Rithm Property Trust (RPT) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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 Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,733,238
Entity Central Index Key	0001614806
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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		Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 51,572	$ 84,426
Cash held in trust		4,719	3,100
Mortgage loans held-for-sale, net		0	29,572
Mortgage loans held-for-investment, net	[1],[2]	1,023,614	1,080,434
Real estate owned properties, net	[3]	7,434	6,063
Investments in securities at fair value	[4]	315,452	355,178
Investments in beneficial interests	[5]	125,960	139,588
Receivable from servicer		11,621	20,899
Investments in affiliates		31,760	27,020
Prepaid expenses and other assets		12,703	13,400
Total assets		1,584,835	1,759,680
Liabilities:
Secured borrowings, net	[1],[2],[6]	504,027	575,563
Borrowings under repurchase transactions		509,512	546,054
Convertible senior notes, net	[6]	103,866	102,845
Management fee payable		2,217	2,279
Put option liability		24,834	23,667
Accrued expenses and other liabilities		4,587	8,799
Total liabilities		1,149,043	1,259,207
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 22,726,572 shares issued and outstanding at June 30, 2022 and 23,146,775 shares issued and outstanding at December 31, 2021		234	233
Additional paid-in capital		316,758	316,162
Treasury stock		(6,577)	(1,691)
Retained earnings		48,800	66,427
Accumulated other comprehensive (loss)/income		(18,696)	1,020
Equity attributable to stockholders		433,518	497,295
Non-controlling interests	[7]	2,274	3,178
Total equity		435,792	500,473
Total liabilities and equity		1,584,835	1,759,680
7.25% Series A preferred stock
Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized		34,080	51,100
5.00% Series B preferred stock
Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized		$ 58,919	$ 64,044
[1]As of June 30, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $0.9 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" or "GAAP").[2]Mortgage loans held-for-investment, net include $701.4 million and $756.8 million of loans at June 30, 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 $9.1 million and $7.1 million of allowance for expected credit losses at June 30, 2022 and December 31, 2021, respectively.[3]Real estate owned properties, net, are presented net of valuation allowances of $0.5 million at both June 30, 2022 and December 31, 2021.[4]As of June 30, 2022, Investments in securities at fair value include an amortized cost basis of $334.1 million and a net unrealized loss of $18.7 million. As of December 31, 2021, Investments in securities at fair value include an amortized cost 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 June 30, 2022 and December 31, 2021, respectively.[6]Secured borrowings, net are presented net of deferred issuance costs of $5.7 million at June 30, 2022 and $7.3 million at December 31, 2021. Convertible senior notes, net are presented net of deferred issuance costs of $0.7 million and $1.7 million at June 30, 2022 and December 31, 2021, respectively.[7]As of June 30, 2022 non-controlling interests includes $1.1 million from a 50.0% owned joint venture, $1.1 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 ($)		3 Months Ended	6 Months Ended	12 Months Ended
		Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value per share (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		25,000,000	25,000,000	25,000,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000	125,000,000
Common stock, shares issued (in shares)		22,726,572	22,726,572	23,146,775
Common stock, shares outstanding (in shares)		22,726,572	22,726,572	23,146,775
Mortgage loans held-for-investment, net	[1],[2]	$ 1,023,614,000	$ 1,023,614,000	$ 1,080,434,000
Allowance for beneficial interests credit losses		9,126,000	9,126,000	7,112,000
Mortgage loans held-for-sale, net		0	0	29,572,000
Property held-for-sale, valuation allowances		500,000	500,000	500,000
Basis		334,100,000	334,100,000	354,200,000
Debt securities accumulated unrealized gain (loss)		(18,700,000)	(18,700,000)	1,000,000
Noncontrolling interest	[3]	$ 2,274,000	$ 2,274,000	$ 3,178,000
2017-D
Ownership percentage by parent (as percent)		50%	50%	50%
Ownership percentage by third parties (as percent)		50%	50%	50%
AS Ajax E II LLC
Ownership percentage by parent (as percent)		53.10%	53.10%	53.10%
Great Ajax II REIT
Ownership percentage by parent (as percent)		99.90%	99.90%	99.90%
Mortgage loans
Mortgage loans held-for-investment, net		$ 701,428,000	$ 701,428,000	$ 756,787,000
Secured Debt
Deferred issuance costs		5,700,000	5,700,000	7,300,000
Convertible Debt
Deferred issuance costs		700,000	700,000	1,700,000
Consolidated entities
Mortgage loans held-for-sale, net		900,000	900,000	1,400,000
Consolidated entities | 2017-D
Noncontrolling interest		1,100,000	1,100,000	1,800,000
Consolidated entities | AS Ajax E II LLC
Noncontrolling interest		1,100,000	1,100,000	1,300,000
Consolidated entities | Great Ajax II REIT
Noncontrolling interest		100,000	100,000	100,000
Beneficial interests in securitization trusts
Allowance for beneficial interests credit losses		$ 0	$ 0	$ 600,000
Preferred stock - Series A shares
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	$ 25
Preferred stock, shares issued (in shares)		1,538,881	1,538,881	2,307,400
Preferred stock, shares outstanding (in shares)		1,538,881	1,538,881	2,307,400
Preferred stock - Series B shares
Preferred stock, fixed-to-floating rate cumulative redeemable		5%	5%	5%
Preferred stock, liquidation preference per share (in dollars per share)		$ 25	$ 25	$ 25
Preferred stock, shares issued (in shares)		2,661,119	2,661,119	2,892,600
Preferred stock, shares outstanding (in shares)		2,661,119	2,661,119	2,892,600
[1]As of June 30, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $0.9 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" or "GAAP").[2]Mortgage loans held-for-investment, net include $701.4 million and $756.8 million of loans at June 30, 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 $9.1 million and $7.1 million of allowance for expected credit losses at June 30, 2022 and December 31, 2021, respectively.[3]As of June 30, 2022 non-controlling interests includes $1.1 million from a 50.0% owned joint venture, $1.1 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 ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INCOME
Interest income		$ 20,900,000	$ 23,048,000	$ 44,112,000	$ 47,083,000
Interest expense		(9,175,000)	(8,830,000)	(17,781,000)	(19,134,000)
Net interest income		11,725,000	14,218,000	26,331,000	27,949,000
Net decrease in the net present value of expected credit losses	[1]	961,000	4,733,000	4,939,000	10,249,000
Net interest income after the impact of changes in the net present value of expected credit losses		12,686,000	18,951,000	31,270,000	38,198,000
(Loss)/income from investments in affiliates		(355,000)	357,000	(418,000)	520,000
Other (loss)/income		(3,563,000)	486,000	(7,113,000)	842,000
Total revenue, net		8,768,000	19,794,000	23,739,000	39,560,000
EXPENSE
Related party expense – loan servicing fees		2,006,000	1,699,000	4,097,000	3,532,000
Related party expense – management fee		2,363,000	2,270,000	4,656,000	4,543,000
Professional fees		419,000	763,000	764,000	1,403,000
Real estate operating expenses		(33,000)	88,000	152,000	273,000
Fair value adjustment on put option liability		3,595,000	2,201,000	6,795,000	4,145,000
Other expense		1,668,000	1,375,000	2,922,000	2,679,000
Total expense		10,018,000	8,396,000	19,386,000	16,575,000
Acceleration of put option settlement		3,531,000	0	3,531,000	0
Loss on debt extinguishment		0	161,000	0	1,072,000
(Loss)/income before provision for income taxes		(4,781,000)	11,237,000	822,000	21,913,000
Provision for income taxes (benefit)		0	67,000	(28,000)	101,000
Consolidated net (loss)/income		(4,781,000)	11,170,000	850,000	21,812,000
Less: consolidated net income/(loss) attributable to the non-controlling interest		16,000	(1,158,000)	112,000	531,000
Consolidated net (loss)/income attributable to Company		(4,797,000)	12,328,000	738,000	21,281,000
Less: dividends on preferred stock		1,925,000	1,950,000	3,874,000	3,899,000
Less: discount on retirement of preferred stock		2,459,000	0	2,459,000	0
Consolidated net (loss)/income attributable to common stockholders		$ (9,181,000)	$ 10,378,000	$ (5,595,000)	$ 17,382,000
Basic (loss)/earnings per common share (in dollars per share)		$ (0.40)	$ 0.45	$ (0.24)	$ 0.76
Diluted (loss)/earnings per common share (in dollars per share)		$ (0.40)	$ 0.42	$ (0.24)	$ 0.72
Weighted average shares - basic (in shares)		22,754,553	22,825,804	22,837,971	22,821,416
Weighted average shares - diluted (in shares)		22,754,553	30,198,696	23,106,061	30,341,638
[1] Net decrease in the net present value of expected credit losses represents the net decrease to the allowance resulting from changes in actual and expected cash flows during both the three and six months ended June 30, 2022 and June 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Consolidated net (loss)/income attributable to common stockholders	$ (9,181)	$ 10,378	$ (5,595)	$ 17,382
Other comprehensive (loss)/income:
Net unrealized (loss)/income on investments in available-for-sale debt securities	(9,938)	(30)	(19,716)	1,276
Income tax expense related to items of other comprehensive income	0	0	0	0
Comprehensive (loss)/income	$ (19,119)	$ 10,348	$ (25,311)	$ 18,658

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income		$ 850	$ 21,812
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense		1,108	668
Discount accretion on mortgage loans		(7,842)	(10,588)
Interest and discount accretion on investment in debt securities		(5,558)	(5,074)
Discount accretion on investment in beneficial interests		(6,661)	(8,213)
Gain on sale of mortgage loans		0	(122)
Loss on debt extinguishment		0	1,072
Gain on sale of real estate owned properties		(2)	(197)
Impairment of real estate owned		100	248
Lower of cost or market adjustment on mortgage loans		1,844	0
Credit loss expense on mortgage loans and beneficial interests		277	948
Net decrease in the net present value of expected credit losses	[1]	(4,939)	(10,249)
Loss on joint venture refinancing on beneficial interests		6,194	0
Amortization of debt discount and prepaid financing costs		1,984	3,285
Undistributed loss/(income) from investment in affiliates		418	(520)
Fair value adjustment on put option liability		6,795	4,145
Preferred stock non-cash		(108)	0
Acceleration of put option settlement		3,531	0
Other non-cash charges		0	13
Net change in operating assets and liabilities
Prepaid expenses and other assets		697	(12,052)
Receivable from Servicer		9,293	(8,152)
Accrued expenses, management fee payable, and other liabilities		(3,882)	52
Net cash from operating activities		4,099	(22,924)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances		(2,174)	(40,410)
Principal paydowns on mortgage loans		97,122	102,178
Draws on small balance commercial loans		0	(7,344)
Proceeds from sale of mortgage loans		0	125,975
Proceeds from refinancing and sale of securities		82,922	20,612
Purchase of securities		(84,492)	(231,555)
Principal and interest collection on debt securities		41,091	35,533
Proceeds from sale of property held-for-sale		765	4,975
Investment in equity method investments		(6,090)	0
Distribution from affiliates		699	961
Net cash from investing activities		129,843	10,925
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions		96,776	243,631
Repayments on repurchase transactions		(133,318)	(270,377)
Proceeds from origination of secured borrowings		0	391,028
Repayments on secured borrowings		(73,134)	(312,506)
Payment of prepaid financing costs		0	(7,303)
Purchase of bonds of non-controlling interest in subsidiaries		0	(5,887)
Repurchase of the Company's senior convertible notes		(75)	(7,463)
Repurchase of preferred stock and warrants		(34,051)	0
Repurchase of common stock		(4,653)	0
Sale of common stock pursuant to dividend reinvestment plan		200	95
Acquisition of non-controlling interest in subsidiary		0	(25,856)
Distribution to non-controlling interests		(1,016)	(253)
Dividends paid on common stock and preferred stock		(15,906)	(12,125)
Net cash from financing activities		(165,177)	(7,016)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST		(31,235)	(19,015)
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		56,291	88,320
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest		15,867	14,923
Cash paid for income taxes		0	57
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Net transfer of loans to rental property or property held-for-sale		2,233	1,274
Issuance of common stock for management fee and compensation expense		1,108	668
Treasury stock received through distributions from investment in Manager		232	246
Non-cash adjustments to basis in mortgage loans		18	3,193
Other non-cash loan charges		(4)	7
Unrealized (loss)/gain on available for sale securities, net of non-controlling interest and tax		(19,716)	1,276
Net transfer of loans (to)/from mortgage held-for-investment, net (from)/to mortgage loans held-for-sale, net		(29,572)	128,770
Cash and cash equivalents		51,572	88,134
Cash held in trust		4,719	186
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows		$ 56,291	$ 88,320
[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 six months ended June 30, 2022 and June 30, 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 CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders' Equity	Total Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Common stock	Treasury stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated other comprehensive income/(loss)	Non-controlling Interest	Preferred stock - Series A shares	Preferred stock - Series A shares Preferred Stock	Preferred stock - Series B shares	Preferred stock - Series B shares Preferred Stock
Beginning balance (in shares) at Dec. 31, 2020													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
Beginning balance (in shares) at Dec. 31, 2020					22,978,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	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													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
Ending balance (in shares) at Mar. 31, 2021					22,988,847
Beginning balance (in shares) at Dec. 31, 2020													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
Beginning balance (in shares) at Dec. 31, 2020					22,978,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21,812
Issuance of shares under dividend reinvestment plan (in shares)					8,048
Ending balance (in shares) at Jun. 30, 2021													2,307,400		2,892,600
Ending balance at Jun. 30, 2021	497,492		493,254		$ 231	(1,405)	315,131		62,502	1,651	4,238		$ 51,100		$ 64,044
Ending balance (in shares) at Jun. 30, 2021					22,993,246
Beginning balance (in shares) at Mar. 31, 2021													2,307,400		2,892,600
Beginning balance at Mar. 31, 2021	509,535		487,106		$ 231	(1,159)	314,709		56,500	1,681	22,429		$ 51,100		$ 64,044
Beginning balance (in shares) at Mar. 31, 2021					22,988,847
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	11,170		12,328						12,328		(1,158)
Issuance of shares under dividend reinvestment plan (in shares)					3,820
Issuance of shares under dividend reinvestment plan	48		48				48
Distribution to non-controlling interest	(16,864)										(16,864)
Stock based compensation expense (in shares)					19,945
Stock-based compensation expense	374		374				374
Dividends declared and distributions	(6,495)		(6,326)						(6,326)		(169)
Other comprehensive income/(loss)	(30)		(30)							(30)
Treasury stock (in shares)					(19,366)
Treasury stock	(246)		(246)			(246)
Ending balance (in shares) at Jun. 30, 2021													2,307,400		2,892,600
Ending balance at Jun. 30, 2021	497,492		493,254		$ 231	(1,405)	315,131		62,502	1,651	4,238		$ 51,100		$ 64,044
Ending balance (in shares) at Jun. 30, 2021					22,993,246
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												2,307,400	2,307,400	2,892,600	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
Beginning balance (in shares) at Dec. 31, 2021	23,146,775				23,146,775
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 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													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
Ending balance (in shares) at Mar. 31, 2022					23,194,566
Beginning balance (in shares) at Dec. 31, 2021												2,307,400	2,307,400	2,892,600	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
Beginning balance (in shares) at Dec. 31, 2021	23,146,775				23,146,775
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 850
Issuance of shares under dividend reinvestment plan (in shares)					17,839
Ending balance (in shares) at Jun. 30, 2022												1,538,881	1,538,881	2,661,119	2,661,119
Ending balance at Jun. 30, 2022	$ 435,792		433,518		$ 234	(6,577)	316,758		48,800	(18,696)	2,274		$ 34,080		$ 58,919
Ending balance (in shares) at Jun. 30, 2022	22,726,572				22,726,572
Beginning balance (in shares) at Mar. 31, 2022													2,307,400		2,892,600
Beginning balance at Mar. 31, 2022	$ 487,499		485,134		$ 234	(1,808)	316,326		63,996	(8,758)	2,365		$ 51,100		$ 64,044
Beginning balance (in shares) at Mar. 31, 2022					23,194,566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,781)		(4,797)						(4,797)		16
Issuance of shares under dividend reinvestment plan (in shares)					8,100
Issuance of shares under dividend reinvestment plan	85		85				85
Distribution to non-controlling interest	(14)										(14)
Stock based compensation expense (in shares)					11,597
Stock-based compensation expense	347		347				347
Dividends declared and distributions	(8,033)		(7,940)						(7,940)		(93)
Other comprehensive income/(loss)	(9,938)		(9,938)							(9,938)
Repurchase of preferred stock (in shares)													(768,519)		(231,481)
Repurchase of preferred stock	(24,604)		(24,604)						(2,459)				$ (17,020)		$ (5,125)
Treasury stock (in shares)					(487,691)
Treasury stock	(4,769)		(4,769)			(4,769)
Ending balance (in shares) at Jun. 30, 2022												1,538,881	1,538,881	2,661,119	2,661,119
Ending balance at Jun. 30, 2022	$ 435,792		$ 433,518		$ 234	$ (6,577)	$ 316,758		$ 48,800	$ (18,696)	$ 2,274		$ 34,080		$ 58,919
Ending balance (in shares) at Jun. 30, 2022	22,726,572				22,726,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclass of conversion premium - convertible notes	$ 433,518

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends payable (in dollars per share)	$ 0.26	$ 0.26	$ 0.19	$ 0.17

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 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 (i) 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 and (ii) non-performing loans ("NPLs"), which are residential mortgage loans on which the most recent three payments have not been made. The Company may acquire RPLs and NPLs either directly or in joint ventures with institutional accredited investors. The joint ventures are structured as securitization trusts, of which the Company acquires debt securities and beneficial interests. 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’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 June 30, 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. Similarly, as of June 30, 2022, the Operating Partnership wholly owned Great Ajax III Depositor LLC, which was formed to act as the depositor into Ajax Mortgage Loan Trust 2021-E ("2021-E"), which is a real estate mortgage investment conduit ("REMIC"). 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 that invests in multifamily properties with a focus on property appreciation and triple net lease veterinary clinics. 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. Also during 2018, the Company formed Gaea Real Estate Operating Partnership LP, a wholly-owned subsidiary of Gaea, to hold investments in commercial real estate assets, and Gaea Real Estate Operating LLC, to act as its general partner. The Company also formed Gaea Veterinary Holdings LLC, BFLD Holdings LLC, Gaea Commercial Properties LLC, Gaea Commercial Finance LLC and Gaea RE Holdings LLC as subsidiaries of Gaea Real Estate Operating Partnership. In 2019, the Company formed DG Brooklyn Holdings LLC, also a subsidiary of Gaea Real Estate Operating Partnership LP, to hold investments in multi-family properties. On November 22, 2019, Gaea completed a private capital raise transaction through which it raised $66.3 million from the issuance of its common stock to third parties to allow Gaea to continue to advance its investment strategy. Additionally, in January 2022, Gaea completed a second private capital raise in which it raised approximately $30.0 million from the issuance of its common stock and warrants. At June 30, 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 year 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 June 30, 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 June 30, 2022 and December 31, 2021. Similarly, as of June 30, 2022 and December 31, 2021, the Operating Partnership wholly owned Great Ajax III Depositor LLC, which was formed to act as the depositor into 2021-E, which is a REMIC. 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 June 30, 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 both June 30, 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	6 Months Ended
	Jun. 30, 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 as compared to contractual amounts due, 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 may acquire 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 the residual investment in the securitization trusts which the Company forms with third party institutional accredited investors. The Company carries its investments in beneficial interests at amortized cost. 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. 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 when 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 three months 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. During the three months ended June 30, 2022, the Company completed a series of preferred share repurchases. The Company repurchased and retired 768,519 shares of its 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 231,481 shares of its 5.00% Series B Fixed-to-Floating Rate Preferred Stock. Put Option Liability As part of the Company’s capital raise transactions during the three months 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. The warrants include 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, reduced to $7.7 million subsequent to the Company's repurchase and retirement of 1,250,000 of the outstanding warrants in the three months ended June 30, 2022. The Company is accreting the amount of the liability under the effective interest method to its expected future put value 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. The future put obligation was reduced to $41.5 million from $50.7 million after the repurchase of the 1,250,000 warrants during the three months ended June 30, 2022. 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's unrated deals have a call provision and 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. At June 30, 2022 and December 31, 2021, the UPB of the debt was $104.5 million and $104.6 million, respectively. 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 three months 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 second quarter of 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. The carrying amount of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the second quarter of 2022 was zero. There were no convertible note repurchases during the first quarter of 2022. During the first and second quarters of 2021, the Company completed a series of convertible note repurchases for aggregate principal amounts of $2.5 million and $5.0 million, respectively, for total purchase prices of $2.4 million and $5.1 million, respectively. The carrying amounts of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first and second quarters of 2021 were both zero. 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 April 28, 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. The committee heads also receive annual fees for their services. Through December 31, 2021, the heads of the Compensation and Corporate Governance committees each received an annual fee of $10,000, payable quarterly, 100% in cash. The annual fee was increased to $15,000, 100% payable in cash, effective as of January 1, 2022. Through December 31, 2021, the head of the audit committee received an annual fee of $15,000, payable quarterly, 100% in cash. The annual fee was increased to $20,000, 100% payable in cash, effective as of January 1, 2022. Stock-based expense for the directors’ annual fee and the committee heads' 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 th

