Rithm Property Trust (RPT) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		27,469,413
Entity Central Index Key	0001614806
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Common stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	AJX
Security Exchange Name	NYSE
7.25% Convertible Senior Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	7.25% Convertible Senior Notes due 2024
Trading Symbol	AJXA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents		$ 63,910	$ 47,845
Mortgage loans held-for-investment, net	[1],[2]	939,080	989,084
Real estate owned properties, net	[3]	4,040	6,333
Investments in securities available-for-sale	[4]	131,037	257,062
Investments in securities held-to-maturity	[5]	61,189	0
Investments in beneficial interests	[6]	116,954	134,552
Receivable from servicer		9,673	7,450
Investments in affiliates		29,132	30,185
Prepaid expenses and other assets		19,519	11,915
Total assets		1,374,534	1,484,426
Liabilities:
Secured borrowings, net	[2],[7]	424,651	467,205
Borrowings under repurchase transactions		392,024	445,855
Convertible senior notes, net	[7]	103,516	104,256
Notes payable, net	[7]	106,629	106,046
Management fee payable		1,938	1,720
Put option liability		16,155	12,153
Accrued expenses and other liabilities		7,270	9,726
Total liabilities		1,052,183	1,146,961
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 25,808,681 shares issued and outstanding at September 30, 2023 and 23,130,956 shares issued and outstanding at December 31, 2022		268	241
Additional paid-in capital		340,861	322,439
Treasury stock		(9,557)	(9,532)
Retained (deficit)/earnings		(28,158)	13,275
Accumulated other comprehensive loss		(17,733)	(25,649)
Equity attributable to stockholders		320,235	335,328
Non-controlling interests	[8]	2,116	2,137
Total equity		322,351	337,465
Total liabilities and equity		1,374,534	1,484,426
7.25% Series A preferred stock
Equity:
Preferred stock $0.01 par value, 25,000,000 shares authorized		9,411	9,411
5.00% Series B preferred stock
Equity:
Preferred stock $0.01 par value, 25,000,000 shares authorized		$ 25,143	$ 25,143
[1]As of both September 30, 2023 and December 31, 2022, balances for Mortgage loans held-for-investment, net include $0.6 million 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 $638.4 million and $675.8 million of loans at September 30, 2023 and December 31, 2022, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt. Mortgage loans held-for-investment, net include $7.4 million and $6.1 million of allowance for expected credit losses at September 30, 2023 and December 31, 2022, respectively.[3]Real estate owned properties, net, are presented net of valuation allowances of $1.4 million and $0.7 million at September 30, 2023 and December 31, 2022, respectively.[4]Investments in securities available-for-sale (“AFS”) are presented at fair value. As of September 30, 2023, Investments in securities AFS include an amortized cost basis of $142.0 million and a net unrealized loss of $11.0 million. As of December 31, 2022, Investments in securities AFS include an amortized cost basis of $282.7 million and net unrealized loss of $25.6 million.[5]On January 1, 2023, the Company transferred certain of its investments in securities to held-to-maturity ("HTM") due to European risk retention regulations. As of September 30, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $6.8 million related to the unamortized unrealized loss in AOCI.[6]Investments in beneficial interests includes allowance for expected credit losses of zero at both September 30, 2023 and December 31, 2022.[7]Secured borrowings, net are presented net of deferred issuance costs of $3.5 million at September 30, 2023 and $4.7 million at December 31, 2022. Convertible senior notes, net are presented net of deferred issuance costs of zero and $0.3 million at September 30, 2023 and December 31, 2022, respectively. Notes payable, net are presented net of deferred issuance costs and discount of $3.4 million at September 30, 2023 and $4.0 million at December 31, 2022.[8]As of September 30, 2023, non-controlling interests includes $1.0 million from a 50.0% owned joint venture, $1.0 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary which the Company consolidates. As of December 31, 2022, non-controlling interests includes $1.0 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 which the Company consolidates.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		25,000,000	25,000,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Common stock, shares issued (in shares)		25,808,681	23,130,956
Common stock, shares outstanding (in shares)		25,808,681	23,130,956
Mortgage loans held-for-investment, net	[1],[2]	$ 939,080,000	$ 989,084,000
Allowance for beneficial interests credit losses		7,446,000	6,107,000
Property held-for-sale, valuation allowances		1,400,000	700,000
Basis			417,263,000
HTM, allowance for expected credit losses		0
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity		1,363,000
Noncontrolling interest	[3]	2,116,000	2,137,000
Debt securities available-for-sale, at fair value
Basis		141,987,000	282,711,000
Debt securities accumulated unrealized gain (loss)		$ (11,000,000)	$ (25,600,000)
2017-D
Ownership percentage by parent (as percent)		50%	50%
Ownership percentage by third parties (as percent)		50%	50%
AS Ajax E II LLC
Ownership percentage by parent (as percent)		53.10%	53.10%
Great Ajax II REIT
Ownership percentage by parent (as percent)		99.90%	99.90%
Mortgage loans
Mortgage loans held-for-investment, net		$ 638,414,000	$ 675,826,000
Secured Debt
Debt issuance costs, net		3,500,000	4,700,000
Convertible Debt
Debt issuance costs, net		0	300,000
Notes Payable
Debt issuance costs, net		3,400,000	4,000,000
Consolidated entities
Mortgages held-for-investment		600,000	600,000
Consolidated entities | 2017-D
Noncontrolling interest		1,000,000	1,000,000
Consolidated entities | AS Ajax E II LLC
Noncontrolling interest		1,000,000	1,100,000
Consolidated entities | Great Ajax II REIT
Noncontrolling interest		100,000	100,000
Beneficial interests in securitization trusts
Allowance for beneficial interests credit losses		$ 0	$ 0
Common stock, par value $0.01 per share
Common stock, shares outstanding (in shares)		25,808,681	23,130,956
Accumulated net investment gain (loss) attributable to parent
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity		$ 6,783,000	$ 0
Preferred stock - series A shares
Preferred stock, fixed-to-floating rate cumulative redeemable		7.25%	7.25%
Preferred stock, liquidation preference per share (in dollars per share)		$ 25	$ 25
Preferred stock, shares issued (in shares)		424,949	424,949
Preferred stock, shares outstanding (in shares)		424,949	424,949
Preferred stock - series B shares
Preferred stock, fixed-to-floating rate cumulative redeemable		5%	5%
Preferred stock, liquidation preference per share (in dollars per share)		$ 25	$ 25
Preferred stock, shares issued (in shares)		1,135,590	1,135,590
Preferred stock, shares outstanding (in shares)		1,135,590	1,135,590
[1]As of both September 30, 2023 and December 31, 2022, balances for Mortgage loans held-for-investment, net include $0.6 million 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 $638.4 million and $675.8 million of loans at September 30, 2023 and December 31, 2022, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt. Mortgage loans held-for-investment, net include $7.4 million and $6.1 million of allowance for expected credit losses at September 30, 2023 and December 31, 2022, respectively.[3]As of September 30, 2023, non-controlling interests includes $1.0 million from a 50.0% owned joint venture, $1.0 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary which the Company consolidates. As of December 31, 2022, non-controlling interests includes $1.0 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 which the Company consolidates.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME
Interest income	$ 17,879	$ 20,021	$ 54,675	$ 64,133
Interest expense	(14,838)	(11,369)	(44,802)	(29,150)
Net interest income	3,041	8,652	9,873	34,983
Net (increase)/decrease in the net present value of expected credit losses	(330)	1,935	3,157	6,874
Net interest income after the impact of changes in the net present value of expected credit losses	2,711	10,587	13,030	41,857
Loss from investments in affiliates	(628)	(451)	(991)	(869)
Loss on joint venture refinancing on beneficial interests	(1,215)	0	(11,024)	(6,115)
Other income/(loss)	185	386	(1,836)	(612)
Total revenue/(loss), net	1,053	10,522	(821)	34,261
EXPENSE
Related party expense – loan servicing fees	1,809	1,952	5,496	6,049
Related party expense – management fee	1,940	1,948	5,769	6,604
Professional fees	611	667	2,534	1,431
Fair value adjustment on put option liability	540	2,917	4,001	9,712
Other expense	1,754	1,358	5,579	4,171
Total expense	6,654	8,842	23,379	27,967
Acceleration of put option settlement	0	8,813	0	12,344
Loss/(gain) on debt extinguishment	16	0	(31)	0
Loss before provision for income taxes	(5,617)	(7,133)	(24,169)	(6,050)
Provision for income taxes (benefit)	(100)	2,370	174	2,603
Consolidated net loss	(5,517)	(9,503)	(24,343)	(8,653)
Less: consolidated net income/(loss) attributable to the non-controlling interest	25	(42)	79	70
Consolidated net loss attributable to the Company	(5,542)	(9,461)	(24,422)	(8,723)
Less: dividends on preferred stock	547	1,053	1,642	4,927
Less: discount on retirement of preferred stock	0	5,735	0	8,194
Consolidated net loss attributable to common stockholders	$ (6,089)	$ (16,249)	$ (26,064)	$ (21,844)
Basic loss per common share (in dollars per share)	$ (0.25)	$ (0.71)	$ (1.10)	$ (0.95)
Diluted loss per common share (in dollars per share)	$ (0.25)	$ (0.71)	$ (1.10)	$ (0.95)
Weighted average shares - basic (in shares)	24,001,702	22,538,891	23,395,727	22,737,182
Weighted average shares - diluted (in shares)	24,244,147	22,833,465	23,688,918	23,014,197

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Consolidated net loss attributable to common stockholders	$ (6,089)	$ (16,249)	$ (26,064)	$ (21,844)
Other comprehensive loss:
Unrealized gain/(loss) on available-for-sale securities	810	(3,724)	3,757	(23,440)
Amortization of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	987	0	4,159	0
Income tax expense related to items of other comprehensive income	0	0	0	0
Comprehensive loss	$ (4,292)	$ (19,973)	$ (18,148)	$ (45,284)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net loss	$ (24,343)	$ (8,653)
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	1,268	1,536
Discount accretion on mortgage loans	(5,163)	(11,011)
Interest and discount accretion on investment in debt securities	(7,240)	(8,001)
Discount accretion on investment in beneficial interests	(5,979)	(8,831)
Loss/(gain) on debt extinguishment	(31)	0
Gain on sale of real estate owned properties	(147)	(759)
Loss on sale of securities	3,347	860
Impairment of real estate owned	1,045	78
Credit loss expense on mortgage loans and beneficial interests	190	357
Net (increase)/decrease in the net present value of expected credit losses	(3,157)	(6,874)
Loss on loans and joint venture refinancing on beneficial interests	11,024	8,038
Amortization of debt discount and prepaid financing costs	2,151	2,845
Undistributed loss from investment in affiliates	991	869
Other non-cash adjustment	0	(94)
Fair value adjustment on put option liability	4,001	9,712
Acceleration of put option settlement	0	12,344
Net change in operating assets and liabilities
Prepaid expenses and other assets	(7,654)	(139)
Receivable from Servicer	(2,223)	12,111
Accrued expenses, management fee payable, and other liabilities	(1,734)	(353)
Net cash from operating activities	(33,654)	4,035
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(14,401)	(10,690)
Principal paydowns on mortgage loans	71,187	126,791
Proceeds from refinancing and sale of securities available-for-sale and beneficial interests	61,689	123,933
Purchase of securities available-for-sale and beneficial interests	(74,274)	(84,492)
Principal and interest collection on debt securities available-for-sale and beneficial interests	74,212	56,275
Principal and interest collection on debt securities held-to-maturity	27,065	0
Proceeds from sale of property held-for-sale	2,743	4,029
Purchase of property held-for-sale	0	(27)
Investment in equity method investments	(726)	(6,090)
Distribution from affiliates	763	946
Net cash from investing activities	148,258	210,675
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	64,107	138,244
Repayments on repurchase transactions	(117,953)	(221,042)
Repayments on secured borrowings	(43,756)	(95,939)
Repurchase of the Company's senior convertible notes	(952)	(75)
Proceeds from notes payable	0	108,910
Payment of prepaid financing costs on notes payable	(55)	(2,806)
Repurchase of preferred stock and warrants	0	(124,958)
Repurchase of common stock	0	(4,653)
Sale of common stock, net of offering costs	17,181	0
Sale of common stock pursuant to dividend reinvestment plan	0	288
Distribution to non-controlling interests	(100)	(1,074)
Dividends paid on common stock and preferred stock	(17,011)	(23,135)
Net cash from financing activities	(98,539)	(226,240)
NET CHANGE IN CASH AND CASH EQUIVALENTS	16,065	(11,530)
CASH AND CASH EQUIVALENTS, beginning of period	47,845	84,426
CASH AND CASH EQUIVALENTS, end of period	63,910	72,896
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	43,016	26,716
Cash paid for income taxes	444	828
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Transfer of debt securities from investments in securities available-for-sale to investments in securities held-to-maturity	83,052	0
Amortization of unrealized loss on debt securities transferred to held-to-maturity	4,159	0
Unrealized gain/(loss) on available-for-sale securities	3,757	(23,440)
Net transfer of loans to property held-for-sale	1,348	3,332
Issuance of common stock for management fee and compensation expense	1,268	1,536
Other non-cash beneficial interest charges	504	0
Treasury stock received through distributions from investment in Manager	25	350
Non-cash adjustments to basis in mortgage loans	0	18
Net transfer of loans to mortgage held-for-investment, net from mortgage loans held-for-sale, net	$ 0	$ (29,572)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common stock	Treasury stock	Additional paid-in capital	Retained earnings/(deficit)	Accumulated other comprehensive income/(loss)	Total stockholders' equity	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, 2021										2,307,400		2,892,600
Beginning balance at Dec. 31, 2021	$ 500,473	$ 233	$ (1,691)	$ 316,162	$ 66,427	$ 1,020	$ 497,295	$ 3,178		$ 51,100		$ 64,044
Beginning balance (in shares) at Dec. 31, 2021		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	$ 1		436			437
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)
Reclass of conversion premium - convertible notes	(711)			(711)			(711)
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	$ 234	(1,808)	316,326	63,996	(8,758)	485,134	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		2,892,600
Beginning balance at Dec. 31, 2021	500,473	$ 233	(1,691)	316,162	66,427	1,020	497,295	3,178		$ 51,100		$ 64,044
Beginning balance (in shares) at Dec. 31, 2021		23,146,775
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,653)
Issuance of shares under dividend reinvestment plan (in shares)		27,154
Ending balance (in shares) at Sep. 30, 2022										424,949		1,135,590
Ending balance at Sep. 30, 2022	351,496	$ 235	(6,695)	317,273	26,375	(22,420)	349,322	2,174		$ 9,411		$ 25,143
Ending balance (in shares) at Sep. 30, 2022		22,883,634
Beginning balance (in shares) at Mar. 31, 2022										2,307,400		2,892,600
Beginning balance at Mar. 31, 2022	487,499	$ 234	(1,808)	316,326	63,996	(8,758)	485,134	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)				(2,459)		(24,604)			$ (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		2,661,119
Ending balance at Jun. 30, 2022	435,792	$ 234	(6,577)	316,758	48,800	(18,696)	433,518	2,274		$ 34,080		$ 58,919
Ending balance (in shares) at Jun. 30, 2022		22,726,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(9,503)				(9,461)		(9,461)	(42)
Issuance of shares under dividend reinvestment plan (in shares)		9,315
Issuance of shares under dividend reinvestment plan	88			88			88
Distribution to non-controlling interest	(34)							(34)
Stock-based management fee expense		$ 1
Stock based compensation expense (in shares)		159,309
Stock-based compensation expense	428			427			428
Dividends declared and distributions	(7,253)				(7,229)		(7,229)	(24)
Other comprehensive income (loss)	(3,724)					(3,724)	(3,724)
Repurchase of preferred stock (in shares)										(1,113,932)		(1,525,529)
Repurchase of preferred stock	(64,180)				(5,735)		(64,180)			$ (24,669)		$ (33,776)
Treasury stock (in shares)		(11,562)
Treasury stock	(118)		(118)				(118)
Ending balance (in shares) at Sep. 30, 2022										424,949		1,135,590
Ending balance at Sep. 30, 2022	351,496	$ 235	(6,695)	317,273	26,375	(22,420)	349,322	2,174		$ 9,411		$ 25,143
Ending balance (in shares) at Sep. 30, 2022		22,883,634
Beginning balance (in shares) at Dec. 31, 2022									424,949	424,949	1,135,590	1,135,590
Beginning balance at Dec. 31, 2022	$ 337,465	$ 241	(9,532)	322,439	13,275	(25,649)	335,328	2,137		$ 9,411		$ 25,143
Beginning balance (in shares) at Dec. 31, 2022	23,130,956	23,130,956
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (7,364)				(7,394)		(7,394)	30
Sale of shares (in shares)		345,578
Sale of shares	2,427	$ 4		2,423			2,427
Stock based compensation expense (in shares)		32,912
Stock-based compensation expense	600			600			600
Dividends declared and distributions	(6,459)				(6,425)		(6,425)	(34)
Amortization of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	2,033					2,033	2,033
Other comprehensive income (loss)	3,853					3,853	3,853
Ending balance (in shares) at Mar. 31, 2023										424,949		1,135,590
Ending balance at Mar. 31, 2023	332,555	$ 245	(9,532)	325,462	(544)	(19,763)	330,422	2,133		$ 9,411		$ 25,143
Ending balance (in shares) at Mar. 31, 2023		23,509,446
Beginning balance (in shares) at Dec. 31, 2022									424,949	424,949	1,135,590	1,135,590
Beginning balance at Dec. 31, 2022	$ 337,465	$ 241	(9,532)	322,439	13,275	(25,649)	335,328	2,137		$ 9,411		$ 25,143
Beginning balance (in shares) at Dec. 31, 2022	23,130,956	23,130,956
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (24,343)
Issuance of shares under dividend reinvestment plan (in shares)		0
Ending balance (in shares) at Sep. 30, 2023									424,949	424,949	1,135,590	1,135,590
Ending balance at Sep. 30, 2023	$ 322,351	$ 268	(9,557)	340,861	(28,158)	(17,733)	320,235	2,116		$ 9,411		$ 25,143
Ending balance (in shares) at Sep. 30, 2023	25,808,681	25,808,681
Beginning balance (in shares) at Mar. 31, 2023										424,949		1,135,590
Beginning balance at Mar. 31, 2023	$ 332,555	$ 245	(9,532)	325,462	(544)	(19,763)	330,422	2,133		$ 9,411		$ 25,143
Beginning balance (in shares) at Mar. 31, 2023		23,509,446
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(11,462)				(11,486)		(11,486)	24
Sale of shares (in shares)		94,012
Sale of shares	527	$ 1		526			527
Stock based compensation expense (in shares)		28,395
Stock-based compensation expense	292	$ 1		291			292
Dividends declared and distributions	(5,280)				(5,252)		(5,252)	(28)
Amortization of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	1,139					1,139	1,139
Other comprehensive income (loss)	(906)					(906)	(906)
Treasury stock (in shares)		(4,176)
Treasury stock	(25)		(25)				(25)
Ending balance (in shares) at Jun. 30, 2023										424,949		1,135,590
Ending balance at Jun. 30, 2023	316,840	$ 247	(9,557)	326,279	(17,282)	(19,530)	314,711	2,129		$ 9,411		$ 25,143
Ending balance (in shares) at Jun. 30, 2023		23,627,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,517)				(5,542)		(5,542)	25
Issuance of shares under dividend reinvestment plan (in shares)		0
Sale of shares (in shares)		2,182,152
Sale of shares	14,227	$ 21		14,206			14,227
Stock based compensation expense (in shares)		(1,148)
Stock-based compensation expense	376	$ 0		376			376
Dividends declared and distributions	(5,372)				(5,334)		(5,334)	(38)
Amortization of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	987					987	987
Other comprehensive income (loss)	810					810	810
Ending balance (in shares) at Sep. 30, 2023									424,949	424,949	1,135,590	1,135,590
Ending balance at Sep. 30, 2023	$ 322,351	$ 268	$ (9,557)	$ 340,861	$ (28,158)	$ (17,733)	$ 320,235	$ 2,116		$ 9,411		$ 25,143
Ending balance (in shares) at Sep. 30, 2023	25,808,681	25,808,681

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends payable (in dollars per share)	$ 0.20	$ 0.20	$ 0.25	$ 0.27	$ 0.26	$ 0.26

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Great Ajax Corp., a Maryland corporation (the “Company”), is an externally managed real estate company formed on January 30, 2014, and capitalized on March 28, 2014, by its then sole stockholder, Aspen Yo (“Aspen”), a company affiliated with Aspen Capital, the trade name for the Aspen group of companies. The Company facilitates capital raising activities and operates as a mortgage real estate investment trust (“REIT”). The Company primarily targets acquisitions of (i) 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 9.6% 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, Great Ajax Operating LLC, 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 September 30, 2023, 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 September 30, 2023, 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 these securitization trusts and retained subordinated securities from the secured borrowings. These trusts are considered to be VIEs, and the Company has determined that it is the primary beneficiary of the VIEs. In 2018, the Company formed Gaea Real Estate Corp. ("Gaea") to invest 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 September 30, 2023, the Company owned approximately 22.0% 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, 2022, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 3, 2023. 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, 2023. 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 September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022. 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. As of September 30, 2023 and December 31, 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 REMIC. During January 2023, the Company contributed an additional $0.7 million equity interest in GAFS. As of September 30, 2023 and December 31, 2022, the Company's ownership of GAFS was 9.6% and 8.0%, respectively. The Company’s 19.8% ownership of the Manager and 9.6% 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	9 Months Ended
	Sep. 30, 2023
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 typically 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. 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 risks 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. Additionally, slower than expected prepayments can result in lower yields as the Company's mortgage loans were acquired at discounts. 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 or originate 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 The Company’s Investments in Securities Available-for-Sale ("AFS") and Investments in Securities Held-to-Maturity ("HTM") consist of investments in senior and subordinated notes issued by joint ventures which the Company forms with third party institutional accredited investors. Investments in debt securities for which the Company does not have the positive intent and ability to hold to maturity are classified as AFS. Investments in debt securities for which the Company has the positive intent, ability, or is required to hold to maturity are classified as HTM. The Company recognizes income on the AFS debt securities using the effective interest method. Historically, the notes have been classified as AFS 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 operations. On January 1, 2023, the Company transferred $83.0 million of investment securities from AFS to HTM due to sale restrictions pursuant to Article 6(1) of Regulation (EU) 2017/2402 of the European Parliament and of the Council (as amended, the “EU Securitization Regulation” and, together with applicable regulatory and implementing technical standards in relation thereto, the “EU Securitization Rules”). Pursuant to the terms of these debt securities, the Company must hold at least 5.01% of the nominal value of each class of securities offered or sold to investors (the EU Retained Interest) subject to the EU Securitization Rules. Under the EU Securitization Rules, the Company is prohibited from selling, transferring or otherwise surrendering all or part of the EU Retained Interest until all such classes are paid in full or redeemed. Transfers of securities from AFS to HTM are non-cash transactions and are recorded at fair value. Unrealized gains or losses recorded to accumulated other comprehensive income for the transferred securities continue to be reported in accumulated other comprehensive income and are amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization will offset the effect on interest income of the amortization of the discount resulting from the transfer recorded at fair value. The Company accounts for its investments in securities HTM under CECL and carries them at amortized cost. Interest income is recognized using the effective interest method and is based upon the Company having a reasonable expectation of the amount and timing of the cash flows expected to be collected. The Company’s expectation of the amount of undiscounted cash flows to be collected, and the corresponding need for an allowance for credit loss, is evaluated at the end of each calendar quarter and takes into consideration past events, current conditions, and supportable forecasts about the future. The net present value of changes in expected cash flows as compared to contractual amounts due, whether caused by timing or investment performance, is reported in the period in which it arises and is reflected as an increase or decrease in the allowance for credit loss to the extent an allowance for credit loss is recorded against the investments. If no allowance for credit loss is recorded against the investment, the increase in expected future cash flows is recognized prospectively as an increase in yield. 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. Additionally, slower prepayments can result in lower yields on the Company's debt securities acquired at a discount. 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 accounts for its Investments in Beneficial Interests under CECL, which it adopted using the prospective transition approach. Each beneficial interest is accounted for individually, and the Company recognizes its ratable share of gain, loss, income or expense based on its percentage ownership interest. The Company's Investments in Beneficial Interests are carried at amortized cost. Upon acquisition, the investments are recorded as three separate elements: (i) the amount of purchase discount which the Company expects to recover through eventual repayment of the investment, (ii) an allowance for future expected credit loss and (iii) the par value of the investment. The purchase discount which the Company expects to recover through eventual repayment of the investment gives rise to an accretable yield. The Company recognizes this accretable yield as interest income on a prospective level yield basis over the life of the investment. The Company’s recognition of interest income 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 these expected cash flows to apply the effective interest method of income recognition. 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 investment performance, is reported in the period in which it arises and is reflected as an increase or decrease in the allowance for expected credit losses to the extent a provision for expected credit losses is recorded against the investment. If no provision for expected credit losses is recorded against the investment, the increase in expected future cash flows is recognized prospectively as an increase in yield. Risks inherent in the Company's beneficial interest portfolio 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. Additionally, lower than expected prepayments could reduce the Company's yields on its beneficial interest portfolio. The Company monitors the credit quality of the mortgage loans underlying its beneficial interests 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. 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. Preferred Stock During the year ended December 31, 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 year ended December 31, 2022, the Company completed a series of preferred share repurchases. The Company repurchased and retired 1,882,451 shares of its 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 1,757,010 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. During the year ended December 31, 2022, the Company repurchased and retired a portion of its warrants. As of September 30, 2023, the basis of the warrants was $16.2 million after accreting to the initial future put obligation of $15.7 million in July 2023, taking into account the 2022 redemptions. The warrants continue to accrue at a rate of 10.75% for the Series A Preferred Stock and 13.00% for the Series B Preferred Stock on the initial future put obligation with no compounding. The rate is determined by subtracting the dividend rate on the preferred stock from 18.0%. 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 securitizations 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 due 2024 (the "2024 Notes"). At September 30, 2023 and December 31, 2022, the UPB of the debt was $103.5 million and $104.5 million, respectively. The 2024 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 2024 Notes will mature on April 30, 2024, unless earlier repurchased, converted or redeemed. During certain periods and subject to certain conditions, the 2024 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 2024 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 reduction of the carrying value of the 2024 Notes, and are amortized to interest expense on an effective yield basis through April 30, 2023, the date at which the 2024 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. On January 1, 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. Notes Payable During August 2022, the Operating Partnership issued $110.0 million aggregate principal amount of 8.875% senior unsecured notes due September 2027 (the "2027 Notes"). The 2027 Notes have a five year term and were issued at 99.009% of par value and are fully and unconditionally guaranteed by the Company and two of its subsidiaries: Great Ajax Operating LLC (the "GP Guarantor") and Great Ajax II Operating Partnership L.P. (the "Subsidiary Guarantor," and together with the Company and the GP Guarantor, the "Guarantors"). The 2027 Notes are included in the Company's liabilities in its consolidated balance sheet at September 30, 2023 and December 31, 2022. Interest on the 2027 Notes is payable semi-annually on March 1 and September 1, with the first payment due and payable on March 1, 2023. The 2027 Notes will mature on September 1, 2027. Net proceeds from the sale of the 2027 Notes totaled approximately $106.1 million, after deducting the discount, commissions, and offering expenses which will be amortized over the term of the 2027 Notes using the effective interest method. The Company used $90.0 million of the proceeds to repurchase and retire a portion of its outstanding 7.25% Series A and 5.00% Series B Fixed-to-Floating Rate Preferred Stock at a discount, and a proportionate amount of outstanding warrants. The remainder of the proceeds is expected to be used for general corporate purposes. At both September 30, 2023 and December 31, 2022, the UPB of the 2027 Notes was $110.0 million. Management Fee and Expense Reimbursement The Company is a party to the Third Amended and Restated Management Agreement with the Manager (the "Management Agreement") by and between the Company and the Manager, dated as of April 28, 2020, as amended on March 1, 2023, 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. Also, under the First Amendment to the Third Amended and Restated Management Agreement with the Manager, which has an effective date of March 1, 2023, the Company's quarterly base management fee will include, in its computation of equity managed, its unsecured debt securities to the extent the proceeds were used to repurchase the Company's preferred stock. The Company 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 depends 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 and Directors’ Fees 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 35,000 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. Stock-based expense for the directors’ annual fee and the committee chairperson’s annual fee is expensed as earned, in equal quarterly amounts during the year, and accrued at quarter end. Each of the Company’s independent directors receives an annual retainer of $140,000, payable quarterly, 50% of which is payable in shares of the Company's common stock and 50% in cash. However, the Company has the option to pay the annual retainer with up to 100% in cash at its discretion. The committee chairpersons also receive annual fees for their services. The chairpersons of the Compensation and Corporate Governance committees each received an annual retainer of $15,000, payable quarterly, 100% in cash. The chairperson of the Audit committee received an annual fee of $20,000, payable quarterly, 100% in cash. During the second quarter of 2023, the Board approved the appointment of the lead director and an additional payment to the lead director of $20,000 per year, payable quarterly, 100% in cash was approved by the Compensation committee. Also, during the second quarter of 2023, due to conflicts of interests by certain Board members, the Board established a special committee, comprised solely of independent directors (the "Special Committee") to evaluate and review the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement, as well as other strategic opportunities. The directors on the Special Committee will receive a one-time cash payment of $20,000, except for the lead director who will receive a one-time cash payment of $30,000. 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. 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. Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose

