 50% in cash, effective as of January 1, 2022. Stock-based expense for the directors’ annual fee is expensed as earned, in equal quarterly amounts during the year, and accrued at quarter end. Under the Company's 2016 Equity Incentive Plan (the “2016 Plan”) the Company may make stock-based awards 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 conversion of any outstanding warrants and convertible senior notes 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. Share grants vest over the relevant service periods. The grant shares may not be sold by the recipient until the end of the service period, even if certain of the shares were subject to a ratable vesting and were fully vested before completion of the service period. Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is accrued 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 purposes 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 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 an implied capitalization rate applied to the value of the underlying properties. 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 pr

Mortgage Loans

Mortgage Loans	3 Months Ended
	Mar. 31, 2022
Mortgage Loans [Abstract]
Mortgage Loans	50 $ — $ 282 $ 7,245 $ 5,991 $ 1,429 $ 2,064 $ 28,203 $ 173,328 $ 66,688 $ 285,230 GAOP - 7f7 <50 — — — 134 — 147 4,829 44,042 14,149 63,301 GAOP - 6f6 and below — 467 1,293 2,633 2,863 1,592 22,945 137,594 52,365 221,752 Great Ajax II REIT - 7f7 >50 — — 755 641 813 458 36,624 262,077 94,594 395,962 Great Ajax II REIT - 7f7 <50 — — — 219 15 45 5,096 38,407 13,278 57,060 Great Ajax II REIT - 6f6 and below — — — — — 142 5,983 22,390 11,656 40,171 Total $ — $ 749 $ 9,293 $ 9,618 $ 5,120 $ 4,448 $ 103,680 $ 677,838 $ 252,730 $ 1,063,476 December 31, 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 $ — $ 764 $ 181 $ 698 $ 328 $ 1,730 $ 46,041 $ 339,759 $ 125,095 $ 514,596 2021-B — — 589 — 2,353 443 28,541 159,318 50,948 242,192 2019-C — — — — 265 — 9,020 96,995 39,801 146,081 California — — 1,268 1,248 — — 1,681 6,431 1,373 12,001 7f7 and better 471 — 2,019 1,541 440 — 3,847 17,032 6,891 32,241 6f6 and below — 1,351 1,783 1,470 209 368 9,885 70,163 28,774 114,003 18-1 LLC — — 605 176 284 429 819 33 10 2,356 Non-PCD 3,771 8,831 3,855 — 507 — — — — 16,964 Total $ 4,242 $ 10,946 $ 10,300 $ 5,133 $ 4,386 $ 2,970 $ 99,834 $ 689,731 $ 252,892 $ 1,080,434 December 31, 2021 Mortgage loans held-for-sale, net 2021 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Ajax N $ — $ — $ 204 $ — $ — $ — $ 4,267 $ 15,893 $ 9,208 $ 29,572 Total $ — $ — $ 204 $ — $ — $ — $ 4,267 $ 15,893 $ 9,208 $ 29,572 The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three months ended March 31, 2022 and 2021 ($ in thousands): Three months ended March 31, 2022 2021 PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans Par $ 964 $ — $ 36,696 $ 3,611 Discount (58) — (2,929) (8) Allowance (3) — (1,733) — Purchase Price $ 903 $ — $ 32,034 $ 3,603 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 March 31, 2022, the Company recorded a $4.1 million reclassification from non-credit discount to the allowance for expected credit losses. This was followed by a $3.6 million reversal of the allowance for expected credit losses due to the increases in the net present value of expected cash flows. Comparatively, during the three months ended March 31, 2021, the Company recorded a $9.2 million reclassification from non-credit discount to the allowance for expected credit losses followed by a $5.5 million reversal of the allowance for expected credit losses due to the increases in the net present value of expected cash flows. The Company also reclassified $1.7 million of allowance to non-credit discount to reflect the impact of moving pool 2017-D to mortgage loans held-for-sale, net and recorded a $1.7 million increase in the allowance for expected credit losses due to new acquisitions. An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended March 31, 2022 2021 Allowance for expected credit losses, beginning of period $ (7,112) $ (13,712) Reclassification from non-credit discount to the allowance for changes in payment expectations (4,089) (9,232) Increase in allowance for expected credit losses for loan acquisitions (3) (1,733) Credit loss expense on mortgage loans (111) (454) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 3,624 5,500 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 $ (7,691) $ (17,890) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 151,909 $ 37,299 $ 25,859 $ 69,020 $ 1,143 $ 285,230 GAOP - 7f7 <50 28,344 9,378 6,091 18,884 604 63,301 GAOP - 6f6 and below 15,708 3,452 11,844 133,798 56,950 221,752 Great Ajax II REIT - 7f7 >50 336,318 39,754 7,370 12,520 — 395,962 Great Ajax II REIT - 7f7 <50 48,027 5,479 1,967 1,587 — 57,060 Great Ajax II REIT - 6f6 and below 38 45 9,170 27,915 3,003 40,171 Total $ 580,344 $ 95,407 $ 62,301 $ 263,724 $ 61,700 $ 1,063,476 December 31, 2021 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 398,200 $ 52,782 $ 19,530 $ 41,931 $ 2,153 $ 514,596 2021-B 61,066 24,428 24,807 113,459 18,432 242,192 2019-C 78,238 13,920 11,738 35,727 6,458 146,081 California 3,938 661 — 5,132 2,270 12,001 7f7 and better 13,087 4,192 1,718 13,068 176 32,241 6f6 and below 15,169 4,408 2,064 62,456 29,906 114,003 18-1 LLC 2,123 67 111 55 — 2,356 Non-PCD 16,457 — — — 507 16,964 Total $ 588,278 $ 100,458 $ 59,968 $ 271,828 $ 59,902 $ 1,080,434 December 31, 2021 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Ajax N $ 13,485 $ 3,927 $ 2,369 $ 7,828 $ 1,963 $ 29,572 Total $ 13,485 $ 3,927 $ 2,369 $ 7,828 $ 1,963 $ 29,572 " id="sjs-B4" xml:space="preserve">Mortgage Loans The following table presents information regarding the carrying value for the Company's RPLs, NPLs and SBC loans as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 December 31, 2021 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 $ 931,441 $ — $ 941,565 $ 29,572 Residential NPLs 116,560 — 119,520 — SBC loans 15,475 — 19,349 — Total $ 1,063,476 $ — $ 1,080,434 $ 29,572 Included on the Company’s consolidated balance sheets as of both March 31, 2022 and December 31, 2021 are approximately $1.1 billion of RPLs, NPLs, and SBC loans that are held-for-investment and approximately zero and $29.6 million, respectively, of RPLs held-for-sale. At March 31, 2022, the Company reclassified $29.6 million of Mortgage loans held-for-sale to the Mortgage loans held-for-investment line in its consolidated balance sheet as it no longer intends to sell these loans. 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 as well as credit and non-credit discount, less principal and interest cash flows received. The carrying values at March 31, 2022 and December 31, 2021, for the Company's loans in the table above are presented net of a cumulative allowance for expected credit losses of $7.7 million and $7.1 million, respectively, reflected in the appropriate lines in the table by loan type. For the three months ended March 31, 2022 and 2021, the Company recognized $3.6 million and $5.5 million, respectively, of revenue due to a net decrease in expected credit losses resulting from increases in the present value of the expected cash flows. For the three months ended March 31, 2022 and 2021, the Company accreted $19.8 million and $23.6 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 months ended March 31, 2022, the Company purchased no RPLs. Comparatively, during the three months ended March 31, 2021 the Company purchased 199 RPLs with UPB of $36.0 million. During the three months ended March 31, 2022 and 2021, four and three NPLs were purchased with UPB of $1.0 million and $0.7 million, respectively. During the three months ended March 31, 2022 the Company acquired no SBC loans. Comparatively, during the three months ended March 31, 2021 the Company acquired one SBC loan with UPB of $3.6 million. During the three months ended March 31, 2022 and 2021, the Company sold no mortgage loans. 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 has historically viewed its mortgage loan portfolio based on a combination of loan performance and legal ownership for loans held by certain consolidated trusts, and used seven pools at December 31, 2021 to aggregate its portfolio of PCD loans, and two pools for its non-PCD loans at December 31, 2021. During the quarter ended March 31, 2022, the Company re-pooled all of its mortgage loan portfolio to reflect the recent trends in market conditions and loan performance. At March 31, 2022, the Company aggregated its mortgage loans based on payment patterns observed during the prior 18 month period. The Company first split its portfolio between the Operating Partnership and Great Ajax REIT II as the entities are separate taxpayers and must maintain separate and complete books and records. At both the Operating Partnership and Great Ajax REIT II, the following three pools were established for a total of six CECL pools: 1. Loans that have made at least seven of the last seven payments, either sequentially or in bulk and that have at least $50 thousand in absolute dollars of borrower equity; 2. Loans that have made at least seven of the last seven payments, either sequentially or in bulk and that have less than $50 thousand in absolute dollars of borrower equity; and 3. Loans that have not made at least seven of the last seven payments. Based on historical data, the Company has observed that borrowers that make at least seven of the last seven payments, either sequentially or in bulk, are significantly less likely to default. Additionally, the Company has similarly observed that $50 thousand absolute dollars similarly drives a lower default rate and reduces loss severity in the event of foreclosure. At December 31, 2021, the Company aggregated its PCD mortgage loans in seven loan pools. Pool Great Ajax REIT II contains loans in the Company's rated securitization transactions. Great Ajax REIT II holds loans included in the Company's rated securitization transaction which had all made at least 12 of the last 12 payments and met the pay string and loan to value requirements to obtain a AAA rating on the senior bond. Pool California contains all loans from California that were not included in Great Ajax REIT II. The Company's California loans generally outperform those of other states in that the Company rarely takes back an REO property because it receives foreclosure bids that exceed its investment in the mortgage loan. 7f7 and better contains all loans that have made at least seven on time payments, either sequentially or in bulk. Pool 6f6 and below contains loans that have not made seven of the last seven payments and, accordingly, have a much lower survival rate assumption in expected cash flows. Pool 2021-B is an on-balance-sheet secured borrowing consisting primarily of loans previously owned by 2018-C that were not eligible to be securitized in a rated transaction. Pool Ajax Mortgage Loan Trust 2019-C ("2019-C") was formed by acquiring the trust's outstanding equity certificate from an unaffiliated third party holder and recognizing the loans on the Company's balance sheet. The Company established the Ajax N pool to hold a small pool of loans which were designated as held-for-sale as of December 31, 2021. During the quarter ended March 31, 2022, due to factors beyond the Company's control affecting the expected purchaser, the Company closed the Ajax N pool, re-pooling these loans into its other loan pools. The portfolio of non-PCD loans at December 31, 2021 was grouped into two loan pools. During the quarter ended March 31, 2022, the Company determined that the risk characteristics of the loans in its non-PCD loan pools were not materially different from the risk characteristics of the loans in its PCD loan pools and re-pooled these loans into its other loan pools based on the underlying characteristics. The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands): March 31, 2022 Mortgage loans held-for-investment, net 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ — $ 282 $ 7,245 $ 5,991 $ 1,429 $ 2,064 $ 28,203 $ 173,328 $ 66,688 $ 285,230 GAOP - 7f7 <50 — — — 134 — 147 4,829 44,042 14,149 63,301 GAOP - 6f6 and below — 467 1,293 2,633 2,863 1,592 22,945 137,594 52,365 221,752 Great Ajax II REIT - 7f7 >50 — — 755 641 813 458 36,624 262,077 94,594 395,962 Great Ajax II REIT - 7f7 <50 — — — 219 15 45 5,096 38,407 13,278 57,060 Great Ajax II REIT - 6f6 and below — — — — — 142 5,983 22,390 11,656 40,171 Total $ — $ 749 $ 9,293 $ 9,618 $ 5,120 $ 4,448 $ 103,680 $ 677,838 $ 252,730 $ 1,063,476 December 31, 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 $ — $ 764 $ 181 $ 698 $ 328 $ 1,730 $ 46,041 $ 339,759 $ 125,095 $ 514,596 2021-B — — 589 — 2,353 443 28,541 159,318 50,948 242,192 2019-C — — — — 265 — 9,020 96,995 39,801 146,081 California — — 1,268 1,248 — — 1,681 6,431 1,373 12,001 7f7 and better 471 — 2,019 1,541 440 — 3,847 17,032 6,891 32,241 6f6 and below — 1,351 1,783 1,470 209 368 9,885 70,163 28,774 114,003 18-1 LLC — — 605 176 284 429 819 33 10 2,356 Non-PCD 3,771 8,831 3,855 — 507 — — — — 16,964 Total $ 4,242 $ 10,946 $ 10,300 $ 5,133 $ 4,386 $ 2,970 $ 99,834 $ 689,731 $ 252,892 $ 1,080,434 December 31, 2021 Mortgage loans held-for-sale, net 2021 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Ajax N $ — $ — $ 204 $ — $ — $ — $ 4,267 $ 15,893 $ 9,208 $ 29,572 Total $ — $ — $ 204 $ — $ — $ — $ 4,267 $ 15,893 $ 9,208 $ 29,572 The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three months ended March 31, 2022 and 2021 ($ in thousands): Three months ended March 31, 2022 2021 PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans Par $ 964 $ — $ 36,696 $ 3,611 Discount (58) — (2,929) (8) Allowance (3) — (1,733) — Purchase Price $ 903 $ — $ 32,034 $ 3,603 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 March 31, 2022, the Company recorded a $4.1 million reclassification from non-credit discount to the allowance for expected credit losses. This was followed by a $3.6 million reversal of the allowance for expected credit losses due to the increases in the net present value of expected cash flows. Comparatively, during the three months ended March 31, 2021, the Company recorded a $9.2 million reclassification from non-credit discount to the allowance for expected credit losses followed by a $5.5 million reversal of the allowance for expected credit losses due to the increases in the net present value of expected cash flows. The Company also reclassified $1.7 million of allowance to non-credit discount to reflect the impact of moving pool 2017-D to mortgage loans held-for-sale, net and recorded a $1.7 million increase in the allowance for expected credit losses due to new acquisitions. An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended March 31, 2022 2021 Allowance for expected credit losses, beginning of period $ (7,112) $ (13,712) Reclassification from non-credit discount to the allowance for changes in payment expectations (4,089) (9,232) Increase in allowance for expected credit losses for loan acquisitions (3) (1,733) Credit loss expense on mortgage loans (111) (454) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 3,624 5,500 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 $ (7,691) $ (17,890) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 151,909 $ 37,299 $ 25,859 $ 69,020 $ 1,143 $ 285,230 GAOP - 7f7 <50 28,344 9,378 6,091 18,884 604 63,301 GAOP - 6f6 and below 15,708 3,452 11,844 133,798 56,950 221,752 Great Ajax II REIT - 7f7 >50 336,318 39,754 7,370 12,520 — 395,962 Great Ajax II REIT - 7f7 <50 48,027 5,479 1,967 1,587 — 57,060 Great Ajax II REIT - 6f6 and below 38 45 9,170 27,915 3,003 40,171 Total $ 580,344 $ 95,407 $ 62,301 $ 263,724 $ 61,700 $ 1,063,476 December 31, 2021 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 398,200 $ 52,782 $ 19,530 $ 41,931 $ 2,153 $ 514,596 2021-B 61,066 24,428 24,807 113,459 18,432 242,192 2019-C 78,238 13,920 11,738 35,727 6,458 146,081 California 3,938 661 — 5,132 2,270 12,001 7f7 and better 13,087 4,192 1,718 13,068 176 32,241 6f6 and below 15,169 4,408 2,064 62,456 29,906 114,003 18-1 LLC 2,123 67 111 55 — 2,356 Non-PCD 16,457 — — — 507 16,964 Total $ 588,278 $ 100,458 $ 59,968 $ 271,828 $ 59,902 $ 1,080,434 December 31, 2021 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Ajax N $ 13,485 $ 3,927 $ 2,369 $ 7,828 $ 1,963 $ 29,572 Total $ 13,485 $ 3,927 $ 2,369 $ 7,828 $ 1,963 $ 29,572

Real Estate Assets, Net

Real Estate Assets, Net	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The Company acquires real estate assets either through direct purchases of properties 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 As of March 31, 2022 and December 31, 2021, the Company’s net investments in real estate owned properties were $6.6 million and $6.1 million, respectively, all of which related to properties held-for-sale. REO property is considered held-for-sale if the REO is expected to be actively marketed for sale. Also, included in the properties held-for-sale balance for the periods as of March 31, 2022 and December 31, 2021, was $0.5 million and $0.7 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. As of March 31, 2022 and December 31, 2021, the Company had no rental properties. As of March 31, 2022 and December 31, 2021, the Company had a total of 31 real estate owned properties. For the three months ended March 31, 2022 and 2021, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio or from rental properties. The following table presents the activity in the Company’s carrying value of property held-for-sale and rental property for the three months ended March 31, 2022 and 2021 ($ in thousands): Three months ended March 31, 2022 2021 Property Held-for-Sale and Rental Property Count Amount Count Amount Balance at beginning of period 31 $ 6,063 38 $ 8,526 Net transfers from mortgage loans 3 828 2 228 Adjustments to record at lower of cost or fair value — (169) — (171) Depreciation on rental properties — — — (3) Disposals (3) (136) (9) (1,482) Balance at end of period 31 $ 6,586 31 $ 7,098 Dispositions