Mortgage Loans

Mortgage Loans	6 Months Ended
	Jun. 30, 2022
Mortgage Loans [Abstract]
Mortgage Loans	50 $ — $ 458 $ 7,717 $ 7,328 $ 2,191 $ 2,051 $ 29,370 $ 188,222 $ 73,592 $ 310,929 GAOP - 7f7 <50 — — — 59 — — 3,175 39,079 13,203 55,516 GAOP - 6f6 and below — 1,024 869 1,448 2,021 1,947 19,492 115,010 41,299 183,110 Great Ajax II REIT - 7f7 >50 — — 752 644 809 643 37,269 256,937 90,893 387,947 Great Ajax II REIT - 7f7 <50 — — — 216 15 — 4,518 34,031 11,073 49,853 Great Ajax II REIT - 6f6 and below — — — — — — 4,227 20,690 11,342 36,259 Total $ — $ 1,482 $ 9,338 $ 9,695 $ 5,036 $ 4,641 $ 98,051 $ 653,969 $ 241,402 $ 1,023,614 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 and six months ended June 30, 2022 and 2021 ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans Par $ 1,378 $ — $ 5,157 $ — $ 2,342 $ — $ 41,853 $ 3,611 Discount (82) — (390) — (140) — (3,319) (8) Allowance (25) — 6 — (28) — (1,727) — Purchase Price $ 1,271 $ — $ 4,773 $ — $ 2,174 $ — $ 36,807 $ 3,603 The Company performs an analysis of its expectation of the amount of undiscounted cash flows expected to be collected from its mortgage loan pools at the end of each calendar quarter. Under CECL, the Company adjusts its allowance for 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 and six months ended June 30, 2022, the Company recorded a $2.7 million and $6.8 million, respectively, reclassification from non-credit discount to the allowance for expected credit losses. This was followed by a $1.4 million and $5.0 million, respectively, reduction of the allowance for expected credit losses due to increases in the net present value of expected cash flows. During the three and six months ended June 30, 2022 the Company also recorded a $25.0 thousand and $28.0 thousand increase, respectively, in the allowance for expected credit losses due to new acquisitions. Comparatively, during the three months ended June 30, 2021 the Company recorded a $5.5 million reclassification to non-credit discount from the allowance for expected credit losses, and during the six months ended June 30, 2021 the Company recorded a $3.8 million reclassification from non-credit discount to the allowance for expected credit losses. During the three and six months ended June 30, 2021, this was followed by a $2.7 million and $8.2 million, respectively, reversal of the allowance for expected credit losses due to the increase in the net present value of expected cash flows. During the three and six months ended June 30, 2021, the Company also recorded a $6.0 thousand decrease and $1.7 million increase, respectively, in the allowance for expected credit losses due to new acquisitions. During the three and six months ended June 30, 2021, the Company reclassified zero and $1.7 million of allowance to non-credit discount to reflect the impact of moving pool 2017-D to mortgage loans held-for-sale, net. An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Allowance for expected credit losses, beginning of period $ (7,691) $ (17,890) $ (7,112) $ (13,712) Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment expectations (2,703) 5,450 (6,792) (3,782) (Increase)/decrease in allowance for expected credit losses for loan acquisitions (25) 6 (28) (1,727) Credit loss expense on mortgage loans (116) (139) (227) (593) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 1,409 2,740 5,033 8,240 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 $ (9,126) $ (9,833) $ (9,126) $ (9,833) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 180,446 $ 1,578 $ 37,529 $ 90,765 $ 611 $ 310,929 GAOP - 7f7 <50 27,017 129 6,497 21,550 323 55,516 GAOP - 6f6 and below 4,465 19 4,284 120,208 54,134 183,110 Great Ajax II REIT - 7f7 >50 324,989 3,044 40,224 19,659 31 387,947 Great Ajax II REIT - 7f7 <50 42,211 697 3,196 3,749 — 49,853 Great Ajax II REIT - 6f6 and below 73 — 1,074 32,527 2,585 36,259 Total $ 579,201 $ 5,467 $ 92,804 $ 288,458 $ 57,684 $ 1,023,614 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 June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 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 $ 896,588 $ — $ 941,565 $ 29,572 Residential NPLs 111,770 — 119,520 — SBC loans 15,256 — 19,349 — Total $ 1,023,614 $ — $ 1,080,434 $ 29,572 Included on the Company’s consolidated balance sheets as of June 30, 2022 and December 31, 2021 are approximately $1.0 billion and $1.1 billion, respectively, 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 June 30, 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 $9.1 million and $7.1 million, respectively, reflected in the appropriate lines in the table by loan type. For the three and six months ended June 30, 2022, the Company recognized $1.4 million and $5.0 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. Comparatively, for the three and six months ended June 30, 2021, the Company recognized $2.7 million and $8.2 million, respectively, of revenue due to a net decrease in expected credit losses resulting from increases in the present value of expected cash flows. For the three and six months ended June 30, 2022, the Company accreted $16.8 million and $36.6 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. Comparatively, for the three and six months ended June 30, 2021, the Company accreted $18.5 million and $42.1 million, respectively, net of 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 both the three and six months ended June 30, 2022, the Company purchased six RPLs with UPB of $1.2 million. Comparatively, during the three and six months ended June 30, 2021 the Company purchased 38 and 237 RPLs with UPB of $5.2 million and $41.2 million, respectively. During the three and six months ended June 30, 2022, the Company purchased one and five NPLs with UPB of $0.2 million and $1.1 million, respectively. The Company had no NPL acquisitions during the three months ended June 30, 2021; however, during the six months ended June 30, 2021 the Company purchased three NPLs with UPB of $0.7 million. The Company purchased no SBC loans during both the three and six months ended June 30, 2022. Comparatively, the Company had no SBC acquisitions during the three months ended June 30, 2021; however during the six months ended June 30, 2021, the Company acquired one SBC loan with UPB of $3.6 million. During the three and six months ended June 30, 2022, the Company sold no mortgage loans. Comparatively, during both the three and six months ended June 30, 2021, the Company sold 760 loans from 2017-D with a carrying value of $129.2 million and UPB of $133.8 million through a sponsored joint venture between the Company and a third party accredited institutional investor resulting in the removal of the related loans from the consolidated balance sheet. The Company retained various classes of securities from the joint venture. See Note 10 — Related Party Transactions. The Company adopted CECL using the prospective transition approach for PCD assets on January 1, 2020. At the time, $10.2 million of loan discount was reclassified to the allowance for expected credit losses with no net impact on the amortized cost basis of the portfolio. The Company 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 three months ended March 31, 2022, the Company re-pooled all of the mortgage loans in its portfolio to reflect the recent trends in market conditions and loan performance. At January 1, 2022, the Company's mortgage loans were aggregated based on payment patterns observed during the prior 18 month period. The portfolio is split 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 Company uses the following three pools 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 $50.0 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 $50.0 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 $50.0 thousand absolute dollars of equity 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. 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 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 three months 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 three months 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): June 30, 2022 Mortgage loans held-for-investment, net 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ — $ 458 $ 7,717 $ 7,328 $ 2,191 $ 2,051 $ 29,370 $ 188,222 $ 73,592 $ 310,929 GAOP - 7f7 <50 — — — 59 — — 3,175 39,079 13,203 55,516 GAOP - 6f6 and below — 1,024 869 1,448 2,021 1,947 19,492 115,010 41,299 183,110 Great Ajax II REIT - 7f7 >50 — — 752 644 809 643 37,269 256,937 90,893 387,947 Great Ajax II REIT - 7f7 <50 — — — 216 15 — 4,518 34,031 11,073 49,853 Great Ajax II REIT - 6f6 and below — — — — — — 4,227 20,690 11,342 36,259 Total $ — $ 1,482 $ 9,338 $ 9,695 $ 5,036 $ 4,641 $ 98,051 $ 653,969 $ 241,402 $ 1,023,614 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 and six months ended June 30, 2022 and 2021 ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans Par $ 1,378 $ — $ 5,157 $ — $ 2,342 $ — $ 41,853 $ 3,611 Discount (82) — (390) — (140) — (3,319) (8) Allowance (25) — 6 — (28) — (1,727) — Purchase Price $ 1,271 $ — $ 4,773 $ — $ 2,174 $ — $ 36,807 $ 3,603 The Company performs an analysis of its expectation of the amount of undiscounted cash flows expected to be collected from its mortgage loan pools at the end of each calendar quarter. Under CECL, the Company adjusts its allowance for 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 and six months ended June 30, 2022, the Company recorded a $2.7 million and $6.8 million, respectively, reclassification from non-credit discount to the allowance for expected credit losses. This was followed by a $1.4 million and $5.0 million, respectively, reduction of the allowance for expected credit losses due to increases in the net present value of expected cash flows. During the three and six months ended June 30, 2022 the Company also recorded a $25.0 thousand and $28.0 thousand increase, respectively, in the allowance for expected credit losses due to new acquisitions. Comparatively, during the three months ended June 30, 2021 the Company recorded a $5.5 million reclassification to non-credit discount from the allowance for expected credit losses, and during the six months ended June 30, 2021 the Company recorded a $3.8 million reclassification from non-credit discount to the allowance for expected credit losses. During the three and six months ended June 30, 2021, this was followed by a $2.7 million and $8.2 million, respectively, reversal of the allowance for expected credit losses due to the increase in the net present value of expected cash flows. During the three and six months ended June 30, 2021, the Company also recorded a $6.0 thousand decrease and $1.7 million increase, respectively, in the allowance for expected credit losses due to new acquisitions. During the three and six months ended June 30, 2021, the Company reclassified zero and $1.7 million of allowance to non-credit discount to reflect the impact of moving pool 2017-D to mortgage loans held-for-sale, net. An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Allowance for expected credit losses, beginning of period $ (7,691) $ (17,890) $ (7,112) $ (13,712) Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment expectations (2,703) 5,450 (6,792) (3,782) (Increase)/decrease in allowance for expected credit losses for loan acquisitions (25) 6 (28) (1,727) Credit loss expense on mortgage loans (116) (139) (227) (593) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 1,409 2,740 5,033 8,240 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 $ (9,126) $ (9,833) $ (9,126) $ (9,833) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 180,446 $ 1,578 $ 37,529 $ 90,765 $ 611 $ 310,929 GAOP - 7f7 <50 27,017 129 6,497 21,550 323 55,516 GAOP - 6f6 and below 4,465 19 4,284 120,208 54,134 183,110 Great Ajax II REIT - 7f7 >50 324,989 3,044 40,224 19,659 31 387,947 Great Ajax II REIT - 7f7 <50 42,211 697 3,196 3,749 — 49,853 Great Ajax II REIT - 6f6 and below 73 — 1,074 32,527 2,585 36,259 Total $ 579,201 $ 5,467 $ 92,804 $ 288,458 $ 57,684 $ 1,023,614 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	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021, the Company’s net investments in real estate owned properties were $7.4 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 June 30, 2022 and December 31, 2021, was $0.3 million and $0.7 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. As of June 30, 2022 and December 31, 2021, the Company had no rental properties. As of June 30, 2022 and December 31, 2021, the Company had a total of 37 and 31 real estate owned properties, respectively. For the three and six months ended June 30, 2022 and 2021, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio or from rental properties. The following table presents the activity in the Company’s carrying value of property held-for-sale and rental property for the three and six months ended June 30, 2022 and 2021 ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Property Held-for-Sale and Rental Property Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 31 $ 6,586 31 $ 7,098 31 $ 6,063 38 $ 8,526 Net transfers from mortgage loans 7 1,405 5 1,046 10 2,233 7 1,274 Adjustments to record at lower of cost or fair value — 69 — (77) — (100) — (248) Depreciation on rental properties — — — (3) — — — (6) Disposals (1) (626) (11) (3,296) (4) (762) (20) (4,778) Balance at end of period 37 $ 7,434 25 $ 4,768 37 $ 7,434 25 $ 4,768 Dispositions During the three and six months ended June 30, 2022, the Company sold one and four REO properties, respectively, realizing net gains of approximately $18.0 thousand and $2.0 thousand, respectively. Comparatively, for the three and six months ended June 30, 2021, the Company sold 11 and 20 REO properties, respectively, realizing net gains of approximately $0.1 million and $0.2 million, respectively. These amounts are included in Other income on the Company's consolidated statements of income. During the three and six months ended June 30, 2022, the Company recorded a recovery of lower of cost or net realizable value adjustments in Real estate operating expense of $0.1 million and an expense of lower of cost or net realizable value adjustments in Real estate operating expense of $0.1 million, respectively. Comparatively, for the three and six months ended June 30, 2021, the Company recorded lower of cost or net realizable value adjustments of $0.1 million and $0.2 million, respectively.

Investments

Investments	6 Months Ended
	Jun. 30, 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 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. The Company carries its investments in beneficial interests at amortized cost. 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, interest rate risk, 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 June 30, 2022 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities, at fair value $ 334,148 $ 71 $ (18,767) $ 315,452 Investment in beneficial interests at amortized cost, net of allowance for credit losses 125,960 — — 125,960 Total investments $ 460,108 $ 71 $ (18,767) $ 441,412 (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, at fair value $ 354,158 $ 1,822 $ (802) $ 355,178 Investment in beneficial interests at amortized cost, net of allowance for credit losses 139,588 — — 139,588 Total investments $ 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 June 30, 2022 Step-up date(s) (1) Basis (2) Gross unrealized losses Carrying value Debt securities due November 2051 (3) March 2025 $ 40,623 $ (1,264) $ 39,359 Debt securities due September 2059 (4) February 2023/April 2023 16,417 (613) 15,804 Debt securities due November 2059 (3) April 2023 7,776 (305) 7,471 Debt securities due December 2059 (3) July 2023 36,365 (2,459) 33,906 Debt securities due March 2060 (3) February 2025 15,548 (1,669) 13,879 Debt securities due June 2060 (3) March 2024 8,659 (336) 8,323 Debt securities due December 2060 (3) July 2029 45,110 (3,605) 41,505 Debt securities due January 2061 (3) September 2024 12,787 (338) 12,449 Debt securities due June 2061 (5) January 2025/February 2025 79,801 (7,424) 72,377 Debt securities due October 2061 (3) April 2029 36,733 (751) 35,982 Debt securities due March 2062 (3) May 2029 30,466 (3) 30,463 Total $ 330,285 $ (18,767) $ 311,518 (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 $0.3 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 $0.3 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 $5.1 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 $2.4 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(s) (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 June 30, 2022, the Company recorded a gross unrealized loss of $18.8 million and a gross unrealized gain of $0.1 million in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet on total investments with a fair value of $315.5 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 both the three and six months ended June 30, 2022, the Company refinanced, with an accredited institutional investor, Ajax Mortgage Loan Trust 2018-D and 2018-G ("2018-D and -G") joint ventures into Ajax Mortgage Loan Trust 2022-A ("2022-A") and retained $49.2 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 33.90% of loan UPB in 2022-A was 60 days or more delinquent. Also, the Company refinanced, with an accredited institutional investor, Ajax Mortgage Loan Trust 2019-A and 2019-B ("2019-A and -B") joint ventures into Ajax Mortgage Loan Trust 2022-B ("2022-B") and retained $36.8 million of varying classes of agency rated securities and equity. The Company acquired 17.18% of the securities and trust certificates from the trust. 2022-B acquired 1,106 RPLs and NPLs with UPB of $220.8 million and an aggregate property value of $575.5 million. The AAA through A rated securities represent 76.9% of the UPB of the underlying mortgage loans and carry a weighted average coupon of 3.47%. Comparatively, during both the three and six months ended June 30, 2021, the Company acquired $232.9 million of debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Of the $232.9 million acquired in both the three and six months ended June 30, 2021, the Company acquired $170.0 million in senior notes, $23.5 million in subordinate notes and $39.5 million in beneficial interests issued by joint ventures. As of June 30, 2022, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $315.5 million and $126.0 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 June 30, 2022 and December 31, 2021, the Company had no securities that were past due. During the first quarter of 2022, the Company recorded an impairment of $4.0 million on its beneficial interests in 2018-D and -G in other loss/income on its consolidated statements of income, which became a realized loss when the transaction closed during the second quarter of 2022. Also, during the second quarter of 2022, the Company recorded a loss of $2.1 million on its beneficial interests in 2019-A and -B in other loss/income on its consolidated statements of income. 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 received through a combination of the beneficial interest in 2022-A and -B and cash received from the sale of the underlying loans in 2022-A and -B. The decline in loan prices driven by disruption in the markets since year end resulted in lower than expected cash proceeds at redemption. As a result, for the three and six months ended June 30, 2022, the Company recognized a loss of $2.1 million and $6.1 million in other loss/income. The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and six months ended June 30, 2022 and June 30, 2021 ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Par $ 14,720 $ 46,485 $ 14,720 $ 46,485 Premium/(discount) 1,087 (5,425) 1,087 (5,425) Allowance — (1,593) — (1,593) Purchase Price $ 15,807 $ 39,467 $ 15,807 $ 39,467 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 and six months ended June 30, 2022, the Company recorded a $0.4 million and $0.8 million reclassification to non-credit discount from the allowance for changes in payment expectations and a $0.4 million and $0.1 million increase in the allowance for expected credit losses due to decreases in the net present value of expected cash flows, respectively. Comparatively, during three and six months ended June 30, 2021, the Company recorded a $0.8 million reclassification to non-credit discount from the allowance for changes in payment expectations and a $0.2 million reclassification from non-credit discount to the allowance for changes in payment expectations. For both the three and six months ended June 30, 2021, the Company recorded a $2.0 million reversal of the allowance for expected credit losses due to increases in the net present value of expected cash flows. An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Allowance for expected credit losses, beginning balance $ — $ (5,530) $ (615) $ (4,453) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations 448 795 759 (158) Credit loss expense on beneficial interests — (216) (50) (355) (Increase in)/reversal of allowance for expected credit losses due to (decreases)/increases in the net present value of expected cash flows (448) 1,992 (94) 2,007 Allowance for expected credit losses, ending balance $ — $ (2,959) $ — $ (2,959)