Mortgage Loans

Mortgage Loans	9 Months Ended
	Sep. 30, 2023
Mortgage Loans [Abstract]
Mortgage Loans	50 $ 2,418 $ 2,490 $ 1,336 $ 7,058 $ 1,297 $ 3,118 $ 29,320 $ 199,834 $ 83,177 $ 330,048 GAOP - 7f7 <50 562 131 — 217 — 146 2,607 28,384 7,365 39,412 GAOP - 6f6 and below 616 2,434 728 1,699 1,712 369 16,887 88,362 25,956 138,763 Great Ajax II REIT - 7f7 >50 — — 718 641 785 406 34,264 243,860 87,283 367,957 Great Ajax II REIT - 7f7 <50 — — — 56 13 — 2,748 22,512 6,650 31,979 Great Ajax II REIT - 6f6 and below — — — — — 194 5,456 18,135 7,136 30,921 Total $ 3,596 $ 5,055 $ 2,782 $ 9,671 $ 3,807 $ 4,233 $ 91,282 $ 601,087 $ 217,567 $ 939,080 December 31, 2022 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ 1,041 $ 1,770 $ 4,118 $ 7,004 $ 2,557 $ 2,983 $ 32,170 $ 198,950 $ 80,203 $ 330,796 GAOP - 7f7 <50 — — — 337 — — 3,212 34,599 10,501 48,649 GAOP - 6f6 and below 1,756 280 2,158 1,040 597 942 15,930 98,408 30,697 151,808 Great Ajax II REIT - 7f7 >50 — — 734 661 800 467 34,973 250,168 90,478 378,281 Great Ajax II REIT - 7f7 <50 — — — 140 13 — 3,487 27,300 8,885 39,825 Great Ajax II REIT - 6f6 and below — — — — — 139 6,166 23,690 9,730 39,725 Total $ 2,797 $ 2,050 $ 7,010 $ 9,182 $ 3,967 $ 4,531 $ 95,938 $ 633,115 $ 230,494 $ 989,084 The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Par $ 360 $ 9,509 $ 17,500 $ 11,851 Discount (199) (740) (2,999) (880) Decrease/(increase) in allowance 152 (253) (100) (281) Purchase Price $ 313 $ 8,516 $ 14,401 $ 10,690 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 as compared to the amounts expected to be contractually received. An increase to the allowance for expected credit losses will occur when there is a reduction in the Company's expected future cash flows as compared to its contractual amounts due. 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 nine months ended September 30, 2023, the Company recorded a $1.2 million and $4.2 million, respectively, reclassification from non-credit discount to the allowance for expected credit losses. For the three months ended September 30, 2023, the Company had a $0.3 million increase of the allowance for expected credit losses due to decreases in the net present value of expected cash flows and for the nine months ended September 30, 2023, the Company had a $3.2 million reduction of the allowance for expected credit losses due to increases in the net present value of expected cash flows. During the three and nine months ended September 30, 2023, the Company also recorded a $0.2 million decrease of $0.1 million increase, respectively in the allowance for expected credit losses due to new acquisitions. Comparatively, during the three months ended September 30, 2022, the Company recorded a $2.3 million reclassification to non-credit discount from the allowance for expected credit losses, and during the nine months ended September 30, 2022, the Company recorded a $4.5 million reclassification from non-credit discount to the allowance for expected credit losses. This was followed by a $1.9 million and $7.0 million, respectively, reduction of the allowance for expected credit losses due to increases in the net present value of expected cash flows. During both the three and nine months ended September 30, 2022, the Company also recorded a $0.3 million increase in the allowance for expected credit losses due to new acquisitions. An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Allowance for expected credit losses, beginning of period $ (5,985) $ (9,126) $ (6,107) $ (7,112) Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment timing expectations (1,207) 2,304 (4,206) (4,488) Decrease/(increase) in allowance for expected credit losses for loan acquisitions during the period 152 (253) (100) (281) Credit loss expense on mortgage loans (76) (80) (190) (307) (Increase in)/reversal of allowance for expected credit losses due (increases)/decreases in the net present value of expected cash flows (330) 1,935 3,157 6,968 Allowance for expected credit losses, end of period $ (7,446) $ (5,220) $ (7,446) $ (5,220) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 217,288 $ 49,277 $ 694 $ 61,864 $ 925 $ 330,048 GAOP - 7f7 <50 19,786 10,511 175 8,804 136 39,412 GAOP - 6f6 and below 3,069 897 729 84,362 49,706 138,763 Great Ajax II REIT - 7f7 >50 307,823 44,009 786 15,234 105 367,957 Great Ajax II REIT - 7f7 <50 26,102 4,637 147 1,093 — 31,979 Great Ajax II REIT - 6f6 and below 195 199 — 25,472 5,055 30,921 Total $ 574,263 $ 109,530 $ 2,531 $ 196,829 $ 55,927 $ 939,080 December 31, 2022 Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 198,006 $ 44,773 $ 772 $ 86,603 $ 642 $ 330,796 GAOP - 7f7 <50 26,303 5,815 140 16,232 159 48,649 GAOP - 6f6 and below 3,333 1,538 94 94,010 52,833 151,808 Great Ajax II REIT - 7f7 >50 319,677 39,161 700 18,743 — 378,281 Great Ajax II REIT - 7f7 <50 33,113 4,188 90 2,434 — 39,825 Great Ajax II REIT - 6f6 and below 178 — 39 36,086 3,422 39,725 Total $ 580,610 $ 95,475 $ 1,835 $ 254,108 $ 57,056 $ 989,084 " 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 September 30, 2023 and December 31, 2022 ($ in thousands): Loan portfolio basis by asset type September 30, 2023 December 31, 2022 Residential RPLs $ 837,790 $ 872,913 Residential NPLs 93,975 105,081 SBC loans 7,315 11,090 Total $ 939,080 $ 989,084 Included on the Company’s consolidated balance sheets as of both September 30, 2023 and December 31, 2022 are approximately $939.1 million and $1.0 billion of RPLs, NPLs, and SBC loans that are held-for-investment. 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 September 30, 2023 and December 31, 2022, for the Company's loans in the table above, are presented net of a cumulative allowance for expected credit losses of $7.4 million and $6.1 million, respectively, reflected in the appropriate lines in the table by loan type. For the three months ended September 30, 2023, the Company recognized $0.3 million of expense due to a net increase in expected credit losses resulting from decreases in the present value of the expected cash flows and $3.2 million of revenue due to a net decrease in expected credit losses resulting from increases in the present value of the expected cash flows for the nine months ended September 30, 2023. Comparatively, for the three and nine months ended September 30, 2022, the Company recognized $1.9 million and $7.0 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. Also, for the three and nine months ended September 30, 2023, the Company recognized accretable yield of $12.7 million and $38.9 million, respectively, with respect to its RPL, NPL and SBC loans. Comparatively, for the three and nine months ended September 30, 2022, the Company recognized accretable yield of $14.9 million and $46.5 million, respectively, 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 a pandemic similar to that caused by the novel coronavirus ("COVID-19") outbreak, and damage to or delay in realizing the value of the underlying collateral. Additionally, slower than expected prepayments can result in lower yields as the Company's mortgage loans were acquired at discounts. The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. During the three and nine months ended September 30, 2023, the Company purchased one and 72 RPLs with UPB of $0.2 million and $17.3 million, respectively. Comparatively, during the three and nine months ended September 30, 2022, the Company purchased 34 and 40 RPLs with UPB of $9.1 million and $10.3 million, respectively. During both the three and nine months ended September 30, 2023, the Company purchased one NPL with UPB of $0.2 million. Comparatively, during the three and nine months ended September 30, 2022, the Company purchased three and eight NPLs with UPB of $0.4 million and $1.5 million, respectively. The Company purchased no SBC loans during both the three and nine months ended September 30, 2023 and 2022. During the three and nine months ended September 30, 2023 and 2022, the Company sold no mortgage loans. For pooling purposes, the Company aggregates its loans based on payment patterns and absolute dollars of equity. 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 $50.0 thousand absolute dollars of equity similarly drives a lower default rate and reduces loss severity in the event of foreclosure. The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands): September 30, 2023 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ 2,418 $ 2,490 $ 1,336 $ 7,058 $ 1,297 $ 3,118 $ 29,320 $ 199,834 $ 83,177 $ 330,048 GAOP - 7f7 <50 562 131 — 217 — 146 2,607 28,384 7,365 39,412 GAOP - 6f6 and below 616 2,434 728 1,699 1,712 369 16,887 88,362 25,956 138,763 Great Ajax II REIT - 7f7 >50 — — 718 641 785 406 34,264 243,860 87,283 367,957 Great Ajax II REIT - 7f7 <50 — — — 56 13 — 2,748 22,512 6,650 31,979 Great Ajax II REIT - 6f6 and below — — — — — 194 5,456 18,135 7,136 30,921 Total $ 3,596 $ 5,055 $ 2,782 $ 9,671 $ 3,807 $ 4,233 $ 91,282 $ 601,087 $ 217,567 $ 939,080 December 31, 2022 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ 1,041 $ 1,770 $ 4,118 $ 7,004 $ 2,557 $ 2,983 $ 32,170 $ 198,950 $ 80,203 $ 330,796 GAOP - 7f7 <50 — — — 337 — — 3,212 34,599 10,501 48,649 GAOP - 6f6 and below 1,756 280 2,158 1,040 597 942 15,930 98,408 30,697 151,808 Great Ajax II REIT - 7f7 >50 — — 734 661 800 467 34,973 250,168 90,478 378,281 Great Ajax II REIT - 7f7 <50 — — — 140 13 — 3,487 27,300 8,885 39,825 Great Ajax II REIT - 6f6 and below — — — — — 139 6,166 23,690 9,730 39,725 Total $ 2,797 $ 2,050 $ 7,010 $ 9,182 $ 3,967 $ 4,531 $ 95,938 $ 633,115 $ 230,494 $ 989,084 The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Par $ 360 $ 9,509 $ 17,500 $ 11,851 Discount (199) (740) (2,999) (880) Decrease/(increase) in allowance 152 (253) (100) (281) Purchase Price $ 313 $ 8,516 $ 14,401 $ 10,690 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 as compared to the amounts expected to be contractually received. An increase to the allowance for expected credit losses will occur when there is a reduction in the Company's expected future cash flows as compared to its contractual amounts due. 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 nine months ended September 30, 2023, the Company recorded a $1.2 million and $4.2 million, respectively, reclassification from non-credit discount to the allowance for expected credit losses. For the three months ended September 30, 2023, the Company had a $0.3 million increase of the allowance for expected credit losses due to decreases in the net present value of expected cash flows and for the nine months ended September 30, 2023, the Company had a $3.2 million reduction of the allowance for expected credit losses due to increases in the net present value of expected cash flows. During the three and nine months ended September 30, 2023, the Company also recorded a $0.2 million decrease of $0.1 million increase, respectively in the allowance for expected credit losses due to new acquisitions. Comparatively, during the three months ended September 30, 2022, the Company recorded a $2.3 million reclassification to non-credit discount from the allowance for expected credit losses, and during the nine months ended September 30, 2022, the Company recorded a $4.5 million reclassification from non-credit discount to the allowance for expected credit losses. This was followed by a $1.9 million and $7.0 million, respectively, reduction of the allowance for expected credit losses due to increases in the net present value of expected cash flows. During both the three and nine months ended September 30, 2022, the Company also recorded a $0.3 million increase in the allowance for expected credit losses due to new acquisitions. An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Allowance for expected credit losses, beginning of period $ (5,985) $ (9,126) $ (6,107) $ (7,112) Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment timing expectations (1,207) 2,304 (4,206) (4,488) Decrease/(increase) in allowance for expected credit losses for loan acquisitions during the period 152 (253) (100) (281) Credit loss expense on mortgage loans (76) (80) (190) (307) (Increase in)/reversal of allowance for expected credit losses due (increases)/decreases in the net present value of expected cash flows (330) 1,935 3,157 6,968 Allowance for expected credit losses, end of period $ (7,446) $ (5,220) $ (7,446) $ (5,220) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 217,288 $ 49,277 $ 694 $ 61,864 $ 925 $ 330,048 GAOP - 7f7 <50 19,786 10,511 175 8,804 136 39,412 GAOP - 6f6 and below 3,069 897 729 84,362 49,706 138,763 Great Ajax II REIT - 7f7 >50 307,823 44,009 786 15,234 105 367,957 Great Ajax II REIT - 7f7 <50 26,102 4,637 147 1,093 — 31,979 Great Ajax II REIT - 6f6 and below 195 199 — 25,472 5,055 30,921 Total $ 574,263 $ 109,530 $ 2,531 $ 196,829 $ 55,927 $ 939,080 December 31, 2022 Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 198,006 $ 44,773 $ 772 $ 86,603 $ 642 $ 330,796 GAOP - 7f7 <50 26,303 5,815 140 16,232 159 48,649 GAOP - 6f6 and below 3,333 1,538 94 94,010 52,833 151,808 Great Ajax II REIT - 7f7 >50 319,677 39,161 700 18,743 — 378,281 Great Ajax II REIT - 7f7 <50 33,113 4,188 90 2,434 — 39,825 Great Ajax II REIT - 6f6 and below 178 — 39 36,086 3,422 39,725 Total $ 580,610 $ 95,475 $ 1,835 $ 254,108 $ 57,056 $ 989,084

Real Estate Assets, Net

Real Estate Assets, Net	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, NetThe Company acquires real estate assets either through direct purchases of properties or through conversions of mortgage loans in its portfolio 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 As of September 30, 2023 and December 31, 2022, the Company’s net investments in real estate owned properties was $4.0 million and $6.3 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 September 30, 2023 and December 31, 2022, was $0.2 million and $0.3 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. As of September 30, 2023 and December 31, 2022, the Company had a total of 25 and 39 real estate owned properties, respectively. For the three and nine months ended September 30, 2023 and 2022, the majority of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Property Held-for-Sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 28 $ 3,745 37 $ 7,434 39 $ 6,333 31 $ 6,063 Net transfers from mortgage loans 4 1,339 8 1,099 5 1,348 18 3,332 Purchases — — 1 27 — — 1 27 Adjustments to record at lower of cost or fair value — (249) — 22 — (1,045) — (78) Disposals (7) (795) (9) (2,508) (19) (2,596) (13) (3,270) Balance at end of period 25 $ 4,040 37 $ 6,074 25 $ 4,040 37 $ 6,074 Dispositions

Investments

Investments	9 Months Ended
	Sep. 30, 2023
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. Beneficial interests may be trust certificates and/or subordinated notes depending on the structure of the securitization. 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 designated its debt securities as AFS or HTM based on the intent and ability to hold each security to maturity. The Company carries its AFS debt securities at fair value using prices provided by financing counterparties and believes any unrealized losses to be temporary. The Company carries its investments in securities HTM at amortized cost, net of any required allowance for credit losses. The Company carries its investments in beneficial interests at amortized cost. As described in Note 2 — Summary of Significant Accounting Policies, on January 1, 2023, the Company transferred $83.0 million of investment securities from AFS to HTM due to sale restrictions pursuant to Article 6(1) of Regulation (EU) 2017/2402 of the European Parliament and of the Council (as amended, the "EU Securitization Regulation" and, together with applicable regulatory and implementing technical standards in relation thereto, the "EU Securitization Rules"). Pursuant to the terms of these debt securities, the Company must hold at least 5.01% of the nominal value of each class of securities offered or sold to investors (the "EU Retained Interest") subject to the EU Securitization Rules. Under the EU Securitization Rules, the Company is prohibited from selling, transferring or otherwise surrendering all or part of the EU Retained Interest until all such classes are paid in full or redeemed. Transfers of securities from AFS to HTM are non-cash transactions and are recorded at fair value. On the date of transfer, accumulated other comprehensive income included unrealized losses of $10.9 million, which continues to be reported in accumulated other comprehensive income and is amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization will offset the effect on interest income of the amortization of the discount resulting from the transfer recorded at fair value. During the three and nine months ended September 30, 2023, the Company recorded amortization of $1.0 million and $4.2 million, respectively, of unrealized losses in accumulated other comprehensive income and of unamortized discount related to transfers of securities from AFS to HTM. Risks inherent in the Company's debt securities portfolio, affecting both the valuation of its securities as well as the portfolio's interest income include the risk of default, delays and inconsistency in the frequency and amount of payments, interest rate risk, risks affecting borrowers such as man-made or natural disasters and damage to or delay in realizing the value of the underlying collateral. Additionally, slower prepayments can result in lower yields on the Company's debt securities acquired at a discount and on its beneficial interest. The Company monitors the credit quality of the mortgage loans underlying its debt securities on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of September 30, 2023 Basis (1) Gross unrealized gains Gross unrealized losses Fair value Debt securities available-for-sale, at fair value $ 141,987 $ — $ (10,950) $ 131,037 Debt securities held-to-maturity at amortized cost, net of allowance for credit losses 61,189 43 (1,363) 59,869 Investment in beneficial interests at amortized cost, net of allowance for credit losses 116,954 — (19,715) 97,239 Total investments $ 320,130 $ 43 $ (32,028) $ 288,145 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM of $0.1 million and $24 thousand, respectively. As of December 31, 2022 Basis (1) Gross unrealized gains Gross unrealized losses Fair value Debt securities available-for-sale, at fair value $ 282,711 $ — $ (25,649) $ 257,062 Investment in beneficial interests at amortized cost, net of allowance for credit losses 134,552 — — 134,552 Total investments $ 417,263 $ — $ (25,649) $ 391,614 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS of $0.1 million. The following table presents a breakdown of the Company's gross unrealized losses on its investments in debt securities AFS ($ in thousands): As of September 30, 2023 Step-up date(s) (1) Basis (2) Gross unrealized losses Fair value Debt securities due February 2028 (3) February 2026 $ 4,668 $ (1) $ 4,667 Debt securities due November 2051 (4) March 2025 3,763 (42) 3,721 Debt securities due March 2060 (4) February 2025 5,878 (907) 4,971 Debt securities due June 2060 (4) March 2024 3,573 (131) 3,442 Debt securities due September 2060 (3) March 2024 1,374 (47) 1,327 Debt securities due December 2060 (4) July 2029 21,636 (4,745) 16,891 Debt securities due January 2061 (4) September 2024 4,886 (692) 4,194 Debt securities due June 2061 (5) January 2025/February 2025 13,213 (1,544) 11,669 Debt securities due October 2061 (4) April 2029 11,960 (1,321) 10,639 Debt securities due March 2062 (4) May 2029 10,525 (1,080) 9,445 Debt securities due July 2062 (3) February 2030 12,781 (430) 12,351 Debt securities due October 2062 (3) October 2026 18,005 (3) 18,002 Debt securities due May 2063 (3) July 2030 29,638 (7) 29,631 Total $ 141,900 $ (10,950) $ 130,950 (1) Step-up date is the date at which the coupon interest rate on the security increases. The Company intends for 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 security has been in an unrealized loss position for 12 months or longer. (5) 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 12 months or longer and has a step-up date in January 2025, and the other security of $1.1 million has been in a loss position for 12 months or longer and has a step-up date in February 2025. As of December 31, 2022 Step-up date(s) (1) Basis (2) Gross unrealized losses Fair value Debt securities due February 2028 (3) February 2026 $ 38,843 $ (82) $ 38,761 Debt securities due November 2051 (4) March 2025 36,829 (2,429) 34,400 Debt securities due September 2059 (5) February 2023/April 2023 14,945 (1,045) 13,900 Debt securities due November 2059 (4) April 2023 6,752 (313) 6,439 Debt securities due December 2059 (4) July 2023 33,569 (2,083) 31,486 Debt securities due March 2060 (4) February 2025 14,492 (1,909) 12,583 Debt securities due June 2060 (4) March 2024 8,002 (394) 7,608 Debt securities due September 2060 (3) March 2024 3,242 (15) 3,227 Debt securities due December 2060 (4) July 2029 43,216 (7,868) 35,348 Debt securities due January 2061 (4) September 2024 11,883 (1,342) 10,541 Debt securities due June 2061 (6) January 2025/February 2025 47,302 (6,303) 40,999 Debt securities due October 2061 (3) April 2029 12,401 (1,013) 11,388 Debt securities due March 2062 (3) May 2029 11,096 (853) 10,243 Total $ 282,572 $ (25,649) $ 256,923 (1) Step-up date is the date at which the coupon interest rate on the security increases. The Company intends for 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 security has been in an unrealized loss position for 12 months or longer. (5) This line is comprised of two securities that are both due September 2059. One security with a balance of $0.6 million has been in a loss position for 12 months or longer and has a step-up date in February 2023, and the other security of $0.5 million has been in a loss position for 12 months or longer and has a step-up date in April 2023. (6) This line is comprised of two securities that are both due June 2061. One security with a balance of $3.0 million has been in an unrealized loss position for 12 months or longer and has a step-up date in January 2025, and the other security of $3.3 million has been in a loss position for 12 months or longer and has a step-up date in February 2025. As of September 30, 2023, the Company had a gross unrealized loss of $11.0 million and no gross unrealized gains in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet on total investments AFS with a fair value of $131.0 million, which includes $0.1 million in interest receivable. As of December 31, 2022, the Company recorded a gross unrealized loss of $25.6 million and no gross unrealized gains in fair valuation adjustments in accumulated other comprehensive loss on the consolidated balance sheet on total investments AFS with a fair value of $257.1 million, which includes $0.1 million in interest receivable. During the three months ended September 30, 2023, the Company re-securitized, with an institutional accredited investor, various joint ventures into Ajax Mortgage Loan Trust 2023-B and 2023-C ("2023-B and -C") and retained 20.0% or $21.8 million and $36.1 million, respectively, of varying classes of agency rated securities and equity. 2023-B acquired 571 RPLs and NPLs with UPB of $121.7 million and an aggregate property value of $255.0 million. The senior securities represent 75.0% of the UPB of the underlying mortgage loans and carry a 4.25% coupon. 2023-C acquired 1,171 RPLs and NPLs with UPB of $203.6 million and an aggregate property value of $463.7 million. The AAA through A rated securities represent 72.4% of the UPB of the underlying mortgage loans and carry a weighted average coupon of 3.45%. Based on the structure of the transactions, the Company does not consolidate 2023-B and -C under U.S. GAAP and the retained debt securities are classified as AFS. On February 23, 2023, the Company re-securitized, with an institutional accredited investor, Ajax Mortgage Loan Trust 2019-E, 2019-G and 2019-H ("2019-E, -G and -H") joint ventures into Ajax Mortgage Loan Trust 2023-A ("2023-A") and retained 8.6% or $16.1 million of varying classes of agency rated securities and equity. 2023-A acquired 1,085 RPLs and NPLs with UPB of $205.1 million and an aggregate property value of $497.4 million. The AAA through A rated securities represent 79.8% of the UPB of the underlying mortgage loans and carry a weighted average coupon of 3.46%. All of the debt securities retained from 2023-A are classified as AFS. Comparatively, during the three months ended September 30, 2022, the Company acquired no debt securities and beneficial interests; however, during the nine months ended September 30, 2022, the Company re-securitized, with an institutional accredited 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 23.3% 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 institutional accredited 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 17.2% 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 debt securities represent 76.9% of the UPB of the underlying mortgage loans and carry a weighted average coupon of 3.47%. Debt securities retained from 2022-A and 2022-B are classified as AFS. At September 30, 2023, the investments in debt securities AFS, investments in debt securities HTM and beneficial interests were carried on the Company's consolidated balance sheet at $131.0 million, $61.2 million and $117.0 million, respectively. At December 31, 2022, the investments in debt securities AFS and beneficial interests were carried on the Company's consolidated balance sheet at $257.1 million and $134.6 million, respectively. During the three and nine months ended September 30, 2023, the Company sold senior notes issued by certain joint ventures and recognized a loss of $0.4 million and $3.3 million, respectively, which was recorded net to accumulated other comprehensive loss. Comparatively, during both the three and nine months ended September 30, 2022, the Company sold senior notes issued by certain joint ventures and recognized a loss of $0.9 million. As of September 30, 2023 and December 31, 2022, the Company had no securities that were past due. During the second quarter of 2023, the Company recorded an other than temporary impairment of $8.8 million on its beneficial interests due to the refinancing of eight joint ventures that were redeemed or partially paid down and the underlying loans were re-securitized to form 2023-B and -C. The $8.8 million was recorded on the Company's consolidated statements of operations and became a realized loss when the transactions closed during the third quarter of 2023. The Company also recognized an additional $1.3 million loss when the transaction closed during the third quarter of 2023 to reflect the final pricing agreed to with the majority certificate holder. Although the Company retained approximately a proportionate investment in the securities issued by 2023-B and -C, the beneficial interests are accounted for as distinct legal securities and the loss recorded represents the mark to market adjustment on the sale of the underlying loans by the eight joint ventures to 2023-B and -C. During the first quarter of 2023, the Company re-securitized 2019-E, -G and -H into 2023-A. The re-securitization resulted in a loss of $1.0 million on its beneficial interests in 2019-H. Although the Company retained a proportionate interest in the underlying mortgage loans and related cash flows, the beneficial interests are accounted for as distinct legal securities and were settled through a combination of the beneficial interests in 2023-A and cash received from the sale of the underlying loans in 2019-E, -G and -H. The decline in loan prices driven by disruption in the markets since year end resulted in lower than expected cash proceeds at redemption. During the first quarter of 2022, the Company recorded an other than temporary impairment of $4.0 million on its beneficial interests in 2018-D and -G when the underlying mortgage loans were re-securitized into 2022-A. The loss became a realized loss when the transaction closed in the second quarter of 2022. Also, during the second quarter of 2022, the Company recorded a loss of $2.1 million on its beneficial interests in 2019-A and -B when the underlying mortgage loans were re-securitized into 2022-B. Although the Company retained a proportionate interest in the underlying mortgage loans and related cash flows in the new trusts, the beneficial interests are accounted for as distinct legal securities and the loss recorded represents the mark to market adjustment on the sale of the underlying loans to 2022-A and -B. The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Par $ 11,962 $ — $ 14,013 $ 14,720 (Discount)/Premium (3,225) — (2,262) 1,087 Purchase Price $ 8,737 $ — $ 11,751 $ 15,807 The Company generally recognizes accretable yield and increases and decreases in the net present value of expected cash flows in earnings in the period they occur. For the three and nine months ended September 30, 2023, the Company recognized accretable yield of $1.9 million and $6.0 million, respectively, on its beneficial interest. Comparatively, for the three and nine months ended September 30, 2022, the Company recognized accretable yield of $2.2 million and $8.8 million, respectively, on its beneficial interest. For the three and nine months ended September 30, 2023, the Company recognized accretable yield of $0.5 million and $1.7 million, respectively, on its investments in securities HTM. 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 or investments in securities HTM. If there is no allowance for expected credit losses recorded against a beneficial interest or investments in securities HTM, 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 nine months ended September 30, 2023, the Company had no activity and balance related to the allowance for expected credit losses for investments in securities HTM. During the three and nine months ended September 30, 2023, the Company had no activity and balance related to the allowance for expected credit losses for beneficial interests. Comparatively, during three and nine months ended September 30, 2022, the Company recorded a zero and $0.8 million reclassification to non-credit discount from the allowance for changes in payment expectations and a zero and $0.1 million increase in the allowance for expected credit losses due to decreases in the net present value of expected cash flows, respectively. An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Allowance for expected credit losses, beginning balance $ — $ — $ — $ (615) Reclassification to non-credit discount from the allowance for changes in payment expectations — — — 759 Credit loss expense on beneficial interests — — — (50) Increase in allowance for expected credit losses due to decreases in the net present value of expected cash flows — — — (94) Allowance for expected credit losses, ending balance $ — $ — $ — $ —