Investments

Investments	3 Months Ended
	Mar. 31, 2022
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 either sponsored or contributed assets to, 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 March 31, 2022 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities $ 336,551 $ 215 $ (8,973) $ 327,793 Beneficial interests in securitization trusts 139,249 — — 139,249 Total investments at fair value $ 475,800 $ 215 $ (8,973) $ 467,042 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities of $0.2 million. As of December 31, 2021 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities $ 354,158 $ 1,822 $ (802) $ 355,178 Beneficial interests in securitization trusts 139,588 — — 139,588 Total investments at fair value $ 493,746 $ 1,822 $ (802) $ 494,766 (1) Basis amount is net of amortized discount, allowance for expected credit losses on beneficial interests, principal paydowns and interest receivable on securities of $0.3 million. The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands): As of March 31, 2022 Step-up date (1) Basis (2) Gross unrealized losses Carrying value Debt securities due November 2051 (3) March 2025 $ 42,628 $ (781) $ 41,847 Debt securities due June 2057 (3) April 2022 21,360 (5) 21,355 Debt securities due August 2057 (3) July 2022 11,731 (33) 11,698 Debt securities due January 2059 (3) July 2022 12,559 (9) 12,550 Debt securities due September 2059 (4) February 2023/April 2023 17,305 (401) 16,904 Debt securities due November 2059 (3) April 2023 8,818 (29) 8,789 Debt securities due December 2059 (3) July 2023 38,627 (1,284) 37,343 Debt securities due March 2060 (3) February 2025 16,168 (714) 15,454 Debt securities due June 2060 (3) March 2024 9,198 (34) 9,164 Debt securities due December 2060 (3) July 2029 46,576 (882) 45,694 Debt securities due January 2061 (3) September 2024 13,375 (525) 12,850 Debt securities due June 2061 (5) January 2025/February 2025 83,388 (4,276) 79,112 Total $ 321,733 $ (8,973) $ 312,760 (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 less than 12 months. (4) 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 a loss position for less than 12 months and has a step-up date in February 2023, and the other security of $0.2 million has been in a loss position for less than 12 months and has a step-up date in April 2023. (5) This line is comprised of two securities that are both due June 2061. One security with a balance of $3.3 million has been in an unrealized loss position for less than 12 months and has a step-up date in January 2025, and the other security of $1.0 million has been in a loss position for less than 12 months and has a step-up date in February 2025. As of December 31, 2021 Step-up date (1) Basis (2) Gross unrealized losses Carrying value Debt securities due November 2051 (3) March 2025 $ 44,902 $ (12) $ 44,890 Debt securities due June 2057 (3) April 2022 (5) 23,165 (3) 23,162 Debt securities due September 2059 (3) February 2023 9,173 (24) 9,149 Debt securities due December 2059 (3) July 2023 40,502 (87) 40,415 Debt securities due March 2060 (3) February 2025 16,977 (91) 16,886 Debt securities due January 2061 (3) September 2024 14,000 (140) 13,860 Debt securities due June 2061 (4) January 2025/February 2025 86,909 (445) 86,464 Total $ 235,628 $ (802) $ 234,826 (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 less than 12 months. (4) This line is comprised of two securities that are both due June 2061. One security with a balance of $0.4 million has been in an unrealized loss position for less than 12 months and has a step-up date in January 2025, and the other security of $0.1 million been in a loss position for less than 12 months and has a step-up date in February 2025. (5) On January 25, 2022 the step-up date for this security was extended from January 2022 to April 2022. As of March 31, 2022, the Company recorded $0.2 million of gross unrealized gains and a gross unrealized loss of $9.0 million in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet on total investments with a fair value of $327.8 million, which includes $0.2 million in interest receivable. As of December 31, 2021, the Company recorded $1.8 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 total investments with a fair value of $355.2 million, which includes $0.3 million in interest receivable. During the three months ended March 31, 2022 and 2021, the Company acquired no debt securities and beneficial interests. As of March 31, 2022, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $327.8 million and $139.2 million, respectively. At December 31, 2021, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $355.2 million and $139.6 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had no securities that were past due. The Company recorded a $4.0 million impairment on its beneficial interests in Ajax Mortgage Loan Trust 2018-D and 2018-G ("2018-D and -G") in other loss/income on its consolidated statements of income. The two trusts were redeemed in the second quarter of 2022 and the underlying mortgage loans were re-securitized in Ajax Mortgage Loan Trust 2022-A ("2022-A"). See Note 15 — Subsequent events. Although the Company continues to own approximately the same interest in the underlying mortgage loans and related cash flows, the beneficial interests are accounted for as distinct legal securities and were settled through the receipt of a combination of the beneficial interest in 2022-A and cash received from the sale of the underlying loans in 2022-A. The decline in loan prices driven by disruption in the markets since year end resulted in lower than expected current cash proceeds at redemption. As a result, the Company recognized an impairment loss in other loss/income for the three ended March 31, 2022. 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 is 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 is 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 through the income statement. 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 months ended March 31, 2022, the Company recorded a $0.3 million reclassification to non-credit discount from the allowance for changes in payment expectations and a $0.4 million increase of the allowance for expected credit losses due to the decreases in the net present value of expected cash flows. Comparatively, during the three months ended March 31, 2021, the Company recorded a $1.0 million reclassification from non-credit discount to the allowance for changes in payment expectations and a $15 thousand reversal of the allowance for expected credit losses for beneficial interests. An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands): Three months ended March 31, 2022 2021 Allowance for expected credit losses, beginning balance $ (615) $ (4,453) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations 311 (953) Credit loss expense on beneficial interests (50) (139) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 354 15 Allowance for expected credit losses, ending balance $ — $ (5,530)

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 March 31, 2022 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 $ 327,793 $ — $ 327,793 $ — Recurring financial liabilities Put option liability $ 26,867 $ — $ — $ 26,867 Level 1 Level 2 Level 3 December 31, 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 $ 355,178 $ — $ 355,178 $ — Recurring financial liabilities Put option liability $ 23,667 $ — $ — $ 23,667 The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 March 31, 2022 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 1,063,476 $ — $ — $ 1,097,961 Investment in beneficial interests $ 139,249 $ — $ — $ 139,249 Investment in Manager $ 1,345 $ — $ — $ 12,141 Investment in AS Ajax E LLC $ 522 $ — $ 690 $ — Investment in AS Ajax E II LLC $ 2,435 $ — $ 2,473 $ — Investment in GAFS, including warrants $ 2,509 $ — $ — $ 3,320 Investment in Gaea $ 25,549 $ — $ — $ 27,511 Investment in Loan pool LLCs $ 218 $ — $ — $ 838 Financial liabilities Secured borrowings, net $ 536,988 $ — $ 517,070 $ — Borrowings under repurchase transactions $ 522,574 $ — $ 522,574 $ — Convertible senior notes, net $ 103,749 $ 104,549 $ — $ — Level 1 Level 2 Level 3 December 31, 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 $ 1,080,434 $ — $ — $ 1,174,660 Mortgage loans held-for-sale, net $ 29,572 $ — $ — $ 32,857 Investment in beneficial interests $ 139,588 $ — $ — $ 139,588 Investment in Manager $ 1,502 $ — $ — $ 12,346 Investment in AS Ajax E LLC $ 569 $ — $ 721 $ — Investment in AS Ajax E II LLC $ 2,550 $ — $ 2,824 $ — Investment in GAFS, including warrants $ 2,602 $ — $ — $ 3,320 Investment in Gaea $ 19,571 $ — $ — $ 21,170 Investment in Loan pool LLCs $ 226 $ — $ — $ 853 Financial liabilities Secured borrowings, net $ 575,563 $ — $ 580,166 $ — Borrowings under repurchase agreement $ 546,054 $ — $ 546,054 $ — Convertible senior notes, net $ 102,845 $ 108,816 $ — $ — 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 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 interest 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 Company's ownership interest in Gaea is estimated using an implied capitalization rate applied to the value of the underlying properties. 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 partially 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 $50.7 million over the 39-month term of the put option liability. The fair value of the Company's put option liability is measured quarterly with adjustments posted to the Company's consolidated statements of income. The Company’s borrowings under repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the NYSE closing price on the balance sheet date. The notes will mature on April 30, 2024, unless earlier repurchased, converted or redeemed. The Company carries its convertible debt net of deferred issuance cost. Accordingly, the difference between fair value and carrying value is partially driven by the deferred issuance costs. The carrying values of its Cash and cash equivalents, Cash held in trust, Receivable from Servicer, Prepaid expenses and other assets, Management fee payable and Accrued expenses and other liabilities are equal to or approximate fair value. Non-financial assets Property held-for-sale is carried at the lower of its acquisition cost ("cost") or net realizable value. Net realizable value is determined based on appraisals, BPOs, or other market indicators of fair value less expected liquidation costs. The lower of cost or net realizable value for the Company’s REO Property is stated as its carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 March 31, 2022 Carrying value Three months ended fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 6,586 $ (169) $ — $ — $ 6,586 Level 1 Level 2 Level 3 December 31, 2021 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 $ 6,063 $ (293) $ — $ — $ 6,063

Affiliates

Affiliates	3 Months Ended
	Mar. 31, 2022
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 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. In January 2022, Gaea completed a second private capital raise in which it raised $30.0 million from the issuance of 1,828,153 shares of common stock and warrants. The Company invested an additional $6.1 million in Gaea to increase its total investment to $25.5 million. In addition to common stock, the Company received 371,103 warrants to purchase additional shares at $16.41 per share for a two year period following the date that the common stock commences trading on a trading market. Upon completion of the second capital raise and at March 31, 2022 the Company owned approximately 22.2% of Gaea with third party investors owning the remaining 77.8%. 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 $0.4 million. The Company accounts for its investment in GAFS using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5.0% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E LLC was reduced to a lower percentage of the total. As of March 31, 2022 and December 31, 2021, the Company’s ownership interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its ownership interest using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its ownership interest in the Manager using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100% Three months ended March 31, Net income/(loss) at 100% 2022 2021 Gaea Real Estate Corp. $ 191 $ 78 AS Ajax E LLC $ 19 $ 54 Loan pool LLCs $ (20) $ (16) Thetis Asset Management LLC $ (206) $ 851 Great Ajax FS LLC $ (1,157) $ (777) March 31, 2022 December 31, 2021 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 140,774 $ 31,822 $ 105,667 $ 24,305 AS Ajax E LLC $ 3,252 $ 1 $ 3,545 $ 2 Loan pool LLCs $ 2,234 $ 4,073 $ 2,242 $ 4,060 Thetis Asset Management LLC $ 8,499 $ 1,664 $ 9,498 $ 1,904 Great Ajax FS LLC $ 74,809 $ 56,906 $ 66,355 $ 47,293 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended March 31, Net income/(loss) at the Company's share 2022 2021 Gaea Real Estate Corp. $ 42 $ 18 AS Ajax E LLC $ 3 $ 9 Loan pool LLCs $ (8) $ (7) Thetis Asset Management LLC $ (41) $ 168 Great Ajax FS LLC $ (93) $ (62) March 31, 2022 December 31, 2021 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 31,252 $ 7,064 $ 24,092 $ 5,542 AS Ajax E LLC $ 535 $ — $ 583 $ — Loan pool LLCs $ 897 $ 1,641 $ 900 $ 1,635 Thetis Asset Management LLC $ 1,683 $ 329 $ 1,881 $ 377 Great Ajax FS LLC $ 5,985 $ 4,552 $ 5,308 $ 3,783 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, which was established to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company had commitments to purchase, subject to due diligence, 58 RPLs and NPLs secured by single-family residences with aggregated UPB of $11.3 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, 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. The preferred shares have a liquidation preference of $25.00 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 March 31, 2022 for the present value of the put liability of $26.9 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 March 31, 2022 2021 Beginning balance $ 23,667 $ 14,205 Fair value adjustments during the period 3,200 1,944 Ending balance $ 26,867 $ 16,149 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 March 31, 2022, 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 March 31, 2022, the Company was not a party to, and its properties were not subject to, any pending or threatened legal proceedings that individually or in the aggregate, are expected to have a material impact on its financial condition, results of operations or cash flows.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate April 1, 2022 October 5, 2021 $ 28,482 $ 28,482 $ 34,299 120 % 1.36 % April 12, 2022 January 12, 2022 4,739 4,739 5,928 125 % 1.44 % April 14, 2022 January 14, 2022 4,356 4,356 5,397 124 % 1.30 % April 19, 2022 October 22, 2021 7,909 7,909 9,279 117 % 1.02 % April 19, 2022 October 22, 2021 6,215 6,215 7,276 117 % 1.02 % April 19, 2022 October 22, 2021 5,090 5,090 6,063 119 % 1.02 % April 20, 2022 March 23, 2022 8,068 8,068 10,604 131 % 1.64 % April 20, 2022 March 23, 2022 7,997 7,997 10,455 131 % 1.71 % April 20, 2022 March 17, 2022 5,320 5,320 10,455 197 % 1.64 % April 20, 2022 March 23, 2022 2,824 2,824 4,050 143 % 1.50 % April 28, 2022 January 28, 2022 8,263 8,263 10,273 124 % 1.48 % April 28, 2022 January 28, 2022 7,489 7,489 9,342 125 % 1.48 % May 6, 2022 February 7, 2022 4,970 4,970 6,399 129 % 1.35 % May 6, 2022 February 7, 2022 1,721 1,721 2,184 127 % 1.35 % May 11, 2022 February 11, 2022 4,025 4,025 5,796 144 % 1.58 % May 11, 2022 February 11, 2022 3,016 3,016 4,428 147 % 1.98 % May 11, 2022 February 11, 2022 2,160 2,160 3,090 143 % 1.58 % March 31, 2022 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate May 11, 2022 February 11, 2022 1,834 1,834 2,640 144 % 1.58 % May 11, 2022 February 11, 2022 1,606 1,606 2,287 142 % 1.58 % May 11, 2022 February 11, 2022 1,522 1,522 2,178 143 % 1.58 % May 16, 2022 February 14, 2022 38,792 38,792 51,869 134 % 1.43 % May 16, 2022 February 14, 2022 4,134 4,134 6,232 151 % 1.68 % May 18, 2022 February 18, 2022 8,533 8,533 11,139 131 % 1.69 % May 23, 2022 February 22, 2022 31,308 31,308 34,543 110 % 0.97 % May 23, 2022 February 22, 2022 30,013 30,013 39,181 131 % 1.57 % May 23, 2022 February 22, 2022 2,787 2,787 3,421 123 % 1.27 % May 23, 2022 February 22, 2022 2,543 2,543 3,771 148 % 1.87 % May 23, 2022 February 22, 2022 1,480 1,480 1,943 131 % 1.47 % May 23, 2022 February 22, 2022 1,317 1,317 2,047 155 % 1.87 % May 23, 2022 February 22, 2022 1,279 1,279 1,788 140 % 1.72 % May 24, 2022 February 24, 2022 3,487 3,487 5,106 146 % 2.09 % June 10, 2022 December 13, 2021 13,992 13,992 20,151 144 % 1.49 % June 10, 2022 December 13, 2021 6,220 6,220 7,578 122 % 1.29 % June 17, 2022 March 17, 2022 5,560 5,560 7,176 129 % 2.12 % June 17, 2022 March 17, 2022 1,157 1,157 1,687 146 % 2.52 % June 24, 2022 March 25, 2022 13,924 13,924 19,361 139 % 2.17 % June 24, 2022 March 25, 2022 4,228 4,228 6,413 152 % 2.57 % July 8, 2022 July 9, 2021 150,000 13,458 20,407 152 % 2.95 % September 22, 2022 September 23, 2021 400,000 220,756 286,918 130 % 2.64 % Totals/weighted averages $ 838,360 $ 522,574 $ 683,154 131 % 2.01 % December 31, 2021 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate January 6, 2022 October 6, 2021 $ 6,567 $ 6,567 $ 8,450 129 % 1.33 % January 12, 2022 October 12, 2021 4,978 4,978 6,304 127 % 1.32 % January 13, 2022 December 15, 2021 2,850 2,850 4,050 142 % 1.31 % January 14, 2022 October 15, 2021 4,992 4,992 5,808 116 % 1.17 % January 20, 2022 October 20, 2021 9,667 9,667 11,550 119 % 1.18 % January 27, 2022 December 27, 2021 2,206 2,206 2,824 128 % 1.30 % January 28, 2022 October 29, 2021 9,115 9,115 11,244 123 % 1.33 % January 28, 2022 October 29, 2021 8,508 8,508 10,538 124 % 1.33 % February 11, 2022 November 12, 2021 3,094 3,094 4,428 143 % 1.75 % February 11, 2022 November 16, 2021 4,060 4,060 5,796 143 % 1.36 % February 11, 2022 November 16, 2021 2,166 2,166 3,090 143 % 1.36 % February 11, 2022 November 16, 2021 1,850 1,850 2,640 143 % 1.36 % February 11, 2022 November 16, 2021 1,670 1,670 2,287 137 % 1.36 % February 11, 2022 November 16, 2021 1,526 1,526 2,178 143 % 1.36 % February 18, 2022 November 19, 2021 9,275 9,275 11,954 129 % 1.36 % February 24, 2022 November 24, 2021 3,538 3,538 5,106 144 % 1.77 % March 8, 2022 December 8, 2021 5,363 5,363 6,970 130 % 1.19 % December 31, 2021 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate March 8, 2022 December 8, 2021 1,955 1,955 2,496 128 % 1.19 % March 16, 2022 December 16, 2021 40,956 40,956 54,424 133 % 1.21 % March 16, 2022 December 16, 2021 4,258 4,258 6,232 146 % 1.46 % March 17, 2022 December 17, 2021 6,425 6,425 8,093 126 % 1.42 % March 17, 2022 December 17, 2021 5,904 5,904 7,573 128 % 1.42 % March 17, 2022 December 17, 2021 1,177 1,177 1,687 143 % 1.82 % March 21, 2022 December 20, 2021 30,850 30,850 41,473 134 % 1.26 % March 21, 2022 December 20, 2021 2,629 2,629 3,770 143 % 1.56 % March 22, 2022 December 22, 2021 33,201 33,201 35,956 108 % 0.66 % March 22, 2022 December 22, 2021 2,892 2,892 3,421 118 % 0.96 % March 22, 2022 December 22, 2021 1,541 1,541 1,943 126 % 1.16 % March 22, 2022 December 22, 2021 1,369 1,369 2,047 150 % 1.56 % March 22, 2022 December 22, 2021 1,330 1,330 1,788 134 % 1.41 % March 25, 2022 December 27, 2021 15,443 15,443 20,367 132 % 1.41 % March 25, 2022 December 27, 2021 4,444 4,444 6,413 144 % 1.81 % April 1, 2022 October 5, 2021 28,482 28,482 36,200 127 % 1.36 % April 19, 2022 October 22, 2021 7,909 7,909 9,279 117 % 1.02 % April 19, 2022 October 22, 2021 6,215 6,215 7,276 117 % 1.02 % April 19, 2022 October 22, 2021 5,090 5,090 6,063 119 % 1.02 % June 10, 2022 December 13, 2021 13,992 13,992 20,151 144 % 1.49 % June 10, 2022 December 13, 2021 6,220 6,220 8,203 132 % 1.29 % July 8, 2022 July 9, 2021 150,000 13,824 20,856 151 % 2.60 % September 22, 2022 September 23, 2021 400,000 228,523 300,324 131 % 2.36 % Totals/weighted averages $ 853,707 $ 546,054 $ 711,252 130 % 1.74 % 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 March 31, 2022 and December 31, 2021, the Company had $15.1 million and $6.9 million, respectively, of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheets and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at March 31, 2022 and December 31, 2021 in the table below ($ in thousands): Gross amounts not offset in balance sheet March 31, 2022 December 31, 2021 Gross amount of recognized liabilities $ 522,574 $ 546,054 Gross amount of loans and securities pledged as collateral 683,154 711,252 Other prepaid collateral 15,117 6,902 Net collateral amount $ 175,697 $ 172,100 Secured Borrowings From its inception (January 30, 2014) to March 31, 2022, 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 March 31, 2022. The secured borrowings are structured as debt financings and not sales through a real estate mortgage 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 March 31, 2022. 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 outstanding at March 31, 2022. 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 50.0% 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 sold into 2021-C. Based on the structure of the transaction the Company does not consolidate 2021-C under U.S. GAAP. 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 notes from the Company's secured borrowings outstanding at March 31, 2022 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 % Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate 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 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 $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. Servicing for the mortgage loans in the Company’s secured borrowings is provided by the Servicer at servicing fee rates between 0.65% of outstanding UPB and 1.25% of outstanding UPB at acquisition, and is paid monthly. The determination of RPL or NPL status, which determines the servicing fee rates, is based on the status of the loan at acquisition and does not change regardless of the loan's subsequent performance. The following table sets forth the status of the notes held by others at March 31, 2022 and December 31, 2021, and the securitization cutoff date ($ in thousands): Balances at March 31, 2022 Balances at December 31, 2021 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 2019-D $ 112,819 $ 85,962 131 % $ 118,075 $ 92,778 127 % $ 193,301 $ 156,670 2019-F 110,985 75,340 147 % 115,571 81,026 143 % 170,876 127,673 2020-B 114,028 80,680 141 % 119,184 86,011 139 % 156,468 114,534 2021-A 152,739 132,236 116 % 161,766 141,435 114 % 206,506 175,116 2021-B 238,465 169,267 141 % 242,191 181,657 133 % 287,882 215,912 $ 729,036 $ 543,485 (1) 134 % $ 756,787 $ 582,907 (1) 130 % $ 1,015,033 $ 789,905 (1) This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $6.5 million and $7.3 million as of March 31, 2022 and December 31, 2021. Convertible Senior Notes At March 31, 2022 and December 31, 2021, the Company had carrying values of $103.7 million and $102.8 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 1.7405 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.36 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. As of March 31, 2022, the amount by which the if-converted value falls short of the principal value for the entire series is $19.2 million. At March 31, 2022, the outstanding aggregate principal amount of the notes was $104.6 million, and discount and deferred expenses were $0.8 million. At December 31, 2021, the outstanding aggregate principal amount of the notes was $104.6 million, and discount and deferred expenses were $1.7 million. During the three months ended March 31, 2022 the Company recognized interest expense on its outstanding convertible notes of $2.1 million, which includes $0.2 million of amortization of discount and deferred expenses. In comparison, during the three months ended March 31, 2021 the Company recognized interest expense on its outstanding convertible notes of $2.4 million, which includes $0.3 million of amortization of discount and deferred expenses. The effective interest rates of the notes for the quarters ended March 31, 2022 and March 31, 2021 were 8.11% and 8.72%, respectively. During the first quarter of 2021 the Company completed a convertible note repurchase for aggregate principal amount of $2.5 million for a total purchase price of $2.4 million. There were no convertible note repurchases during the first quarter of 2022. During the quarter ended March 31, 2022, the Company adopted 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) by recording a reduction in its Additional paid-in capital account of $0.7 million and a corresponding increase in the carrying value of its Convertible senior notes of $0.7 million, representing the carrying value of the conversion feature associated with the notes. See Note 2— Recently Adopted Accounting Standards. 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	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands): Three months ended March 31, Transaction Consolidated Statement of Income location Counterparty 2022 2021 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 $ 7,220 $ 5,952 Management fee Related party expense – management fee Manager $ 2,293 $ 2,273 Loan servicing fees Related party expense – loan servicing fees Servicer $ 2,091 $ 1,833 Affiliate loan interest income Interest income Servicer $ 67 $ — Income from equity investment (Loss)/income from investments in affiliates Gaea $ 42 $ 18 Income from equity investment (Loss)/income from investments in affiliates AS Ajax E LLC $ 3 $ 9 Loss from equity investment (Loss)/income from investments in affiliates Loan pool LLCs $ (8) $ (7) (Loss)/income from equity investment (Loss)/income from investments in affiliates Manager $ (41) $ 168 Loss from equity investment (Loss)/income from investments in affiliates Great Ajax FS $ (93) $ (62) Impairment on beneficial interests Other (loss)/income 2018-D and -G $ (3,973) $ — The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of March 31, 2022 Transaction Consolidated Balance Sheet location Counterparty Amount Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 139,249 Receivables from Servicer Receivable from servicer Servicer $ 19,153 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 3,522 Management fee payable Management fee payable Manager $ 2,424 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 1,215 Servicing fee payable Accrued expenses and other liabilities Servicer $ 69 Expense reimbursements Accrued expenses and other liabilities Various non-consolidated joint ventures $ 23 Payable to Servicer Accrued expenses and other liabilities Servicer $ 16 As of March 31, 2022 Transaction Consolidated Balance Sheet location Counterparty Amount Expense reimbursement receivable Prepaid expenses and other assets Servicer $ 15 Expense reimbursements Accrued expenses and other liabilities Gaea $ 8 As of December 31, 2021 Transaction Consolidated Balance Sheet location Counterparty Amount Purchase of mortgage loans Mortgage loans held-for-investment, net 2019-C $ 152,883 Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 139,588 Receivables from Servicer Receivable from servicer Servicer $ 20,899 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 3,509 Management fee payable Management fee payable Manager $ 2,279 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 1,211 Expense reimbursements Accrued expenses and other liabilities Servicer $ 78 Affiliate loan receivable interest Prepaid expenses and other assets Gaea $ 21 Expense reimbursement receivable Prepaid expenses and other assets Servicer $ 12 The Company recorded a $4.0 million impairment on its beneficial interests in 2018-D and -G in other loss/income on its consolidated statements of income. The two trusts were redeemed in the second quarter of 2022 and the underlying mortgage loans were re-securitized in 2022-A. See Note 15 — Subsequent events. Although the Company continues to own approximately the same interest in the underlying mortgage loans and related cash flows, the beneficial interests are accounted for as distinct legal securities and were settled through the receipt of a combination of the beneficial interest in 2022-A and cash received from the sale of the underlying loans in 2022-A. The decline in loan prices driven by disruption in the markets since year end resulted in lower than expected current cash proceeds at redemption. As a result, the Company recognized an impairment loss in other loss/income for the three ended March 31, 2022. On December 9, 2021, the Company became a party to a promissory note with the Servicer under which the Servicer can borrow up to $3.5 million on a revolving line of credit from the Company. Interest on the arrangement accrues at 7.2% annually. At March 31, 2022, the amount outstanding on the note and interest was $3.5 million. During the fourth quarter of 2021, the Company acquired 772 RPLs, NPLs and SBC loans with a carrying value of $152.9 million from 2019-C, a joint venture trust previously formed by the Company in which it had held a 34.0% interest in the class B securities and trust certificate. The remaining 66.0% of 2019-C was acquired from the Company's joint venture partner in exchange for cash consideration for the outstanding equity certificate and subordinate notes and the assumption of the obligation to repay the senior note outstanding. Subsequent to the acquisition, the senior and subordinate notes were retired in December 2021. The Company previously recorded its investment in 2019-C as Investment in debt securities and Investment in beneficial interests because it was not the primary beneficiary of the trust. Subsequent to acquiring the outstanding equity certificate, the Company became the sole owner of the trust and now reflects the underlying mortgage loans on its consolidated balance sheet. 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 portfolio of mortgage loans. The maturity date of the loan was December 31, 2021 and at December 31, 2021, the note was repaid. During the three months ended March 31, 2022 and 2021, the Company acquired no debt securities and beneficial interests. As of March 31, 2022, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $327.8 million and $139.2 million, respectively. At December 31, 2021, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $355.2 million and $139.6 million, respectively. As of March 31, 2022 and December 31, 2021, 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 sale of REO properties from certain of the Company's joint ventures. Such funds are repaid no later than the liquidation of the real estate. The maximum amount available to the Servicer is $12.0 million. At March 31, 2022, and December 31, 2021, the Company had zero 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 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. In January 2022, Gaea completed a second private capital raise in which it raised $30.0 million from the issuance of 1,828,153 shares of common stock and warrants. The Company invested an additional $6.1 million in Gaea to increase its total investment to $25.5 million. In addition to common stock, the Company received 371,103 warrants to purchase additional shares at $16.41 per share for a two year period following the date that the common stock commences trading on a trading market. Upon completion of the second capital raise and at March 31, 2022 the Company owned approximately 22.2% of Gaea with third party investors owning the remaining 77.8%. 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 investment using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5.0% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E LLC was reduced to a lower percentage of the total. As of March 31, 2022 and December 31, 2021, the Company’s interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its investment using the equity method. Management Agreement The Company is a party to the Amended and Restated Management Agreement with the Manager, which expires on March 5, 2034. Under the Management Agreement, the Manager implements the Company’s business strategy and manages the Company’s business and investment activities and day-to-day operations, subject to oversight by the Company’s Board of Directors. Among other services, the Manager, directly or through affiliates, provides the Company with a management team and necessary administrative and support personnel. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager. The base management fee equals 1.5% of the Company's stockholders’ equity, including equity equivalents such as the Company's issuance of convertible senior notes, per annum and calculated and payable quarterly in arrears. The management fee is payable with 50% paid in shares of the Company's common stock and 50% in cash. However, the Company has the option to pay its management fee with up to 100% in 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 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 paid out of taxable income 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 paid out of taxable income, special cash dividends on its common stock paid out of taxable income and increase in book value 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. The incentive fee is payable in shares of the Company’s common stock at the Company's discretion and any remaining incentive fee is payable in cash. During the three months ended March 31, 2022 and 2021, the Company recorded an incentive fee of $0.1 million and zero, respectively, 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 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 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, for fees based on mortgage loans, and property values, previous UPB of the relevant loan, and the number of REO properties for fees based on REO properties. If the Servicing Agreement has been terminated other than for cause and/or the Servicer terminates the servicing agreement, the Company will be required to pay a termination fee equal to the aggregate servicing fees payable under the servicing agreement for the immediate preceding 12-month period. Trademark Licenses Aspen has granted the Company a non-exclusive, non-transferable, non-sublicensable, royalty-free license to use the name “Great Ajax” and the related logo. The Company also has a similar license to use the name “Thetis.” The agreement has no specified term. If the Management Agreement expires or is terminated, the trademark license agreement will terminate within 30 days. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use “Great Ajax” in its name will terminate. Aspen also granted to the Manager a substantially identical non-exclusive, non-transferable, non-sublicensable, royalty-free license use of the name “Thetis.”

