Rithm Property Trust (RPT) 10-K 27 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 140,186,472
Entity Common Stock, Shares Outstanding (in shares)		27,460,161
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement with respect to its 2024 Annual Meeting of Stockholders are incorporated by reference into this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001614806
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Moss Adams LLP
Auditor Location	Portland, Oregon
Auditor Firm ID	659

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents		$ 52,834	$ 47,845
Mortgage loans held-for-sale, net		55,718	0
Mortgage loans held-for-investment, net	[1],[2]	864,551	989,084
Real estate owned properties, net	[3]	3,785	6,333
Investments in securities held-to-maturity	[4]	59,691	0
Investments in beneficial interests	[5]	104,162	134,552
Receivable from servicer		7,307	7,450
Investment in affiliates		28,000	30,185
Prepaid expenses and other assets		28,685	11,915
Total assets		1,336,291	1,484,426
Liabilities:
Secured borrowings, net	[2],[6]	411,212	467,205
Borrowings under repurchase transactions		375,745	445,855
Convertible senior notes, net	[6]	103,516	104,256
Notes payable, net	[6]	106,844	106,046
Management fee payable		1,998	1,720
Put option liability		16,644	12,153
Accrued expenses and other liabilities		9,437	9,726
Total liabilities		1,025,396	1,146,961
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 27,460,161 issued and outstanding at December 31, 2023 and 23,130,956 shares issued and outstanding at December 31, 2022		285	241
Additional paid-in capital		352,060	322,439
Treasury stock		(9,557)	(9,532)
Retained (deficit)/earnings		(54,382)	13,275
Accumulated other comprehensive loss		(14,027)	(25,649)
Equity attributable to stockholders		308,933	335,328
Non-controlling interests	[7]	1,962	2,137
Total equity		310,895	337,465
Total liabilities and equity		1,336,291	1,484,426
Investment in debt securities
ASSETS
Investments in securities available-for-sale	[8]	131,558	257,062
Series A Preferred Stock
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized		9,411	9,411
Series B Preferred Stock
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized		$ 25,143	$ 25,143
[1] As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). Mortgage loans held-for-investment, net include $628.6 million and $675.8 million of loans at December 31, 2023 and 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 $3.4 million and $6.1 million of allowance for expected credit losses at December 31, 2023 and 2022, respectively. (2) As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). 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 December 31, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $6.0 million related to the unamortized unrealized loss in AOCI. Investments in beneficial interests includes allowance for expected credit losses of $6.9 million and zero at December 31, 2023 and 2022, respectively. Secured borrowings, net are presented net of deferred issuance costs of $3.1 million at December 31, 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 December 31, 2023 and 2022, respectively. Notes payable, net are presented net of deferred issuance costs and discount of $3.2 million at December 31, 2023 and $4.0 million at December 31, 2022. As of December 31, 2023, non-controlling interests includes $0.8 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. Investments in securities available-for-sale (“AFS”) are presented at fair value. As of December 31, 2023, Investments in securities AFS include an amortized cost basis of $139.6 million and a net unrealized loss of $8.0 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.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)		12 Months Ended
		Dec. 31, 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 shares outstanding (in shares)		27,460,161	23,130,956
Mortgage loans held-for-investment, net	[1],[2]	$ 864,551,000	$ 989,084,000
Allowance for credit loss		3,426,000	6,107,000
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure		55,718,000	0
Real estate owned, net of valuation allowance		1,200,000	700,000
Debt securities, held-to-maturity, allowance for credit loss		0
Debt securities, held-to-maturity, accumulated unrecognized loss		(629,000)
Non-controlling interests	[3]	1,962,000	2,137,000
Investment in debt securities
Debt securities available-for-sale, at fair value		139,600,000	282,700,000
Debt securities accumulated unrealized gain (loss)		$ (8,000,000)	$ (25,600,000)
Common Stock
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)		27,460,161
Common stock shares outstanding (in shares)		27,460,161	23,130,956
Investment in beneficial interests
Allowance for credit loss		$ 6,900,000	$ 0
Accumulated Net Investment Gain (Loss) Attributable to Parent
Debt securities, held-to-maturity, accumulated unrecognized loss		$ (5,989,000)	$ 0
Series A Preferred Stock
Preferred stock dividend rate percentage		7.25%	7.25%
Preferred stock, liquidation preference (in dollars per share)		$ 25	$ 25
Preferred stock outstanding (in shares)		424,949	424,949
Series A Preferred Stock | Preferred Stock
Preferred stock issued (in shares)		424,949	424,949
Preferred stock outstanding (in shares)		424,949	424,949
Series B Preferred Stock
Preferred stock dividend rate percentage		5%	5%
Preferred stock, liquidation preference (in dollars per share)			$ 25
Preferred stock outstanding (in shares)		1,135,590	1,135,590
Series B Preferred Stock | Preferred Stock
Preferred stock issued (in shares)		1,135,590	1,135,590
Preferred stock outstanding (in shares)		1,135,590	1,135,590
2017-D
Percentage of ownership interests in joint venture (in percent)		50%	50%
Investment in Ajax E Master Trust
Ownership percentage by parent (in percent)		53.10%	53.10%
GAOP - 7f7 >50
Ownership percentage by parent (in percent)		99.90%	99.90%
Consolidated Entities
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure		$ 600,000	$ 900,000
Consolidated Entities | 2017-D
Non-controlling interests		800,000	1,000,000
Consolidated Entities | Investment in Ajax E Master Trust
Non-controlling interests		1,000,000	1,100,000
Consolidated Entities | GAOP - 7f7 >50
Non-controlling interests		$ 100,000	$ 100,000
2017-D | Great Ajax Corp
Ownership percentage by parent (in percent)		50%	50%
Mortgage loans
Mortgage loans held-for-investment, net		$ 628,615,000	$ 675,826,000
Secured Debt
Debt issuance costs, net		3,100,000	4,700,000
Convertible Debt
Debt issuance costs, net		0	300,000
Notes Payable, Other Payables
Debt issuance costs, net		$ 3,200,000	$ 4,000,000
[1] As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). Mortgage loans held-for-investment, net include $628.6 million and $675.8 million of loans at December 31, 2023 and 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 $3.4 million and $6.1 million of allowance for expected credit losses at December 31, 2023 and 2022, respectively. (2) As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). As of December 31, 2023, non-controlling interests includes $0.8 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME
Interest income	$ 72,332	$ 82,582	$ 93,383
Interest expense	(59,286)	(43,632)	(36,742)
Net interest income	13,046	38,950	56,641
Net (increase)/decrease in the net present value of expected credit losses	(8,137)	8,026	18,223
Net interest income after the impact of changes in the net present value of expected credit losses	4,909	46,976	74,864
(Loss)/income from investment in affiliates, net	(1,308)	(1,218)	699
Loss on joint venture refinancing on beneficial interests	(11,024)	(6,115)	0
Other (loss)/income	(9,651)	(4,007)	2,385
Total (loss)/revenue, net	(17,074)	35,636	77,948
EXPENSE
Related party expense – loan servicing fees	7,269	7,960	7,433
Related party expense – management fee	7,769	8,326	9,116
Professional fees	3,157	2,052	2,940
Fair value adjustment on put option liability	4,491	11,143	9,462
Other expense	6,985	5,912	5,490
Total expense	29,671	35,393	34,441
Acceleration of put option settlement	0	12,344	0
(Gain)/loss on debt extinguishment	(31)	0	1,439
(Loss)/income before provision for income taxes	(46,714)	(12,101)	42,068
Provision for income taxes	243	2,835	293
Consolidated net (loss)/income	(46,957)	(14,936)	41,775
Less: consolidated net income/(loss) attributable to the non-controlling interest	114	75	(80)
Consolidated net (loss)/income attributable to the Company	(47,071)	(15,011)	41,855
Less: dividends on preferred stock	2,190	5,474	7,798
Less: discount on retirement of preferred stock	0	8,194	0
Consolidated net (loss)/income attributable to common stockholders	$ (49,261)	$ (28,679)	$ 34,057
Basic earnings (loss) per common share (in dollars per share)	$ (2.01)	$ (1.24)	$ 1.48
Diluted earnings (loss) per common share (in dollars per share)	$ (2.01)	$ (1.24)	$ 1.41
Weighted average shares - basic (in shares)	24,286,999	22,747,635	22,852,948
Weighted average shares - diluted (in shares)	24,286,999	23,037,578	30,262,467

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPRHENSIVE (LOSS) / INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Consolidated net (loss)/income attributable to common stockholders	$ (49,261)	$ (28,679)	$ 34,057
Other comprehensive (loss)/income:
Unrealized gain/(loss) on available-for-sale securities	6,668	(26,669)	645
Amortization of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	4,954	0	0
Income tax expense related to items of other comprehensive income	0	0	0
Comprehensive (loss)/income	$ (37,639)	$ (55,348)	$ 34,702

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net (loss)/income	$ (46,957)	$ (14,936)	$ 41,775
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense	1,484	1,930	1,312
Mark to market on mortgage loans held-for-sale, net	8,559	0	0
Discount accretion on mortgage loans	(8,091)	(13,798)	(19,451)
Interest and discount accretion on investment in debt securities	(9,499)	(10,558)	(10,963)
Discount accretion on investment in beneficial interests	(8,009)	(10,836)	(15,997)
Gain on sale of mortgage loans	0	0	(122)
(Gain)/loss on debt extinguishment	(31)	0	1,439
Gain on sale of real estate owned properties	(100)	(898)	(893)
Loss/(gain) on sale of securities	3,347	4,775	(201)
Impairment of real estate owned	1,096	376	293
Credit loss expense on mortgage loans and beneficial interests	279	433	1,299
Net increase/(decrease) in the net present value of expected credit losses	8,137	(8,026)	(18,223)
Loss on loans and joint venture refinancing on beneficial interests	11,024	7,959	0
Amortization of debt discount and prepaid financing costs	2,711	3,718	6,164
Undistributed loss/(income) from investment in affiliates	1,308	1,218	(699)
Fair value adjustment on put option liability	4,491	11,143	9,462
Preferred stock non-cash	0	(108)	0
Acceleration of put option settlement	0	12,344	0
Other non-cash charges	0	52	4
Net change in operating assets and liabilities
Prepaid expenses and other assets	(16,821)	1,231	(10,939)
Receivable from Servicer	115	13,464	(5,144)
Accrued expenses, management fee payable, and other liabilities	493	1,652	2,648
Net cash from operating activities	(46,464)	1,135	(18,236)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances	(14,401)	(11,414)	(286,219)
Principal paydowns on mortgage loans	85,716	147,312	218,762
Draws on small balance commercial loans	0	0	(20,689)
Proceeds from sale of mortgage loans	0	0	125,975
Purchase of securities available-for-sale and beneficial interests	(74,274)	(129,061)	(341,788)
Proceeds from refinancing and sale of securities available-for-sale and beneficial interests	61,689	147,903	90,229
Principal collection on debt securities available-for-sale and beneficial interests	79,509	68,236	155,187
Principal and interest collection on debt securities held-to-maturity	29,799	0	0
Proceeds from sale of property held-for-sale	3,931	4,977	6,843
Purchase of rental property and property held-for-sale	0	(27)	(277)
Investment in equity method investments	(980)	(5,801)	0
Distribution from affiliates	1,831	965	1,778
Net cash from investing activities	172,820	223,090	(50,199)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions	64,808	183,891	560,627
Repayments on repurchase transactions	(134,934)	(284,090)	(435,705)
Proceeds from origination of secured borrowings	0	0	391,028
Repayments on secured borrowings	(57,540)	(111,028)	(393,005)
Purchase of bonds of non-controlling interest in subsidiaries	0	0	(5,887)
Repurchase of the Company's senior convertible notes	(952)	(75)	(8,762)
Proceeds from notes payable	0	108,910	0
Repurchase of preferred stock and warrants	0	(124,958)	0
Repurchase of common stock	0	(4,653)	(16)
Sale of common stock, net of offering costs	28,181	4,778	251
Sale of common stock pursuant to dividend reinvestment plan	0	288	241
Acquisition of non-controlling interest in subsidiary	0	0	(11,362)
Distribution to non-controlling interests	(289)	(1,116)	(15,196)
Dividends paid on common stock and preferred stock	(20,586)	(29,947)	(28,774)
Net cash from financing activities	(121,367)	(260,806)	45,714
NET CHANGE IN CASH AND CASH EQUIVALENTS	4,989	(36,581)	(22,721)
CASH AND CASH EQUIVALENTS, beginning of period	47,845	84,426	107,147
CASH AND CASH EQUIVALENTS, end of period	52,834	47,845	84,426
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	56,221	41,153	29,521
Cash paid for income taxes	445	2,607	358
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	0
Net transfer of loans from/(to) mortgage held-for-investment, net to/(from) mortgage loans held-for-sale, net	64,277	(29,572)	159,733
Unrealized gain/(loss) on available-for-sale securities	6,668	(26,669)	645
Amortization of unrealized loss on debt securities transferred to held-to-maturity	4,954	0	0
Net transfer of loans to rental property or property held-for-sale	2,379	4,699	3,511
Issuance of common stock for management fee and compensation expense	1,484	1,930	1,312
Non-cash adjustments to basis in mortgage loans	28	18	3,193
Treasury stock received through distributions from investment in Manager	25	451	516
Treasury stock received from Servicer	0	2,737	0
Secured Debt
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of prepaid financing costs on secured borrowings and notes payable	0	0	(7,726)
Notes Payable, Other Payables
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of prepaid financing costs on secured borrowings and notes payable	$ (55)	$ (2,806)	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series A and Series B Preferred Stock	Series A Preferred Stock	Series B Preferred Stock	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Common Stock	Treasury stock	Additional paid-in capital	Retained earnings/(deficit)	Retained earnings/(deficit) Series A and Series B Preferred Stock	Accumulated other comprehensive income/(loss)	Total stockholders’ equity	Total stockholders’ equity Series A and Series B Preferred Stock	Non-controlling interest
Beginning balance, preferred stock (in shares) at Dec. 31, 2020					2,307,400	2,892,600
Beginning balance, preferred stock at Dec. 31, 2020					$ 51,100	$ 64,044
Beginning balance (in shares) at Dec. 31, 2020							22,978,339
Beginning balance at Dec. 31, 2020	$ 514,491						$ 231	$ (1,159)	$ 317,424	$ 53,346		$ 375	$ 485,361		$ 29,130
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	41,775									41,855			41,855		(80)
Sale of shares (in shares)							24,951
Sale of shares	251								251				251
Acquisition of non-controlling interest in subsidiary	(11,362)								(3,056)				(3,056)		(8,306)
Issuance of shares under dividend reinvestment (in shares)							18,750
Issuance of shares under dividend reinvestment plan	241						$ 1		240				241
Distribution to non-controlling interest	(17,186)														(17,186)
Stock-based compensation expense (in shares)							164,862
Stock-based compensation expense	1,312						$ 1		1,311				1,312
Dividends declared and distributions	(29,154)									(28,774)			(28,774)		(380)
Convertible senior notes repurchase	(8)								(8)				(8)
Other comprehensive income (loss)	645											645	645
Treasury stock (in shares)							(40,127)
Treasury stock	(532)							(532)					(532)
Ending balance, preferred stock (in shares) at Dec. 31, 2021					2,307,400	2,892,600
Ending balance, preferred stock at Dec. 31, 2021					$ 51,100	$ 64,044
Ending balance (in shares) at Dec. 31, 2021							23,146,775
Ending balance at Dec. 31, 2021	500,473						$ 233	(1,691)	316,162	66,427		1,020	497,295		3,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(14,936)									(15,011)			(15,011)		75
Sale of shares (in shares)							613,337
Sale of shares	4,778						$ 6		4,772				4,778
Issuance of shares under dividend reinvestment (in shares)							27,154
Issuance of shares under dividend reinvestment plan	288								288				288
Distribution to non-controlling interest	(871)														(871)
Stock-based management fee expense (in shares)							39,558
Stock-based management fee expense	437						$ 1		436				437
Stock-based compensation expense (in shares)							188,371
Stock-based compensation expense	1,493						$ 1		1,492				1,493
Dividends declared and distributions	(30,192)									(29,947)			(29,947)		(245)
Other comprehensive income (loss)	(26,669)											(26,669)	(26,669)
Repurchase of preferred stock (in shares)					(1,882,451)	(1,757,010)
Repurchase of preferred stock		$ (88,784)			$ (41,689)	$ (38,901)					$ (8,194)			$ (88,784)
Reclass of conversion premium - convertible notes	(711)								(711)				(711)
Treasury stock (in shares)							(884,239)
Treasury stock	$ (7,841)							(7,841)					(7,841)
Ending balance, preferred stock (in shares) at Dec. 31, 2022			424,949	1,135,590	424,949	1,135,590
Ending balance, preferred stock at Dec. 31, 2022			$ 9,411	$ 25,143	$ 9,411	$ 25,143
Ending balance (in shares) at Dec. 31, 2022	23,130,956						23,130,956
Ending balance at Dec. 31, 2022	$ 337,465						$ 241	(9,532)	322,439	13,275		(25,649)	335,328		2,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(46,957)									(47,071)			(47,071)		114
Sale of shares (in shares)							4,288,408
Sale of shares	28,181						$ 43		28,138				28,181
Issuance of shares under dividend reinvestment (in shares)							0
Distribution to non-controlling interest	(154)														(154)
Stock-based compensation expense (in shares)							44,973
Stock-based compensation expense	1,484						$ 1		1,483				1,484
Dividends declared and distributions	(20,721)									(20,586)			(20,586)		(135)
Amortization of unrealized loss on debt securities available-for-sale transferred to held-to-maturity	4,954											4,954	4,954
Other comprehensive income (loss)	6,668											6,668	6,668
Treasury stock (in shares)							(4,176)
Treasury stock	$ (25)							(25)					(25)
Ending balance, preferred stock (in shares) at Dec. 31, 2023			424,949	1,135,590	424,949	1,135,590
Ending balance, preferred stock at Dec. 31, 2023			$ 9,411	$ 25,143	$ 9,411	$ 25,143
Ending balance (in shares) at Dec. 31, 2023	27,460,161						27,460,161
Ending balance at Dec. 31, 2023	$ 310,895						$ 285	$ (9,557)	$ 352,060	$ (54,382)		$ (14,027)	$ 308,933		$ 1,962

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends payable, amount per share (in dollars per share)	$ 0.76	$ 1.06	$ 0.91

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 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 9.5% 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 December 31, 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 December 31, 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. Also, during the year ended December 31, 2023, GA-TRS received an additional 20,991 shares of Gaea common stock for $0.3 million due to the termination of Gaea's management agreement, which increased the Company's ownership. At December 31, 2023, the Company owned approximately 22.2% of Gaea. The Company accounts for its investment in Gaea under the equity method. Basis of Presentation and Use of Estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("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 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 December 31, 2023 and 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 December 31, 2023 and 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. During the second quarter of 2021, the majority of loans held by 2017-D were sold into Ajax Mortgage Loan Trust 2021-C ("2021-C"), a related party joint venture with third party institutional investors. The Company held a 50.0% ownership of the remaining loans held by 2017-D at both December 31, 2023 and 2022. During the first quarter of 2021, the Company acquired the outstanding non-controlling ownership interest in Ajax Mortgage Loan Trust 2018-C ("2018-C"), a subsidiary that had been 63.0% owned by the Company with its results included in the Company's consolidated financial statements. As a result, at both December 31, 2023 and 2022, there were no non-controlling ownership interests in 2018-C held by third parties. As of December 31, 2023 and 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 December 31, 2023 and 2022, the Company's ownership of GAFS was 9.5% and 8.0%, respectively. The Company’s 19.8% ownership of the Manager and 9.5% 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. During year ended December 31, 2021, the Company acquired the remaining outstanding 66.0% of the Class B notes and trust certificates in Ajax Mortgage Loan Trust 2019-C ("2019-C") from its joint venture partner and retired the outstanding $95.2 million liability for the senior bond which carried an interest rate higher than the Company's current borrowing rate at that time. As a result the Company now owns a 100.0% interest in the loans that were formerly in 2019-C. The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company considers significant estimates to include expected cash flows from its holdings of mortgage loans and beneficial interests in trusts, and their resolution methods and timelines, including foreclosure costs, eviction costs and property rehabilitation costs. Other significant estimates are fair value measurements, and the net realizable value of REO properties held-for-sale.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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, from time to time, 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. Non-performing collateral dependent loans are carried at net realizable value of collateral. Mortgage Loans Held-for-sale From time to time the Company will identify specific loans that it will sell. When the loans are identified and a plan to sell the loans are in place, the Company will reclassify the loans from Mortgage Loans held-for-investment, net to Mortgage loans held-for-sale, net. When a loan is designated as held-for-sale, it is held at the lower of amortized cost or fair value with any mark to market adjustment recorded on the Company's consolidated statements of operations through other loss/income. 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 a carrying value of $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. Rental property is property not held-for-sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of up to 27.5 years. The Company performs an impairment analysis for rental property using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired. Preferred Stock During the 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. Because the warrants have been substantially out of the money since issuance, the Company assumed the put option would be exercised and accreted the liability to the initial redemption value. During the year ended December 31, 2022, the Company repurchased and retired a portion of its warrants. The remaining warrants continued to accrete to their redemption value in July 2023. The warrants continue to accrue at a rate of 10.75% for the put option attached to the Series A Preferred Stock warrants and 13.00% for the put option attached to the Series B Preferred Stock warrants 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 December 31, 2023 and 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 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 but the Company has entered into a term loan agreement with NIC RMBS LLC, an affiliate as Rithm ("NIC RMBS"), to support redemption of the notes on April 30, 2024. See Note 16 — Subsequent Events. 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. See — Recently Adopted Accounting Standards, below. 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 December 31, 2023 and 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 December 31, 2023 and 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