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value For a discussion on the Company's fair value policy see Note 2 — Summary of Significant Accounting Policies. Recurring financial assets and liabilities measured and carried at fair value by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2023 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Recurring financial assets Investment in debt securities available-for-sale $ 131,037 $ — $ 131,037 $ — Recurring financial liabilities Put option liability $ 16,155 $ — $ — $ 16,155 Level 1 Level 2 Level 3 December 31, 2022 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Recurring financial assets Investment in debt securities available-for-sale $ 257,062 $ — $ 257,062 $ — Recurring financial liabilities Put option liability $ 12,153 $ — $ — $ 12,153 The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2023 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 939,080 $ — $ — $ 883,565 Investment in debt securities held-to-maturity $ 61,189 $ — $ 59,869 $ — Investment in beneficial interests $ 116,954 $ — $ — $ 97,239 Investment in Manager $ 1,208 $ — $ — $ 4,831 Investment in AS Ajax E LLC $ 428 $ — $ 527 $ — Investment in Ajax E Master Trust $ 2,105 $ — $ 2,020 $ — Investment in GAFS, including warrants $ 2,672 $ — $ — $ 1,439 Investment in Gaea $ 22,519 $ — $ — $ 22,118 Investment in Loan pool LLCs $ 200 $ — $ — $ 657 Financial liabilities Secured borrowings, net $ 424,651 $ — $ 379,780 $ — Borrowings under repurchase transactions $ 392,024 $ — $ 392,024 $ — Convertible senior notes, net $ 103,516 $ 99,872 $ — $ — Notes payable, net $ 106,629 $ — $ 99,495 $ — Level 1 Level 2 Level 3 December 31, 2022 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 989,084 $ — $ — $ 971,069 Investment in beneficial interests $ 134,552 $ — $ — $ 134,552 Investment in Manager $ 921 $ — $ — $ 10,093 Investment in AS Ajax E LLC $ 453 $ — $ 606 $ — Investment in Ajax E Master Trust $ 2,208 $ — $ 2,272 $ — Investment in GAFS, including warrants $ 2,041 $ — $ — $ 3,320 Investment in Gaea $ 24,339 $ — $ — $ 22,119 Investment in Loan pool LLCs $ 223 $ — $ — $ 707 Financial liabilities Secured borrowings, net $ 467,205 $ — $ 421,680 $ — Borrowings under repurchase agreement $ 445,855 $ — $ 445,855 $ — Convertible senior notes, net $ 104,256 $ 100,084 $ — $ — Notes payable, net $ 106,046 $ — $ 107,327 $ — Non-financial assets The fair value of property held-for-sale is determined using the lower of its acquisition cost ("cost") or net realizable value. Net realizable value is determined based on BPOs, appraisals, or other market indicators of fair value less expected liquidation costs. The lower of cost or net realizable value for the Company’s REO Property is stated as its carrying value. The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2023 Carrying value Nine months ended fair value adjustment recognized in the consolidated statements of operations Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 4,040 $ (1,045) $ — $ — $ 4,040 Level 1 Level 2 Level 3 December 31, 2022 Carrying value Fair value adjustment recognized in the consolidated statements of operations Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 6,333 $ (376) $ — $ — $ 6,333

Affiliates

Affiliates	9 Months Ended
	Sep. 30, 2023
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates At both September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022, the Company had ownership interests in five affiliated entities accounted for under the equity method of accounting. At both September 30, 2023 and December 31, 2022, 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. At September 30, 2023 and December 31, 2022, the Company's ownership interest was approximately 9.6% and 8.0% in GAFS, respectively. The Company accounts for its investment in GAFS using the equity method. At both September 30, 2023 and December 31, 2022, the Company owned approximately 22.0% of Gaea. The Company accounts for its ownership interest in Gaea using the equity method. At both September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, the Company’s ownership interest was approximately 40.0% in one loan pool LLC managed by the Servicer, which hold investments in RPLs and NPLs. The Company accounts for its ownership interest using the equity method. The table below shows the net income/(loss), assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100% Three months ended September 30, Nine months ended September 30, Net income/(loss) at 100% 2023 2022 2023 2022 Thetis Asset Management LLC $ 1,713 $ (502) $ 1,577 $ (1,065) AS Ajax E LLC $ 52 $ 45 $ 174 $ 85 Loan pool LLCs $ (16) $ (49) $ (56) $ (81) Great Ajax FS LLC $ (92) $ (2,458) $ (1,066) $ (5,734) Gaea Real Estate Corp. $ (4,584) $ (757) $ (6,916) $ (1,210) September 30, 2023 December 31, 2022 Assets and liabilities at 100% Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 8,211 $ 995 $ 6,948 $ 2,661 AS Ajax E LLC $ 2,677 $ 1 $ 2,837 $ 2 Loan pool LLCs $ 1,200 $ 216 $ 1,201 $ 161 Great Ajax FS LLC $ 68,692 $ 56,595 $ 78,375 $ 66,324 Gaea Real Estate Corp. $ 157,965 $ 61,915 $ 162,933 $ 58,185 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended September 30, Nine months ended September 30, Net income/(loss) at the Company's share 2023 2022 2023 2022 Thetis Asset Management LLC $ 339 $ (99) $ 312 $ (211) AS Ajax E LLC $ 9 $ 7 $ 29 $ 14 Loan pool LLCs $ (6) $ (20) $ (22) $ (33) Great Ajax FS LLC $ (9) $ (197) $ (96) $ (460) Gaea Real Estate Corp. $ (1,007) $ (167) $ (1,520) $ (268) September 30, 2023 December 31, 2022 Assets and liabilities at the Company's share Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 1,626 $ 197 $ 1,376 $ 527 AS Ajax E LLC $ 441 $ — $ 467 $ — Loan pool LLCs $ 480 $ 86 $ 480 $ 64 Great Ajax FS LLC $ 6,587 $ 5,427 $ 6,270 $ 5,306 Gaea Real Estate Corp. $ 34,705 $ 13,603 $ 35,894 $ 12,818 Consolidated Affiliates The Company consolidates the results and balances of certain securitization trusts which are established to provide debt financing to the Company by securitizing pools of mortgage loans. These trusts are considered to be VIEs, and the Company has determined that it is the primary beneficiary of certain of these VIEs. See Note 9 — Debt. The Company also consolidates the activities and balances of its controlled affiliates, which include AS Ajax E II, which was established to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. At both September 30, 2023 and December 31, 2022, AS Ajax E II was 53.1% owned by the Company, with the remainder held by third parties. 2017-D is a securitization trust formed to hold mortgage loans, REO property and secured borrowings. At both September 30, 2023 and December 31, 2022, the Company held a 50.0% ownership in the remaining loans held by 2017-D. Great Ajax II REIT wholly owns Great Ajax II Depositor LLC which acts as the depositor of mortgage loans

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 or other assets identified in any acquisition agreement as of the date of these consolidated financial statements, and it is possible that the terms of such acquisitions may change. At September 30, 2023, the Company had no commitments to acquire additional mortgage loans. 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 year ended December 31, 2022, the Company repurchased and retired 1,882,451 shares of its series A preferred stock and 1,757,010 shares of its series B preferred stock in a series of repurchase transactions. The series A and series B preferred stock were repurchased for an aggregate of $88.7 million at an average price of $24.37 per share, representing a discount of approximately 2.5% to the face value of $25.00 per share. The repurchase of the preferred stock caused the recognition of $8.2 million of preferred stock discount during the year ended December 31, 2022. Of the 1,882,451 shares of its series A preferred stock and 1,757,010 shares of its series B preferred stock the Company repurchased and retired during the year ended December 31, 2022, 1,113,932 and 1,882,451 shares of its series A preferred stock and 1,525,529 and 1,757,010 shares of its series B preferred stock were repurchased and retired during the three and nine months ended September 30, 2022, respectively. During the three and nine months ended September 30, 2022, the series A and series B preferred stock were repurchased for an aggregate of $64.2 million and $88.7 million, respectively, at an average price of $24.32 and $24.37 per share, respectively, representing a discount of approximately 2.7% and 2.5%, respectively, to the face value of $25.00 per share. The repurchase of the preferred stock caused the recognition of $5.7 million and $8.2 million of preferred stock discount during the three and nine months ended September 30, 2022, respectively. There was no repurchase of preferred stock during the three and nine months ended September 30, 2023. Also during the year ended December 31, 2022, the Company repurchased and retired 4,549,328 of the outstanding warrants for $35.0 million. Of the 4,549,328 warrants the Company repurchased and retired during the year ended December 31, 2022, 3,299,328 and 4,549,328 warrants were repurchased and retired during the three and nine months ended September 30, 2022, respectively, for $25.8 million and $35.0 million, respectively. No warrants were repurchased during the three and nine months ended September 30, 2023. The remaining liability on the consolidated balance sheet at September 30, 2023 for the present value of the put liability on the remaining outstanding warrants is $16.2 million, representing the fair value of the put liability at the balance sheet date. As of September 30, 2023, the basis of the warrants was $16.2 million after accreting to the initial future put obligation of $15.7 million in July 2023, taking into account the 2022 redemptions. The warrants continue to accrue at a rate of 10.75% for the Series A Preferred Stock and 13.00% for the Series B Preferred Stock on the initial future put obligation with no compounding. The rate is determined by subtracting the dividend rate on the preferred stock from 18.0%. The expense is recognized in the Fair value adjustment on put option liability line of the Company's consolidated statements of operations. The following table sets forth the details of the Company's put option liability ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Beginning balance $ 15,614 $ 24,834 $ 12,153 $ 23,667 Fair value adjustments during the period 540 2,917 4,001 9,712 Repurchases — (17,029) — (22,657) Ending balance $ 16,154 $ 10,722 $ 16,154 $ 10,722 Litigation, Claims and Assessments From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2023, the Company was not a party to, and its properties were not subject to, any pending or threatened legal proceedings that individually or in the aggregate, are expected to have a material impact on its financial condition, results of operations or cash flows.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
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 SOFR, 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 75% and 90% of the asset’s acquisition price, depending upon the facility being utilized and/or the quality of the underlying collateral. The obligations of the Trust to repurchase these mortgage loans at a future date are guaranteed by the Company's Operating Partnership. The difference between the market value of the asset and the amount of the repurchase agreement is generally the amount of equity in the position and is intended to provide the buyer with some protection against fluctuations in the value of the collateral, and/or a failure by the Company to repurchase the asset and repay the borrowing at maturity. The Company has also entered into four repurchase facilities as of September 30, 2023 substantially similar to the mortgage loan repurchase facilities, but where the pledged assets are bonds retained from the Company's securitization transactions. These facilities have no effective ceilings. Each repurchase transaction represents its own borrowing. As such, the ceilings associated with these transactions are the amounts currently borrowed at any one time. The Company has effective control over the assets subject to all of these transactions; therefore, the Company’s repurchase transactions are accounted for as financing arrangements. The Servicer services these mortgage loans pursuant to the terms of a Servicing Agreement by and between the Servicer and each buyer. Each Servicing Agreement has the same fees and expenses terms as the Company’s Servicing Agreement described under Note 10 — Related Party Transactions. The Operating Partnership, as guarantor, will provide to the buyers a limited guaranty of certain losses incurred by the buyers in connection with certain events and/or the Seller’s obligations under the mortgage loan purchase agreement, following the breach of certain covenants by the Seller, the occurrence of certain bad acts by the Seller, the occurrence of certain insolvency events of the Seller or other events specified in the Guaranty. As security for its obligations under the Guaranty, the guarantor will pledge the trust certificate representing the Guarantor’s 100% beneficial interest in the Seller. The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): September 30, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Barclays - bonds (1) $ 71,697 $ 105,129 6.89 % A Bonds October 3, 2023 11,266 15,856 6.75 % October 20, 2023 21,790 29,001 6.77 % November 3, 2023 11,007 13,655 6.52 % November 22, 2023 2,181 3,576 6.69 % B Bonds October 26, 2023 2,979 5,145 7.65 % November 3, 2023 3,572 6,702 7.34 % November 22, 2023 4,365 8,158 7.29 % December 13, 2023 13,127 20,416 7.16 % M Bonds November 3, 2023 295 516 6.69 % November 22, 2023 1,115 2,104 6.89 % September 30, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Nomura - bonds (1) $ 70,557 $ 100,507 6.87 % A Bonds October 24, 2023 36,517 46,784 6.86 % November 15, 2023 5,413 7,508 6.91 % December 29, 2023 17,480 25,102 6.69 % B Bonds October 24, 2023 1,024 1,692 7.16 % November 15, 2023 3,002 5,699 7.31 % December 29, 2023 3,782 6,449 7.17 % M Bonds October 24, 2023 2,307 5,029 7.15 % December 29, 2023 1,032 2,244 6.94 % JP Morgan - bonds (1) $ 35,596 $ 55,298 6.71 % A Bonds November 30, 2023 9,917 13,222 6.75 % B Bonds October 30, 2023 6,551 11,458 7.12 % M Bonds October 6, 2023 15,331 23,258 6.39 % November 30, 2023 507 878 7.05 % January 22, 2024 3,290 6,482 7.23 % Nomura - loans (2) October 5, 2023 $ 203,685 $ 280,984 7.90 % JP Morgan - loans (3) July 10, 2024 $ 10,489 $ 15,589 7.68 % Totals/weighted averages $ 392,024 $ 557,507 (4) 7.42 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of September 30, 2023. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of September 30, 2023 was $400.0 million. Also, subsequent to September 30, 2023 the maturity date has been extended to November 3, 2023. (3) Maximum borrowing capacity subject to pledging sufficient collateral as of September 30, 2023 was $150.0 million. (4) Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of September 30, 2023. December 31, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Barclays - bonds (1) $ 126,458 $ 181,667 6.10 % A Bonds January 3, 2023 12,345 18,399 5.33 % January 20, 2023 47,591 64,692 5.76 % April 26, 2023 27,655 37,216 6.60 % May 3, 2023 11,879 15,535 5.97 % May 22, 2023 2,107 3,421 6.17 % B Bonds March 13, 2023 12,639 20,755 6.45 % April 26, 2023 2,943 5,174 7.00 % May 3, 2023 3,627 6,405 6.77 % May 22, 2023 4,306 7,606 6.77 % M Bonds May 3, 2023 292 521 6.12 % May 22, 2023 1,074 1,943 6.37 % Nomura - bonds (1) $ 35,742 $ 55,303 6.02 % A Bonds January 12, 2023 3,910 5,458 5.32 % February 14, 2023 6,481 9,818 5.81 % February 24, 2023 3,795 5,178 6.05 % March 23, 2023 11,186 17,202 6.08 % B Bonds February 14, 2023 5,619 9,542 6.24 % February 24, 2023 1,054 1,689 6.45 % December 31, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate March 23, 2023 3,697 6,416 6.48 % Goldman Sachs - bonds (1) $ 3,102 $ 4,044 5.58 % A Bonds January 13, 2023 3,102 4,044 5.58 % JP Morgan - bonds (1) $ 56,656 $ 82,071 5.59 % A Bonds March 7, 2023 11,103 14,836 5.62 % March 24, 2023 22,131 30,215 5.41 % B Bonds February 3, 2023 7,846 13,583 5.86 % M Bonds March 7, 2023 490 893 5.85 % April 11, 2023 15,086 22,544 5.70 % Nomura - loans (2) October 5, 2023 $ 212,147 $ 292,415 6.65 % JP Morgan - loans (3) July 10, 2023 $ 11,750 $ 17,839 6.90 % Totals/weighted averages $ 445,855 $ 633,339 (4) 6.31 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2022. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2022 was $400.0 million. (3) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2022 was $150.0 million. (4) Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of December 31, 2022. The Guaranty establishes a master netting arrangement; however, the arrangement does not meet the criteria for offsetting within the Company’s consolidated balance sheets. A master netting arrangement derives from contractual agreements entered into by two parties to multiple contracts that provides for the net settlement of all contracts covered by the agreements in the event of default under any one contract. As of September 30, 2023 and December 31, 2022, the Company had $5.9 million and $5.2 million, respectively, of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheets and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at September 30, 2023 and December 31, 2022 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2023 December 31, 2022 Gross amount of recognized liabilities $ 392,024 $ 445,855 Gross amount of loans and securities pledged as collateral 551,565 628,187 Other prepaid collateral 5,942 5,152 Net collateral amount $ 165,483 $ 187,484 Secured Borrowings From its inception (January 30, 2014) to September 30, 2023, the Company has completed 18 secured borrowings for its own balance sheet, not including its off-balance sheet joint ventures in which it holds investments in various classes of securities, pursuant to Rule 144A under the Securities Act, five of which were outstanding at September 30, 2023. The secured borrowings are generally structured as debt financings. T he 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 subordinated notes and the applicable trust certificates from one non-rated secured borrowing outstanding at September 30, 2023. 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 September 30, 2023. The Company’s rated secured borrowings are designated in the table below. 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 September 30, 2023 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 Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Ajax Mortgage Loan Trust 2021-A/ January 2021 January 25, 2029 Class A-1 notes due 2065 $146.2 million 1.07 % January 25, 2029 Class A-2 notes due 2065 $21.1 million 2.35 % January 25, 2029 Class M-1 notes due 2065 (1) $7.8 million 3.15 % None Class B-1 notes due 2065 (2) $5.0 million 3.80 % None Class B-2 notes due 2065 (2) $5.0 million variable (3) None Class B-3 notes due 2065 (2) $21.5 million variable (3) Deferred issuance costs $(2.5) million — % Non-rated Ajax Mortgage Loan Trust 2021-B/ February 2021 August 25, 2024 Class A notes due 2066 $215.9 million 2.24 % February 25, 2025 Class B notes due 2066 (2) $20.2 million 4.00 % Deferred issuance costs $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. Servicing for the mortgage loans in the Company’s secured borrowings is provided by the Servicer at servicing fee rates between 0.65% of outstanding UPB and 1.25% of outstanding UPB at acquisition, and is paid monthly. The determination of RPL or NPL status, which determines the servicing fee rates, is based on the status of the loan at acquisition and does not change regardless of the loan's subsequent performance. The following table sets forth the status of the notes held by others at September 30, 2023 and December 31, 2022, and the securitization cutoff date ($ in thousands): Balances at September 30, 2023 Balances at December 31, 2022 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 $ 98,872 $ 69,392 142 % $ 105,387 $ 76,016 139 % $ 193,301 $ 156,670 2019-F 98,901 60,258 164 % 105,102 66,522 158 % 170,876 127,673 2020-B 102,103 64,502 158 % 107,011 70,339 152 % 156,468 114,534 2021-A 128,812 105,173 122 % 138,006 113,929 121 % 206,506 175,116 2021-B 209,726 128,798 163 % 220,320 145,073 152 % 287,882 215,912 $ 638,414 $ 428,123 (1) 149 % $ 675,826 $ 471,879 (1) 143 % $ 1,015,033 $ 789,905 (1) This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $3.5 million and $4.7 million as of September 30, 2023 and December 31, 2022. Notes 2024 Notes (Convertible Senior Notes) At September 30, 2023 and December 31, 2022, the Company's 2024 Notes had carrying values of $103.5 million and $104.3 million, respectively. The 2024 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 2024 Notes will mature on April 30, 2024, unless earlier repurchased, converted or redeemed. During certain periods and subject to certain conditions the 2024 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 2024 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 September 30, 2023, the amount by which the if-converted value falls short of the principal value for the entire series is $57.1 million. At September 30, 2023, the outstanding aggregate principal amount of the 2024 Notes was $103.5 million, and discount and deferred expenses were zero. At December 31, 2022, the outstanding aggregate principal amount of the 2024 Notes was $104.5 million, and discount and deferred expenses were $0.3 million. During the three and nine months ended September 30, 2023, the Company recognized interest expense on its outstanding 2024 Notes of $1.9 million and $5.9 million, respectively, which includes zero and $0.3 million of amortization of discount and deferred expenses, respectively. During the three and nine months ended September 30, 2022, the Company recognized interest expense on its outstanding convertible 2024 Notes of $2.1 million and $6.3 million, respectively, which includes $0.2 million and $0.6 million of amortization of discount and deferred expenses, respectively. The effective interest rates of the 2024 Notes for the three months ended September 30, 2023 and September 30, 2022 were 7.25% and 8.04%, respectively. During the first quarter of 2023, the Company completed a repurchase of $1.0 million aggregate principal of its 2024 Notes for a total purchase price of $1.0 million. There were no 2024 Notes repurchases during the second or third quarters of 2023. During the second quarter of 2022, the Company completed a repurchase of $0.1 million aggregate principal of its 2024 Notes for a total purchase price of $0.1 million. There were no 2024 Notes repurchases during the first or third quarters of 2022. On January 1, 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 2024 Notes of $0.7 million, representing the carrying value of the conversion feature associated with the 2024 Notes. Coupon interest on the 2024 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 reduction of the carrying value of the 2024 Notes, and are amortized to interest expense on an effective yield basis through April 30, 2023, the date at which the 2024 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 2024 Notes at their option prior to April 30, 2023 only under certain circumstances. In addition, the 2024 Notes will be convertible irrespective of those circumstances from, and including, April 30, 2023 to, and including, the business day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company's election. The Company may not redeem the 2024 Notes prior to April 30, 2022, and may redeem for cash all or any portion of the 2024 Notes, at its option, on or after April 30, 2022 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. 2027 Notes (Unsecured Notes) In August 2022, the Operating Partnership issued $110.0 million aggregate principal amount of 8.875% 2027 Notes. The 2027 Notes have a five yea Company and are included in the Company's liabilities in its consolidated balance sheet at September 30, 2023 . Interest on the 2027 Notes is payable semi-annually on March 1 and September 1, with the first payment due and payable on March 1, 2023. The 2027 Notes will mature on September 1, 2027. Net proceeds from the sale of the 2027 Notes totaled approximately $106.1 million, after deducting the discount, commissions, and offering expenses which will be amortized over the term of the 2027 Notes using the effective interest method. The Company used $90.0 million of the proceeds to repurchase and retire a portion of its outstanding 7.25% Series A and 5.00% Series B Fixed-to-Floating Rate Preferred Stock at a discount, and a proportionate amount of outstanding warrants. The remainder of the proceeds is expected to be used for general corporate purposes. At September 30, 2023, the outstanding aggregate principal amount of the 2027 Notes was $110.0 million, and discount and deferred expenses in aggregate were $3.4 million. At December 31, 2022, the outstanding aggregate principal amount of the 2027 Notes was $110.0 million, and discount and deferred expenses in aggregate were $4.0 million. During the three and nine months ended September 30, 2023, the Company recognized interest expense on the 2027 Notes of $2.7 million and $7.9 million, respectively, which includes $0.2 million and $0.6 million of amortization of discount and deferred expenses, respectively. The effective interest rate for the 2027 Notes for the three months ended September 30, 2023 was 9.98%. The following table summarizes the Company's long term maturities ($ in thousands): Year Debt instrument As of September 30, 2023 2024 2024 Notes (Convertible Senior Notes) $ 103,516 2025 $ — 2026 $ — 2027 2027 Notes (Unsecured Notes) $ 110,000 2028 $ —