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 June 30, 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 $ 315,452 $ — $ 315,452 $ — Recurring financial liabilities Put option liability $ 24,834 $ — $ — $ 24,834 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 June 30, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 June 30, 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 $ 1,023,614 $ — $ — $ 1,051,235 Investment in beneficial interests $ 125,960 $ — $ — $ 125,960 Investment in Manager $ 1,159 $ — $ — $ 12,560 Investment in AS Ajax E LLC $ 493 $ — $ 652 $ — Investment in AS Ajax E II LLC $ 2,303 $ — $ 2,340 $ — Investment in GAFS, including warrants $ 2,340 $ — $ — $ 3,320 Investment in Gaea $ 25,252 $ — $ — $ 26,306 Investment in Loan pool LLCs $ 213 $ — $ — $ 854 Financial liabilities Secured borrowings, net $ 504,027 $ — $ 463,688 $ — Borrowings under repurchase transactions $ 509,512 $ — $ 509,512 $ — Convertible senior notes, net $ 103,866 $ 102,509 $ — $ — 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 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 represent 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, adjusted for subsequent repurchases, of $7.7 million to the future put obligation of $41.5 million over the 39-month term of the put option liability. The fair value of the Company's put option liability is measured quarterly with adjustments posted to the Company's consolidated statements of income. The Company’s borrowings under repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the NYSE closing price on the balance sheet date. The notes will mature on April 30, 2024, unless earlier repurchased, converted or redeemed. The Company carries its convertible debt net of deferred issuance cost. Accordingly, the difference between fair value and carrying value is partially driven by the deferred issuance costs. The carrying values of its Cash and cash equivalents, Cash held in trust, Receivable from Servicer, Prepaid expenses and other assets, Management fee payable and Accrued expenses and other liabilities are equal to or approximate fair value. Non-financial assets Property held-for-sale is carried at the lower of its acquisition cost ("cost") or net realizable value. Net realizable value is determined based on appraisals, BPOs, or other market indicators of fair value less expected liquidation costs. The lower of cost or net realizable value for the Company’s REO Property is stated as its carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 June 30, 2022 Carrying value Six months ended fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 7,434 $ (100) $ — $ — $ 7,434 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	6 Months Ended
	Jun. 30, 2022
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates At both June 30, 2022 and December 31, 2021, and for the three and six months ended June 30, 2022 and 2021, the Company had ownership interests in five affiliated entities accounted for under the equity method of accounting. At June 30, 2022 and December 31, 2021, the Company owned approximately 22.2% and 22.8% of Gaea, respectively, with third party investors owning the remaining 77.8% and 77.2%, respectively. The Company accounts for its ownership interest in Gaea using the equity method. At both June 30, 2022 and December 31, 2021, the Company’s ownership interest was approximately 40.4% in three loan pool LLCs managed by the Servicer, which hold investments in RPLs and NPLs. The Company accounts for its ownership interest using the equity method. At both June 30, 2022 and December 31, 2021, the Company's ownership interest was approximately 8.0% in GAFS. The Company accounts for its investment in GAFS using the equity method. At both June 30, 2022 and December 31, 2021, the Company’s ownership interest in AS Ajax E LLC, a Delaware trust formed to own residential mortgage loans and residential real estate assets, was approximately 16.5%. AS Ajax E LLC owns a 5.0% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. The Company accounts for its ownership interest using the equity method. At both June 30, 2022 and December 31, 2021, the Company’s ownership interest in the Manager, a privately held company for which there is no public market for its securities, was approximately 19.8%. 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 June 30, Six months ended June 30, Net income/(loss) at 100% 2022 2021 2022 2021 AS Ajax E LLC $ 21 $ 42 $ 40 $ 96 Loan pool LLCs $ (12) $ (35) $ (32) $ (51) Thetis Asset Management LLC $ (357) $ 1,429 $ (563) $ 2,280 Gaea Real Estate Corp. $ (644) $ 181 $ (453) $ 259 Great Ajax FS LLC $ (2,119) $ 89 $ (3,276) $ (688) June 30, 2022 December 31, 2021 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities AS Ajax E LLC $ 3,085 $ 9 $ 3,545 $ 2 Loan pool LLCs $ 2,251 $ 4,108 $ 2,242 $ 4,060 Thetis Asset Management LLC $ 7,160 $ 1,509 $ 9,498 $ 1,904 Gaea Real Estate Corp. $ 147,554 $ 39,835 $ 105,667 $ 24,305 Great Ajax FS LLC $ 73,254 $ 57,473 $ 66,355 $ 47,293 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended June 30, Six months ended June 30, Net income/(loss) at the Company's share 2022 2021 2022 2021 AS Ajax E LLC $ 4 $ 7 $ 7 $ 16 Loan pool LLCs $ (5) $ (14) $ (13) $ (21) Thetis Asset Management LLC $ (71) $ 283 $ (112) $ 451 Gaea Real Estate Corp. $ (143) $ 42 $ (101) $ 60 Great Ajax FS LLC $ (170) $ 7 $ (263) $ (55) June 30, 2022 December 31, 2021 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities AS Ajax E LLC $ 508 $ 1 $ 583 $ — Loan pool LLCs $ 904 $ 1,655 $ 900 $ 1,635 Thetis Asset Management LLC $ 1,418 $ 299 $ 1,881 $ 377 Gaea Real Estate Corp. $ 32,727 $ 8,835 $ 24,092 $ 5,542 Great Ajax FS LLC $ 5,860 $ 4,598 $ 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2022, the Company had commitments to purchase, subject to due diligence, 37 RPLs and NPLs secured by single-family residences with aggregated UPB of $9.8 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 three months 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. During the three and six months ended June 30, 2022, the Company repurchased and retired 768,519 shares of its series A preferred stock and 231,481 shares of its series B preferred stock in a series of repurchase transactions. The series A and series B preferred stock was repurchased for an aggregate of $24.5 million at an average price of $24.50 per share, representing a discount of approximately 2.0% to the face value of $25.00 per share. The repurchase of the preferred stock caused the recognition of $2.5 million of deferred issuance costs. There was no repurchase of preferred stock in either the three or six months ended June 30, 2021. Also, the Company repurchased and retired 1,250,000 of the outstanding warrants for $9.2 million. Accordingly, the Company has recognized a liability on its consolidated balance sheet at June 30, 2022 for the present value of the put liability of $24.8 million. The Company is accreting the amount of the liability under the effective interest method to its expected future put value of $41.5 million and marks the obligation to market through earnings. The expense is recognized in the Fair value adjustment on put option liability line of the Company's consolidated statements of income. The following table sets forth the details of the Company's put option liability ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Beginning balance $ 26,867 $ 16,149 $ 23,667 $ 14,205 Fair value adjustments during the period 3,595 2,201 6,795 4,145 Repurchases (5,628) — (5,628) — Ending balance $ 24,834 $ 18,350 $ 24,834 $ 18,350 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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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): June 30, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Goldman Sachs - bonds (1) $ 3,942 $ 5,260 2.26 % A Bonds July 14, 2022 3,942 5,260 2.26 % JP Morgan - bonds (1) $ 99,174 $ 132,475 2.57 % A Bonds September 9, 2022 29,253 34,346 2.31 % September 27, 2022 25,164 33,593 2.50 % December 6, 2022 5,299 7,006 3.11 % B Bonds August 8, 2022 9,257 13,741 2.45 % December 6, 2022 13,149 20,228 3.31 % M Bonds September 9, 2022 565 785 2.89 % October 14, 2022 16,487 22,776 2.44 % Nomura - bonds (1) $ 65,337 $ 89,586 2.86 % A bonds July 8, 2022 24,090 29,136 2.45 % July 12, 2022 4,445 6,000 2.21 % August 18, 2022 7,601 10,885 2.66 % September 16, 2022 4,738 6,370 3.23 % September 23, 2022 12,874 18,650 3.38 % B Bonds August 11, 2022 2,945 4,439 3.00 % August 24, 2022 3,381 5,316 3.11 % September 16, 2022 1,119 1,687 3.63 % September 23, 2022 3,825 6,590 3.78 % M Bonds July 8, 2022 319 513 2.74 % Barclays - bonds (1) $ 109,662 $ 148,943 2.23 % A Bonds July 7, 2022 5,743 7,892 2.03 % July 15, 2022 35,109 50,164 2.31 % September 22, 2022 27,366 37,727 2.43 % September 22, 2022 28,671 33,719 1.83 % September 22, 2022 2,582 3,527 2.13 % B Bonds July 15, 2022 3,966 6,207 2.56 % September 22, 2022 2,531 3,759 2.73 % June 30, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate September 22, 2022 1,159 1,841 2.58 % September 22, 2022 1,206 2,101 2.73 % M Bonds September 22, 2022 1,329 2,006 2.33 % JP Morgan - loans (2) July 8, 2022 $ 12,480 $ 19,041 4.04 % Nomura - loans (3) September 22, 2022 $ 218,917 $ 286,039 3.56 % Totals/weighted averages $ 509,512 $ 681,344 (4) 2.99 % (1) Maximum borrowing capacity is the equivalent of the amount outstanding as of June 30, 2022. (2) Maximum borrowing capacity as of June 30, 2022 was $150.0 million. (3) Maximum borrowing capacity as of June 30, 2022 was $400.0 million. (4) Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of June 30, 2022. December 31, 2021 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Goldman Sachs - bonds (1) $ 14,659 $ 18,672 1.18 % A Bonds January 14, 2022 4,992 6,438 1.17 % January 20, 2022 9,667 12,234 1.18 % JP Morgan - bonds (1) $ 82,030 $ 108,282 1.29 % A Bonds April 1, 2022 28,482 37,753 1.36 % June 10, 2022 6,220 7,220 1.29 % B Bonds January 13, 2022 2,850 4,052 1.31 % February 11, 2022 11,272 16,087 1.36 % June 10, 2022 13,992 20,155 1.49 % M Bonds April 19, 2022 19,214 23,015 1.02 % Nomura - bonds (1) $ 80,674 $ 107,860 1.43 % A bonds January 6, 2022 6,567 8,484 1.33 % January 12, 2022 4,978 6,554 1.32 % January 27, 2022 2,206 3,065 1.30 % January 28, 2022 17,623 22,908 1.33 % February 18, 2022 9,275 12,323 1.36 % March 17, 2022 12,329 16,226 1.42 % March 25, 2022 15,443 20,657 1.41 % B Bonds February 11, 2022 3,094 4,434 1.75 % February 24, 2022 3,538 5,111 1.77 % March 17, 2022 1,177 1,686 1.82 % March 25, 2022 4,444 6,412 1.81 % Barclays - bonds (1) $ 126,344 $ 162,160 1.09 % A Bonds March 8, 2022 7,318 9,710 1.19 % March 16, 2022 40,957 55,178 1.21 % March 21, 2022 30,850 41,413 1.26 % March 22, 2022 36,093 40,091 0.69 % B Bonds March 16, 2022 4,258 6,232 1.46 % March 21, 2022 2,629 3,758 1.56 % March 22, 2022 2,698 3,835 1.49 % M Bonds March 22, 2022 1,541 1,943 1.16 % December 31, 2021 Maturity Date Amount Outstanding Amount of Collateral Interest Rate JP Morgan - loans (2) July 8, 2022 $ 13,824 $ 20,856 2.60 % Nomura - loans (3) September 22, 2022 $ 228,523 $ 300,324 2.36 % Totals/weighted averages $ 546,054 $ 718,154 (4) 1.74 % (1) Maximum borrowing capacity is the equivalent of the amount outstanding as of December 31, 2021. (2) Maximum borrowing capacity as of December 31, 2021 was $150.0 million. (3) Maximum borrowing capacity as of December 31, 2021 was $400.0 million. (4) Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of December 31, 2021. 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 June 30, 2022 and December 31, 2021, the Company had $8.0 million and $6.9 million, respectively, of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheets and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at June 30, 2022 and December 31, 2021 in the table below ($ in thousands): Gross amounts not offset in balance sheet June 30, 2022 December 31, 2021 Gross amount of recognized liabilities $ 509,512 $ 546,054 Gross amount of loans and securities pledged as collateral 673,354 711,252 Other prepaid collateral 7,990 6,902 Net collateral amount $ 171,832 $ 172,100 Secured Borrowings From its inception (January 30, 2014) to June 30, 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 June 30, 2022. The secured borrowings are structured as debt financings and not sales through a 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 June 30, 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 June 30, 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 and the Class A note was redeemed. 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 June 30, 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 % 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 % Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate 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 $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. Servicing for the mortgage loans in the Company’s secured borrowings is provided by the Servicer at servicing fee rates between 0.65% of outstanding UPB and 1.25% of outstanding UPB at acquisition, and is paid monthly. The determination of RPL or NPL status, which determines the servicing fee rates, is based on the status of the loan at acquisition and does not change regardless of the loan's subsequent performance. The following table sets forth the status of the notes held by others at June 30, 2022 and December 31, 2021, and the securitization cutoff date ($ in thousands): Balances at June 30, 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 $ 109,253 $ 80,566 136 % $ 118,075 $ 92,778 127 % $ 193,301 $ 156,670 2019-F 108,535 71,862 151 % 115,571 81,026 143 % 170,876 127,673 2020-B 108,759 75,198 145 % 119,184 86,011 139 % 156,468 114,534 2021-A 144,876 122,771 118 % 161,766 141,435 114 % 206,506 175,116 2021-B 230,005 159,376 144 % 242,191 181,657 133 % 287,882 215,912 $ 701,428 $ 509,773 (1) 138 % $ 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 $5.7 million and $7.3 million as of June 30, 2022 and December 31, 2021. Convertible Senior Notes At June 30, 2022 and December 31, 2021, the Company had carrying values of $103.9 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 June 30, 2022, the amount by which the if-converted value falls short of the principal value for the entire series is $34.7 million. At June 30, 2022, the outstanding aggregate principal amount of the notes was $104.5 million, and discount and deferred expenses were $0.7 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 and six months ended June 30, 2022 the Company recognized interest expense on its outstanding convertible notes of $2.1 million and $4.2 million, respectively, which includes $0.2 million and $0.4 million of amortization of discount and deferred expenses, respectively. During the three and six months ended June 30, 2021 the Company recognized interest expense on its outstanding convertible notes of $2.2 million and $4.6 million, respectively, which includes $0.4 million and $0.7 million, respectively, of amortization of discount and deferred expenses, respectively. The effective interest rates of the notes for the quarters ended June 30, 2022 and June 30, 2021 were 8.04% and 8.61%, respectively. During the second quarter of 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. The carrying amount of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the second quarter of 2022 was zero. There were no convertible note repurchases during the first quarter of 2022. During the first and second quarters of 2021, the Company completed a series of convertible note repurchases for aggregate principal amounts of $2.5 million and $5.0 million, respectively, for total purchase prices of $2.4 million and $5.1 million, respectively. The carrying amounts of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first and second quarters of 2021 were both zero. During the three months 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	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 4,855 $ 8,844 Management fee Related party expense – management fee Manager $ 2,363 $ 2,270 Loan servicing fees Related party expense – loan servicing fees Servicer $ 2,006 $ 1,699 Affiliate loan interest income Interest income Servicer $ 67 $ — Income from equity investment (Loss)/income from investments in affiliates AS Ajax E LLC $ 4 $ 7 Gain on sale of mortgage loans Other (loss)/income 2021-C $ — $ 122 Loss from equity investment (Loss)/income from investments in affiliates Loan pool LLCs $ (5) $ (14) (Loss)/income from equity investment (Loss)/income from investments in affiliates Manager $ (71) $ 283 (Loss)/income from equity investment (Loss)/income from investments in affiliates Gaea $ (143) $ 42 (Loss)/income from equity investment (Loss)/income from investments in affiliates Servicer $ (170) $ 7 Loss from joint venture refinancing on beneficial interests Other (loss)/income 2019-A and -B $ (2,142) $ — Six months ended June 30, 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 $ 12,075 $ 14,796 Management fee Related party expense – management fee Manager $ 4,656 $ 4,543 Loan servicing fees Related party expense – loan servicing fees Servicer $ 4,097 $ 3,532 Affiliate loan interest income Interest income Servicer $ 134 $ — Income from equity investment (Loss)/income from investments in affiliates AS Ajax E LLC $ 7 $ 16 Gain on sale of mortgage loans Other (loss)/income 2021-C $ — $ 122 Loss from equity investment (Loss)/income from investments in affiliates Loan pool LLCs $ (13) $ (21) (Loss)/income from equity investment (Loss)/income from investments in affiliates Gaea $ (101) $ 60 (Loss)/income from equity investment (Loss)/income from investments in affiliates Manager $ (112) $ 451 Loss from equity investment (Loss)/income from investments in affiliates Servicer $ (263) $ (55) Six months ended June 30, Transaction Consolidated Statement of Income location Counterparty 2022 2021 Loss from joint venture refinancing on beneficial interests Other (loss)/income 2019-A and -B $ (2,142) $ — Loss from joint venture refinancing 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 June 30, 2022 Transaction Consolidated Balance Sheet location Counterparty Amount Investment in beneficial interests Investments in beneficial interests Various non-consolidated joint ventures $ 125,960 Receivables from Servicer Receivable from servicer Servicer $ 11,621 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 3,521 Management fee payable Management fee payable Manager $ 2,217 Servicing fee payable Accrued expenses and other liabilities Servicer $ 59 As of December 31, 2021 Transaction Consolidated Balance Sheet location Counterparty Amount Purchase of mortgage loans Mortgage loans held-for-sale, net 2019-C $ 152,883 Investment in beneficial interests Investments 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 acquires debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. The joint ventures issue senior notes and beneficial interests and in certain transactions, the joint ventures also issue subordinated notes. As of June 30, 2022, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $315.5 million and $126.0 million, respectively. As of 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. During the three months ended June 30, 2022, the Company re-securitized 2018-D and -G and 2019-A and -B and the underlying mortgage loans to form 2022-A and -B, respectively. 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 received through a combination of the beneficial interest in 2022-A and -B and cash received from the sale of the underlying loans in 2022-A and -B. 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, for the three and six months ended June 30, 2022, the Company recognized a loss of $2.1 million and $6.1 million, respectively, in other loss/income. 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 June 30, 2022, the amount outstanding on the note and interest was $3.5 million. During the fourth quarter of 2021, the Company acquired the remaining 66.0% of 2019-C 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 and six months ended June 30, 2021, the Company sold 760 loans from 2017-D with a carrying value of $129.2 million and UPB of $133.8 million to a joint venture formed between the Company and a third party institutional investor, and retained various classes of securities from the joint venture. 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 June 30, 2022, and December 31, 2021, the Company had zero advances outstanding to the Servicer. Interest on the arrangement accrues at 7.2% annually. During November 2019 and January 2022, Gaea completed two private capital raises and has raised a total of $96.3 million and issued 6,247,794 shares of its common stock and warrants to third parties to advance its investment strategy. The Company has a total investment of $25.5 million in Gaea and has received 1,704,436 shares of common stock and 371,103 warrants. At June 30, 2022 and December 31, 2021, the Company owned approximately 22.2% and 22.8% of Gaea, respectively, with third party investors owning the remaining 77.8% and 77.2%, respectively. 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. At both June 30, 2022 and December 31, 2021, the Company’s ownership interest in the three loan pool LLCs was approximately 40.4%. 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 both June 30, 2022 and December 31, 2021, the Company’s ownership 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 and six months ended June 30, 2022, the Company recorded an incentive fee of $0.1 million and $0.3 million, respectively. Comparatively, during the three and six months ended June 30, 2021, the Company did not record an incentive fee payable to the Manager. The Company also reimburses the Manager for all third party, out-of-pocket costs incurred by the Manager for managing its business, including third party due diligence and valuation consultants, legal expenses, auditors and other financial services. The reimbursement obligation is not subject to any dollar limitation. Expenses are reimbursed in cash on a monthly basis. The Company will be required to pay the Manager a termination fee in the event that the Management Agreement is terminated as a result of (i) a termination by the Company without cause, (ii) its decision not to renew the Management Agreement upon the determination of at least two-thirds of the Company’s independent directors for reasons including the failure to agree on revised compensation, (iii) a termination by the Manager as a result of the Company becoming regulated as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”) (other than as a result of the acts or omissions of the Manager in violation of investment guidelines approved by the Company’s Board of Directors), or (iv) a termination by the Manager if the Company defaults in the performance of any material term of the Management Agreement (subject to a notice and cure period). The termination fee will be equal to twice the combined base fee and incentive fees payable to the Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior to the date of termination. Servicing Agreement The Company is also a party to the Servicing Agreement, expiring July 8, 2029, with the Servicer. The Company’s overall servicing costs under the Servicing Agreement will vary based on the types of assets serviced. Servicing fees range from 0.65% to 1.25% annually UPB at acquisition (or the fair market value or purchase price of REO), and are paid monthly. The servicing fee is based upon the status of the loan at acquisition. A change in status from RPL to NPL does not cause a change in the servicing fee rate. Servicing fees for the Company’s real property assets that 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	6 Months Ended
	Jun. 30, 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. The Company recognized a base management fee to the Manager for the three and six months ended June 30, 2022 of $2.2 million and $4.5 million, respectively, of which zero was settled in shares of its common stock. However, during the six months ended June 30, 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. Comparatively, for the three and six months ended June 30, 2021, the Company recognized base management fees of $2.3 million and $4.6 million, respectively, all of which was payable in cash. Also, during the three and six months ended June 30, 2022, the Company recorded an incentive fee of $0.1 million and $0.3 million, respectively, of which none were settled in shares of its common stock. Comparatively, the Company recorded no incentive fee during the three and six months ended June 30, 2021. 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. As of December 31, 2021, the heads of the Compensation and Corporate Governance committees each received an annual retainer of $10,000, payable quarterly, 100% in cash. The annual fee was increased to $15,000, 100% payable in cash, effective as of January 1, 2022. As of December 31, 2021, the head of the Audit committee received an annual fee of $15,000, payable quarterly, 100% in cash. The annual fee was increased to $20,000, 100% payable in cash, effective as of January 1, 2022. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands): Stock-based Management Fees and Director Fees For the three months ended June 30, 2022 2021 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Independent director fees 9,585 $ 87 4,025 $ 50 Totals 9,585 $ 87 4,025 $ 50 For the six months ended June 30, 2022 2021 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Management fees 39,558 $ — (1) — $ — Independent director fees 17,350 175 7,970 100 Totals 56,908 $ 175 7,970 $ 100 (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 21,500 and 44,265 shares of its common stock in the three and six months ended June 30, 2022, respectively, which have vesting periods up to four years. There were no grants of the Company's common stock to employees of its Manager or Servicer in the three and six months ended June 30, 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 Six months ended June 30, 2021 December 31, 2020 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (2,000) (1) 12.00 Shares forfeited — — — — Shares granted — — 2,000 (1) 12.00 March 31, 2021 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (8,000) 12.60 Shares forfeited — — — — Shares granted — — 16,000 12.60 June 30, 2021 outstanding unvested share grants 163,083 (2) $ 11.07 8,000 (3) $ 12.60 (1) Shares granted vest immediately. (2) Weighted average remaining life of unvested shares for employee and service provider grants at June 30, 2021 is 1.7 years. (3) Weighted average remaining life of unvested shares for director grants at June 30, 2021 is 0.9 years. Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Six months ended June 30, 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 22,765 11.42 — — March 31, 2022 outstanding unvested share grants 233,795 $ 12.00 8,000 $ 12.53 Shares vested — — (8,000) 12.60 Shares forfeited (17,668) 11.30 — — Shares granted 21,500 11.53 — — June 30, 2022 outstanding unvested share grants 237,627 (1) $ 12.01 — (2) $ — (1) Weighted average remaining life of unvested shares for employee and service provider grants at June 30, 2022 is 2.3 years. (2) Director shares are fully vested at June 30, 2022. The following table presents the expenses for the Company's restricted stock plan ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Restricted stock grants $ 268 $ 207 $ 493 $ 414 Director grants 8 118 33 142 Total expenses for plan grants $ 276 $ 325 $ 526 $ 556