Mortgage Loans

Mortgage Loans	12 Months Ended
	Dec. 31, 2023
Mortgage Loans [Abstract]
Mortgage Loans	Mortgage Loans The following table presents information regarding the carrying value for the Company's RPLs, NPLs and SBC loans as of December 31, 2023 and 2022 ($ in thousands): December 31, 2023 December 31, 2022 Loan portfolio basis by asset type Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Residential RPLs $ 787,700 $ 34,359 $ 872,913 $ — Residential NPLs 71,075 20,894 105,081 — SBC loans 5,776 465 11,090 — Total $ 864,551 $ 55,718 $ 989,084 $ — Included on the Company’s consolidated balance sheets as of December 31, 2023 and 2022 are approximately $864.6 million and $1.0 billion, respectively, of RPLs, NPLs, and SBC loans that are held-for-investment and approximately $55.7 million and zero, respectively, of RPLs, NPLs and SBC loans held-for-sale. During the year ended December 31, 2023, the Company began marketing a pool of loans for sale. As a result of this activity, the Company reclassified these loans from Mortgage loans held-for investment, net to Mortgage loans held-for-sale, net. The loans became subject to a sale agreement in January 2024. The Company marked the loans to lower of cost or market by $8.6 million during the year ended December 31, 2023, using the prices in the sale agreement. 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 December 31, 2023 and 2022 for the Company's loans in the table above, are presented net of a cumulative allowance for expected credit losses of $3.4 million and $6.1 million, respectively, reflected in the appropriate lines in the table by loan type. For the years ended December 31, 2023, 2022 and 2021 the Company recognized $5.6 million, $8.1 million and $13.7 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 years ended December 31, 2023, 2022 and 2021 the Company recognized accretable yield of $51.3 million, $60.0 million and $66.5 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, 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 years ended December 31, 2023 and 2022, the Company purchased 72 and 45 RPLs with UPB of $17.3 million and $11.2 million, respectively. During the years ended December 31, 2023 and 2022, one and eight NPLs were purchased with UPB of $0.2 million and $1.5 million, respectively. During the years ended December 31, 2023 and 2022, the Company acquired no SBC loans. During the years ended December 31, 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): December 31, 2023 (1) 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ 2,473 $ 2,597 $ 1,370 $ 6,598 $ 1,206 $ 2,822 $ 29,311 $ 196,186 $ 81,614 $ 324,177 GAOP - 7f7 <50 546 137 — 215 — 121 2,457 28,548 6,996 39,020 GAOP - 6f6 and below 591 2,283 546 1,764 1,708 350 16,873 83,594 23,085 130,794 Great Ajax II REIT - 7f7 >50 — — 730 764 795 460 34,404 243,030 84,634 364,817 Great Ajax II REIT - 7f7 <50 — — — 71 14 — 2,658 22,360 6,508 31,611 Great Ajax II REIT - 6f6 and below — — — — — 144 5,182 17,772 6,752 29,850 Total $ 3,610 $ 5,017 $ 2,646 $ 9,412 $ 3,723 $ 3,897 $ 90,885 $ 591,490 $ 209,589 $ 920,269 (1) Includes 262 loans that were classified from Mortgage loans held-for investment, net to Mortgage loans held-for-sale, net with a total UPB of $64.2 million and a carrying value of $64.3 million. 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 years ended December 31, 2023 and 2022 ($ in thousands): For the year ended December 31, 2023 For the year ended December 31, 2022 PCD Loans PCD Loans Par $ 17,500 $ 12,757 Discount (2,847) (921) Allowance (252) (422) Purchase Price $ 14,401 $ 11,414 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 year ended December 31, 2023, the Company recorded a $4.4 million reclassification from non-credit discount to the allowance for expected credit losses, which was followed by a $5.6 million reduction of the allowance for expected credit losses due to increases in the net present value of expected cash flows. During the year ended December 31, 2023, the Company also recorded a $0.3 million increase in the allowance for expected credit losses due to new acquisitions. During the year ended December 31, 2023, the Company reclassified $2.0 million of allowance to non-credit discount to reflect the impact of moving mortgage loans to a held-for-sale, net classification on the balance sheet. Comparatively, during the year ended December 31, 2022, the Company recorded a $6.3 million reclassification from non-credit discount to the allowance for expected credit losses, which was followed by a $8.1 million reduction of the allowance for expected credit losses due to the increase in the net present value of expected cash flows. During the year ended December 31, 2022, the Company also recorded a $0.4 million increase in the allowance for expected credit losses due to new acquisitions. During the year ended December 31, 2021, the Company recorded a $0.3 million reclassification from non-credit discount to the allowance for expected credit losses, which was followed by a $13.7 million reversal of the allowance for expected credit losses due to the increase in the net present value of expected cash flows. During the year ended December 31, 2021, the Company also recorded a $7.7 million increase in the allowance for expected credit losses due to new acquisitions. During the year ended December 31, 2021, the Company reclassified $1.7 million of allowance to non-credit discount to reflect the impact of moving pool 2017-D to mortgage loans to a held-for-sale, net classification on the balance sheet. An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): For the year ended December 31, 2023 2022 2021 Allowance for expected credit losses, beginning of period $ (6,107) $ (7,112) $ (13,712) Reclassification from non-credit discount to the allowance for changes in payment expectations (4,378) (6,310) (304) Increase in allowance for expected credit losses for loan acquisitions during the period (252) (422) (7,663) Credit loss expense on mortgage loans (279) (383) (842) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 5,597 8,120 13,668 Reversal of allowance upon reclass of mortgage loans held-for-sale, net 1,993 — 1,741 Allowance for expected credit losses, end of period $ (3,426) $ (6,107) $ (7,112) The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of December 31, 2023 and 2022 ($ in thousands): As of December 31, 2023 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 199,229 $ 49,868 $ 283 $ 63,498 $ 925 $ 313,803 GAOP - 7f7 <50 20,514 7,516 78 9,044 — 37,152 GAOP - 6f6 and below 8,565 6,906 421 45,058 26,364 87,314 Great Ajax II REIT - 7f7 >50 300,506 36,277 801 26,600 637 364,821 Great Ajax II REIT - 7f7 <50 25,592 3,846 42 2,131 — 31,611 Great Ajax II REIT - 6f6 and below 4,374 2,144 — 14,788 8,544 29,850 Total $ 558,780 $ 106,557 $ 1,625 $ 161,119 $ 36,470 $ 864,551 As of December 31, 2023 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Held-for-sale $ 1,284 $ 592 $ — $ 26,243 $ 27,599 $ 55,718 Total $ 1,284 $ 592 $ — $ 26,243 $ 27,599 $ 55,718 As of December 31, 2022 Mortgage loans held-for-investment, net 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	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The Company acquires real estate assets either through direct purchases of properties or through conversions of mortgage loans in its portfolio 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 December 31, 2023 and 2022, the Company’s net investments in real estate owned properties was $3.8 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 December 31, 2023 and 2022, was $0.2 million and $0.3 million, respectively, for properties undergoing renovation or which are otherwise in the process of being brought to market. As of December 31, 2023 and 2022, the Company had a total of 20 and 39 real estate owned properties, respectively. For the years ended December 31, 2023 and 2022, the majority of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio. The following table presents the activity in the Company’s carrying value of property held-for-sale for the years ended December 31, 2023 and 2022 ($ in thousands): For the year ended December 31, 2023 2022 Property Held-for-Sale Count Amount Count Amount Balance at beginning of period 39 $ 6,333 31 $ 6,063 Net transfers from mortgage loans 12 2,379 27 4,699 Purchases — — 1 27 Adjustments to record at lower of cost or fair value — (1,096) — (376) Disposals (31) (3,831) (20) (4,080) Balance at end of period 20 $ 3,785 39 $ 6,333 Dispositions

Investments

Investments	12 Months Ended
	Dec. 31, 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 subordinate 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 a carrying value of $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 year ended December 31, 2023, the Company recorded amortization of $5.0 million of unrealized losses in accumulated other comprehensive income and of unamortized discount related to transfers of securities from AFS to HTM. Risks inherent in the Company's debt securities portfolio, affecting both the valuation of its securities as well as the portfolio's interest income include the risk of default, delays and inconsistency in the frequency and amount of payments, interest rate risk, risks affecting borrowers such as man-made or natural disasters and damage to or delay in realizing the value of the underlying collateral. Additionally, slower prepayments can result in lower yields on the Company's debt securities acquired at a discount and on its beneficial interest. The Company monitors the credit quality of the mortgage loans underlying its debt securities on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of December 31, 2023 Basis (1) Gross unrealized gains Gross unrealized losses Fair value Debt securities available-for-sale, at fair value $ 139,596 $ 637 $ (8,675) $ 131,558 Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero 59,691 111 (629) 59,173 Investment in beneficial interests at amortized cost, net of allowance for credit losses of $6,880 104,162 3,631 (26,477) 81,316 Total investments $ 303,449 $ 4,379 $ (35,781) $ 272,047 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM of $87.0 thousand 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 of zero 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 December 31, 2023 Step-up date(s) (1) Basis (2) Gross unrealized losses Carrying value Debt securities due February 2028 (4) February 2026 $ 4,717 $ (6) $ 4,711 Debt securities due November 2051 (4) March 2025 3,764 (215) 3,549 Debt securities due March 2060 (4) February 2025 5,805 (678) 5,127 Debt securities due December 2060 (4) July 2029 21,411 (4,242) 17,169 Debt securities due January 2061 (4) September 2024 4,886 (478) 4,408 Debt securities due June 2061 (5) January 2025/February 2025 12,992 (1,243) 11,749 Debt securities due October 2061 (4) April 2029 11,815 (842) 10,973 Debt securities due March 2062 (4) May 2029 10,315 (793) 9,522 Debt securities due July 2062 (3) February 2030 12,668 (41) 12,627 Debt securities due October 2062 (3) October 2026 17,174 (137) 17,037 Total $ 105,547 $ (8,675) $ 96,872 (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 $0.3 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 $0.9 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 Carrying 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 December 31, 2023, the Company had a gross unrealized loss of $8.7 million and $0.6 million 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 $131.6 million, which includes $87.0 thousand 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 year ended December 31, 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. Although the Company continues to own a proportionate interest in the underlying loans, the transaction is treated as a redemption of the bonds and beneficial interests in the original trusts and the Company recorded a $1.0 million loss on the transaction. During the year ended December 31, 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. Although the Company continues to own a proportionate interest in the underlying loans, the transaction is treated as a redemption of the bonds and beneficial interests in the original trusts and the Company recorded a $10.0 million loss on the transaction. During the year ended December 31, 2023, the Company was notified by a joint venture partner that Ajax Mortgage Loan Trust 2020-C and Ajax Mortgage Loan Trust 2020-D ("2020-C and -D") would be redeemed and the loans sold on the senior bond step-up date in March 2024. The Company recorded an other than temporary impairment on its investment in beneficial interests in 2020-C and -D in the amount of $2.2 million based on preliminary loan sale prices received from its joint venture partner. During the year ended December 31, 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%. At December 31, 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 $131.6 million, $59.7 million and $104.2 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 year ended December 31, 2023, the Company sold senior notes issued by certain joint ventures and recognized a loss of $3.3 million, which was recorded net to accumulated other comprehensive loss. Comparatively, during the year ended December 31, 2022, the Company sold senior notes issued by certain joint ventures and recognized a loss of $4.8 million. As of December 31, 2023 and 2022, the Company had no securities that were past due. During the year ended December 31, 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 $2.1 million on its beneficial interests in 2019-A and -B when the underlying mortgage loans were re-securitized into 2022-B. Although the Company retained a proportionate interest in the underlying mortgage loans and related cash flows in the new trusts, the beneficial interests are accounted for as distinct legal securities and the loss recorded represents the mark to market adjustment on the sale of the underlying loans to 2022-A and -B. The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the years ended December 31, 2023 and 2022 ($ in thousands): For the year ended December 31, 2023 2022 Par $ 14,013 $ 24,402 Discount (2,262) (3,123) Purchase Price $ 11,751 $ 21,279 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 years ended December 31, 2023, 2022 and 2021, the Company recognized accretable yield of $8.0 million, $10.8 million and $15.5 million, respectively, on its beneficial interest. For the year ended December 31, 2023, the Company recognized accretable yield of $2.2 million 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 year ended December 31, 2023, the Company had no activity and balance related to the allowance for expected credit losses for investments in securities HTM. During the year ended December 31, 2023, the Company recorded a $6.9 million reclassification to non-credit discount from the allowance for changes in payment expectations and $13.7 million increase in the allowance for expected credit losses due to decreases in the net present value of expected cash flows. Comparatively, during the year ended December 31, 2022 the Company recorded a $0.8 million reclassification to non-credit discount from the allowance for changes in payment expectations and $0.1 million increase in the allowance for expected credit losses due to decreases in the net present value of expected cash flows. During the year ended December 31, 2021, the Company recorded a $2.0 million reclassification to non-credit discount from the allowance for changes in payment expectations and reduction of the allowance for expected credit losses for beneficial interests of $4.6 million. Also, during the year ended December 31, 2021, the Company recorded a $2.2 million increase in the allowance for expected credit losses due to new acquisitions. An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands): For the year ended December 31, 2023 2022 2021 Allowance for expected credit losses, beginning balance $ — $ (615) $ (4,453) Reclassification to non-credit discount from the allowance for changes in payment expectations 6,854 759 1,951 Increase in allowance for credit losses for acquisitions — — (2,211) Credit loss expense on beneficial interests — (50) (457) (Increase in)/reversal of allowance for expected credit losses due to (decreases)/increases in the net present value of expected cash flows (13,734) (94) 4,555 Allowance for expected credit losses, ending balance $ (6,880) $ — $ (615)

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 ($ in thousands): Level 1 Level 2 Level 3 December 31, 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 $ 131,558 $ — $ 131,558 $ — Recurring financial liabilities Put option liability $ 16,644 $ — $ — $ 16,644 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 December 31, 2023 and 2022 ($ in thousands): Level 1 Level 2 Level 3 December 31, 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 $ 864,551 $ — $ — $ 770,419 Mortgage loans held-for-sale, net $ 55,718 $ — $ — $ 60,444 Investment in debt securities held-to-maturity $ 59,691 $ — $ 59,173 $ — Investment in beneficial interests $ 104,162 $ — $ — $ 81,316 Investment in Manager $ 440 $ — $ — $ 4,527 Investment in AS Ajax E LLC $ 407 $ — $ 471 $ — Investment in Ajax E Master Trust $ 2,100 $ — $ 1,864 $ — Investment in GAFS, including warrants $ 2,618 $ — $ — $ — Investment in Gaea $ 22,241 $ — $ — $ 21,678 Investment in Loan pool LLCs $ 194 $ — $ — $ 674 Financial liabilities Secured borrowings, net $ 411,212 $ — $ 370,882 $ — Borrowings under repurchase transactions $ 375,745 $ — $ 375,745 $ — Convertible senior notes, net $ 103,516 $ 101,777 $ — $ — Notes payable, net $ 106,844 $ — $ 103,697 $ — 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 December 31, 2023 and 2022 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2023 Carrying value Fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 3,785 $ (1,096) $ — $ — $ 3,785 Level 1 Level 2 Level 3 December 31, 2022 Carrying value Fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 6,333 $ (376) $ — $ — $ 6,333