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s consolidated statements of operations included the following significant related party transactions ($ in thousands): Three months ended September 30, Transaction Consolidated Statement of Operations location Counterparty 2023 2022 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 $ 4,218 $ 4,614 Management fee Related party expense – management fee Manager $ 1,940 $ 1,948 Loan servicing fees Related party expense – loan servicing fees Servicer $ 1,809 $ 1,952 Income/(loss) from equity investment Loss from investments in affiliates Manager $ 339 $ (99) Affiliate loan interest income Interest income Servicer $ 118 $ 69 Income from equity investment Loss from investments in affiliates AS Ajax E LLC $ 9 $ 7 Loss from equity investment Loss from investments in affiliates Loan pool LLCs $ (6) $ (20) Loss from equity investment Loss from investments in affiliates Servicer $ (9) $ (197) Loss on sale of securities Other income/(loss) Various non-consolidated joint ventures $ (373) $ (860) Loss from equity investment Loss from investments in affiliates Gaea $ (1,007) $ (167) Loss from joint venture re-securitization on beneficial interests Loss on joint venture refinancing on beneficial interests Various non-consolidated joint ventures $ (1,215) $ — Nine months ended September 30, Transaction Consolidated Statement of Operations location Counterparty 2023 2022 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 $ 13,267 $ 16,689 Management fee Related party expense – management fee Manager $ 5,769 $ 6,604 Loan servicing fees Related party expense – loan servicing fees Servicer $ 5,496 $ 6,049 Affiliate loan interest income Interest income Servicer $ 320 $ 203 Income/(loss) from equity investment Loss from investments in affiliates Manager $ 312 $ (211) Income from equity investment Loss from investments in affiliates AS Ajax E LLC $ 29 $ 14 Loss from equity investment Loss from investments in affiliates Loan pool LLCs $ (22) $ (33) Loss from equity investment Loss from investments in affiliates Servicer $ (96) $ (460) Loss from equity investment Loss from investments in affiliates Gaea $ (1,520) $ (268) Loss on sale of securities Other income/(loss) Various non-consolidated joint ventures $ (3,347) $ (939) Loss from joint venture re-securitization on beneficial interests Loss on joint venture refinancing on beneficial interests Various non-consolidated joint ventures $ (11,024) $ (6,115) The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): Transaction Consolidated Balance Sheet location Counterparty As of September 30, 2023 Investment in beneficial interests Investments in beneficial interests Various non-consolidated joint ventures $ 116,954 Receivables from Servicer Receivable from servicer Servicer $ 9,673 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 6,275 Management fee payable Management fee payable Manager $ 1,938 Servicing fee payable Accrued expenses and other liabilities Servicer $ 89 Transaction Consolidated Balance Sheet location Counterparty As of December 31, 2022 Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 134,552 Receivables from Servicer Receivable from servicer Servicer $ 7,450 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 1,869 Management fee payable Management fee payable Manager $ 1,720 Servicing fee payable Accrued expenses and other liabilities Servicer $ 101 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 September 30, 2023, the investments in debt securities AFS, investments in debt securities HTM and beneficial interests were carried on the Company's consolidated balance sheet at $131.0 million, $61.2 million and $117.0 million, respectively. As of December 31, 2022, the investments in debt securities AFS and beneficial interests were carried on the Company's consolidated balance sheet at $257.1 million and $134.6 million, respectively. During the second quarter of 2023, the Company recorded an other than temporary impairment of $8.8 million on its beneficial interests due to the refinancing of eight joint ventures that were redeemed or partially paid down and the underlying loans were re-securitized to form 2023-B and -C. The $8.8 million was recorded on the Company's consolidated statements of operations and became a realized loss when the transactions closed during the third quarter of 2023. The Company also recognized an additional $1.3 million loss when the transaction closed during the third quarter of 2023 to reflect the final pricing agreed to with the majority certificate holder. Although the Company retained approximately a proportionate investment in the securities issued by 2023-B and -C, the beneficial interests are accounted for as distinct legal securities and the loss recorded represents the mark to market adjustment on the sale of the underlying loans by the eight joint ventures to 2023-B and -C. During the first quarter of 2023, the Company re-securitized 2019-E, -G and -H into 2023-A. The re-securitization resulted in a loss of $1.0 million on its beneficial interests in 2019-H. Although the Company retained a proportionate 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 interests in 2023-A and cash received from the sale of the underlying loans in 2023-A. The decline in loan prices driven by disruption in the markets since year end resulted in lower than expected cash proceeds at redemption. During the first quarter of 2022, the Company recorded an other than temporary impairment of $4.0 million on its beneficial interests in 2018-D and -G when the underlying mortgage loans were re-securitized into 2022-A. The loss became a realized loss when the transaction closed in 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 when the underlying mortgage loans were re-securitized into 2022-B. Although the Company retained a proportionate interest in the underlying mortgage loans and related cash flows in the new trusts, the beneficial interests are accounted for as distinct legal securities and the loss recorded represents the mark to market adjustment on the sale of the underlying loans to 2022-A and 2022-B. During the three and nine months ended September 30, 2023, the Company sold senior notes issued by certain joint ventures and recognized a loss of $0.4 million and $3.3 million, respectively, which was recorded net to accumulated other comprehensive loss. Comparatively, during both the three and nine months ended September 30, 2022, the Company sold senior notes issued by certain joint ventures and recognized a loss of $0.9 million. During April 2023, the Company purchased two residential RPLs from a legacy entity for $0.2 million with UPB of $0.3 million and collateral value of $0.5 million. The loans are included in Mortgage loans held-for-investment, net on the Company's consolidated balance sheets. During February 2023, the Company purchased one residential RPL from the Servicer for $0.2 million with UPB of $0.2 million and collateral value of $0.4 million. The loans are included in Mortgage loans held-for-investment, net on the Company's consolidated balance sheets. During January 2023, the Company contributed an additional $0.7 million equity interest in GAFS. As of September 30, 2023 and December 31, 2022, the Company's ownership of GAFS was 9.6% and 8.0%, respectively. The Company accounts for its investment using the equity method. 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. On December 14, 2022, the Servicer exchanged 361,912 of the Company's shares of common stock to paydown $2.8 million of the outstanding debt. At September 30, 2023 and December 31, 2022, the amount outstanding on the note and interest was $2.7 million and $0.7 million, respectively. In June 2019, the Company entered into an arrangement with the Servicer as the borrower and the Company as the lender to advance funds secured by real property to facilitate the 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 September 30, 2023 and December 31, 2022, the Company had $3.6 million and $1.1 million advances outstanding to the Servicer, respectively. 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 both September 30, 2023 and December 31, 2022, the Company owned approximately 22.0% of Gaea with third party investors owning the remaining 78.0%. 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. During the year ended December 31, 2020, one of the loan pool LLCs sold its remaining loans. Also, during the year ended December 31, 2022, another loan pool LLCs sold its remaining loans to the Company for a purchase price of $0.3 million and UPB of $0.4 million. At both September 30, 2023 and December 31, 2022, the Company’s ownership interest was approximately 40.0% in one loan pool LLC managed by the Servicer. 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 other 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 September 30, 2023 and December 31, 2022, 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 Third Amended and Restated Management Agreement with the Manager, as amended, 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. Also, under the First Amendment to the Third Amended and Restated Management Agreement with the Manager, which has an effective date of March 1, 2023, the Company's quarterly base management fee will include, in its computation of equity managed, its unsecured debt securities to the extent the proceeds were used to repurchase the Company's preferred stock. 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. In the event that the payment of the quarterly base management fee has not reached the 50/50 split, all of the incentive fee is payable in shares of the Company’s common stock at its discretion and any until the 50/50 split occurs. In the event that the total payment of the quarterly base management fee and the incentive fee has reached the 50/50 split, 20% of the remaining incentive fee is payable in shares of the Company's common stock and 80% of the remaining incentive fee is payable in cash. Notwithstanding the foregoing, the Company may elect to pay the incentive fee entirely in cash at its discretion. During the three and nine months ended September 30, 2023, the Company did not record an incentive fee payable to the Manager. Comparatively, during the three and nine months ended September 30, 2022, the Company recorded an incentive fee of zero and $0.3 million, respectively, of which none was settled in shares of its common stock. 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 for mortgage loans range from 0.65% to 1.25% annually of 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 to foreclosed property 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	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Payments and Director Fees	Stock-based Payments and Director FeesPursuant 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 nine months ended September 30, 2023 of $1.9 million and $5.8 million, respectively, of which zero was settled in shares of its common stock. Comparatively, for the three and nine months ended September 30, 2022, the Company recognized a base management fee of $1.9 million and $6.5 million, respectively. For the three months ended September 30, 2022, the Company issued zero shares of its common stock; however, for the nine months ended September 30, 2022, 39,558 shares of its common stock were issued in satisfaction of a component of the base management fee for the fourth quarter of 2021 that was approved by the Board during the first quarter of 2022. During the three and nine months ended September 30, 2023, the Company recorded no incentive fee. Comparatively, during the three and nine months ended September 30, 2022, the Company recorded an incentive fee of zero and $0.3 million, respectively, of which none was settled in shares of its common stock. Additionally, each of the Company’s independent directors received an annual retainer of $140,000, payable quarterly, 50% of which is payable in shares of the Company's common stock and 50% in cash. However, the Company has the option to pay the annual retainer with up to 100% in cash at its discretion, and pay the remainder in shares of its common stock. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands): Stock-based Management Fees and Director Fees For the three months ended September 30, 2023 2022 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Independent director fees — $ — (1) 8,440 $ 88 Totals — $ — 8,440 $ 88 (1) Independent director fees for the three months ended September 30, 2023, will be settled 100% in cash. For the nine months ended September 30, 2023 2022 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Independent director fees 13,020 $ 88 25,790 $ 263 Management fees — — 39,558 — (1) Totals 13,020 $ 88 65,348 $ 263 (1) Management fees for the nine months ended September 30, 2022, 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 3,103 and 28,562 shares of its common stock in the three and nine months ended September 30, 2023, respectively, which have vesting periods of up to four years. Comparatively, the Company granted 157,350 and 201,615 shares of its common stock to employees of its Manager and Servicer in the three and nine months ended September 30, 2022, respectively, which have vesting periods of up to four years. 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 in the table below: Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nine months ended September 30, 2022 December 31, 2021 outstanding unvested share grants 228,365 $ 12.00 8,000 $ 12.60 Shares vested — — — — Shares forfeited (17,335) 11.93 — — Shares granted 22,765 11.42 — — March 31, 2022 outstanding unvested share grants 233,795 $ 11.95 8,000 $ 12.60 Shares vested — — (8,000) 12.60 Shares forfeited (17,668) 11.88 — — Shares granted 21,500 10.50 — — June 30, 2022 outstanding unvested share grants 237,627 $ 11.82 — $ — Shares vested (76,214) 11.95 — — Shares forfeited (7,626) 11.51 — — Shares granted 157,350 10.41 — — September 30, 2022 outstanding unvested share grants 311,137 (1) $ 11.09 — (2) $ — (1) Weighted average remaining life of unvested shares for employee and service provider grants at September 30, 2022 is 2.2 years. (2) Director shares were fully vested at September 30, 2022. Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nine months ended September 30, 2023 December 31, 2022 outstanding unvested share grants 310,262 $ 10.98 — $ — Shares vested (30,515) 11.56 — — Shares forfeited (5,668) 10.30 — — Shares granted 3,000 7.34 25,000 7.15 March 31, 2023 outstanding unvested share grants 277,079 $ 10.88 25,000 $ 7.15 Shares vested (9,475) 11.25 — — Shares forfeited (7,084) 11.16 — — Shares granted 22,459 6.50 — — June 30, 2023 outstanding unvested share grants 282,979 $ 10.52 25,000 $ 7.15 Shares vested (104,503) 10.81 — — Shares forfeited (4,251) 10.60 — — Shares granted 3,103 6.95 — — September 30, 2023 outstanding unvested share grants 177,328 (1) $ 10.28 25,000 (2) $ 7.15 (1) Weighted average remaining life of unvested shares for employee and service provider grants at September 30, 2023 is 1.8 years. (2) Weighted average remaining life of unvested shares for director grants at September 30, 2023 is 1.4 years. The following table presents the expenses for the Company's restricted stock plan ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Restricted stock grants $ 353 $ 328 $ 1,154 $ 821 Director grants 22 — 52 33 Total expenses for plan grants $ 375 $ 328 $ 1,206 $ 854

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. And as a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. The Company’s consolidated financial statements include the operations of two TRS entities, GA-TRS and GAJX Real Estate Corp., which are subject to U.S. federal, state and local income taxes on their taxable income. For the three and nine months ended September 30, 2023, the Company had consolidated taxable loss of $0.9 million and taxable income of $0.9 million, respectively, and income tax benefit of $0.1 million and tax expense of $0.2 million, respectively. For the three and nine months ended September 30, 2022, the Company had consolidated taxable income of $6.5 million and $27.5 million, respectively, and income tax expense of $2.4 million and $2.6 million, respectively. As of September 30, 2023 and 2022, the Company recognized a deferred tax asset of $0.5 million and a deferred tax liability of $1.2 million, respectively.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): Three months ended September 30, 2023 Three months ended September 30, 2022 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net loss attributable to common stockholders $ (6,089) 24,001,702 $ (16,249) 22,538,891 Allocation of loss to participating restricted shares 62 — 210 — Consolidated net loss attributable to unrestricted common stockholders $ (6,027) 24,001,702 $ (0.25) $ (16,039) 22,538,891 $ (0.71) Effect of dilutive securities (1,2) Restricted stock grants and director fee shares (62) 242,445 (210) 294,574 Diluted EPS Consolidated net loss attributable to common stockholders and dilutive securities $ (6,089) 24,244,147 $ (0.25) $ (16,249) 22,833,465 $ (0.71) (1) The Company's outstanding warrants for an additional 1,950,672 and 5,250,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended September 30, 2023 and 2022, respectively, and have not been included in the calculation. (2) The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended September 30, 2023 and 2022 would have been anti-dilutive and have been removed from the calculation. Nine months ended September 30, 2023 Nine months ended September 30, 2022 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net loss attributable to common stockholders $ (26,064) 23,395,727 $ (21,844) 22,737,182 Allocation of loss to participating restricted shares 324 — 263 — Consolidated net loss attributable to unrestricted common stockholders $ (25,740) 23,395,727 $ (1.10) $ (21,581) 22,737,182 $ (0.95) Effect of dilutive securities (1,2) Restricted stock grants and Manager and director fee shares (324) 293,191 (263) 277,015 Diluted EPS Consolidated net loss attributable to common stockholders and dilutive securities $ (26,064) 23,688,918 $ (1.10) $ (21,844) 23,014,197 $ (0.95) (1) The Company's outstanding warrants for an additional 1,950,672 and 5,250,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the nine months ended September 30, 2023 and 2022, respectively, and have not been included in the calculation. (2) The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the nine months ended September 30, 2023 and 2022 would have been anti-dilutive and have been removed from the calculation.

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity	Equity Common Stock As of September 30, 2023 and December 31, 2022, the Company had 25,808,681 and 23,130,956 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 first half of 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. During the year ended December 31, 2022, the Company repurchased and retired 1,882,451 shares of its series A preferred stock and 1,757,010 shares of its series B preferred stock in a series of repurchase transactions. The series A and series B preferred stock were repurchased for an aggregate of $88.7 million at an average price of $24.37 per share, representing a discount of approximately 2.5% to the face value of $25.00 per share. The repurchase of the preferred stock caused the recognition of $8.2 million of preferred stock discount during the year ended December 31, 2022. Of the $8.2 million recognized, $5.7 million and $8.2 million was recognized during the three and nine months ended September 30, 2022, respectively. There was no repurchase of preferred stock in either the three or nine months ended September 30, 2023. At both September 30, 2023 and December 31, 2022, the Company had 424,949 shares of Series A preferred stock and 1,135,590 shares of Series B preferred stock outstanding. There were 25,000,000 shares, cumulative for all series, authorized as of both September 30, 2023 and December 31, 2022. 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. As of September 30, 2023, the Company held 1,035,785 shares of treasury stock consisting of 148,834 shares received through distributions of the Company's shares previously held by its Manager, 361,912 shares received through its Servicer and 525,039 shares acquired through open market purchases. As of December 31, 2022, the Company held 1,031,609 shares of treasury stock consisting of 144,658 shares received through distributions of the Company's shares previously held by its Manager, 361,912 shares received through its Servicer and 525,039 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. The Company issued zero shares during the three and nine months ended September 30, 2023. Comparatively, during the three and nine months ended September 30, 2022, 9,315 and 27,154 shares were issued, respectively, under the plan for total proceeds of approximately $88.0 thousand and $0.3 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 nine months ended September 30, 2023, 2,182,152 and 2,621,742 shares were sold, respectively, under the At the Market program for total net proceeds of approximately $14.3 million and $17.2 million, respectively. Comparatively, during the three and nine months ended September 30, 2022, no shares were sold under the At the Market program. The Company is deploying the net proceeds to acquire mortgage loans and mortgage-related assets consistent with its investment strategy. Accumulated Other Comprehensive Loss The Company recognizes unrealized gains or losses on its investment in debt securities AFS as components of other comprehensive loss. Additionally, other comprehensive loss includes unrealized gains or losses associated with the transfer of the Company's investment in debt securities from AFS to HTM. These amounts are subsequently amortized from other comprehensive loss into earnings over the same period as the related unamortized discount. Total accumulated other comprehensive loss on the Company’s balance sheet at September 30, 2023 and December 31, 2022 was as follows ($ in thousands): Investments in securities: September 30, 2023 December 31, 2022 Unrealized losses on debt securities available-for-sale $ (10,950) $ (25,649) Unrealized losses on debt securities available-for-sale transferred to held-to-maturity (6,783) — Accumulated other comprehensive loss $ (17,733) $ (25,649) Non-controlling Interest At both September 30, 2023 and December 31, 2022, the Company had non-controlling interests attributable to ownership interests for three legal entities. At both September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, 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. The following table sets forth the effects of changes in the Company's ownership interest due to transfers from non-controlling interest ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Decrease from the distribution of 2017-D $ — $ (34) $ — $ (867) Change in non-controlling interest $ — $ (34) $ — $ (867)

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Events As the Company previously announced on October 20, 2023, the Company and Ellington Financial Inc. (“Ellington Financial”) mutually terminated the Company's merger agreement with Ellington Financial. The termination was approved by both companies’ boards of directors after careful consideration of the proposed merger and the progress made towards completing the transaction. In connection with the termination, Ellington Financial paid the Company $16.0 million, $5.0 million of which was paid in cash, and $11.0 million of which was paid in cash as consideration for approximately 1,666,666 shares of the Company’s common stock. The common stock was purchased at $6.60 per share. The purchase price was determined based on the merger exchange ratio. Ellington Financial holds approximately 6.1% of the Company’s stock. An affiliate of Ellington Financial’s external manager owned 273,983 shares of the Company’s common stock as of June 30, 2023. Ellington Financial remains one of the Company's securitization joint venture partners. As the Company discussed when it announced the now terminated transaction, the Company’s Board of Directors regularly evaluates and considers the Company’s strategic direction, its objectives and its succession plans, as well as its ongoing business, all with a view to maximizing long-term value for the Company’s stockholders. This evaluation and consideration led to the Company’s entry into the merger agreement with Ellington Financial. Following termination of the agreement, the Company's Board of Directors engaged Piper Sandler & Co. as its financial adviser to assist the Company with a thorough evaluation of strategic alternatives, including, but not limited to, other strategic transactions, potential capital injections involving the Company and/or its affiliates, other monetization opportunities involving the Company and/or its affiliates, specific asset sales, or other opportunities. No assurance can be given that this process will culminate in a successful transaction, nor can the Company provide any guidance regarding the timing of this process or any possible transaction(s) that might result given that the board must undertake a thorough review of available alternatives. The Company does not intend to comment further on the review of strategic alternatives until it determines disclosure is necessary or advisable. This year, to date, the Company has distribute d $0.65 per share in dividends. On November 2, 2023 , the Company’s Board of Directors declar

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,542)	$ (9,461)	$ (24,422)	$ (8,723)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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, 2022, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 3, 2023. 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, 2023. 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 typically 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. 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 risks 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. Additionally, slower than expected prepayments can result in lower yields as the Company's mortgage loans were acquired at discounts. 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 or originate SBC loans.
Investments in Securities	Investments in Securities The Company’s Investments in Securities Available-for-Sale ("AFS") and Investments in Securities Held-to-Maturity ("HTM") consist of investments in senior and subordinated notes issued by joint ventures which the Company forms with third party institutional accredited investors. Investments in debt securities for which the Company does not have the positive intent and ability to hold to maturity are classified as AFS. Investments in debt securities for which the Company has the positive intent, ability, or is required to hold to maturity are classified as HTM. The Company recognizes income on the AFS debt securities using the effective interest method. Historically, the notes have been classified as AFS 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 operations. On January 1, 2023, the Company transferred $83.0 million of investment securities from AFS to HTM due to sale restrictions pursuant to Article 6(1) of Regulation (EU) 2017/2402 of the European Parliament and of the Council (as amended, the “EU Securitization Regulation” and, together with applicable regulatory and implementing technical standards in relation thereto, the “EU Securitization Rules”). Pursuant to the terms of these debt securities, the Company must hold at least 5.01% of the nominal value of each class of securities offered or sold to investors (the EU Retained Interest) subject to the EU Securitization Rules. Under the EU Securitization Rules, the Company is prohibited from selling, transferring or otherwise surrendering all or part of the EU Retained Interest until all such classes are paid in full or redeemed. Transfers of securities from AFS to HTM are non-cash transactions and are recorded at fair value. Unrealized gains or losses recorded to accumulated other comprehensive income for the transferred securities continue to be reported in accumulated other comprehensive income and are amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization will offset the effect on interest income of the amortization of the discount resulting from the transfer recorded at fair value. The Company accounts for its investments in securities HTM under CECL and carries them at amortized cost. Interest income is recognized using the effective interest method and is based upon the Company having a reasonable expectation of the amount and timing of the cash flows expected to be collected. The Company’s expectation of the amount of undiscounted cash flows to be collected, and the corresponding need for an allowance for credit loss, is evaluated at the end of each calendar quarter and takes into consideration past events, current conditions, and supportable forecasts about the future. The net present value of changes in expected cash flows as compared to contractual amounts due, whether caused by timing or investment performance, is reported in the period in which it arises and is reflected as an increase or decrease in the allowance for credit loss to the extent an allowance for credit loss is recorded against the investments. If no allowance for credit loss is recorded against the investment, the increase in expected future cash flows is recognized prospectively as an increase in yield.
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 accounts for its Investments in Beneficial Interests under CECL, which it adopted using the prospective transition approach. Each beneficial interest is accounted for individually, and the Company recognizes its ratable share of gain, loss, income or expense based on its percentage ownership interest. The Company's Investments in Beneficial Interests are carried at amortized cost. Upon acquisition, the investments are recorded as three separate elements: (i) the amount of purchase discount which the Company expects to recover through eventual repayment of the investment, (ii) an allowance for future expected credit loss and (iii) the par value of the investment. The purchase discount which the Company expects to recover through eventual repayment of the investment gives rise to an accretable yield. The Company recognizes this accretable yield as interest income on a prospective level yield basis over the life of the investment. The Company’s recognition of interest income 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 these expected cash flows to apply the effective interest method of income recognition.
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.
Preferred Stock	Preferred Stock During the year ended December 31, 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
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 due 2024 (the "2024 Notes"). At September 30, 2023 and December 31, 2022, the UPB of the debt was $103.5 million and $104.5 million, respectively. The 2024 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 2024 Notes will mature on April 30, 2024, unless earlier repurchased, converted or redeemed. During certain periods and subject to certain conditions, the 2024 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 2024 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 reduction of the carrying value of the 2024 Notes, and are amortized to interest expense on an effective yield basis through April 30, 2023, the date at which the 2024 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. On January 1, 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.
Notes Payable	Notes Payable During August 2022, the Operating Partnership issued $110.0 million aggregate principal amount of 8.875% senior unsecured notes due September 2027 (the "2027 Notes"). The 2027 Notes have a five year term and were issued at 99.009% of par value and are fully and unconditionally guaranteed by the Company and two of its subsidiaries: Great Ajax Operating LLC (the "GP Guarantor") and Great Ajax II Operating Partnership L.P. (the "Subsidiary Guarantor," and together with the Company and the GP Guarantor, the "Guarantors"). The 2027 Notes are included in the Company's liabilities in its consolidated balance sheet at September 30, 2023 and December 31, 2022. Interest on the 2027 Notes is payable semi-annually on March 1 and September 1, with the first payment due and payable on March 1, 2023. The 2027 Notes will mature on September 1, 2027. Net proceeds from the sale of the 2027 Notes totaled approximately $106.1 million, after deducting the discount, commissions,
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, as amended on March 1, 2023, 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. Also, under the First Amendment to the Third Amended and Restated Management Agreement with the Manager, which has an effective date of March 1, 2023, the Company's quarterly base management fee will include, in its computation of equity managed, its unsecured debt securities to the extent the proceeds were used to repurchase the Company's preferred stock.
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 depends 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 and Directors' Fees	Stock-based Payments and Directors’ Fees 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 35,000 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. Stock-based expense for the directors’ annual fee and the committee chairperson’s annual fee is expensed as earned, in equal quarterly amounts during the year, and accrued at quarter end. Each of the Company’s independent directors receives an annual retainer of $140,000, payable quarterly, 50% of which is payable in shares of the Company's common stock and 50% in cash. However, the Company has the option to pay the annual retainer with up to 100% in cash at its discretion. The committee chairpersons also receive annual fees for their services. The chairpersons of the Compensation and Corporate Governance committees each received an annual retainer of $15,000, payable quarterly, 100% in cash. The chairperson of the Audit committee received an annual fee of $20,000, payable quarterly, 100% in cash. During the second quarter of 2023, the Board approved the appointment of the lead director and an additional payment to the lead director of $20,000 per year, payable quarterly, 100% in cash was approved by the Compensation committee. Also, during the second quarter of 2023, due to conflicts of interests by certain Board members, the Board established a special committee, comprised solely of independent directors (the "Special Committee") to evaluate and review the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement, as well as other strategic opportunities. The directors on the Special Committee will receive a one-time cash payment of $20,000, except for the lead director who will receive a one-time cash payment of $30,000. The expense related to directors’ fees is accrued, and the portion payable in common stock is accrued in the period in which it is incurred.
Variable Interest Entities	Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (see “Secured Borrowings” above and Note 9 to the consolidated financial statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
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 fair value of investments in debt securities AFS and HTM are determined using estimates provided by the Company's 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 fair value of 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. Also, the Company uses estimates provided by its financing counterparties, which are compared for reasonableness. The fair value of the Company's ownership interest in the Manager has historically been valued by applying an earnings multiple to base fee revenue, however, beginning the quarter ending September 30, 2023, the Company valued the Manager in an amount equal to the termination payment required to terminate the Manager plus the fair value of the Manager's assets. The fair value of the Company's ownership interests in AS Ajax E LLC and Ajax E Master Trust 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 and the Manager's propriety pricing model for loans. 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 prices 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, to the future put obligation over the 39-month term of the put option liability. The fair value of the Company's put option liability is measured quarterly and the accreted liability has approximated fair value. 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 2024 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 2024 Notes may be redeemable at par plus accrued interest beginning on April 30, 2022 subject to satisfying the conversion price trigger. The Company carries its 2024 Notes net of deferred issuance cost. Accordingly, the difference between fair value and carrying value is partially driven by the deferred issuance costs. The 2027 Notes payable fair value is determined using estimates provided by third party valuation services using observed transactions for similar financing arrangements. The 2027 Notes will mature on September 1, 2027, unless earlier repurchased or redeemed. The Company carries the 2027 Notes payable net of deferred issuance costs. The fair value of property held-for-sale is determined using 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, 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.
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 Certain reclassifications have been made to the prior year consolidated financial statements in order to conform with the current year presentation. These reclassifications have no effect on previously reported net income or equity.
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 Issued Accounting Standards	Recently Issued Accounting Standards In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323) – Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2023, with early adoption permitted. The Company does not believe this standard will have a material impact on its consolidated financial statements and related disclosures. In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). The amendments in this update address the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. This objective of this amendment is to help provide useful information to investors and other allocators of capital in a joint venture's financial statements and reduce the diversity in practice. This guidance is