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2022, the Company had consolidated taxable income of $9.8 million and $21.0 million , respectively, and income taxes of zero and a benefit of $28.0 thousand, respectively. For the three and six months ended June 30, 2021, the Company had consolidated taxable income of $7.7 million and $16.4 million, respectively, and provisions for income taxes of $67.0 thousand and $0.1 million, respectively. The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at June 30, 2022 and 2021. The Company also recorded no interest or penalties for the three and six months ended June 30, 2022 and 2021.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 June 30, 2022 Three months ended June 30, 2021 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net (loss)/income attributable to common stockholders $ (9,181) 22,754,553 $ 10,378 22,825,804 Allocation of earnings to participating restricted shares 103 — (78) — Consolidated net (loss)/income attributable to unrestricted common stockholders $ (9,078) 22,754,553 $ (0.40) $ 10,300 22,825,804 $ 0.45 Effect of dilutive securities (1,2) Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 2,255 7,372,892 Diluted EPS Consolidated net (loss)/income attributable to common stockholders and dilutive securities $ (9,078) 22,754,553 $ (0.40) $ 12,555 30,198,696 $ 0.42 (1) The Company's outstanding warrants for an additional 5,250,000 and 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 June 30, 2022 and June 30, 2021, respectively, 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 June 30, 2022 and June 30, 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 June 30, 2022 would have been anti-dilutive and has been removed from the calculation. Six months ended June 30, 2022 Six months ended June 30, 2021 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net (loss)/income attributable to common stockholders $ (5,595) 22,837,971 $ 17,382 22,821,416 Allocation of earnings to participating restricted shares 65 — (130) — Consolidated net (loss)/income attributable to unrestricted common stockholders $ (5,530) 22,837,971 $ (0.24) $ 17,252 22,821,416 $ 0.76 Effect of dilutive securities (1) Restricted stock grants and manager and director fee shares (2) (65) 268,090 — — Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 4,599 7,520,222 Diluted EPS Consolidated net (loss)/income attributable to common stockholders and dilutive securities $ (5,595) 23,106,061 $ (0.24) $ 21,851 30,341,638 $ 0.72 (1) The Company's outstanding warrants for an additional 5,250,000 and 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 six months ended June 30, 2022 and June 30, 2021, respectively, 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 six months ended June 30, 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 six months ended June 30, 2022 would have been anti-dilutive and has been removed from the calculation.

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity	Equity Common Stock As of June 30, 2022 and December 31, 2021, the Company had 22,726,572 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 which were issued to institutional accredited investors in a series of private placements during the three months 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 is using the net proceeds from the private placement to acquire mortgage loans and mortgage-related assets consistent with the Company's investment strategy. During the three and six months ended June 30, 2022, the Company repurchased and retired 768,519 shares of its series A preferred stock and 231,481 shares of its series B preferred stock in a series of repurchase transactions. The series A and series B preferred stock was repurchased for an aggregate of $24.5 million at an average price of $24.50 per share, representing a discount of approximately 2.0% to the face value of $25.00 per share. The repurchase of the preferred stock caused the recognition of $2.5 million of deferred issuance costs. There was no repurchase of preferred stock in either the three or six months ended June 30, 2021. At June 30, 2022 and December 31, 2021, the Company had 1,538,881 and 2,307,400 shares, respectively, of Series A preferred stock and 2,661,119 and 2,892,600 shares, respectively, of Series B preferred stock outstanding. There were 25,000,000 shares, cumulative for all series, authorized as of both June 30, 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 depends 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. For the three and six months ended June 30, 2022, the Company repurchased 475,355 shares of its common stock through open market transactions. Comparatively for the three and six months ended June 30, 2021, the Company did not repurchase any shares of its common stock. As of June 30, 2022, the Company held 645,467 shares of treasury stock consisting of 120,428 shares received through distributions of the Company's shares previously held by its Manager and 525,039 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. Dividend Reinvestment Plan The Company sponsors a dividend reinvestment plan through which stockholders may purchase additional shares of the Company’s common stock by reinvesting some or all of the cash dividends received on shares of the Company’s common stock. During the three and six months ended June 30, 2022, 8,100 and 17,839 shares were issued, respectively, under the plan for total proceeds of approximately $85.0 thousand and $0.2 million, respectively. Comparatively, during the three and six months ended June 30, 2021, 3,820 and 8,048 shares were issued, respectively, under the plan for total proceeds of approximately $48.0 thousand and $0.1 million, respectively. At the Market Offering The Company has entered into an equity distribution agreement under which the Company may sell shares of its common stock having an aggregate offering price of up to $100.0 million from time to time in any method permitted by law deemed to be an “At the Market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the three and six months ended June 30, 2022 and 2021, no shares were sold under the At the Market program. The Company intends to use the net proceeds to acquire mortgage loans and mortgage-related assets consistent with its investment strategy. Accumulated Other Comprehensive Income The Company recognizes unrealized gains or losses on its investment in debt securities as components of other comprehensive income. Total accumulated other comprehensive (loss)/income on the Company’s balance sheet at June 30, 2022 and December 31, 2021 was as follows ($ in thousands): Investments in securities: June 30, 2022 December 31, 2021 Unrealized gains $ 71 $ 1,822 Unrealized losses (18,767) (802) Accumulated other comprehensive (loss)/income $ (18,696) $ 1,020 Non-controlling Interest At both June 30, 2022 and December 31, 2021, the Company had non-controlling interests attributable to ownership interests for three legal entities. At both June 30, 2022 and December 31, 2021, the Company's ownership interest is approximately 53.1% of AS Ajax E II and it consolidates the assets, liabilities, revenues and expenses of the entity. At both June 30, 2022 and December 31, 2021, the Company's ownership interest is approximately 50.0% of 2017-D and it consolidates the assets, liabilities, revenues and expenses of the trust. At both June 30, 2022 and December 31, 2021, the Company's ownership interest is approximately 99.9% of Great Ajax II REIT and it consolidates the assets, liabilities, revenues and expenses of the entity. At both June 30, 2022 and December 31, 2021, the Company owned 100.0% of 2018-C as the 37.0% non-controlling 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. 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Decrease from redemption of 2018-C $ — $ — $ — $ (8,306) Decrease from the distribution of 2017-D (14) (16,864) (833) (16,864) Change in non-controlling interest $ (14) $ (16,864) $ (833) $ (25,170)

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company repurchased $5.0 million face amount of its outstanding preferred stock and associated warrants for its common stock. The repurchase of the preferred stock will save the Company approximately $0.3 million annually in preferred dividends while the repurchase of the warrants will reduce future put option accretion expense by approximately $0.6 million annually for a total expected annual savings of $0.9 million. Since June 30, 2022, the Company has acquired 22 residential RPLs in four transactions from four different sellers with aggregate UPB of $5.7 million. The purchase price of the RPLs was 97.0% of UPB and 39.5% of the estimated market value of the underlying collateral of $14.1 million. The Company has agreed to acquire, subject to due diligence, 16 residential RPLs in eight transactions, and three NPLs in one transaction, with aggregate UPB of $5.7 million and $0.4 million, respectively. The purchase price of the residential RPLs is 86.4% of UPB and 60.4% of the estimated market value of the underlying collateral of $8.2 million. The purchase price of the NPLs is 71.5% of UPB and 70.0% of the estimated market value of the underlying collateral of $0.4 million. On August 4, 2022, the Company’s Board of Directors declared a cash dividend of $0.27 per share to be paid on August 31, 2022 to stockholders of record as of August 15, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 year 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 as compared to contractual amounts due, 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 may acquire 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
Investments in Securities at Fair Value	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	Investments in Beneficial Interests The Company’s investments in beneficial interests consist of the residual investment in the securitization trusts which the Company forms with third party institutional accredited investors. The Company carries its investments in beneficial interests at amortized cost. 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.
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 when 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 three months 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 three months 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.
Secured Borrowings	Secured Borrowings The Company, through securitization trusts which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated balance sheets as a deduction from Secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company's unrated deals have a call provision and the Company assumes the debt will be called at the specified call date for purposes of amortizing discount and issuance costs because the Company believes it will have the intent and ability to call the debt on the call date. Changes in the actual or projected underlying cash flows are reflected in the timing and amount of deferred issuance cost amortization. See Note 8 — Commitments and Contingencies.
Repurchase Facilities	Repurchase Facilities The Company enters into repurchase financing facilities under which it nominally sells assets to a counterparty and simultaneously enters into an agreement to repurchase the sold assets at a price equal to the sold amount plus an interest factor. Despite being legally structured as sales and subsequent repurchases, repurchase transactions are generally accounted for as debt secured by the underlying assets. At the maturity of a repurchase financing, unless the repurchase financing is renewed, the Company is required to repay the borrowing including any accrued interest and concurrently receives back its pledged collateral from the lender. The repurchase financings are treated as collateralized financing transactions; pledged assets are recorded as assets in the Company’s consolidated balance sheets, and the debt is recognized at the contractual amount. Interest is recorded at the contractual amount on an accrual basis. Costs associated with the set-up of a repurchasing contract are recorded as deferred issuance cost at inception and amortized over the contractual life of the agreement. Any draw fees associated with individual transactions and any facility fees assessed on the amounts outstanding are recorded as expense when incurred.
Convertible Senior Notes	Convertible Senior Notes During 2017 and 2018, the Company completed the public offer and sale of its convertible senior notes (the "notes") due 2024. At June 30, 2022 and December 31, 2021, the UPB of the debt was $104.5 million and $104.6 million, respectively. 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 three months 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 April 28, 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.
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. The committee heads also receive annual fees for their services. Through December 31, 2021, the heads of the Compensation and Corporate Governance committees each received an annual fee of $10,000, payable quarterly, 100% in cash. The annual fee was increased to $15,000, 100% payable in cash, effective as of January 1, 2022. Through December 31, 2021, the head of the audit committee received an annual fee of $15,000, payable quarterly, 100% in cash. The annual fee was increased to $20,000, 100% payable in cash, effective as of January 1, 2022. Stock-based expense for the directors’ annual fee and the committee heads' 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	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
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 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 represent 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 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, adjusted for subsequent repurchases, of $7.7 million to the future put obligation of $41.5 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	Reclassifications The 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 update 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. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this update also require the additional disclosures for equity securities subject to contractual sale restrictions. This guidance is effective for interim and annual reporting periods beginning after December 15, 2023, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 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 $ 896,588 $ — $ 941,565 $ 29,572 Residential NPLs 111,770 — 119,520 — SBC loans 15,256 — 19,349 — Total $ 1,023,614 $ — $ 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): June 30, 2022 Mortgage loans held-for-investment, net 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ — $ 458 $ 7,717 $ 7,328 $ 2,191 $ 2,051 $ 29,370 $ 188,222 $ 73,592 $ 310,929 GAOP - 7f7 <50 — — — 59 — — 3,175 39,079 13,203 55,516 GAOP - 6f6 and below — 1,024 869 1,448 2,021 1,947 19,492 115,010 41,299 183,110 Great Ajax II REIT - 7f7 >50 — — 752 644 809 643 37,269 256,937 90,893 387,947 Great Ajax II REIT - 7f7 <50 — — — 216 15 — 4,518 34,031 11,073 49,853 Great Ajax II REIT - 6f6 and below — — — — — — 4,227 20,690 11,342 36,259 Total $ — $ 1,482 $ 9,338 $ 9,695 $ 5,036 $ 4,641 $ 98,051 $ 653,969 $ 241,402 $ 1,023,614 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 and six months ended June 30, 2022 and 2021 ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans PCD Loans Non-PCD Loans Par $ 1,378 $ — $ 5,157 $ — $ 2,342 $ — $ 41,853 $ 3,611 Discount (82) — (390) — (140) — (3,319) (8) Allowance (25) — 6 — (28) — (1,727) — Purchase Price $ 1,271 $ — $ 4,773 $ — $ 2,174 $ — $ 36,807 $ 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Allowance for expected credit losses, beginning of period $ (7,691) $ (17,890) $ (7,112) $ (13,712) Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment expectations (2,703) 5,450 (6,792) (3,782) (Increase)/decrease in allowance for expected credit losses for loan acquisitions (25) 6 (28) (1,727) Credit loss expense on mortgage loans (116) (139) (227) (593) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 1,409 2,740 5,033 8,240 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 $ (9,126) $ (9,833) $ (9,126) $ (9,833)
Schedule of carrying value of mortgage loans and related UPB by delinquency status	The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 180,446 $ 1,578 $ 37,529 $ 90,765 $ 611 $ 310,929 GAOP - 7f7 <50 27,017 129 6,497 21,550 323 55,516 GAOP - 6f6 and below 4,465 19 4,284 120,208 54,134 183,110 Great Ajax II REIT - 7f7 >50 324,989 3,044 40,224 19,659 31 387,947 Great Ajax II REIT - 7f7 <50 42,211 697 3,196 3,749 — 49,853 Great Ajax II REIT - 6f6 and below 73 — 1,074 32,527 2,585 36,259 Total $ 579,201 $ 5,467 $ 92,804 $ 288,458 $ 57,684 $ 1,023,614 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2022 and 2021 ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Property Held-for-Sale and Rental Property Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 31 $ 6,586 31 $ 7,098 31 $ 6,063 38 $ 8,526 Net transfers from mortgage loans 7 1,405 5 1,046 10 2,233 7 1,274 Adjustments to record at lower of cost or fair value — 69 — (77) — (100) — (248) Depreciation on rental properties — — — (3) — — — (6) Disposals (1) (626) (11) (3,296) (4) (762) (20) (4,778) Balance at end of period 37 $ 7,434 25 $ 4,768 37 $ 7,434 25 $ 4,768

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 Basis (1) Gross unrealized gains Gross unrealized losses Carrying value Debt securities, at fair value $ 334,148 $ 71 $ (18,767) $ 315,452 Investment in beneficial interests at amortized cost, net of allowance for credit losses 125,960 — — 125,960 Total investments $ 460,108 $ 71 $ (18,767) $ 441,412 (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, at fair value $ 354,158 $ 1,822 $ (802) $ 355,178 Investment in beneficial interests at amortized cost, net of allowance for credit losses 139,588 — — 139,588 Total investments $ 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 June 30, 2022 Step-up date(s) (1) Basis (2) Gross unrealized losses Carrying value Debt securities due November 2051 (3) March 2025 $ 40,623 $ (1,264) $ 39,359 Debt securities due September 2059 (4) February 2023/April 2023 16,417 (613) 15,804 Debt securities due November 2059 (3) April 2023 7,776 (305) 7,471 Debt securities due December 2059 (3) July 2023 36,365 (2,459) 33,906 Debt securities due March 2060 (3) February 2025 15,548 (1,669) 13,879 Debt securities due June 2060 (3) March 2024 8,659 (336) 8,323 Debt securities due December 2060 (3) July 2029 45,110 (3,605) 41,505 Debt securities due January 2061 (3) September 2024 12,787 (338) 12,449 Debt securities due June 2061 (5) January 2025/February 2025 79,801 (7,424) 72,377 Debt securities due October 2061 (3) April 2029 36,733 (751) 35,982 Debt securities due March 2062 (3) May 2029 30,466 (3) 30,463 Total $ 330,285 $ (18,767) $ 311,518 (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 $0.3 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 $0.3 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 $5.1 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 $2.4 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(s) (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 $0.1 million been in a loss position for less than 12 months and has a step-up date in February 2025. (5) On January 25, 2022 the step-up date for this security was extended from January 2022 to April 2022.
Schedule of securities acquisition reconciliation between purchase price and par value	The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and six months ended June 30, 2022 and June 30, 2021 ($ in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Par $ 14,720 $ 46,485 $ 14,720 $ 46,485 Premium/(discount) 1,087 (5,425) 1,087 (5,425) Allowance — (1,593) — (1,593) Purchase Price $ 15,807 $ 39,467 $ 15,807 $ 39,467
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 June 30, Six months ended June 30, 2022 2021 2022 2021 Allowance for expected credit losses, beginning balance $ — $ (5,530) $ (615) $ (4,453) Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations 448 795 759 (158) Credit loss expense on beneficial interests — (216) (50) (355) (Increase in)/reversal of allowance for expected credit losses due to (decreases)/increases in the net present value of expected cash flows (448) 1,992 (94) 2,007 Allowance for expected credit losses, ending balance $ — $ (2,959) $ — $ (2,959)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 June 30, 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 $ 315,452 $ — $ 315,452 $ — Recurring financial liabilities Put option liability $ 24,834 $ — $ — $ 24,834 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 June 30, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 June 30, 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 $ 1,023,614 $ — $ — $ 1,051,235 Investment in beneficial interests $ 125,960 $ — $ — $ 125,960 Investment in Manager $ 1,159 $ — $ — $ 12,560 Investment in AS Ajax E LLC $ 493 $ — $ 652 $ — Investment in AS Ajax E II LLC $ 2,303 $ — $ 2,340 $ — Investment in GAFS, including warrants $ 2,340 $ — $ — $ 3,320 Investment in Gaea $ 25,252 $ — $ — $ 26,306 Investment in Loan pool LLCs $ 213 $ — $ — $ 854 Financial liabilities Secured borrowings, net $ 504,027 $ — $ 463,688 $ — Borrowings under repurchase transactions $ 509,512 $ — $ 509,512 $ — Convertible senior notes, net $ 103,866 $ 102,509 $ — $ — 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 June 30, 2022 and December 31, 2021 ($ in thousands): Level 1 Level 2 Level 3 June 30, 2022 Carrying value Six months ended fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 7,434 $ (100) $ — $ — $ 7,434 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)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, Net income/(loss) at 100% 2022 2021 2022 2021 AS Ajax E LLC $ 21 $ 42 $ 40 $ 96 Loan pool LLCs $ (12) $ (35) $ (32) $ (51) Thetis Asset Management LLC $ (357) $ 1,429 $ (563) $ 2,280 Gaea Real Estate Corp. $ (644) $ 181 $ (453) $ 259 Great Ajax FS LLC $ (2,119) $ 89 $ (3,276) $ (688) June 30, 2022 December 31, 2021 Assets and Liabilities at 100% Assets Liabilities Assets Liabilities AS Ajax E LLC $ 3,085 $ 9 $ 3,545 $ 2 Loan pool LLCs $ 2,251 $ 4,108 $ 2,242 $ 4,060 Thetis Asset Management LLC $ 7,160 $ 1,509 $ 9,498 $ 1,904 Gaea Real Estate Corp. $ 147,554 $ 39,835 $ 105,667 $ 24,305 Great Ajax FS LLC $ 73,254 $ 57,473 $ 66,355 $ 47,293 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended June 30, Six months ended June 30, Net income/(loss) at the Company's share 2022 2021 2022 2021 AS Ajax E LLC $ 4 $ 7 $ 7 $ 16 Loan pool LLCs $ (5) $ (14) $ (13) $ (21) Thetis Asset Management LLC $ (71) $ 283 $ (112) $ 451 Gaea Real Estate Corp. $ (143) $ 42 $ (101) $ 60 Great Ajax FS LLC $ (170) $ 7 $ (263) $ (55) June 30, 2022 December 31, 2021 Assets and Liabilities at the Company's share Assets Liabilities Assets Liabilities AS Ajax E LLC $ 508 $ 1 $ 583 $ — Loan pool LLCs $ 904 $ 1,655 $ 900 $ 1,635 Thetis Asset Management LLC $ 1,418 $ 299 $ 1,881 $ 377 Gaea Real Estate Corp. $ 32,727 $ 8,835 $ 24,092 $ 5,542 Great Ajax FS LLC $ 5,860 $ 4,598 $ 5,308 $ 3,783