Affiliates

Affiliates	12 Months Ended
	Dec. 31, 2023
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliates	Affiliates Unconsolidated Affiliates At both December 31, 2023 and 2022, the Company had ownership interests in five affiliated entities accounted for under the equity method of accounting. At both December 31, 2023 and 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 December 31, 2023 and 2022, the Company's ownership interest was approximately 9.5% and 8.0% in GAFS, respectively. The Company accounts for its investment in GAFS using the equity method. At both December 31, 2023 and 2022, the Company owned approximately 22.2% of Gaea. The Company accounts for its ownership interest in Gaea using the equity method. At both December 31, 2023 and 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 December 31, 2023 and 2022, the Company’s ownership interest was approximately 40.0% in one loan pool LLC managed by the Servicer, which holds 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% For the year ended December 31, Net income/(loss) at 100% 2023 2022 2021 Thetis Asset Management LLC $ 1,901 $ (658) $ 3,297 AS Ajax E LLC $ 242 $ 124 $ 198 Loan pool LLCs $ (72) $ (110) $ (126) Great Ajax FS LLC $ (1,633) $ (6,999) $ (1,363) Gaea Real Estate Corp. $ (9,715) $ (3,204) $ 222 December 31, 2023 December 31, 2022 Assets and liabilities at 100% Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 4,643 $ 1,305 $ 6,948 $ 2,661 AS Ajax E LLC $ 2,553 $ 39 $ 2,837 $ 2 Loan pool LLCs $ 1,200 $ 232 $ 1,201 $ 161 Great Ajax FS LLC $ 71,477 $ 59,949 $ 78,375 $ 66,324 Gaea Real Estate Corp. $ 167,591 $ 73,499 $ 162,933 $ 58,185 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share For the year ended December 31, Net income/(loss) at the Company's share 2023 2022 2021 Thetis Asset Management LLC $ 376 $ (130) $ 653 AS Ajax E LLC $ 40 $ 20 $ 33 Loan pool LLCs $ (28) $ (44) $ (51) Great Ajax FS LLC $ (150) $ (560) $ (109) Gaea Real Estate Corp. $ (1,898) $ (707) $ 51 December 31, 2023 December 31, 2022 Assets and liabilities at the Company's share Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 919 $ 258 $ 1,376 $ 527 AS Ajax E LLC $ 420 $ 6 $ 467 $ — Loan pool LLCs $ 480 $ 93 $ 480 $ 64 Great Ajax FS LLC $ 6,854 $ 5,748 $ 6,270 $ 5,306 Gaea Real Estate Corp. $ 37,272 $ 16,346 $ 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 December 31, 2023 and 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 December 31, 2023 and 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 into securitization trusts and holds subordinated securities issued by such trusts. At both December 31, 2023 and 2022, Great Ajax II REIT was 99.9% owned by the Company. Similarly, as of December 31, 2023 and 2022, the Operating Partnership wholly owned Great Ajax III Depositor LLC, which was formed to act as the depositor into 2021-E.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 2023, the Company had a commitment to purchase, subject to due diligence, one RPL secured by a single-family residence with aggregated UPB of $0.7 million. See Note 16 — Subsequent Events, for remaining open acquisitions as of the filing date. 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, 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 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. There were no repurchases of preferred stock during the years ended December 31, 2023 and 2021. Also, during the year ended December 31, 2022, the Company repurchased and retired 4,549,328 of the outstanding warrants for $35.0 million. There were no warrants repurchased during the years ended December 31, 2023 and 2021. The remaining liability on the consolidated balance sheet at December 31, 2023 for the present value of the put liability on the remaining outstanding warrants is $16.6 million, representing the fair value of the put liability at the balance sheet date. As of December 31, 2023, the basis of the warrants was $16.6 million after accreting to the initial future put obligation of $15.7 million in July 2023, taking into account the 2022 redemptions. The warrants continue to accrue at a rate of 10.75% for the Series A Preferred Stock warrants and 13.00% for the Series B Preferred Stock warrants on the initial future put obligation with no compounding. The rate is determined by subtracting the dividend rate on the preferred stock from 18.0%. The expense is recognized in the Fair value adjustment on put option liability line of the Company's consolidated statements of operations. The following table sets forth the details of the Company's put option liability ($ in thousands): For the year ended December 31, 2023 2022 2021 Beginning balance $ 12,153 $ 23,667 $ 14,205 Fair value adjustments during the period 4,491 11,143 9,462 Repurchases — (22,657) — Ending balance $ 16,644 $ 12,153 $ 23,667 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 December 31, 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	12 Months Ended
	Dec. 31, 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 December 31, 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): December 31, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Barclays - bonds (1) $ 70,095 $ 101,041 7.03 % A Bonds January 3, 2024 10,850 15,572 6.90 % January 19, 2024 21,762 28,503 6.79 % May 3, 2024 9,628 12,329 6.87 % May 22, 2024 2,134 3,358 6.97 % B Bonds January 26, 2024 3,027 4,998 7.68 % March 13, 2024 13,398 20,121 7.13 % May 3, 2024 3,608 6,185 7.70 % May 22, 2024 4,312 7,565 7.57 % M Bonds May 3, 2024 281 499 7.05 % May 22, 2024 1,095 1,911 7.17 % Nomura - bonds (1) $ 68,623 $ 98,448 6.98 % A Bonds January 26, 2024 35,184 47,149 7.02 % February 15, 2024 5,079 7,449 6.93 % March 28, 2024 17,019 23,238 6.74 % January 26, 2024 1,024 1,761 7.31 % B Bonds February 15, 2024 3,002 5,149 7.33 % March 28, 2024 3,900 6,413 7.30 % M Bonds January 26, 2024 2,307 5,177 7.30 % March 28, 2024 1,108 2,112 6.90 % JP Morgan - bonds (1) $ 33,564 $ 53,978 6.90 % A Bonds February 28, 2024 9,632 12,633 6.73 % February 28, 2024 6,598 11,140 7.13 % B Bonds January 4, 2024 13,541 22,813 6.82 % M Bonds January 22, 2024 3,290 6,497 7.23 % February 28, 2024 503 895 7.03 % Nomura - loans (2) October 5, 2024 $ 193,060 $ 277,632 7.79 % JP Morgan - loans (3) July 10, 2024 $ 10,403 $ 14,656 8.38 % Totals/weighted averages $ 375,745 $ 545,755 (4) 7.44 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2023. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $400.0 million. (3) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 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 December 31, 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 % December 31, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate 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 % 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 December 31, 2023 and 2022, the Company had $3.8 million and $5.2 million, respectively, of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheets and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at December 31, 2023 and 2022 in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2023 December 31, 2022 Gross amount of recognized liabilities $ 375,745 $ 445,855 Gross amount of loans and securities pledged as collateral 541,999 628,187 Other prepaid collateral 3,756 5,152 Net collateral amount $ 170,010 $ 187,484 Secured Borrowings From its inception (January 30, 2014) to December 31, 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 December 31, 2023. The secured borrowings are generally structured as debt financings. The loans included in the secured borrowings remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts, which are VIEs. The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities. The notes that are issued by the securitization trusts are secured solely by the mortgages held by the applicable trusts and not by any of the Company’s other assets. The mortgage loans of the applicable trusts are the only source of repayment and interest on the notes issued by such trusts. The Company does not guarantee any of the obligations of the trusts under the terms of the agreement governing the notes or otherwise. The Company’s non-rated secured borrowings are generally structured with Class A notes, subordinated notes, and trust certificates, which have rights to the residual interests in the mortgages once the notes are repaid. The Company has retained the subordinated notes and the applicable trust certificates from one non-rated secured borrowing outstanding at December 31, 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 December 31, 2023. The Company’s rated secured borrowings are designated in the table below. At March 31, 2021, the Company's 2017-D secured borrowing contained Class A notes and Class B certificates representing the residual interests in the mortgages held within the securitization trusts subsequent to repayment of the Class A notes. The Company had retained 50.0% of both the Class A notes and Class B certificates from 2017-D; and the assets and liabilities were consolidated on the Company's consolidated balance sheets. During the second quarter of 2021, the majority of the loans in 2017-D were sold into 2021-C and the Class A note was redeemed. Based on the structure of the transaction the Company does not consolidate 2021-C under U.S. GAAP. The Company's secured borrowings carry no provision for a step-up in interest rate on any of the Class B notes, except for 2021-B. The following table sets forth the original terms of notes from the Company's secured borrowings outstanding at December 31, 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 % Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate None Class B-2 notes due 2065 (2) $7.1 million variable (3) None Class B-3 notes due 2065 (2) $12.8 million variable (3) Deferred issuance costs $(2.7) million — % Rated Ajax Mortgage Loan Trust 2019-F/ November 2019 November 25, 2026 Class A-1 notes due 2059 $110.1 million 2.86 % November 25, 2026 Class A-2 notes due 2059 $12.5 million 3.50 % November 25, 2026 Class A-3 notes due 2059 $5.1 million 3.50 % November 25, 2026 Class M-1 notes due 2059 (1) $6.1 million 3.50 % None Class B-1 notes due 2059 (2) $11.5 million 3.50 % None Class B-2 notes due 2059 (2) $10.4 million variable (3) None Class B-3 notes due 2059 (2) $15.1 million variable (3) Deferred issuance costs $(1.8) million — % Rated Ajax Mortgage Loan Trust 2020-B/ August 2020 July 25, 2027 Class A-1 notes due 2059 $97.2 million 1.70 % July 25, 2027 Class A-2 notes due 2059 $17.3 million 2.86 % July 25, 2027 Class M-1 notes due 2059 (1) $7.3 million 3.70 % None Class B-1 notes due 2059 (2) $5.9 million 3.70 % None Class B-2 notes due 2059 (2) $5.1 million variable (3) None Class B-3 notes due 2059 (2) $23.6 million variable (3) Deferred issuance costs $(1.8) million — % Rated Ajax Mortgage Loan Trust 2021-A/ January 2021 January 25, 2029 Class A-1 notes due 2065 $146.2 million 1.07 % January 25, 2029 Class A-2 notes due 2065 $21.1 million 2.35 % January 25, 2029 Class M-1 notes due 2065 (1) $7.8 million 3.15 % None Class B-1 notes due 2065 (2) $5.0 million 3.80 % None Class B-2 notes due 2065 (2) $5.0 million variable (3) None Class B-3 notes due 2065 (2) $21.5 million variable (3) Deferred issuance costs $(2.5) million — % Non-rated 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 $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust. Servicing for the mortgage loans in the Company’s secured borrowings is provided by the Servicer at servicing fee rates between 0.65% of outstanding UPB and 1.25% of outstanding UPB at acquisition, and is paid monthly. The determination of RPL or NPL status, which determines the servicing fee rates, is based on the status of the loan at acquisition and does not change regardless of the loan's subsequent performance. The following table sets forth the status of the notes held by others at December 31, 2023 and 2022, and the securitization cutoff date ($ in thousands): Balances at December 31, 2023 Balances at December 31, 2022 Original balances at securitization cutoff date 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 $ 99,367 $ 67,739 147 % $ 105,387 $ 76,016 139 % $ 193,301 $ 156,670 2019-F 96,870 57,936 167 % 105,102 66,522 158 % 170,876 127,673 2020-B 100,245 63,574 158 % 107,011 70,339 152 % 156,468 114,534 2021-A 127,250 102,057 125 % 138,006 113,929 121 % 206,506 175,116 2021-B 204,883 123,032 167 % 220,320 145,073 152 % 287,882 215,912 $ 628,615 $ 414,338 (1) 152 % $ 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 $3.1 million and $4.7 million as of December 31, 2023 and 2022. Notes 2024 Notes (Convertible Senior Notes) At December 31, 2023 and 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 December 31, 2023, the amount by which the if-converted value falls short of the principal value for the entire series is $65.3 million. At December 31, 2023 and 2022, the outstanding aggregate principal amount of the 2024 Notes was $103.5 million and $104.5 million, respectively, and discount and deferred expenses were zero and $0.3 million, respectively. During the years ended December 31, 2023 and 2022, the Company recognized interest expense on its outstanding 2024 Notes of $7.5 million and $8.4 million, respectively, which includes $0.3 million and $0.8 million of amortization of discount and deferred expenses, respectively. The effective interest rates of the 2024 Notes for the years ended December 31, 2023 and 2022 were 7.25% and 8.03%, respectively. During 2023, the Company repurchased $1.0 million aggregate principal of its 2024 Notes for a total purchase price of $1.0 million. Comparatively, during 2022, the Company repurchased $0.1 million aggregate principal of its 2024 Notes for a total purchase price of $0.1 million. 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 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 but the Company has entered into a term loan agreement with NIC RMBS to support redemption of the notes on April 30, 2024. See Note 16 — Subsequent Events. 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 year term and were issued at 99.009% of par value and are fully and unconditionally guaranteed by the Company and are included in the Company's liabilities in its consolidated balance sheet at December 31, 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 December 31, 2023, the outstanding aggregate principal amount of the 2027 Notes was $110.0 million, and discount and deferred expenses in aggregate were $3.2 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 year ended December 31, 2023, the Company recognized interest expense on the 2027 Notes of $10.6 million, which includes $0.9 million of amortization of discount and deferred expenses. The effective interest rate for the 2027 Notes for the year ended December 31, 2023 was 9.96%. The following table summarizes the Company's long term maturities ($ in thousands): Year Debt instrument As of December 31, 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	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands): Transaction Consolidated Statement of Operation location Counterparty For the year ended December 31, 2023 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 $ 17,556 Management fee Related party expense – management fee Manager $ 7,769 Loan servicing fees Related party expense – loan servicing fees Servicer $ 7,269 Affiliate loan interest income Interest income Servicer $ 523 Income from equity investment (Loss)/income from investment in affiliates, net Manager $ 376 Affiliate loan interest income Interest income Gaea $ 80 Income from equity investment (Loss)/income from investment in affiliates, net AS Ajax E LLC $ 40 Loss from equity investment (Loss)/income from investment in affiliates, net Loan pool LLCs $ (28) Loss from equity investment (Loss)/income from investment in affiliates, net Servicer $ (150) Transaction Consolidated Statement of Operation location Counterparty For the year ended December 31, 2023 Loss from equity investment (Loss)/income from investment in affiliates, net Gaea $ (1,898) Loss on sale of securities Other (loss)/income Various non-consolidated joint ventures $ (3,347) Loss from joint venture re-securitization on beneficial interests Loss on joint venture refinancing on beneficial interests Various non-consolidated joint ventures $ (11,024) Transaction Consolidated Statement of Operation location Counterparty For the year ended December 31, 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 $ 21,250 Management fee Related party expense – management fee Manager $ 8,326 Loan servicing fees Related party expense – loan servicing fees Servicer $ 7,960 Affiliate loan interest income Interest income Servicer $ 263 Income from equity investment (Loss)/income from investment in affiliates, net AS Ajax E LLC $ 20 Loss from equity investment (Loss)/income from investment in affiliates, net Loan pool LLCs $ (44) Loss from equity investment (Loss)/income from investment in affiliates, net Manager $ (130) Loss from equity investment (Loss)/income from investment in affiliates, net Servicer $ (560) Loss from equity investment (Loss)/income from investment in affiliates, net Gaea $ (707) Loss on sale of securities Other (loss)/income Various non-consolidated joint ventures $ (4,775) Loss from joint venture re-securitization on beneficial interests Loss on joint venture refinancing on beneficial interests Various non-consolidated joint ventures $ (6,115) Transaction Consolidated Statement of Operation location Counterparty For the year ended December 31, 2021 Interest income on securities and beneficial interest and net decrease in the net present value of expected credit losses on beneficial interests Net interest income after the impact of changes in the net present value of expected credit losses Various non-consolidated joint ventures $ 31,058 Management fee Related party expense – management fee Manager $ 9,116 Loan servicing fees Related party expense – loan servicing fees Servicer $ 7,433 Income from equity investment (Loss)/income from investment in affiliates, net Manager $ 653 Affiliate loan interest income Interest income Gaea $ 248 Gain on sale of securities Other (loss)/income Various non-consolidated joint ventures $ 201 Gain on sale of mortgage loans Other (loss)/income 2021-C $ 122 Income from equity investment (Loss)/income from investment in affiliates, net Gaea $ 51 Affiliate loan interest income Interest income Servicer $ 37 Income from equity investment (Loss)/income from investment in affiliates, net AS Ajax E LLC $ 33 Loss from equity investment (Loss)/income from investment in affiliates, net Loan pool LLCs $ (51) Loss from equity investment (Loss)/income from investment in affiliates, net Great Ajax FS $ (109) The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): Transaction Consolidated Balance Sheet location Counterparty For the year ended December 31, 2023 Investment in beneficial interests Investments in beneficial interests Various non-consolidated joint ventures $ 104,162 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 12,591 Affiliate loan receivable and interest Prepaid expenses and other assets Gaea $ 7,545 Receivables from Servicer Receivable from servicer Servicer $ 7,307 Management fee payable Management fee payable Manager $ 1,998 Servicing fee payable Accrued expenses and other liabilities Servicer $ 89 Transaction Consolidated Balance Sheet location Counterparty For the year ended December 31, 2022 Investment in beneficial interests Investments 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 December 31, 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 $131.6 million, $59.7 million and $104.2 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 year ended December 31, 2023, the Company recorded a loss of $10.0 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. 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. Also, during the year ended December 31, 2023, the Company re-securitized 2019-E, -G and -H into 2023-A and incurred 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 the loss recorded represents the mark to market adjustment on the sale of the underlying loans to 2023-A. During the year ended December 31, 2022, the Company recorded a loss of $4.0 million on its beneficial interests in 2018-D and -G when the underlying mortgage loans were re-securitized into 2022-A. Also, during the year ended December 31, 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 year ended December 31, 2023, the Company sold senior notes issued by certain joint ventures and recognized a loss of $3.3 million, which was recorded net to accumulated other comprehensive loss. Comparatively, during the year ended December 31, 2022, the Company sold senior notes issued by certain joint ventures and recognized a loss of $4.8 million. The Company sold no senior notes issued by joint ventures during the year ended December 31, 2021. During November 2023, the Company renewed a promissory note with the Servicer under which the Servicer can borrow up to $12.0 million, secured by real property owned by a subsidiary of securitization trusts. Interest on the arrangement accrues at SOFR plus 300 basis points annually. At December 31, 2023 and 2022, the amount outstanding on the note and interest was $9.3 million and $1.1 million, respectively. Also during November 2023, the Company renewed a promissory note with the Servicer under which the Servicer can borrow up to $3.5 million secured by equity in servicing advances owned by the Servicer, which are first in priority for reimbursement from loan payments. Interest on the arrangement accrues at SOFR plus 300 basis points. The note was originally executed on December 9, 2021 and was secured by securities held by the Servicer. At December 31, 2023 and 2022, the amount outstanding on the note and interest was $3.3 million and $0.7 million, respectively. 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 December 31, 2023 and 2022, the Company's ownership of GAFS was 9.5% and 8.0%, respectively. The Company accounts for its investment using the equity method. During the year ended December 31, 2021, the Company acquired the remaining 66.0% of 2019-C from the Company's joint venture partner in exchange for cash consideration for the outstanding equity certificate and subordinate notes and the assumption of the obligation to repay the senior note outstanding. Subsequent to the acquisition, the senior and subordinate notes were retired in December 2021. The Company previously recorded its investment in 2019-C as Investment in debt securities and Investment in beneficial interests because it was not the primary beneficiary of the trust. Subsequent to acquiring the outstanding equity certificate, the Company became the sole owner of the trust and now reflects the underlying mortgage loans on its consolidated balance sheet. On October 25, 2023, the Company became a party to a promissory note with Gaea under which Gaea can borrow up to $11.0 million on a revolving line of credit from the Company. Funds advanced to Gaea accrue interest based on one month SOFR plus 300 basis points annually and are secured by a Gaea's portfolio of commercial mortgage loans. As of December 31, 2023, the amount outstanding on the note and interest was $7.5 million. During the year ended December 31, 2021, the Company sold 760 loans with a carrying value of $129.2 million and UPB of $133.8 million to a joint venture formed between the Company and a third party institutional investor, and retained various classes of securities from the joint venture. 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. Also, during the year ended December 31, 2023, GA-TRS received an additional 20,991 shares of Gaea common stock for $0.3 million due to the termination of Gaea's management agreement, which increased the Company's ownership. At December 31, 2023, the Company owned approximately 22.2% of Gaea with third party investors owning the remaining 77.8%. The Company accounts for its ownership interest in Gaea using the equity method. During the year ended December 31, 2019, the Company acquired a cumulative 40.4% average ownership interest in three loan pool LLCs managed by the Servicer for $1.0 million, which hold investments in RPLs and NPLs. 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 December 31, 2023 and 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 December 31, 2023 and 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 years ended December 31, 2023 and 2021, the Company recorded no incentive fee payable to the Manager. Comparatively, during the year ended December 31, 2022, the Company recorded incentive fees payable to the Manager of $0.3 million, 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	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Payments and Director Fees	Stock-based Payments and Director Fees Pursuant to the terms of the Management Agreement, the Company may pay a portion of the base management fee to the Manager in shares of its common stock with the number of shares determined based on the average of the closing prices of its common stock on the NYSE on the five business days preceding the record date of the most recent regular quarterly dividend to holders of the common stock. The Company recognized a base management fee to the Manager for the year ended December 31, 2023 of $7.8 million, of which zero were settled in shares of its common stock. Comparatively, for the year ended December 31, 2022, the Company recognized base management fees of $8.2 million, of which 39,558 were settled in shares of its common stock 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 year ended December 31, 2021, the Company recognized base management fees of $9.1 million, all of which was payable in cash. Also, during the years ended December 31, 2023 and 2021, the Company recorded no incentive fee. Comparatively, during the year ended December 31, 2022, the Company recorded an incentive fee of $0.3 million 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 year ended December 31, 2023 2022 2021 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Number of shares Amount of expense recognized Independent director fees 13,020 $ 88 36,370 $ 350 15,020 $ 200 Management fees — — 39,558 — (1) — — Total 13,020 $ 88 75,928 $ 350 15,020 $ 200 (1) Management fees were fully expensed during the fourth quarter of 2021, the period in which the services were provided. However, the shares associated with these services were approved and issued by the Board during the first quarter of 2022. Restricted Stock The Company periodically grants shares of its common stock to employees of its Manager and Servicer. During the years ended December 31, 2023, 2022 and 2021, the Company granted 28,562, 210,615 and 152,700 shares of its common stock, which have vesting periods 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 the table below: Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value December 31, 2020 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested (65,750) 11.72 (10,000) 12.48 Shares forfeited (21,668) 11.41 — — Shares granted 152,700 12.79 18,000 12.53 December 31, 2021 outstanding unvested share grants 228,365 $ 12.00 8,000 $ 12.60 Shares vested (77,214) 11.92 (8,000) 12.60 Shares forfeited (51,504) 11.76 — — Shares granted 210,615 10.41 — — December 31, 2022 outstanding unvested share grants 310,262 $ 10.98 — $ — Shares vested (147,491) 10.93 — — Shares forfeited (32,189) 10.49 — — Shares granted 28,562 6.64 25,000 7.15 December 31, 2023 outstanding unvested share grants 159,144 (1) $ 10.35 25,000 (2) $ 7.15 (1) Weighted average remaining life of unvested shares for employee and service provider grants at December 31, 2023 is 1.5 years. (2) Weighted average remaining life of unvested shares for director grants at December 31, 2023 is 1.2 years. The following table presents the expenses for the Company's restricted stock plan ($ in thousands): For the year ended December 31, 2023 2022 2021 Restricted stock grants $ 1,347 $ 1,147 $ 900 Director grants 74 33 192 Total expenses for plan grants $ 1,421 $ 1,180 $ 1,092

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 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): For the year ended December 31, 2023 Net Loss Shares Per Share Basic EPS Consolidated net loss attributable to common stockholders $ (49,261) 24,286,999 Allocation of earnings to participating restricted shares 537 — Consolidated net loss attributable to unrestricted common stockholders $ (48,724) 24,286,999 $ (2.01) Effect of dilutive securities (1,2,3) Diluted EPS Consolidated net loss attributable to common stockholders and dilutive securities $ (48,724) 24,286,999 $ (2.01) (1) The Company's outstanding warrants for an additional 1,950,672 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 year ended December 31, 2023, and have not been included in the calculation. (2) The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the year ended December 31, 2023 would have been anti-dilutive and have been removed from the calculation. (3) The effect of interest expense and assumed conversion of shares from convertible notes on the Company diluted EPS calculation for the year ended December 31, 2023 would have been anti-dilutive and have been removed from the calculation. For the year ended December 31, 2022 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net loss attributable to common stockholders $ (28,679) 22,747,635 Allocation of earnings to participating restricted shares 361 — Consolidated net loss attributable to unrestricted common stockholders $ (28,318) 22,747,635 $ (1.24) Effect of dilutive securities (1,2) Restricted stock grants and Manager and director fee shares (361) 289,943 Diluted EPS Consolidated net loss attributable to common stockholders and dilutive securities $ (28,679) 23,037,578 $ (1.24) (1) The Company's outstanding warrants for an additional 1,950,672 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 year ended December 31, 2022, 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 diluted EPS calculation for the year ended December 31, 2022 would have been anti-dilutive and have been removed from the calculation. For the year ended December 31, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 34,057 22,852,948 Allocation of earnings to participating restricted shares (304) — Consolidated net income attributable to unrestricted common stockholders $ 33,753 22,852,948 $ 1.48 Effect of dilutive securities (1,2) Interest expense (add back) and assumed conversion of shares from convertible senior notes 9,065 7,409,519 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 42,818 30,262,467 $ 1.41 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the year ended December 31, 2021, and have not been included in the calculation. (2) The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the year ended December 31, 2021 would have been anti-dilutive and have been removed from the calculation.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Common Stock As of December 31, 2023 and 2022, the Company had 27,460,161 and 23,130,956 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each year 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 was 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. There were no repurchases of preferred stock during the years ended December 31, 2023 and 2021. At both December 31, 2023 and 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 December 31, 2023 and 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 December 31, 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 year ended December 31, 2023. Comparatively, during the year ended December 31, 2022, 27,154 shares were issued under the plan for total proceeds of approximately $0.3 million. 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 year ended December 31, 2023, 2,621,742 shares were sold under the At the Market program for total net proceeds of approximately $17.2 million. Comparatively, during the year ended December 31, 2022, 613,337 shares were sold under the At the Market program for total net proceeds of approximately $4.8 million. The Company is deploying the net proceeds to acquire mortgage loans and mortgage-related assets consistent with its investment strategy. Accumulated Other Comprehensive Loss The Company recognizes unrealized gains or losses on its investment in debt securities AFS as components of other comprehensive (loss)/income. Additionally, other comprehensive loss includes unrealized gains or losses associated with the transfer of the Company's investment in debt securities from AFS to HTM. These amounts are subsequently amortized from other comprehensive loss into earnings over the same period as the related unamortized discount. Total accumulated other comprehensive (loss)/income on the Company’s balance sheet at December 31, 2023 and 2022 was as follows ($ in thousands): Investment in securities: December 31, 2023 December 31, 2022 Unrealized gains on debt securities available-for-sale $ 637 $ — Unrealized losses on debt securities available-for-sale (8,675) (25,649) Unrealized losses on debt securities available-for-sale transferred to held-to-maturity (5,989) — Accumulated other comprehensive loss $ (14,027) $ (25,649) Non-controlling Interest At both December 31, 2023 and 2022, the Company had non-controlling interests attributable to ownership interests for three legal entities. At both December 31, 2023 and 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 December 31, 2023 and 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 December 31, 2023 and 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. At both December 31, 2023 and 2022, the Company owned 100.0% of 2018-C as the 37.0% non-controlling ownership was purchased by the Company during the year ended 2021 and the non-controlling interest was derecognized from the Company's balance sheet. The following table sets forth the effects of changes in the Company's ownership interest due to transfers to or from non-controlling interest ($ in thousands): For the year ended December 31, 2023 2022 2021 Decrease from redemption of 2018-C $ — $ — $ (8,306) Decrease from the distribution of 2017-D — (871) (17,186) Change in non-controlling interest $ — $ (871) $ (25,492)

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Data [Abstract]
Quarterly Financial Information (unaudited)	Quarterly Financial Information (unaudited): The following table sets forth the Company's quarterly financial information ($ in thousands): For the year ended December 31, 2023 First quarter Second quarter Third quarter Fourth quarter Total revenue, net $ 540 $ (2,414) $ 1,053 $ (16,253) Loss before provision for income taxes $ (7,271) $ (11,281) $ (5,617) $ (22,545) Consolidated net loss attributable to common stockholders $ (7,941) $ (12,034) $ (6,089) $ (23,197) Basic loss per common share $ (0.34) $ (0.51) $ (0.25) $ (0.86) Diluted loss per common share $ (0.34) $ (0.51) $ (0.25) $ (0.86) For the year ended December 31, 2022 First quarter Second quarter Third quarter Fourth quarter Total revenue, net $ 14,971 $ 8,768 $ 10,522 $ 1,375 Income/(loss) before provision for income taxes $ 5,605 $ (4,522) $ (7,133) $ (6,051) Consolidated net income/(loss) attributable to common stockholders $ 3,586 $ (9,181) $ (16,249) $ (6,835) Basic earnings/(loss) per common share $ 0.15 $ (0.40) $ (0.71) $ (0.30) Diluted earnings/(loss) per common share $ 0.15 $ (0.40) $ (0.71) $ (0.30)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events This year, to date, the Company has distributed $0.76 per share in dividends. On February 26, 2024, the Company's Board of Directors declared a dividend of $0.10 per share to be paid on March 29, 2024 to stockholders of record as of March 15, 2024. In late February 2024, the Company identified mortgage loans that it proposed to market for sale. These include loans that are on its repurchase lines of credit, as well as loans included in Ajax Mortgage Loan Trust 2021-B and that in aggregate have a UPB of approximately $330.0 million and a carrying value of approximately $320.0 million. The Company anticipates that it will record a loss in connection with any loans it ultimately sells; any such loss would likely be recorded and reflected in the Company's March 31, 2024 financial statements. For each $100.0 million of loans sold, the Company anticipates that it may record a $10.0 million loss. The Company's decision to market these loans for sale was based on market uncertainty and the upcoming maturity of our convertible notes. On February 26, 2024, the Company entered into a $70.0 million term loan with NIC RMBS. The term loan will be accompanied by the future issuance of warrants to Rithm or one of its affiliates to purchase Company common stock, which warrants will be detachable. The warrants will, if exercised, be struck at a premium to the Company’s trailing five-day average closing stock price as of February 26, 2024, and the number of shares of Company common stock for which the warrants may be exercised will equal the greater of 50% of (i) the amount drawn under the term loan and (ii) $35.0 million, in each case, divided by the exercise price per share. Additionally, subject to receipt of approval of a majority of the Company’s stockholders and the satisfaction of certain other closing conditions, Rithm or one of its affiliates has agreed to purchase $14.0 million of the Company's common stock at a price of $4.87 per share, the proceeds of which would be used to pay down the $70.0 million term loan or repayment of the 2024 Notes. In connection with the foregoing transaction and subject to receipt of approval of a majority of the Company's stockholders, the Company has agreed to terminate its existing management contract with the Manager in exchange for approximately $16.0 million of Company’s common stock and enter into a new management agreement with RCM GA Manager LLC, a Rithm affiliate, which would become the manager. The Company delivered a termination notice to the Manager on February 26, 2024.