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2023
Mortgage Loans [Abstract]
Schedule of loan portfolio basis by asset type	The following table presents information regarding the carrying value for the Company's RPLs, NPLs and SBC loans as of September 30, 2023 and December 31, 2022 ($ in thousands): Loan portfolio basis by asset type September 30, 2023 December 31, 2022 Residential RPLs $ 837,790 $ 872,913 Residential NPLs 93,975 105,081 SBC loans 7,315 11,090 Total $ 939,080 $ 989,084
Schedule of loan basis by year of origination	The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands): September 30, 2023 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ 2,418 $ 2,490 $ 1,336 $ 7,058 $ 1,297 $ 3,118 $ 29,320 $ 199,834 $ 83,177 $ 330,048 GAOP - 7f7 <50 562 131 — 217 — 146 2,607 28,384 7,365 39,412 GAOP - 6f6 and below 616 2,434 728 1,699 1,712 369 16,887 88,362 25,956 138,763 Great Ajax II REIT - 7f7 >50 — — 718 641 785 406 34,264 243,860 87,283 367,957 Great Ajax II REIT - 7f7 <50 — — — 56 13 — 2,748 22,512 6,650 31,979 Great Ajax II REIT - 6f6 and below — — — — — 194 5,456 18,135 7,136 30,921 Total $ 3,596 $ 5,055 $ 2,782 $ 9,671 $ 3,807 $ 4,233 $ 91,282 $ 601,087 $ 217,567 $ 939,080 December 31, 2022 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ 1,041 $ 1,770 $ 4,118 $ 7,004 $ 2,557 $ 2,983 $ 32,170 $ 198,950 $ 80,203 $ 330,796 GAOP - 7f7 <50 — — — 337 — — 3,212 34,599 10,501 48,649 GAOP - 6f6 and below 1,756 280 2,158 1,040 597 942 15,930 98,408 30,697 151,808 Great Ajax II REIT - 7f7 >50 — — 734 661 800 467 34,973 250,168 90,478 378,281 Great Ajax II REIT - 7f7 <50 — — — 140 13 — 3,487 27,300 8,885 39,825 Great Ajax II REIT - 6f6 and below — — — — — 139 6,166 23,690 9,730 39,725 Total $ 2,797 $ 2,050 $ 7,010 $ 9,182 $ 3,967 $ 4,531 $ 95,938 $ 633,115 $ 230,494 $ 989,084
Schedule of loan acquisition reconciliation between purchase price and par value	The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Par $ 360 $ 9,509 $ 17,500 $ 11,851 Discount (199) (740) (2,999) (880) Decrease/(increase) in allowance 152 (253) (100) (281) Purchase Price $ 313 $ 8,516 $ 14,401 $ 10,690
Allowance for credit losses on mortgage loans	An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Allowance for expected credit losses, beginning of period $ (5,985) $ (9,126) $ (6,107) $ (7,112) Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment timing expectations (1,207) 2,304 (4,206) (4,488) Decrease/(increase) in allowance for expected credit losses for loan acquisitions during the period 152 (253) (100) (281) Credit loss expense on mortgage loans (76) (80) (190) (307) (Increase in)/reversal of allowance for expected credit losses due (increases)/decreases in the net present value of expected cash flows (330) 1,935 3,157 6,968 Allowance for expected credit losses, end of period $ (7,446) $ (5,220) $ (7,446) $ (5,220)
Schedule of carrying value of mortgage loans and related UPB by delinquency status	The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 217,288 $ 49,277 $ 694 $ 61,864 $ 925 $ 330,048 GAOP - 7f7 <50 19,786 10,511 175 8,804 136 39,412 GAOP - 6f6 and below 3,069 897 729 84,362 49,706 138,763 Great Ajax II REIT - 7f7 >50 307,823 44,009 786 15,234 105 367,957 Great Ajax II REIT - 7f7 <50 26,102 4,637 147 1,093 — 31,979 Great Ajax II REIT - 6f6 and below 195 199 — 25,472 5,055 30,921 Total $ 574,263 $ 109,530 $ 2,531 $ 196,829 $ 55,927 $ 939,080 December 31, 2022 Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 198,006 $ 44,773 $ 772 $ 86,603 $ 642 $ 330,796 GAOP - 7f7 <50 26,303 5,815 140 16,232 159 48,649 GAOP - 6f6 and below 3,333 1,538 94 94,010 52,833 151,808 Great Ajax II REIT - 7f7 >50 319,677 39,161 700 18,743 — 378,281 Great Ajax II REIT - 7f7 <50 33,113 4,188 90 2,434 — 39,825 Great Ajax II REIT - 6f6 and below 178 — 39 36,086 3,422 39,725 Total $ 580,610 $ 95,475 $ 1,835 $ 254,108 $ 57,056 $ 989,084

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of activity in the Company's carrying value held-for-sale	The following table presents the activity in the Company’s carrying value of property held-for-sale for the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Property Held-for-Sale Count Amount Count Amount Count Amount Count Amount Balance at beginning of period 28 $ 3,745 37 $ 7,434 39 $ 6,333 31 $ 6,063 Net transfers from mortgage loans 4 1,339 8 1,099 5 1,348 18 3,332 Purchases — — 1 27 — — 1 27 Adjustments to record at lower of cost or fair value — (249) — 22 — (1,045) — (78) Disposals (7) (795) (9) (2,508) (19) (2,596) (13) (3,270) Balance at end of period 25 $ 4,040 37 $ 6,074 25 $ 4,040 37 $ 6,074

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in Debt Securities and Beneficial Interests	The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of September 30, 2023 Basis (1) Gross unrealized gains Gross unrealized losses Fair value Debt securities available-for-sale, at fair value $ 141,987 $ — $ (10,950) $ 131,037 Debt securities held-to-maturity at amortized cost, net of allowance for credit losses 61,189 43 (1,363) 59,869 Investment in beneficial interests at amortized cost, net of allowance for credit losses 116,954 — (19,715) 97,239 Total investments $ 320,130 $ 43 $ (32,028) $ 288,145 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM of $0.1 million and $24 thousand, respectively. As of December 31, 2022 Basis (1) Gross unrealized gains Gross unrealized losses Fair value Debt securities available-for-sale, at fair value $ 282,711 $ — $ (25,649) $ 257,062 Investment in beneficial interests at amortized cost, net of allowance for credit losses 134,552 — — 134,552 Total investments $ 417,263 $ — $ (25,649) $ 391,614 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS of $0.1 million.
Debt securities, available-for-sale, unrealized loss position, fair value	The following table presents a breakdown of the Company's gross unrealized losses on its investments in debt securities AFS ($ in thousands): As of September 30, 2023 Step-up date(s) (1) Basis (2) Gross unrealized losses Fair value Debt securities due February 2028 (3) February 2026 $ 4,668 $ (1) $ 4,667 Debt securities due November 2051 (4) March 2025 3,763 (42) 3,721 Debt securities due March 2060 (4) February 2025 5,878 (907) 4,971 Debt securities due June 2060 (4) March 2024 3,573 (131) 3,442 Debt securities due September 2060 (3) March 2024 1,374 (47) 1,327 Debt securities due December 2060 (4) July 2029 21,636 (4,745) 16,891 Debt securities due January 2061 (4) September 2024 4,886 (692) 4,194 Debt securities due June 2061 (5) January 2025/February 2025 13,213 (1,544) 11,669 Debt securities due October 2061 (4) April 2029 11,960 (1,321) 10,639 Debt securities due March 2062 (4) May 2029 10,525 (1,080) 9,445 Debt securities due July 2062 (3) February 2030 12,781 (430) 12,351 Debt securities due October 2062 (3) October 2026 18,005 (3) 18,002 Debt securities due May 2063 (3) July 2030 29,638 (7) 29,631 Total $ 141,900 $ (10,950) $ 130,950 (1) Step-up date is the date at which the coupon interest rate on the security increases. The Company intends for 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 security has been in an unrealized loss position for 12 months or longer. (5) 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 12 months or longer and has a step-up date in January 2025, and the other security of $1.1 million has been in a loss position for 12 months or longer and has a step-up date in February 2025. As of December 31, 2022 Step-up date(s) (1) Basis (2) Gross unrealized losses Fair value Debt securities due February 2028 (3) February 2026 $ 38,843 $ (82) $ 38,761 Debt securities due November 2051 (4) March 2025 36,829 (2,429) 34,400 Debt securities due September 2059 (5) February 2023/April 2023 14,945 (1,045) 13,900 Debt securities due November 2059 (4) April 2023 6,752 (313) 6,439 Debt securities due December 2059 (4) July 2023 33,569 (2,083) 31,486 Debt securities due March 2060 (4) February 2025 14,492 (1,909) 12,583 Debt securities due June 2060 (4) March 2024 8,002 (394) 7,608 Debt securities due September 2060 (3) March 2024 3,242 (15) 3,227 Debt securities due December 2060 (4) July 2029 43,216 (7,868) 35,348 Debt securities due January 2061 (4) September 2024 11,883 (1,342) 10,541 Debt securities due June 2061 (6) January 2025/February 2025 47,302 (6,303) 40,999 Debt securities due October 2061 (3) April 2029 12,401 (1,013) 11,388 Debt securities due March 2062 (3) May 2029 11,096 (853) 10,243 Total $ 282,572 $ (25,649) $ 256,923 (1) Step-up date is the date at which the coupon interest rate on the security increases. The Company intends for 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 security has been in an unrealized loss position for 12 months or longer. (5) This line is comprised of two securities that are both due September 2059. One security with a balance of $0.6 million has been in a loss position for 12 months or longer and has a step-up date in February 2023, and the other security of $0.5 million has been in a loss position for 12 months or longer and has a step-up date in April 2023. (6) This line is comprised of two securities that are both due June 2061. One security with a balance of $3.0 million has been in an unrealized loss position for 12 months or longer and has a step-up date in January 2025, and the other security of $3.3 million has been in a loss position for 12 months or longer and has a step-up date in February 2025.
Schedule of securities acquisition reconciliation between purchase price and par value	The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Par $ 11,962 $ — $ 14,013 $ 14,720 (Discount)/Premium (3,225) — (2,262) 1,087 Purchase Price $ 8,737 $ — $ 11,751 $ 15,807
Allowance for credit loss on beneficial interests	An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Allowance for expected credit losses, beginning balance $ — $ — $ — $ (615) Reclassification to non-credit discount from the allowance for changes in payment expectations — — — 759 Credit loss expense on beneficial interests — — — (50) Increase in allowance for expected credit losses due to decreases in the net present value of expected cash flows — — — (94) Allowance for expected credit losses, ending balance $ — $ — $ — $ —

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value, assets and liabilities measured on recurring basis	Recurring financial assets and liabilities measured and carried at fair value by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2023 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Recurring financial assets Investment in debt securities available-for-sale $ 131,037 $ — $ 131,037 $ — Recurring financial liabilities Put option liability $ 16,155 $ — $ — $ 16,155 Level 1 Level 2 Level 3 December 31, 2022 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Recurring financial assets Investment in debt securities available-for-sale $ 257,062 $ — $ 257,062 $ — Recurring financial liabilities Put option liability $ 12,153 $ — $ — $ 12,153
Schedule of fair value of financial assets and liabilities	The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2023 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 939,080 $ — $ — $ 883,565 Investment in debt securities held-to-maturity $ 61,189 $ — $ 59,869 $ — Investment in beneficial interests $ 116,954 $ — $ — $ 97,239 Investment in Manager $ 1,208 $ — $ — $ 4,831 Investment in AS Ajax E LLC $ 428 $ — $ 527 $ — Investment in Ajax E Master Trust $ 2,105 $ — $ 2,020 $ — Investment in GAFS, including warrants $ 2,672 $ — $ — $ 1,439 Investment in Gaea $ 22,519 $ — $ — $ 22,118 Investment in Loan pool LLCs $ 200 $ — $ — $ 657 Financial liabilities Secured borrowings, net $ 424,651 $ — $ 379,780 $ — Borrowings under repurchase transactions $ 392,024 $ — $ 392,024 $ — Convertible senior notes, net $ 103,516 $ 99,872 $ — $ — Notes payable, net $ 106,629 $ — $ 99,495 $ — Level 1 Level 2 Level 3 December 31, 2022 Carrying value Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Financial assets Mortgage loans held-for-investment, net $ 989,084 $ — $ — $ 971,069 Investment in beneficial interests $ 134,552 $ — $ — $ 134,552 Investment in Manager $ 921 $ — $ — $ 10,093 Investment in AS Ajax E LLC $ 453 $ — $ 606 $ — Investment in Ajax E Master Trust $ 2,208 $ — $ 2,272 $ — Investment in GAFS, including warrants $ 2,041 $ — $ — $ 3,320 Investment in Gaea $ 24,339 $ — $ — $ 22,119 Investment in Loan pool LLCs $ 223 $ — $ — $ 707 Financial liabilities Secured borrowings, net $ 467,205 $ — $ 421,680 $ — Borrowings under repurchase agreement $ 445,855 $ — $ 445,855 $ — Convertible senior notes, net $ 104,256 $ 100,084 $ — $ — Notes payable, net $ 106,046 $ — $ 107,327 $ —
Fair value of non-financial assets by level	The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022 ($ in thousands): Level 1 Level 2 Level 3 September 30, 2023 Carrying value Nine months ended fair value adjustment recognized in the consolidated statements of operations Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 4,040 $ (1,045) $ — $ — $ 4,040 Level 1 Level 2 Level 3 December 31, 2022 Carrying value Fair value adjustment recognized in the consolidated statements of operations Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 6,333 $ (376) $ — $ — $ 6,333

Affiliates (Tables)

Affiliates (Tables)	9 Months Ended
	Sep. 30, 2023
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Equity method investments	The table below shows the net income/(loss), assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100% Three months ended September 30, Nine months ended September 30, Net income/(loss) at 100% 2023 2022 2023 2022 Thetis Asset Management LLC $ 1,713 $ (502) $ 1,577 $ (1,065) AS Ajax E LLC $ 52 $ 45 $ 174 $ 85 Loan pool LLCs $ (16) $ (49) $ (56) $ (81) Great Ajax FS LLC $ (92) $ (2,458) $ (1,066) $ (5,734) Gaea Real Estate Corp. $ (4,584) $ (757) $ (6,916) $ (1,210) September 30, 2023 December 31, 2022 Assets and liabilities at 100% Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 8,211 $ 995 $ 6,948 $ 2,661 AS Ajax E LLC $ 2,677 $ 1 $ 2,837 $ 2 Loan pool LLCs $ 1,200 $ 216 $ 1,201 $ 161 Great Ajax FS LLC $ 68,692 $ 56,595 $ 78,375 $ 66,324 Gaea Real Estate Corp. $ 157,965 $ 61,915 $ 162,933 $ 58,185 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share Three months ended September 30, Nine months ended September 30, Net income/(loss) at the Company's share 2023 2022 2023 2022 Thetis Asset Management LLC $ 339 $ (99) $ 312 $ (211) AS Ajax E LLC $ 9 $ 7 $ 29 $ 14 Loan pool LLCs $ (6) $ (20) $ (22) $ (33) Great Ajax FS LLC $ (9) $ (197) $ (96) $ (460) Gaea Real Estate Corp. $ (1,007) $ (167) $ (1,520) $ (268) September 30, 2023 December 31, 2022 Assets and liabilities at the Company's share Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 1,626 $ 197 $ 1,376 $ 527 AS Ajax E LLC $ 441 $ — $ 467 $ — Loan pool LLCs $ 480 $ 86 $ 480 $ 64 Great Ajax FS LLC $ 6,587 $ 5,427 $ 6,270 $ 5,306 Gaea Real Estate Corp. $ 34,705 $ 13,603 $ 35,894 $ 12,818

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Other commitments	The following table sets forth the details of the Company's put option liability ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Beginning balance $ 15,614 $ 24,834 $ 12,153 $ 23,667 Fair value adjustments during the period 540 2,917 4,001 9,712 Repurchases — (17,029) — (22,657) Ending balance $ 16,154 $ 10,722 $ 16,154 $ 10,722

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of details of repurchase agreement	The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands): September 30, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Barclays - bonds (1) $ 71,697 $ 105,129 6.89 % A Bonds October 3, 2023 11,266 15,856 6.75 % October 20, 2023 21,790 29,001 6.77 % November 3, 2023 11,007 13,655 6.52 % November 22, 2023 2,181 3,576 6.69 % B Bonds October 26, 2023 2,979 5,145 7.65 % November 3, 2023 3,572 6,702 7.34 % November 22, 2023 4,365 8,158 7.29 % December 13, 2023 13,127 20,416 7.16 % M Bonds November 3, 2023 295 516 6.69 % November 22, 2023 1,115 2,104 6.89 % September 30, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Nomura - bonds (1) $ 70,557 $ 100,507 6.87 % A Bonds October 24, 2023 36,517 46,784 6.86 % November 15, 2023 5,413 7,508 6.91 % December 29, 2023 17,480 25,102 6.69 % B Bonds October 24, 2023 1,024 1,692 7.16 % November 15, 2023 3,002 5,699 7.31 % December 29, 2023 3,782 6,449 7.17 % M Bonds October 24, 2023 2,307 5,029 7.15 % December 29, 2023 1,032 2,244 6.94 % JP Morgan - bonds (1) $ 35,596 $ 55,298 6.71 % A Bonds November 30, 2023 9,917 13,222 6.75 % B Bonds October 30, 2023 6,551 11,458 7.12 % M Bonds October 6, 2023 15,331 23,258 6.39 % November 30, 2023 507 878 7.05 % January 22, 2024 3,290 6,482 7.23 % Nomura - loans (2) October 5, 2023 $ 203,685 $ 280,984 7.90 % JP Morgan - loans (3) July 10, 2024 $ 10,489 $ 15,589 7.68 % Totals/weighted averages $ 392,024 $ 557,507 (4) 7.42 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of September 30, 2023. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of September 30, 2023 was $400.0 million. Also, subsequent to September 30, 2023 the maturity date has been extended to November 3, 2023. (3) Maximum borrowing capacity subject to pledging sufficient collateral as of September 30, 2023 was $150.0 million. (4) Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of September 30, 2023. December 31, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Barclays - bonds (1) $ 126,458 $ 181,667 6.10 % A Bonds January 3, 2023 12,345 18,399 5.33 % January 20, 2023 47,591 64,692 5.76 % April 26, 2023 27,655 37,216 6.60 % May 3, 2023 11,879 15,535 5.97 % May 22, 2023 2,107 3,421 6.17 % B Bonds March 13, 2023 12,639 20,755 6.45 % April 26, 2023 2,943 5,174 7.00 % May 3, 2023 3,627 6,405 6.77 % May 22, 2023 4,306 7,606 6.77 % M Bonds May 3, 2023 292 521 6.12 % May 22, 2023 1,074 1,943 6.37 % Nomura - bonds (1) $ 35,742 $ 55,303 6.02 % A Bonds January 12, 2023 3,910 5,458 5.32 % February 14, 2023 6,481 9,818 5.81 % February 24, 2023 3,795 5,178 6.05 % March 23, 2023 11,186 17,202 6.08 % B Bonds February 14, 2023 5,619 9,542 6.24 % February 24, 2023 1,054 1,689 6.45 % December 31, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate March 23, 2023 3,697 6,416 6.48 % Goldman Sachs - bonds (1) $ 3,102 $ 4,044 5.58 % A Bonds January 13, 2023 3,102 4,044 5.58 % JP Morgan - bonds (1) $ 56,656 $ 82,071 5.59 % A Bonds March 7, 2023 11,103 14,836 5.62 % March 24, 2023 22,131 30,215 5.41 % B Bonds February 3, 2023 7,846 13,583 5.86 % M Bonds March 7, 2023 490 893 5.85 % April 11, 2023 15,086 22,544 5.70 % Nomura - loans (2) October 5, 2023 $ 212,147 $ 292,415 6.65 % JP Morgan - loans (3) July 10, 2023 $ 11,750 $ 17,839 6.90 % Totals/weighted averages $ 445,855 $ 633,339 (4) 6.31 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2022. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2022 was $400.0 million. (3) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2022 was $150.0 million. (4) Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of December 31, 2022.
Schedule of amount outstanding on repurchase transactions and carrying value collateral	The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at September 30, 2023 and December 31, 2022 in the table below ($ in thousands): Gross amounts not offset in balance sheet September 30, 2023 December 31, 2022 Gross amount of recognized liabilities $ 392,024 $ 445,855 Gross amount of loans and securities pledged as collateral 551,565 628,187 Other prepaid collateral 5,942 5,152 Net collateral amount $ 165,483 $ 187,484
Schedule of securitization of notes	The following table sets forth the original terms of notes from the Company's secured borrowings outstanding at September 30, 2023 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 Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate Ajax Mortgage Loan Trust 2021-A/ January 2021 January 25, 2029 Class A-1 notes due 2065 $146.2 million 1.07 % January 25, 2029 Class A-2 notes due 2065 $21.1 million 2.35 % January 25, 2029 Class M-1 notes due 2065 (1) $7.8 million 3.15 % None Class B-1 notes due 2065 (2) $5.0 million 3.80 % None Class B-2 notes due 2065 (2) $5.0 million variable (3) None Class B-3 notes due 2065 (2) $21.5 million variable (3) Deferred issuance costs $(2.5) million — % Non-rated Ajax Mortgage Loan Trust 2021-B/ February 2021 August 25, 2024 Class A notes due 2066 $215.9 million 2.24 % February 25, 2025 Class B notes due 2066 (2) $20.2 million 4.00 % Deferred issuance costs $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at September 30, 2023 and December 31, 2022, and the securitization cutoff date ($ in thousands): Balances at September 30, 2023 Balances at December 31, 2022 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 $ 98,872 $ 69,392 142 % $ 105,387 $ 76,016 139 % $ 193,301 $ 156,670 2019-F 98,901 60,258 164 % 105,102 66,522 158 % 170,876 127,673 2020-B 102,103 64,502 158 % 107,011 70,339 152 % 156,468 114,534 2021-A 128,812 105,173 122 % 138,006 113,929 121 % 206,506 175,116 2021-B 209,726 128,798 163 % 220,320 145,073 152 % 287,882 215,912 $ 638,414 $ 428,123 (1) 149 % $ 675,826 $ 471,879 (1) 143 % $ 1,015,033 $ 789,905
Schedule of long term maturities	The following table summarizes the Company's long term maturities ($ in thousands): Year Debt instrument As of September 30, 2023 2024 2024 Notes (Convertible Senior Notes) $ 103,516 2025 $ — 2026 $ — 2027 2027 Notes (Unsecured Notes) $ 110,000 2028 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company’s consolidated statements of operations included the following significant related party transactions ($ in thousands): Three months ended September 30, Transaction Consolidated Statement of Operations location Counterparty 2023 2022 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 $ 4,218 $ 4,614 Management fee Related party expense – management fee Manager $ 1,940 $ 1,948 Loan servicing fees Related party expense – loan servicing fees Servicer $ 1,809 $ 1,952 Income/(loss) from equity investment Loss from investments in affiliates Manager $ 339 $ (99) Affiliate loan interest income Interest income Servicer $ 118 $ 69 Income from equity investment Loss from investments in affiliates AS Ajax E LLC $ 9 $ 7 Loss from equity investment Loss from investments in affiliates Loan pool LLCs $ (6) $ (20) Loss from equity investment Loss from investments in affiliates Servicer $ (9) $ (197) Loss on sale of securities Other income/(loss) Various non-consolidated joint ventures $ (373) $ (860) Loss from equity investment Loss from investments in affiliates Gaea $ (1,007) $ (167) Loss from joint venture re-securitization on beneficial interests Loss on joint venture refinancing on beneficial interests Various non-consolidated joint ventures $ (1,215) $ — Nine months ended September 30, Transaction Consolidated Statement of Operations location Counterparty 2023 2022 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 $ 13,267 $ 16,689 Management fee Related party expense – management fee Manager $ 5,769 $ 6,604 Loan servicing fees Related party expense – loan servicing fees Servicer $ 5,496 $ 6,049 Affiliate loan interest income Interest income Servicer $ 320 $ 203 Income/(loss) from equity investment Loss from investments in affiliates Manager $ 312 $ (211) Income from equity investment Loss from investments in affiliates AS Ajax E LLC $ 29 $ 14 Loss from equity investment Loss from investments in affiliates Loan pool LLCs $ (22) $ (33) Loss from equity investment Loss from investments in affiliates Servicer $ (96) $ (460) Loss from equity investment Loss from investments in affiliates Gaea $ (1,520) $ (268) Loss on sale of securities Other income/(loss) Various non-consolidated joint ventures $ (3,347) $ (939) Loss from joint venture re-securitization on beneficial interests Loss on joint venture refinancing on beneficial interests Various non-consolidated joint ventures $ (11,024) $ (6,115) The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): Transaction Consolidated Balance Sheet location Counterparty As of September 30, 2023 Investment in beneficial interests Investments in beneficial interests Various non-consolidated joint ventures $ 116,954 Receivables from Servicer Receivable from servicer Servicer $ 9,673 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 6,275 Management fee payable Management fee payable Manager $ 1,938 Servicing fee payable Accrued expenses and other liabilities Servicer $ 89 Transaction Consolidated Balance Sheet location Counterparty As of December 31, 2022 Investment in beneficial interests Investment in beneficial interests Various non-consolidated joint ventures $ 134,552 Receivables from Servicer Receivable from servicer Servicer $ 7,450 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 1,869 Management fee payable Management fee payable Manager $ 1,720 Servicing fee payable Accrued expenses and other liabilities Servicer $ 101

Stock-based Payments and Dire_2

Stock-based Payments and Director Fees (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of management fees and director fees	The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands): Stock-based Management Fees and Director Fees For the three months ended September 30, 2023 2022 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Independent director fees — $ — (1) 8,440 $ 88 Totals — $ — 8,440 $ 88 (1) Independent director fees for the three months ended September 30, 2023, will be settled 100% in cash. For the nine months ended September 30, 2023 2022 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Independent director fees 13,020 $ 88 25,790 $ 263 Management fees — — 39,558 — (1) Totals 13,020 $ 88 65,348 $ 263 (1) Management fees for the nine months ended September 30, 2022, 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 in the table below: Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nine months ended September 30, 2022 December 31, 2021 outstanding unvested share grants 228,365 $ 12.00 8,000 $ 12.60 Shares vested — — — — Shares forfeited (17,335) 11.93 — — Shares granted 22,765 11.42 — — March 31, 2022 outstanding unvested share grants 233,795 $ 11.95 8,000 $ 12.60 Shares vested — — (8,000) 12.60 Shares forfeited (17,668) 11.88 — — Shares granted 21,500 10.50 — — June 30, 2022 outstanding unvested share grants 237,627 $ 11.82 — $ — Shares vested (76,214) 11.95 — — Shares forfeited (7,626) 11.51 — — Shares granted 157,350 10.41 — — September 30, 2022 outstanding unvested share grants 311,137 (1) $ 11.09 — (2) $ — (1) Weighted average remaining life of unvested shares for employee and service provider grants at September 30, 2022 is 2.2 years. (2) Director shares were fully vested at September 30, 2022. Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nine months ended September 30, 2023 December 31, 2022 outstanding unvested share grants 310,262 $ 10.98 — $ — Shares vested (30,515) 11.56 — — Shares forfeited (5,668) 10.30 — — Shares granted 3,000 7.34 25,000 7.15 March 31, 2023 outstanding unvested share grants 277,079 $ 10.88 25,000 $ 7.15 Shares vested (9,475) 11.25 — — Shares forfeited (7,084) 11.16 — — Shares granted 22,459 6.50 — — June 30, 2023 outstanding unvested share grants 282,979 $ 10.52 25,000 $ 7.15 Shares vested (104,503) 10.81 — — Shares forfeited (4,251) 10.60 — — Shares granted 3,103 6.95 — — September 30, 2023 outstanding unvested share grants 177,328 (1) $ 10.28 25,000 (2) $ 7.15 (1) Weighted average remaining life of unvested shares for employee and service provider grants at September 30, 2023 is 1.8 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Restricted stock grants $ 353 $ 328 $ 1,154 $ 821 Director grants 22 — 52 33 Total expenses for plan grants $ 375 $ 328 $ 1,206 $ 854

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): Three months ended September 30, 2023 Three months ended September 30, 2022 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net loss attributable to common stockholders $ (6,089) 24,001,702 $ (16,249) 22,538,891 Allocation of loss to participating restricted shares 62 — 210 — Consolidated net loss attributable to unrestricted common stockholders $ (6,027) 24,001,702 $ (0.25) $ (16,039) 22,538,891 $ (0.71) Effect of dilutive securities (1,2) Restricted stock grants and director fee shares (62) 242,445 (210) 294,574 Diluted EPS Consolidated net loss attributable to common stockholders and dilutive securities $ (6,089) 24,244,147 $ (0.25) $ (16,249) 22,833,465 $ (0.71) (1) The Company's outstanding warrants for an additional 1,950,672 and 5,250,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended September 30, 2023 and 2022, respectively, and have not been included in the calculation. (2) The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended September 30, 2023 and 2022 would have been anti-dilutive and have been removed from the calculation. Nine months ended September 30, 2023 Nine months ended September 30, 2022 Income Shares Per Share Income Shares Per Share Basic EPS Consolidated net loss attributable to common stockholders $ (26,064) 23,395,727 $ (21,844) 22,737,182 Allocation of loss to participating restricted shares 324 — 263 — Consolidated net loss attributable to unrestricted common stockholders $ (25,740) 23,395,727 $ (1.10) $ (21,581) 22,737,182 $ (0.95) Effect of dilutive securities (1,2) Restricted stock grants and Manager and director fee shares (324) 293,191 (263) 277,015 Diluted EPS Consolidated net loss attributable to common stockholders and dilutive securities $ (26,064) 23,688,918 $ (1.10) $ (21,844) 23,014,197 $ (0.95) (1) The Company's outstanding warrants for an additional 1,950,672 and 5,250,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the nine months ended September 30, 2023 and 2022, respectively, and have not been included in the calculation. (2) The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the nine months ended September 30, 2023 and 2022 would have been anti-dilutive and have been removed from the calculation.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of accumulated other comprehensive income	Total accumulated other comprehensive loss on the Company’s balance sheet at September 30, 2023 and December 31, 2022 was as follows ($ in thousands): Investments in securities: September 30, 2023 December 31, 2022 Unrealized losses on debt securities available-for-sale $ (10,950) $ (25,649) Unrealized losses on debt securities available-for-sale transferred to held-to-maturity (6,783) — Accumulated other comprehensive loss $ (17,733) $ (25,649)
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 from non-controlling interest ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Decrease from the distribution of 2017-D $ — $ (34) $ — $ (867) Change in non-controlling interest $ — $ (34) $ — $ (867)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended		27 Months Ended
	Jan. 31, 2023 USD ($)	Nov. 22, 2019 USD ($)	Jan. 31, 2022 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2023 USD ($) payment entity	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2022 entity
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
Proceeds from issuance of private placement				$ 125,000
Number of non controlling interest subsidiaries | entity					3			3
Investment in equity method investments					$ 726	$ 6,090
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 (in percent)					50%			50%
2017-D | Third party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (in percent)					50%
Thetis Asset Management LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage (in percent)					19.80%			19.80%
Gaea Real Estate Corp.
Organization And Basis Of Presentation [Line Items]
Ownership percentage (in percent)					22%			22%
Proceeds from issuance of private placement		$ 66,300	$ 30,000				$ 96,300
Investment in Ajax E Master Trust | AS Ajax E LLC
Organization And Basis Of Presentation [Line Items]
Ownership interest in real estate trust (in percent)					5%			5%
Great Ajax FS LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage (in percent)					9.60%			8%
Investment in equity method investments	$ 700
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) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
		Jan. 01, 2023 USD ($)	Aug. 31, 2022 USD ($) subsidiary	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Sep. 30, 2022 shares	Jun. 30, 2020 USD ($) series $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 shares	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 01, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Reclassification of available for sale debt securities to held to maturity		$ 83,000
Proceeds from issuance of private placement							$ 125,000
Number of preferred stock series issued | series							2
Number of warrants series issued | series							2
Warrant term (in years)							5 years
Class of warrant or right, outstanding (in shares) | shares				1,950,672		5,250,000	6,500,000	1,950,672	5,250,000
Investment warrants, exercise price (in dollars per share) | $ / shares							$ 10
Warrants original basis				$ 16,200			$ 9,500	$ 16,200
Base rate used for calculation (in percent)								0.180
Reclass of conversion premium - convertible notes				320,235				$ 320,235		$ 335,328
Convertible senior notes, net	[1]			$ (103,516)				$ (103,516)		(104,256)
Percentage of incentive fees payable in cash								100%
Number of shares available for distribution under the Director Plan (in shares) | shares				35,000				35,000
Percentage of shares vesting								5%
Minimum assets with banking institutions				$ 1,000,000				$ 1,000,000
Put option
Summary Of Significant Accounting Policies [Line Items]
Present value of put liability				$ 15,700				$ 15,700
Put option liability term (in months)								39 months
Independent Directors
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount								$ 140
Percentage of annual retainer received in shares (in percent)								50%
Percentage of annual retainer received in cash (in percent)				100%				50%
Heads of Compensation and Corporate Governance Committees
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount								$ 15
Percentage of annual retainer received in cash (in percent)								100%
Audit Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount								$ 20
Percentage of annual retainer received in cash (in percent)								100%
Lead Director
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount					$ 20
Percentage of annual retainer received in cash (in percent)					100%
Special Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount					$ 20
Lead Director of Special Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer amount					$ 30
Accounting Standards Update 2020-06
Summary Of Significant Accounting Policies [Line Items]
Convertible senior notes, net											$ (700)
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 (in percent)								1%
Percentage of purchase price of REO (in percent)								1%
Renewal term (in years)								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) (in years)								3 years
Convertible notes payable
Summary Of Significant Accounting Policies [Line Items]
Unpaid principal balance				$ 103,500				$ 103,500		104,500
Interest rate (in percent)				7.25%				7.25%
Principal amount of note (in dollars per share) | $ / shares								$ 25
Senior notes | 8.875% Senior Unsecured Notes Due September 2027
Summary Of Significant Accounting Policies [Line Items]
Interest rate (in percent)			8.875%
Aggregate principal			$ 110,000
Debt instrument, term (in years)			5 years
Issuance amount, amount of par value (percent)			0.99009
Number of subsidiaries (the "Guarantors") | subsidiary			2
Proceeds from unsecured notes payable			$ 106,100
Proceeds used to repurchase and retire securities				$ 90,000				$ 90,000
Amount outstanding				$ 110,000				$ 110,000		$ 110,000
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)
Preferred stock - series A shares
Summary Of Significant Accounting Policies [Line Items]
Preferred stock, shares issued (in shares) | shares				424,949			2,307,400	424,949		424,949
Preferred stock, fixed-to-floating rate cumulative redeemable							7.25%	7.25%		7.25%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares				$ 25			$ 25	$ 25		$ 25
Warrant accrual rate (in percent)								0.1075
Preferred stock - series A shares | Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Stock repurchased and retired during period, shares (in shares) | shares						1,113,932			1,882,451	1,882,451
Preferred stock - series B shares
Summary Of Significant Accounting Policies [Line Items]
Preferred stock, shares issued (in shares) | shares				1,135,590			2,892,600	1,135,590		1,135,590
Preferred stock, fixed-to-floating rate cumulative redeemable							5%	5%		5%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares				$ 25			$ 25	$ 25		$ 25
Warrant accrual rate (in percent)								0.1300
Preferred stock - series B shares | Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Stock repurchased and retired during period, shares (in shares) | shares						1,525,529			1,757,010	1,757,010
Maximum | Independent Directors
Summary Of Significant Accounting Policies [Line Items]
Percentage of annual retainer received in cash (in percent)								100%
Maximum | Gregory Funding LLC | Servicing agreement
Summary Of Significant Accounting Policies [Line Items]
Servicing fees (in percent)								1.25%
Minimum | Gregory Funding LLC | Servicing agreement
Summary Of Significant Accounting Policies [Line Items]
Servicing fees (in percent)								0.65%
[1]Secured borrowings, net are presented net of deferred issuance costs of $3.5 million at September 30, 2023 and $4.7 million at December 31, 2022. Convertible senior notes, net are presented net of deferred issuance costs of zero and $0.3 million at September 30, 2023 and December 31, 2022, respectively. Notes payable, net are presented net of deferred issuance costs and discount of $3.4 million at September 30, 2023 and $4.0 million at December 31, 2022.

Mortgage Loans - Schedule of lo

Mortgage Loans - Schedule of loan portfolio basis by asset type (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net	[1],[2]	$ 939,080	$ 989,084
SBC loans
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		7,315	11,090
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		837,790	872,913
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net		$ 93,975	$ 105,081
[1]As of both September 30, 2023 and December 31, 2022, balances for Mortgage loans held-for-investment, net include $0.6 million 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 $638.4 million and $675.8 million of loans at September 30, 2023 and December 31, 2022, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt. Mortgage loans held-for-investment, net include $7.4 million and $6.1 million of allowance for expected credit losses at September 30, 2023 and December 31, 2022, respectively.

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details)		1 Months Ended		3 Months Ended		9 Months Ended
		Apr. 30, 2023 USD ($) residential_rpl	Feb. 28, 2023 USD ($) residential_rpl	Sep. 30, 2023 USD ($) payment loan loanPool	Sep. 30, 2022 USD ($) loan	Sep. 30, 2023 USD ($) payment loanPool loan	Sep. 30, 2022 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net	[1],[2]			$ 939,080,000		$ 939,080,000			$ 989,084,000
Allowance for loan credit losses				7,446,000	$ 5,220,000	7,446,000	$ 5,220,000	$ 5,985,000	6,107,000	$ 9,126,000	$ 7,112,000
(Increase in)/reversal of allowance for expected credit losses due (increases)/decreases in the net present value of expected cash flows				330,000	(1,935,000)	(3,157,000)	(6,968,000)
Accretable yield				$ 12,700,000	$ 14,900,000	$ 38,900,000	$ 46,500,000
Number of sold loans | loan				0	0	0	0
Number of loan pools established | loanPool				3		3
Number of loan pools | loanPool				6		6
Gross amount of loans and securities pledged as collateral				$ 551,565,000		$ 551,565,000			628,187,000
Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment timing expectations				(1,207,000)	$ 2,304,000	(4,206,000)	$ (4,488,000)
Decrease/(increase) in allowance for expected credit losses for loan acquisitions during the period				$ 152,000	$ (253,000)	$ (100,000)	$ (281,000)
SBC loans acquired at or near origination
Mortgage Loans on Real Estate
Number of originated SBC loans acquired | loan				0	0	0	0
Residential RPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net				$ 837,790,000		$ 837,790,000			872,913,000
Number of mortgage loans on real estate		2	1	1	34	72	40
Aggregate unpaid principal balance of mortgage loans on real estate		$ 300,000	$ 200,000	$ 200,000	$ 9,100,000	$ 17,300,000	$ 10,300,000
Number of recent payments made on RPL mortgage loans | payment				7		7
Gross amount of loans and securities pledged as collateral				$ 50,000		$ 50,000
Residential NPLs
Mortgage Loans on Real Estate
Mortgage loans held-for-investment, net				$ 93,975,000		$ 93,975,000			$ 105,081,000
Number of mortgage loans on real estate | loan				1	3	1	8
Aggregate unpaid principal balance of mortgage loans on real estate				$ 200,000	$ 400,000	$ 200,000	$ 1,500,000
[1]As of both September 30, 2023 and December 31, 2022, balances for Mortgage loans held-for-investment, net include $0.6 million 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 $638.4 million and $675.8 million of loans at September 30, 2023 and December 31, 2022, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt. Mortgage loans held-for-investment, net include $7.4 million and $6.1 million of allowance for expected credit losses at September 30, 2023 and December 31, 2022, respectively.

Mortgage Loans - Schedule of _2

Mortgage Loans - Schedule of loan basis by year of origination (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Mortgage Loans [Line Items]
Year one	$ 3,596	$ 2,797
Year two	5,055	2,050
Year three	2,782	7,010
Year four	9,671	9,182
Year five	3,807	3,967
Year six	4,233	4,531
Prior years, range 1	91,282	95,938
Prior years range 2	601,087	633,115
Prior years range 3	217,567	230,494
Total	939,080	989,084
GAOP - 7f7 >50
Mortgage Loans [Line Items]
Year one	2,418	1,041
Year two	2,490	1,770
Year three	1,336	4,118
Year four	7,058	7,004
Year five	1,297	2,557
Year six	3,118	2,983
Prior years, range 1	29,320	32,170
Prior years range 2	199,834	198,950
Prior years range 3	83,177	80,203
Total	330,048	330,796
GAOP 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one	562	0
Year two	131	0
Year three	0	0
Year four	217	337
Year five	0	0
Year six	146	0
Prior years, range 1	2,607	3,212
Prior years range 2	28,384	34,599
Prior years range 3	7,365	10,501
Total	39,412	48,649
GAOP - 6f6 and below
Mortgage Loans [Line Items]
Year one	616	1,756
Year two	2,434	280
Year three	728	2,158
Year four	1,699	1,040
Year five	1,712	597
Year six	369	942
Prior years, range 1	16,887	15,930
Prior years range 2	88,362	98,408
Prior years range 3	25,956	30,697
Total	138,763	151,808
Great Ajax II REIT - 7f7 >50
Mortgage Loans [Line Items]
Year one	0	0
Year two	0	0
Year three	718	734
Year four	641	661
Year five	785	800
Year six	406	467
Prior years, range 1	34,264	34,973
Prior years range 2	243,860	250,168
Prior years range 3	87,283	90,478
Total	367,957	378,281
Great Ajax II REIT 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	56	140
Year five	13	13
Year six	0	0
Prior years, range 1	2,748	3,487
Prior years range 2	22,512	27,300
Prior years range 3	6,650	8,885
Total	31,979	39,825
Great Ajax II REIT - 6f6 and below
Mortgage Loans [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Year six	194	139
Prior years, range 1	5,456	6,166
Prior years range 2	18,135	23,690
Prior years range 3	7,136	9,730
Total	$ 30,921	$ 39,725

Mortgage Loans - Schedule of _3

Mortgage Loans - Schedule of loan acquisition reconciliation between purchase price and par value (Details) - PCD loans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Mortgage Loans on Real Estate
Par	$ 360	$ 9,509	$ 17,500	$ 11,851
Discount	(199)	(740)	(2,999)	(880)
Decrease/(increase) in allowance	152	(253)	(100)	(281)
Purchase Price	$ 313	$ 8,516	$ 14,401	$ 10,690

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning of period	$ (5,985)	$ (9,126)	$ (6,107)	$ (7,112)
Reclassification (from)/to non-credit discount (to)/from the allowance for changes in payment timing expectations	(1,207)	2,304	(4,206)	(4,488)
Decrease/(increase) in allowance for expected credit losses for loan acquisitions during the period	152	(253)	(100)	(281)
Credit loss expense on mortgage loans	(76)	(80)	(190)	(307)
(Increase in)/reversal of allowance for expected credit losses due (increases)/decreases in the net present value of expected cash flows	(330)	1,935	3,157	6,968
Allowance for expected credit losses, end of period	$ (7,446)	$ (5,220)	$ (7,446)	$ (5,220)

Mortgage Loans - Schedule of ca

Mortgage Loans - Schedule of carrying value of mortgage loans (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Mortgage Loans on Real Estate
Total	$ 939,080	$ 989,084
GAOP - 7f7 >50
Mortgage Loans on Real Estate
Total	330,048	330,796
GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	39,412	48,649
GAOP - 6f6 and below
Mortgage Loans on Real Estate
Total	138,763	151,808
Great Ajax II REIT - 7f7 >50
Mortgage Loans on Real Estate
Total	367,957	378,281
Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	31,979	39,825
Great Ajax II REIT - 6f6 and below
Mortgage Loans on Real Estate
Total	30,921	39,725
Current
Mortgage Loans on Real Estate
Total	574,263	580,610
Current | GAOP - 7f7 >50
Mortgage Loans on Real Estate
Total	217,288	198,006
Current | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	19,786	26,303
Current | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Total	3,069	3,333
Current | Great Ajax II REIT - 7f7 >50
Mortgage Loans on Real Estate
Total	307,823	319,677
Current | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	26,102	33,113
Current | Great Ajax II REIT - 6f6 and below
Mortgage Loans on Real Estate
Total	195	178
30
Mortgage Loans on Real Estate
Total	109,530	95,475
30 | GAOP - 7f7 >50
Mortgage Loans on Real Estate
Total	49,277	44,773
30 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	10,511	5,815
30 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Total	897	1,538
30 | Great Ajax II REIT - 7f7 >50
Mortgage Loans on Real Estate
Total	44,009	39,161
30 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	4,637	4,188
30 | Great Ajax II REIT - 6f6 and below
Mortgage Loans on Real Estate
Total	199	0
60
Mortgage Loans on Real Estate
Total	2,531	1,835
60 | GAOP - 7f7 >50
Mortgage Loans on Real Estate
Total	694	772
60 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	175	140
60 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Total	729	94
60 | Great Ajax II REIT - 7f7 >50
Mortgage Loans on Real Estate
Total	786	700
60 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	147	90
60 | Great Ajax II REIT - 6f6 and below
Mortgage Loans on Real Estate
Total	0	39
90
Mortgage Loans on Real Estate
Total	196,829	254,108
90 | GAOP - 7f7 >50
Mortgage Loans on Real Estate
Total	61,864	86,603
90 | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	8,804	16,232
90 | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Total	84,362	94,010
90 | Great Ajax II REIT - 7f7 >50
Mortgage Loans on Real Estate
Total	15,234	18,743
90 | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	1,093	2,434
90 | Great Ajax II REIT - 6f6 and below
Mortgage Loans on Real Estate
Total	25,472	36,086
Foreclosure
Mortgage Loans on Real Estate
Total	55,927	57,056
Foreclosure | GAOP - 7f7 >50
Mortgage Loans on Real Estate
Total	925	642
Foreclosure | GAOP 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	136	159
Foreclosure | GAOP - 6f6 and below
Mortgage Loans on Real Estate
Total	49,706	52,833
Foreclosure | Great Ajax II REIT - 7f7 >50
Mortgage Loans on Real Estate
Total	105	0
Foreclosure | Great AJAX REIT 7f7 Less Than 50
Mortgage Loans on Real Estate
Total	0	0
Foreclosure | Great Ajax II REIT - 6f6 and below
Mortgage Loans on Real Estate
Total	$ 5,055	$ 3,422

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2023 USD ($) property		Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property		Sep. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($) property		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Net investments in real estate	$ 4,040	[1]	$ 6,074	$ 4,040	[1]	$ 6,074	$ 6,333	[1]	$ 3,745	$ 7,434	$ 6,063
Property held-for-sale	$ 200			$ 200			$ 300
Number of properties owned | property				25			39
Disposals | property	(7)		(9)	(19)		(13)
Gain (loss) on sale of property				$ 147		$ 759
Real estate impairment (recovery)	$ (200)		$ 22	(1,000)		(100)
Other income
Real Estate [Line Items]
Gain (loss) on sale of property	$ 100		$ 800	$ 100		$ 800
[1]Real estate owned properties, net, are presented net of valuation allowances of $1.4 million and $0.7 million at September 30, 2023 and December 31, 2022, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of ROE Held-For-Sale (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($) property		Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property		Sep. 30, 2022 USD ($) property
Count
Balance at beginning of period | property	28		37	39		31
Net transfers from mortgage loans | property	4		8	5		18
Purchases | property	0		1	0		1
Adjustments to record at lower of cost or fair value  | property	0		0	0		0
Disposals | property	(7)		(9)	(19)		(13)
Balance at end of period | property	25		37	25		37
Amount
Balance at beginning of period | $	$ 3,745		$ 7,434	$ 6,333	[1]	$ 6,063
Net transfers from mortgage loans | $	1,339		1,099	1,348		3,332
Purchases | $	0		27	0		27
Adjustments to record at lower of cost or fair value  | $	(249)		22	(1,045)		(78)
Disposals | $	(795)		(2,508)	(2,596)		(3,270)
Balance at end of period | $	$ 4,040	[1]	$ 6,074	$ 4,040	[1]	$ 6,074
[1]Real estate owned properties, net, are presented net of valuation allowances of $1.4 million and $0.7 million at September 30, 2023 and December 31, 2022, respectively.

