CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
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
Preferred stock shares issued (in shares)		0	0
Preferred stock shares outstanding (in shares)		0	0
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)		18,856,601	18,588,228
Common stock shares outstanding (in shares)		18,856,601	18,588,228
Mortgage loans		$ 914,158	$ 996,203
Property held-for-sale, valuation allowances		2,000	1,800
Secured borrowings, net	[1],[2],[3]	631,207	694,040
Noncontrolling interest	[4]	33,039	27,082
Financing Receivable, Allowance for Credit Losses		$ 365	0
2018-C
Noncontrolling Interest, Ownership Percentage by Parent		63.00%
Consolidated Entities
Mortgage loans		$ 338,700	177,100
Secured borrowings, net		237,000	88,400
Noncontrolling interest		$ 19,900	$ 14,000
2017-D
Noncontrolling Interest, Ownership Percentage by Parent		50.00%

[1] As of September 30, 2018, balances for Mortgage loans, net includes $338.7 million and Secured borrowings, net of deferred costs includes $237.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2017, balances for Mortgage loans, net include $177.1 million and Secured borrowings, net of deferred costs includes $88.4 million from a 50% owned joint venture, all of which the Company consolidates under U.S. GAAP.

[2] Mortgage loans, net include $914.2 million and $996.2 million of loans at September 30, 2018 and December 31, 2017, 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 8 — Debt. Mortgage loans, net include $0.4 million and $0 of allowance for loan losses at September 30, 2018 and December 31, 2017, respectively.

[3] Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

[4] Non-controlling interests includes $19.9 million at September 30, 2018, from 50% and 63% owned joint ventures. Non-controlling interests includes $14.0 million at December 31, 2017, from a 50% owned joint venture, which the Company consolidates under U.S. GAAP.