Schedule IV Mortgage loans on r

Schedule IV Mortgage loans on real estate	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV Mortgage loans on real estate	Schedule IV Mortgage loans on real estate December 31, 2023 ($ in thousands) Description (face value of loan) Loan count Interest rate Maturity Carrying amount of mortgages (1) Principal amount subject to delinquent Amount of balloon $0 – 49,999 603 0.00% - 12.00% 07/13/2021 - 08/01/2061 $ 17,848 $ 7,173 $ 1,003 $50,000 – 99,999 1,009 0.00% - 20.10% 06/01/2024 - 12/01/2062 74,142 29,754 1,125 $100,000 – 149,999 1,000 0.00% - 19.90% 07/01/2021 - 08/01/2065 118,359 48,064 1,708 $150,000 – 199,999 639 0.00% - 12.70% 06/01/2024 - 08/01/2065 106,469 44,424 1,278 $200,000 – 249,999 473 0.00% - 9.40% 08/01/2020 - 07/01/2064 101,648 43,245 1,862 $250,000+ 1,299 0.00% - 25.90% 06/01/2023 - 05/01/2066 501,803 202,866 12,977 Total 5,023 $ 920,269 $ 375,526 $ 19,953 (1) The aggregate cost for federal income tax purposes is $1,011.1 million as of December 31, 2023. The following table sets forth the activity in our mortgage loans ($ in thousands): January 1, 2023 through December 31, 2023 Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Beginning carrying value $ 989,084 $ — Mortgage loans acquired 14,401 — Accretion recognized 51,325 — Payments received on loans, net (129,230) — Net reclassifications (to)/from mortgage loans held-for-sale, net (64,277) 64,277 Mark to market on loans held-for-sale — (8,559) Reclassifications to REO (2,379) — Decrease in net present value of expected credit losses on mortgage loans and lower of cost or market adjustment 5,597 — Other 30 — Ending carrying value $ 864,551 $ 55,718

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (47,071)	$ (15,011)	$ 41,855

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
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, from time to time, it may acquire loans that have not experienced a deterioration in credit quality or originate SBC loans.
Mortgage Loans Held-for-sale	Mortgage Loans Held-for-sale
Investment 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 a carrying value of $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. 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	Real Estate The Company generally acquires real estate properties through one of three instances, either directly through purchases, when it forecloses on a borrower and takes title to the underlying property, or when the borrower surrenders the deed in lieu of foreclosure. Property is recorded at cost if purchased, or at the present value of future cash flows if obtained through foreclosure by the Company. Property that the Company expects to actively market for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value (fair market value less expected selling costs, and any additional costs necessary to prepare the property for sale). Fair market value is determined based on broker price opinions (“BPOs”), appraisals, or other market indicators of fair value including list price or contract price, if listed or under contract for sale at the balance sheet date. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income through real estate operating expenses. No depreciation or amortization expense is recognized on properties held-for-sale. Holding costs are generally incurred by the Servicer and are subtracted from the Servicer’s remittance of sale proceeds upon ultimate disposition of properties held-for-sale. Rental property is property not held-for-sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of up to 27.5 years. The Company performs an impairment analysis for rental property using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired.
Preferred Stock	Preferred Stock During the 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	Put Option Liability As part of the Company’s capital raise transactions during the three months ended June 30, 2020, the Company issued two series of five-year warrants to purchase an aggregate of 6,500,000 shares of the Company's common stock at an exercise price of $10.00 per share.
Secured Borrowings	Secured Borrowings The Company, through securitization trusts which are VIEs, issues callable debt secured by its mortgage loans in the ordinary course of business. The secured borrowings facilitated by the trusts are structured as debt financings, and the mortgage loans used as collateral remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts. These secured borrowing VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities; the creditors do not have recourse to the primary beneficiary. Coupon interest expense on the debt is recognized using the accrual method of accounting. Deferred issuance costs, including original issue discount and debt issuance costs, are carried on the Company’s consolidated balance sheets as a deduction from Secured borrowings, and are amortized to interest expense on an effective yield basis based on the underlying cash flow of the mortgage loans serving as collateral. The Company's unrated 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	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 December 31, 2023 and 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 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 but the Company has entered into a term loan agreement with NIC RMBS LLC, an affiliate as Rithm ("NIC RMBS"), to support redemption of the notes on April 30, 2024. See Note 16 — Subsequent Events. 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. See — Recently Adopted Accounting Standards, below.
Notes Payable	Notes Payable
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. 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	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 Director's 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. 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	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 Company also obtains values from the Company's financing counterparties. The Company weighs current market events and observed trades to determine the discount rates to determine fair value and to determine the ultimate fair value of each loan. 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 Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes . The amendments in this update simplify the accounting for income taxes by removing certain exceptions and adding certain clarifications to rules and definitions used in the calculation of the income tax provision. This guidance is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted, including adoption in any interim period. The Company adopted ASU 2019-12 in the first quarter of 2021 with no effect on its consolidated assets or liabilities, consolidated net income or equity or cash flows on the date of adoption. In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321, Investments) – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) . The amendments in this update clarify the interactions between Topic 321, Topic 323, and Topic 815, which clarifies aspects of accounting for investments in equity-method investees acquired through step acquisitions to require remeasurement of an investment immediately before adopting the equity method of accounting if the investor identifies observable price changes in orderly transactions for an identical or similar investment of the same issuer, and also requires such remeasurement upon discontinuance of the equity method. The amendments also clarify whether upon settlement of a forward contract or option the underlying security would be accounted for under the Equity Method (Topic 323) or the fair value option (Topic 825). This guidance is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted, including adoption in any interim period. The Company adopted ASU 2020-01 in the first quarter of 2021 with no effect on its consolidated assets or liabilities, consolidated net income or equity or cash flows on the date of adoption. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The amendments in this update simplify the accounting for convertible instruments by removing certain accounting models that require separation of convertible instruments into debt and equity components with conversion features that are not required to be accounted for as derivatives or that do not result in substantial premiums. Consequently a convertible instrument will be accounted for as a single liability measured at its amortized cost and convertible preferred stock will be accounted for as a single instrument recorded at historical cost as long as no other features require bifurcation or recognition as derivatives. The Company adopted 2020-06 using the modified retrospective method as of the beginning of its calendar year 2022 and recorded a reduction in its additional paid-in capital account of $0.7 million and a corresponding increase in the carrying value of its 2024 Notes of $0.7 million, representing the carrying value of the conversion feature associated with the 2024 Notes. 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 effective January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures. In October 2023, the FASB issued ASU 2023-06, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This amends U.S. GAAP to include 14 disclosure requirements that are currently required under SEC Regulation S-X or Regulation S-K. Each amendment will be effective on the date on which the SEC removes the related disclosure requirement from SEC Regulation S-X or Regulation S-K. The Company does not believe this standard will have a material impact on its consolidated financial statements and related disclosures as these requirements were previously incorporated under the SEC Regulations. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 ($ in thousands): December 31, 2023 December 31, 2022 Loan portfolio basis by asset type Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Mortgage loans held-for-investment, net Mortgage loans held-for-sale, net Residential RPLs $ 787,700 $ 34,359 $ 872,913 $ — Residential NPLs 71,075 20,894 105,081 — SBC loans 5,776 465 11,090 — Total $ 864,551 $ 55,718 $ 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): December 31, 2023 (1) 2022 2021 2020 2019 2018 2017 2009-2016 2006-2008 2005 and prior Total GAOP - 7f7 >50 $ 2,473 $ 2,597 $ 1,370 $ 6,598 $ 1,206 $ 2,822 $ 29,311 $ 196,186 $ 81,614 $ 324,177 GAOP - 7f7 <50 546 137 — 215 — 121 2,457 28,548 6,996 39,020 GAOP - 6f6 and below 591 2,283 546 1,764 1,708 350 16,873 83,594 23,085 130,794 Great Ajax II REIT - 7f7 >50 — — 730 764 795 460 34,404 243,030 84,634 364,817 Great Ajax II REIT - 7f7 <50 — — — 71 14 — 2,658 22,360 6,508 31,611 Great Ajax II REIT - 6f6 and below — — — — — 144 5,182 17,772 6,752 29,850 Total $ 3,610 $ 5,017 $ 2,646 $ 9,412 $ 3,723 $ 3,897 $ 90,885 $ 591,490 $ 209,589 $ 920,269 (1) Includes 262 loans that were classified from Mortgage loans held-for investment, net to Mortgage loans held-for-sale, net with a total UPB of $64.2 million and a carrying value of $64.3 million. 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 years ended December 31, 2023 and 2022 ($ in thousands): For the year ended December 31, 2023 For the year ended December 31, 2022 PCD Loans PCD Loans Par $ 17,500 $ 12,757 Discount (2,847) (921) Allowance (252) (422) Purchase Price $ 14,401 $ 11,414
Allowance for credit losses on mortgage loans	An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands): For the year ended December 31, 2023 2022 2021 Allowance for expected credit losses, beginning of period $ (6,107) $ (7,112) $ (13,712) Reclassification from non-credit discount to the allowance for changes in payment expectations (4,378) (6,310) (304) Increase in allowance for expected credit losses for loan acquisitions during the period (252) (422) (7,663) Credit loss expense on mortgage loans (279) (383) (842) Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows 5,597 8,120 13,668 Reversal of allowance upon reclass of mortgage loans held-for-sale, net 1,993 — 1,741 Allowance for expected credit losses, end of period $ (3,426) $ (6,107) $ (7,112)
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 December 31, 2023 and 2022 ($ in thousands): As of December 31, 2023 Mortgage loans held-for-investment, net Current 30 60 90 Foreclosure Total GAOP - 7f7 >50 $ 199,229 $ 49,868 $ 283 $ 63,498 $ 925 $ 313,803 GAOP - 7f7 <50 20,514 7,516 78 9,044 — 37,152 GAOP - 6f6 and below 8,565 6,906 421 45,058 26,364 87,314 Great Ajax II REIT - 7f7 >50 300,506 36,277 801 26,600 637 364,821 Great Ajax II REIT - 7f7 <50 25,592 3,846 42 2,131 — 31,611 Great Ajax II REIT - 6f6 and below 4,374 2,144 — 14,788 8,544 29,850 Total $ 558,780 $ 106,557 $ 1,625 $ 161,119 $ 36,470 $ 864,551 As of December 31, 2023 Mortgage loans held-for-sale, net Current 30 60 90 Foreclosure Total Held-for-sale $ 1,284 $ 592 $ — $ 26,243 $ 27,599 $ 55,718 Total $ 1,284 $ 592 $ — $ 26,243 $ 27,599 $ 55,718 As of December 31, 2022 Mortgage loans held-for-investment, net 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)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023 and 2022 ($ in thousands): For the year ended December 31, 2023 2022 Property Held-for-Sale Count Amount Count Amount Balance at beginning of period 39 $ 6,333 31 $ 6,063 Net transfers from mortgage loans 12 2,379 27 4,699 Purchases — — 1 27 Adjustments to record at lower of cost or fair value — (1,096) — (376) Disposals (31) (3,831) (20) (4,080) Balance at end of period 20 $ 3,785 39 $ 6,333

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale	The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands): As of December 31, 2023 Basis (1) Gross unrealized gains Gross unrealized losses Fair value Debt securities available-for-sale, at fair value $ 139,596 $ 637 $ (8,675) $ 131,558 Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero 59,691 111 (629) 59,173 Investment in beneficial interests at amortized cost, net of allowance for credit losses of $6,880 104,162 3,631 (26,477) 81,316 Total investments $ 303,449 $ 4,379 $ (35,781) $ 272,047 (1) Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM of $87.0 thousand 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 of zero 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 December 31, 2023 Step-up date(s) (1) Basis (2) Gross unrealized losses Carrying value Debt securities due February 2028 (4) February 2026 $ 4,717 $ (6) $ 4,711 Debt securities due November 2051 (4) March 2025 3,764 (215) 3,549 Debt securities due March 2060 (4) February 2025 5,805 (678) 5,127 Debt securities due December 2060 (4) July 2029 21,411 (4,242) 17,169 Debt securities due January 2061 (4) September 2024 4,886 (478) 4,408 Debt securities due June 2061 (5) January 2025/February 2025 12,992 (1,243) 11,749 Debt securities due October 2061 (4) April 2029 11,815 (842) 10,973 Debt securities due March 2062 (4) May 2029 10,315 (793) 9,522 Debt securities due July 2062 (3) February 2030 12,668 (41) 12,627 Debt securities due October 2062 (3) October 2026 17,174 (137) 17,037 Total $ 105,547 $ (8,675) $ 96,872 (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 $0.3 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 $0.9 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 Carrying 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 $3.3 million has been in a loss position for 12 months or longer and has a step-up date in February 2025.
Schedule of securities acquisition reconciliation between purchase price and par value	The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the years ended December 31, 2023 and 2022 ($ in thousands): For the year ended December 31, 2023 2022 Par $ 14,013 $ 24,402 Discount (2,262) (3,123) Purchase Price $ 11,751 $ 21,279
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): For the year ended December 31, 2023 2022 2021 Allowance for expected credit losses, beginning balance $ — $ (615) $ (4,453) Reclassification to non-credit discount from the allowance for changes in payment expectations 6,854 759 1,951 Increase in allowance for credit losses for acquisitions — — (2,211) Credit loss expense on beneficial interests — (50) (457) (Increase in)/reversal of allowance for expected credit losses due to (decreases)/increases in the net present value of expected cash flows (13,734) (94) 4,555 Allowance for expected credit losses, ending balance $ (6,880) $ — $ (615)

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 ($ in thousands): Level 1 Level 2 Level 3 December 31, 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 $ 131,558 $ — $ 131,558 $ — Recurring financial liabilities Put option liability $ 16,644 $ — $ — $ 16,644 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 December 31, 2023 and 2022 ($ in thousands): Level 1 Level 2 Level 3 December 31, 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 $ 864,551 $ — $ — $ 770,419 Mortgage loans held-for-sale, net $ 55,718 $ — $ — $ 60,444 Investment in debt securities held-to-maturity $ 59,691 $ — $ 59,173 $ — Investment in beneficial interests $ 104,162 $ — $ — $ 81,316 Investment in Manager $ 440 $ — $ — $ 4,527 Investment in AS Ajax E LLC $ 407 $ — $ 471 $ — Investment in Ajax E Master Trust $ 2,100 $ — $ 1,864 $ — Investment in GAFS, including warrants $ 2,618 $ — $ — $ — Investment in Gaea $ 22,241 $ — $ — $ 21,678 Investment in Loan pool LLCs $ 194 $ — $ — $ 674 Financial liabilities Secured borrowings, net $ 411,212 $ — $ 370,882 $ — Borrowings under repurchase transactions $ 375,745 $ — $ 375,745 $ — Convertible senior notes, net $ 103,516 $ 101,777 $ — $ — Notes payable, net $ 106,844 $ — $ 103,697 $ — 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, Assets Measured on Recurring and Nonrecurring Basis	The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of December 31, 2023 and 2022 ($ in thousands): Level 1 Level 2 Level 3 December 31, 2023 Carrying value Fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 3,785 $ (1,096) $ — $ — $ 3,785 Level 1 Level 2 Level 3 December 31, 2022 Carrying value Fair value adjustment recognized in the consolidated statements of income Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs Non-financial assets Property held-for-sale $ 6,333 $ (376) $ — $ — $ 6,333

Affiliates (Tables)

Affiliates (Tables)	12 Months Ended
	Dec. 31, 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% For the year ended December 31, Net income/(loss) at 100% 2023 2022 2021 Thetis Asset Management LLC $ 1,901 $ (658) $ 3,297 AS Ajax E LLC $ 242 $ 124 $ 198 Loan pool LLCs $ (72) $ (110) $ (126) Great Ajax FS LLC $ (1,633) $ (6,999) $ (1,363) Gaea Real Estate Corp. $ (9,715) $ (3,204) $ 222 December 31, 2023 December 31, 2022 Assets and liabilities at 100% Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 4,643 $ 1,305 $ 6,948 $ 2,661 AS Ajax E LLC $ 2,553 $ 39 $ 2,837 $ 2 Loan pool LLCs $ 1,200 $ 232 $ 1,201 $ 161 Great Ajax FS LLC $ 71,477 $ 59,949 $ 78,375 $ 66,324 Gaea Real Estate Corp. $ 167,591 $ 73,499 $ 162,933 $ 58,185 Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share For the year ended December 31, Net income/(loss) at the Company's share 2023 2022 2021 Thetis Asset Management LLC $ 376 $ (130) $ 653 AS Ajax E LLC $ 40 $ 20 $ 33 Loan pool LLCs $ (28) $ (44) $ (51) Great Ajax FS LLC $ (150) $ (560) $ (109) Gaea Real Estate Corp. $ (1,898) $ (707) $ 51 December 31, 2023 December 31, 2022 Assets and liabilities at the Company's share Assets Liabilities Assets Liabilities Thetis Asset Management LLC $ 919 $ 258 $ 1,376 $ 527 AS Ajax E LLC $ 420 $ 6 $ 467 $ — Loan pool LLCs $ 480 $ 93 $ 480 $ 64 Great Ajax FS LLC $ 6,854 $ 5,748 $ 6,270 $ 5,306 Gaea Real Estate Corp. $ 37,272 $ 16,346 $ 35,894 $ 12,818

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	The following table sets forth the details of the Company's put option liability ($ in thousands): For the year ended December 31, 2023 2022 2021 Beginning balance $ 12,153 $ 23,667 $ 14,205 Fair value adjustments during the period 4,491 11,143 9,462 Repurchases — (22,657) — Ending balance $ 16,644 $ 12,153 $ 23,667

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 Maturity Date Amount Outstanding Amount of Collateral Interest Rate Barclays - bonds (1) $ 70,095 $ 101,041 7.03 % A Bonds January 3, 2024 10,850 15,572 6.90 % January 19, 2024 21,762 28,503 6.79 % May 3, 2024 9,628 12,329 6.87 % May 22, 2024 2,134 3,358 6.97 % B Bonds January 26, 2024 3,027 4,998 7.68 % March 13, 2024 13,398 20,121 7.13 % May 3, 2024 3,608 6,185 7.70 % May 22, 2024 4,312 7,565 7.57 % M Bonds May 3, 2024 281 499 7.05 % May 22, 2024 1,095 1,911 7.17 % Nomura - bonds (1) $ 68,623 $ 98,448 6.98 % A Bonds January 26, 2024 35,184 47,149 7.02 % February 15, 2024 5,079 7,449 6.93 % March 28, 2024 17,019 23,238 6.74 % January 26, 2024 1,024 1,761 7.31 % B Bonds February 15, 2024 3,002 5,149 7.33 % March 28, 2024 3,900 6,413 7.30 % M Bonds January 26, 2024 2,307 5,177 7.30 % March 28, 2024 1,108 2,112 6.90 % JP Morgan - bonds (1) $ 33,564 $ 53,978 6.90 % A Bonds February 28, 2024 9,632 12,633 6.73 % February 28, 2024 6,598 11,140 7.13 % B Bonds January 4, 2024 13,541 22,813 6.82 % M Bonds January 22, 2024 3,290 6,497 7.23 % February 28, 2024 503 895 7.03 % Nomura - loans (2) October 5, 2024 $ 193,060 $ 277,632 7.79 % JP Morgan - loans (3) July 10, 2024 $ 10,403 $ 14,656 8.38 % Totals/weighted averages $ 375,745 $ 545,755 (4) 7.44 % (1) Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2023. (2) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $400.0 million. (3) Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 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 December 31, 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 % December 31, 2022 Maturity Date Amount Outstanding Amount of Collateral Interest Rate 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 % 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 $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of December 31, 2022.
Schedule of amount outstanding on repurchase transactions and carrying value collateral	The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at December 31, 2023 and 2022 in the table below ($ in thousands): Gross amounts not offset in balance sheet December 31, 2023 December 31, 2022 Gross amount of recognized liabilities $ 375,745 $ 445,855 Gross amount of loans and securities pledged as collateral 541,999 628,187 Other prepaid collateral 3,756 5,152 Net collateral amount $ 170,010 $ 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 December 31, 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 % Issuing Trust/Issue Date Interest Rate Step-up Date Security Original Principal Interest Rate None Class B-2 notes due 2065 (2) $7.1 million variable (3) None Class B-3 notes due 2065 (2) $12.8 million variable (3) Deferred issuance costs $(2.7) million — % Rated Ajax Mortgage Loan Trust 2019-F/ November 2019 November 25, 2026 Class A-1 notes due 2059 $110.1 million 2.86 % November 25, 2026 Class A-2 notes due 2059 $12.5 million 3.50 % November 25, 2026 Class A-3 notes due 2059 $5.1 million 3.50 % November 25, 2026 Class M-1 notes due 2059 (1) $6.1 million 3.50 % None Class B-1 notes due 2059 (2) $11.5 million 3.50 % None Class B-2 notes due 2059 (2) $10.4 million variable (3) None Class B-3 notes due 2059 (2) $15.1 million variable (3) Deferred issuance costs $(1.8) million — % Rated Ajax Mortgage Loan Trust 2020-B/ August 2020 July 25, 2027 Class A-1 notes due 2059 $97.2 million 1.70 % July 25, 2027 Class A-2 notes due 2059 $17.3 million 2.86 % July 25, 2027 Class M-1 notes due 2059 (1) $7.3 million 3.70 % None Class B-1 notes due 2059 (2) $5.9 million 3.70 % None Class B-2 notes due 2059 (2) $5.1 million variable (3) None Class B-3 notes due 2059 (2) $23.6 million variable (3) Deferred issuance costs $(1.8) million — % Rated Ajax Mortgage Loan Trust 2021-A/ January 2021 January 25, 2029 Class A-1 notes due 2065 $146.2 million 1.07 % January 25, 2029 Class A-2 notes due 2065 $21.1 million 2.35 % January 25, 2029 Class M-1 notes due 2065 (1) $7.8 million 3.15 % None Class B-1 notes due 2065 (2) $5.0 million 3.80 % None Class B-2 notes due 2065 (2) $5.0 million variable (3) None Class B-3 notes due 2065 (2) $21.5 million variable (3) Deferred issuance costs $(2.5) million — % Non-rated 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 $(4.3) million — % (1) The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2) The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3) The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule of status of mortgage loans	The following table sets forth the status of the notes held by others at December 31, 2023 and 2022, and the securitization cutoff date ($ in thousands): Balances at December 31, 2023 Balances at December 31, 2022 Original balances at securitization cutoff date 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 $ 99,367 $ 67,739 147 % $ 105,387 $ 76,016 139 % $ 193,301 $ 156,670 2019-F 96,870 57,936 167 % 105,102 66,522 158 % 170,876 127,673 2020-B 100,245 63,574 158 % 107,011 70,339 152 % 156,468 114,534 2021-A 127,250 102,057 125 % 138,006 113,929 121 % 206,506 175,116 2021-B 204,883 123,032 167 % 220,320 145,073 152 % 287,882 215,912 $ 628,615 $ 414,338 (1) 152 % $ 675,826 $ 471,879 (1) 143 % $ 1,015,033 $ 789,905 (1)
Schedule of Maturities of Long-Term Debt	The following table summarizes the Company's long term maturities ($ in thousands): Year Debt instrument As of December 31, 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)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands): Transaction Consolidated Statement of Operation location Counterparty For the year ended December 31, 2023 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 $ 17,556 Management fee Related party expense – management fee Manager $ 7,769 Loan servicing fees Related party expense – loan servicing fees Servicer $ 7,269 Affiliate loan interest income Interest income Servicer $ 523 Income from equity investment (Loss)/income from investment in affiliates, net Manager $ 376 Affiliate loan interest income Interest income Gaea $ 80 Income from equity investment (Loss)/income from investment in affiliates, net AS Ajax E LLC $ 40 Loss from equity investment (Loss)/income from investment in affiliates, net Loan pool LLCs $ (28) Loss from equity investment (Loss)/income from investment in affiliates, net Servicer $ (150) Transaction Consolidated Statement of Operation location Counterparty For the year ended December 31, 2023 Loss from equity investment (Loss)/income from investment in affiliates, net Gaea $ (1,898) Loss on sale of securities Other (loss)/income Various non-consolidated joint ventures $ (3,347) Loss from joint venture re-securitization on beneficial interests Loss on joint venture refinancing on beneficial interests Various non-consolidated joint ventures $ (11,024) Transaction Consolidated Statement of Operation location Counterparty For the year ended December 31, 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 $ 21,250 Management fee Related party expense – management fee Manager $ 8,326 Loan servicing fees Related party expense – loan servicing fees Servicer $ 7,960 Affiliate loan interest income Interest income Servicer $ 263 Income from equity investment (Loss)/income from investment in affiliates, net AS Ajax E LLC $ 20 Loss from equity investment (Loss)/income from investment in affiliates, net Loan pool LLCs $ (44) Loss from equity investment (Loss)/income from investment in affiliates, net Manager $ (130) Loss from equity investment (Loss)/income from investment in affiliates, net Servicer $ (560) Loss from equity investment (Loss)/income from investment in affiliates, net Gaea $ (707) Loss on sale of securities Other (loss)/income Various non-consolidated joint ventures $ (4,775) Loss from joint venture re-securitization on beneficial interests Loss on joint venture refinancing on beneficial interests Various non-consolidated joint ventures $ (6,115) Transaction Consolidated Statement of Operation location Counterparty For the year ended December 31, 2021 Interest income on securities and beneficial interest and net decrease in the net present value of expected credit losses on beneficial interests Net interest income after the impact of changes in the net present value of expected credit losses Various non-consolidated joint ventures $ 31,058 Management fee Related party expense – management fee Manager $ 9,116 Loan servicing fees Related party expense – loan servicing fees Servicer $ 7,433 Income from equity investment (Loss)/income from investment in affiliates, net Manager $ 653 Affiliate loan interest income Interest income Gaea $ 248 Gain on sale of securities Other (loss)/income Various non-consolidated joint ventures $ 201 Gain on sale of mortgage loans Other (loss)/income 2021-C $ 122 Income from equity investment (Loss)/income from investment in affiliates, net Gaea $ 51 Affiliate loan interest income Interest income Servicer $ 37 Income from equity investment (Loss)/income from investment in affiliates, net AS Ajax E LLC $ 33 Loss from equity investment (Loss)/income from investment in affiliates, net Loan pool LLCs $ (51) Loss from equity investment (Loss)/income from investment in affiliates, net Great Ajax FS $ (109) The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands): Transaction Consolidated Balance Sheet location Counterparty For the year ended December 31, 2023 Investment in beneficial interests Investments in beneficial interests Various non-consolidated joint ventures $ 104,162 Affiliate loan receivable and interest Prepaid expenses and other assets Servicer $ 12,591 Affiliate loan receivable and interest Prepaid expenses and other assets Gaea $ 7,545 Receivables from Servicer Receivable from servicer Servicer $ 7,307 Management fee payable Management fee payable Manager $ 1,998 Servicing fee payable Accrued expenses and other liabilities Servicer $ 89 Transaction Consolidated Balance Sheet location Counterparty For the year ended December 31, 2022 Investment in beneficial interests Investments 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)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2023 2022 2021 Number of shares Amount of expense recognized Number of shares Amount of expense recognized Number of shares Amount of expense recognized Independent director fees 13,020 $ 88 36,370 $ 350 15,020 $ 200 Management fees — — 39,558 — (1) — — Total 13,020 $ 88 75,928 $ 350 15,020 $ 200 (1) Management fees were fully expensed during the fourth quarter of 2021, the period in which the services were provided. However, the shares associated with these services were approved and issued by the Board during the first quarter of 2022.
Schedule of grants of restricted stock	Under the Company’s 2014 Director Equity Plan and 2016 Equity Incentive Plan the Company made grants of restricted stock to its Directors and to employees of its Manager and Servicer as set forth the table below: Employee and Service Provider Grants Director Grants Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value December 31, 2020 outstanding unvested share grants 163,083 $ 11.07 — $ — Shares vested (65,750) 11.72 (10,000) 12.48 Shares forfeited (21,668) 11.41 — — Shares granted 152,700 12.79 18,000 12.53 December 31, 2021 outstanding unvested share grants 228,365 $ 12.00 8,000 $ 12.60 Shares vested (77,214) 11.92 (8,000) 12.60 Shares forfeited (51,504) 11.76 — — Shares granted 210,615 10.41 — — December 31, 2022 outstanding unvested share grants 310,262 $ 10.98 — $ — Shares vested (147,491) 10.93 — — Shares forfeited (32,189) 10.49 — — Shares granted 28,562 6.64 25,000 7.15 December 31, 2023 outstanding unvested share grants 159,144 (1) $ 10.35 25,000 (2) $ 7.15 (1) Weighted average remaining life of unvested shares for employee and service provider grants at December 31, 2023 is 1.5 years. (2)
Schedule of restricted stock plan grants, expense	The following table presents the expenses for the Company's restricted stock plan ($ in thousands): For the year ended December 31, 2023 2022 2021 Restricted stock grants $ 1,347 $ 1,147 $ 900 Director grants 74 33 192 Total expenses for plan grants $ 1,421 $ 1,180 $ 1,092