Stock-based Payments and Direct

Stock-based Payments and Director Fees	3 Months Ended
	Mar. 31, 2022
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. For both the three months ended March 31, 2022 and 2021, the Company recognized base management fees to the Manager of $2.3 million, of which none was settled in shares of its common stock. However, for the three months ended March 31, 2022, the Company issued 39,558 shares of its common stock related to the base management fee for the fourth quarter of 2021 that was approved by the Board during the first quarter of 2022. Also, during the three months ended March 31, 2022 and 2021, the Company recorded an incentive fee of $0.1 million and zero, respectively, of which none was settled in shares of its common stock. As of December 31, 2021, each of the Company’s independent directors received an annual retainer of $100,000, payable quarterly, 40% in shares of the Company's common stock on the same basis as the stock portion of the management fee payable to the Manager and 60% in cash. The annual fee was increased to $140,000, 50% of which is payable in shares of the Company's common stock and 50% in cash, which became effective as of January 1, 2022. The following table sets forth the Company’s stock-based independent director fees ($ in thousands): Stock-based Management Fees and Director Fees For the three months ended March 31, 2022 2021 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Management fees 39,558 $ — (1) — $ — Independent director fees 7,765 88 3,945 50 Totals 47,323 $ 88 3,945 $ 50 (1) Management fees were fully expensed during the fourth quarter of 2021, the period in which the services were provided. However, the shares associated with these services were approved and issued by the Board during the first quarter of 2022. Restricted Stock The Company periodically grants shares of its common stock to employees of its Manager and Servicer. The Company granted 22,765 shares of its common stock in the quarter ended March 31, 2022, of which 14,765 shares vest over one year and 8,000 shares vest over 1.5 years following the grant date. There were no grants of the Company's common stock to employees of its Manager or Servicer in the quarter ended March 31, 2021. 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 is 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 Three months ended March 31, 2021 December 31, 2020 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (2,000) 12.00 Shares forfeited — — — — Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares granted (1) — — 2,000 12.00 March 31, 2021 outstanding unvested share grants 163,083 $ 11.07 — $ — (1) Shares granted vest immediately. Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Three months ended March 31, 2022 December 31, 2021 outstanding unvested share grants 228,365 $ 12.05 8,000 $ 12.53 Shares vested — — — — Shares forfeited (17,335) 11.93 — — Shares granted (1) 22,765 11.42 — — March 31, 2022 outstanding unvested share grants 233,795 $ 12.00 8,000 $ 12.53 (1) Vesting is ratable over one one The following table presents the expenses for the Company's restricted stock plan ($ in thousands): Three months ended March 31, 2022 2021 Restricted stock grants $ 225 $ 207 Director grants 25 24 Total expenses for plan grants $ 250 $ 231

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022, the Company had consolidated taxable income of $11.2 million before deduction of preferred dividends and income tax benefit of $28 thousand. For the three months ended March 31, 2021, the Company had consolidated taxable income of $8.7 million before deduction of preferred dividends and provision for income taxes of $34 thousand. The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at March 31, 2022 and 2021. The Company also recorded no interest or penalties for the three months ended March 31, 2022 and 2021.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per ShareThe following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): Three months ended March 31, 2022 Three months ended March 31, 2021 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 3,586 22,922,316 $ 7,004 22,816,978 Allocation of earnings to participating restricted shares (43) — (52) — Consolidated net income attributable to unrestricted common stockholders $ 3,543 22,922,316 $ 0.15 $ 6,952 22,816,978 $ 0.30 Effect of dilutive securities (1,2,3) Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 3,543 22,922,316 $ 0.15 $ 6,952 22,816,978 $ 0.30 (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 March 31, 2022 and March 31, 2021, 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 three months ended March 31, 2022 and March 31, 2021 would have been anti-dilutive and have not been included in the calculation. (3) 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 March 31, 2022 and March 31, 2021 would have been anti-dilutive and has been removed from the calculation.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	Equity Common Stock As of March 31, 2022 and December 31, 2021, the Company had 23,194,566 and 23,146,775 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each period end. Preferred Stock The Company has outstanding shares of preferred stock and warrants which were issued to institutional accredited investors in a series of private placements during the quarter ended June 30, 2020. 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. The shares have a liquidation preference of $25.00 per share. The Company also 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. The Company is using 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 March 31, 2022 and December 31, 2021. There were 25,000,000 shares, cumulative for all series, authorized as of both March 31, 2022 and December 31, 2021. Treasury Stock and Stock Repurchase Plan On February 28, 2020, the Company's Board of Directors approved a stock buyback of up to $25.0 million of its common shares. The amount and timing of any repurchases will depend on a number of factors, including but not limited to the price and availability of the common shares, trading volume and general circumstances and market conditions. As of March 31, 2022, the Company held 157,776 shares of treasury stock consisting of 108,092 shares received through distributions of the Company's shares previously held by its Manager and 49,684 shares acquired through open market purchases. As of December 31, 2021, the Company held 147,370 shares of treasury stock consisting of 97,686 shares received through distributions of the Company's shares previously held by its Manager and 49,684 shares acquired through open market purchases, of which 1,220 shares were acquired in the fourth quarter of 2021 under the Company's approved stock buyback 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 months ended March 31, 2022 and 2021, 9,739 and 4,228 shares, respectively, were issued under the plan for total proceeds of approximately $0.1 million and $47 thousand, 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 $100.0 million from time to time in any method permitted by law deemed to be an “At the Market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the three months ended March 31, 2022 and 2021, no shares were sold under the At the Market program. The Company intends to use the net proceeds to acquire mortgage loans and mortgage-related assets consistent with its investment strategy. Accumulated Other Comprehensive Income The Company recognizes unrealized gains or losses on its investment in debt securities as components of other comprehensive income. Total accumulated other comprehensive (loss)/income on the Company’s balance sheet at March 31, 2022 and December 31, 2021 was as follows ($ in thousands): Investments in securities: March 31, 2022 December 31, 2021 Unrealized gains $ 215 $ 1,822 Unrealized losses (8,973) (802) Accumulated other comprehensive (loss)/income $ (8,758) $ 1,020 Non-controlling Interest At both March 31, 2022 and December 31, 2021, the Company had non-controlling interests attributable to ownership interests for three legal entities. AS Ajax E II 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 is 46.9% held by third parties. At both March 31, 2022 and December 31, 2021, the Company owned 53.1% of AS Ajax E II and consolidates the assets, liabilities, revenues and expenses of the entity. 2017-D, a securitization trust, was formed by the Company during 2017. It is 50.0% held by an accredited institutional investor. During the second quarter of 2021, the majority of the loans in 2017-D were sold into 2021-C, with 22 loans remaining in 2017-D substantially reducing the non-controlling interest. At both March 31, 2022 and December 31, 2021, the Company owned 50.0% of 2017-D and consolidates 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 subordinated securities issued by such trusts. At both March 31, 2022 and December 31, 2021, Great Ajax II REIT was 0.1% held by third parties and the Company had retained 99.9% of Great Ajax II REIT and consolidates the assets, liabilities, revenues and expenses of the entity. Securitization trust 2018-C was formed by the Company during 2018 and was 37.0% held by an accredited institutional investor. The non-controlling 37.0% ownership was purchased by the Company during the first quarter of 2021, and the non-controlling interest was derecognized from the Company's balance sheet. At both March 31, 2022 and December 31, 2021, the Company owned 100.0% of 2018-C. The following table sets forth the effects of changes in the Company's ownership interest due to transfers to or from non-controlling interest ($ in thousands): Three months ended March 31, 2022 2021 Decrease from redemption of 2018-C $ — $ (8,306) Decrease from the distribution of 2017-D (819) — Change in non-controlling interest $ (819) $ (8,306)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 14, 2022, with an accredited institutional investor the Company refinanced its 2018-D and -G joint ventures into 2022-A and retained $47.7 million of varying classes of agency rated securities and equity. The Company acquired 23.28% of the securities and trust certificates from the trust. 2022-A acquired 811 RPLs and NPLs with UPB of $215.5 million and an aggregate property value of $518.8 million. The AAA through A rated securities represent 71.9% of the UPB of the underlying mortgage loans and carry a weighted average coupon of 3.47%. This is the first fully rated securitization structure to include a substantial amount of NPLs. Approximately 33.9% of loan UPB in 2022-A was 60 days or more delinquent. Based on the structure of the transaction the Company will not consolidate 2022-A under U.S. GAAP. The Company's percentage ownership of 2022-A is approximately the same as its combined prior investment in 2018-D and -G. On April 19, 2022, the Company completed a repurchase of $0.1 million aggregate principal of its convertible senior notes for a total purchase price of $0.1 million. On May 5, 2022, the Company’s Board of Directors declared a cash dividend of $0.26 per share to be paid on May 31, 2022 to stockholders of record as of May 16, 2022. Since March 31, 2022, the Company has acquired two residential RPLs in two transactions from two different sellers with aggregate UPB of $0.2 million, and one NPL in one transaction from a single seller with UPB of $0.2 million. The purchase price of the RPLs was 93.1% of UPB and 44.3% of the estimated market value of the underlying collateral of $0.4 million. The purchase price of the NPL was 94.0% of UPB and 46.2% of the estimated market value of the underlying collateral of $0.3 million. The Company has agreed to acquire, subject to due diligence, 26 residential RPLs in seven transactions, and 27 NPLs in one transaction, with aggregate UPB of $6.7 million and $3.9 million, respectively. The purchase price of the residential RPLs is 97.2% of UPB and 42.6% of the estimated market value of the underlying collateral of $15.3 million. The purchase price of the NPLs is 102.0% of UPB and 46.3% of the estimated market value of the underlying collateral of $8.6 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 4, 2022. 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, 2022. 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.
Purchased Credit Deteriorated Loans ("PCD 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 unpaid principal balance (“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. Expected cash flows from acquired loans include all cash flows directly related to the 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.
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 generally acquires real estate properties through one of three instances, either directly through purchases, when it forecloses on a 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. 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.
Preferred Stock	Preferred Stock During the quarter ended June 30, 2020, the Company issued an aggregate of $125.0 million, net of offering costs, of preferred stock in two series and warrants to institutional accredited investors in a series of private placements. The Company issued 2,307,400 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 2,892,600 shares of 5.00% Series B Fixed-to-Floating Rate Preferred Stock. 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 sheets 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
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 During 2017 and 2018, the Company completed the public offer and sale of its convertible senior notes (the "notes") due 2024, in three separate offerings which form a single series of fungible securities. At both March 31, 2022 and December 31, 2021, the UPB of the debt was $104.6 million. 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 current conversion rate of 1.7405 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.36 per share of common stock. The conversion rate, and thus the conversion price, are 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. No sinking fund has been established for redemption of the principal. During the quarter ended March 31, 2022, the Company adopted 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) by recording a reduction in its additional paid-in capital account of $0.7 million and a corresponding increase in the carrying value of its Convertible senior notes of $0.7 million, representing the carrying value of the conversion feature associated with the notes. See — Recently Adopted Accounting Standards, below.
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 UPB of loans that are re-performing at acquisition to 1.25% annually of UPB of 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, for fees based on mortgage loans, and property values, previous UPB of the relevant loan, and the number of REO properties for fees based on REO properties. The Servicing Agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the Servicing Agreement if the Servicing Agreement is terminated for any reason. See Note 10 — Related party transactions.
Stock-based Payments	Stock-based Payments At least a portion of the management fee is payable in cash, and a portion of the management fee may be payable (at the Company's discretion) in shares of the Company’s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act of 1933, as amended (the “Securities Act”). The number of shares issued to the Manager (if any) is 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 accrued 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, through December 31, 2021, each of the Company’s independent directors received an annual fee of $100,000, payable quarterly, 40% in shares of the Company's common stock and 60% in cash. The annual fee was increased to $140,000, 50% of which is payable in shares of the Company’s common stock and 50% in cash, effective as of January 1, 2022. Stock-based expense for the directors’ annual fee is expensed as earned, in equal quarterly amounts during the year, and accrued at quarter end. Under the Company's 2016 Equity Incentive Plan (the “2016 Plan”) the Company may make stock-based awards 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 conversion of any outstanding warrants and convertible senior notes into shares of common stock). Grants of restricted stock under the 2016 Plan use grant date fair value
Directors' Fees	Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is accrued in the period in which it is incurred.
Variable Interest Entities	Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (see “Secured Borrowings” above and Note 9 to the consolidated financial statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
Cash Held in Trust	Cash Held in Trust Cash held in trust consists of restricted cash balances either legally due to lenders or held in trust for the benefit of the Company's secured borrowings, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purposes 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 an implied capitalization rate applied to the value of the underlying properties. 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 documents. The Company carries its secured borrowings net of deferred issuance cost. Accordingly, the difference between fair value and carrying value is partially 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.
Estimates	Estimates 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.
Reclassifications	ReclassificationsThe Company made no reclassifications that have impacted its consolidated financial statements.
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 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 at 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. The Company adopted 2020-06 using the modified retrospective method as of the beginning of its calendar year 2022 and recorded a reduction in its Additional paid-in capital account of $0.7 million and a corresponding increase in the carrying value of its Convertible senior notes of $0.7 million, representing the carrying value of the conversion feature associated with the notes. Recently Issued Accounting Standards In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326) – Troubled Debt Restructurings and Vintage Disclosures. The amendments in this eliminate the accounting guidance for troubled debt restructurings by creditors, and require that an entity disclose current period gross write offs by year of origination for financing receivables and net investments in leases within the scope of subtopic 326-20. This guidance is effective for interim and annual reporting periods beginning after December 15, 2022, 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)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 December 31, 2021 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 $ 931,441 $ — $ 941,565 $ 29,572 Residential NPLs 116,560 — 119,520 — SBC loans 15,475 — 19,349 — Total $ 1,063,476 $ — $ 1,080,434 $ 29,572
Schedule of loan basis by year of origination	The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands): March 31, 2022 Mortgage loans held-for-investment, net 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ — $ 282 $ 7,245 $ 5,991 $ 1,429 $ 2,064 $ 28,203 $ 173,328 $ 66,688 $ 285,230 GAOP - 7f7 <50 — — — 134 — 147 4,829 44,042 14,149 63,301 GAOP - 6f6 and below — 467 1,293 2,633 2,863 1,592 22,945 137,594 52,365 221,752 Great Ajax II REIT - 7f7 >50 — — 755 641 813 458 36,624 262,077 94,594 395,962 Great Ajax II REIT - 7f7 <50 — — — 219 15 45 5,096 38,407 13,278 57,060 Great Ajax II REIT - 6f6 and below — — — — — 142 5,983 22,390 11,656 40,171 Total $ — $ 749 $ 9,293 $ 9,618 $ 5,120 $ 4,448 $ 103,680 $ 677,838 $ 252,730 $ 1,063,476 December 31, 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 $ — $ 764 $ 181 $ 698 $ 328 $ 1,730 $ 46,041 $ 339,759 $ 125,095 $ 514,596 2021-B — — 589 — 2,353 443 28,541 159,318 50,948 242,192 2019-C — — — — 265 — 9,020 96,995 39,801 146,081 California — — 1,268 1,248 — — 1,681 6,431 1,373 12,001 7f7 and better 471 — 2,019 1,541 440 — 3,847 17,032 6,891 32,241 6f6 and below — 1,351 1,783 1,470 209 368 9,885 70,163 28,774 114,003 18-1 LLC — — 605 176 284 429 819 33 10 2,356 Non-PCD 3,771 8,831 3,855 — 507 — — — — 16,964 Total $ 4,242 $ 10,946 $ 10,300 $ 5,133 $ 4,386 $ 2,970 $ 99,834 $ 689,731 $ 252,892 $ 1,080,434 December 31, 2021 Mortgage loans held-for-sale, net 2021 2020 2019 2018 2017 2016 2009-2015 2006-2008 2005 and prior Total Ajax N $ — $ — $ 204 $ — $ — $ — $ 4,267 $ 15,893 $ 9,208 $ 29,572 Total $ — $ — $ 204 $ — $ — $ — $ 4,267 $ 15,893 $ 9,208 $ 29,572
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 months ended March 31, 2022 and 2021 ($ in thousands): Three months ended March 31, 2022 2021 PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans Par $ 964 $ — $ 36,696 $ 3,611 Discount (58) — (2,929) (8) Allowance (3) — (1,733) — Purchase Price $ 903 $ — $ 32,034 $ 3,603
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 March 31, 2022 2021 Allowance for expected credit losses, beginning of period $ (7,112) $ (13,712) Reclassification from non-credit discount to the allowance for changes in payment expectations (4,089) (9,232) Increase in allowance for expected credit losses for loan acquisitions (3) (1,733) Credit loss expense on mortgage loans (111) (454) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 3,624 5,500 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 $ (7,691) $ (17,890)
Schedule of carrying value of mortgage loans and related UPB by delinquency status	The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 151,909 $ 37,299 $ 25,859 $ 69,020 $ 1,143 $ 285,230 GAOP - 7f7 <50 28,344 9,378 6,091 18,884 604 63,301 GAOP - 6f6 and below 15,708 3,452 11,844 133,798 56,950 221,752 Great Ajax II REIT - 7f7 >50 336,318 39,754 7,370 12,520 — 395,962 Great Ajax II REIT - 7f7 <50 48,027 5,479 1,967 1,587 — 57,060 Great Ajax II REIT - 6f6 and below 38 45 9,170 27,915 3,003 40,171 Total $ 580,344 $ 95,407 $ 62,301 $ 263,724 $ 61,700 $ 1,063,476 December 31, 2021 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total Great Ajax II REIT $ 398,200 $ 52,782 $ 19,530 $ 41,931 $ 2,153 $ 514,596 2021-B 61,066 24,428 24,807 113,459 18,432 242,192 2019-C 78,238 13,920 11,738 35,727 6,458 146,081 California 3,938 661 — 5,132 2,270 12,001 7f7 and better 13,087 4,192 1,718 13,068 176 32,241 6f6 and below 15,169 4,408 2,064 62,456 29,906 114,003 18-1 LLC 2,123 67 111 55 — 2,356 Non-PCD 16,457 — — — 507 16,964 Total $ 588,278 $ 100,458 $ 59,968 $ 271,828 $ 59,902 $ 1,080,434 December 31, 2021 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Ajax N $ 13,485 $ 3,927 $ 2,369 $ 7,828 $ 1,963 $ 29,572 Total $ 13,485 $ 3,927 $ 2,369 $ 7,828 $ 1,963 $ 29,572