Investments - Narrative (Detail

Investments - Narrative (Details)			3 Months Ended						9 Months Ended
		Jan. 01, 2023 USD ($)	Sep. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($) joint_venture	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($) loan	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Reclassification of available for sale debt securities to held to maturity		$ 83,000,000
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity			$ (1,363,000)						$ (1,363,000)
Amortization of unrealized loss on debt securities available-for-sale transferred to held-to-maturity			987,000			$ 0			4,159,000	$ 0
Gross unrealized losses											$ (25,649,000)
Gross unrealized gains											0
Fair value											391,614,000
Interest receivable on securities, on available for sale debt securities			100,000						100,000		100,000
Debt securities and beneficial interests acquired						0
Basis	[1]		61,189,000						61,189,000		0
Securities past due			0						0		0
Impairment loss of beneficial interest			1,300,000	$ 8,800,000	$ 1,000,000		$ 2,100,000	$ 4,000,000
Number of joint ventures being refinanced | joint_venture				8
Beneficial interest, accretable yield			1,900,000			2,200,000			6,000,000	8,800,000
Held-to-maturity securities, accretable yield			500,000						1,700,000
Reclassification to non-credit discount from the allowance for changes in payment expectations						$ 0				$ 800,000
Accumulated net investment gain (loss) attributable to parent
Debt Securities, Available-for-sale [Line Items]
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity		$ (10,900,000)	$ (6,783,000)						$ (6,783,000)		0
Ajax Mortgage Loan Trust 2022-A
Debt Securities, Available-for-sale [Line Items]
Securities retained, percentage from trust (in percent)			8.60%			23.30%			8.60%	23.30%
Securities retained, value									$ 16,100,000	$ 49,200,000
Securities retained, number of re-performing loans and non-performing loans acquired | loan									1,085	811
Securities retained, re-performing loans and non-performing loans acquired, unpaid principal balance									$ 205,100,000	$ 215,500,000
Securities retained, re-performing loans and non-performing loans acquired, amount									$ 497,400,000	$ 518,800,000
Securities retained, rated securities with unpaid principal balance percentage (in percent)									79.80%	71.90%
Securities retained, weighted average coupon (in percent)			3.46%			3.47%			3.46%	3.47%
Ajax Mortgage Loan Trust 2022-A | 60 Days Past Due
Debt Securities, Available-for-sale [Line Items]
Securities retained, percentage of unpaid loans (in percent)										33.90%
Ajax Mortgage Loan Trust 2022-B
Debt Securities, Available-for-sale [Line Items]
Securities retained, percentage from trust (in percent)						17.20%				17.20%
Securities retained, value										$ 36,800,000
Securities retained, number of re-performing loans and non-performing loans acquired | loan										1,106
Securities retained, re-performing loans and non-performing loans acquired, unpaid principal balance										$ 220,800,000
Securities retained, re-performing loans and non-performing loans acquired, amount										$ 575,500,000
Securities retained, rated securities with unpaid principal balance percentage (in percent)										76.90%
Securities retained, weighted average coupon (in percent)						3.47%				3.47%
Ajax Mortgage Loan Trust 2023-B
Debt Securities, Available-for-sale [Line Items]
Securities retained, percentage from trust (in percent)			20%						20%
Securities retained, value			$ 21,800,000
Securities retained, re-performing loans and non-performing loans acquired, amount			$ 255,000,000
Securities retained, weighted average coupon (in percent)			4.25%						4.25%
Mortgage Loans On Real Estate Commitments To Purchase Number | loan			571
Unpaid principal balance			$ 121,700,000
Securities retained with unpaid principal balance percentage (in percent)			0.750
Ajax Mortgage Loan Trust 2023-C
Debt Securities, Available-for-sale [Line Items]
Securities retained, value			$ 36,100,000
Securities retained, re-performing loans and non-performing loans acquired, amount			$ 463,700,000
Securities retained, rated securities with unpaid principal balance percentage (in percent)			72.40%
Securities retained, weighted average coupon (in percent)			3.45%						3.45%
Mortgage Loans On Real Estate Commitments To Purchase Number | loan			1,171
Unpaid principal balance			$ 203,600,000
Investments in securities
Debt Securities, Available-for-sale [Line Items]
Fair value			131,000,000						$ 131,000,000		257,100,000
Investment in beneficial interests
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses			(19,715,000)						(19,715,000)		0
Gross unrealized gains			0						0		0
Fair value			97,239,000						97,239,000		134,552,000
Reclassification to non-credit discount from the allowance for changes in payment expectations			0			$ 0			0	$ 759,000
Reversal of provision for credit losses						0				(100,000)
Senior notes
Debt Securities, Available-for-sale [Line Items]
Debt securities, realized loss			400,000			$ 900,000			3,300,000	$ 900,000
Debt securities available-for-sale, at fair value
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses			(10,950,000)						(10,950,000)		(25,649,000)
Gross unrealized gains			0						0		0
Fair value			$ 131,037,000						$ 131,037,000		$ 257,062,000
[1]On January 1, 2023, the Company transferred certain of its investments in securities to held-to-maturity ("HTM") due to European risk retention regulations. As of September 30, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $6.8 million related to the unamortized unrealized loss in AOCI.

Investments - Debt Securities a

Investments - Debt Securities and Beneficial Interests (Details) - USD ($)		Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Abstract]
Basis			$ 417,263,000
Gross unrealized gains			0
Gross unrealized losses			(25,649,000)
Fair value			391,614,000
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Basis	[1]	$ 61,189,000	0
Gross unrealized gains		43,000
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity		(1,363,000)
Debt securities held-to-maturity at amortized cost, net of allowance for credit losses		59,869,000
Total Investments, Basis		320,130,000
Total Investments, Gross Unrealized Gains		43,000
Total Investments, Gross Unrealized Losses		(32,028,000)
Total Investments, Carrying Value		288,145,000
Interest receivable on securities, on available for sale debt securities		100,000	100,000
Interest receivable on held to maturity debt securities		24,000
Investment in beneficial interests at amortized cost, net of allowance for credit losses
Debt Securities, Available-for-sale [Abstract]
Basis		116,954,000	134,552,000
Gross unrealized gains		0	0
Gross unrealized losses		(19,715,000)	0
Fair value		97,239,000	134,552,000
Debt securities available-for-sale, at fair value
Debt Securities, Available-for-sale [Abstract]
Basis		141,987,000	282,711,000
Gross unrealized gains		0	0
Gross unrealized losses		(10,950,000)	(25,649,000)
Fair value		$ 131,037,000	$ 257,062,000
[1]On January 1, 2023, the Company transferred certain of its investments in securities to held-to-maturity ("HTM") due to European risk retention regulations. As of September 30, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $6.8 million related to the unamortized unrealized loss in AOCI.

Investments - Debt Securities_2

Investments - Debt Securities Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Line Items]
Basis		$ 417,263
Gross unrealized losses		(25,649)
Fair value		391,614
Debt securities due February 2028
Investments, Debt and Equity Securities [Line Items]
Basis	$ 4,668	38,843
Gross unrealized losses	(1)	(82)
Fair value	4,667	38,761
Debt securities due November 2051
Investments, Debt and Equity Securities [Line Items]
Basis	3,763	36,829
Gross unrealized losses	(42)	(2,429)
Fair value	3,721	34,400
Debt securities due September 2059
Investments, Debt and Equity Securities [Line Items]
Basis		14,945
Gross unrealized losses		(1,045)
Fair value		13,900
Debt securities due September 2059 One
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(600)
Debt securities due September 2059 Two
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses		(500)
Debt securities due November 2059
Investments, Debt and Equity Securities [Line Items]
Basis		6,752
Gross unrealized losses		(313)
Fair value		6,439
Debt securities due December 2059
Investments, Debt and Equity Securities [Line Items]
Basis		33,569
Gross unrealized losses		(2,083)
Fair value		31,486
Debt securities due March 2060
Investments, Debt and Equity Securities [Line Items]
Basis	5,878	14,492
Gross unrealized losses	(907)	(1,909)
Fair value	4,971	12,583
Debt securities due June 2060
Investments, Debt and Equity Securities [Line Items]
Basis	3,573	8,002
Gross unrealized losses	(131)	(394)
Fair value	3,442	7,608
Debt securities due September 2060
Investments, Debt and Equity Securities [Line Items]
Basis	1,374	3,242
Gross unrealized losses	(47)	(15)
Fair value	1,327	3,227
Debt securities due December 2060
Investments, Debt and Equity Securities [Line Items]
Basis	21,636	43,216
Gross unrealized losses	(4,745)	(7,868)
Fair value	16,891	35,348
Debt securities due January 2061
Investments, Debt and Equity Securities [Line Items]
Basis	4,886	11,883
Gross unrealized losses	(692)	(1,342)
Fair value	4,194	10,541
Debt securities due June 2061
Investments, Debt and Equity Securities [Line Items]
Basis	13,213	47,302
Gross unrealized losses	(1,544)	(6,303)
Fair value	11,669	40,999
Debt Securities due June 2061, Security One
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	(400)	(3,000)
Debt Securities due June 2061, Security Two
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	(1,100)	(3,300)
Debt securities due October 2061
Investments, Debt and Equity Securities [Line Items]
Basis	11,960	12,401
Gross unrealized losses	(1,321)	(1,013)
Fair value	10,639	11,388
Debt securities due March 2062
Investments, Debt and Equity Securities [Line Items]
Basis	10,525	11,096
Gross unrealized losses	(1,080)	(853)
Fair value	9,445	10,243
Debt Securities Due July 2062
Investments, Debt and Equity Securities [Line Items]
Basis	12,781
Gross unrealized losses	(430)
Fair value	12,351
Debt Securities Due October 2062
Investments, Debt and Equity Securities [Line Items]
Basis	18,005
Gross unrealized losses	(3)
Fair value	18,002
Debt Securities Due May 2063
Investments, Debt and Equity Securities [Line Items]
Basis	29,638
Gross unrealized losses	(7)
Fair value	29,631
Total basis
Investments, Debt and Equity Securities [Line Items]
Basis	141,900	282,572
Total gross unrealized losses
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	(10,950)	(25,649)
Total carrying value (fair value)
Investments, Debt and Equity Securities [Line Items]
Fair value	$ 130,950	$ 256,923

Investments - Schedule of secur

Investments - Schedule of securities at acquisition reconciliation between purchase price and par value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Par	$ 11,962	$ 0	$ 14,013	$ 14,720
(Discount)/Premium	(3,225)	0	(2,262)	1,087
Purchase Price	$ 8,737	$ 0	$ 11,751	$ 15,807

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Reclassification to non-credit discount from the allowance for changes in payment expectations		$ 0		$ 800,000
Investment in beneficial interests at amortized cost, net of allowance for credit losses
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	$ 0	0	$ 0	(615,000)
Reclassification to non-credit discount from the allowance for changes in payment expectations	0	0	0	759,000
Credit loss expense on beneficial interests	0	0	0	(50,000)
Increase in allowance for expected credit losses due to decreases in the net present value of expected cash flows	0	0	0	(94,000)
Allowance for expected credit losses, ending balance	$ 0	$ 0	$ 0	$ 0

Fair Value - Schedule of Recurr

Fair Value - Schedule of Recurring Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities available-for-sale		$ 391,614
Fair value, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities available-for-sale	$ 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 available-for-sale	131,037	257,062
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 available-for-sale	0	0
Put option liability	16,155	12,153
Fair value, recurring | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities available-for-sale	131,037	257,062
Put option liability	$ 16,155	$ 12,153

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial assets
Investment in debt securities held-to-maturity	$ 59,869
Financial liabilities
Borrowings under repurchase transactions	392,024	$ 445,855
Level 1 - Quoted prices in active markets
Financial assets
Mortgage loans held-for-investment, net	0	0
Investment in debt securities held-to-maturity	0
Financial liabilities
Secured borrowings, net	0	0
Borrowings under repurchase transactions	0	0
Convertible senior notes, net	99,872	100,084
Notes payable, net	0	0
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 Ajax E Master Trust
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 held-for-investment, net	0	0
Investment in debt securities held-to-maturity	59,869
Financial liabilities
Secured borrowings, net	379,780	421,680
Borrowings under repurchase transactions	392,024	445,855
Convertible senior notes, net	0	0
Notes payable, net	99,495	107,327
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	527	606
Level 2 - Observable inputs other than Level 1 prices | Investment in Ajax E Master Trust
Financial assets
Investments, fair value disclosure	2,020	2,272
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 held-for-investment, net	883,565	971,069
Investment in debt securities held-to-maturity	0
Financial liabilities
Secured borrowings, net	0	0
Borrowings under repurchase transactions	0	0
Convertible senior notes, net	0	0
Notes payable, net	0	0
Level 3 - Unobservable inputs | Investment in Manager
Financial assets
Investments, fair value disclosure	4,831	10,093
Level 3 - Unobservable inputs | Investment in AS Ajax E LLC
Financial assets
Investments, fair value disclosure	0	0
Level 3 - Unobservable inputs | Investment in Ajax E Master Trust
Financial assets
Investments, fair value disclosure	0	0
Level 3 - Unobservable inputs | Investment in GAFS, including warrants
Financial assets
Investments, fair value disclosure	1,439	3,320
Level 3 - Unobservable inputs | Investment in Gaea
Financial assets
Investments, fair value disclosure	22,118	22,119
Level 3 - Unobservable inputs | Investment in Loan pool LLCs
Financial assets
Investments, fair value disclosure	657	707
Level 3 - Unobservable inputs | Investment in beneficial interests
Financial assets
Investments, fair value disclosure	97,239	134,552
Carrying value
Financial assets
Mortgage loans held-for-investment, net	939,080	989,084
Investment in debt securities held-to-maturity	61,189
Financial liabilities
Secured borrowings, net	424,651	467,205
Borrowings under repurchase transactions	392,024	445,855
Convertible senior notes, net	103,516	104,256
Notes payable, net	106,629	106,046
Carrying value | Investment in Manager
Financial assets
Investments, fair value disclosure	1,208	921
Carrying value | Investment in AS Ajax E LLC
Financial assets
Investments, fair value disclosure	428	453
Carrying value | Investment in Ajax E Master Trust
Financial assets
Investments, fair value disclosure	2,105	2,208
Carrying value | Investment in GAFS, including warrants
Financial assets
Investments, fair value disclosure	2,672	2,041
Carrying value | Investment in Gaea
Financial assets
Investments, fair value disclosure	22,519	24,339
Carrying value | Investment in Loan pool LLCs
Financial assets
Investments, fair value disclosure	200	223
Carrying value | Investment in beneficial interests
Financial assets
Investments, fair value disclosure	$ 116,954	$ 134,552

Fair Value - Schedule of Non Fi

Fair Value - Schedule of Non Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	$ 200	$ 300
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	4,040	6,333
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	4,040	6,333
Fair value adjustment recognized in the consolidated statements of operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale	$ (1,045)	$ (376)

Affiliates - Narrative (Details

Affiliates - Narrative (Details)	Sep. 30, 2023 loanPool affiliate	Dec. 31, 2022 loanPool affiliate	Sep. 30, 2022 affiliate	Dec. 31, 2019 loanPool
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated affiliates | affiliate	5	5	5
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%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	16.50%	16.50%
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	40%	40%		40.40%
Number of entities | loanPool	1	1		3
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	22%	22%
Investment in Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in real estate trust (in percent)	5%	5%
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	19.80%	19.80%
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	9.60%	8%

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jan. 31, 2022	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at the Company's share	$ (628)	$ (451)	$ (991)	$ (869)
Assets at Company's share	1,374,534		1,374,534		$ 1,484,426
Liabilities at Company's share	1,052,183		1,052,183		1,146,961
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	1,626		1,626		1,376
Liabilities at Company's share	197		197		527
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	441		441		467
Liabilities at Company's share	0		0		0
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	480		480		480
Liabilities at Company's share	86		86		64
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	6,587		6,587		6,270
Liabilities at Company's share	5,427		5,427		5,306
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Assets at Company's share	34,705		34,705		35,894
Liabilities at Company's share	13,603		13,603		$ 12,818
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	1,713	(502)	1,577	(1,065)
Net income/(loss) at the Company's share	$ 339	(99)	$ 312	(211)
Ownership percentage (in percent)	19.80%		19.80%		19.80%
Thetis Asset Management LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 8,211		$ 8,211		$ 6,948
Thetis Asset Management LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	995		995		$ 2,661
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	52	45	174	85
Net income/(loss) at the Company's share	$ 9	7	$ 29	14
Ownership percentage (in percent)	16.50%		16.50%		16.50%
AS Ajax E LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 2,677		$ 2,677		$ 2,837
AS Ajax E LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	1		1		$ 2
Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(16)	(49)	(56)	(81)
Net income/(loss) at the Company's share	$ (6)	(20)	$ (22)	(33)
Ownership percentage (in percent)	40%		40%		40%		40.40%
Loan pool LLCs | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 1,200		$ 1,200		$ 1,201
Loan pool LLCs | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	216		216		$ 161
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(92)	(2,458)	(1,066)	(5,734)
Net income/(loss) at the Company's share	$ (9)	(197)	$ (96)	(460)
Ownership percentage (in percent)	9.60%		9.60%		8%
Great Ajax FS LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 68,692		$ 68,692		$ 78,375
Great Ajax FS LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	56,595		56,595		$ 66,324
Gaea Real Estate Corp.
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(4,584)	(757)	(6,916)	(1,210)
Assets and liabilities at 100%						$ 25,500
Net income/(loss) at the Company's share	$ (1,007)	$ (167)	$ (1,520)	$ (268)
Ownership percentage (in percent)	22%		22%		22%
Gaea Real Estate Corp. | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 157,965		$ 157,965		$ 162,933
Gaea Real Estate Corp. | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 61,915		$ 61,915		$ 58,185
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	100%	100%	100%	100%	100%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) series $ / shares shares	Sep. 30, 2023 USD ($) loan $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares 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 (in years)			5 years
Class of warrant or right, outstanding (in shares) | shares	1,950,672	5,250,000	6,500,000	1,950,672	5,250,000
Investment warrants, exercise price (in dollars per share) | $ / shares			$ 10
Preferred stock, face value per share (in dollars per share) | $ / shares		$ 25			$ 25	$ 25
Class of warrant or right, shares repurchased and retired (in shares) | shares		3,299,328			4,549,328	4,549,328
Payments for repurchase and retirement of warrants	$ 0	$ 25,800,000		$ 0	$ 35,000,000	$ 35,000,000
Put option liability	16,155,000			16,155,000		$ 12,153,000
Warrants original basis	16,200,000		$ 9,500,000	$ 16,200,000
Base rate used for calculation (in percent)				0.180
Put option
Commitments and Contingencies
Present value of put liability	$ 15,700,000			$ 15,700,000
7.25% Series A preferred stock
Commitments and Contingencies
Preferred stock, shares issued (in shares) | shares	424,949		2,307,400	424,949		424,949
Preferred stock, fixed-to-floating rate cumulative redeemable			7.25%	7.25%		7.25%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25		$ 25	$ 25		$ 25
Preferred stock, discount (in percent)		2.70%			2.70%
Warrant accrual rate (in percent)				0.1075
5.00% Series B preferred stock
Commitments and Contingencies
Preferred stock, shares issued (in shares) | shares	1,135,590		2,892,600	1,135,590		1,135,590
Preferred stock, fixed-to-floating rate cumulative redeemable			5%	5%		5%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25		$ 25	$ 25		$ 25
Preferred stock, discount (in percent)		2.50%			2.50%	2.50%
Warrant accrual rate (in percent)				0.1300
Preferred Stock
Commitments and Contingencies
Deferred issuance costs	$ 0	$ 5,700,000		$ 0	$ 8,200,000	$ 8,200,000
Preferred Stock | 7.25% Series A preferred stock
Commitments and Contingencies
Stock repurchased and retired during period, shares (in shares) | shares		1,113,932			1,882,451	1,882,451
Stock repurchased and retired during period		$ 64,200,000			$ 64,200,000
Stock repurchased and retired during period, average price per share (in dollars per share) | $ / shares		$ 24.32			$ 24.32
Preferred Stock | 5.00% Series B preferred stock
Commitments and Contingencies
Stock repurchased and retired during period, shares (in shares) | shares		1,525,529			1,757,010	1,757,010
Stock repurchased and retired during period		$ 88,700,000			$ 88,700,000	$ 88,700,000
Stock repurchased and retired during period, average price per share (in dollars per share) | $ / shares		$ 24.37			$ 24.37	$ 24.37
Nonperforming loans | Purchase commitment | One-to-four family residences
Commitments and Contingencies
Number of mortgage loans on real estate | loan				0

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Put Option Rollforward (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Separate Account, Liability [Roll Forward]
Fair value adjustments during the period			$ 2,151,000	$ 2,845,000
Repurchases	$ 0	$ (25,800,000)	0	(35,000,000)	$ (35,000,000)
Five-year warrants
Separate Account, Liability [Roll Forward]
Beginning balance	15,614,000	24,834,000	12,153,000	23,667,000	23,667,000
Fair value adjustments during the period	540,000	2,917,000	4,001,000	9,712,000
Repurchases	0	(17,029,000)	0	(22,657,000)
Ending balance	$ 16,154,000	$ 10,722,000	$ 16,154,000	$ 10,722,000	$ 12,153,000

Debt - Narrative (Details)

Debt - Narrative (Details)		1 Months Ended	3 Months Ended						9 Months Ended		12 Months Ended
		Aug. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) securitization $ / shares	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2020	Sep. 30, 2023 USD ($) day securitization facility counterparty trust $ / shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jan. 01, 2022 USD ($)	Dec. 09, 2021 USD ($)
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest (in percentage)			100%						100%
Cash collateral			$ 5,942,000						$ 5,942,000		$ 5,152,000
Number of securitizations completed | securitization									18
Number of securitizations outstanding | securitization			5						5
Convertible senior notes, net	[1]		$ 103,516,000						$ 103,516,000		104,256,000
Interest expense			14,838,000		$ 11,369,000				44,802,000	$ 29,150,000
Repurchase of the company's senior convertible notes									952,000	75,000
Reclass of conversion premium - convertible notes			320,235,000						$ 320,235,000		$ 335,328,000
Series A Preferred Stock
Debt Instrument [Line Items]
Preferred stock, fixed-to-floating rate cumulative redeemable								7.25%	7.25%		7.25%
Series B Preferred Stock
Debt Instrument [Line Items]
Preferred stock, fixed-to-floating rate cumulative redeemable								5%	5%		5%
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					$ 3,500,000
Convertible notes payable
Debt Instrument [Line Items]
Interest expense			$ 1,900,000		2,100,000				$ 5,900,000	6,300,000
Master repurchase agreement
Debt Instrument [Line Items]
Interest rate (in percent)			7.42%						7.42%		6.31%
Amount outstanding			$ 392,024,000						$ 392,024,000		$ 445,855,000
Servicing agreement | Minimum | Gregory Funding LLC
Debt Instrument [Line Items]
Servicing fees (in percent)									0.65%
Servicing agreement | Maximum | Gregory Funding LLC
Debt Instrument [Line Items]
Servicing fees (in percent)									1.25%
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 (in percent)			7.25%						7.25%
Principal amount of note (in dollars per share) | $ / shares									$ 25
If-converted value in excess of principal									$ 57,100,000
Unpaid principal balance			$ 103,500,000						103,500,000		104,500,000
Interest expense			2,700,000						7,900,000
Amortization of debt discount			$ 0		$ 200,000				$ 300,000	$ 600,000
Interest rate, effective percentage			7.25%		8.04%				7.25%	8.04%
Debt instrument, repurchase amount			$ 0	$ 1,000,000		$ 100,000			$ 0			$ 0
Repurchase of the company's senior convertible notes				$ 1,000,000		$ 100,000
Repayments of convertible debt					$ 0		$ 0
Threshold percentage of stock price trigger (at least) (in percent)									130%
Threshold trading days (at least) | day									20
Threshold consecutive trading days | day									30
Redemption price, percentage									100%
Amortization of debt discount and deferred expenses			$ 200,000						$ 600,000
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			$ 0						$ 0		(300,000)
Senior notes | 8.875% Senior Unsecured Notes Due September 2027
Debt Instrument [Line Items]
Interest rate (in percent)		8.875%
Interest rate, effective percentage			9.98%						9.98%
Aggregate principal		$ 110,000,000
Debt instrument, term (in years)		5 years
Issuance amount, amount of par value (percent)		0.99009
Proceeds from unsecured notes payable		$ 106,100,000
Proceeds used to repurchase and retire securities			$ 90,000,000						$ 90,000,000
Amount outstanding			110,000,000						110,000,000		110,000,000
Notes Payable
Debt Instrument [Line Items]
Debt issuance costs, net			(3,400,000)						$ (3,400,000)		$ (4,000,000)
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 (in percentage)									75%
Delaware Trust | Mortgage loans | Master repurchase agreement | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO (in percentage)									90%
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									4
[1]Secured borrowings, net are presented net of deferred issuance costs of $3.5 million at September 30, 2023 and $4.7 million at December 31, 2022. Convertible senior notes, net are presented net of deferred issuance costs of zero and $0.3 million at September 30, 2023 and December 31, 2022, respectively. Notes payable, net are presented net of deferred issuance costs and discount of $3.4 million at September 30, 2023 and $4.0 million at December 31, 2022.