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 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): For the year ended December 31, 2023 Net Loss Shares Per Share Basic EPS Consolidated net loss attributable to common stockholders $ (49,261) 24,286,999 Allocation of earnings to participating restricted shares 537 — Consolidated net loss attributable to unrestricted common stockholders $ (48,724) 24,286,999 $ (2.01) Effect of dilutive securities (1,2,3) Diluted EPS Consolidated net loss attributable to common stockholders and dilutive securities $ (48,724) 24,286,999 $ (2.01) (1) The Company's outstanding warrants for an additional 1,950,672 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 year ended December 31, 2023, and have not been included in the calculation. (2) The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the year ended December 31, 2023 would have been anti-dilutive and have been removed from the calculation. (3) The effect of interest expense and assumed conversion of shares from convertible notes on the Company diluted EPS calculation for the year ended December 31, 2023 would have been anti-dilutive and have been removed from the calculation. For the year ended December 31, 2022 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net loss attributable to common stockholders $ (28,679) 22,747,635 Allocation of earnings to participating restricted shares 361 — Consolidated net loss attributable to unrestricted common stockholders $ (28,318) 22,747,635 $ (1.24) Effect of dilutive securities (1,2) Restricted stock grants and Manager and director fee shares (361) 289,943 Diluted EPS Consolidated net loss attributable to common stockholders and dilutive securities $ (28,679) 23,037,578 $ (1.24) (1) The Company's outstanding warrants for an additional 1,950,672 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 year ended December 31, 2022, 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 diluted EPS calculation for the year ended December 31, 2022 would have been anti-dilutive and have been removed from the calculation. For the year ended December 31, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Consolidated net income attributable to common stockholders $ 34,057 22,852,948 Allocation of earnings to participating restricted shares (304) — Consolidated net income attributable to unrestricted common stockholders $ 33,753 22,852,948 $ 1.48 Effect of dilutive securities (1,2) Interest expense (add back) and assumed conversion of shares from convertible senior notes 9,065 7,409,519 Diluted EPS Consolidated net income attributable to common stockholders and dilutive securities $ 42,818 30,262,467 $ 1.41 (1) The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the year ended December 31, 2021, and have not been included in the calculation. (2) The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the year ended December 31, 2021 would have been anti-dilutive and have been removed from the calculation.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of accumulated other comprehensive income	Total accumulated other comprehensive (loss)/income on the Company’s balance sheet at December 31, 2023 and 2022 was as follows ($ in thousands): Investment in securities: December 31, 2023 December 31, 2022 Unrealized gains on debt securities available-for-sale $ 637 $ — Unrealized losses on debt securities available-for-sale (8,675) (25,649) Unrealized losses on debt securities available-for-sale transferred to held-to-maturity (5,989) — Accumulated other comprehensive loss $ (14,027) $ (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 to or from non-controlling interest ($ in thousands): For the year ended December 31, 2023 2022 2021 Decrease from redemption of 2018-C $ — $ — $ (8,306) Decrease from the distribution of 2017-D — (871) (17,186) Change in non-controlling interest $ — $ (871) $ (25,492)

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Data [Abstract]
Schedule of quarterly financial information	The following table sets forth the Company's quarterly financial information ($ in thousands): For the year ended December 31, 2023 First quarter Second quarter Third quarter Fourth quarter Total revenue, net $ 540 $ (2,414) $ 1,053 $ (16,253) Loss before provision for income taxes $ (7,271) $ (11,281) $ (5,617) $ (22,545) Consolidated net loss attributable to common stockholders $ (7,941) $ (12,034) $ (6,089) $ (23,197) Basic loss per common share $ (0.34) $ (0.51) $ (0.25) $ (0.86) Diluted loss per common share $ (0.34) $ (0.51) $ (0.25) $ (0.86) For the year ended December 31, 2022 First quarter Second quarter Third quarter Fourth quarter Total revenue, net $ 14,971 $ 8,768 $ 10,522 $ 1,375 Income/(loss) before provision for income taxes $ 5,605 $ (4,522) $ (7,133) $ (6,051) Consolidated net income/(loss) attributable to common stockholders $ 3,586 $ (9,181) $ (16,249) $ (6,835) Basic earnings/(loss) per common share $ 0.15 $ (0.40) $ (0.71) $ (0.30) Diluted earnings/(loss) per common share $ 0.15 $ (0.40) $ (0.71) $ (0.30)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ in Thousands			1 Months Ended	12 Months Ended				27 Months Ended
	Jan. 31, 2023 USD ($)	Nov. 22, 2019 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) payment entity shares	Dec. 31, 2022 USD ($) entity	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2022 USD ($) shares	Mar. 31, 2021
Organization And Basis Of Presentation [Line Items]
Number of payments made on RPL mortgage loans (at least) | payment				5
Number of payments not made on NPL mortgage loans | payment				3
Proceeds from issuance of private placement							$ 125,000
Number of non controlling interest subsidiaries | entity				3	3
Additional contribution towards equity interest in GAFS				$ 980	$ 5,801	$ 0
Residential RPLs
Organization And Basis Of Presentation [Line Items]
Number of payments | payment				7
GAOP - 6f6 and below
Organization And Basis Of Presentation [Line Items]
Purchase of interest (in percent)						66%
Repayments of senior debt				$ 95,200
Noncontrolling interests, percentage of interest owned in loans (in percent)				100%
GAOP - 7f7 >50
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (in percent)				99.90%	99.90%
Maximum
Organization And Basis Of Presentation [Line Items]
Principal balance of small balance commercial mortgage loans (up to)				$ 5,000
GAOP - 7f7 >50 | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (in percent)				99.90%
Investment in Ajax E Master Trust | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Percentage of ownership interests in joint venture (in percent)				53.10%	53.10%
2017-D | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (in percent)				50%	50%
2018-C | Great Ajax Corp
Organization And Basis Of Presentation [Line Items]
Ownership percentage by parent (in percent)				100%	100%				63%
2018-C | Third Party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by noncontrolling owners (in percent)				0%	0%	37%
Investment in Gaea
Organization And Basis Of Presentation [Line Items]
Ownership percentage (in percent)				22.20%
Proceeds from issuance of private placement		$ 66,300	$ 30,000					$ 96,300
Private capital raise shares (in shares) | shares								1,704,436
Investment in Gaea | Third Party
Organization And Basis Of Presentation [Line Items]
Ownership percentage by noncontrolling owners (in percent)				77.80%
Investment in Gaea | GA-TRS
Organization And Basis Of Presentation [Line Items]
Private capital raise shares (in shares) | shares				20,991
Private capital raise amount				$ 300
Great Ajax FS LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage (in percent)				9.50%	8%
Additional contribution towards equity interest in GAFS	$ 700
Investment in Ajax E Master Trust | AS Ajax E LLC
Organization And Basis Of Presentation [Line Items]
Ownership interest in real estate trust, percentage (in percent)				5%	5%
Thetis Asset Management LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage (in percent)				19.80%	19.80%
Great Ajax FS LLC | Great Ajax FS LLC
Organization And Basis Of Presentation [Line Items]
Ownership percentage (in percent)				9.50%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Investments in Securities (Details) $ in Millions	Jan. 01, 2023 USD ($)
Accounting Policies [Abstract]
Reclassification of available for sale debt securities to held to maturity securities	$ 83

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Real Estate (Details)	Dec. 31, 2023
Accounting Policies [Abstract]
Estimated useful lives of an assets (in years)	27 years 6 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Preferred Stock (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2020 USD ($) series	Jun. 30, 2020 shares
Summary Of Significant Accounting Policies [Line Items]
Proceeds from Issuance of Private Placement | $			$ 125
Number of series issued | series			2
Series A Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred stock issued (in shares)				2,307,400
Preferred stock dividend rate percentage	7.25%	7.25%
Preferred stock, liquidation preference (in dollars per share) | $ / shares	$ 25	$ 25
Series A Preferred Stock | Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred stock issued (in shares)	424,949	424,949
Stock repurchased and retired (in shares)		1,882,451
Series B Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred stock issued (in shares)				2,892,600
Preferred stock dividend rate percentage	5%	5%
Preferred stock, liquidation preference (in dollars per share) | $ / shares		$ 25
Series B Preferred Stock | Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred stock issued (in shares)	1,135,590	1,135,590
Stock repurchased and retired (in shares)		1,757,010

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Put Option Liability (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($) series $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Summary Of Significant Accounting Policies [Line Items]
Number of warrants series issued | series	2
Warrants term (in years)	5 years
Warrants (in shares) | shares	6,500,000	1,950,672	1,950,672	6,500,000
Warrants exercise price (in dollars per share) | $ / shares	$ 10
Warrants original basis | $	$ 9.5	$ 16.6
Class of warrant or right, base rate used for calculation of accrual rate (in percent)		0.180
Series A Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Class of warrant or right, accrual rate (in percent)		0.1075
Series B Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Class of warrant or right, accrual rate (in percent)		0.1300

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Additional paid-in capital		$ 308,933	$ 335,328
Convertible debt	[1]	$ (103,516)	(104,256)
Accounting Standards Update 2020-06
Summary Of Significant Accounting Policies [Line Items]
Convertible debt				$ (700)
Additional Paid-in Capital [Member] | Accounting Standards Update 2020-06
Summary Of Significant Accounting Policies [Line Items]
Additional paid-in capital				$ (700)
Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Interest Rate		7.25%
Principal amount of note (in dollars per share) | $ / shares		$ 25
Convertible Notes Payable | Common Stock
Summary Of Significant Accounting Policies [Line Items]
Conversion ratio		1.7405
Conversion price (in dollars per share) | $ / shares		$ 14.36
Convertible Notes Payable
Summary Of Significant Accounting Policies [Line Items]
Unpaid principal balance		$ 103,500	$ 104,500
[1] Secured borrowings, net are presented net of deferred issuance costs of $3.1 million at December 31, 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 December 31, 2023 and 2022, respectively. Notes payable, net are presented net of deferred issuance costs and discount of $3.2 million at December 31, 2023 and $4.0 million at December 31, 2022.

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Notes Payable (Details) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) subsidiary	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Put liability		$ 16.6
Series A Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred stock dividend rate percentage		7.25%	7.25%
Series B Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Preferred stock dividend rate percentage		5%	5%
8.875% Senior Unsecured Notes Due September 2027 | Senior Notes
Summary Of Significant Accounting Policies [Line Items]
Original Principal	$ 110
Interest Rate	8.875%
Debt instrument term (in years)	5 years
Issuance amount, percent of par value (in percent)	0.99009
Number of subsidiaries | subsidiary		2
Proceeds from unsecured notes payable	$ 106.1
Put liability		$ 90
Amount Outstanding		$ 110	$ 110

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Management Fee and Expense Reimbursement (Details)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Percentage of incentive fees payable in cash	100%

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Servicing Fees (Details) - Servicing Agreement - Gregory Funding LLC	12 Months Ended
	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Percentage of fair market value of REO	1%
Percentage of purchase price of REO	1%
Servicing fee, renewal term (in years)	1 year
Minimum
Summary Of Significant Accounting Policies [Line Items]
Annual servicing fee percentage	0.65%
Maximum
Summary Of Significant Accounting Policies [Line Items]
Annual servicing fee percentage	1.25%

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Stock-based Payments and Directors' Fees (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 01, 2022	Dec. 31, 2016	Dec. 31, 2023	Dec. 31, 2021
Independent Directors
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable			$ 140
Annual retainer received in shares (in percent)			50%
Annual retainer received in cash (in percent)			50%
Independent Directors | Maximum
Summary Of Significant Accounting Policies [Line Items]
Annual retainer received in cash (in percent)			100%
Audit Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable	$ 20			$ 15
Annual retainer received in cash (in percent)	100%
Heads of Compensation and Corporate Governance Committees
Summary Of Significant Accounting Policies [Line Items]
Annual retainer received in cash (in percent)	100%
Special Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable			$ 20
Lead Director Of Special Committee
Summary Of Significant Accounting Policies [Line Items]
Annual retainer payable			$ 30
Director Equity Plan 2014 [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares available for issuance (in shares)			35,000
Director Equity Plan 2014 [Member] | Restricted Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued (in shares)			2,000
Equity Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Authorized issuance percentage of outstanding shares (in percent)		5%
Amended And Restated Management Agreement | Thetis Asset Management LLC
Summary Of Significant Accounting Policies [Line Items]
Period of common shares held as base management fee (at least)			3 years

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) $ in Billions	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Minimum assets with banking institutions	$ 1

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Option term (in years)	39 months

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Recently Adopted Accounting Standard (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
Summary Of Significant Accounting Policies [Line Items]
Additional paid-in capital		$ 308,933	$ 335,328
Convertible debt	[1]	$ (103,516)	$ (104,256)
Accounting Standards Update 2020-06
Summary Of Significant Accounting Policies [Line Items]
Convertible debt				$ (700)
Accounting Standards Update 2020-06 | Additional Paid-in Capital [Member]
Summary Of Significant Accounting Policies [Line Items]
Additional paid-in capital				$ (700)
[1] Secured borrowings, net are presented net of deferred issuance costs of $3.1 million at December 31, 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 December 31, 2023 and 2022, respectively. Notes payable, net are presented net of deferred issuance costs and discount of $3.2 million at December 31, 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		Dec. 31, 2023	Dec. 31, 2022
Mortgage Loans on Real Estate [Line Items]
Mortgage loans held-for-investment, net	[1],[2]	$ 864,551	$ 989,084
Mortgage loans held-for-sale, net		55,718	0
SBC loans
Mortgage Loans on Real Estate [Line Items]
Mortgage loans held-for-investment, net		5,776	11,090
Mortgage loans held-for-sale, net		465	0
Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Mortgage loans held-for-investment, net		787,700	872,913
Mortgage loans held-for-sale, net		34,359	0
Residential NPLs
Mortgage Loans on Real Estate [Line Items]
Mortgage loans held-for-investment, net		71,075	105,081
Mortgage loans held-for-sale, net		$ 20,894	$ 0
[1] As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). Mortgage loans held-for-investment, net include $628.6 million and $675.8 million of loans at December 31, 2023 and 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 $3.4 million and $6.1 million of allowance for expected credit losses at December 31, 2023 and 2022, respectively. (2) As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP").

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details)		1 Months Ended		12 Months Ended
		Apr. 30, 2023 USD ($) residential_rpl	Feb. 28, 2023 USD ($) residential_rpl	Dec. 31, 2023 USD ($) loan payment	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($) loanPool	Dec. 31, 2020 USD ($)
Mortgage Loans on Real Estate [Line Items]
Mortgage loans held-for-investment, net	[1],[2]			$ 864,551,000	$ 989,084,000
Loan adjustment, lower of cost or market				(8,600,000)
Allowance for loan losses				3,426,000	6,107,000	$ 7,112,000		$ 13,712,000
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows				5,597,000	8,120,000	13,668,000
Accretable yield				$ 51,300,000	$ 60,000,000	66,500,000
Number of sold loans | loan				0	0
Number of loan pools established | loanPool							3
Number of loan pools | loanPool							6
Amount of Collateral				$ 541,999,000	$ 628,187,000
Reclassification from non-credit discount to the allowance for changes in payment expectations				(4,378,000)	(6,310,000)	(304,000)
Reversal of allowance upon reclass of mortgage loans held-for-sale, net				1,993,000	0	1,741,000
Increase in allowance for expected credit losses for loan acquisitions during the period				(252,000)	(422,000)	(7,663,000)
Financial Asset Acquired with Credit Deterioration
Mortgage Loans on Real Estate [Line Items]
Reversal of allowance upon reclass of mortgage loans held-for-sale, net						$ (300,000)
RPLs, NPLs, and Originated SBCs
Mortgage Loans on Real Estate [Line Items]
Mortgage loans held-for-investment, net	[2]			864,600,000	1,000,000,000
Mortgage loans held for sale, net				$ 55,700,000	$ 0
SBC loans acquired at or near origination
Mortgage Loans on Real Estate [Line Items]
SBC loan count | loan				0	0
Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Mortgage loans held-for-investment, net				$ 787,700,000	$ 872,913,000
Number of mortgage loans on real estate		2	1	72	45
Aggregate unpaid principal balance of mortgage loans on real estate		$ 300,000	$ 200,000	$ 17,300,000	$ 11,200,000
Amount of Collateral							$ 50,000
Number of recent payments made on RPL mortgage loans | payment				7
Residential NPLs
Mortgage Loans on Real Estate [Line Items]
Mortgage loans held-for-investment, net				$ 71,075,000	$ 105,081,000
Number of mortgage loans on real estate | loan				1	8
Aggregate unpaid principal balance of mortgage loans on real estate				$ 200,000	$ 1,500,000
[1] As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). Mortgage loans held-for-investment, net include $628.6 million and $675.8 million of loans at December 31, 2023 and 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 $3.4 million and $6.1 million of allowance for expected credit losses at December 31, 2023 and 2022, respectively. (2) As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP").