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021 ($ in thousands): Three months ended March 31, 2022 2021 Property Held-for-Sale and Rental Property Count Amount Count Amount Balance at beginning of period 31 $ 6,063 38 $ 8,526 Net transfers from mortgage loans 3 828 2 228 Adjustments to record at lower of cost or fair value — (169) — (171) Depreciation on rental properties — — — (3) Disposals (3) (136) (9) (1,482) Balance at end of period 31 $ 6,586 31 $ 7,098

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of March 31, 2022 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities $ 336,551 $ 215 $ (8,973) $ 327,793 Beneficial interests in securitization trusts 139,249 — — 139,249 Total investments at fair value $ 475,800 $ 215 $ (8,973) $ 467,042 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities of $0.2 million. As of December 31, 2021 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities $ 354,158 $ 1,822 $ (802) $ 355,178 Beneficial interests in securitization trusts 139,588 — — 139,588 Total investments at fair value $ 493,746 $ 1,822 $ (802) $ 494,766 (1) Basis amount is net of amortized discount, allowance for expected credit losses on beneficial interests, principal paydowns and interest receivable on securities of $0.3 million.
Debt securities, available-for-sale, unrealized loss position, fair value	The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands): As of March 31, 2022 Step-up date (1) Basis (2) Gross unrealized losses Carrying value Debt securities due November 2051 (3) March 2025 $ 42,628 $ (781) $ 41,847 Debt securities due June 2057 (3) April 2022 21,360 (5) 21,355 Debt securities due August 2057 (3) July 2022 11,731 (33) 11,698 Debt securities due January 2059 (3) July 2022 12,559 (9) 12,550 Debt securities due September 2059 (4) February 2023/April 2023 17,305 (401) 16,904 Debt securities due November 2059 (3) April 2023 8,818 (29) 8,789 Debt securities due December 2059 (3) July 2023 38,627 (1,284) 37,343 Debt securities due March 2060 (3) February 2025 16,168 (714) 15,454 Debt securities due June 2060 (3) March 2024 9,198 (34) 9,164 Debt securities due December 2060 (3) July 2029 46,576 (882) 45,694 Debt securities due January 2061 (3) September 2024 13,375 (525) 12,850 Debt securities due June 2061 (5) January 2025/February 2025 83,388 (4,276) 79,112 Total $ 321,733 $ (8,973) $ 312,760 (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 less than 12 months. (4) 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 a loss position for less than 12 months and has a step-up date in February 2023, and the other security of $0.2 million has been in a loss position for less than 12 months and has a step-up date in April 2023. (5) This line is comprised of two securities that are both due June 2061. One security with a balance of $3.3 million has been in an unrealized loss position for less than 12 months and has a step-up date in January 2025, and the other security of $1.0 million has been in a loss position for less than 12 months and has a step-up date in February 2025. As of December 31, 2021 Step-up date (1) Basis (2) Gross unrealized losses Carrying value Debt securities due November 2051 (3) March 2025 $ 44,902 $ (12) $ 44,890 Debt securities due June 2057 (3) April 2022 (5) 23,165 (3) 23,162 Debt securities due September 2059 (3) February 2023 9,173 (24) 9,149 Debt securities due December 2059 (3) July 2023 40,502 (87) 40,415 Debt securities due March 2060 (3) February 2025 16,977 (91) 16,886 Debt securities due January 2061 (3) September 2024 14,000 (140) 13,860 Debt securities due June 2061 (4) January 2025/February 2025 86,909 (445) 86,464 Total $ 235,628 $ (802) $ 234,826 (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 less than 12 months. (4) This line is comprised of two securities that are both due June 2061. One security with a balance of $0.4 million has been in an unrealized loss position for less than 12 months and has a step-up date in January 2025, and the other security of $0.1 million been in a loss position for less than 12 months and has a step-up date in February 2025. (5) On January 25, 2022 the step-up date for this security was extended from January 2022 to April 2022.
Allowance for credit loss on beneficial interests	An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands): Three months ended March 31, 2022 2021 Allowance for expected credit losses, beginning balance $ (615) $ (4,453) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations 311 (953) Credit loss expense on beneficial interests (50) (139) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 354 15 Allowance for expected credit losses, ending balance $ — $ (5,530)

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 March 31, 2022 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 $ 327,793 $ — $ 327,793 $ — Recurring financial liabilities Put option liability $ 26,867 $ — $ — $ 26,867 Level 1 Level 2 Level 3 December 31, 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 $ 355,178 $ — $ 355,178 $ — Recurring financial liabilities Put option liability $ 23,667 $ — $ — $ 23,667
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 March 31, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 March 31, 2022 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 1,063,476 $ — $ — $ 1,097,961 Investment in beneficial interests $ 139,249 $ — $ — $ 139,249 Investment in Manager $ 1,345 $ — $ — $ 12,141 Investment in AS Ajax E LLC $ 522 $ — $ 690 $ — Investment in AS Ajax E II LLC $ 2,435 $ — $ 2,473 $ — Investment in GAFS, including warrants $ 2,509 $ — $ — $ 3,320 Investment in Gaea $ 25,549 $ — $ — $ 27,511 Investment in Loan pool LLCs $ 218 $ — $ — $ 838 Financial liabilities Secured borrowings, net $ 536,988 $ — $ 517,070 $ — Borrowings under repurchase transactions $ 522,574 $ — $ 522,574 $ — Convertible senior notes, net $ 103,749 $ 104,549 $ — $ — Level 1 Level 2 Level 3 December 31, 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 $ 1,080,434 $ — $ — $ 1,174,660 Mortgage loans held-for-sale, net $ 29,572 $ — $ — $ 32,857 Investment in beneficial interests $ 139,588 $ — $ — $ 139,588 Investment in Manager $ 1,502 $ — $ — $ 12,346 Investment in AS Ajax E LLC $ 569 $ — $ 721 $ — Investment in AS Ajax E II LLC $ 2,550 $ — $ 2,824 $ — Investment in GAFS, including warrants $ 2,602 $ — $ — $ 3,320 Investment in Gaea $ 19,571 $ — $ — $ 21,170 Investment in Loan pool LLCs $ 226 $ — $ — $ 853 Financial liabilities Secured borrowings, net $ 575,563 $ — $ 580,166 $ — Borrowings under repurchase agreement $ 546,054 $ — $ 546,054 $ — Convertible senior notes, net $ 102,845 $ 108,816 $ — $ —
Fair value of non-financial assets by level	The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 March 31, 2022 Carrying value Three months ended fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 6,586 $ (169) $ — $ — $ 6,586 Level 1 Level 2 Level 3 December 31, 2021 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 $ 6,063 $ (293) $ — $ — $ 6,063

Affiliates (Tables)

Affiliates (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, Net income/(loss) at 100% 2022 2021 Gaea Real Estate Corp. $ 191 $ 78 AS Ajax E LLC $ 19 $ 54 Loan pool LLCs $ (20) $ (16) Thetis Asset Management LLC $ (206) $ 851 Great Ajax FS LLC $ (1,157) $ (777) March 31, 2022 December 31, 2021 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 140,774 $ 31,822 $ 105,667 $ 24,305 AS Ajax E LLC $ 3,252 $ 1 $ 3,545 $ 2 Loan pool LLCs $ 2,234 $ 4,073 $ 2,242 $ 4,060 Thetis Asset Management LLC $ 8,499 $ 1,664 $ 9,498 $ 1,904 Great Ajax FS LLC $ 74,809 $ 56,906 $ 66,355 $ 47,293 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended March 31, Net income/(loss) at the Company's share 2022 2021 Gaea Real Estate Corp. $ 42 $ 18 AS Ajax E LLC $ 3 $ 9 Loan pool LLCs $ (8) $ (7) Thetis Asset Management LLC $ (41) $ 168 Great Ajax FS LLC $ (93) $ (62) March 31, 2022 December 31, 2021 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities Gaea Real Estate Corp. $ 31,252 $ 7,064 $ 24,092 $ 5,542 AS Ajax E LLC $ 535 $ — $ 583 $ — Loan pool LLCs $ 897 $ 1,641 $ 900 $ 1,635 Thetis Asset Management LLC $ 1,683 $ 329 $ 1,881 $ 377 Great Ajax FS LLC $ 5,985 $ 4,552 $ 5,308 $ 3,783

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Beginning balance $ 23,667 $ 14,205 Fair value adjustments during the period 3,200 1,944 Ending balance $ 26,867 $ 16,149

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of details of repurchase agreement	The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): March 31, 2022 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate April 1, 2022 October 5, 2021 $ 28,482 $ 28,482 $ 34,299 120 % 1.36 % April 12, 2022 January 12, 2022 4,739 4,739 5,928 125 % 1.44 % April 14, 2022 January 14, 2022 4,356 4,356 5,397 124 % 1.30 % April 19, 2022 October 22, 2021 7,909 7,909 9,279 117 % 1.02 % April 19, 2022 October 22, 2021 6,215 6,215 7,276 117 % 1.02 % April 19, 2022 October 22, 2021 5,090 5,090 6,063 119 % 1.02 % April 20, 2022 March 23, 2022 8,068 8,068 10,604 131 % 1.64 % April 20, 2022 March 23, 2022 7,997 7,997 10,455 131 % 1.71 % April 20, 2022 March 17, 2022 5,320 5,320 10,455 197 % 1.64 % April 20, 2022 March 23, 2022 2,824 2,824 4,050 143 % 1.50 % April 28, 2022 January 28, 2022 8,263 8,263 10,273 124 % 1.48 % April 28, 2022 January 28, 2022 7,489 7,489 9,342 125 % 1.48 % May 6, 2022 February 7, 2022 4,970 4,970 6,399 129 % 1.35 % May 6, 2022 February 7, 2022 1,721 1,721 2,184 127 % 1.35 % May 11, 2022 February 11, 2022 4,025 4,025 5,796 144 % 1.58 % May 11, 2022 February 11, 2022 3,016 3,016 4,428 147 % 1.98 % May 11, 2022 February 11, 2022 2,160 2,160 3,090 143 % 1.58 % March 31, 2022 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate May 11, 2022 February 11, 2022 1,834 1,834 2,640 144 % 1.58 % May 11, 2022 February 11, 2022 1,606 1,606 2,287 142 % 1.58 % May 11, 2022 February 11, 2022 1,522 1,522 2,178 143 % 1.58 % May 16, 2022 February 14, 2022 38,792 38,792 51,869 134 % 1.43 % May 16, 2022 February 14, 2022 4,134 4,134 6,232 151 % 1.68 % May 18, 2022 February 18, 2022 8,533 8,533 11,139 131 % 1.69 % May 23, 2022 February 22, 2022 31,308 31,308 34,543 110 % 0.97 % May 23, 2022 February 22, 2022 30,013 30,013 39,181 131 % 1.57 % May 23, 2022 February 22, 2022 2,787 2,787 3,421 123 % 1.27 % May 23, 2022 February 22, 2022 2,543 2,543 3,771 148 % 1.87 % May 23, 2022 February 22, 2022 1,480 1,480 1,943 131 % 1.47 % May 23, 2022 February 22, 2022 1,317 1,317 2,047 155 % 1.87 % May 23, 2022 February 22, 2022 1,279 1,279 1,788 140 % 1.72 % May 24, 2022 February 24, 2022 3,487 3,487 5,106 146 % 2.09 % June 10, 2022 December 13, 2021 13,992 13,992 20,151 144 % 1.49 % June 10, 2022 December 13, 2021 6,220 6,220 7,578 122 % 1.29 % June 17, 2022 March 17, 2022 5,560 5,560 7,176 129 % 2.12 % June 17, 2022 March 17, 2022 1,157 1,157 1,687 146 % 2.52 % June 24, 2022 March 25, 2022 13,924 13,924 19,361 139 % 2.17 % June 24, 2022 March 25, 2022 4,228 4,228 6,413 152 % 2.57 % July 8, 2022 July 9, 2021 150,000 13,458 20,407 152 % 2.95 % September 22, 2022 September 23, 2021 400,000 220,756 286,918 130 % 2.64 % Totals/weighted averages $ 838,360 $ 522,574 $ 683,154 131 % 2.01 % December 31, 2021 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate January 6, 2022 October 6, 2021 $ 6,567 $ 6,567 $ 8,450 129 % 1.33 % January 12, 2022 October 12, 2021 4,978 4,978 6,304 127 % 1.32 % January 13, 2022 December 15, 2021 2,850 2,850 4,050 142 % 1.31 % January 14, 2022 October 15, 2021 4,992 4,992 5,808 116 % 1.17 % January 20, 2022 October 20, 2021 9,667 9,667 11,550 119 % 1.18 % January 27, 2022 December 27, 2021 2,206 2,206 2,824 128 % 1.30 % January 28, 2022 October 29, 2021 9,115 9,115 11,244 123 % 1.33 % January 28, 2022 October 29, 2021 8,508 8,508 10,538 124 % 1.33 % February 11, 2022 November 12, 2021 3,094 3,094 4,428 143 % 1.75 % February 11, 2022 November 16, 2021 4,060 4,060 5,796 143 % 1.36 % February 11, 2022 November 16, 2021 2,166 2,166 3,090 143 % 1.36 % February 11, 2022 November 16, 2021 1,850 1,850 2,640 143 % 1.36 % February 11, 2022 November 16, 2021 1,670 1,670 2,287 137 % 1.36 % February 11, 2022 November 16, 2021 1,526 1,526 2,178 143 % 1.36 % February 18, 2022 November 19, 2021 9,275 9,275 11,954 129 % 1.36 % February 24, 2022 November 24, 2021 3,538 3,538 5,106 144 % 1.77 % March 8, 2022 December 8, 2021 5,363 5,363 6,970 130 % 1.19 % December 31, 2021 Maturity Date Origination Date Maximum Borrowing Capacity Amount Outstanding Amount of Collateral Percentage of Collateral Coverage Interest Rate March 8, 2022 December 8, 2021 1,955 1,955 2,496 128 % 1.19 % March 16, 2022 December 16, 2021 40,956 40,956 54,424 133 % 1.21 % March 16, 2022 December 16, 2021 4,258 4,258 6,232 146 % 1.46 % March 17, 2022 December 17, 2021 6,425 6,425 8,093 126 % 1.42 % March 17, 2022 December 17, 2021 5,904 5,904 7,573 128 % 1.42 % March 17, 2022 December 17, 2021 1,177 1,177 1,687 143 % 1.82 % March 21, 2022 December 20, 2021 30,850 30,850 41,473 134 % 1.26 % March 21, 2022 December 20, 2021 2,629 2,629 3,770 143 % 1.56 % March 22, 2022 December 22, 2021 33,201 33,201 35,956 108 % 0.66 % March 22, 2022 December 22, 2021 2,892 2,892 3,421 118 % 0.96 % March 22, 2022 December 22, 2021 1,541 1,541 1,943 126 % 1.16 % March 22, 2022 December 22, 2021 1,369 1,369 2,047 150 % 1.56 % March 22, 2022 December 22, 2021 1,330 1,330 1,788 134 % 1.41 % March 25, 2022 December 27, 2021 15,443 15,443 20,367 132 % 1.41 % March 25, 2022 December 27, 2021 4,444 4,444 6,413 144 % 1.81 % April 1, 2022 October 5, 2021 28,482 28,482 36,200 127 % 1.36 % April 19, 2022 October 22, 2021 7,909 7,909 9,279 117 % 1.02 % April 19, 2022 October 22, 2021 6,215 6,215 7,276 117 % 1.02 % April 19, 2022 October 22, 2021 5,090 5,090 6,063 119 % 1.02 % June 10, 2022 December 13, 2021 13,992 13,992 20,151 144 % 1.49 % June 10, 2022 December 13, 2021 6,220 6,220 8,203 132 % 1.29 % July 8, 2022 July 9, 2021 150,000 13,824 20,856 151 % 2.60 % September 22, 2022 September 23, 2021 400,000 228,523 300,324 131 % 2.36 % Totals/weighted averages $ 853,707 $ 546,054 $ 711,252 130 % 1.74 %
Schedule of amount outstanding on repurchase transactions and carrying value collateral	The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at March 31, 2022 and December 31, 2021 in the table below ($ in thousands): Gross amounts not offset in balance sheet March 31, 2022 December 31, 2021 Gross amount of recognized liabilities $ 522,574 $ 546,054 Gross amount of loans and securities pledged as collateral 683,154 711,252 Other prepaid collateral 15,117 6,902 Net collateral amount $ 175,697 $ 172,100
Schedule of securitization of notes	The following table sets forth the original terms of notes from the Company's secured borrowings outstanding at March 31, 2022 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 % Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate 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 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 $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at March 31, 2022 and December 31, 2021, and the securitization cutoff date ($ in thousands): Balances at March 31, 2022 Balances at December 31, 2021 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 2019-D $ 112,819 $ 85,962 131 % $ 118,075 $ 92,778 127 % $ 193,301 $ 156,670 2019-F 110,985 75,340 147 % 115,571 81,026 143 % 170,876 127,673 2020-B 114,028 80,680 141 % 119,184 86,011 139 % 156,468 114,534 2021-A 152,739 132,236 116 % 161,766 141,435 114 % 206,506 175,116 2021-B 238,465 169,267 141 % 242,191 181,657 133 % 287,882 215,912 $ 729,036 $ 543,485 (1) 134 % $ 756,787 $ 582,907 (1) 130 % $ 1,015,033 $ 789,905