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Beginning balance $ 26,867 $ 16,149 $ 23,667 $ 14,205 Fair value adjustments during the period 3,595 2,201 6,795 4,145 Repurchases (5,628) — (5,628) — Ending balance $ 24,834 $ 18,350 $ 24,834 $ 18,350

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Goldman Sachs - bonds (1) $ 3,942 $ 5,260 2.26 % A Bonds July 14, 2022 3,942 5,260 2.26 % JP Morgan - bonds (1) $ 99,174 $ 132,475 2.57 % A Bonds September 9, 2022 29,253 34,346 2.31 % September 27, 2022 25,164 33,593 2.50 % December 6, 2022 5,299 7,006 3.11 % B Bonds August 8, 2022 9,257 13,741 2.45 % December 6, 2022 13,149 20,228 3.31 % M Bonds September 9, 2022 565 785 2.89 % October 14, 2022 16,487 22,776 2.44 % Nomura - bonds (1) $ 65,337 $ 89,586 2.86 % A bonds July 8, 2022 24,090 29,136 2.45 % July 12, 2022 4,445 6,000 2.21 % August 18, 2022 7,601 10,885 2.66 % September 16, 2022 4,738 6,370 3.23 % September 23, 2022 12,874 18,650 3.38 % B Bonds August 11, 2022 2,945 4,439 3.00 % August 24, 2022 3,381 5,316 3.11 % September 16, 2022 1,119 1,687 3.63 % September 23, 2022 3,825 6,590 3.78 % M Bonds July 8, 2022 319 513 2.74 % Barclays - bonds (1) $ 109,662 $ 148,943 2.23 % A Bonds July 7, 2022 5,743 7,892 2.03 % July 15, 2022 35,109 50,164 2.31 % September 22, 2022 27,366 37,727 2.43 % September 22, 2022 28,671 33,719 1.83 % September 22, 2022 2,582 3,527 2.13 % B Bonds July 15, 2022 3,966 6,207 2.56 % September 22, 2022 2,531 3,759 2.73 % June 30, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate September 22, 2022 1,159 1,841 2.58 % September 22, 2022 1,206 2,101 2.73 % M Bonds September 22, 2022 1,329 2,006 2.33 % JP Morgan - loans (2) July 8, 2022 $ 12,480 $ 19,041 4.04 % Nomura - loans (3) September 22, 2022 $ 218,917 $ 286,039 3.56 % Totals/weighted averages $ 509,512 $ 681,344 (4) 2.99 % (1) Maximum borrowing capacity is the equivalent of the amount outstanding as of June 30, 2022. (2) Maximum borrowing capacity as of June 30, 2022 was $150.0 million. (3) Maximum borrowing capacity as of June 30, 2022 was $400.0 million. (4) Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of June 30, 2022. December 31, 2021 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Goldman Sachs - bonds (1) $ 14,659 $ 18,672 1.18 % A Bonds January 14, 2022 4,992 6,438 1.17 % January 20, 2022 9,667 12,234 1.18 % JP Morgan - bonds (1) $ 82,030 $ 108,282 1.29 % A Bonds April 1, 2022 28,482 37,753 1.36 % June 10, 2022 6,220 7,220 1.29 % B Bonds January 13, 2022 2,850 4,052 1.31 % February 11, 2022 11,272 16,087 1.36 % June 10, 2022 13,992 20,155 1.49 % M Bonds April 19, 2022 19,214 23,015 1.02 % Nomura - bonds (1) $ 80,674 $ 107,860 1.43 % A bonds January 6, 2022 6,567 8,484 1.33 % January 12, 2022 4,978 6,554 1.32 % January 27, 2022 2,206 3,065 1.30 % January 28, 2022 17,623 22,908 1.33 % February 18, 2022 9,275 12,323 1.36 % March 17, 2022 12,329 16,226 1.42 % March 25, 2022 15,443 20,657 1.41 % B Bonds February 11, 2022 3,094 4,434 1.75 % February 24, 2022 3,538 5,111 1.77 % March 17, 2022 1,177 1,686 1.82 % March 25, 2022 4,444 6,412 1.81 % Barclays - bonds (1) $ 126,344 $ 162,160 1.09 % A Bonds March 8, 2022 7,318 9,710 1.19 % March 16, 2022 40,957 55,178 1.21 % March 21, 2022 30,850 41,413 1.26 % March 22, 2022 36,093 40,091 0.69 % B Bonds March 16, 2022 4,258 6,232 1.46 % March 21, 2022 2,629 3,758 1.56 % March 22, 2022 2,698 3,835 1.49 % M Bonds March 22, 2022 1,541 1,943 1.16 % December 31, 2021 Maturity Date Amount Outstanding Amount of Collateral Interest Rate JP Morgan - loans (2) July 8, 2022 $ 13,824 $ 20,856 2.60 % Nomura - loans (3) September 22, 2022 $ 228,523 $ 300,324 2.36 % Totals/weighted averages $ 546,054 $ 718,154 (4) 1.74 % (1) Maximum borrowing capacity is the equivalent of the amount outstanding as of December 31, 2021. (2) Maximum borrowing capacity as of December 31, 2021 was $150.0 million. (3) Maximum borrowing capacity as of December 31, 2021 was $400.0 million. (4) Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of December 31, 2021.
Schedule of amount outstanding on repurchase transactions and carrying value collateral	The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at June 30, 2022 and December 31, 2021 in the table below ($ in thousands): Gross amounts not offset in balance sheet June 30, 2022 December 31, 2021 Gross amount of recognized liabilities $ 509,512 $ 546,054 Gross amount of loans and securities pledged as collateral 673,354 711,252 Other prepaid collateral 7,990 6,902 Net collateral amount $ 171,832 $ 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 June 30, 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 % 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 % Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate 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 $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at June 30, 2022 and December 31, 2021, and the securitization cutoff date ($ in thousands): Balances at June 30, 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 $ 109,253 $ 80,566 136 % $ 118,075 $ 92,778 127 % $ 193,301 $ 156,670 2019-F 108,535 71,862 151 % 115,571 81,026 143 % 170,876 127,673 2020-B 108,759 75,198 145 % 119,184 86,011 139 % 156,468 114,534 2021-A 144,876 122,771 118 % 161,766 141,435 114 % 206,506 175,116 2021-B 230,005 159,376 144 % 242,191 181,657 133 % 287,882 215,912 $ 701,428 $ 509,773 (1) 138 % $ 756,787 $ 582,907 (1) 130 % $ 1,015,033 $ 789,905

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 4,855 $ 8,844 Management fee Related party expense – management fee Manager $ 2,363 $ 2,270 Loan servicing fees Related party expense – loan servicing fees Servicer $ 2,006 $ 1,699 Affiliate loan interest income Interest income Servicer $ 67 $ — Income from equity investment (Loss)/income from investments in affiliates AS Ajax E LLC $ 4 $ 7 Gain on sale of mortgage loans Other (loss)/income 2021-C $ — $ 122 Loss from equity investment (Loss)/income from investments in affiliates Loan pool LLCs $ (5) $ (14) (Loss)/income from equity investment (Loss)/income from investments in affiliates Manager $ (71) $ 283 (Loss)/income from equity investment (Loss)/income from investments in affiliates Gaea $ (143) $ 42 (Loss)/income from equity investment (Loss)/income from investments in affiliates Servicer $ (170) $ 7 Loss from joint venture refinancing on beneficial interests Other (loss)/income 2019-A and -B $ (2,142) $ — Six months ended June 30, 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 $ 12,075 $ 14,796 Management fee Related party expense – management fee Manager $ 4,656 $ 4,543 Loan servicing fees Related party expense – loan servicing fees Servicer $ 4,097 $ 3,532 Affiliate loan interest income Interest income Servicer $ 134 $ — Income from equity investment (Loss)/income from investments in affiliates AS Ajax E LLC $ 7 $ 16 Gain on sale of mortgage loans Other (loss)/income 2021-C $ — $ 122 Loss from equity investment (Loss)/income from investments in affiliates Loan pool LLCs $ (13) $ (21) (Loss)/income from equity investment (Loss)/income from investments in affiliates Gaea $ (101) $ 60 (Loss)/income from equity investment (Loss)/income from investments in affiliates Manager $ (112) $ 451 Loss from equity investment (Loss)/income from investments in affiliates Servicer $ (263) $ (55) Six months ended June 30, Transaction Consolidated Statement of Income location Counterparty 2022 2021 Loss from joint venture refinancing on beneficial interests Other (loss)/income 2019-A and -B $ (2,142) $ — Loss from joint venture refinancing 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 June 30, 2022 Transaction Consolidated Balance Sheet location Counterparty Amount Investment in beneficial interests Investments in beneficial interests Various non-consolidated joint ventures $ 125,960 Receivables from Servicer Receivable from servicer Servicer $ 11,621 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 3,521 Management fee payable Management fee payable Manager $ 2,217 Servicing fee payable Accrued expenses and other liabilities Servicer $ 59 As of December 31, 2021 Transaction Consolidated Balance Sheet location Counterparty Amount Purchase of mortgage loans Mortgage loans held-for-sale, net 2019-C $ 152,883 Investment in beneficial interests Investments 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)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of management fees and director fees	The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands): Stock-based Management Fees and Director Fees For the three months ended June 30, 2022 2021 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Independent director fees 9,585 $ 87 4,025 $ 50 Totals 9,585 $ 87 4,025 $ 50 For the six months ended June 30, 2022 2021 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Management fees 39,558 $ — (1) — $ — Independent director fees 17,350 175 7,970 100 Totals 56,908 $ 175 7,970 $ 100 (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.
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 Six months ended June 30, 2021 December 31, 2020 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (2,000) (1) 12.00 Shares forfeited — — — — Shares granted — — 2,000 (1) 12.00 March 31, 2021 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested — — (8,000) 12.60 Shares forfeited — — — — Shares granted — — 16,000 12.60 June 30, 2021 outstanding unvested share grants 163,083 (2) $ 11.07 8,000 (3) $ 12.60 (1) Shares granted vest immediately. (2) Weighted average remaining life of unvested shares for employee and service provider grants at June 30, 2021 is 1.7 years. (3) Weighted average remaining life of unvested shares for director grants at June 30, 2021 is 0.9 years. Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Six months ended June 30, 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 22,765 11.42 — — March 31, 2022 outstanding unvested share grants 233,795 $ 12.00 8,000 $ 12.53 Shares vested — — (8,000) 12.60 Shares forfeited (17,668) 11.30 — — Shares granted 21,500 11.53 — — June 30, 2022 outstanding unvested share grants 237,627 (1) $ 12.01 — (2) $ — (1) Weighted average remaining life of unvested shares for employee and service provider grants at June 30, 2022 is 2.3 years.
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 June 30, Six months ended June 30, 2022 2021 2022 2021 Restricted stock grants $ 268 $ 207 $ 493 $ 414 Director grants 8 118 33 142 Total expenses for plan grants $ 276 $ 325 $ 526 $ 556

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 Three months ended June 30, 2021 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net (loss)/income attributable to common stockholders $ (9,181) 22,754,553 $ 10,378 22,825,804 Allocation of earnings to participating restricted shares 103 — (78) — Consolidated net (loss)/income attributable to unrestricted common stockholders $ (9,078) 22,754,553 $ (0.40) $ 10,300 22,825,804 $ 0.45 Effect of dilutive securities (1,2) Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 2,255 7,372,892 Diluted EPS Consolidated net (loss)/income attributable to common stockholders and dilutive securities $ (9,078) 22,754,553 $ (0.40) $ 12,555 30,198,696 $ 0.42 (1) The Company's outstanding warrants for an additional 5,250,000 and 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 June 30, 2022 and June 30, 2021, respectively, 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 June 30, 2022 and June 30, 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 June 30, 2022 would have been anti-dilutive and has been removed from the calculation. Six months ended June 30, 2022 Six months ended June 30, 2021 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net (loss)/income attributable to common stockholders $ (5,595) 22,837,971 $ 17,382 22,821,416 Allocation of earnings to participating restricted shares 65 — (130) — Consolidated net (loss)/income attributable to unrestricted common stockholders $ (5,530) 22,837,971 $ (0.24) $ 17,252 22,821,416 $ 0.76 Effect of dilutive securities (1) Restricted stock grants and manager and director fee shares (2) (65) 268,090 — — Interest expense (add back) and assumed conversion of shares from convertible senior notes (3) — — 4,599 7,520,222 Diluted EPS Consolidated net (loss)/income attributable to common stockholders and dilutive securities $ (5,595) 23,106,061 $ (0.24) $ 21,851 30,341,638 $ 0.72 (1) The Company's outstanding warrants for an additional 5,250,000 and 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 six months ended June 30, 2022 and June 30, 2021, respectively, 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 six months ended June 30, 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 six months ended June 30, 2022 would have been anti-dilutive and has been removed from the calculation.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 was as follows ($ in thousands): Investments in securities: June 30, 2022 December 31, 2021 Unrealized gains $ 71 $ 1,822 Unrealized losses (18,767) (802) Accumulated other comprehensive (loss)/income $ (18,696) $ 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Decrease from redemption of 2018-C $ — $ — $ — $ (8,306) Decrease from the distribution of 2017-D (14) (16,864) (833) (16,864) Change in non-controlling interest $ (14) $ (16,864) $ (833) $ (25,170)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)		1 Months Ended	3 Months Ended		27 Months Ended
	Nov. 22, 2019 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) entity	Jun. 30, 2020 USD ($)	Jan. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) payment entity	Jan. 01, 2022 payment	Mar. 31, 2021
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least) | payment						5
Number of payments not made on NPL mortgage loans | payment						3
SBC loans principal amount						$ 5,000,000
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 (as percent)			99.90%			99.90%
AS Ajax E II LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (as percent)			53.10%			53.10%
2017-D
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (as percent)			50%			50%
Ownership percentage by parent			50%			50%
2017-D | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent						50%
Third party | 2018-C
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent								37%
Ownership percentage by third parties			0%			0%
2018-C
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (as percent)								63%
2019-C
Organization And Basis Of Presentation [Line Items]
Noncontrolling interest, percentage			66%
Retirement of senior bond			$ 95,200,000
Percentage of interest owned in loans			100%
Servicer
Organization And Basis Of Presentation [Line Items]
Ownership percentage			8%			8%
Thetis Asset Management LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage			19.80%			19.80%
Gaea Real Estate Corp.
Organization And Basis Of Presentation [Line Items]
Ownership percentage			22.80%			22.20%
Proceeds from issuance of private placement	$ 66,300,000	$ 30,000,000			$ 96,300,000
Gaea Real Estate Corp. | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by third parties			77.20%			77.80%
Ajax E Master Trust | As Ajax E LLC
Organization And Basis Of Presentation [Line Items]
Ownership interest in real estate trust			5%			5%
Residential RPLs
Organization And Basis Of Presentation [Line Items]
Number of recent payments made on RPL mortgage loans | payment							7

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)				3 Months Ended					6 Months Ended		12 Months Ended
		Jan. 01, 2022 USD ($)	Jan. 01, 2020 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($) series $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares
Summary Of Significant Accounting Policies [Line Items]
Proceeds from issuance of private placement								$ 125,000,000
Number of preferred stock series issued | series								2
Number of warrants series issued | series								2
Warrant term								5 years
Class of warrant or right, outstanding (in shares) | shares				5,250,000		6,500,000		6,500,000	5,250,000	6,500,000
Investment warrants, exercise price (in dollars per share) | $ / shares								$ 10
Warrants original basis				$ 7,700,000	$ 9,500,000				$ 7,700,000
Class of warrant or right, shares repurchased and retired (in shares) | shares				1,250,000
Reclass of conversion premium - convertible notes				$ 433,518,000					433,518,000		$ 497,295,000
Convertible senior notes, net	[1]			103,866,000					103,866,000		102,845,000
Repurchase of the company's senior convertible notes									$ 75,000	$ 7,463,000
Convertible senior note repurchase				$ 0		$ 0	$ 0
Repayments of convertible debt					$ 0
Convertible notes payable						5,000,000	2,500,000			5,000,000
Payments for repurchase of convertible notes						$ 5,100,000	$ 2,400,000			$ 5,100,000
Percentage of incentive fees payable in cash									100%
Number of shares available for distribution under the Director Plan (in shares) | shares				60,000					60,000
Percentage of shares vesting									5%
Minimum assets with banking institutions				$ 1,000,000,000					$ 1,000,000,000
Financial Asset Acquired with Credit Deterioration
Summary Of Significant Accounting Policies [Line Items]
Beginning period adjustment for CECL			$ 10,200,000
Independent Directors
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount		$ 140,000									$ 100,000
Percentage of annual retainer received in shares		50%									40%
Percentage of annual retainer received in cash		50%									60%
Heads of Compensation and Corporate Governance Committees
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount		$ 15,000									$ 10,000
Percentage of annual retainer received in cash		100%									100%
Audit Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount		$ 20,000									$ 15,000
Percentage of annual retainer received in cash		100%									100%
Convertible notes payable
Summary Of Significant Accounting Policies [Line Items]
Unpaid principal balance											$ 104,600,000
Debt instrument, repurchase amount				100,000					$ 100,000
Repurchase of the company's senior convertible notes				100,000
Accounting Standards Update 2020-06
Summary Of Significant Accounting Policies [Line Items]
Convertible senior notes, net											700,000
Restricted stock | Board of Directors
Summary Of Significant Accounting Policies [Line Items]
Shares granted (in shares) | shares									2,000
Gregory Funding LLC | Servicing agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of fair market value of REO									1%
Percentage of purchase price of REO									1%
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				$ 104,500,000					$ 104,500,000
Interest rate				7.25%					7.25%
Principal amount of note (in dollars per share) | $ / shares									$ 25
Common stock | Convertible notes payable
Summary Of Significant Accounting Policies [Line Items]
Conversion rate									1.7405
Conversion price (in dollars per share) | $ / shares				$ 14.36					$ 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				$ 41,500,000				$ 50,700,000	$ 41,500,000
Put option liability term									39 months
Preferred stock - Series A shares
Summary Of Significant Accounting Policies [Line Items]
Preferred stock, shares issued (in shares) | shares				1,538,881				2,307,400	1,538,881		2,307,400
Preferred stock, fixed-to-floating rate cumulative redeemable				7.25%				7.25%	7.25%		7.25%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares				$ 25				$ 25	$ 25		$ 25
Preferred stock - Series A shares | Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Repurchase of preferred stock (in shares) | shares				768,519
Preferred stock - Series B shares
Summary Of Significant Accounting Policies [Line Items]
Preferred stock, shares issued (in shares) | shares				2,661,119				2,892,600	2,661,119		2,892,600
Preferred stock, fixed-to-floating rate cumulative redeemable				5%				5%	5%		5%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares				$ 25				$ 25	$ 25		$ 25
Preferred stock - Series B shares | Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Repurchase of preferred stock (in shares) | shares				231,481
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%
Minimum | Gregory Funding LLC | Servicing agreement
Summary Of Significant Accounting Policies [Line Items]
Servicing fees percentage									0.65%
[1]Secured borrowings, net are presented net of deferred issuance costs of $5.7 million at June 30, 2022 and $7.3 million at December 31, 2021. Convertible senior notes, net are presented net of deferred issuance costs of $0.7 million and $1.7 million at June 30, 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		Jun. 30, 2022	Dec. 31, 2021
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net	[1],[2]	$ 1,023,614	$ 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		15,256	19,349
Mortgage loans held-for-sale, net		0	0
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		896,588	941,565
Mortgage loans held-for-sale, net		0	29,572
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		111,770	119,520
Mortgage loans held-for-sale, net		$ 0	$ 0
[1]As of June 30, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $0.9 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" or "GAAP").[2]Mortgage loans held-for-investment, net include $701.4 million and $756.8 million of loans at June 30, 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 $9.1 million and $7.1 million of allowance for expected credit losses at June 30, 2022 and December 31, 2021, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details)				3 Months Ended			6 Months Ended
		Jan. 01, 2022 USD ($) payment loan_pool	Jan. 01, 2020 USD ($)	Jun. 30, 2022 USD ($) loan	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($) loan loan_pool	Jun. 30, 2022 USD ($) loan	Jun. 30, 2021 USD ($) loan loan_pool	Dec. 31, 2021 USD ($) loan_pool payment	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net	[1],[2]			$ 1,023,614,000			$ 1,023,614,000		$ 1,080,434,000
Mortgage loans held-for-sale, net				0			0		29,572,000
Mortgage loans held-for-investment, net, reclassification					$ 29,600,000
Allowance for loan credit losses				9,126,000	$ 7,691,000	$ 9,833,000	9,126,000	$ 9,833,000	$ 7,112,000	$ 17,890,000	$ 13,712,000
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows				(1,409,000)		(2,740,000)	(5,033,000)	(8,240,000)
Interest income				$ 16,800,000		$ 18,500,000	36,600,000	42,100,000
Number of sold loans | loan				0		0
Number of loan pools | loan_pool		6							7
Payment pattern observation period		18 months
Number of loan pools established | loan_pool		3
Gross amount of loans and securities pledged as collateral				$ 673,354,000			673,354,000		$ 711,252,000
Number of payments on loans | payment									12
Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment expectations				(2,703,000)		$ 5,450,000	(6,792,000)	(3,782,000)
(Increase)/decrease in allowance for expected credit losses for loan acquisitions				(25,000)		6,000	(28,000)	(1,727,000)
Reversal of allowance upon reclass of pool 2017-D to mortgage loans held-for-sale, net				$ 0		$ 0	$ 0	1,741,000
Financial Asset Acquired with Credit Deterioration
Mortgage Loans on Real Estate
Beginning period adjustment for CECL			$ 10,200,000
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		0	0	1
Ajax Mortgage Loan Trust 2017-D
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net						$ 129,200,000		$ 129,200,000
Number of sold loans | loan_pool						760		760
Aggregate unpaid principal balance of mortgage loans on real estate						$ 133,800,000		$ 133,800,000
Non-PCD
Mortgage Loans on Real Estate
Number of loan pools | loan_pool									2
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net				$ 896,588,000			$ 896,588,000		$ 941,565,000
Mortgage loans held-for-sale, net				$ 0			$ 0		29,572,000
Number of mortgage loans on real estate | loan				6		38	6	237
Aggregate unpaid principal balance of mortgage loans on real estate				$ 1,200,000		$ 5,200,000	$ 1,200,000	$ 41,200,000
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				111,770,000			111,770,000		119,520,000
Mortgage loans held-for-sale, net				$ 0			$ 0		0
Number of mortgage loans on real estate | loan				1		0	5	3
Aggregate unpaid principal balance of mortgage loans on real estate				$ 200,000			$ 1,100,000	$ 700,000
RPLs Held-for-Sale
Mortgage Loans on Real Estate
Mortgage loans held-for-sale, net				$ 0			$ 0		$ 29,600,000
[1]As of June 30, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $0.9 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" or "GAAP").[2]Mortgage loans held-for-investment, net include $701.4 million and $756.8 million of loans at June 30, 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 $9.1 million and $7.1 million of allowance for expected credit losses at June 30, 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	Jun. 30, 2022	Dec. 31, 2021
Mortgage Loans [Line Items]
Year one	$ 0	$ 4,242
Year two	1,482	10,946
Year three	9,338	10,300
Year four	9,695	5,133
Year five	5,036	4,386
Year six	4,641	2,970
Prior years, range 1	98,051	99,834
Prior years range 2	653,969	689,731
Prior years range 3	241,402	252,892
Financing receivable, before allowance for credit loss	1,023,614	1,080,434
Mortgage loans held-for-sale, net
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	458
Year three	7,717
Year four	7,328
Year five	2,191
Year six	2,051
Prior years, range 1	29,370
Prior years range 2	188,222
Prior years range 3	73,592
Financing receivable, before allowance for credit loss	310,929
GAOP 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one	0
Year two	0
Year three	0
Year four	59
Year five	0
Year six	0
Prior years, range 1	3,175
Prior years range 2	39,079
Prior years range 3	13,203
Financing receivable, before allowance for credit loss	55,516
GAOP - 6f6 and below
Mortgage Loans [Line Items]
Year one	0
Year two	1,024
Year three	869
Year four	1,448
Year five	2,021
Year six	1,947
Prior years, range 1	19,492
Prior years range 2	115,010
Prior years range 3	41,299
Financing receivable, before allowance for credit loss	183,110
Great Ajax II REIT 7f7 Greater Than 50
Mortgage Loans [Line Items]
Year one	0
Year two	0
Year three	752
Year four	644
Year five	809
Year six	643
Prior years, range 1	37,269
Prior years range 2	256,937
Prior years range 3	90,893
Financing receivable, before allowance for credit loss	387,947
Great Ajax II REIT 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one	0
Year two	0
Year three	0
Year four	216
Year five	15
Year six	0
Prior years, range 1	4,518
Prior years range 2	34,031
Prior years range 3	11,073
Financing receivable, before allowance for credit loss	49,853
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	0
Prior years, range 1	4,227
Prior years range 2	20,690
Prior years range 3	11,342
Financing receivable, before allowance for credit loss	$ 36,259
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, net
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
PCD Loans
Mortgage Loans on Real Estate
Par	$ 1,378	$ 5,157	$ 2,342	$ 41,853
Discount	(82)	(390)	(140)	(3,319)
Allowance	(25)	6	(28)	(1,727)
Purchase Price	1,271	4,773	2,174	36,807
Non-PCD
Mortgage Loans on Real Estate
Par	0	0	0	3,611
Discount	0	0	0	(8)
Allowance	0	0	0	0
Purchase Price	$ 0	$ 0	$ 0	$ 3,603