Mortgage Loans - Schedule of _2

Mortgage Loans - Schedule of loan basis by year of origination (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Mortgage Loans [Line Items]
Year one	$ 3,610	$ 2,797
Year two	5,017	2,050
Year three	2,646	7,010
Year four	9,412	9,182
Year five	3,723	3,967
Year six	3,897	4,531
Prior years, range 1	90,885	95,938
Prior years, range 2	591,490	633,115
Prior years, range 3	209,589	230,494
Financing receivable, before allowance for credit loss	$ 920,269	989,084
Number of loans classified to mortgage loan held-for sale | loan	262
Unpaid principal balance	$ 64,200
Carrying value	64,300
GAOP - 7f7 Greater Than 50
Mortgage Loans [Line Items]
Year one	2,473	1,041
Year two	2,597	1,770
Year three	1,370	4,118
Year four	6,598	7,004
Year five	1,206	2,557
Year six	2,822	2,983
Prior years, range 1	29,311	32,170
Prior years, range 2	196,186	198,950
Prior years, range 3	81,614	80,203
Financing receivable, before allowance for credit loss	324,177	330,796
GAOP - 7f7 Less Than 50
Mortgage Loans [Line Items]
Year one	546	0
Year two	137	0
Year three	0	0
Year four	215	337
Year five	0	0
Year six	121	0
Prior years, range 1	2,457	3,212
Prior years, range 2	28,548	34,599
Prior years, range 3	6,996	10,501
Financing receivable, before allowance for credit loss	39,020	48,649
GAOP - 6f6 and below
Mortgage Loans [Line Items]
Year one	591	1,756
Year two	2,283	280
Year three	546	2,158
Year four	1,764	1,040
Year five	1,708	597
Year six	350	942
Prior years, range 1	16,873	15,930
Prior years, range 2	83,594	98,408
Prior years, range 3	23,085	30,697
Financing receivable, before allowance for credit loss	130,794	151,808
Great Ajax II REIT - 7f7 >50
Mortgage Loans [Line Items]
Year one	0	0
Year two	0	0
Year three	730	734
Year four	764	661
Year five	795	800
Year six	460	467
Prior years, range 1	34,404	34,973
Prior years, range 2	243,030	250,168
Prior years, range 3	84,634	90,478
Financing receivable, before allowance for credit loss	364,817	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	71	140
Year five	14	13
Year six	0	0
Prior years, range 1	2,658	3,487
Prior years, range 2	22,360	27,300
Prior years, range 3	6,508	8,885
Financing receivable, before allowance for credit loss	31,611	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	144	139
Prior years, range 1	5,182	6,166
Prior years, range 2	17,772	23,690
Prior years, range 3	6,752	9,730
Financing receivable, before allowance for credit loss	$ 29,850	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mortgage Loans on Real Estate [Line Items]
Par	$ 17,500	$ 12,757
Discount	(2,847)	(921)
Allowance	(252)	(422)
Purchase Price	$ 14,401	$ 11,414

Mortgage Loans - Allowance for

Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for expected credit losses, beginning of period	$ (6,107)	$ (7,112)	$ (13,712)
Reclassification from non-credit discount to the allowance for changes in payment expectations	(4,378)	(6,310)	(304)
Increase in allowance for expected credit losses for loan acquisitions during the period	(252)	(422)	(7,663)
Credit loss expense on mortgage loans	(279)	(383)	(842)
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows	5,597	8,120	13,668
Reversal of allowance upon reclass of mortgage loans held-for-sale, net	1,993	0	1,741
Allowance for expected credit losses, end of period	$ (3,426)	$ (6,107)	$ (7,112)

Mortgage Loans - Schedule of Ca

Mortgage Loans - Schedule of Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	$ 920,269	$ 989,084
Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	55,718
Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	864,551	989,084
GAOP - 7f7 Greater Than 50
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	324,177	330,796
GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	55,718
GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	313,803	330,796
GAOP - 7f7 Less Than 50
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	39,020	48,649
GAOP - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	37,152	48,649
GAOP - 6f6 and below
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	130,794	151,808
GAOP - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	87,314	151,808
Great AJAX II REIT - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	364,821	378,281
Great AJAX II REIT - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	31,611	39,825
Great Ajax II REIT - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	29,850	39,725
Current | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	1,284
Current | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	558,780	580,610
Current | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	1,284
Current | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	199,229	198,006
Current | GAOP - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	20,514	26,303
Current | GAOP - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	8,565	3,333
Current | Great AJAX II REIT - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	300,506	319,677
Current | Great AJAX II REIT - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	25,592	33,113
Current | Great Ajax II REIT - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	4,374	178
30 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	592
30 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	106,557	95,475
30 | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	592
30 | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	49,868	44,773
30 | GAOP - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	7,516	5,815
30 | GAOP - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	6,906	1,538
30 | Great AJAX II REIT - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	36,277	39,161
30 | Great AJAX II REIT - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	3,846	4,188
30 | Great Ajax II REIT - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	2,144	0
60 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	0
60 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	1,625	1,835
60 | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	0
60 | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	283	772
60 | GAOP - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	78	140
60 | GAOP - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	421	94
60 | Great AJAX II REIT - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	801	700
60 | Great AJAX II REIT - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	42	90
60 | Great Ajax II REIT - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	0	39
90 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	26,243
90 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	161,119	254,108
90 | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	26,243
90 | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	63,498	86,603
90 | GAOP - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	9,044	16,232
90 | GAOP - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	45,058	94,010
90 | Great AJAX II REIT - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	26,600	18,743
90 | Great AJAX II REIT - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	2,131	2,434
90 | Great Ajax II REIT - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	14,788	36,086
Foreclosure | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	27,599
Foreclosure | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	36,470	57,056
Foreclosure | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-sale, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	27,599
Foreclosure | GAOP - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	925	642
Foreclosure | GAOP - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	0	159
Foreclosure | GAOP - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	26,364	52,833
Foreclosure | Great AJAX II REIT - 7f7 Greater Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	637	0
Foreclosure | Great AJAX II REIT - 7f7 Less Than 50 | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	0	0
Foreclosure | Great Ajax II REIT - 6f6 and below | Mortgage loans held-for-investment, net
Mortgage Loans on Real Estate [Line Items]
Financing receivable, before allowance for credit loss	$ 8,544	$ 3,422

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property		Dec. 31, 2022 USD ($) property		Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Real estate owned properties, net	$ 3,785	[1]	$ 6,333	[1]	$ 6,063
Property held-for-sale, net	$ 200		$ 300
Number of properties sold | property	31		20
Gain on sales of property	$ 100		$ 898		$ 893
Real estate impairment (recovery)	(1,100)		(400)
Other (loss)/income
Real Estate [Line Items]
Gain on sales of property	100		900
Carrying value
Real Estate [Line Items]
Real estate owned properties, net	3,800		6,300
Property held-for-sale, net	$ 3,785		$ 6,333
[1]Real estate owned properties, net, are presented net of valuation allowances of $1.2 million and $0.7 million at December 31, 2023 and 2022, respectively.

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of REO Held-For-Sale (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) property		Dec. 31, 2022 USD ($) property
Count
Balance at beginning of period | property		39		31
Net transfers from mortgage loans | property		12		27
Purchases | property		0		1
Adjustments to record at lower of cost or fair value | property		0		0
Disposals | property		(31)		(20)
Balance at end of period | property		20		39
Amount
Balance at beginning of period | $		$ 6,333	[1]	$ 6,063
Net transfers from mortgage loans | $		2,379		4,699
Purchases | $		0		27
Adjustments to record at lower of cost or fair value | $		(1,096)		(376)
Disposals | $		(3,831)		(4,080)
Balance at end of period | $	[1]	$ 3,785		$ 6,333
[1]Real estate owned properties, net, are presented net of valuation allowances of $1.2 million and $0.7 million at December 31, 2023 and 2022, respectively.

Investments - Narrative (Detail

Investments - Narrative (Details)			3 Months Ended	12 Months Ended
		Jan. 01, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Reclassification of available for sale debt securities to held to maturity securities		$ 83,000,000
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity			$ (629,000)	$ (629,000)
Amortization of unrealized loss on debt securities available-for-sale transferred to held-to-maturity				4,954,000	$ 0	$ 0
Gross unrealized losses			(8,700,000)	(8,700,000)	(25,649,000)
Gross unrealized gains			600,000	600,000	0
Investments in securities at fair value					391,614,000
Interest receivable on securities, on available for sale debt securities			87,000	87,000	100,000
Investments in securities held-to-maturity	[1]		59,691,000	59,691,000	0
Securities past due			0	0	0
Impairment loss of beneficial interest				1,000,000
Beneficial interest, accretable yield			8,000,000	8,000,000	10,800,000	15,500,000
Held-to-maturity securities, accretable yield			2,200,000
Reclassification to non-credit discount from the allowance for changes in payment expectations				$ 6,900,000	$ 800,000	2,000,000
Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss Statement Of Financial Position Extensible List Not Disclosed Flag				interest receivable.	interest receivable.
Accumulated Net Investment Gain (Loss) Attributable to Parent
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity		$ (10,900,000)	$ (5,989,000)	$ (5,989,000)	$ 0
Ajax Mortgage Loan Trust 2022-A
Schedule of Available-for-sale Securities [Line Items]
Securities retained, percentage from trust (in percent)					23.30%
Securities retained					$ 49,200,000
Re-performing loans and non-performing loans acquired					$ 518,800,000
Weighted average coupon (in percent)					3.47%
Rated securities with unpaid principal balance (in percent)					71.90%
Number of re-performing loans and non-performing loans acquired | loan					811
Re-performing loans and non-performing loans acquired, unpaid principal balance					$ 215,500,000
Ajax Mortgage Loan Trust 2022-A | Financing Receivables, 60 to 89 Days Past Due
Schedule of Available-for-sale Securities [Line Items]
Percentage of unpaid loans (in percent)					33.90%
Ajax Mortgage Loan Trust 2022-B
Schedule of Available-for-sale Securities [Line Items]
Securities retained, percentage from trust (in percent)					17.20%
Securities retained					$ 36,800,000
Re-performing loans and non-performing loans acquired					$ 575,500,000
Weighted average coupon (in percent)					3.47%
Rated securities with unpaid principal balance (in percent)					76.90%
Number of re-performing loans and non-performing loans acquired | loan					1,106
Re-performing loans and non-performing loans acquired, unpaid principal balance					$ 220,800,000
Ajax Mortgage Loan Trust 2023-B
Schedule of Available-for-sale Securities [Line Items]
Securities retained, percentage from trust (in percent)			20%	20%
Securities retained			$ 21,800,000
Number of mortgage loans on real estate | loan			571
Unpaid principal balance			$ 121,700,000
Re-performing loans and non-performing loans acquired			$ 255,000,000
Securities retained with unpaid principal balance percentage (in percent)			0.750
Weighted average coupon (in percent)			4.25%	4.25%
Ajax Mortgage Loan Trust 2023-C
Schedule of Available-for-sale Securities [Line Items]
Securities retained			$ 36,100,000
Number of mortgage loans on real estate | loan			1,171
Unpaid principal balance			$ 203,600,000
Re-performing loans and non-performing loans acquired			$ 463,700,000
Weighted average coupon (in percent)			3.45%	3.45%
Rated securities with unpaid principal balance (in percent)			72.40%
Impairment loss of beneficial interest				$ 10,000,000
Ajax Mortgage Loan Trust 2023-A
Schedule of Available-for-sale Securities [Line Items]
Securities retained, percentage from trust (in percent)			8.60%	8.60%
Securities retained				$ 16,100,000
Transaction costs			$ 1,000,000	1,000,000
Re-performing loans and non-performing loans acquired				$ 497,400,000
Weighted average coupon (in percent)			3.46%	3.46%
Rated securities with unpaid principal balance (in percent)				79.80%
Number of re-performing loans and non-performing loans acquired | loan				1,085
Re-performing loans and non-performing loans acquired, unpaid principal balance				$ 205,100,000
Ajax Mortgage Loan Trust 2020-B and 2020-C
Schedule of Available-for-sale Securities [Line Items]
Impairment loss of beneficial interest				2,200,000
Ajax Mortgage Loan Trust 2018-D And 2018-G
Schedule of Available-for-sale Securities [Line Items]
Impairment loss of beneficial interest					4,000,000
Ajax Mortgage Loan Trust, 2019-A And 2019-B
Schedule of Available-for-sale Securities [Line Items]
Impairment loss of beneficial interest					2,100,000
Investments in Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in securities at fair value			$ 131,600,000	131,600,000	257,100,000
Investment in beneficial interests
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses			(26,477,000)	(26,477,000)	0
Gross unrealized gains			3,631,000	3,631,000	0
Investments in securities at fair value			81,316,000	81,316,000	134,552,000
Reclassification to non-credit discount from the allowance for changes in payment expectations				6,854,000	759,000	1,951,000
Reversal of provision for credit losses				(13,700,000)	(100,000)	$ 4,600,000
Debt securities available-for-sale, at fair value			104,200,000	104,200,000
Senior Notes
Schedule of Available-for-sale Securities [Line Items]
Debt securities, realized loss				3,300,000
Gross realized gains					(4,800,000)
Investment in debt securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses			(8,675,000)	(8,675,000)	(25,649,000)
Gross unrealized gains			637,000	637,000	0
Investments in securities at fair value			131,558,000	131,558,000	257,062,000
Debt securities available-for-sale, at fair value			$ 139,600,000	$ 139,600,000	$ 282,700,000
[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 December 31, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $6.0 million related to the unamortized unrealized loss in AOCI.

Investments - Debt Securities a

Investments - Debt Securities and Beneficial Interests (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Abstract]
Basis		$ 417,263,000
Gross unrealized gains	$ 600,000	0
Gross unrealized losses	(8,700,000)	(25,649,000)
Investments in securities at fair value		391,614,000
Debt securities, available-for-sale, allowance for credit loss		0
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Debt securities, held-to-maturity, allowance for credit loss	0
Investments in securities held-to-maturity	59,691,000
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain	111,000
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity	(629,000)
Investment in debt securities held-to-maturity	59,173,000
Total Investments, Basis	303,449,000
Total Investments, Gross Unrealized Gains	4,379,000
Total Investments, Gross Unrealized Losses	(35,781,000)
Total Investments, Fair Value	272,047,000
Interest receivable on securities, on available for sale debt securities	87,000	$ 100,000
Interest receivable on held to maturity debt securities	$ 24,000
DebtSecuritiesHeldToMaturityAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleListNotDisclosedFlag	amortized discount, principal paydowns and interest receivable on securities	amortized discount, principal paydowns and interest receivable on securities
Investment in beneficial interests
Debt Securities, Available-for-sale [Abstract]
Basis	$ 104,162,000	$ 134,552,000
Gross unrealized gains	3,631,000	0
Gross unrealized losses	(26,477,000)	0
Investments in securities at fair value	81,316,000	134,552,000
Debt securities, available-for-sale, allowance for credit loss	6,880,000	0	$ 615,000	$ 4,453,000
Investment in debt securities
Debt Securities, Available-for-sale [Abstract]
Basis	139,596,000	282,711,000
Gross unrealized gains	637,000	0
Gross unrealized losses	(8,675,000)	(25,649,000)
Investments in securities at fair value	$ 131,558,000	$ 257,062,000

Investments - Debt Securities_2

Investments - Debt Securities Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	$ (8,700)	$ (25,649)
Investments in securities at fair value		391,614
Debt securities due February 2028
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	4,717
Gross unrealized losses	(6)
Investments in securities at fair value	4,711
Debt Securities due November 2051
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	3,764	36,829
Gross unrealized losses	(215)	(2,429)
Investments in securities at fair value	3,549	34,400
Debt securities due September 2059
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value		14,945
Gross unrealized losses		(1,045)
Investments in securities at fair value		13,900
Debt securities due November 2059
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value		6,752
Gross unrealized losses		(313)
Investments in securities at fair value		6,439
Debt securities due December 2059
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value		33,569
Gross unrealized losses		(2,083)
Investments in securities at fair value		31,486
Debt Securities due March 2060
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	5,805	14,492
Gross unrealized losses	(678)	(1,909)
Investments in securities at fair value	5,127	12,583
Debt securities due September 2060
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value		3,242
Gross unrealized losses		(15)
Investments in securities at fair value		3,227
Debt securities due December 2060
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	21,411	43,216
Gross unrealized losses	(4,242)	(7,868)
Investments in securities at fair value	17,169	35,348
Debt Securities due January 2061
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	4,886	11,883
Gross unrealized losses	(478)	(1,342)
Investments in securities at fair value	4,408	10,541
Debt Securities due June 2061
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	12,992	47,302
Gross unrealized losses	(1,243)	(6,303)
Investments in securities at fair value	11,749	40,999
Debt Securities Due October 2061
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	11,815	12,401
Gross unrealized losses	(842)	(1,013)
Investments in securities at fair value	10,973	11,388
Debt Securities Due March 2062
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	10,315	11,096
Gross unrealized losses	(793)	(853)
Investments in securities at fair value	9,522	10,243
Debt Securities Due July 2062
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	12,668
Gross unrealized losses	(41)
Investments in securities at fair value	12,627
Debt Securities Due October 2062
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	17,174
Gross unrealized losses	(137)
Investments in securities at fair value	17,037
Debt securities basis
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value	105,547	282,572
Debt securities gross unrealized losses
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	(8,675)	(25,649)
Debt securities carrying value
Investments, Debt and Equity Securities [Line Items]
Investments in securities at fair value	96,872	256,923
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 June 2061, Security One
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	(300)	(3,000)
Debt Securities due June 2061, Security Two
Investments, Debt and Equity Securities [Line Items]
Gross unrealized losses	$ (900)	(3,300)
Debt Securities Due February 2028
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value		38,843
Gross unrealized losses		(82)
Investments in securities at fair value		38,761
Debt securities due June 2060 One
Investments, Debt and Equity Securities [Line Items]
Debt securities available-for-sale, at fair value		8,002
Gross unrealized losses		(394)
Investments in securities at fair value		$ 7,608

Investments - Schedule of Secur

Investments - Schedule of Securities at Acquisition Reconciliation Between Purchase Price and Par Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Par	$ 14,013	$ 24,402
Discount	(2,262)	(3,123)
Purchase Price	$ 11,751	$ 21,279

Investments - Allowance for Cre

Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	$ 0
Reclassification to non-credit discount from the allowance for changes in payment expectations	6,900,000	$ 800,000	$ 2,000,000
Increase in allowance for credit losses for acquisitions			(2,200,000)
Allowance for expected credit losses, ending balance		0
Investment in beneficial interests
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	0	615,000	4,453,000
Reclassification to non-credit discount from the allowance for changes in payment expectations	6,854,000	759,000	1,951,000
Increase in allowance for credit losses for acquisitions	0	0	(2,211,000)
Credit loss expense on beneficial interests	0	(50,000)	(457,000)
(Increase in)/reversal of allowance for expected credit losses due to (decreases)/increases in the net present value of expected cash flows	(13,734,000)	(94,000)	4,555,000
Allowance for expected credit losses, ending balance	$ 6,880,000	$ 0	$ 615,000

Fair Value - Schedule of Recurr

Fair Value - Schedule of Recurring Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Recurring financial assets
Investments in securities at fair value		$ 391,614
Carrying value | Fair Value, Recurring
Recurring financial assets
Investments in securities at fair value	$ 131,558	257,062
Recurring financial liabilities
Put option liability	16,644	12,153
Level 1 Quoted prices in active markets | Fair Value, Recurring
Recurring financial assets
Investments in securities at fair value	0	0
Recurring financial liabilities
Put option liability	0	0
Level 2 Observable inputs other than Level 1 prices | Fair Value, Recurring
Recurring financial assets
Investments in securities at fair value	131,558	257,062
Recurring financial liabilities
Put option liability	0	0
Level 3 Unobservable inputs | Fair Value, Recurring
Recurring financial assets
Investments in securities at fair value	0	0
Recurring financial liabilities
Put option liability	$ 16,644	$ 12,153

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Recurring financial assets
Mortgage loans held-for-sale, net	$ 55,718	$ 0
Investment in debt securities held-to-maturity	59,173
Financial liabilities
Borrowings under repurchase transactions	375,745	445,855
Carrying value
Recurring financial assets
Mortgage loans held-for-investment, net	864,551	989,084
Mortgage loans held-for-sale, net	55,718
Investment in debt securities held-to-maturity	59,691
Financial liabilities
Secured borrowings, net	411,212	467,205
Borrowings under repurchase transactions	375,745	445,855
Convertible senior notes, net	103,516	104,256
Notes payable, net	106,844	106,046
Carrying value | Investment in beneficial interests
Recurring financial assets
Investments, fair value disclosure	104,162	134,552
Level 1 Quoted prices in active markets
Recurring financial assets
Mortgage loans held-for-investment, net	0	0
Mortgage loans held-for-sale, net	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	101,777	100,084
Notes payable, net	0	0
Level 1 Quoted prices in active markets | Investment in beneficial interests
Recurring financial assets
Investments, fair value disclosure	0	0
Level 2 Observable inputs other than Level 1 prices
Recurring financial assets
Mortgage loans held-for-investment, net	0	0
Mortgage loans held-for-sale, net	0
Investment in debt securities held-to-maturity	59,173
Financial liabilities
Secured borrowings, net	370,882	421,680
Borrowings under repurchase transactions	375,745	445,855
Convertible senior notes, net	0	0
Notes payable, net	103,697	107,327
Level 2 Observable inputs other than Level 1 prices | Investment in beneficial interests
Recurring financial assets
Investments, fair value disclosure	0	0
Level 3 Unobservable inputs
Recurring financial assets
Mortgage loans held-for-investment, net	770,419	971,069
Mortgage loans held-for-sale, net	60,444
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 beneficial interests
Recurring financial assets
Investments, fair value disclosure	81,316	134,552
Investment in Manager | Carrying value
Recurring financial assets
Investments, fair value disclosure	440	921
Investment in Manager | Level 1 Quoted prices in active markets
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in Manager | Level 2 Observable inputs other than Level 1 prices
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in Manager | Level 3 Unobservable inputs
Recurring financial assets
Investments, fair value disclosure	4,527	10,093
Investment in AS Ajax E LLC | Carrying value
Recurring financial assets
Investments, fair value disclosure	407	453
Investment in AS Ajax E LLC | Level 1 Quoted prices in active markets
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in AS Ajax E LLC | Level 2 Observable inputs other than Level 1 prices
Recurring financial assets
Investments, fair value disclosure	471	606
Investment in AS Ajax E LLC | Level 3 Unobservable inputs
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in Ajax E Master Trust | Carrying value
Recurring financial assets
Investments, fair value disclosure	2,100	2,208
Investment in Ajax E Master Trust | Level 1 Quoted prices in active markets
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in Ajax E Master Trust | Level 2 Observable inputs other than Level 1 prices
Recurring financial assets
Investments, fair value disclosure	1,864	2,272
Investment in Ajax E Master Trust | Level 3 Unobservable inputs
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in GAFS, including warrants | Carrying value
Recurring financial assets
Investments, fair value disclosure	2,618	2,041
Investment in GAFS, including warrants | Level 1 Quoted prices in active markets
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in GAFS, including warrants | Level 2 Observable inputs other than Level 1 prices
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in GAFS, including warrants | Level 3 Unobservable inputs
Recurring financial assets
Investments, fair value disclosure	0	3,320
Investment in Gaea | Carrying value
Recurring financial assets
Investments, fair value disclosure	22,241	24,339
Investment in Gaea | Level 1 Quoted prices in active markets
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in Gaea | Level 2 Observable inputs other than Level 1 prices
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in Gaea | Level 3 Unobservable inputs
Recurring financial assets
Investments, fair value disclosure	21,678	22,119
Investment in Loan pool LLCs | Carrying value
Recurring financial assets
Investments, fair value disclosure	194	223
Investment in Loan pool LLCs | Level 1 Quoted prices in active markets
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in Loan pool LLCs | Level 2 Observable inputs other than Level 1 prices
Recurring financial assets
Investments, fair value disclosure	0	0
Investment in Loan pool LLCs | Level 3 Unobservable inputs
Recurring financial assets
Investments, fair value disclosure	$ 674	$ 707

Fair Value - Schedule of Non Fi

Fair Value - Schedule of Non Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ 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, net	0	0
Level 2 Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	0	0
Level 3 Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	3,785	6,333
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	3,785	6,333
Fair value adjustment recognized in the consolidated statements of income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, net	$ (1,096)	$ (376)

Affiliates - Narrative (Details

Affiliates - Narrative (Details)	Dec. 31, 2023 loanPool affiliate	Dec. 31, 2022 affiliate loanPool	Dec. 31, 2021	Dec. 31, 2019 loanPool
Schedule of Equity Method Investments [Line Items]
Number of affiliated entities | affiliate	5	5
GAOP - 7f7 >50
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (in percent)	99.90%	99.90%
Investment in Ajax E Master Trust | Great Ajax Corp
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interests in joint venture (in percent)	53.10%	53.10%
2017-D | Great Ajax Corp
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (in percent)	50%	50%
GAOP - 7f7 >50 | Great Ajax Corp
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent (in percent)	99.90%
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)	9.50%	8%
Great Ajax FS LLC | Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	9.50%
Investment in Gaea
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	22.20%
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	16.50%	16.50%
Investment in Ajax E Master Trust | AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in real estate trust, percentage (in percent)	5%	5%
Investment in 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
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	100%	100%	100%