Debt - Schedule of Repurchase T

Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount of Collateral	$ 551,565	$ 628,187
Bond repurchase transaction	42,800	42,800
Master repurchase agreement
Debt Instrument [Line Items]
Amount Outstanding	392,024	445,855
Amount of Collateral	$ 557,507	$ 633,339
Interest Rate	7.42%	6.31%
Master repurchase agreement | Barclays | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 71,697	$ 126,458
Amount of Collateral	$ 105,129	$ 181,667
Interest Rate	6.89%	6.10%
Master repurchase agreement | Barclays | Bonds | A Bonds, October 3, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 11,266
Amount of Collateral	$ 15,856
Interest Rate	6.75%
Master repurchase agreement | Barclays | Bonds | A Bonds, October 20, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 21,790
Amount of Collateral	$ 29,001
Interest Rate	6.77%
Master repurchase agreement | Barclays | Bonds | A Bonds, November 3, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 11,007
Amount of Collateral	$ 13,655
Interest Rate	6.52%
Master repurchase agreement | Barclays | Bonds | A Bonds, November 22, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 2,181
Amount of Collateral	$ 3,576
Interest Rate	6.69%
Master repurchase agreement | Barclays | Bonds | B Bonds, October 26, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 2,979
Amount of Collateral	$ 5,145
Interest Rate	7.65%
Master repurchase agreement | Barclays | Bonds | B Bonds, November 3, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 3,572
Amount of Collateral	$ 6,702
Interest Rate	7.34%
Master repurchase agreement | Barclays | Bonds | B Bonds, November 22, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 4,365
Amount of Collateral	$ 8,158
Interest Rate	7.29%
Master repurchase agreement | Barclays | Bonds | B Bonds, December 13, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 13,127
Amount of Collateral	$ 20,416
Interest Rate	7.16%
Master repurchase agreement | Barclays | Bonds | M Bonds, November 3, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 295
Amount of Collateral	$ 516
Interest Rate	6.69%
Master repurchase agreement | Barclays | Bonds | M Bonds, November 22, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 1,115
Amount of Collateral	$ 2,104
Interest Rate	6.89%
Master repurchase agreement | Barclays | Bonds | A Bonds, January 3, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 12,345
Amount of Collateral		$ 18,399
Interest Rate		5.33%
Master repurchase agreement | Barclays | Bonds | A Bonds, January 20, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 47,591
Amount of Collateral		$ 64,692
Interest Rate		5.76%
Master repurchase agreement | Barclays | Bonds | A Bonds, April 26, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 27,655
Amount of Collateral		$ 37,216
Interest Rate		6.60%
Master repurchase agreement | Barclays | Bonds | A Bonds, May 3, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 11,879
Amount of Collateral		$ 15,535
Interest Rate		5.97%
Master repurchase agreement | Barclays | Bonds | A Bonds, May 22, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 2,107
Amount of Collateral		$ 3,421
Interest Rate		6.17%
Master repurchase agreement | Barclays | Bonds | B Bonds, March 13, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 12,639
Amount of Collateral		$ 20,755
Interest Rate		6.45%
Master repurchase agreement | Barclays | Bonds | B Bonds, April 26, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 2,943
Amount of Collateral		$ 5,174
Interest Rate		7%
Master repurchase agreement | Barclays | Bonds | B Bonds, May 3, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 3,627
Amount of Collateral		$ 6,405
Interest Rate		6.77%
Master repurchase agreement | Barclays | Bonds | B Bonds, May 22, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 4,306
Amount of Collateral		$ 7,606
Interest Rate		6.77%
Master repurchase agreement | Barclays | Bonds | M Bonds, May 3, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 292
Amount of Collateral		$ 521
Interest Rate		6.12%
Master repurchase agreement | Barclays | Bonds | M Bonds, May 22, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 1,074
Amount of Collateral		$ 1,943
Interest Rate		6.37%
Master repurchase agreement | Nomura | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 70,557	$ 35,742
Amount of Collateral	$ 100,507	$ 55,303
Interest Rate	6.87%	6.02%
Master repurchase agreement | Nomura | Bonds | A Bonds, October 24, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 36,517
Amount of Collateral	$ 46,784
Interest Rate	6.86%
Master repurchase agreement | Nomura | Bonds | A Bonds, November 15, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 5,413
Amount of Collateral	$ 7,508
Interest Rate	6.91%
Master repurchase agreement | Nomura | Bonds | A Bonds, December 29, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 17,480
Amount of Collateral	$ 25,102
Interest Rate	6.69%
Master repurchase agreement | Nomura | Bonds | B Bonds, October 24, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 1,024
Amount of Collateral	$ 1,692
Interest Rate	7.16%
Master repurchase agreement | Nomura | Bonds | B Bonds, November 15, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 3,002
Amount of Collateral	$ 5,699
Interest Rate	7.31%
Master repurchase agreement | Nomura | Bonds | B Bonds, December 29, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 3,782
Amount of Collateral	$ 6,449
Interest Rate	7.17%
Master repurchase agreement | Nomura | Bonds | M Bonds, October 24, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 2,307
Amount of Collateral	$ 5,029
Interest Rate	7.15%
Master repurchase agreement | Nomura | Bonds | M Bonds, December 29, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 1,032
Amount of Collateral	$ 2,244
Interest Rate	6.94%
Master repurchase agreement | Nomura | Bonds | A bonds, January 12, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 3,910
Amount of Collateral		$ 5,458
Interest Rate		5.32%
Master repurchase agreement | Nomura | Bonds | A bonds, February 14, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 6,481
Amount of Collateral		$ 9,818
Interest Rate		5.81%
Master repurchase agreement | Nomura | Bonds | A bonds, February 24, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 3,795
Amount of Collateral		$ 5,178
Interest Rate		6.05%
Master repurchase agreement | Nomura | Bonds | A bonds, March 23, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 11,186
Amount of Collateral		$ 17,202
Interest Rate		6.08%
Master repurchase agreement | Nomura | Bonds | B Bonds, February 14, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 5,619
Amount of Collateral		$ 9,542
Interest Rate		6.24%
Master repurchase agreement | Nomura | Bonds | B Bonds, February 24, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 1,054
Amount of Collateral		$ 1,689
Interest Rate		6.45%
Master repurchase agreement | Nomura | Bonds | B Bonds, March 23, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 3,697
Amount of Collateral		$ 6,416
Interest Rate		6.48%
Master repurchase agreement | Nomura | Loan
Debt Instrument [Line Items]
Amount Outstanding	$ 203,685	$ 212,147
Amount of Collateral	$ 280,984	$ 292,415
Interest Rate	7.90%	6.65%
Maximum borrowing capacity	$ 400,000	$ 400,000
Master repurchase agreement | Goldman Sachs | Bonds
Debt Instrument [Line Items]
Amount Outstanding		3,102
Amount of Collateral		$ 4,044
Interest Rate		5.58%
Master repurchase agreement | Goldman Sachs | Bonds | A Bonds, January 13, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 3,102
Amount of Collateral		$ 4,044
Interest Rate		5.58%
Master repurchase agreement | JP Morgan | Bonds
Debt Instrument [Line Items]
Amount Outstanding	35,596	$ 56,656
Amount of Collateral	$ 55,298	$ 82,071
Interest Rate	6.71%	5.59%
Master repurchase agreement | JP Morgan | Bonds | A Bonds, November 30, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 9,917
Amount of Collateral	$ 13,222
Interest Rate	6.75%
Master repurchase agreement | JP Morgan | Bonds | B Bonds, October 30, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 6,551
Amount of Collateral	$ 11,458
Interest Rate	7.12%
Master repurchase agreement | JP Morgan | Bonds | M Bonds, October 6, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 15,331
Amount of Collateral	$ 23,258
Interest Rate	6.39%
Master repurchase agreement | JP Morgan | Bonds | M Bonds, November 30, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 507
Amount of Collateral	$ 878
Interest Rate	7.05%
Master repurchase agreement | JP Morgan | Bonds | M Bonds, January 22, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 3,290
Amount of Collateral	$ 6,482
Interest Rate	7.23%
Master repurchase agreement | JP Morgan | Bonds | A Bonds, March 7, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 11,103
Amount of Collateral		$ 14,836
Interest Rate		5.62%
Master repurchase agreement | JP Morgan | Bonds | A Bonds, March 24, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 22,131
Amount of Collateral		$ 30,215
Interest Rate		5.41%
Master repurchase agreement | JP Morgan | Bonds | B Bonds, February 3, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 7,846
Amount of Collateral		$ 13,583
Interest Rate		5.86%
Master repurchase agreement | JP Morgan | Bonds | M Bonds, March 7, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 490
Amount of Collateral		$ 893
Interest Rate		5.85%
Master repurchase agreement | JP Morgan | Bonds | M Bonds, April 11, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 15,086
Amount of Collateral		$ 22,544
Interest Rate		5.70%
Master repurchase agreement | JP Morgan | Loan
Debt Instrument [Line Items]
Amount Outstanding	$ 10,489	$ 11,750
Amount of Collateral	$ 15,589	$ 17,839
Interest Rate	7.68%	6.90%
Maximum borrowing capacity	$ 150,000	$ 150,000

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 392,024	$ 445,855
Gross amount of loans and securities pledged as collateral	551,565	628,187
Other prepaid collateral	5,942	5,152
Net collateral amount	$ 165,483	$ 187,484

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans $ in Millions	Sep. 30, 2023 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		Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying value of mortgages	[1],[2]	$ 939,080	$ 989,084
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages		638,414	675,826
Bond principal balance		$ 428,123	$ 471,879
Percentage of collateral coverage		149%	143%
Mortgage UPB		$ 1,015,033
Bond principal balance		789,905
Mortgage loans | 2019-D
Debt Instrument [Line Items]
Carrying value of mortgages		98,872	$ 105,387
Bond principal balance		$ 69,392	$ 76,016
Percentage of collateral coverage		142%	139%
Mortgage UPB		$ 193,301
Bond principal balance		156,670
Mortgage loans | 2019-F
Debt Instrument [Line Items]
Carrying value of mortgages		98,901	$ 105,102
Bond principal balance		$ 60,258	$ 66,522
Percentage of collateral coverage		164%	158%
Mortgage UPB		$ 170,876
Bond principal balance		127,673
Mortgage loans | 2020-B
Debt Instrument [Line Items]
Carrying value of mortgages		102,103	$ 107,011
Bond principal balance		$ 64,502	$ 70,339
Percentage of collateral coverage		158%	152%
Mortgage UPB		$ 156,468
Bond principal balance		114,534
Mortgage loans | 2021-A
Debt Instrument [Line Items]
Carrying value of mortgages		128,812	$ 138,006
Bond principal balance		$ 105,173	$ 113,929
Percentage of collateral coverage		122%	121%
Mortgage UPB		$ 206,506
Bond principal balance		175,116
Mortgage loans | 2021-B
Debt Instrument [Line Items]
Carrying value of mortgages		209,726	$ 220,320
Bond principal balance		$ 128,798	$ 145,073
Percentage of collateral coverage		163%	152%
Mortgage UPB		$ 287,882
Bond principal balance		215,912
Secured Debt
Debt Instrument [Line Items]
Deferred issuance costs		$ (3,500)	$ (4,700)
[1]As of both September 30, 2023 and December 31, 2022, balances for Mortgage loans held-for-investment, net include $0.6 million 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 $638.4 million and $675.8 million of loans at September 30, 2023 and December 31, 2022, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt. Mortgage loans held-for-investment, net include $7.4 million and $6.1 million of allowance for expected credit losses at September 30, 2023 and December 31, 2022, respectively.

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 103,516
2025	0
2026	0
2027	110,000
2028	$ 0

Related Party Transactions - Sc

Related Party Transactions - Schedule Statement of Income of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Various non-consolidated joint ventures | Interest income on securities and beneficial interest and net decrease in the net present value of expected credit losses on beneficial interests
Related Party Transaction [Line Items]
Amount of transaction	$ 4,218	$ 4,614	$ 13,267	$ 16,689
Various non-consolidated joint ventures | Loss on sale of securities
Related Party Transaction [Line Items]
Amount of transaction	(373)	(860)	(3,347)	(939)
Various non-consolidated joint ventures | Loss from joint venture re-securitization on beneficial interests
Related Party Transaction [Line Items]
Amount of transaction	(1,215)	0	(11,024)	(6,115)
Servicer | Loan servicing fees
Related Party Transaction [Line Items]
Amount of transaction	1,809	1,952	5,496	6,049
Servicer | Income/(loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	(9)	(197)	(96)	(460)
Servicer | Affiliate loan interest income
Related Party Transaction [Line Items]
Amount of transaction	118	69	320	203
Manager | Management fee
Related Party Transaction [Line Items]
Amount of transaction	1,940	1,948	5,769	6,604
Manager | Income/(loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	339	(99)	312	(211)
AS Ajax E LLC | Income/(loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	9	7	29	14
Loan pool LLCs | Income/(loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	(6)	(20)	(22)	(33)
Gaea | Income/(loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	$ (1,007)	$ (167)	$ (1,520)	$ (268)

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Investment in beneficial interests | Various non-consolidated joint ventures | Investment in beneficial interests
Related Party Transaction [Line Items]
Amount of transaction	$ 116,954	$ 134,552
Prepaid expenses and other assets | Servicer | Affiliate loan receivable and interest
Related Party Transaction [Line Items]
Amount of transaction	6,275	1,869
Receivable from servicer | Servicer | Receivable from servicer
Related Party Transaction [Line Items]
Amount of transaction	9,673	7,450
Management fee payable | Manager | Management fee payable
Related Party Transaction [Line Items]
Amount of transaction	1,938	1,720
Accrued expenses and other liabilities | Servicer | Servicing fee payable
Related Party Transaction [Line Items]
Amount of transaction	$ 89	$ 101

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)					1 Months Ended			3 Months Ended							9 Months Ended		12 Months Ended		27 Months Ended
		Jan. 31, 2023 USD ($)	Dec. 14, 2022 USD ($) shares	Nov. 22, 2019 USD ($)	Apr. 30, 2023 USD ($) residential_rpl	Feb. 28, 2023 USD ($) residential_rpl	Jan. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) loanPool loan shares	Jun. 30, 2023 USD ($) joint_venture	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($) loan	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2023 USD ($) loanPool loan calendarQuarter shares	Sep. 30, 2022 USD ($) loan	Dec. 31, 2022 USD ($) loanPool shares	Dec. 31, 2019 USD ($) loanPool	Jan. 31, 2022 USD ($) privateCapitalRaise shares	Dec. 09, 2021 USD ($)	Dec. 31, 2020 loanPool
Related Party Transaction [Line Items]
Fair value																	$ 391,614,000
Investments in securities held-to-maturity	[1]							$ 61,189,000							$ 61,189,000		0
Beneficial interest, carrying amount																	$ 417,263,000
Loss on loans and joint venture refinancing on beneficial interests								$ 1,300,000	$ 8,800,000	$ 1,000,000		$ 2,100,000	$ 4,000,000
Number of joint ventures being refinanced | joint_venture									8
Investment in equity method investments															$ 726,000	$ 6,090,000
Treasury stock, common (in shares) | shares								1,035,785							1,035,785		1,031,609
Note and interest outstanding								$ 9,673,000							$ 9,673,000		$ 7,450,000
Number of private capital raises | privateCapitalRaise																			2
Proceeds from issuance of private placement														$ 125,000,000
Period of termination of license agreement (in days)															30 days
Residential RPLs
Related Party Transaction [Line Items]
Number of mortgage loans on real estate					2	1		1			34				72	40
Purchase price					$ 200,000	$ 200,000
Unpaid principal balance					300,000	200,000		$ 200,000			$ 9,100,000				$ 17,300,000	$ 10,300,000
Collateral value					$ 500,000	$ 400,000
Management fee
Related Party Transaction [Line Items]
Incentive fee payable								$ 0			0				$ 0	300,000
Share-based payment arrangement, expense											0					0
Legacy entities
Related Party Transaction [Line Items]
Cash payment in business acquisition																		$ 1,000,000
Gaea Real Estate Corp.
Related Party Transaction [Line Items]
Ownership percentage (in percent)								22%							22%		22%
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
Investments In affiliates							$ 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
Gaea Real Estate Corp. | Third party
Related Party Transaction [Line Items]
Ownership percentage by third parties (in percent)								78%							78%		78%
AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership percentage (in percent)								16.50%							16.50%		16.50%
Investment in Ajax E Master Trust | AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership interest in real estate trust (in percent)								5%							5%		5%
Loan pool LLCs
Related Party Transaction [Line Items]
Ownership percentage (in percent)								40%							40%		40%	40.40%
Number of entities | loanPool								1							1		1	3
Number of entities that sold assets | loanPool																					1
Payments to acquire finance receivables																	$ 300,000
Unpaid principal balance																	$ 400,000
Servicer
Related Party Transaction [Line Items]
Investment in equity method investments		$ 700,000
Ownership percentage (in percent)								9.60%							9.60%		8%
Investments in securities
Related Party Transaction [Line Items]
Fair value								$ 131,000,000							$ 131,000,000		$ 257,100,000
Investment in beneficial interests
Related Party Transaction [Line Items]
Fair value								97,239,000							97,239,000		134,552,000
Beneficial interest, carrying amount								116,954,000							116,954,000		$ 134,552,000
Senior notes
Related Party Transaction [Line Items]
Debt securities, realized loss								400,000			$ 900,000				$ 3,300,000	$ 900,000
Thetis Asset Management LLC | Management agreement
Related Party Transaction [Line Items]
Percentage of base management fee (in percent)															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 (in percent)															50%
Percentage of management fees payable in cash, minimum (in percent)															50%
Percentage of management fees payable in cash, maximum (in percent)															100%
Period of common shares held as base management fee (at least) (in years)															3 years
Percentage of remaining incentive fee in excess of book value (in percent)															8%
Number of calendar quarters | calendarQuarter															8
Percentage of remaining incentive fee payable in shares (in percent)															20%
Percentage of remaining incentive fee payable in cash (in percent)															80%
Percentage of independent directors (in percent)															66.67%
Gregory
Related Party Transaction [Line Items]
Maximum borrowing capacity								$ 12,000,000							$ 12,000,000					$ 3,500,000
Fixed interest rate (in percent)								7.20%							7.20%		7.20%			7.20%
Treasury stock, common (in shares) | shares			361,912
Proceeds from sale of treasury stock			$ 2,800,000
Gregory | Related Party
Related Party Transaction [Line Items]
Note and interest outstanding								$ 2,700,000							$ 2,700,000		$ 700,000
Due from related parties								$ 3,600,000							$ 3,600,000		$ 1,100,000
Gregory | Servicing agreement
Related Party Transaction [Line Items]
Percentage of fair market value of REO (in percent)															1%
Percentage of purchase price of REO (in percent)															1%
Gregory | Servicing agreement | Minimum
Related Party Transaction [Line Items]
Servicing fees (in percent)															0.65%
Gregory | Servicing agreement | Maximum
Related Party Transaction [Line Items]
Servicing fees (in percent)															1.25%
[1]On January 1, 2023, the Company transferred certain of its investments in securities to held-to-maturity ("HTM") due to European risk retention regulations. As of September 30, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $6.8 million related to the unamortized unrealized loss in AOCI.

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares settled (in shares)	0			8,440			13,020	65,348
Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer amount							$ 140,000
Percentage of annual retainer received in shares (in percent)							50%
Percentage of annual retainer received in cash (in percent)	100%						50%
Independent Directors | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual retainer received in cash (in percent)							100%
Restricted stock | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)							2,000
Restricted stock grants | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	3,103	22,459	3,000	157,350	21,500	22,765	28,562	201,615
Vesting period (in years)	4 years			4 years			4 years	4 years
Related party expense – management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees	$ 1,900,000			$ 1,900,000			$ 5,800,000	$ 6,500,000
Number of shares settled (in shares)	0			0			0	39,558
Incentive fee payable	$ 0			$ 0			$ 0	$ 300,000
Share-based payment arrangement, expense				$ 0				$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares settled (in shares)	0	8,440	13,020	65,348
Amount of expense recognized	$ 0	$ 88	$ 88	$ 263
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares settled (in shares)	0	8,440	13,020	25,790
Amount of expense recognized	$ 0	$ 88	$ 88	$ 263
Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares settled (in shares)	0	0	0	39,558
Amount of expense recognized			$ 0	$ 0

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Grants of Restricted Stock Units to Directors and Employees (Details) - Restricted stock - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee and Service Provider Grants
Shares
Shares outstanding beginning (in shares)	282,979	277,079	310,262	237,627	233,795	228,365	310,262	228,365
Shares vested (in shares)	(104,503)	(9,475)	(30,515)	(76,214)	0	0
Shares forfeited (in shares)	(4,251)	(7,084)	(5,668)	(7,626)	(17,668)	(17,335)
Shares granted (in shares)	3,103	22,459	3,000	157,350	21,500	22,765	28,562	201,615
Shares outstanding ending (in shares)	177,328	282,979	277,079	311,137	237,627	233,795	177,328	311,137
Weighted Average Grant Date Fair Value
Shares outstanding beginning (in dollars per share)	$ 10.52	$ 10.88	$ 10.98	$ 11.82	$ 11.95	$ 12	$ 10.98	$ 12
Shares vested (in dollars per share)	10.81	11.25	11.56	11.95	0	0
Shares forfeited (in dollars per share)	10.60	11.16	10.30	11.51	11.88	11.93
Shares granted (in dollars per share)	6.95	6.50	7.34	10.41	10.50	11.42
Shares outstanding ending (in dollars per share)	$ 10.28	$ 10.52	$ 10.88	$ 11.09	$ 11.82	$ 11.95	$ 10.28	$ 11.09
Weighted average remaining contractual terms (in years)							1 year 9 months 18 days	2 years 2 months 12 days
Director grants
Shares
Shares outstanding beginning (in shares)	25,000	25,000	0	0	8,000	8,000	0	8,000
Shares vested (in shares)	0	0	0	0	(8,000)	0
Shares forfeited (in shares)	0	0	0	0	0	0
Shares granted (in shares)	0	0	25,000	0	0	0
Shares outstanding ending (in shares)	25,000	25,000	25,000	0	0	8,000	25,000	0
Weighted Average Grant Date Fair Value
Shares outstanding beginning (in dollars per share)	$ 7.15	$ 7.15	$ 0	$ 0	$ 12.60	$ 12.60	$ 0	$ 12.60
Shares vested (in dollars per share)	0	0	0	0	12.60	0
Shares forfeited (in dollars per share)	0	0	0	0	0	0
Shares granted (in dollars per share)	0	0	7.15	0	0	0
Shares outstanding ending (in dollars per share)	$ 7.15	$ 7.15	$ 7.15	$ 0	$ 0	$ 12.60	$ 7.15	$ 0
Weighted average remaining contractual terms (in years)							1 year 4 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 375	$ 328	$ 1,206	$ 854
Restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	353	328	1,154	821
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 22	$ 0	$ 52	$ 33

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) entity	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) entity	Sep. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Distribution percentage of REIT taxable income (at least) (in percent)			90%
Number of taxable subsidiaries | entity	2		2
Taxable income	$ (900)	$ 6,500	$ 900	$ 27,500
Provision for income taxes (benefit)	(100)	$ 2,370	174	$ 2,603
Deferred tax assets	500		500
Deferred tax liabilities	$ 1,200		$ 1,200

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2020
Basic EPS
Consolidated net loss attributable to common stockholders	$ (6,089)	$ (16,249)	$ (26,064)	$ (21,844)
Allocation of loss to participating restricted shares	62	210	324	263
Consolidated net loss attributable to unrestricted common stockholders	(6,027)	(16,039)	(25,740)	(21,581)
Effect of dilutive securities
Restricted stock grants and director fee shares	(62)	(210)	(324)	(263)
Diluted EPS
Consolidated net loss attributable to common stockholders and dilutive securities	$ (6,089)	$ (16,249)	$ (26,064)	$ (21,844)
Basic EPS
Consolidated net loss attributable to (unrestricted) common stockholders (in shares)	24,001,702	22,538,891	23,395,727	22,737,182
Allocation of loss 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)	242,445	294,574	293,191	277,015
Diluted EPS
Consolidated net (loss)/income attributable to common stockholders and dilutive securities (in shares)	24,244,147	22,833,465	23,688,918	23,014,197
Per Share Amount
Consolidated net loss attributable to unrestricted common stockholders (in dollars per share)	$ (0.25)	$ (0.71)	$ (1.10)	$ (0.95)
Consolidated net loss attributable to common stockholders and dilutive securities (in dollars per share)	$ (0.25)	$ (0.71)	$ (1.10)	$ (0.95)
Class of warrant or right, outstanding (in shares)	1,950,672	5,250,000	1,950,672	5,250,000	6,500,000

Equity - Narrative (Details)

Equity - Narrative (Details)	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) entity $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 shares	Mar. 31, 2022 shares	Jun. 30, 2020 $ / shares shares	Sep. 30, 2023 USD ($) entity $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) entity $ / shares shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares	Dec. 31, 2021 shares	Feb. 28, 2020 USD ($)
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	25,808,681					25,808,681		23,130,956
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, par value per share (in dollars per share) | $ / shares		$ 25					$ 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, common (in shares)	(1,035,785)					(1,035,785)		(1,031,609)
Sale of common stock pursuant to dividend reinvestment plan | $						$ 0	$ 288,000
Sale of common stock, net of offering costs | $						$ 17,181,000	$ 0
Number of non controlling interest subsidiaries | entity	3					3		3
Open market purchases
Class of Stock [Line Items]
Treasury stock, common (in shares)	(525,039)					(525,039)		(525,039)
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 100,000,000					$ 100,000,000
Sale of stock (in shares)	2,182,152	0				2,621,742	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%
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, common (in shares)	(148,834)					(148,834)		(144,658)
Gregory
Class of Stock [Line Items]
Treasury stock, common (in shares)	(361,912)					(361,912)		(361,912)
Preferred stock
Class of Stock [Line Items]
Preferred stock discount | $	$ 0	$ 5,700,000				$ 0	$ 8,200,000	$ 8,200,000
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	25,808,681	22,883,634	22,726,572	23,194,566		25,808,681	22,883,634	23,130,956	23,627,677	23,509,446	23,146,775
Issuance of shares under dividend reinvestment plan (in shares)	0	9,315	8,100	9,739		0	27,154
Sale of common stock pursuant to dividend reinvestment plan | $		$ 88,000					$ 300,000
7.25% Series A preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	424,949				2,307,400	424,949		424,949
Preferred stock, fixed-to-floating rate cumulative redeemable					7.25%	7.25%		7.25%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25				$ 25	$ 25		$ 25
Preferred stock, discount (in percent)		2.70%					2.70%
Preferred stock, shares outstanding (in shares)	424,949					424,949		424,949
7.25% Series A preferred stock | Preferred stock
Class of Stock [Line Items]
Stock repurchased and retired during period, shares (in shares)		1,113,932					1,882,451	1,882,451
Stock repurchased and retired during period | $		$ 64,200,000					$ 64,200,000
Stock repurchased and retired during period, average price per share (in dollars per share) | $ / shares		$ 24.32					$ 24.32
Preferred stock, shares outstanding (in shares)	424,949	424,949	1,538,881	2,307,400		424,949	424,949	424,949	424,949	424,949	2,307,400
5.00% Series B preferred stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	1,135,590				2,892,600	1,135,590		1,135,590
Preferred stock, fixed-to-floating rate cumulative redeemable					5%	5%		5%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25				$ 25	$ 25		$ 25
Preferred stock, discount (in percent)		2.50%					2.50%	2.50%
Preferred stock, shares outstanding (in shares)	1,135,590					1,135,590		1,135,590
5.00% Series B preferred stock | Preferred stock
Class of Stock [Line Items]
Stock repurchased and retired during period, shares (in shares)		1,525,529					1,757,010	1,757,010
Stock repurchased and retired during period | $		$ 88,700,000					$ 88,700,000	$ 88,700,000
Stock repurchased and retired during period, average price per share (in dollars per share) | $ / shares		$ 24.37					$ 24.37	$ 24.37
Preferred stock, shares outstanding (in shares)	1,135,590	1,135,590	2,661,119	2,892,600		1,135,590	1,135,590	1,135,590	1,135,590	1,135,590	2,892,600
At-the-Market Program
Class of Stock [Line Items]
Sale of common stock, net of offering costs | $	$ 14,300,000					$ 17,200,000

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jan. 01, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity	$ (1,363)
Accumulated other comprehensive loss	17,733	$ 25,649
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized losses on debt securities available-for-sale	(10,950)	(25,649)
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity	(6,783)	0	$ (10,900)
AOCI attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (17,733)	$ (25,649)

Equity - Non-controlling intere

Equity - Non-controlling interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Change in non-controlling interest	$ 0	$ (34)	$ 0	$ (867)
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	$ 0	$ (34)	$ 0	$ (867)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Oct. 20, 2023	Sep. 30, 2023	Nov. 02, 2023	Jun. 30, 2023
Subsequent Event [Line Items]
Distribution price of dividends (in usd per share)		$ 0.65
Subsequent event
Subsequent Event [Line Items]
Dividends payable (in dollars per share)			$ 0.11
Subsequent event | Ellington Financial Inc. | Great Ajax Corp
Subsequent Event [Line Items]
Cash consideration for shares of common stock	$ 16
Cash payment in business acquisition	5
Cash consideration to acquire shares	$ 11
Share price (in usd per share)	$ 6.60
Percentage of voting interest acquired (in percent)	6.10%
Great Ajax Corp | Affiliate of Ellington Financial External Manager
Subsequent Event [Line Items]
Investment owned shares (in shares)				273,983
Great Ajax Corp | Subsequent event | Ellington Financial Inc.
Subsequent Event [Line Items]
Number of common stock acquired (in shares)	1,666,666