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning of period	$ (7,691,000)	$ (17,890,000)	$ (7,112,000)	$ (13,712,000)
Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment expectations	(2,703,000)	5,450,000	(6,792,000)	(3,782,000)
(Increase)/decrease in allowance for expected credit losses for loan acquisitions	(25,000)	6,000	(28,000)	(1,727,000)
Credit loss expense on mortgage loans	(116,000)	(139,000)	(227,000)	(593,000)
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows	1,409,000	2,740,000	5,033,000	8,240,000
Reversal of allowance upon reclass of pool 2017-D to mortgage loans held-for-sale, net	0	0	0	1,741,000
Allowance for expected credit losses, end of period	$ (9,126,000)	$ (9,833,000)	$ (9,126,000)	$ (9,833,000)

Mortgage Loans - Schedule of ca

Mortgage Loans - Schedule of carrying value of mortgage loans (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	$ 1,023,614	$ 1,080,434
Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		29,572
GAOP 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	310,929
GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	55,516
GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	183,110
Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	387,947
Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	49,853
Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	36,259
Great Ajax II REIT
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		514,596
2021-B
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		242,192
2019-C
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		146,081
California
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		12,001
7f7 and better
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		32,241
6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		114,003
18-1 LLC
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		2,356
Non-PCD
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		16,964
Ajax N | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss		29,572
Current
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	579,201	588,278
Current | Mortgage loans held-for-sale, net
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	180,446
Current | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	27,017
Current | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	4,465
Current | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	324,989
Current | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	42,211
Current | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	73
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, net
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	5,467	100,458
30 | Mortgage loans held-for-sale, net
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	1,578
30 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	129
30 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	19
30 | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	3,044
30 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	697
30 | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	0
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, net
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	92,804	59,968
60 | Mortgage loans held-for-sale, net
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	37,529
60 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	6,497
60 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	4,284
60 | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	40,224
60 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	3,196
60 | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	1,074
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, net
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	288,458	271,828
90 | Mortgage loans held-for-sale, net
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	90,765
90 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	21,550
90 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	120,208
90 | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	19,659
90 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	3,749
90 | Great AJAX REIT 6f6 and Below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	32,527
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, net
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	57,684	59,902
Foreclosure | Mortgage loans held-for-sale, net
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	611
Foreclosure | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	323
Foreclosure | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	54,134
Foreclosure | Great AJAX REIT 7f7 Greater Than 50
Mortgage Loans on Real Estate
Financing receivable, before allowance for credit loss	31
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	$ 2,585
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, net
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)	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2022 USD ($) property		Jun. 30, 2021 USD ($) property	Jun. 30, 2022 USD ($) property		Jun. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($) property		Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate [Line Items]
Net investments in real estate	$ 7,434,000	[1]	$ 4,768,000	$ 7,434,000	[1]	$ 4,768,000	$ 6,063,000	[1]	$ 6,586,000	$ 7,098,000	$ 8,526,000
Property held-for-sale	300,000			300,000			700,000
Rental properties	$ 0			$ 0			$ 0
Number of properties owned | property				37			31
Number of held-for-sale residential properties disposed | property	1		11	4		20
Gain (loss) on sale of property				$ 2,000		$ 197,000
Real estate impairment (recovery)	$ (100,000)		$ 100,000	100,000		200,000
Other income
Real Estate [Line Items]
Gain (loss) on sale of property	$ 18,000		$ 100,000	$ 2,000		$ 200,000
[1]Real estate owned properties, net, are presented net of valuation allowances of $0.5 million at both June 30, 2022 and December 31, 2021.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of ROE Held-For-Sale (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($) property		Jun. 30, 2021 USD ($) property	Jun. 30, 2022 USD ($) property		Jun. 30, 2021 USD ($) property
Count
Balance at beginning of period | property	31		31	31		38
Net transfers from mortgage loans | property	7		5	10		7
Adjustments to record at lower of cost or fair value  | property	0		0	0		0
Depreciation on rental properties | property	0		0	0		0
Disposals | property	(1)		(11)	(4)		(20)
Balance at end of period | property	37		25	37		25
Amount
Balance at beginning of period | $	$ 6,586		$ 7,098	$ 6,063	[1]	$ 8,526
Net transfers from mortgage loans | $	1,405		1,046	2,233		1,274
Adjustments to record at lower of cost or fair value  | $	69		(77)	(100)		(248)
Depreciation on rental properties | $	0		(3)	0		(6)
Disposals | $	(626)		(3,296)	(762)		(4,778)
Balance at end of period | $	$ 7,434	[1]	$ 4,768	$ 7,434	[1]	$ 4,768
[1]Real estate owned properties, net, are presented net of valuation allowances of $0.5 million at both June 30, 2022 and December 31, 2021.

Investments - Available-for-sal

Investments - Available-for-sale (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Basis	$ 460,108	$ 493,746
Gross unrealized gains	71	1,822
Gross unrealized losses	(18,767)	(802)
Carrying value	441,412	494,766
Interest receivable on securities	200	300
Debt securities, at fair value
Debt Securities, Available-for-sale [Line Items]
Basis	334,148	354,158
Gross unrealized gains	71	1,822
Gross unrealized losses	(18,767)	(802)
Carrying value	315,452	355,178
Investment in beneficial interests at amortized cost, net of allowance for credit losses
Debt Securities, Available-for-sale [Line Items]
Basis	125,960	139,588
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Carrying value	$ 125,960	$ 139,588

Investments - Debt Securities A

Investments - Debt Securities Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Line Items]
Basis		$ 334,100	$ 354,200
Gross unrealized losses		(18,767)	(802)
Carrying value	[1]	315,452	355,178
Debt securities due November 2051
Investments, Debt and Equity Securities [Line Items]
Basis		40,623	44,902
Gross unrealized losses		(1,264)	(12)
Carrying value		39,359	44,890
Debt securities due June 2057
Investments, Debt and Equity Securities [Line Items]
Basis			23,165
Gross unrealized losses			(3)
Carrying value			23,162
Debt securities due September 2059
Investments, Debt and Equity Securities [Line Items]
Basis		16,417	9,173
Gross unrealized losses		(613)	(24)
Carrying value		15,804	9,149
Debt securities due September 2059 One
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(300)
Debt securities due September 2059 Two
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(300)
Debt securities due November 2059
Investments, Debt and Equity Securities [Line Items]
Basis		7,776
Gross unrealized losses		(305)
Carrying value		7,471
Debt securities due December 2059
Investments, Debt and Equity Securities [Line Items]
Basis		36,365	40,502
Gross unrealized losses		(2,459)	(87)
Carrying value		33,906	40,415
Debt securities due March 2060
Investments, Debt and Equity Securities [Line Items]
Basis		15,548	16,977
Gross unrealized losses		(1,669)	(91)
Carrying value		13,879	16,886
Debt securities due June 2060
Investments, Debt and Equity Securities [Line Items]
Basis		8,659
Gross unrealized losses		(336)
Carrying value		8,323
Debt securities due December 2060
Investments, Debt and Equity Securities [Line Items]
Basis		45,110
Gross unrealized losses		(3,605)
Carrying value		41,505
Debt securities due January 2061
Investments, Debt and Equity Securities [Line Items]
Basis		12,787	14,000
Gross unrealized losses		(338)	(140)
Carrying value		12,449	13,860
Debt securities due June 2061
Investments, Debt and Equity Securities [Line Items]
Basis		79,801	86,909
Gross unrealized losses		(7,424)	(445)
Carrying value		72,377	86,464
Debt Securities due June 2061, Security One
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(5,100)	(400)
Debt Securities due June 2061, Security Two
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(2,400)	(100)
Debt securities due October 2061
Investments, Debt and Equity Securities [Line Items]
Basis		36,733
Gross unrealized losses		(751)
Carrying value		35,982
Debt securities due March 2062
Investments, Debt and Equity Securities [Line Items]
Basis		30,466
Gross unrealized losses		(3)
Carrying value		30,463
Total basis
Investments, Debt and Equity Securities [Line Items]
Basis		330,285	235,628
Total gross unrealized losses
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(18,767)	(802)
Total carrying value (fair value)
Investments, Debt and Equity Securities [Line Items]
Carrying value		$ 311,518	$ 234,826
[1]As of June 30, 2022, Investments in securities at fair value include an amortized cost basis of $334.1 million and a net unrealized loss of $18.7 million. As of December 31, 2021, Investments in securities at fair value include an amortized cost basis of $354.2 million and net unrealized gains $1.0 million.

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($) loan	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) loan	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Gross unrealized loss	$ 18,767,000			$ 18,767,000		$ 802,000
Gross unrealized gains	71,000			71,000		1,822,000
Carrying value	441,412,000			441,412,000		494,766,000
Interest receivable on securities	200,000			200,000		300,000
Investment in securities			$ 232,900,000		$ 232,900,000
Securities past due	0			0		0
Loss on joint venture refinancing on beneficial interests	2,100,000	$ 4,000,000		6,100,000
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations	448,000		795,000	759,000	(158,000)
Ajax Mortgage Loan Trust 2022-A
Debt Securities, Available-for-sale [Line Items]
Securities retained, value	$ 49,200,000			$ 49,200,000
Securities retained, percentage from trust	23.28%			23.28%
Securities retained, number of re-performing loans and non-performing loans acquired | loan	811			811
Securities retained, re-performing loans and non-performing loans acquired, unpaid principal balance	$ 215,500,000			$ 215,500,000
Securities retained, re-performing loans and non-performing loans acquired, amount	$ 518,800,000			$ 518,800,000
Securities retained, rated securities with unpaid principal balance percentage	71.90%			71.90%
Securities retained, weighted average coupon	3.47%			3.47%
Ajax Mortgage Loan Trust 2022-B
Debt Securities, Available-for-sale [Line Items]
Securities retained, value	$ 36,800,000			$ 36,800,000
Securities retained, percentage from trust	17.18%			17.18%
Securities retained, number of re-performing loans and non-performing loans acquired | loan	1,106			1,106
Securities retained, re-performing loans and non-performing loans acquired, unpaid principal balance	$ 220,800,000			$ 220,800,000
Securities retained, re-performing loans and non-performing loans acquired, amount	$ 575,500,000			$ 575,500,000
Securities retained, rated securities with unpaid principal balance percentage	76.90%			76.90%
Securities retained, weighted average coupon	3.47%			3.47%
60 Days Past Due | Ajax Mortgage Loan Trust 2022-A
Debt Securities, Available-for-sale [Line Items]
Securities retained, percentage of unpaid loans	33.90%			33.90%
Investments in securities
Debt Securities, Available-for-sale [Line Items]
Carrying value	$ 315,500,000			$ 315,500,000		355,200,000
Investment in beneficial interests
Debt Securities, Available-for-sale [Line Items]
Gross unrealized loss	0			0		0
Gross unrealized gains	0			0		0
Carrying value	125,960,000			125,960,000		$ 139,588,000
Investment in beneficial interests			39,500,000		39,500,000
Reversal of provision for credit losses	$ 400,000		(2,000,000)	$ 100,000	(2,000,000)
Senior notes
Debt Securities, Available-for-sale [Line Items]
Investment in senior notes			170,000,000		170,000,000
Subordinated debt
Debt Securities, Available-for-sale [Line Items]
Investment in subordinate notes			$ 23,500,000		$ 23,500,000

Investments - Schedule of secur

Investments - Schedule of securities at acquisition reconciliation between purchase price and par value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Par	$ 14,720	$ 46,485	$ 14,720	$ 46,485
Premium/(discount)	1,087	(5,425)	1,087	(5,425)
Allowance	0	(1,593)	0	(1,593)
Purchase Price	$ 15,807	$ 39,467	$ 15,807	$ 39,467

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	$ 0	$ (5,530)	$ (615)	$ (4,453)
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations	448	795	759	(158)
Credit loss expense on beneficial interests	0	(216)	(50)	(355)
(Increase in)/reversal of allowance for expected credit losses due to (decreases)/increases in the net present value of expected cash flows	(448)	1,992	(94)	2,007
Allowance for expected credit losses, ending balance	$ 0	$ (2,959)	$ 0	$ (2,959)

Fair Value - Schedule of Recurr

Fair Value - Schedule of Recurring Financial Assets and Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities at fair value	[1]	$ 315,452	$ 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		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		315,452	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		0	0
Put option liability		24,834	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		315,452	355,178
Put option liability		$ 24,834	$ 23,667
[1]As of June 30, 2022, Investments in securities at fair value include an amortized cost basis of $334.1 million and a net unrealized loss of $18.7 million. As of December 31, 2021, Investments in securities at fair value include an amortized cost 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	Jun. 30, 2022	Dec. 31, 2021
Financial assets
Mortgage loans held-for-sale, net	$ 0	$ 29,572
Financial liabilities
Borrowings under repurchase transactions	509,512	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	102,509	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 | Investment in 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 | Investment in Gaea
Financial assets
Investments, fair value disclosure	0	0
Level 1 - Quoted prices in active markets | Investment in Loan pool LLCs
Financial assets
Investments, fair value disclosure	0	0
Level 1 - Quoted prices in active markets | Investment in beneficial interests
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	463,688	580,166
Borrowings under repurchase transactions	509,512	546,054
Convertible senior notes, net	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	652	721
Level 2 - Observable inputs other than Level 1 prices | Investment in AS Ajax E II LLC
Financial assets
Investments, fair value disclosure	2,340	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 | Investment in Gaea
Financial assets
Investments, fair value disclosure	0	0
Level 2 - Observable inputs other than Level 1 prices | Investment in Loan pool LLCs
Financial assets
Investments, fair value disclosure	0	0
Level 2 - Observable inputs other than Level 1 prices | Investment in beneficial interests
Financial assets
Investments, fair value disclosure	0	0
Level 3 - Unobservable inputs
Financial assets
Mortgage loans, net fair value	1,051,235	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	0	0
Level 3 - Unobservable inputs | Investment in Manager
Financial assets
Investments, fair value disclosure	12,560	12,346
Level 3 - Unobservable inputs | Investment in AS Ajax E LLC
Financial assets
Investments, fair value disclosure	0	0
Level 3 - Unobservable inputs | Investment in 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 | Investment in Gaea
Financial assets
Investments, fair value disclosure	26,306	21,170
Level 3 - Unobservable inputs | Investment in Loan pool LLCs
Financial assets
Investments, fair value disclosure	854	853
Level 3 - Unobservable inputs | Investment in beneficial interests
Financial assets
Investments, fair value disclosure	125,960	139,588
Carrying value
Financial assets
Mortgage loans, net fair value	1,023,614	1,080,434
Mortgage loans held-for-sale, net		29,572
Financial liabilities
Secured borrowings, net	504,027	575,563
Borrowings under repurchase transactions	509,512	546,054
Convertible senior notes, net	103,866	102,845
Carrying value | Investment in Manager
Financial assets
Investments, fair value disclosure	1,159	1,502
Carrying value | Investment in AS Ajax E LLC
Financial assets
Investments, fair value disclosure	493	569
Carrying value | Investment in AS Ajax E II LLC
Financial assets
Investments, fair value disclosure	2,303	2,550
Carrying value | Investment in GAFS, including warrants
Financial assets
Investments, fair value disclosure	2,340	2,602
Carrying value | Investment in Gaea
Financial assets
Investments, fair value disclosure	25,252	19,571
Carrying value | Investment in Loan pool LLCs
Financial assets
Investments, fair value disclosure	213	226
Carrying value | Investment in beneficial interests
Financial assets
Investments, fair value disclosure	$ 125,960	$ 139,588

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants original basis	$ 7.7	$ 9.5
Put option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Present value of put liability	$ 41.5		$ 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	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	$ 300	$ 700
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	7,434	6,063
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	7,434	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	$ (100)	$ (293)