Affiliates - Schedule of Net In

Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2022	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at the Company's share	$ (1,308)	$ (1,218)	$ 699
Assets at Company share	1,336,291	1,484,426
Liabilities at Company share	1,025,396	1,146,961
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company share	919	1,376
Liabilities at Company share	258	527
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company share	420	467
Liabilities at Company share	6	0
Investment in Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Assets at Company share	480	480
Liabilities at Company share	93	64
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Assets at Company share	6,854	6,270
Liabilities at Company share	5,748	5,306
Investment in Gaea
Schedule of Equity Method Investments [Line Items]
Assets at Company share	37,272	35,894
Liabilities at Company share	16,346	12,818
AS Ajax E LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	242	124	198
Net income/(loss) at the Company's share	$ 40	$ 20	33
Ownership percentage (in percent)	16.50%	16.50%
AS Ajax E LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 2,553	$ 2,837
AS Ajax E LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	39	2
Investment in Loan pool LLCs
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(72)	(110)	(126)
Net income/(loss) at the Company's share	$ (28)	$ (44)	(51)
Ownership percentage (in percent)	40%	40%			40.40%
Investment in Loan pool LLCs | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 1,200	$ 1,201
Investment in Loan pool LLCs | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	232	161
Thetis Asset Management LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	1,901	(658)	3,297
Net income/(loss) at the Company's share	$ 376	$ (130)	653
Ownership percentage (in percent)	19.80%	19.80%
Thetis Asset Management LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 4,643	$ 6,948
Thetis Asset Management LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	1,305	2,661
Investment in Gaea
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(9,715)	(3,204)	222
Assets and liabilities at 100%				$ 25,500
Net income/(loss) at the Company's share	$ (1,898)	(707)	51
Ownership percentage (in percent)	22.20%
Investment in Gaea | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 167,591	162,933
Investment in Gaea | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	73,499	58,185
Great Ajax FS LLC
Schedule of Equity Method Investments [Line Items]
Net income/(loss) at 100%	(1,633)	(6,999)	(1,363)
Net income/(loss) at the Company's share	$ (150)	$ (560)	$ (109)
Ownership percentage (in percent)	9.50%	8%
Great Ajax FS LLC | Assets
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 71,477	$ 78,375
Great Ajax FS LLC | Liabilities
Schedule of Equity Method Investments [Line Items]
Assets and liabilities at 100%	$ 59,949	$ 66,324
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in percent)	100%	100%	100%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 30, 2023 USD ($) residential_rpl	Feb. 28, 2023 USD ($) residential_rpl	Jun. 30, 2020 USD ($) series $ / shares shares	Dec. 31, 2023 USD ($) loan $ / shares shares	Dec. 31, 2022 USD ($) loan $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) series
Mortgage Loans on Real Estate [Line Items]
Proceeds from Issuance of Private Placement							$ 125,000,000
Number of series issued | series							2
Number of warrants series issued | series			2
Warrants term (in years)			5 years
Warrants (in shares) | shares			6,500,000	1,950,672	1,950,672	6,500,000
Warrants exercise price (in dollars per share) | $ / shares			$ 10
Preferred stock, face value per share (in usd per share) | $ / shares					$ 25
Class of warrant or right, shares repurchased and retired (in shares) | shares					4,549,328
Repurchases				$ 0	$ 35,000,000	$ 0
Put liability				16,600,000
Warrants original basis			$ 9,500,000	$ 16,600,000
Class of warrant or right, base rate used for calculation of accrual rate (in percent)				0.180
Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate	2	1		72	45
Unpaid principal balance	$ 300,000	$ 200,000		$ 17,300,000	$ 11,200,000
Put Option
Mortgage Loans on Real Estate [Line Items]
Warrant liability				15,700,000
Preferred Stock
Mortgage Loans on Real Estate [Line Items]
Stock repurchased and retired					$ 88,700,000
Stock repurchased and retired, average price pre share (in usd per share) | $ / shares					$ 24.37
Preferred stock discount (in percent)					2.50%
Payments of stock issuance costs				$ 0	$ 8,200,000	$ 0
Series A Preferred Stock
Mortgage Loans on Real Estate [Line Items]
Preferred stock issued (in shares) | shares			2,307,400
Preferred stock dividend rate percentage				7.25%	7.25%
Preferred stock, liquidation preference (in dollars per share) | $ / shares				$ 25	$ 25
Class of warrant or right, accrual rate (in percent)				0.1075
Series A Preferred Stock | Preferred Stock
Mortgage Loans on Real Estate [Line Items]
Preferred stock issued (in shares) | shares				424,949	424,949
Stock repurchased and retired (in shares) | shares					1,882,451
Series B Preferred Stock
Mortgage Loans on Real Estate [Line Items]
Preferred stock issued (in shares) | shares			2,892,600
Preferred stock dividend rate percentage				5%	5%
Preferred stock, liquidation preference (in dollars per share) | $ / shares					$ 25
Class of warrant or right, accrual rate (in percent)				0.1300
Series B Preferred Stock | Preferred Stock
Mortgage Loans on Real Estate [Line Items]
Preferred stock issued (in shares) | shares				1,135,590	1,135,590
Stock repurchased and retired (in shares) | shares					1,757,010
Single Family | Purchase commitment | Residential RPLs
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on real estate | loan				1
Unpaid principal balance				$ 700,000

Commitment and Contingencies -

Commitment and Contingencies - Schedule of Put Option Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Roll Forward]
Fair value adjustments during the period	$ 2,711,000	$ 3,718,000	$ 6,164,000
Repurchases	0	35,000,000	0
Ending balance	16,600,000
Five-Year Warrants
Other Commitments [Roll Forward]
Beginning balance	12,153,000	23,667,000	14,205,000
Fair value adjustments during the period	4,491,000	11,143,000	9,462,000
Repurchases	0	22,657,000	0
Ending balance	$ 16,644,000	$ 12,153,000	$ 23,667,000

Debt - Narrative (Details)

Debt - Narrative (Details)		1 Months Ended	12 Months Ended			119 Months Ended
		Aug. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) securitization counterparty facility trust $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) securitization $ / shares	Jan. 01, 2022 USD ($)
Debt Instrument [Line Items]
Percentage of guarantors beneficial interest			100%			100%
Other prepaid collateral			$ 3,756,000	$ 5,152,000		$ 3,756,000
Number of securitizations completed | securitization						18
Number of securitizations outstanding | securitization			5			5
Convertible senior notes, net	[1]		$ 103,516,000	104,256,000		$ 103,516,000
Interest expense			59,286,000	43,632,000	$ 36,742,000
Purchase price of repurchased notes			952,000	75,000	$ 8,762,000
Additional paid-in capital			308,933,000	$ 335,328,000		308,933,000
Put liability			$ 16,600,000			$ 16,600,000
Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Convertible senior notes, net							$ 700,000
Series A Preferred Stock
Debt Instrument [Line Items]
Preferred stock dividend rate percentage			7.25%	7.25%
Series B Preferred Stock
Debt Instrument [Line Items]
Preferred stock dividend rate percentage			5%	5%
Mortgage loans | Non-rated Secured Borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization			1			1
Mortgage loans | Rated Secured Borrowings
Debt Instrument [Line Items]
Number of securitizations outstanding | securitization			4			4
Convertible Notes Payable
Debt Instrument [Line Items]
Interest Rate			7.25%			7.25%
Principal amount of note (in dollars per share) | $ / shares			$ 25
If-converted value in excess of principal			$ 65,300,000
Unamortized discount			0	$ 300,000		$ 0
Interest expense			10,600,000
Conversion discount (premium) - Convertible senior notes			$ 300,000	$ 800,000
Interest rate, effective percentage			7.25%	8.03%		7.25%
Repurchase amount			$ 1,000,000	$ 100,000		$ 1,000,000
Purchase price of repurchased notes			1,000,000	100,000
Amortization of debt discount (premium) and deferred expenses			$ 900,000
Senior Notes | 8.875% Senior Unsecured Notes Due September 2027
Debt Instrument [Line Items]
Interest Rate		8.875%
Interest rate, effective percentage			9.96%			9.96%
Aggregate principal		$ 110,000,000
Debt instrument term (in years)		5 years
Issuance amount, percent of par value (in percent)		0.99009
Proceeds from unsecured notes payable		$ 106,100,000
Put liability			$ 90,000,000			$ 90,000,000
Amount outstanding			110,000,000	110,000,000		110,000,000
Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt issuance costs, net			$ (3,200,000)	$ (4,000,000)		$ (3,200,000)
Master Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate			7.44%	6.31%		7.44%
Amount outstanding			$ 375,745,000	$ 445,855,000		$ 375,745,000
Master Repurchase Agreement | Delaware Trust | Mortgage loans
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
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Minimum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO			75%
Master Repurchase Agreement | Delaware Trust | Mortgage loans | Maximum
Debt Instrument [Line Items]
Percentage of purchase price for each mortgage loan or REO			90%
Master Repurchase Agreement | Delaware Trust | Mortgages One
Debt Instrument [Line Items]
Ceiling for each repurchase facility			$ 400,000,000			400,000,000
Master Repurchase Agreement | Delaware Trust | Bonds
Debt Instrument [Line Items]
Number of facilities repurchased | facility			4
Convertible Notes Payable
Debt Instrument [Line Items]
Unpaid principal balance			$ 103,500,000	104,500,000		$ 103,500,000
Interest expense			$ 7,500,000	$ 8,400,000
Common Stock | Convertible Notes Payable
Debt Instrument [Line Items]
Conversion ratio			1.7405
Conversion price (in dollars per share) | $ / shares			$ 14.36			$ 14.36
Additional paid-in capital | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Additional paid-in capital							$ (700,000)
Gregory Funding LLC | Master Repurchase Agreement | Mortgage loans | Reperforming Mortgage Loans On Real Estate
Debt Instrument [Line Items]
Servicing fees percentage			0.65%
Gregory Funding LLC | Master Repurchase Agreement | Mortgage loans | Residential NPLs
Debt Instrument [Line Items]
Servicing fees percentage			1.25%
2017-D | Great Ajax Corp
Debt Instrument [Line Items]
Ownership percentage by parent (in percent)			50%	50%		50%
[1] Secured borrowings, net are presented net of deferred issuance costs of $3.1 million at December 31, 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 December 31, 2023 and 2022, respectively. Notes payable, net are presented net of deferred issuance costs and discount of $3.2 million at December 31, 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	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount of Collateral	$ 541,999	$ 628,187
Bond repurchase transactions	42,800	42,800
Master Repurchase Agreement
Debt Instrument [Line Items]
Amount Outstanding	375,745	445,855
Amount of Collateral	$ 545,755	$ 633,339
Interest Rate	7.44%	6.31%
Master Repurchase Agreement | Barclays | Bonds
Debt Instrument [Line Items]
Amount Outstanding	$ 70,095	$ 126,458
Amount of Collateral	$ 101,041	$ 181,667
Interest Rate	7.03%	6.10%
Master Repurchase Agreement | Barclays | Bonds | A Bonds, January 3, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 10,850
Amount of Collateral	$ 15,572
Interest Rate	6.90%
Master Repurchase Agreement | Barclays | Bonds | A Bonds, January 19, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 21,762
Amount of Collateral	$ 28,503
Interest Rate	6.79%
Master Repurchase Agreement | Barclays | Bonds | A Bonds, May 3, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 9,628
Amount of Collateral	$ 12,329
Interest Rate	6.87%
Master Repurchase Agreement | Barclays | Bonds | A Bonds, May 22, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 2,134
Amount of Collateral	$ 3,358
Interest Rate	6.97%
Master Repurchase Agreement | Barclays | Bonds | B Bonds, January 26, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 3,027
Amount of Collateral	$ 4,998
Interest Rate	7.68%
Master Repurchase Agreement | Barclays | Bonds | B Bonds, March 13, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 13,398
Amount of Collateral	$ 20,121
Interest Rate	7.13%
Master Repurchase Agreement | Barclays | Bonds | B Bonds, May 3, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 3,608
Amount of Collateral	$ 6,185
Interest Rate	7.70%
Master Repurchase Agreement | Barclays | Bonds | B Bonds, May 22, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 4,312
Amount of Collateral	$ 7,565
Interest Rate	7.57%
Master Repurchase Agreement | Barclays | Bonds | M Bonds, May 3, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 281
Amount of Collateral	$ 499
Interest Rate	7.05%
Master Repurchase Agreement | Barclays | Bonds | M Bonds, May 22, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 1,095
Amount of Collateral	$ 1,911
Interest Rate	7.17%
Master Repurchase Agreement | Barclays | Bonds | A Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity May 3, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 292
Amount of Collateral		$ 521
Interest Rate		6.12%
Master Repurchase Agreement | Barclays | Bonds | M Bond, Maturity 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	$ 68,623	$ 35,742
Amount of Collateral	$ 98,448	$ 55,303
Interest Rate	6.98%	6.02%
Master Repurchase Agreement | Nomura | Bonds | A Bonds, January 26, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 35,184
Amount of Collateral	$ 47,149
Interest Rate	7.02%
Master Repurchase Agreement | Nomura | Bonds | A Bonds, February 15, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 5,079
Amount of Collateral	$ 7,449
Interest Rate	6.93%
Master Repurchase Agreement | Nomura | Bonds | A Bonds, March 28, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 17,019
Amount of Collateral	$ 23,238
Interest Rate	6.74%
Master Repurchase Agreement | Nomura | Bonds | A Bonds, January 26, 2024 2
Debt Instrument [Line Items]
Amount Outstanding	$ 1,024
Amount of Collateral	$ 1,761
Interest Rate	7.31%
Master Repurchase Agreement | Nomura | Bonds | B Bonds, February 15, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 3,002
Amount of Collateral	$ 5,149
Interest Rate	7.33%
Master Repurchase Agreement | Nomura | Bonds | B Bonds, March 28, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 3,900
Amount of Collateral	$ 6,413
Interest Rate	7.30%
Master Repurchase Agreement | Nomura | Bonds | M Bonds, January 26, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 2,307
Amount of Collateral	$ 5,177
Interest Rate	7.30%
Master Repurchase Agreement | Nomura | Bonds | M Bonds, March 28, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 1,108
Amount of Collateral	$ 2,112
Interest Rate	6.90%
Master Repurchase Agreement | Nomura | Bonds | A Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity March 23, 2023
Debt Instrument [Line Items]
Amount Outstanding		$ 3,697
Amount of Collateral		$ 6,416
Interest Rate		6.48%
Master Repurchase Agreement | Nomura | Long-Term Debt
Debt Instrument [Line Items]
Amount Outstanding	$ 193,060	$ 212,147
Amount of Collateral	$ 277,632	$ 292,415
Interest Rate	7.79%	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 Bond, Maturity 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	33,564	$ 56,656
Amount of Collateral	$ 53,978	$ 82,071
Interest Rate	6.90%	5.59%
Master Repurchase Agreement | JP Morgan | Bonds | A Bonds, February 28, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 9,632
Amount of Collateral	$ 12,633
Interest Rate	6.73%
Master Repurchase Agreement | JP Morgan | Bonds | A Bonds, February 28, 2024 1
Debt Instrument [Line Items]
Amount Outstanding	$ 6,598
Amount of Collateral	$ 11,140
Interest Rate	7.13%
Master Repurchase Agreement | JP Morgan | Bonds | B Bonds, January 4, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 13,541
Amount of Collateral	$ 22,813
Interest Rate	6.82%
Master Repurchase Agreement | JP Morgan | Bonds | M Bonds, January 22, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 3,290
Amount of Collateral	$ 6,497
Interest Rate	7.23%
Master Repurchase Agreement | JP Morgan | Bonds | M Bonds, February 28, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 503
Amount of Collateral	$ 895
Interest Rate	7.03%
Master Repurchase Agreement | JP Morgan | Bonds | A Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 Bond, Maturity 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 | Long-Term Debt
Debt Instrument [Line Items]
Amount Outstanding	$ 10,403	$ 11,750
Amount of Collateral	$ 14,656	$ 17,839
Interest Rate	8.38%	6.90%
Maximum borrowing capacity	$ 150,000	$ 150,000

Debt - Schedule of Netting Agre

Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Gross amount of recognized liabilities	$ 375,745	$ 445,855
Gross amount of loans and securities pledged as collateral	541,999	628,187
Other prepaid collateral	3,756	5,152
Net collateral amount	$ 170,010	$ 187,484

Debt - Schedule of Securitizati

Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans $ in Millions	Dec. 31, 2023 USD ($)
Class A-1 Notes | 2019-D
Debt Instrument [Line Items]
Original Principal	$ 140.4
Interest Rate	2.96%
Class A-1 Notes | 2019-F
Debt Instrument [Line Items]
Original Principal	$ 110.1
Interest Rate	2.86%
Class A-1 Notes | 2020-B
Debt Instrument [Line Items]
Original Principal	$ 97.2
Interest Rate	1.70%
Class A-1 Notes | 2021-A
Debt Instrument [Line Items]
Original Principal	$ 146.2
Interest Rate	1.07%
Class A-2 Notes | 2019-D
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest Rate	3.50%
Class A-2 Notes | 2019-F
Debt Instrument [Line Items]
Original Principal	$ 12.5
Interest Rate	3.50%
Class A-2 Notes | 2020-B
Debt Instrument [Line Items]
Original Principal	$ 17.3
Interest Rate	2.86%
Class A-2 Notes | 2021-A
Debt Instrument [Line Items]
Original Principal	$ 21.1
Interest Rate	2.35%
Class A-3 Notes | 2019-D
Debt Instrument [Line Items]
Original Principal	$ 10.1
Interest Rate	3.50%
Class A-3 Notes | 2019-F
Debt Instrument [Line Items]
Original Principal	$ 5.1
Interest Rate	3.50%
Class M1 Notes | 2019-D
Debt Instrument [Line Items]
Original Principal	$ 9.3
Interest Rate	3.50%
Class M1 Notes | 2019-F
Debt Instrument [Line Items]
Original Principal	$ 6.1
Interest Rate	3.50%
Class M1 Notes | 2020-B
Debt Instrument [Line Items]
Original Principal	$ 7.3
Interest Rate	3.70%
Class M1 Notes | 2021-A
Debt Instrument [Line Items]
Original Principal	$ 7.8
Interest Rate	3.15%
Class B 1 Notes | 2019-D
Debt Instrument [Line Items]
Original Principal	$ 7.5
Interest Rate	3.50%
Class B 1 Notes | 2019-F
Debt Instrument [Line Items]
Original Principal	$ 11.5
Interest Rate	3.50%
Class B 1 Notes | 2020-B
Debt Instrument [Line Items]
Original Principal	$ 5.9
Interest Rate	3.70%
Class B 1 Notes | 2021-A
Debt Instrument [Line Items]
Original Principal	$ 5
Interest Rate	3.80%
Class B 2 Notes | 2019-D
Debt Instrument [Line Items]
Original Principal	$ 7.1
Class B 2 Notes | 2019-F
Debt Instrument [Line Items]
Original Principal	10.4
Class B 2 Notes | 2020-B
Debt Instrument [Line Items]
Original Principal	5.1
Class B 2 Notes | 2021-A
Debt Instrument [Line Items]
Original Principal	5
Class B-3 Notes | 2019-D
Debt Instrument [Line Items]
Original Principal	12.8
Class B-3 Notes | 2019-F
Debt Instrument [Line Items]
Original Principal	15.1
Class B-3 Notes | 2020-B
Debt Instrument [Line Items]
Original Principal	23.6
Class B-3 Notes | 2021-A
Debt Instrument [Line Items]
Original Principal	21.5
Class A Notes | 2021-B
Debt Instrument [Line Items]
Original Principal	$ 215.9
Interest Rate	2.24%
Class B Notes | 2021-B
Debt Instrument [Line Items]
Original Principal	$ 20.2
Interest Rate	4%
Deferred issuance costs | 2019-D
Debt Instrument [Line Items]
Deferred issuance costs	$ (2.7)
Deferred issuance costs | 2019-F
Debt Instrument [Line Items]
Deferred issuance costs	(1.8)
Deferred issuance costs | 2020-B
Debt Instrument [Line Items]
Deferred issuance costs	(1.8)
Deferred issuance costs | 2021-A
Debt Instrument [Line Items]
Deferred issuance costs	(2.5)
Deferred issuance costs | 2021-B
Debt Instrument [Line Items]
Deferred issuance costs	$ (4.3)

Debt - Schedule of Status of No

Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying value of mortgages	[1],[2]	$ 864,551	$ 989,084
Mortgage loans
Debt Instrument [Line Items]
Carrying value of mortgages		628,615	675,826
Bond principal balance		$ 414,338	$ 471,879
Percentage of collateral coverage		152%	143%
Mortgage UPB		$ 1,015,033
Bond principal balance		789,905
Mortgage loans | 2019-D
Debt Instrument [Line Items]
Carrying value of mortgages		99,367	$ 105,387
Bond principal balance		$ 67,739	$ 76,016
Percentage of collateral coverage		147%	139%
Mortgage UPB		$ 193,301
Bond principal balance		156,670
Mortgage loans | 2019-F
Debt Instrument [Line Items]
Carrying value of mortgages		96,870	$ 105,102
Bond principal balance		$ 57,936	$ 66,522
Percentage of collateral coverage		167%	158%
Mortgage UPB		$ 170,876
Bond principal balance		127,673
Mortgage loans | 2020-B
Debt Instrument [Line Items]
Carrying value of mortgages		100,245	$ 107,011
Bond principal balance		$ 63,574	$ 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		127,250	$ 138,006
Bond principal balance		$ 102,057	$ 113,929
Percentage of collateral coverage		125%	121%
Mortgage UPB		$ 206,506
Bond principal balance		175,116
Mortgage loans | 2021-B
Debt Instrument [Line Items]
Carrying value of mortgages		204,883	$ 220,320
Bond principal balance		$ 123,032	$ 145,073
Percentage of collateral coverage		167%	152%
Mortgage UPB		$ 287,882
Bond principal balance		215,912
Secured Debt
Debt Instrument [Line Items]
Debt issuance costs, net		$ 3,100	$ 4,700
[1] As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). Mortgage loans held-for-investment, net include $628.6 million and $675.8 million of loans at December 31, 2023 and 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 $3.4 million and $6.1 million of allowance for expected credit losses at December 31, 2023 and 2022, respectively. (2) As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP").