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands): Three months ended March 31, Transaction Consolidated Statement of Income location Counterparty 2022 2021 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 $ 7,220 $ 5,952 Management fee Related party expense – management fee Manager $ 2,293 $ 2,273 Loan servicing fees Related party expense – loan servicing fees Servicer $ 2,091 $ 1,833 Affiliate loan interest income Interest income Servicer $ 67 $ — Income from equity investment (Loss)/income from investments in affiliates Gaea $ 42 $ 18 Income from equity investment (Loss)/income from investments in affiliates AS Ajax E LLC $ 3 $ 9 Loss from equity investment (Loss)/income from investments in affiliates Loan pool LLCs $ (8) $ (7) (Loss)/income from equity investment (Loss)/income from investments in affiliates Manager $ (41) $ 168 Loss from equity investment (Loss)/income from investments in affiliates Great Ajax FS $ (93) $ (62) Impairment on beneficial interests Other (loss)/income 2018-D and -G $ (3,973) $ — The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): As of March 31, 2022 Transaction Consolidated Balance Sheet location Counterparty Amount Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 139,249 Receivables from Servicer Receivable from servicer Servicer $ 19,153 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 3,522 Management fee payable Management fee payable Manager $ 2,424 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 1,215 Servicing fee payable Accrued expenses and other liabilities Servicer $ 69 Expense reimbursements Accrued expenses and other liabilities Various non-consolidated joint ventures $ 23 Payable to Servicer Accrued expenses and other liabilities Servicer $ 16 As of March 31, 2022 Transaction Consolidated Balance Sheet location Counterparty Amount Expense reimbursement receivable Prepaid expenses and other assets Servicer $ 15 Expense reimbursements Accrued expenses and other liabilities Gaea $ 8 As of December 31, 2021 Transaction Consolidated Balance Sheet location Counterparty Amount Purchase of mortgage loans Mortgage loans held-for-investment, net 2019-C $ 152,883 Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 139,588 Receivables from Servicer Receivable from servicer Servicer $ 20,899 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 3,509 Management fee payable Management fee payable Manager $ 2,279 Expense reimbursement receivable Prepaid expenses and other assets Various non-consolidated joint ventures $ 1,211 Expense reimbursements Accrued expenses and other liabilities Servicer $ 78 Affiliate loan receivable interest Prepaid expenses and other assets Gaea $ 21 Expense reimbursement receivable Prepaid expenses and other assets Servicer $ 12

Stock-based Payments and Dire_2

Stock-based Payments and Director Fees (Tables)	3 Months Ended
	Mar. 31, 2022
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 Management Fees and Director Fees For the three months ended March 31, 2022 2021 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Management fees 39,558 $ — (1) — $ — Independent director fees 7,765 88 3,945 50 Totals 47,323 $ 88 3,945 $ 50
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 Three months ended March 31, 2021 December 31, 2020 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (2,000) 12.00 Shares forfeited — — — — Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares granted (1) — — 2,000 12.00 March 31, 2021 outstanding unvested share grants 163,083 $ 11.07 — $ — (1) Shares granted vest immediately. Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Three months ended March 31, 2022 December 31, 2021 outstanding unvested share grants 228,365 $ 12.05 8,000 $ 12.53 Shares vested — — — — Shares forfeited (17,335) 11.93 — — Shares granted (1) 22,765 11.42 — — March 31, 2022 outstanding unvested share grants 233,795 $ 12.00 8,000 $ 12.53 (1) Vesting is ratable over one one
Schedule of restricted stock plan grants, expense	The following table presents the expenses for the Company's restricted stock plan ($ in thousands): Three months ended March 31, 2022 2021 Restricted stock grants $ 225 $ 207 Director grants 25 24 Total expenses for plan grants $ 250 $ 231

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): Three months ended March 31, 2022 Three months ended March 31, 2021 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net income attributable to common stockholders $ 3,586 22,922,316 $ 7,004 22,816,978 Allocation of earnings to participating restricted shares (43) — (52) — Consolidated net income attributable to unrestricted common stockholders $ 3,543 22,922,316 $ 0.15 $ 6,952 22,816,978 $ 0.30 Effect of dilutive securities (1,2,3) Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 3,543 22,922,316 $ 0.15 $ 6,952 22,816,978 $ 0.30 (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 March 31, 2022 and March 31, 2021, 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 three months ended March 31, 2022 and March 31, 2021 would have been anti-dilutive and have not been included in the calculation. (3) 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 March 31, 2022 and March 31, 2021 would have been anti-dilutive and has been removed from the calculation.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
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 (loss)/income on the Company’s balance sheet at March 31, 2022 and December 31, 2021 was as follows ($ in thousands): Investments in securities: March 31, 2022 December 31, 2021 Unrealized gains $ 215 $ 1,822 Unrealized losses (8,973) (802) Accumulated other comprehensive (loss)/income $ (8,758) $ 1,020
Consolidation, less than wholly owned subsidiary, parent ownership interest, effects of changes, net	The following table sets forth the effects of changes in the Company's ownership interest due to transfers to or from non-controlling interest ($ in thousands): Three months ended March 31, 2022 2021 Decrease from redemption of 2018-C $ — $ (8,306) Decrease from the distribution of 2017-D (819) — Change in non-controlling interest $ (819) $ (8,306)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	Nov. 22, 2019USD ($)	Jan. 31, 2022USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2022USD ($)paymententity	Dec. 31, 2021entity	Mar. 31, 2021	Dec. 31, 2018
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least) | payment				5
SBC loans principal amount				$ 5,000,000
Number of payments made on NPL mortgage loans | payment				3
Proceeds from issuance of private placement			$ 125,000,000
Number of non controlling interest subsidiaries | entity				3	3
Great Ajax II REIT
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent				99.90%	99.90%
2017-D
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent				50.00%	50.00%
Ownership percentage by parent				50.00%	50.00%
2018-C
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent						63.00%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent				53.10%	53.10%
AS Ajax E II LLC | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent				46.90%
Great Ajax II REIT | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent				0.10%	0.10%
2018-C | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by third parties				0.00%	0.00%
Ownership percentage by parent						37.00%
Third party | 2017-D
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent				50.00%
Great Ajax FS
Organization And Basis Of Presentation [Line Items]
Ownership percentage				8.00%			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%			22.20%
Proceeds from issuance of private placement	$ 66,300,000	$ 30,000,000
Gaea Real Estate Corp. | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by third parties	76.80%			77.80%
Ajax E Master Trust | As Ajax E LLC
Organization And Basis Of Presentation [Line Items]
Ownership interest in real estate trust				5.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)		Jan. 01, 2022	Jun. 30, 2020	Jan. 01, 2020	Jun. 07, 2016	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2021	Apr. 25, 2017
Summary Of Significant Accounting Policies [Line Items]
Amount of loan discount reclassified				$ (10,200,000)
Proceeds from issuance of private placement								$ 125,000,000
Warrant term			5 years					5 years
Class of warrant or right, outstanding (in shares)			6,500,000			6,500,000	6,500,000	6,500,000
Investment warrants, exercise price (in dollars per share)			$ 10					$ 10
Warrants original basis			$ 9,500,000					$ 9,500,000
Reclass of conversion premium - convertible notes						$ 485,134,000			$ 497,295,000
Convertible senior notes, net	[1]					103,749,000			102,845,000
Convertible notes payable							$ 2,500,000
Payments for repurchase of convertible notes							$ 2,400,000
Repayments of convertible debt						$ 0
Percentage of incentive fees payable in cash						100.00%
Number of shares available under for distribution (in shares)						60,000
Percentage of shares vesting					5.00%
Minimum assets with banking institutions						$ 1,000,000,000
Director
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount		$ 140,000							$ 100,000
Percentage of annual retainer received in shares		50.00%							40.00%
Percentage of annual retainer received in cash		50.00%							60.00%
Convertible notes payable
Summary Of Significant Accounting Policies [Line Items]
Unpaid principal balance									$ 104,600,000
Accounting Standards Update 2020-06
Summary Of Significant Accounting Policies [Line Items]
Convertible senior notes, net						$ 700,000
Restricted stock | Director
Summary Of Significant Accounting Policies [Line Items]
Shares granted (in shares)						0	2,000
Gregory Funding LLC | 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]
Unpaid principal balance						$ 104,600,000			$ 104,600,000
Interest rate										7.25%
Principal amount of note (in dollars per share)						$ 25
Common stock | Convertible notes payable
Summary Of Significant Accounting Policies [Line Items]
Conversion rate						1.7405
Conversion price (in dollars per share)						$ 14.36
Additional Paid-in Capital | Accounting Standards Update 2020-06
Summary Of Significant Accounting Policies [Line Items]
Reclass of conversion premium - convertible notes						$ (700,000)
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)			2,307,400			2,307,400		2,307,400	2,307,400
Preferred stock, fixed-to-floating rate cumulative redeemable						7.25%		7.25%	7.25%
Preferred stock, liquidation preference per share (in dollars per share)						$ 25			$ 25
Preferred stock - Series B shares
Summary Of Significant Accounting Policies [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%	5.00%
Preferred stock, liquidation preference per share (in dollars per share)						$ 25			$ 25
Minimum | Gregory Funding LLC | 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 | Gregory Funding LLC | Servicing agreement
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage						1.25%
[1]	Secured borrowings, net are presented net of deferred issuance costs of $6.5 million at March 31, 2022 and $7.3 million at December 31, 2021. Convertible senior notes, net are presented net of deferred issuance costs of $0.8 million and $1.7 million at March 31, 2022 and December 31, 2021, respectively.

Mortgage Loans - Schedule of lo

Mortgage Loans - Schedule of loan portfolio basis by asset type (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net	[1],[2]	$ 1,063,476	$ 1,080,434
Mortgage loans held-for-sale, net		0	29,572
SBC loans
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		15,475	19,349
Mortgage loans held-for-sale, net		0	0
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		931,441	941,565
Mortgage loans held-for-sale, net		0	29,572
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		116,560	119,520
Mortgage loans held-for-sale, net		$ 0	$ 0
[1]	As of March 31, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $1.0 million and $1.4 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans held-for-investment, net include $729.0 million and $756.8 million of loans at March 31, 2022 and December 31, 2021, 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 $7.7 million and $7.1 million of allowance for expected credit losses at March 31, 2022 and December 31, 2021, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details)		Jan. 01, 2020USD ($)	Mar. 31, 2022USD ($)paymentloanloanPool	Mar. 31, 2021USD ($)loan	Dec. 31, 2021USD ($)paymentloanPool	Dec. 31, 2020USD ($)
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net	[1],[2]		$ 1,063,476,000		$ 1,080,434,000
Mortgage loans held-for-sale, net			0		29,572,000
Mortgage loans held-for-resale, reclass			(29,600,000)
Allowance for loan credit losses			7,691,000	$ 17,890,000	$ 7,112,000	$ 13,712,000
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows			(3,624,000)	(5,500,000)
Interest income			$ 19,800,000	$ 23,600,000
Number of sold loans | loan			0	0
Beginning period adjustment for CECL		$ 10,200,000
Number of loan pools | loanPool			6		7
Number of payments on loans | payment					12
Gross amount of loans and securities pledged as collateral			$ 683,154,000		$ 711,252,000
Reclassification from non-credit discount to the allowance for changes in payment expectations			(4,089,000)	$ (9,232,000)
Reversal of allowance upon reclass of pool 2017-D to mortgage loans held-for-sale, net			0	1,741,000
Allowance for credit loss, purchased with credit deterioration, increase			$ 3,000	1,733,000
SBC loans acquired at or near origination
Mortgage Loans on Real Estate
Aggregate unpaid principal balance of mortgage loans on real estate				$ 3,600,000
Number of originated SBC loans acquired | loan			0	1
Non-PCD
Mortgage Loans on Real Estate
Number of loan pools | loanPool					2
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net			$ 931,441,000		$ 941,565,000
Mortgage loans held-for-sale, net			$ 0		29,572,000
Number of mortgage loans on real estate | loan			0	199
Aggregate unpaid principal balance of mortgage loans on real estate				$ 36,000,000
Number of recent payments made on RPL mortgage loans | payment			7
Gross amount of loans and securities pledged as collateral			$ 50,000
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net			116,560,000		119,520,000
Mortgage loans held-for-sale, net			$ 0		0
Number of mortgage loans on real estate | loan			4	3
Aggregate unpaid principal balance of mortgage loans on real estate			$ 1,000,000	$ 700,000
RPLs Held-for-Sale
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net			$ 0		$ 29,600,000
[1]	As of March 31, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $1.0 million and $1.4 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans held-for-investment, net include $729.0 million and $756.8 million of loans at March 31, 2022 and December 31, 2021, 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 $7.7 million and $7.1 million of allowance for expected credit losses at March 31, 2022 and December 31, 2021, respectively.

Mortgage Loans - Schedule of _2

Mortgage Loans - Schedule of loan basis by year of origination (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgage Loans [Line Items]
Year one	$ 0	$ 4,242
Year two	749	10,946
Year three	9,293	10,300
Year four	9,618	5,133
Year five	5,120	4,386
Year six	4,448	2,970
Prior years, range 1	103,680	99,834
Prior years range 2	677,838	689,731
Prior years range 3	252,730	252,892
Financing receivable, before allowance for credit loss	1,063,476	1,080,434
Mortgage Loans Held For Sale
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		204
Year four		0
Year five		0
Year six		0
Prior years, range 1		4,267
Prior years range 2		15,893
Prior years range 3		9,208
Financing receivable, before allowance for credit loss		29,572
GAOP 7f7 Greater Than 50
Mortgage Loans [Line Items]
Year one	0
Year two	282
Year three	7,245
Year four	5,991
Year five	1,429
Year six	2,064
Prior years, range 1	28,203
Prior years range 2	173,328
Prior years range 3	66,688
Financing receivable, before allowance for credit loss	285,230
GAOP 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one	0
Year two	0
Year three	0
Year four	134
Year five	0
Year six	147
Prior years, range 1	4,829
Prior years range 2	44,042
Prior years range 3	14,149
Financing receivable, before allowance for credit loss	63,301
GAOP - 6f6 and below
Mortgage Loans [Line Items]
Year one	0
Year two	467
Year three	1,293
Year four	2,633
Year five	2,863
Year six	1,592
Prior years, range 1	22,945
Prior years range 2	137,594
Prior years range 3	52,365
Financing receivable, before allowance for credit loss	221,752
Great Ajax II REIT 7f7 Greater Than 50
Mortgage Loans [Line Items]
Year one	0
Year two	0
Year three	755
Year four	641
Year five	813
Year six	458
Prior years, range 1	36,624
Prior years range 2	262,077
Prior years range 3	94,594
Financing receivable, before allowance for credit loss	395,962
Great Ajax II REIT 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one	0
Year two	0
Year three	0
Year four	219
Year five	15
Year six	45
Prior years, range 1	5,096
Prior years range 2	38,407
Prior years range 3	13,278
Financing receivable, before allowance for credit loss	57,060
Great Ajax II REIT - 6f6 and below
Mortgage Loans [Line Items]
Year one	0
Year two	0
Year three	0
Year four	0
Year five	0
Year six	142
Prior years, range 1	5,983
Prior years range 2	22,390
Prior years range 3	11,656
Financing receivable, before allowance for credit loss	$ 40,171
Great Ajax II REIT
Mortgage Loans [Line Items]
Year one		0
Year two		764
Year three		181
Year four		698
Year five		328
Year six		1,730
Prior years, range 1		46,041
Prior years range 2		339,759
Prior years range 3		125,095
Financing receivable, before allowance for credit loss		514,596
2021-B
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		589
Year four		0
Year five		2,353
Year six		443
Prior years, range 1		28,541
Prior years range 2		159,318
Prior years range 3		50,948
Financing receivable, before allowance for credit loss		242,192
2019-C
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		0
Year four		0
Year five		265
Year six		0
Prior years, range 1		9,020
Prior years range 2		96,995
Prior years range 3		39,801
Financing receivable, before allowance for credit loss		146,081
California
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		1,268
Year four		1,248
Year five		0
Year six		0
Prior years, range 1		1,681
Prior years range 2		6,431
Prior years range 3		1,373
Financing receivable, before allowance for credit loss		12,001
7f7 and better
Mortgage Loans [Line Items]
Year one		471
Year two		0
Year three		2,019
Year four		1,541
Year five		440
Year six		0
Prior years, range 1		3,847
Prior years range 2		17,032
Prior years range 3		6,891
Financing receivable, before allowance for credit loss		32,241
6f6 and below
Mortgage Loans [Line Items]
Year one		0
Year two		1,351
Year three		1,783
Year four		1,470
Year five		209
Year six		368
Prior years, range 1		9,885
Prior years range 2		70,163
Prior years range 3		28,774
Financing receivable, before allowance for credit loss		114,003
18-1 LLC
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		605
Year four		176
Year five		284
Year six		429
Prior years, range 1		819
Prior years range 2		33
Prior years range 3		10
Financing receivable, before allowance for credit loss		2,356
Non-PCD
Mortgage Loans [Line Items]
Year one		3,771
Year two		8,831
Year three		3,855
Year four		0
Year five		507
Year six		0
Prior years, range 1		0
Prior years range 2		0
Prior years range 3		0
Financing receivable, before allowance for credit loss		16,964
Ajax N | Mortgage Loans Held For Sale
Mortgage Loans [Line Items]
Year one		0
Year two		0
Year three		204
Year four		0
Year five		0
Year six		0
Prior years, range 1		4,267
Prior years range 2		15,893
Prior years range 3		9,208
Financing receivable, before allowance for credit loss		$ 29,572

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
	Mar. 31, 2022	Mar. 31, 2021
PCD Loans
Mortgage Loans on Real Estate
Par	$ 964	$ 36,696
Discount	(58)	(2,929)
Allowance	(3)	(1,733)
Purchase Price	903	32,034
Non-PCD
Mortgage Loans on Real Estate
Par	0	3,611
Discount	0	(8)
Allowance	0	0
Purchase Price	$ 0	$ 3,603

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning of period	$ (7,112)	$ (13,712)
Reclassification from non-credit discount to the allowance for changes in payment expectations	(4,089)	(9,232)
Increase in allowance for expected credit losses for loan acquisitions	(3)	(1,733)
Credit loss expense on mortgage loans	(111)	(454)
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows	3,624	5,500
Reversal of allowance upon reclass of pool 2017-D to mortgage loans held-for-sale, net	0	1,741
Allowance for expected credit losses, end of period	$ (7,691)	$ (17,890)

Mortgage Loans - Schedule of ca

Mortgage Loans - Schedule of carrying value of mortgage loans (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgage Loans on Real Estate
Year one	$ 0	$ 4,242
Year two	749	10,946
Year three	9,293	10,300
Year four	9,618	5,133
Year five	5,120	4,386
Year six	4,448	2,970
Prior years, range 1	103,680	99,834
Prior years range 2	677,838	689,731
Prior years range 3	252,730	252,892
Financing receivable, before allowance for credit loss	1,063,476	1,080,434
Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Year one		0
Year two		0
Year three		204
Year four		0
Year five		0
Year six		0
Prior years, range 1		4,267
Prior years range 2		15,893
Prior years range 3		9,208
Financing receivable, before allowance for credit loss		29,572
GAOP 7f7 Greater Than 50
Mortgage Loans on Real Estate
Year one	0
Year two	282
Year three	7,245
Year four	5,991
Year five	1,429
Year six	2,064
Prior years, range 1	28,203
Prior years range 2	173,328
Prior years range 3	66,688
Financing receivable, before allowance for credit loss	285,230
GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Year one	0
Year two	0
Year three	0
Year four	134
Year five	0
Year six	147
Prior years, range 1	4,829
Prior years range 2	44,042
Prior years range 3	14,149
Financing receivable, before allowance for credit loss	63,301
GAOP - 6f6 and below
Mortgage Loans on Real Estate
Year one	0
Year two	467
Year three	1,293
Year four	2,633
Year five	2,863
Year six	1,592
Prior years, range 1	22,945
Prior years range 2	137,594
Prior years range 3	52,365
Financing receivable, before allowance for credit loss	221,752
Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	395,962
Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	57,060
Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	40,171
Great Ajax II REIT
Mortgage Loans on Real Estate
Year one		0
Year two		764
Year three		181
Year four		698
Year five		328
Year six		1,730
Prior years, range 1		46,041
Prior years range 2		339,759
Prior years range 3		125,095
Financing receivable, before allowance for credit loss		514,596
2021-B
Mortgage Loans on Real Estate
Year one		0
Year two		0
Year three		589
Year four		0
Year five		2,353
Year six		443
Prior years, range 1		28,541
Prior years range 2		159,318
Prior years range 3		50,948
Financing receivable, before allowance for credit loss		242,192
2019-C
Mortgage Loans on Real Estate
Year one		0
Year two		0
Year three		0
Year four		0
Year five		265
Year six		0
Prior years, range 1		9,020
Prior years range 2		96,995
Prior years range 3		39,801
Financing receivable, before allowance for credit loss		146,081
California
Mortgage Loans on Real Estate
Year one		0
Year two		0
Year three		1,268
Year four		1,248
Year five		0
Year six		0
Prior years, range 1		1,681
Prior years range 2		6,431
Prior years range 3		1,373
Financing receivable, before allowance for credit loss		12,001
7f7 and better
Mortgage Loans on Real Estate
Year one		471
Year two		0
Year three		2,019
Year four		1,541
Year five		440
Year six		0
Prior years, range 1		3,847
Prior years range 2		17,032
Prior years range 3		6,891
Financing receivable, before allowance for credit loss		32,241
6f6 and below
Mortgage Loans on Real Estate
Year one		0
Year two		1,351
Year three		1,783
Year four		1,470
Year five		209
Year six		368
Prior years, range 1		9,885
Prior years range 2		70,163
Prior years range 3		28,774
Financing receivable, before allowance for credit loss		114,003
18-1 LLC
Mortgage Loans on Real Estate
Year one		0
Year two		0
Year three		605
Year four		176
Year five		284
Year six		429
Prior years, range 1		819
Prior years range 2		33
Prior years range 3		10
Financing receivable, before allowance for credit loss		2,356
Non-PCD
Mortgage Loans on Real Estate
Year one		3,771
Year two		8,831
Year three		3,855
Year four		0
Year five		507
Year six		0
Prior years, range 1		0
Prior years range 2		0
Prior years range 3		0
Financing receivable, before allowance for credit loss		16,964
Ajax N | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Year one		0
Year two		0
Year three		204
Year four		0
Year five		0
Year six		0
Prior years, range 1		4,267
Prior years range 2		15,893
Prior years range 3		9,208
Financing receivable, before allowance for credit loss		29,572
Current
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	580,344	588,278
Current | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		13,485
Current | GAOP 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	151,909
Current | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	28,344
Current | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	15,708
Current | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	336,318
Current | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	48,027
Current | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	38
Current | Great Ajax II REIT
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		398,200
Current | 2021-B
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		61,066
Current | 2019-C
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		78,238
Current | California
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		3,938
Current | 7f7 and better
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		13,087
Current | 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		15,169
Current | 18-1 LLC
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		2,123
Current | Non-PCD
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		16,457
Current | Ajax N | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		13,485
30
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	95,407	100,458
30 | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		3,927
30 | GAOP 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	37,299
30 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	9,378
30 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	3,452
30 | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	39,754
30 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	5,479
30 | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	45
30 | Great Ajax II REIT
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		52,782
30 | 2021-B
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		24,428
30 | 2019-C
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		13,920
30 | California
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		661
30 | 7f7 and better
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		4,192
30 | 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		4,408
30 | 18-1 LLC
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		67
30 | Non-PCD
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		0
30 | Ajax N | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		3,927
60
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	62,301	59,968
60 | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		2,369
60 | GAOP 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	25,859
60 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	6,091
60 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	11,844
60 | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	7,370
60 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	1,967
60 | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	9,170
60 | Great Ajax II REIT
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		19,530
60 | 2021-B
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		24,807
60 | 2019-C
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		11,738
60 | California
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		0
60 | 7f7 and better
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		1,718
60 | 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		2,064
60 | 18-1 LLC
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		111
60 | Non-PCD
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		0
60 | Ajax N | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		2,369
90
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	263,724	271,828
90 | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		7,828
90 | GAOP 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	69,020
90 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	18,884
90 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	133,798
90 | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	12,520
90 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	1,587
90 | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	27,915
90 | Great Ajax II REIT
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		41,931
90 | 2021-B
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		113,459
90 | 2019-C
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		35,727
90 | California
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		5,132
90 | 7f7 and better
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		13,068
90 | 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		62,456
90 | 18-1 LLC
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		55
90 | Non-PCD
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		0
90 | Ajax N | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		7,828
Foreclosure
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	61,700	59,902
Foreclosure | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		1,963
Foreclosure | GAOP 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	1,143
Foreclosure | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	604
Foreclosure | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	56,950
Foreclosure | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	0
Foreclosure | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	0
Foreclosure | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	$ 3,003
Foreclosure | Great Ajax II REIT
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		2,153
Foreclosure | 2021-B
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		18,432
Foreclosure | 2019-C
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		6,458
Foreclosure | California
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		2,270
Foreclosure | 7f7 and better
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		176
Foreclosure | 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		29,906
Foreclosure | 18-1 LLC
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		0
Foreclosure | Non-PCD
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		507
Foreclosure | Ajax N | Mortgage Loans Held For Sale
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		$ 1,963

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2022USD ($)property		Mar. 31, 2021USD ($)property	Dec. 31, 2021USD ($)property		Dec. 31, 2020USD ($)
Real Estate [Line Items]
Net investments in real estate	$ 6,586	[1]	$ 7,098	$ 6,063	[1]	$ 8,526
Rental properties	0			0
Real estate held for sale improvements	$ 500			$ 700
Number of properties owned | property	31			31
Number of held-for-sale residential properties disposed | property	3		9
Gain (loss) on sale of property	$ (16)		$ 105
Real estate impairment	200		200
Other income
Real Estate [Line Items]
Gain (loss) on sale of property	$ (16)		$ 100
[1]	Real estate owned properties, net, are presented net of valuation allowances of $0.6 million and $0.5 million at March 31, 2022 and December 31, 2021, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of ROE Held-For-Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property		Mar. 31, 2021USD ($)property
Count
Balance at beginning of period | property	31		38
Net transfers from mortgage loans | property	3		2
Adjustments to record at lower of cost or fair value  | property	0		0
Depreciation on rental properties | property	0		0
Disposals | property	(3)		(9)
Balance at end of period | property	31		31
Amount
Balance at beginning of period | $	$ 6,063	[1]	$ 8,526
Net transfers from mortgage loans | $	828		228
Adjustments to record at lower of cost or fair value  | $	(169)		(171)
Depreciation on rental properties | $	0		(3)
Disposals | $	(136)		(1,482)
Balance at end of period | $	$ 6,586	[1]	$ 7,098
[1]	Real estate owned properties, net, are presented net of valuation allowances of $0.6 million and $0.5 million at March 31, 2022 and December 31, 2021, respectively.

Investments - Available-for-sal

Investments - Available-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Basis	$ 475,800	$ 493,746
Gross unrealized gains	215	1,822
Gross unrealized losses	(8,973)	(802)
Carrying value	467,042	494,766
Interest receivable on securities	200	300
Debt securities
Debt Securities, Available-for-sale [Line Items]
Basis	336,551	354,158
Gross unrealized gains	215	1,822
Gross unrealized losses	(8,973)	(802)
Carrying value	327,793	355,178
Beneficial interests in securitization trusts
Debt Securities, Available-for-sale [Line Items]
Basis	139,249	139,588
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Carrying value	$ 139,249	$ 139,588

Investments - Debt Securities A

Investments - Debt Securities Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Line Items]
Basis		$ 336,600	$ 354,200
Gross unrealized losses		(8,973)	(802)
Carrying value	[1]	327,793	355,178
Debt Securities Due November 2051
Investments, Debt and Equity Securities [Line Items]
Basis		42,628	44,902
Gross unrealized losses		(781)	(12)
Carrying value		41,847	44,890
Debt Securities due June 2057
Investments, Debt and Equity Securities [Line Items]
Basis		21,360	23,165
Gross unrealized losses		(5)	(3)
Carrying value		21,355	23,162
Debt securities due August 2057
Investments, Debt and Equity Securities [Line Items]
Basis		11,731
Gross unrealized losses		(33)
Carrying value		11,698
Debt securities due January 2059
Investments, Debt and Equity Securities [Line Items]
Basis		12,559
Gross unrealized losses		(9)
Carrying value		12,550
Debt securities due September 2059
Investments, Debt and Equity Securities [Line Items]
Basis		17,305	9,173
Gross unrealized losses		(401)	(24)
Carrying value		16,904	9,149
Debt securities due September 2059 One
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(200)
Debt securities due September 2059 Two
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(200)
Debt securities due November 2059
Investments, Debt and Equity Securities [Line Items]
Basis		8,818
Gross unrealized losses		(29)
Carrying value		8,789
Debt securities due December 2059
Investments, Debt and Equity Securities [Line Items]
Basis		38,627	40,502
Gross unrealized losses		(1,284)	(87)
Carrying value		37,343	40,415
Debt Securities Due March 2060
Investments, Debt and Equity Securities [Line Items]
Basis		16,168	16,977
Gross unrealized losses		(714)	(91)
Carrying value		15,454	16,886
Debt securities due June 2060
Investments, Debt and Equity Securities [Line Items]
Basis		9,198
Gross unrealized losses		(34)
Carrying value		9,164
Debt securities due December 2060
Investments, Debt and Equity Securities [Line Items]
Basis		46,576
Gross unrealized losses		(882)
Carrying value		45,694
Debt Securities Due January 2061
Investments, Debt and Equity Securities [Line Items]
Basis		13,375	14,000
Gross unrealized losses		(525)	(140)
Carrying value		12,850	13,860
Debt Securities Due June 2061
Investments, Debt and Equity Securities [Line Items]
Basis		83,388	86,909
Gross unrealized losses		(4,276)	(445)
Carrying value		79,112	86,464
Debt Securities due June 2061, Security One
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(3,300)	(400)
Debt Securities due June 2061, Security Two
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(1,000)	(100)
Total basis
Investments, Debt and Equity Securities [Line Items]
Basis		321,733	235,628
Total gross unrealized losses
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(8,973)	(802)
Total carrying value (fair value)
Investments, Debt and Equity Securities [Line Items]
Carrying value		$ 312,760	$ 234,826
[1]	As of March 31, 2022, Investments in securities at fair value include an amortized cost basis of $336.6 million and a net unrealized loss of $8.8 million. As of December 31, 2021, Investments in securities at fair value include an amortized costs basis of $354.2 million and net unrealized gains $1.0 million.

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gross unrealized gains	$ 215,000		$ 1,822,000
Gross unrealized loss	8,973,000		802,000
Carrying value	467,042,000		494,766,000
Interest receivable on securities	200,000		300,000
Investment in securities	0	$ 0
Securities past due	0		0
Impairment on beneficial interests	3,973,000	0
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations	311,000	(953,000)
Beneficial interests in securitization trusts
Debt Securities, Available-for-sale [Line Items]
Reversal of provision for credit losses	400,000	$ (15,000)
Beneficial interests in securitization trusts
Debt Securities, Available-for-sale [Line Items]
Gross unrealized gains	0		0
Gross unrealized loss	0		0
Carrying value	139,249,000		139,588,000
Investments in securities
Debt Securities, Available-for-sale [Line Items]
Carrying value	$ 327,800,000		$ 355,200,000

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	$ (615)	$ (4,453)
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations	311	(953)
Credit loss expense on beneficial interests	(50)	(139)
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows	354	15
Allowance for expected credit losses, ending balance	$ 0	$ (5,530)

Fair Value - Schedule of Recurr

Fair Value - Schedule of Recurring Financial Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value - carrying value	[1]	$ 327,793	$ 355,178
Fair value, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value - carrying value		0	0
Put option liability		0	0
Fair value, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value - carrying value		327,793	355,178
Put option liability		0	0
Fair value, recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value - carrying value		0	0
Put option liability		26,867	23,667
Fair value, recurring | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value - carrying value		327,793	355,178
Put option liability		$ 26,867	$ 23,667
[1]	As of March 31, 2022, Investments in securities at fair value include an amortized cost basis of $336.6 million and a net unrealized loss of $8.8 million. As of December 31, 2021, Investments in securities at fair value include an amortized costs basis of $354.2 million and net unrealized gains $1.0 million.

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets
Mortgage loans held-for-sale, net	$ 0	$ 29,572
Financial liabilities
Borrowings under repurchase transactions	522,574	546,054
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, net	0	0
Borrowings under repurchase transactions	0	0
Convertible senior notes, net, fair value	104,549	108,816
Level 1 - Quoted prices in active markets | Investment in Manager
Financial assets
Investments, fair value disclosure	0	0
Level 1 - Quoted prices in active markets | Investment in AS Ajax E LLC
Financial assets
Investments, fair value disclosure	0	0
Level 1 - Quoted prices in active markets | AS Ajax E II LLC
Financial assets
Investments, fair value disclosure	0	0
Level 1 - Quoted prices in active markets | Investment in GAFS, including warrants
Financial assets
Investments, fair value disclosure	0	0
Level 1 - Quoted prices in active markets | Gaea Real Estate Corp.
Financial assets
Investments, fair value disclosure	0	0
Level 1 - Quoted prices in active markets | Loan pool LLCs
Financial assets
Investments, fair value disclosure	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, net	517,070	580,166
Borrowings under repurchase transactions	522,574	546,054
Convertible senior notes, net, fair value	0	0
Level 2 - Observable inputs other than Level 1 prices | Investment in Manager
Financial assets
Investments, fair value disclosure	0	0
Level 2 - Observable inputs other than Level 1 prices | Investment in AS Ajax E LLC
Financial assets
Investments, fair value disclosure	690	721
Level 2 - Observable inputs other than Level 1 prices | AS Ajax E II LLC
Financial assets
Investments, fair value disclosure	2,473	2,824
Level 2 - Observable inputs other than Level 1 prices | Investment in GAFS, including warrants
Financial assets
Investments, fair value disclosure	0	0
Level 2 - Observable inputs other than Level 1 prices | Gaea Real Estate Corp.
Financial assets
Investments, fair value disclosure	0	0
Level 2 - Observable inputs other than Level 1 prices | Loan pool LLCs
Financial assets
Investments, fair value disclosure	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	1,097,961	1,174,660
Mortgage loans held-for-sale, net		32,857
Financial liabilities
Secured borrowings, net	0	0
Borrowings under repurchase transactions	0	0
Convertible senior notes, net, fair value	0	0
Level 3 - Unobservable inputs | Investment in Manager
Financial assets
Investments, fair value disclosure	12,141	12,346
Level 3 - Unobservable inputs | Investment in AS Ajax E LLC
Financial assets
Investments, fair value disclosure	0	0
Level 3 - Unobservable inputs | AS Ajax E II LLC
Financial assets
Investments, fair value disclosure	0	0
Level 3 - Unobservable inputs | Investment in GAFS, including warrants
Financial assets
Investments, fair value disclosure	3,320	3,320
Level 3 - Unobservable inputs | Gaea Real Estate Corp.
Financial assets
Investments, fair value disclosure	27,511	21,170
Level 3 - Unobservable inputs | Loan pool LLCs
Financial assets
Investments, fair value disclosure	838	853
Level 3 - Unobservable inputs | Beneficial interests in securitization trusts
Financial assets
Investments, fair value disclosure	139,249	139,588
Carrying value
Financial assets
Mortgage loans, net fair value	1,063,476	1,080,434
Mortgage loans held-for-sale, net		29,572
Financial liabilities
Secured borrowings, net	536,988	575,563
Borrowings under repurchase transactions	522,574	546,054
Convertible senior notes, net, fair value	103,749	102,845
Carrying value | Investment in Manager
Financial assets
Investments, fair value disclosure	1,345	1,502
Carrying value | Investment in AS Ajax E LLC
Financial assets
Investments, fair value disclosure	522	569
Carrying value | AS Ajax E II LLC
Financial assets
Investments, fair value disclosure	2,435	2,550
Carrying value | Investment in GAFS, including warrants
Financial assets
Investments, fair value disclosure	2,509	2,602
Carrying value | Gaea Real Estate Corp.
Financial assets
Investments, fair value disclosure	25,549	19,571
Carrying value | Loan pool LLCs
Financial assets
Investments, fair value disclosure	218	226
Carrying value | Beneficial interests in securitization trusts
Financial assets
Investments, fair value disclosure	$ 139,249	$ 139,588

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Millions	Jun. 30, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants original basis	$ 9.5
Put option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Present value of put liability	$ 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	Mar. 31, 2022	Dec. 31, 2021
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	6,586	6,063
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	6,586	6,063
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	$ (169)	$ (293)

Affiliates - Narrative (Details

Affiliates - Narrative (Details) $ / shares in Units, $ in Millions	Nov. 22, 2019USD ($)shares	May 29, 2018USD ($)warrantshares	Jan. 26, 2018USD ($)warrantshares	Jan. 31, 2022USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)loanPool	Dec. 31, 2018transaction	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Mar. 14, 2016
Schedule of Equity Method Investments [Line Items]
Proceeds from issuance of private placement					$ 125
Warrant term					5 years
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Warrant term				2 years
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage							8.00%	8.00%
Cash payment in business acquisition		$ 0.7	$ 1.1
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		$ 0.4	$ 0.6
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
Third party | 2018-C
Schedule of Equity Method Investments [Line Items]
Ownership percentage by third parties								0.00%	0.00%
Great Ajax Corp | 2018-C
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent								100.00%	100.00%
2017-D
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent								50.00%	50.00%
Great Ajax II REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent								99.90%	99.90%
AS Ajax E II LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent								53.10%	53.10%
2018-C
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent										63.00%
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Proceeds from issuance of private placement	$ 66.3			$ 30
Private placement share issuance (in shares) | shares	4,419,641
Ownership percentage	23.20%							22.20%
Private capital raise, number common stock and warrants issued (in shares) | shares				1,828,153
Increase in investment				$ 6.1
Total investment				$ 25.5
Equity method investment, common stock and warrants acquired (in shares) | shares				371,103
Private capital raise (in dollars per share) | $ / shares				$ 16.41
Warrant term				2 years
Gaea Real Estate Corp. | Third party
Schedule of Equity Method Investments [Line Items]
Ownership percentage by third parties	76.80%							77.80%
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%
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in real estate trust								5.00%

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
(Loss)/income from investments in affiliates	$ (63)	$ 163
Assets at Company share	1,685,879		$ 1,759,680
Liabilities at Company share	1,198,380		1,259,207
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	191	78
(Loss)/income from investments in affiliates	42	18
Assets at Company share	31,252		24,092
Liabilities at Company share	7,064		5,542
Gaea Real Estate Corp. | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	140,774		105,667
Gaea Real Estate Corp. | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	31,822		24,305
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	19	54
(Loss)/income from investments in affiliates	3	9
Assets at Company share	535		583
Liabilities at Company share	0		0
AS Ajax E LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	3,252		3,545
AS Ajax E LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	1		2
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(20)	(16)
(Loss)/income from investments in affiliates	(8)	(7)
Assets at Company share	897		900
Liabilities at Company share	1,641		1,635
Loan pool LLCs | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	2,234		2,242
Loan pool LLCs | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	4,073		4,060
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(206)	851
(Loss)/income from investments in affiliates	(41)	168
Assets at Company share	1,683		1,881
Liabilities at Company share	329		377
Thetis Asset Management LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	8,499		9,498
Thetis Asset Management LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	1,664		1,904
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(1,157)	(777)
(Loss)/income from investments in affiliates	(93)	$ (62)
Assets at Company share	5,985		5,308
Liabilities at Company share	4,552		3,783
Great Ajax FS LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	74,809		66,355
Great Ajax FS LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at 100%	$ 56,906		$ 47,293

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)loan$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2021$ / sharesshares	Mar. 31, 2021shares
Mortgage Loans on Real Estate
Proceeds from issuance of private placement		$ 125,000,000
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
Put option | Warrant
Mortgage Loans on Real Estate
Present value of put liability	$ 26,900,000
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%	7.25%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25		$ 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%	5.00%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25		$ 25
Re-performing loans | Purchase commitment | One-to-four family residences
Mortgage Loans on Real Estate
Number of mortgage loans on real estate | loan	58
Aggregate unpaid principal balance of mortgage loans on real estate	$ 11,300,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Put Option Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Separate Account, Liability [Roll Forward]
Fair value adjustments during the period	$ 1,041	$ 1,613
Five-year warrants
Separate Account, Liability [Roll Forward]
Beginning balance	26,867	16,149	$ 23,667	$ 14,205
Fair value adjustments during the period	3,200	1,944
Ending balance	$ 26,867	$ 16,149

Debt - Narrative (Details)

Debt - Narrative (Details)		3 Months Ended
		Mar. 31, 2022USD ($)securitizationtrustDayFacilitycounterparty$ / shares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Apr. 25, 2017
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest		100.00%
Cash collateral		$ 15,117,000		$ 6,902,000
Number of securitizations completed | securitization		18
Number of securitizations outstanding | securitization		5
Convertible senior notes, net	[1]	$ 103,749,000		102,845,000
Interest expense		8,606,000	$ 10,304,000
Convertible notes payable			2,500,000
Payments for repurchase of convertible notes			2,400,000
Reclass of conversion premium - convertible notes		485,134,000		497,295,000
Repayments of convertible debt		0
Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Convertible senior notes, net		700,000
Additional Paid-in Capital | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Reclass of conversion premium - convertible notes		(700,000)
Gregory Funding LLC
Debt Instrument [Line Items]
Ceiling for each repurchase facility		12,000,000
Convertible notes payable
Debt Instrument [Line Items]
Unpaid principal balance				$ 104,600,000
Interest expense		$ 2,100,000	$ 2,400,000
Master repurchase agreement
Debt Instrument [Line Items]
Interest rate		2.01%		1.74%
Servicing agreement | Minimum | Gregory Funding LLC
Debt Instrument [Line Items]
Servicing fees percentage		0.65%
Servicing agreement | Maximum | Gregory Funding LLC
Debt Instrument [Line Items]
Servicing fees percentage		1.25%
Mortgage loans | Ajax Mortgage Loan Trust 2017-D/ December 2017
Debt Instrument [Line Items]
Ownership percentage by parent			50.00%
Mortgage loans | Non-rated secured borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization		1
Mortgage loans | Rated secured borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization		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
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
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		$ 19,200,000
Unpaid principal balance		104,600,000		$ 104,600,000
Amortization of debt discount		$ 200,000	$ 300,000
Interest rate, effective percentage		8.11%	8.72%
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		1.7405
Conversion price (in dollars per share) | $ / shares		$ 14.36
Convertible Debt
Debt Instrument [Line Items]
Debt issuance costs, net		$ (800,000)		$ (1,700,000)
[1]	Secured borrowings, net are presented net of deferred issuance costs of $6.5 million at March 31, 2022 and $7.3 million at December 31, 2021. Convertible senior notes, net are presented net of deferred issuance costs of $0.8 million and $1.7 million at March 31, 2022 and December 31, 2021, respectively.

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amount of Collateral	$ 683,154	$ 711,252
Master repurchase agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	838,360	853,707
Amount Outstanding	522,574	546,054
Amount of Collateral	$ 683,154	$ 711,252
Percentage of Collateral Coverage	131.00%	130.00%
Interest Rate	2.01%	1.74%
Master repurchase agreement | April 1, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 28,482	$ 28,482
Amount Outstanding	28,482	28,482
Amount of Collateral	$ 34,299	$ 36,200
Percentage of Collateral Coverage	120.00%	127.00%
Interest Rate	1.36%	1.36%
Master repurchase agreement | April 12, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,739
Amount Outstanding	4,739
Amount of Collateral	$ 5,928
Percentage of Collateral Coverage	125.00%
Interest Rate	1.44%
Master repurchase agreement | April 14, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,356
Amount Outstanding	4,356
Amount of Collateral	$ 5,397
Percentage of Collateral Coverage	124.00%
Interest Rate	1.30%
Master repurchase agreement | April 19, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,909	$ 7,909
Amount Outstanding	7,909	7,909
Amount of Collateral	$ 9,279	$ 9,279
Percentage of Collateral Coverage	117.00%	117.00%
Interest Rate	1.02%	1.02%
Master repurchase agreement | April 19, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,215	$ 6,215
Amount Outstanding	6,215	6,215
Amount of Collateral	$ 7,276	$ 7,276
Percentage of Collateral Coverage	117.00%	117.00%
Interest Rate	1.02%	1.02%
Master repurchase agreement | April 19, 2022 Three
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,090	$ 5,090
Amount Outstanding	5,090	5,090
Amount of Collateral	$ 6,063	$ 6,063
Percentage of Collateral Coverage	119.00%	119.00%
Interest Rate	1.02%	1.02%
Master repurchase agreement | April 20, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,068
Amount Outstanding	8,068
Amount of Collateral	$ 10,604
Percentage of Collateral Coverage	131.00%
Interest Rate	1.64%
Master repurchase agreement | April 20, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,997
Amount Outstanding	7,997
Amount of Collateral	$ 10,455
Percentage of Collateral Coverage	131.00%
Interest Rate	1.71%
Master repurchase agreement | April 20, 2022 Three
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,320
Amount Outstanding	5,320
Amount of Collateral	$ 10,455
Percentage of Collateral Coverage	197.00%
Interest Rate	1.64%
Master repurchase agreement | April 20, 2022 Four
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,824
Amount Outstanding	2,824
Amount of Collateral	$ 4,050
Percentage of Collateral Coverage	143.00%
Interest Rate	1.50%
Master repurchase agreement | April 28, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,263
Amount Outstanding	8,263
Amount of Collateral	$ 10,273
Percentage of Collateral Coverage	124.00%
Interest Rate	1.48%
Master repurchase agreement | April 28, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 7,489
Amount Outstanding	7,489
Amount of Collateral	$ 9,342
Percentage of Collateral Coverage	125.00%
Interest Rate	1.48%
Master repurchase agreement | May 6, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,970
Amount Outstanding	4,970
Amount of Collateral	$ 6,399
Percentage of Collateral Coverage	129.00%
Interest Rate	1.35%
Master repurchase agreement | May 6, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,721
Amount Outstanding	1,721
Amount of Collateral	$ 2,184
Percentage of Collateral Coverage	127.00%
Interest Rate	1.35%
Master repurchase agreement | May 11, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,025
Amount Outstanding	4,025
Amount of Collateral	$ 5,796
Percentage of Collateral Coverage	144.00%
Interest Rate	1.58%
Master repurchase agreement | May 11, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,016
Amount Outstanding	3,016
Amount of Collateral	$ 4,428
Percentage of Collateral Coverage	147.00%
Interest Rate	1.98%
Master repurchase agreement | May 11, 2022 Three
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,160
Amount Outstanding	2,160
Amount of Collateral	$ 3,090
Percentage of Collateral Coverage	143.00%
Interest Rate	1.58%
Master repurchase agreement | May 11, 2022 Four
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,834
Amount Outstanding	1,834
Amount of Collateral	$ 2,640
Percentage of Collateral Coverage	144.00%
Interest Rate	1.58%
Master repurchase agreement | May 11, 2022 Five
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,606
Amount Outstanding	1,606
Amount of Collateral	$ 2,287
Percentage of Collateral Coverage	142.00%
Interest Rate	1.58%
Master repurchase agreement | May 11, 2022 Six
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,522
Amount Outstanding	1,522
Amount of Collateral	$ 2,178
Percentage of Collateral Coverage	143.00%
Interest Rate	1.58%
Master repurchase agreement | May 16, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 38,792
Amount Outstanding	38,792
Amount of Collateral	$ 51,869
Percentage of Collateral Coverage	134.00%
Interest Rate	1.43%
Master repurchase agreement | May 16, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,134
Amount Outstanding	4,134
Amount of Collateral	$ 6,232
Percentage of Collateral Coverage	151.00%
Interest Rate	1.68%
Master repurchase agreement | May 18, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 8,533
Amount Outstanding	8,533
Amount of Collateral	$ 11,139
Percentage of Collateral Coverage	131.00%
Interest Rate	1.69%
Master repurchase agreement | May 23, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 31,308
Amount Outstanding	31,308
Amount of Collateral	$ 34,543
Percentage of Collateral Coverage	110.00%
Interest Rate	0.97%
Master repurchase agreement | May 23, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 30,013
Amount Outstanding	30,013
Amount of Collateral	$ 39,181
Percentage of Collateral Coverage	131.00%
Interest Rate	1.57%
Master repurchase agreement | May 23, 2022 Three
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,787
Amount Outstanding	2,787
Amount of Collateral	$ 3,421
Percentage of Collateral Coverage	123.00%
Interest Rate	1.27%
Master repurchase agreement | May 23, 2022 Four
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,543
Amount Outstanding	2,543
Amount of Collateral	$ 3,771
Percentage of Collateral Coverage	148.00%
Interest Rate	1.87%
Master repurchase agreement | May 23, 2022 Five
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,480
Amount Outstanding	1,480
Amount of Collateral	$ 1,943
Percentage of Collateral Coverage	131.00%
Interest Rate	1.47%
Master repurchase agreement | May 23, 2022 Six
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,317
Amount Outstanding	1,317
Amount of Collateral	$ 2,047
Percentage of Collateral Coverage	155.00%
Interest Rate	1.87%
Master repurchase agreement | May 23, 2022 Seven
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,279
Amount Outstanding	1,279
Amount of Collateral	$ 1,788
Percentage of Collateral Coverage	140.00%
Interest Rate	1.72%
Master repurchase agreement | May 24, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 3,487
Amount Outstanding	3,487
Amount of Collateral	$ 5,106
Percentage of Collateral Coverage	146.00%
Interest Rate	2.09%
Master repurchase agreement | June 10, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,992	$ 13,992
Amount Outstanding	13,992	13,992
Amount of Collateral	$ 20,151	$ 20,151
Percentage of Collateral Coverage	144.00%	144.00%
Interest Rate	1.49%	1.49%
Master repurchase agreement | June 10, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 6,220	$ 6,220
Amount Outstanding	6,220	6,220
Amount of Collateral	$ 7,578	$ 8,203
Percentage of Collateral Coverage	122.00%	132.00%
Interest Rate	1.29%	1.29%
Master repurchase agreement | June 17, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 5,560
Amount Outstanding	5,560
Amount of Collateral	$ 7,176
Percentage of Collateral Coverage	129.00%
Interest Rate	2.12%
Master repurchase agreement | June 17, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,157
Amount Outstanding	1,157
Amount of Collateral	$ 1,687
Percentage of Collateral Coverage	146.00%
Interest Rate	2.52%
Master repurchase agreement | June 24, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 13,924
Amount Outstanding	13,924
Amount of Collateral	$ 19,361
Percentage of Collateral Coverage	139.00%
Interest Rate	2.17%
Master repurchase agreement | June 24, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 4,228
Amount Outstanding	4,228
Amount of Collateral	$ 6,413
Percentage of Collateral Coverage	152.00%
Interest Rate	2.57%
Master repurchase agreement | July 8, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 150,000	$ 150,000
Amount Outstanding	13,458	13,824
Amount of Collateral	$ 20,407	$ 20,856
Percentage of Collateral Coverage	152.00%	151.00%
Interest Rate	2.95%	2.60%
Master repurchase agreement | September 22, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 400,000	$ 400,000
Amount Outstanding	220,756	228,523
Amount of Collateral	$ 286,918	$ 300,324
Percentage of Collateral Coverage	130.00%	131.00%
Interest Rate	2.64%	2.36%
Master repurchase agreement | January 6, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 6,567
Amount Outstanding		6,567
Amount of Collateral		$ 8,450
Percentage of Collateral Coverage		129.00%
Interest Rate		1.33%
Master repurchase agreement | January 12, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 4,978
Amount Outstanding		4,978
Amount of Collateral		$ 6,304
Percentage of Collateral Coverage		127.00%
Interest Rate		1.32%
Master repurchase agreement | January 13, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,850
Amount Outstanding		2,850
Amount of Collateral		$ 4,050
Percentage of Collateral Coverage		142.00%
Interest Rate		1.31%
Master repurchase agreement | January 14, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 4,992
Amount Outstanding		4,992
Amount of Collateral		$ 5,808
Percentage of Collateral Coverage		116.00%
Interest Rate		1.17%
Master repurchase agreement | January 20, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 9,667
Amount Outstanding		9,667
Amount of Collateral		$ 11,550
Percentage of Collateral Coverage		119.00%
Interest Rate		1.18%
Master repurchase agreement | January 27, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,206
Amount Outstanding		2,206
Amount of Collateral		$ 2,824
Percentage of Collateral Coverage		128.00%
Interest Rate		1.30%
Master repurchase agreement | January 28, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 9,115
Amount Outstanding		9,115
Amount of Collateral		$ 11,244
Percentage of Collateral Coverage		123.00%
Interest Rate		1.33%
Master repurchase agreement | January 28, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 8,508
Amount Outstanding		8,508
Amount of Collateral		$ 10,538
Percentage of Collateral Coverage		124.00%
Interest Rate		1.33%
Master repurchase agreement | February 11, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 3,094
Amount Outstanding		3,094
Amount of Collateral		$ 4,428
Percentage of Collateral Coverage		143.00%
Interest Rate		1.75%
Master repurchase agreement | February 11, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 4,060
Amount Outstanding		4,060
Amount of Collateral		$ 5,796
Percentage of Collateral Coverage		143.00%
Interest Rate		1.36%
Master repurchase agreement | February 11, 2022 Three
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,166
Amount Outstanding		2,166
Amount of Collateral		$ 3,090
Percentage of Collateral Coverage		143.00%
Interest Rate		1.36%
Master repurchase agreement | February 11, 2022 Four
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,850
Amount Outstanding		1,850
Amount of Collateral		$ 2,640
Percentage of Collateral Coverage		143.00%
Interest Rate		1.36%
Master repurchase agreement | February 11, 2022 Five
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,670
Amount Outstanding		1,670
Amount of Collateral		$ 2,287
Percentage of Collateral Coverage		137.00%
Interest Rate		1.36%
Master repurchase agreement | February 11, 2022 Six
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,526
Amount Outstanding		1,526
Amount of Collateral		$ 2,178
Percentage of Collateral Coverage		143.00%
Interest Rate		1.36%
Master repurchase agreement | February 18, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 9,275
Amount Outstanding		9,275
Amount of Collateral		$ 11,954
Percentage of Collateral Coverage		129.00%
Interest Rate		1.36%
Master repurchase agreement | February 24, 2022
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 3,538
Amount Outstanding		3,538
Amount of Collateral		$ 5,106
Percentage of Collateral Coverage		144.00%
Interest Rate		1.77%
Master repurchase agreement | March 8, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 5,363
Amount Outstanding		5,363
Amount of Collateral		$ 6,970
Percentage of Collateral Coverage		130.00%
Interest Rate		1.19%
Master repurchase agreement | March 8, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,955
Amount Outstanding		1,955
Amount of Collateral		$ 2,496
Percentage of Collateral Coverage		128.00%
Interest Rate		1.19%
Master repurchase agreement | March 16, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 40,956
Amount Outstanding		40,956
Amount of Collateral		$ 54,424
Percentage of Collateral Coverage		133.00%
Interest Rate		1.21%
Master repurchase agreement | March 16, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 4,258
Amount Outstanding		4,258
Amount of Collateral		$ 6,232
Percentage of Collateral Coverage		146.00%
Interest Rate		1.46%
Master repurchase agreement | March 17, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 6,425
Amount Outstanding		6,425
Amount of Collateral		$ 8,093
Percentage of Collateral Coverage		126.00%
Interest Rate		1.42%
Master repurchase agreement | March 17, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 5,904
Amount Outstanding		5,904
Amount of Collateral		$ 7,573
Percentage of Collateral Coverage		128.00%
Interest Rate		1.42%
Master repurchase agreement | March 17, 2022 Three
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,177
Amount Outstanding		1,177
Amount of Collateral		$ 1,687
Percentage of Collateral Coverage		143.00%
Interest Rate		1.82%
Master repurchase agreement | March 21, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 30,850
Amount Outstanding		30,850
Amount of Collateral		$ 41,473
Percentage of Collateral Coverage		134.00%
Interest Rate		1.26%
Master repurchase agreement | March 21, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,629
Amount Outstanding		2,629
Amount of Collateral		$ 3,770
Percentage of Collateral Coverage		143.00%
Interest Rate		1.56%
Master repurchase agreement | March 22, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 33,201
Amount Outstanding		33,201
Amount of Collateral		$ 35,956
Percentage of Collateral Coverage		108.00%
Interest Rate		0.66%
Master repurchase agreement | March 22, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 2,892
Amount Outstanding		2,892
Amount of Collateral		$ 3,421
Percentage of Collateral Coverage		118.00%
Interest Rate		0.96%
Master repurchase agreement | March 22, 2022 Three
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,541
Amount Outstanding		1,541
Amount of Collateral		$ 1,943
Percentage of Collateral Coverage		126.00%
Interest Rate		1.16%
Master repurchase agreement | March 22, 2022 Four
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,369
Amount Outstanding		1,369
Amount of Collateral		$ 2,047
Percentage of Collateral Coverage		150.00%
Interest Rate		1.56%
Master repurchase agreement | March 22, 2022 Five
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 1,330
Amount Outstanding		1,330
Amount of Collateral		$ 1,788
Percentage of Collateral Coverage		134.00%
Interest Rate		1.41%
Master repurchase agreement | March 25, 2022 One
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 15,443
Amount Outstanding		15,443
Amount of Collateral		$ 20,367
Percentage of Collateral Coverage		132.00%
Interest Rate		1.41%
Master repurchase agreement | March 25, 2022 Two
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 4,444
Amount Outstanding		4,444
Amount of Collateral		$ 6,413
Percentage of Collateral Coverage		144.00%
Interest Rate		1.81%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 522,574	$ 546,054
Gross amount of loans and securities pledged as collateral	683,154	711,252
Other prepaid collateral	15,117	6,902
Net collateral amount	$ 175,697	$ 172,100

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans $ in Millions	Mar. 31, 2022USD ($)
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		Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying value of mortgages	[1],[2]	$ 1,063,476	$ 1,080,434
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages		729,036	756,787
Bond principal balance		$ 543,485	$ 582,907
Percentage of collateral coverage		134.00%	130.00%
Original balances at securitization cutoff date Mortgage UPB		$ 1,015,033
Original balances at securitization cutoff date Bond principal balance		789,905
Mortgage loans | 2019-D
Debt Instrument [Line Items]
Carrying value of mortgages		112,819	$ 118,075
Bond principal balance		$ 85,962	$ 92,778
Percentage of collateral coverage		131.00%	127.00%
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		110,985	$ 115,571
Bond principal balance		$ 75,340	$ 81,026
Percentage of collateral coverage		147.00%	143.00%
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		114,028	$ 119,184
Bond principal balance		$ 80,680	$ 86,011
Percentage of collateral coverage		141.00%	139.00%
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		152,739	$ 161,766
Bond principal balance		$ 132,236	$ 141,435
Percentage of collateral coverage		116.00%	114.00%
Original balances at securitization cutoff date Mortgage UPB		$ 206,506
Original balances at securitization cutoff date Bond principal balance		175,116
Mortgage loans | 2021-B
Debt Instrument [Line Items]
Carrying value of mortgages		238,465	$ 242,191
Bond principal balance		$ 169,267	$ 181,657
Percentage of collateral coverage		141.00%	133.00%
Original balances at securitization cutoff date Mortgage UPB		$ 287,882
Original balances at securitization cutoff date Bond principal balance		215,912
Secured Debt
Debt Instrument [Line Items]
Deferred issuance costs		$ (6,500)	$ (7,300)
[1]	As of March 31, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $1.0 million and $1.4 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2]	Mortgage loans held-for-investment, net include $729.0 million and $756.8 million of loans at March 31, 2022 and December 31, 2021, 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 $7.7 million and $7.1 million of allowance for expected credit losses at March 31, 2022 and December 31, 2021, respectively.

Related Party Transactions - Sc

Related Party Transactions - Schedule Statement of Income of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Related party expense – management fee	$ 2,293	$ 2,273
Related party expense – loan servicing fees	2,091	1,833
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	7,220	5,952
Thetis Asset Management LLC | Related party expense – management fee
Related Party Transaction [Line Items]
Related party expense – management fee	2,293	2,273
Thetis Asset Management LLC | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(41)	168
Servicer | Related party expense – loan servicing fees
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	2,091	1,833
Servicer | Interest income
Related Party Transaction [Line Items]
Amount of transaction	67	0
Gaea | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	42	18
AS Ajax E LLC | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	3	9
Loan pool LLCs | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(8)	(7)
Great Ajax FS | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(93)	(62)
2018-D and -G | Other (loss)/income
Related Party Transaction [Line Items]
Amount of transaction	$ (3,973)	$ 0

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Carrying value	[1]	$ 327,793	$ 355,178
Due from related parties		19,153	20,899
Beneficial interests in securitization trusts
Related Party Transaction [Line Items]
Carrying value		139,249	139,588
Mortgage Loans, Net | Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Due from related parties			21
Mortgage Loans, Net | 2019-C | Purchase of Mortgage Loans
Related Party Transaction [Line Items]
Due from related parties			152,883
Management fee payable | Thetis Asset Management LLC
Related Party Transaction [Line Items]
Due to related parties		2,424	2,279
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Due from related parties		1,215	1,211
Prepaid expenses and other assets | Servicer
Related Party Transaction [Line Items]
Due from related parties		15	12
Prepaid expenses and other assets | Servicer | Affiliate loan receivable and interest
Related Party Transaction [Line Items]
Due from related parties		3,522	3,509
Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Due to related parties		23
Accrued expenses and other liabilities | Gregory
Related Party Transaction [Line Items]
Due to related parties		69
Accrued expenses and other liabilities | Servicer
Related Party Transaction [Line Items]
Due to related parties		16	78
Accrued expenses and other liabilities | Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Due to related parties		8
Receivable from servicer | Servicer | Receivable from servicer
Related Party Transaction [Line Items]
Due from related parties		$ 19,153	$ 20,899
[1]	As of March 31, 2022, Investments in securities at fair value include an amortized cost basis of $336.6 million and a net unrealized loss of $8.8 million. As of December 31, 2021, Investments in securities at fair value include an amortized costs basis of $354.2 million and net unrealized gains $1.0 million.

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)		Nov. 22, 2019USD ($)shares	Jan. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2022USD ($)calendarQuarterloan	Dec. 31, 2021USD ($)loan	Mar. 31, 2021USD ($)loan	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)loanPool	Dec. 09, 2021USD ($)	Jun. 21, 2021USD ($)	Mar. 14, 2016
Related Party Transaction [Line Items]
Impairment on beneficial interests				$ 3,973,000		$ 0
Due from related parties				$ 19,153,000	$ 20,899,000
Number of sold loans | loan				0		0
Investments in securities at fair value	[1]			$ 327,793,000	355,178,000
Investment in securities				0		$ 0
Carrying value				467,042,000	494,766,000
Securities past due				$ 0	$ 0
Proceeds from issuance of private placement							$ 125,000,000
Warrant term							5 years
Period of termination of license agreement				30 days
2019-C
Related Party Transaction [Line Items]
Number of sold loans | loan					772
Carrying value of loans sold					$ 152,900,000
Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Warrant term			2 years
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
Class B Security
Related Party Transaction [Line Items]
Noncontrolling interest, percentage					34.00%
2019-C
Related Party Transaction [Line Items]
Noncontrolling interest, percentage					66.00%
AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership percentage				16.50%	16.50%						24.20%
Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Proceeds from issuance of private placement		$ 66,300,000	$ 30,000,000
Private placement share issuance (in shares) | shares		4,419,641
Ownership percentage		23.20%		22.20%
Private capital raise, number common stock and warrants issued (in shares) | shares			1,828,153
Increase in investment			$ 6,100,000
Total investment			$ 25,500,000
Equity method investment, common stock and warrants acquired (in shares) | shares			371,103
Private capital raise (in dollars per share) | $ / shares			$ 16.41
Warrant term			2 years
Gaea Real Estate Corp. | Third party
Related Party Transaction [Line Items]
Ownership percentage by third parties		76.80%		77.80%
Ajax E Master Trust | AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership interest in real estate trust				5.00%
Investments in securities
Related Party Transaction [Line Items]
Carrying value				$ 327,800,000	$ 355,200,000
Beneficial interests in securitization trusts
Related Party Transaction [Line Items]
Investments in securities at fair value				139,249,000	139,588,000
Carrying value				139,249,000	139,588,000
Prepaid expenses and other assets
Related Party Transaction [Line Items]
Due from related parties				$ 1,215,000	$ 1,211,000
Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Bond principal balance										$ 11,000,000
Fixed interest rate										4.25%
Gregory
Related Party Transaction [Line Items]
Bond principal balance									$ 3,500,000
Fixed interest rate				7.20%					7.20%
Ceiling for each repurchase facility				$ 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]
Due from related parties				$ 3,500,000
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]
Percentage in excess of base management fees payable in shares				50.00%
Percentage of management fees payable in cash, minimum				50.00%
Percentage of management fees payable in cash, maximum				100.00%
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
Incentive fee payable				$ 100,000		$ 0
Percentage of independent directors				66.67%
[1]	As of March 31, 2022, Investments in securities at fair value include an amortized cost basis of $336.6 million and a net unrealized loss of $8.8 million. As of December 31, 2021, Investments in securities at fair value include an amortized costs basis of $354.2 million and net unrealized gains $1.0 million.

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)	Jan. 01, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)		47,323	3,945
Employee and Service Provider | Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer amount	$ 140,000			$ 100,000
Percentage of annual retainer received in shares	50.00%			40.00%
Percentage of annual retainer received in cash	50.00%			60.00%
Related party expense – management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees		$ 2,300,000	$ 2,300,000
Stock-based management fee expense		$ 0	$ 0
Number of shares (in shares)		39,558	0
Incentive fee payable		$ 100,000	$ 0
Restricted stock | Employee and Service Provider
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		22,765	0
Nonvested shares (in shares)		233,795	163,083	228,365	163,083
Vesting period		1 year 6 months
Restricted stock | Employee and Service Provider | Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares (in shares)		14,765
Restricted stock | Employee and Service Provider | 1.5 Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares (in shares)		8,000
Restricted stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		0	2,000
Nonvested shares (in shares)		8,000	0	8,000	0

Stock-based Payments and Dire_4

Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	47,323	3,945
Amount of expense recognized	$ 88	$ 50
Related party expense – management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	39,558	0
Amount of expense recognized	$ 0	$ 0
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	7,765	3,945
Amount of expense recognized	$ 88	$ 50

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Grants of Restricted Stock Units to Directors and Employees (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Employee and Service Provider | Year One
Weighted Average Grant Date Fair Value
Vesting period	1 year
Restricted stock | Employee and Service Provider
Shares
Shares, nonvested (in shares)	233,795	163,083	228,365	163,083
Shares vested (in shares)	0	0
Shares forfeited (in shares)	(17,335)	0
Shares granted (in shares)	22,765	0
Weighted Average Grant Date Fair Value
Per share grant fair value (in dollars per share)	$ 12	$ 11.07	$ 12.05	$ 11.07
Shares vested (in dollars per share)	0	0
Shares forfeited (in dollars per share)	11.93	0
Shares granted (in dollars per share)	$ 11.42	$ 0
Vesting period	1 year 6 months
Weighted average remaining contractual terms	1 year 6 months
Restricted stock | Employee and Service Provider | Year One
Shares
Shares, nonvested (in shares)	14,765
Weighted Average Grant Date Fair Value
Weighted average remaining contractual terms	1 year
Restricted stock | Director
Shares
Shares, nonvested (in shares)	8,000	0	8,000	0
Shares vested (in shares)	0	(2,000)
Shares forfeited (in shares)	0	0
Shares granted (in shares)	0	2,000
Weighted Average Grant Date Fair Value
Per share grant fair value (in dollars per share)	$ 12.53	$ 0	$ 12.53	$ 0
Shares vested (in dollars per share)	0	12
Shares forfeited (in dollars per share)	0	0
Shares granted (in dollars per share)	$ 0	$ 12

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
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 250	$ 231
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	25	24
Employee and Service Provider
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 225	$ 207

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022USD ($)entity	Mar. 31, 2021USD ($)
Income Tax Examination [Line Items]
Distribution percentage of REIT taxable income (at least)	90.00%
Number of taxable subsidiaries | entity	2
Taxable income	$ 11,200,000	$ 8,700,000
Provision for income taxes (benefit)	(28,000)	34,000
Income tax interest and penalties recorded	0	0
Assets
Income Tax Examination [Line Items]
Deferred income tax assets	0	0
Liability
Income Tax Examination [Line Items]
Deferred income tax liabilities	$ 0	$ 0

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2020
Basic EPS
Consolidated net income attributable to common stockholders	$ 3,586	$ 7,004
Allocation of earnings to participating restricted shares	(43)	(52)
Consolidated net income attributable to common stockholders	3,543	6,952
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$ 3,543	$ 6,952
Basic EPS
Consolidated net income attributable to unrestricted common stockholders (in shares)	22,922,316	22,816,978
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)	22,922,316	22,816,978
Per Share Amount
Consolidated net income attributable to unrestricted common stockholders (in dollars per share)	$ 0.15	$ 0.30
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share)	$ 0.15	$ 0.30
Class of warrant or right, outstanding (in shares)	6,500,000	6,500,000	6,500,000

Equity - Narrative (Details)

Equity - Narrative (Details)	3 Months Ended			12 Months Ended
	Mar. 31, 2022USD ($)entityloan$ / sharesshares	Mar. 31, 2021USD ($)shares	Jun. 30, 2020$ / sharesshares	Dec. 31, 2021entity$ / sharesshares	Oct. 01, 2021shares	Feb. 28, 2020USD ($)
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	23,194,566			23,146,775
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	125,000,000			125,000,000
Preferred stock, 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)	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
Common stock authorized | $						$ 25,000,000
Treasury stock (in shares)	(157,776)			(147,370)
Sale of common stock pursuant to dividend reinvestment plan | $	$ 115,000	$ 47,000
Common stock, shares issued (in shares)	23,194,566			23,146,775
Number of non controlling interest subsidiaries | entity	3			3
Number of remaining loans | loan	22
Open market purchases
Class of Stock [Line Items]
Treasury stock (in shares)	(49,684)			(49,684)	(1,220)
AS Ajax E II LLC
Class of Stock [Line Items]
Ownership percentage by parent	53.10%			53.10%
2017-D
Class of Stock [Line Items]
Ownership percentage by third parties	50.00%			50.00%
Ownership percentage by parent	50.00%			50.00%
Great Ajax II REIT
Class of Stock [Line Items]
Ownership percentage by parent	99.90%			99.90%
Common stock
Class of Stock [Line Items]
Issuance of shares under dividend reinvestment plan (in shares)	9,739	4,228
Sale of common stock pursuant to dividend reinvestment plan | $	$ 100,000	$ 47,000
Thetis Asset Management LLC
Class of Stock [Line Items]
Treasury stock (in shares)	(108,092)			(97,686)
AS Ajax E II LLC | Third party
Class of Stock [Line Items]
Ownership percentage by third parties	46.90%
Great Ajax II REIT | Third party
Class of Stock [Line Items]
Ownership percentage by third parties	0.10%			0.10%
2018-C | Third party
Class of Stock [Line Items]
Ownership percentage by third parties		37.00%
2018-C | Great Ajax Corp
Class of Stock [Line Items]
Ownership percentage by parent	100.00%			100.00%
Third party | 2017-D
Class of Stock [Line Items]
Ownership percentage by third parties	50.00%
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
Preferred stock, fixed-to-floating rate cumulative redeemable	7.25%		7.25%	7.25%
Preferred stock, shares outstanding (in shares)	2,307,400			2,307,400
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
Preferred stock, fixed-to-floating rate cumulative redeemable	5.00%		5.00%	5.00%
Preferred stock, shares outstanding (in shares)	2,892,600			2,892,600
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 100,000,000
Common stock, shares issued (in shares)	0	0

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss)/income	$ (8,758)	$ 1,020
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	215	1,822
Unrealized losses	(8,973)	(802)
AOCI attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss)/income	$ (8,758)	$ 1,020

Equity - Non-controlling intere

Equity - Non-controlling interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease from redemption and disposition in non-controlling interest		$ (11,362)
Change in non-controlling interest	$ (819)	(8,306)
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	(8,306)
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	$ (819)	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	May 06, 2022USD ($)transactionresidentialRPLseller	Apr. 19, 2022USD ($)	Apr. 14, 2022USD ($)loanPool	Apr. 01, 2022USD ($)	Apr. 01, 2022	Apr. 01, 2022loanPool	Apr. 01, 2022residentialRPL	Apr. 01, 2022transaction	Apr. 01, 2022residentialNPL	Mar. 31, 2022USD ($)loan	Mar. 31, 2021USD ($)loan	May 05, 2022$ / shares
Subsequent Event [Line Items]
Investment in securities										$ 0	$ 0
Repurchase of the Company's senior convertible notes										$ 0	$ 2,430,000
Subsequent event
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share) | $ / shares												$ 0.26
Subsequent event | Convertible notes payable
Subsequent Event [Line Items]
Debt instrument, repurchase amount		$ 100,000
Repurchase of the Company's senior convertible notes		$ 100,000
Subsequent event | Mortgage loans | Corporate Joint Venture | Ajax Mortgage Loan Trust 2022-A
Subsequent Event [Line Items]
Investment in securities			$ 47,700,000
Percentage of securities acquired from trust			23.28%
Number of mortgage loans on real estate | loanPool			811
Original Principal			$ 215,500,000
Aggregate property value			$ 518,800,000
Interest Rate			3.47%
Subsequent event | Mortgage loans | Corporate Joint Venture | Ajax Mortgage Loan Trust 2022-A | Financing Receivables 60 or More Days Past Due
Subsequent Event [Line Items]
Financing receivable, percent past due			33.90%
Subsequent event | Mortgage loans | Corporate Joint Venture | Ajax Mortgage Loan Trust 2022-A | Class A Notes
Subsequent Event [Line Items]
Securities percentage of total UPB			71.90%
Residential RPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan										0	199
Aggregate unpaid principal balance of mortgage loans on real estate											$ 36,000,000
Residential RPLs | Two sellers | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | residentialRPL	2
Number of transaction | transaction	2
Number of sellers | seller	2
Aggregate unpaid principal balance of mortgage loans on real estate	$ 200,000
Percentage of unpaid principal balance of loan acquired	93.10%
Percentage of estimated market value of the underlying collateral				44.30%	44.30%	44.30%	44.30%	44.30%	44.30%
Estimated market value of the underlying collateral	$ 400,000
Residential RPLs | Seven Sellers | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | residentialRPL							26
Number of transaction | transaction								7
Aggregate unpaid principal balance of mortgage loans on real estate				$ 6,700,000
Percentage of unpaid principal balance of loan acquired					97.20%
Percentage of estimated market value of the underlying collateral				42.60%	42.60%	42.60%	42.60%	42.60%	42.60%
Estimated market value of the underlying collateral				$ 15,300,000
Residential NPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan										4	3
Aggregate unpaid principal balance of mortgage loans on real estate										$ 1,000,000	$ 700,000
Residential NPLs | Two sellers | Subsequent event
Subsequent Event [Line Items]
Percentage of unpaid principal balance of loan acquired					102.00%
Percentage of estimated market value of the underlying collateral				46.30%	46.30%	46.30%	46.30%	46.30%	46.30%
Estimated market value of the underlying collateral				$ 8,600,000
Residential NPLs | One seller | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate						1			27
Number of transaction | transaction								1
Aggregate unpaid principal balance of mortgage loans on real estate	$ 200,000			$ 3,900,000
Percentage of unpaid principal balance of loan acquired	94.00%
Percentage of estimated market value of the underlying collateral				46.20%	46.20%	46.20%	46.20%	46.20%	46.20%
Estimated market value of the underlying collateral	$ 300,000