Affiliates - Narrative (Details

Affiliates - Narrative (Details)	Jun. 30, 2022 loan_pool affiliate	Dec. 31, 2021 affiliate loan_pool	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated affiliates | affiliate	5	5
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Ownership percentage	40.40%	40.40%
Number of entities | loan_pool	3	3
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	8%	8%
AS Ajax E II LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as percent)	53.10%	53.10%
2017-D
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as percent)	50%	50%
Great Ajax II REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (as percent)	99.90%	99.90%
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	22.20%	22.80%
Gaea Real Estate Corp. | Third party
Schedule of Equity Method Investments [Line Items]
Ownership percentage by third parties	77.80%	77.20%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	16.50%	16.50%
Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in real estate trust	5%	5%
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	19.80%	19.80%
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage	100%	100%	100%

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at the Company's share	$ (355)	$ 357	$ (418)	$ 520
Assets at company share	1,584,835		1,584,835		$ 1,759,680
Liabilities at company share	1,149,043		1,149,043		1,259,207
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at $100%	21	42	40	96
Net income/(loss) at the Company's share	4	7	7	16
Assets at company share	508		508		583
Liabilities at company share	1		1		0
AS Ajax E LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	3,085		3,085		3,545
AS Ajax E LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	9		9		2
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at $100%	(12)	(35)	(32)	(51)
Net income/(loss) at the Company's share	(5)	(14)	(13)	(21)
Assets at company share	904		904		900
Liabilities at company share	1,655		1,655		1,635
Loan pool LLCs | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	2,251		2,251		2,242
Loan pool LLCs | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	4,108		4,108		4,060
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at $100%	(357)	1,429	(563)	2,280
Net income/(loss) at the Company's share	(71)	283	(112)	451
Assets at company share	1,418		1,418		1,881
Liabilities at company share	299		299		377
Thetis Asset Management LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	7,160		7,160		9,498
Thetis Asset Management LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	1,509		1,509		1,904
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at $100%	(644)	181	(453)	259
Net income/(loss) at the Company's share	(143)	42	(101)	60
Assets at company share	32,727		32,727		24,092
Liabilities at company share	8,835		8,835		5,542
Gaea Real Estate Corp. | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	147,554		147,554		105,667
Gaea Real Estate Corp. | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	39,835		39,835		24,305
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at $100%	(2,119)	89	(3,276)	(688)
Net income/(loss) at the Company's share	(170)	$ 7	(263)	$ (55)
Assets at company share	5,860		5,860		5,308
Liabilities at company share	4,598		4,598		3,783
Great Ajax FS LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	73,254		73,254		66,355
Great Ajax FS LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and Liabilities at $100%	$ 57,473		$ 57,473		$ 47,293

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) series $ / shares shares	Jun. 30, 2022 USD ($) loan $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2021 shares
Commitments and Contingencies
Proceeds from issuance of private placement		$ 125,000,000
Number of preferred stock series issued | series		2
Number of warrants series issued | series		2
Warrant term		5 years
Class of warrant or right, outstanding (in shares) | shares	5,250,000	6,500,000	5,250,000		6,500,000
Investment warrants, exercise price (in dollars per share) | $ / shares		$ 10
Preferred stock, discount, percentage	2%		2%
Preferred stock, face value per share (in dollars per share) | $ / shares	$ 25		$ 25
Class of warrant or right, shares repurchased and retired (in shares) | shares	1,250,000
Payments for repurchase and retirement of warrants			$ 9,200,000
Put option liability	$ 24,834,000		24,834,000	$ 23,667,000
Loss contingency	0		0
Put option
Commitments and Contingencies
Present value of put liability	$ 41,500,000	$ 50,700,000	$ 41,500,000
7.25% Series A preferred stock
Commitments and Contingencies
Preferred stock, shares issued (in shares) | shares	1,538,881	2,307,400	1,538,881	2,307,400
Preferred stock, fixed-to-floating rate cumulative redeemable	7.25%	7.25%	7.25%	7.25%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25	$ 25	$ 25	$ 25
5.00% Series B preferred stock
Commitments and Contingencies
Preferred stock, shares issued (in shares) | shares	2,661,119	2,892,600	2,661,119	2,892,600
Preferred stock, fixed-to-floating rate cumulative redeemable	5%	5%	5%	5%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25	$ 25	$ 25	$ 25
Preferred Stock
Commitments and Contingencies
Stock repurchased and retired during period	$ 24,500,000		$ 24,500,000
Stock repurchased and retired during period, average price per share (in dollars per share) | $ / shares	$ 24.50		$ 24.50
Deferred issuance costs	$ 2,500,000		$ 2,500,000
Preferred Stock | 7.25% Series A preferred stock
Commitments and Contingencies
Stock repurchased and retired during period, shares (in shares) | shares	768,519		768,519
Preferred Stock | 5.00% Series B preferred stock
Commitments and Contingencies
Stock repurchased and retired during period, shares (in shares) | shares	231,481		231,481
Re-performing loans | Purchase commitment | One-to-four family residences
Commitments and Contingencies
Number of mortgage loans on real estate | loan			37
Aggregate unpaid principal balance of mortgage loans on real estate			$ 9,800,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Put Option Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Separate Account, Liability [Roll Forward]
Fair value adjustments during the period			$ 1,984	$ 3,285
Repurchases			(9,200)
Five-year warrants
Separate Account, Liability [Roll Forward]
Beginning balance	$ 26,867	$ 16,149	23,667	14,205
Fair value adjustments during the period	3,595	2,201	6,795	4,145
Repurchases	(5,628)	0	(5,628)	0
Ending balance	$ 24,834	$ 18,350	$ 24,834	$ 18,350

Debt - Narrative (Details)

Debt - Narrative (Details)		3 Months Ended				6 Months Ended
		Jun. 30, 2022 USD ($) securitization $ / shares	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) trust securitization facility counterparty d $ / shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest		100%				100%
Cash collateral		$ 7,990,000				$ 7,990,000		$ 6,902,000
Number of securitizations completed | securitization						18
Number of securitizations outstanding | securitization		5				5
Convertible senior notes, net	[1]	$ 103,866,000				$ 103,866,000		102,845,000
Interest expense		9,175,000		$ 8,830,000		17,781,000	$ 19,134,000
Repurchase of the company's senior convertible notes						75,000	7,463,000
Convertible senior note repurchase		0		0	$ 0
Repayments of convertible debt			$ 0
Convertible notes payable				5,000,000	2,500,000		5,000,000
Payments for repurchase of convertible notes				5,100,000	$ 2,400,000		5,100,000
Reclass of conversion premium - convertible notes		433,518,000				433,518,000		497,295,000
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				12,000,000
Convertible notes payable
Debt Instrument [Line Items]
Unpaid principal balance								$ 104,600,000
Interest expense		2,100,000		2,200,000		4,200,000	4,600,000
Debt instrument, repurchase amount		100,000				$ 100,000
Repurchase of the company's senior convertible notes		$ 100,000
Master repurchase agreement
Debt Instrument [Line Items]
Interest rate		2.99%				2.99%		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%
Mortgage loans | Non-rated secured borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization		1				1
Mortgage loans | Rated secured borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization		4				4
Convertible notes payable
Debt Instrument [Line Items]
Interest rate		7.25%				7.25%
Principal amount of note (in dollars per share) | $ / shares						$ 25
If-converted value in excess of principal						$ 34,700,000
Unpaid principal balance		$ 104,500,000				104,500,000
Amortization of debt discount		$ 200,000		$ 400,000		$ 400,000	$ 700,000
Interest rate, effective percentage		8.04%		8.61%		8.04%	8.61%
Threshold percentage of stock price trigger (at least)						130%
Threshold trading days (at least) | d						20
Threshold consecutive trading days | d						30
Redemption price, percentage						100%
Convertible notes payable | Common stock
Debt Instrument [Line Items]
Conversion rate						1.7405
Conversion price (in dollars per share) | $ / shares		$ 14.36				$ 14.36
Convertible Debt
Debt Instrument [Line Items]
Debt issuance costs, net		$ (700,000)				$ (700,000)		$ (1,700,000)
Delaware Trust | Mortgage loans | Master repurchase agreement
Debt Instrument [Line Items]
Number of facilities repurchased | facility						2
Number of wholly-owned Delaware trusts | trust						2
Number of counterparties | counterparty						2
Ceiling for each repurchase facility		150,000,000				$ 150,000,000
Delaware Trust | Mortgage loans | Master repurchase agreement | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO						70%
Delaware Trust | Mortgage loans | Master repurchase agreement | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO						85%
Delaware Trust | Mortgages one | Master repurchase agreement
Debt Instrument [Line Items]
Ceiling for each repurchase facility		$ 400,000,000				$ 400,000,000
Delaware Trust | Bonds | Master repurchase agreement
Debt Instrument [Line Items]
Number of facilities repurchased | facility						5
[1]Secured borrowings, net are presented net of deferred issuance costs of $5.7 million at June 30, 2022 and $7.3 million at December 31, 2021. Convertible senior notes, net are presented net of deferred issuance costs of $0.7 million and $1.7 million at June 30, 2022 and December 31, 2021, respectively.

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amount of Collateral	$ 673,354	$ 711,252
Bond repurchase transaction	42,800	42,800
Master repurchase agreement
Debt Instrument [Line Items]
Amount Outstanding	509,512	546,054
Amount of Collateral	$ 681,344	$ 718,154
Interest Rate	2.99%	1.74%
Master repurchase agreement | Goldman Sachs | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 3,942	$ 14,659
Amount of Collateral	$ 5,260	$ 18,672
Interest Rate	2.26%	1.18%
Master repurchase agreement | Goldman Sachs | Bonds | A Bond, Maturity July 14, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 3,942
Amount of Collateral	$ 5,260
Interest Rate	2.26%
Master repurchase agreement | Goldman Sachs | Bonds | A Bond, Maturity January 14, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 4,992
Amount of Collateral		$ 6,438
Interest Rate		1.17%
Master repurchase agreement | Goldman Sachs | Bonds | A Bond, Maturity January 20, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 9,667
Amount of Collateral		$ 12,234
Interest Rate		1.18%
Master repurchase agreement | JP Morgan | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 99,174	$ 82,030
Amount of Collateral	$ 132,475	$ 108,282
Interest Rate	2.57%	1.29%
Master repurchase agreement | JP Morgan | Bonds | A Bond, Maturity September 9, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 29,253
Amount of Collateral	$ 34,346
Interest Rate	2.31%
Master repurchase agreement | JP Morgan | Bonds | A Bond, Maturity September 27, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 25,164
Amount of Collateral	$ 33,593
Interest Rate	2.50%
Master repurchase agreement | JP Morgan | Bonds | A Bond, Maturity December 6, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 5,299
Amount of Collateral	$ 7,006
Interest Rate	3.11%
Master repurchase agreement | JP Morgan | Bonds | B Bond, Maturity August 8, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 9,257
Amount of Collateral	$ 13,741
Interest Rate	2.45%
Master repurchase agreement | JP Morgan | Bonds | B Bond, Maturity December 6, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 13,149
Amount of Collateral	$ 20,228
Interest Rate	3.31%
Master repurchase agreement | JP Morgan | Bonds | M Bond, Maturity September 9, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 565
Amount of Collateral	$ 785
Interest Rate	2.89%
Master repurchase agreement | JP Morgan | Bonds | M Bond, Maturity October 14, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 16,487
Amount of Collateral	$ 22,776
Interest Rate	2.44%
Master repurchase agreement | JP Morgan | Bonds | A Bond, Maturity April 1, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 28,482
Amount of Collateral		$ 37,753
Interest Rate		1.36%
Master repurchase agreement | JP Morgan | Bonds | A Bond, Maturity June 10, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 6,220
Amount of Collateral		$ 7,220
Interest Rate		1.29%
Master repurchase agreement | JP Morgan | Bonds | B Bond, Maturity January 13, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 2,850
Amount of Collateral		$ 4,052
Interest Rate		1.31%
Master repurchase agreement | JP Morgan | Bonds | B Bond, Maturity February 11, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 11,272
Amount of Collateral		$ 16,087
Interest Rate		1.36%
Master repurchase agreement | JP Morgan | Bonds | B Bond, Maturity June 10, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 13,992
Amount of Collateral		$ 20,155
Interest Rate		1.49%
Master repurchase agreement | JP Morgan | Bonds | M Bond, Maturity April 19, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 19,214
Amount of Collateral		$ 23,015
Interest Rate		1.02%
Master repurchase agreement | JP Morgan | Loan
Debt Instrument [Line Items]
Amount Outstanding	$ 12,480	$ 13,824
Amount of Collateral	$ 19,041	$ 20,856
Interest Rate	4.04%	2.60%
Maximum borrowing capacity	$ 150,000	$ 150,000
Master repurchase agreement | Nomura | Bonds
Debt Instrument [Line Items]
Amount Outstanding	65,337	80,674
Amount of Collateral	$ 89,586	$ 107,860
Interest Rate	2.86%	1.43%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity July 8, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 24,090
Amount of Collateral	$ 29,136
Interest Rate	2.45%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity July 12, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 4,445
Amount of Collateral	$ 6,000
Interest Rate	2.21%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity August 18, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 7,601
Amount of Collateral	$ 10,885
Interest Rate	2.66%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity September 16, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 4,738
Amount of Collateral	$ 6,370
Interest Rate	3.23%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity September 23, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 12,874
Amount of Collateral	$ 18,650
Interest Rate	3.38%
Master repurchase agreement | Nomura | Bonds | B Bond, Maturity August 11, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 2,945
Amount of Collateral	$ 4,439
Interest Rate	3%
Master repurchase agreement | Nomura | Bonds | B Bond, Maturity August 24, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 3,381
Amount of Collateral	$ 5,316
Interest Rate	3.11%
Master repurchase agreement | Nomura | Bonds | B Bond, Maturity September 16, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 1,119
Amount of Collateral	$ 1,687
Interest Rate	3.63%
Master repurchase agreement | Nomura | Bonds | B Bond, Maturity September 23, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 3,825
Amount of Collateral	$ 6,590
Interest Rate	3.78%
Master repurchase agreement | Nomura | Bonds | M Bond, Maturity July 8, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 319
Amount of Collateral	$ 513
Interest Rate	2.74%
Master repurchase agreement | Nomura | Bonds | B Bond, Maturity February 11, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 3,094
Amount of Collateral		$ 4,434
Interest Rate		1.75%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity January 6, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 6,567
Amount of Collateral		$ 8,484
Interest Rate		1.33%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity January 12, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 4,978
Amount of Collateral		$ 6,554
Interest Rate		1.32%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity January 27, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 2,206
Amount of Collateral		$ 3,065
Interest Rate		1.30%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity January 28, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 17,623
Amount of Collateral		$ 22,908
Interest Rate		1.33%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity February 18, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 9,275
Amount of Collateral		$ 12,323
Interest Rate		1.36%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity March 17, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 12,329
Amount of Collateral		$ 16,226
Interest Rate		1.42%
Master repurchase agreement | Nomura | Bonds | A Bond, Maturity March 25, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 15,443
Amount of Collateral		$ 20,657
Interest Rate		1.41%
Master repurchase agreement | Nomura | Bonds | B Bond, Maturity February 24, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 3,538
Amount of Collateral		$ 5,111
Interest Rate		1.77%
Master repurchase agreement | Nomura | Bonds | B Bond, Maturity March 17, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 1,177
Amount of Collateral		$ 1,686
Interest Rate		1.82%
Master repurchase agreement | Nomura | Bonds | B Bond, Maturity March 25, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 4,444
Amount of Collateral		$ 6,412
Interest Rate		1.81%
Master repurchase agreement | Nomura | Loan
Debt Instrument [Line Items]
Amount Outstanding	$ 218,917	$ 228,523
Amount of Collateral	$ 286,039	$ 300,324
Interest Rate	3.56%	2.36%
Maximum borrowing capacity	$ 400,000	$ 400,000
Master repurchase agreement | Barclays | Bonds
Debt Instrument [Line Items]
Amount Outstanding	109,662	126,344
Amount of Collateral	$ 148,943	$ 162,160
Interest Rate	2.23%	1.09%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity July 7, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 5,743
Amount of Collateral	$ 7,892
Interest Rate	2.03%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity July 15, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 35,109
Amount of Collateral	$ 50,164
Interest Rate	2.31%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity September 22, 2022 A
Debt Instrument [Line Items]
Amount Outstanding	$ 27,366
Amount of Collateral	$ 37,727
Interest Rate	2.43%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity September 22, 2022 B
Debt Instrument [Line Items]
Amount Outstanding	$ 28,671
Amount of Collateral	$ 33,719
Interest Rate	1.83%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity September 22, 2022 C
Debt Instrument [Line Items]
Amount Outstanding	$ 2,582
Amount of Collateral	$ 3,527
Interest Rate	2.13%
Master repurchase agreement | Barclays | Bonds | B Bond, Maturity July 15, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 3,966
Amount of Collateral	$ 6,207
Interest Rate	2.56%
Master repurchase agreement | Barclays | Bonds | B Bond, Maturity September 22, 2022 A
Debt Instrument [Line Items]
Amount Outstanding	$ 2,531
Amount of Collateral	$ 3,759
Interest Rate	2.73%
Master repurchase agreement | Barclays | Bonds | B Bond, Maturity September 22, 2022 B
Debt Instrument [Line Items]
Amount Outstanding	$ 1,159
Amount of Collateral	$ 1,841
Interest Rate	2.58%
Master repurchase agreement | Barclays | Bonds | B Bond, Maturity September 22, 2022 C
Debt Instrument [Line Items]
Amount Outstanding	$ 1,206
Amount of Collateral	$ 2,101
Interest Rate	2.73%
Master repurchase agreement | Barclays | Bonds | M Bond, Maturity September 22, 2022
Debt Instrument [Line Items]
Amount Outstanding	$ 1,329
Amount of Collateral	$ 2,006
Interest Rate	2.33%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity March 8, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 7,318
Amount of Collateral		$ 9,710
Interest Rate		1.19%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity March 16, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 40,957
Amount of Collateral		$ 55,178
Interest Rate		1.21%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity March 21, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 30,850
Amount of Collateral		$ 41,413
Interest Rate		1.26%
Master repurchase agreement | Barclays | Bonds | A Bond, Maturity March 22, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 36,093
Amount of Collateral		$ 40,091
Interest Rate		0.69%
Master repurchase agreement | Barclays | Bonds | B Bond, Maturity March 16, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 4,258
Amount of Collateral		$ 6,232
Interest Rate		1.46%
Master repurchase agreement | Barclays | Bonds | B Bond, Maturity March 21, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 2,629
Amount of Collateral		$ 3,758
Interest Rate		1.56%
Master repurchase agreement | Barclays | Bonds | B Bond, Maturity March 22, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 2,698
Amount of Collateral		$ 3,835
Interest Rate		1.49%
Master repurchase agreement | Barclays | Bonds | M Bond, Maturity March 22, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 1,541
Amount of Collateral		$ 1,943
Interest Rate		1.16%

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 509,512	$ 546,054
Gross amount of loans and securities pledged as collateral	673,354	711,252
Other prepaid collateral	7,990	6,902
Net collateral amount	$ 171,832	$ 172,100

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans $ in Millions	Jun. 30, 2022 USD ($)
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 M-1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019
Debt Instrument [Line Items]
Original Principal	$ 9.3
Interest Rate	3.50%
Class M-1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest Rate	3.50%
Class M-1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Original Principal	$ 7.3
Interest Rate	3.70%
Class M-1 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%
Deferred issuance costs	$ (2.7)
Deferred issuance costs | Ajax Mortgage Loan Trust 2019-F/ November 2019
Debt Instrument [Line Items]
Interest Rate	0%
Deferred issuance costs	$ (1.8)
Deferred issuance costs | Ajax Mortgage Loan Trust 2020-B/ August 2020
Debt Instrument [Line Items]
Interest Rate	0%
Deferred issuance costs	$ (1.8)
Deferred issuance costs | Ajax Mortgage Loan Trust 2021-A/ January 2021
Debt Instrument [Line Items]
Interest Rate	0%
Deferred issuance costs	$ (2.5)
Deferred issuance costs | Ajax Mortgage Loan Trust 2021-B/ February 2021
Debt Instrument [Line Items]
Interest Rate	0%
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%

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying value of mortgages	[1],[2]	$ 1,023,614	$ 1,080,434
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages		701,428	756,787
Bond principal balance		$ 509,773	$ 582,907
Percentage of collateral coverage		138%	130%
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		109,253	$ 118,075
Bond principal balance		$ 80,566	$ 92,778
Percentage of collateral coverage		136%	127%
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		108,535	$ 115,571
Bond principal balance		$ 71,862	$ 81,026
Percentage of collateral coverage		151%	143%
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		108,759	$ 119,184
Bond principal balance		$ 75,198	$ 86,011
Percentage of collateral coverage		145%	139%
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		144,876	$ 161,766
Bond principal balance		$ 122,771	$ 141,435
Percentage of collateral coverage		118%	114%
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		230,005	$ 242,191
Bond principal balance		$ 159,376	$ 181,657
Percentage of collateral coverage		144%	133%
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		$ (5,700)	$ (7,300)
[1]As of June 30, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $0.9 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" or "GAAP").[2]Mortgage loans held-for-investment, net include $701.4 million and $756.8 million of loans at June 30, 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 $9.1 million and $7.1 million of allowance for expected credit losses at June 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Related party expense – management fee	$ 2,363	$ 2,270	$ 4,656	$ 4,543
Related party expense – loan servicing fees	2,006	1,699	4,097	3,532
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	4,855	8,844	12,075	14,796
Thetis Asset Management LLC
Related Party Transaction [Line Items]
Related party expense – management fee		2,300		4,600
Thetis Asset Management LLC | Related party expense – management fee
Related Party Transaction [Line Items]
Related party expense – management fee	2,363	2,270	4,656	4,543
Thetis Asset Management LLC | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(71)	283	(112)	451
Servicer | Related party expense – loan servicing fees
Related Party Transaction [Line Items]
Related party expense – loan servicing fees	2,006	1,699	4,097	3,532
Servicer | Interest income
Related Party Transaction [Line Items]
Amount of transaction	67	0	134	0
AS Ajax E LLC | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	4	7	7	16
2021-C | Other (loss)/income
Related Party Transaction [Line Items]
Gain on sale of mortgage loans	0	122	0	122
Loan pool LLCs | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(5)	(14)	(13)	(21)
Gaea | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(143)	42	(101)	60
Servicer | (Loss)/income from investments in affiliates
Related Party Transaction [Line Items]
Amount of transaction	(170)	7	(263)	(55)
2019-A and -B | Other (loss)/income
Related Party Transaction [Line Items]
Amount of transaction	$ (2,142)	$ 0	(2,142)	0
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		Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Carrying value	[1]	$ 315,452	$ 355,178
Due from related parties		11,621	20,899
Mortgage loans held-for-sale, net | 2019-C | Purchase of mortgage loans
Related Party Transaction [Line Items]
Due from related parties			152,883
Investments in beneficial interests | Various non-consolidated joint ventures | Investment in beneficial interests
Related Party Transaction [Line Items]
Carrying value		125,960	139,588
Receivable from servicer | Servicer | Receivable from servicer
Related Party Transaction [Line Items]
Due from related parties		11,621	20,899
Prepaid expenses and other assets | Various non-consolidated joint ventures | Expense reimbursement receivable
Related Party Transaction [Line Items]
Due from related parties			1,211
Prepaid expenses and other assets | Servicer | Affiliate loan receivable and interest
Related Party Transaction [Line Items]
Due from related parties		3,521	3,509
Prepaid expenses and other assets | Servicer | Expense reimbursement receivable
Related Party Transaction [Line Items]
Due from related parties			12
Prepaid expenses and other assets | Gaea Real Estate Corp. | Affiliate loan receivable interest
Related Party Transaction [Line Items]
Due from related parties			21
Management fee payable | Thetis Asset Management LLC | Management fee payable
Related Party Transaction [Line Items]
Due to related parties		2,217	2,279
Accrued expenses and other liabilities | Servicer | Servicing fee payable
Related Party Transaction [Line Items]
Due to related parties		$ 59
Accrued expenses and other liabilities | Servicer | Expense reimbursements
Related Party Transaction [Line Items]
Due to related parties			$ 78
[1]As of June 30, 2022, Investments in securities at fair value include an amortized cost basis of $334.1 million and a net unrealized loss of $18.7 million. As of December 31, 2021, Investments in securities at fair value include an amortized cost basis of $354.2 million and net unrealized gains $1.0 million.

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)			1 Months Ended	3 Months Ended					6 Months Ended		12 Months Ended	27 Months Ended
		Nov. 22, 2019 USD ($)	Jan. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) loan_pool loan	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) loan_pool	Jun. 30, 2021 USD ($) loan_pool loan	Jun. 30, 2020 USD ($)	Jun. 30, 2022 USD ($) loan_pool calendar_quarter	Jun. 30, 2021 USD ($) loan_pool	Dec. 31, 2019 USD ($)	Jan. 31, 2022 USD ($) privateCapitalRaise shares	Dec. 09, 2021 USD ($)	Jun. 21, 2021 USD ($)
Related Party Transaction [Line Items]
Carrying value				$ 441,412,000		$ 494,766,000			$ 441,412,000
Impairment of beneficial interest				2,100,000	$ 4,000,000				6,100,000
Receivable from servicer				$ 11,621,000		20,899,000			11,621,000
Number of sold loans | loan				0			0
Carrying value of mortgages	[1],[2]			$ 1,023,614,000		$ 1,080,434,000			$ 1,023,614,000
Number of private capital raises | privateCapitalRaise												2
Proceeds from issuance of private placement								$ 125,000,000
Period of termination of license agreement									30 days
Management fee
Related Party Transaction [Line Items]
Incentive fee payable				$ 100,000			$ 0		$ 300,000	$ 0
Ajax Mortgage Loan Trust 2017-D
Related Party Transaction [Line Items]
Number of sold loans | loan_pool							760			760
Carrying value of mortgages							$ 129,200,000			$ 129,200,000
Unpaid principal balance							$ 133,800,000			$ 133,800,000
Loan pool LLCs
Related Party Transaction [Line Items]
Ownership percentage				40.40%		40.40%			40.40%
Number of entities | loan_pool				3		3			3
Legacy entities
Related Party Transaction [Line Items]
Cash payment in business acquisition											$ 1,000,000
2019-C
Related Party Transaction [Line Items]
Noncontrolling interest, percentage						66%
Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Proceeds from issuance of private placement		$ 66,300,000	$ 30,000,000									$ 96,300,000
Private placement share issuance (in shares) | shares												6,247,794
Total investment			$ 25,500,000									$ 25,500,000
Private capital raise, number common stock and warrants issued (in shares) | shares												1,704,436
Equity method investment, common stock and warrants acquired (in shares) | shares												371,103
Ownership percentage				22.20%		22.80%			22.20%
Gaea Real Estate Corp. | Third party
Related Party Transaction [Line Items]
Ownership percentage by third parties				77.80%		77.20%			77.80%
AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership percentage				16.50%		16.50%			16.50%
Ajax E Master Trust | AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership interest in real estate trust				5%		5%			5%
Investments in securities
Related Party Transaction [Line Items]
Carrying value				$ 315,500,000		$ 355,200,000			$ 315,500,000
Investment in beneficial interests
Related Party Transaction [Line Items]
Carrying value				$ 125,960,000		$ 139,588,000			$ 125,960,000
Gregory
Related Party Transaction [Line Items]
Bond principal balance													$ 3,500,000
Fixed interest rate				7.20%		7.20%			7.20%				7.20%
Ceiling for each repurchase facility				$ 12,000,000					$ 12,000,000
Amount of transaction				0		$ 0			$ 0
Gregory | Servicing agreement
Related Party Transaction [Line Items]
Percentage of fair market value of REO									1%
Percentage of purchase price of REO									1%
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]
Receivable from servicer				$ 3,500,000					$ 3,500,000
Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Bond principal balance														$ 11,000,000
Fixed interest rate														4.25%
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%
Percentage of management fees payable in cash, minimum									50%
Percentage of management fees payable in cash, maximum									100%
Period of common shares held as base management fee (at least)									3 years
Percentage of remaining incentive fee in excess of book value									8%
Number of calendar quarters | calendar_quarter									8
Percentage of independent directors									66.67%
[1]As of June 30, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $0.9 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" or "GAAP").[2]Mortgage loans held-for-investment, net include $701.4 million and $756.8 million of loans at June 30, 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 $9.1 million and $7.1 million of allowance for expected credit losses at June 30, 2022 and December 31, 2021, respectively.

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)		3 Months Ended				6 Months Ended		12 Months Ended
	Jan. 01, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)		9,585		4,025		56,908	7,970
Related party expense – management fee		$ 2,363,000		$ 2,270,000		$ 4,656,000	$ 4,543,000
Independent Directors
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%							40%
Percentage of annual retainer received in cash	50%							60%
Heads of Compensation and Corporate Governance Committees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer amount	$ 15,000							$ 10,000
Percentage of annual retainer received in cash	100%							100%
Audit Committee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer amount	$ 20,000							$ 15,000
Percentage of annual retainer received in cash	100%							100%
Restricted stock | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)						2,000
Employee and Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)				0			0
Employee and Service Provider Grants | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		21,500	22,765	0	0	44,265
Vesting period						4 years
Thetis Asset Management LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Related party expense – management fee				$ 2,300,000			$ 4,600,000
Related party expense – management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees		$ 2,200,000				$ 4,500,000
Share-based payment arrangement, expense		0				$ 0
Number of shares (in shares)						39,558	0
Incentive fee payable		$ 100,000		$ 0		$ 300,000	$ 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	9,585	4,025	56,908	7,970
Amount of expense recognized	$ 87	$ 50	$ 175	$ 100
Management fees
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)	9,585	4,025	17,350	7,970
Amount of expense recognized	$ 87	$ 50	$ 175	$ 100

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				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee and Service Provider Grants
Shares
Shares granted (in shares)			0			0
Restricted stock | Employee and Service Provider Grants
Shares
Shares outstanding ending (in shares)	233,795	228,365	163,083	163,083	228,365	163,083
Shares vested (in shares)	0	0	0	0
Shares forfeited (in shares)	(17,668)	(17,335)	0	0
Shares granted (in shares)	21,500	22,765	0	0	44,265
Shares outstanding beginning (in shares)	237,627	233,795	163,083	163,083	237,627	163,083
Weighted Average Grant Date Fair Value
Shares outstanding beginning (in dollars per share)	$ 12	$ 12.05	$ 11.07	$ 11.07	$ 12.05	$ 11.07
Shares vested (in dollars per share)	0	0	0	0
Shares forfeited (in dollars per share)	11.30	11.93	0	0
Shares granted (in dollars per share)	11.53	11.42	0	0
Shares outstanding ending (in dollars per share)	$ 12.01	$ 12	$ 11.07	$ 11.07	$ 12.01	$ 11.07
Weighted average remaining contractual terms					2 years 3 months 18 days	1 year 8 months 12 days
Restricted stock | Director Grants
Shares
Shares outstanding ending (in shares)	8,000	8,000	0	0	8,000	0
Shares vested (in shares)	(8,000)	0	(8,000)	(2,000)
Shares forfeited (in shares)	0	0	0	0
Shares granted (in shares)	0	0	16,000	2,000
Shares outstanding beginning (in shares)	0	8,000	8,000	0	0	8,000
Weighted Average Grant Date Fair Value
Shares outstanding beginning (in dollars per share)	$ 12.53	$ 12.53	$ 0	$ 0	$ 12.53	$ 0
Shares vested (in dollars per share)	12.60	0	12.60	12
Shares forfeited (in dollars per share)	0	0	0	0
Shares granted (in dollars per share)	0	0	12.60	12
Shares outstanding ending (in dollars per share)	$ 0	$ 12.53	$ 12.60	$ 0	$ 0	$ 12.60
Weighted average remaining contractual terms						10 months 24 days

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 276	$ 325	$ 526	$ 556
Employee and Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	268	207	493	414
Director Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 8	$ 118	$ 33	$ 142

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) entity	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) entity	Jun. 30, 2021 USD ($)
Income Tax Examination [Line Items]
Distribution percentage of REIT taxable income (at least)			90%
Number of taxable subsidiaries | entity	2		2
Taxable income	$ 9,800,000	$ 7,700,000	$ 21,000,000	$ 16,400,000
Provision for income taxes (benefit)	0	67,000	(28,000)	101,000
Income tax interest and penalties recorded	0	0	0	0
Assets
Income Tax Examination [Line Items]
Deferred income tax assets	0	0	0	0
Liability
Income Tax Examination [Line Items]
Deferred income tax liabilities	$ 0	$ 0	$ 0	$ 0

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Basic EPS
Consolidated net (loss)/income attributable to common stockholders	$ (9,181)	$ 10,378	$ (5,595)	$ 17,382
Allocation of earnings to participating restricted shares	103	(78)	65	(130)
Consolidated net (loss)/income attributable to unrestricted common stockholders	(9,078)	10,300	(5,530)	17,252
Effect of dilutive securities
Restricted stock grants and Manager and director fee shares			(65)	0
Interest expense (add back) and assumed conversion of shares from convertible senior notes	0	2,255	0	4,599
Diluted EPS
Consolidated net (loss)/income attributable to common stockholders and dilutive securities	$ (9,078)	$ 12,555	$ (5,595)	$ 21,851
Basic EPS
Consolidated net (loss)/income attributable to common stockholders (in shares)	22,754,553	22,825,804	22,837,971	22,821,416
Allocation of earnings to participating restricted shares (in shares)	0	0	0	0
Effect of dilutive securities
Restricted stock grants and Manager and director fee shares (in shares)			268,090	0
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)	0	7,372,892	0	7,520,222
Diluted EPS
Consolidated net (loss)/income attributable to common stockholders and dilutive securities (in shares)	22,754,553	30,198,696	23,106,061	30,341,638
Per Share Amount
Consolidated net (loss)/income attributable to unrestricted common stockholders (in dollars per share)	$ (0.40)	$ 0.45	$ (0.24)	$ 0.76
Consolidated net (loss)/income attributable to common stockholders and dilutive securities (in dollars per share)	$ (0.40)	$ 0.42	$ (0.24)	$ 0.72
Class of warrant or right, outstanding (in shares)	5,250,000	6,500,000	5,250,000	6,500,000	6,500,000

Equity - Narrative (Details)

Equity - Narrative (Details)	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) entity $ / shares shares	Mar. 31, 2022 shares	Jun. 30, 2021 USD ($) shares	Mar. 31, 2021 shares	Jun. 30, 2020 $ / shares shares	Jun. 30, 2022 USD ($) entity $ / shares shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2021 entity $ / shares shares	Dec. 31, 2020 shares	Feb. 28, 2020 USD ($)
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	22,726,572					22,726,572		23,146,775
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01					$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	125,000,000					125,000,000		125,000,000
Preferred stock, discount, percentage	2%					2%
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 25					$ 25
Preferred stock, shares authorized (in shares)	25,000,000					25,000,000		25,000,000
Common stock authorized | $										$ 25,000,000
Treasury stock (in shares)	(645,467)					(645,467)		(147,370)
Sale of common stock pursuant to dividend reinvestment plan | $						$ 200,000	$ 95,000
Common stock, shares issued (in shares)	22,726,572					22,726,572		23,146,775
Number of non controlling interest subsidiaries | entity	3					3		3
Open market purchases
Class of Stock [Line Items]
Treasury stock, shares, acquired (in shares)	475,355		0			475,355	0
Treasury stock (in shares)	(525,039)					(525,039)		(49,684)
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 100,000,000					$ 100,000,000
Common stock, shares issued (in shares)	0		0			0	0
AS Ajax E II LLC
Class of Stock [Line Items]
Ownership percentage by parent (as percent)	53.10%					53.10%		53.10%
2017-D
Class of Stock [Line Items]
Ownership percentage by parent (as percent)	50%					50%		50%
Ownership percentage by third parties (as percent)	50%					50%		50%
Great Ajax II REIT
Class of Stock [Line Items]
Ownership percentage by parent (as percent)	99.90%					99.90%		99.90%
Thetis Asset Management LLC
Class of Stock [Line Items]
Treasury stock (in shares)	(120,428)					(120,428)		(97,686)
2018-C | Great Ajax Corp
Class of Stock [Line Items]
Ownership percentage by parent (as percent)	100%					100%		100%
2018-C | Third party
Class of Stock [Line Items]
Ownership percentage by third parties (as percent)				37%
Preferred stock
Class of Stock [Line Items]
Stock repurchased and retired during period | $	$ 24,500,000					$ 24,500,000
Stock repurchased and retired during period, average price per share (in dollars per share) | $ / shares	$ 24.50					$ 24.50
Deferred issuance costs | $	$ 2,500,000					$ 2,500,000
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	22,726,572	23,194,566	22,993,246	22,988,847		22,726,572	22,993,246	23,146,775	22,978,339
Treasury stock, shares, acquired (in shares)	487,691	10,406	19,366
Issuance of shares under dividend reinvestment plan (in shares)	8,100	9,739	3,820	4,228		17,839	8,048
Sale of common stock pursuant to dividend reinvestment plan | $	$ 85,000		$ 48,000			$ 200,000	$ 100,000
7.25% Series A preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	1,538,881				2,307,400	1,538,881		2,307,400
Preferred stock, fixed-to-floating rate cumulative redeemable	7.25%				7.25%	7.25%		7.25%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25				$ 25	$ 25		$ 25
Preferred stock, shares outstanding (in shares)	1,538,881					1,538,881		2,307,400
7.25% Series A preferred stock | Preferred stock
Class of Stock [Line Items]
Stock repurchased and retired during period, shares (in shares)	768,519					768,519
Preferred stock, shares outstanding (in shares)	1,538,881	2,307,400	2,307,400	2,307,400		1,538,881	2,307,400	2,307,400	2,307,400
5.00% Series B preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2,661,119				2,892,600	2,661,119		2,892,600
Preferred stock, fixed-to-floating rate cumulative redeemable	5%				5%	5%		5%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25				$ 25	$ 25		$ 25
Preferred stock, shares outstanding (in shares)	2,661,119					2,661,119		2,892,600
5.00% Series B preferred stock | Preferred stock
Class of Stock [Line Items]
Stock repurchased and retired during period, shares (in shares)	231,481					231,481
Preferred stock, shares outstanding (in shares)	2,661,119	2,892,600	2,892,600	2,892,600		2,661,119	2,892,600	2,892,600	2,892,600

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss)/income	$ (18,696)	$ 1,020
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains	71	1,822
Unrealized losses	(18,767)	(802)
AOCI attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss)/income	$ (18,696)	$ 1,020

Equity - Non-controlling intere

Equity - Non-controlling interest (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 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	$ (14)	$ (16,864)		$ (833)	$ (25,170)
2018-C
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Decrease from redemption and disposition in non-controlling interest	0	0		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	$ (14)	$ (16,864)		$ (833)	$ (16,864)

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 04, 2022 USD ($) transaction residential_rpl residential_npl seller $ / shares	Jun. 30, 2022 USD ($) loan	Jun. 30, 2021 USD ($) loan	Jun. 30, 2022 USD ($) loan	Jun. 30, 2021 USD ($) loan
Subsequent event
Subsequent Event [Line Items]
Stock and warrants repurchased during period, shares, preferred stock and warrants	$ 5
Repurchase of preferred stock, future savings	0.3
Future annual savings	$ 0.9
Dividends payable, amount per share (in dollars per share) | $ / shares	$ 0.27
Put option | Subsequent event
Subsequent Event [Line Items]
Warrant accretion expense	$ 0.6
Residential RPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan		6	38	6	237
Aggregate unpaid principal balance of mortgage loans on real estate		$ 1.2	$ 5.2	$ 1.2	$ 41.2
Residential RPLs | Four Sellers | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | residential_rpl	22
Number of transaction | transaction	4
Number of sellers | seller	4
Aggregate unpaid principal balance of mortgage loans on real estate	$ 5.7
Percentage of unpaid principal balance of loan acquired	97%
Percentage of estimated market value of the underlying collateral	39.50%
Estimated market value of the underlying collateral	$ 14.1
Residential RPLs | Eight Sellers | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | residential_rpl	16
Number of transaction | transaction	8
Aggregate unpaid principal balance of mortgage loans on real estate	$ 5.7
Percentage of unpaid principal balance of loan acquired	86.40%
Percentage of estimated market value of the underlying collateral	60.40%
Estimated market value of the underlying collateral	$ 8.2
Residential NPLs
Subsequent Event [Line Items]
Number of mortgage loans on real estate | loan		1	0	5	3
Aggregate unpaid principal balance of mortgage loans on real estate		$ 0.2		$ 1.1	$ 0.7
Residential NPLs | Subsequent event
Subsequent Event [Line Items]
Percentage of unpaid principal balance of loan acquired	71.50%
Percentage of estimated market value of the underlying collateral	70%
Estimated market value of the underlying collateral	$ 0.4
Residential NPLs | One seller | Subsequent event
Subsequent Event [Line Items]
Number of mortgage loans on real estate | residential_npl	3
Number of transaction | transaction	1
Aggregate unpaid principal balance of mortgage loans on real estate	$ 0.4