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Maturities (Details) $ in Thousands	Dec. 31, 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 17,556	$ 21,250	$ 31,058
Various non-consolidated joint ventures | Loss from joint venture re-securitization on beneficial interests
Related Party Transaction [Line Items]
Amount of transaction	(11,024)	(6,115)
Various non-consolidated joint ventures | Gain (loss) from sale of securities
Related Party Transaction [Line Items]
Amount of transaction	(3,347)	(4,775)	201
Thetis Asset Management LLC | Management fee
Related Party Transaction [Line Items]
Amount of transaction	7,769	8,326	9,116
Thetis Asset Management LLC | Income (loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	376	(130)	653
Servicer | Loan servicing fees
Related Party Transaction [Line Items]
Amount of transaction	7,269	7,960	7,433
Servicer | Affiliate loan interest income
Related Party Transaction [Line Items]
Amount of transaction	523	263	37
Servicer | Income (loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	(150)	(560)
AS Ajax E LLC | Income (loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	40	20	33
Investment in Loan pool LLCs | Income (loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	(28)	(44)	(51)
Investment in Gaea | Affiliate loan interest income
Related Party Transaction [Line Items]
Amount of transaction	80		248
Investment in Gaea | Income (loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction	$ (1,898)	$ (707)	51
Great Ajax FS | Income (loss) from equity investment
Related Party Transaction [Line Items]
Amount of transaction			(109)
2021-C | Gain (loss) on sale of mortgage loans
Related Party Transaction [Line Items]
Amount of transaction			$ 122

Related Party Transactions - _2

Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023
Various non-consolidated joint ventures | Investments in beneficial interests | Investment in beneficial interests
Related Party Transaction [Line Items]
Amount of transaction	$ 134,552	$ 104,162
Servicer | Prepaid expenses and other assets | Affiliate loan receivable and interest
Related Party Transaction [Line Items]
Amount of transaction	1,869	12,591
Servicer | Receivable from servicer | Receivable from servicer
Related Party Transaction [Line Items]
Amount of transaction	7,450	7,307
Servicer | Accrued expenses and other liabilities | Servicing fee payable
Related Party Transaction [Line Items]
Amount of transaction	101	89
Investment in Gaea | Prepaid expenses and other assets | Affiliate loan receivable and interest
Related Party Transaction [Line Items]
Amount of transaction		7,545
Thetis Asset Management LLC | Management fee payable | Management fee payable
Related Party Transaction [Line Items]
Amount of transaction	$ 1,720	$ 1,998

Related Party Transactions - De

Related Party Transactions - Debt Securities and Beneficial Interests By Joint Ventures Narrative (Details) $ in Thousands				1 Months Ended			3 Months Ended	12 Months Ended					27 Months Ended
		Jan. 31, 2023 USD ($)	Nov. 22, 2019 USD ($)	Apr. 30, 2023 USD ($) residential_rpl	Feb. 28, 2023 USD ($) residential_rpl	Jan. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) loan loanPool	Dec. 31, 2023 USD ($) joint_venture loan loanPool shares	Dec. 31, 2022 USD ($) loan loanPool	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loanPool	Dec. 31, 2019 USD ($) loanPool	Jan. 31, 2022 USD ($) privateCapitalRaise shares	Nov. 30, 2023 USD ($)	Oct. 25, 2023 USD ($)
Related Party Transaction [Line Items]
Investments in securities at fair value									$ 391,614
Investments in securities held-to-maturity	[1]						$ 59,691	$ 59,691	0
Number of joint ventures being refinanced | joint_venture								8
Impairment loss of beneficial interest								$ 1,000
Other receivables							7,307	$ 7,307	$ 7,450
Number of sold loans | loan								0	0
Number of Private Capital Raises | privateCapitalRaise													2
Proceeds from issuance of private placement											$ 125,000
Additional contribution towards equity interest in GAFS								$ 980	$ 5,801	$ 0
Investments in Securities
Related Party Transaction [Line Items]
Investments in securities at fair value							131,600	131,600	257,100
Investment in beneficial interests
Related Party Transaction [Line Items]
Investments in securities at fair value							81,316	81,316	134,552
Debt securities available-for-sale, at fair value							$ 104,200	104,200
Senior Notes
Related Party Transaction [Line Items]
Realized loss								$ (3,300)
Gross realized gains									$ (4,800)
Legacy entities
Related Party Transaction [Line Items]
Cash payment in business acquisition												$ 1,000
GAOP - 6f6 and below
Related Party Transaction [Line Items]
Purchase of interest (in percent)										66%
Investment in Gaea
Related Party Transaction [Line Items]
Ownership percentage (in percent)							22.20%	22.20%
Proceeds from issuance of private placement			$ 66,300			$ 30,000							$ 96,300
Private placement share issuance (in shares) | shares													6,247,794
Assets and liabilities at 100%						$ 25,500							$ 25,500
Private capital raise shares (in shares) | shares													1,704,436
Shares acquired (in shares) | shares													371,103
Investment in Gaea | Third Party
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners (in percent)							77.80%	77.80%
Investment in Gaea | GA-TRS
Related Party Transaction [Line Items]
Private capital raise shares (in shares) | shares								20,991
Private capital raise amount								$ 300
Investment in 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
Purchase price of remaining loans								$ 300
Unpaid principal balance								$ 400
Investment in Ajax E Master Trust | AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership interest in real estate trust, percentage (in percent)							5%	5%	5%
AS Ajax E LLC
Related Party Transaction [Line Items]
Ownership percentage (in percent)							16.50%	16.50%	16.50%
Great Ajax FS LLC
Related Party Transaction [Line Items]
Ownership percentage (in percent)							9.50%	9.50%	8%
Additional contribution towards equity interest in GAFS		$ 700
Residential RPLs
Related Party Transaction [Line Items]
Unpaid principal balance				$ 300	$ 200			$ 17,300	$ 11,200
Collateral values				$ 500	$ 400
Mortgage Loans On Real Estate Commitments To Purchase Number				2	1			72	45
Mortgage loan on real estate commitments, purchase price				$ 200	$ 200
Investment in Gaea | October 2023 Promissory Notes
Related Party Transaction [Line Items]
Fixed interest rate															30,000%
Promissory note, borrowing capacity															$ 11,000
Investment in Gaea | October 2023 Promissory Notes | Related Party
Related Party Transaction [Line Items]
Other receivables							$ 7,500	$ 7,500
Various non-consolidated joint ventures
Related Party Transaction [Line Items]
Number of sold loans | loan										760
Sale of mortgage loans										$ 129,200
Various non-consolidated joint ventures | Residential RPLs
Related Party Transaction [Line Items]
Unpaid principal balance										$ 133,800
Ajax Mortgage Loan Trust 2023-C
Related Party Transaction [Line Items]
Impairment loss of beneficial interest								10,000
Unpaid principal balance							$ 203,600
Mortgage Loans On Real Estate Commitments To Purchase Number | loan							1,171
Ajax Mortgage Loan Trust 2018-D And 2018-G
Related Party Transaction [Line Items]
Impairment loss of beneficial interest									$ 4,000
Ajax Mortgage Loan Trust, 2019-A And 2019-B
Related Party Transaction [Line Items]
Impairment loss of beneficial interest									2,100
Gregory Funding LLC
Related Party Transaction [Line Items]
Related party transaction, promissory note, borrowing capacity, secured by real property														$ 12,000
Fixed interest rate														30,000%
Related party transaction, promissory note, borrowing capacity, secured by equity in servicing advances														$ 3,500
Gregory Funding LLC | November 2023 Promissory Notes | Related Party
Related Party Transaction [Line Items]
Other receivables							$ 9,300	9,300	1,100
Gregory Funding LLC | December 2021 Promissory Notes | Related Party
Related Party Transaction [Line Items]
Other receivables							$ 3,300	$ 3,300	$ 700
[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 December 31, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $6.0 million related to the unamortized unrealized loss in AOCI.

Related Party Transactions - Ma

Related Party Transactions - Management and Servicing Agreements Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) calendarQuarter	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Period of termination of license agreement	30 days
Management fee
Related Party Transaction [Line Items]
Incentive fee expense	$ 0		$ 0
Related party expense – management fee
Related Party Transaction [Line Items]
Incentive fee expense	$ 0	$ 300,000	$ 0
Amended And Restated Management Agreement | Thetis Asset Management LLC
Related Party Transaction [Line Items]
Percentage in excess of base management fees payable in shares	50%
Period of common shares held as base management fee (at least)	3 years
Percentage of remaining incentive fee in excess of book value	8%
Number of calendar quarters | calendarQuarter	8
Percentage of remaining incentive fee payable in shares (in percent)	20%
Percentage of remaining incentive fee payable in cash (in percent)	80%
Fraction of independent directors	66.67%
Servicing Agreement | Gregory Funding LLC
Related Party Transaction [Line Items]
Percentage of fair market value of REO	1%
Percentage of purchase price of REO	1%
Servicing Agreement | Gregory Funding LLC | Minimum
Related Party Transaction [Line Items]
Annual servicing fee percentage	0.65%
Servicing Agreement | Gregory Funding LLC | Maximum
Related Party Transaction [Line Items]
Annual servicing fee percentage	1.25%
Management Agreement | Thetis Asset Management LLC
Related Party Transaction [Line Items]
Percentage of base management fee	1.50%
Percentage of management fees payable in cash, minimum	50%
Percentage of management fees payable in cash, maximum	100%

Stock-based Payments and Dire_3

Stock-based Payments and Director Fees - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	13,020	75,928	15,020
Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable	$ 140,000
Annual retainer received in shares (in percent)	50%
Annual retainer received in cash (in percent)	50%
Independent Directors | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer received in cash (in percent)	100%
Restricted stock | Employee and Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Shares granted (in shares)	28,562	210,615	152,700
Long term incentive plan | Initial public offering | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued to independent directors (in shares)	2,000
Related party expense – management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees	$ 7,800,000	$ 8,200,000	$ 9,100,000
Number of shares (in shares)	0
Incentive fee expense	$ 0	$ 300,000	$ 0
Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	0	39,558	0
Incentive fee 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	13,020	75,928	15,020
Amount of expense recognized	$ 88	$ 350	$ 200
Independent director fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	13,020	36,370	15,020
Amount of expense recognized	$ 88	$ 350	$ 200
Management fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	0	39,558	0
Amount of expense recognized	$ 0	$ 0	$ 0

Stock-based Payments and Dire_5

Stock-based Payments and Director Fees - Schedule of restricted stock plan grants, expense (Details) - Restricted stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee and Service Provider Grants
Shares
Shares outstanding beginning (in shares)	159,144	310,262	228,365	163,083
Shares vested (in shares)	(147,491)	(77,214)	(65,750)
Shares forfeited (in shares)	(32,189)	(51,504)	(21,668)
Shares granted (in shares)	28,562	210,615	152,700
Shares outstanding ending (in shares)	159,144	310,262	228,365
Weighted Average Grant Date Fair Value
Shares outstanding beginning (in dollars per share)	$ 10.98	$ 12	$ 11.07
Shares vested (in dollars per share)	10.93	11.92	11.72
Shares forfeited (in shares)	10.49	11.76	11.41
Shares granted (in shares)	6.64	10.41	12.79
Shares outstanding ending (in dollars per share)	$ 10.35	$ 10.98	$ 12
Weighted average remaining contractual terms (in years)	1 year 6 months
Director Grants
Shares
Shares outstanding beginning (in shares)	25,000	0	8,000	0
Shares vested (in shares)	0	(8,000)	(10,000)
Shares forfeited (in shares)	0	0	0
Shares granted (in shares)	25,000	0	18,000
Shares outstanding ending (in shares)	25,000	0	8,000
Weighted Average Grant Date Fair Value
Shares outstanding beginning (in dollars per share)	$ 0	$ 12.60	$ 0
Shares vested (in dollars per share)	0	12.60	12.48
Shares forfeited (in shares)	0	0	0
Shares granted (in shares)	7.15	0	12.53
Shares outstanding ending (in dollars per share)	$ 7.15	$ 0	$ 12.60
Weighted average remaining contractual terms (in years)	1 year 2 months 12 days

Stock-based Payments and Dire_6

Stock-based Payments and Director Fees - Restricted Stock Plan Expense (Details) - Restricted stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 1,421	$ 1,180	$ 1,092
Employee and Service Provider Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	1,347	1,147	900
Director Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expenses for plan grants	$ 74	$ 33	$ 192

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) entity	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Distribution percentage of REIT taxable income (at least)	90%
Number of taxable subsidiaries | entity	2
Consolidated taxable income	$ 2,400	$ 32,900	$ 35,400
Provision for income taxes	243	2,835	$ 293
Deferred tax asset	$ 500	$ 400

Earnings per Share - Schedule o

Earnings per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Basic EPS
Consolidated net loss attributable to common stockholders									$ (49,261)	$ (28,679)	$ 34,057
Allocation of earnings to participating restricted shares									537	361	(304)
Consolidated net loss attributable to unrestricted common stockholders	$ (23,197)	$ (6,089)	$ (12,034)	$ (7,941)	$ (6,835)	$ (16,249)	$ (9,181)	$ 3,586	(48,724)	(28,318)	33,753
Effect of dilutive securities
Restricted stock grants and Manager and director fee shares										(361)
Interest expense (add back) and assumed conversion of shares from convertible senior notes											9,065
Diluted EPS
Consolidated net loss attributable to common stockholders and dilutive securities									$ (48,724)	$ (28,679)	$ 42,818
Basic EPS
Allocation of earnings to participating restricted shares (in shares)									0	0	0
Weighted Average Number of Shares Outstanding, Basic									24,286,999	22,747,635	22,852,948
Effect of dilutive securities
Restricted stock grants and Manager and director fee shares (in shares)										289,943
Interest expense (add back) and assumed conversion of shares from convertible senior notes (in shares)											7,409,519
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities (in shares)									24,286,999	23,037,578	30,262,467
Per Share Amount
Consolidated net income (loss) attributable to unrestricted common stockholders (in dollars per share)	$ (0.86)	$ (0.25)	$ (0.51)	$ (0.34)	$ (0.30)	$ (0.71)	$ (0.40)	$ 0.15	$ (2.01)	$ (1.24)	$ 1.48
Consolidated net income (loss) attributable to common stockholders and dilutive securities (in dollars per share)	$ (0.86)	$ (0.25)	$ (0.51)	$ (0.34)	$ (0.30)	$ (0.71)	$ (0.40)	$ 0.15	$ (2.01)	$ (1.24)	$ 1.41
Warrants (in shares)	1,950,672				1,950,672				1,950,672	1,950,672	6,500,000	6,500,000

Equity - Narrative (Details)

Equity - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) entity $ / shares shares	Dec. 31, 2022 USD ($) entity $ / shares shares	Dec. 31, 2021 USD ($) shares	Mar. 31, 2021	Dec. 31, 2020 shares	Jun. 30, 2020 shares	Feb. 28, 2020 USD ($)
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	27,460,161	23,130,956
Preferred stock, face value per share (in usd per share) | $ / shares		$ 25
Preferred stock shares authorized (in shares)	25,000,000	25,000,000
Common stock authorized | $							$ 25,000,000
Treasury stock (in shares)	1,035,785	1,031,609
Sale of common stock pursuant to dividend reinvestment plan | $	$ 0	$ 288,000	$ 241,000
Sale of common stock, net of offering costs | $	$ 28,181,000	$ 4,778,000	$ 251,000
Number of non controlling interest subsidiaries | entity	3	3
Gregory Funding LLC
Class of Stock [Line Items]
Treasury stock (in shares)	361,912	361,912
Third party purchaser
Class of Stock [Line Items]
Treasury stock (in shares)	525,039	525,039
GAOP - 7f7 >50
Class of Stock [Line Items]
Ownership percentage by parent (in percent)	99.90%	99.90%
At-the-Market Program
Class of Stock [Line Items]
Common stock authorized | $	$ 100,000,000
Common stock shares issued (in shares)	2,621,742	613,337
Sale of common stock, net of offering costs | $	$ 17,200,000	$ 4,800,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock issued (in shares)						2,307,400
Preferred stock dividend rate percentage	7.25%	7.25%
Preferred stock outstanding (in shares)	424,949	424,949
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock issued (in shares)						2,892,600
Preferred stock dividend rate percentage	5%	5%
Preferred stock outstanding (in shares)	1,135,590	1,135,590
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	27,460,161	23,130,956	23,146,775		22,978,339
Common stock par value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	125,000,000	125,000,000
Issuance of shares under dividend reinvestment (in shares)	0	27,154	18,750
Sale of common stock pursuant to dividend reinvestment plan | $		$ 300,000
Common stock shares issued (in shares)	27,460,161
Preferred Stock
Class of Stock [Line Items]
Stock repurchased and retired | $		$ 88,700,000
Stock repurchased and retired, average price pre share (in usd per share) | $ / shares		$ 24.37
Preferred stock discount (in percent)		2.50%
Payments of stock issuance costs | $	$ 0	$ 8,200,000	$ 0
Preferred Stock | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock issued (in shares)	424,949	424,949
Stock repurchased and retired (in shares)		1,882,451
Preferred stock outstanding (in shares)	424,949	424,949	2,307,400		2,307,400
Preferred Stock | Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock issued (in shares)	1,135,590	1,135,590
Stock repurchased and retired (in shares)		1,757,010
Preferred stock outstanding (in shares)	1,135,590	1,135,590	2,892,600		2,892,600
Investment in Ajax E Master Trust | Great Ajax Corp
Class of Stock [Line Items]
Percentage of ownership interests in joint venture (in percent)	53.10%	53.10%
2017-D | Great Ajax Corp
Class of Stock [Line Items]
Ownership percentage by parent (in percent)	50%	50%
GAOP - 7f7 >50 | Great Ajax Corp
Class of Stock [Line Items]
Ownership percentage by parent (in percent)	99.90%
2018-C | Third Party
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners (in percent)	0%	0%	37%
2018-C | Great Ajax Corp
Class of Stock [Line Items]
Ownership percentage by parent (in percent)	100%	100%		63%
Thetis Asset Management LLC
Class of Stock [Line Items]
Treasury stock (in shares)	148,834	144,658

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ (629)
Accumulated other comprehensive loss	14,027	$ 25,649
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains on debt securities available-for-sale	637	0
Unrealized losses on debt securities available-for-sale	(8,675)	(25,649)
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity	(5,989)	0	$ (10,900)
Accumulated other comprehensive income/(loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (14,027)	$ (25,649)

Equity - Non-controlling intere

Equity - Non-controlling interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Change in non-controlling interest	$ 0	$ (871)	$ (25,492)
2018-C
Noncontrolling Interest [Line Items]
Issuance of non-controlling interest in subsidiaries	0	0	(8,306)
2017-D
Noncontrolling Interest [Line Items]
Issuance of non-controlling interest in subsidiaries	$ 0	$ (871)	$ (17,186)

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Data [Abstract]
Total revenue, net	$ (16,253)	$ 1,053	$ (2,414)	$ 540	$ 1,375	$ 10,522	$ 8,768	$ 14,971	$ (17,074)	$ 35,636	$ 77,948
Income/(loss) before provision for income taxes	(22,545)	(5,617)	(11,281)	(7,271)	(6,051)	(7,133)	(4,522)	5,605	(46,714)	(12,101)	42,068
Consolidated net income/(loss) attributable to common stockholders	$ (23,197)	$ (6,089)	$ (12,034)	$ (7,941)	$ (6,835)	$ (16,249)	$ (9,181)	$ 3,586	$ (48,724)	$ (28,318)	$ 33,753
Basic earnings (loss) per common share (in dollars per share)	$ (0.86)	$ (0.25)	$ (0.51)	$ (0.34)	$ (0.30)	$ (0.71)	$ (0.40)	$ 0.15	$ (2.01)	$ (1.24)	$ 1.48
Diluted earnings (loss) per common share (in dollars per share)	$ (0.86)	$ (0.25)	$ (0.51)	$ (0.34)	$ (0.30)	$ (0.71)	$ (0.40)	$ 0.15	$ (2.01)	$ (1.24)	$ 1.41

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
		Feb. 26, 2024 USD ($)	Mar. 31, 2024 USD ($)	Feb. 28, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Feb. 29, 2024 $ / shares	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Common stock, dividends, per share, cash paid (usd per share) | $ / shares					$ 0.76
Mortgage loans held-for-investment, net	[1],[2]				$ 864,551		$ 989,084
Mortgage loans
Subsequent Event [Line Items]
Mortgage loans held-for-investment, net					628,615		675,826
Mortgage loans | Ajax Mortgage Loan Trust 2021-B
Subsequent Event [Line Items]
Mortgage loans held-for-investment, net					$ 204,883		$ 220,320
Mortgage loans | Ajax Mortgage Loan Trust 2021-B | Scenario, Forecast
Subsequent Event [Line Items]
Mortgage loans held-for-investment, net				$ 320,000
Financing receivable, after allowance for credit loss, held-for-sale, amount per tranche			$ 100,000
Gain (loss) on sale of financing receivable, per tranche			$ 10,000
Subsequent Event
Subsequent Event [Line Items]
Dividend payable, amount per share (in usd per share) | $ / shares						$ 0.10
Sale of stock, termination of contract		$ 16,000
Subsequent Event | Mortgage loans | Ajax Mortgage Loan Trust 2021-B
Subsequent Event [Line Items]
Unpaid principal balance				$ 330,000
Subsequent Event | Line of Credit | Rithm | Secured Debt
Subsequent Event [Line Items]
Original Principal		$ 70,000
Percent of term loan balance for warrant calculation (in percent)		0.50
Line of credit facility, minimum draw balance		$ 35,000
Sale of stock, consideration to be received on transaction		$ 14,000
[1] As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). Mortgage loans held-for-investment, net include $628.6 million and $675.8 million of loans at December 31, 2023 and 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 $3.4 million and $6.1 million of allowance for expected credit losses at December 31, 2023 and 2022, respectively. (2) As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP").

Schedule IV Mortgage loans on_2

Schedule IV Mortgage loans on real estate - Schedule of Mortgage Loans (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Mortgage Loans on Real Estate [Line Items]
Carrying value of mortgages	[1],[2]	$ 864,551	$ 989,084
Aggregate cost for federal income tax purposes		1,011,100
Maximum
Mortgage Loans on Real Estate [Line Items]
Principal amount subject to delinquent principal and interest		$ 5,000
Mortgage Loans
Mortgage Loans on Real Estate [Line Items]
Loan count | loan		5,023
Carrying value of mortgages		$ 920,269
Principal amount subject to delinquent principal and interest		375,526
Amount of balloon payments at maturity		$ 19,953
$0 – 49,999
Mortgage Loans on Real Estate [Line Items]
Loan count | loan		603
Carrying value of mortgages		$ 17,848
Principal amount subject to delinquent principal and interest		7,173
Amount of balloon payments at maturity		$ 1,003
$0 – 49,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0%
$0 – 49,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		12%
$50,000 – 99,999
Mortgage Loans on Real Estate [Line Items]
Loan count | loan		1,009
Carrying value of mortgages		$ 74,142
Principal amount subject to delinquent principal and interest		29,754
Amount of balloon payments at maturity		$ 1,125
$50,000 – 99,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0%
$50,000 – 99,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		20.10%
$100,000 – 149,999
Mortgage Loans on Real Estate [Line Items]
Loan count | loan		1,000
Carrying value of mortgages		$ 118,359
Principal amount subject to delinquent principal and interest		48,064
Amount of balloon payments at maturity		$ 1,708
$100,000 – 149,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0%
$100,000 – 149,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		19.90%
$150,000 – 199,999
Mortgage Loans on Real Estate [Line Items]
Loan count | loan		639
Carrying value of mortgages		$ 106,469
Principal amount subject to delinquent principal and interest		44,424
Amount of balloon payments at maturity		$ 1,278
$150,000 – 199,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0%
$150,000 – 199,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		12.70%
$200,000 – 249,999
Mortgage Loans on Real Estate [Line Items]
Loan count | loan		473
Carrying value of mortgages		$ 101,648
Principal amount subject to delinquent principal and interest		43,245
Amount of balloon payments at maturity		$ 1,862
$200,000 – 249,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0%
$200,000 – 249,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		9.40%
$250,000+
Mortgage Loans on Real Estate [Line Items]
Loan count | loan		1,299
Carrying value of mortgages		$ 501,803
Principal amount subject to delinquent principal and interest		202,866
Amount of balloon payments at maturity		$ 12,977
$250,000+ | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		0%
$250,000+ | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		25.90%
[1] As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). Mortgage loans held-for-investment, net include $628.6 million and $675.8 million of loans at December 31, 2023 and 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 $3.4 million and $6.1 million of allowance for expected credit losses at December 31, 2023 and 2022, respectively. (2) As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP").

Schedule IV Mortgage loans on_3

Schedule IV Mortgage loans on real estate - Schedule of Mortgage Loan Activity (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning carrying value	[1],[2]	$ 989,084
Decrease in net present value of expected credit losses on mortgage loans and lower of cost or market adjustment		(5,597)	$ (8,120)	$ (13,668)
Ending carrying value	[1],[2]	864,551	989,084
Mortgage loans held-for-investment, net
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning carrying value		989,084
Mortgage loans acquired		14,401
Accretion recognized		51,325
Payments received on loans, net		(129,230)
Net reclassifications (to)/from mortgage loans held-for-sale, net		(64,277)
Mark to market on loans held-for-sale		0
Reclassifications to REO		(2,379)
Decrease in net present value of expected credit losses on mortgage loans and lower of cost or market adjustment		5,597
Other		30
Ending carrying value		864,551	989,084
Mortgage loans held-for-sale, net
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning carrying value		0
Mortgage loans acquired		0
Accretion recognized		0
Payments received on loans, net		0
Net reclassifications (to)/from mortgage loans held-for-sale, net		64,277
Mark to market on loans held-for-sale		8,559
Reclassifications to REO		0
Decrease in net present value of expected credit losses on mortgage loans and lower of cost or market adjustment		0
Other		0
Ending carrying value		$ 55,718	$ 0
[1] As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP"). Mortgage loans held-for-investment, net include $628.6 million and $675.8 million of loans at December 31, 2023 and 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 $3.4 million and $6.1 million of allowance for expected credit losses at December 31, 2023 and 2022, respectively. (2) As of December 31, 2023 and 2022, balances for Mortgage loans held-for-investment, net include $0.6 million and $0.9 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP").