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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018
Maturity Date
 
Origination date
 
Maximum
Borrowing
Capacity
 
Amount
Outstanding
 
Amount of
Collateral
 
Percentage of Collateral Coverage
 
Interest Rate
January 11, 2019
 
July 11, 2018
 
$
8,956

 
$
8,956

 
$
12,834

 
143
%
 
4.41
%
February 1, 2019
 
August 1, 2018
 
13,322

 
13,322

 
17,174

 
129
%
 
4.53
%
March 25, 2019
 
September 25, 2018
 
6,396

 
6,396

 
8,376

 
131
%
 
4.34
%
March 25, 2019
 
September 25, 2018
 
7,020

 
7,020

 
10,024

 
143
%
 
4.49
%
March 28, 2019
 
September 28, 2018
 
12,539

 
12,539

 
15,846

 
126
%
 
4.40
%
April 25, 2019
 
October 26, 2018
 
10,549

 
10,549

 
15,145

 
144
%
 
4.85
%
April 25, 2019
 
October 26, 2018
 
5,865

 
5,865

 
7,580

 
129
%
 
4.65
%
May 8, 2019
 
November 8, 2018
 
18,226

 
18,226

 
26,036

 
143
%
 
4.74
%
May 8, 2019
 
November 8, 2018
 
10,933

 
10,933

 
15,618

 
143
%
 
4.84
%
June 6, 2019
 
December 6, 2018
 
44,224

 
44,224

 
58,965

 
133
%
 
4.65
%
June 6, 2019
 
December 6, 2018
 
3,786

 
3,786

 
5,408

 
143
%
 
4.80
%
June 7, 2019
 
December 7, 2018
 
50,294

 
50,294

 
66,747

 
133
%
 
4.47
%
June 21, 2019
 
December 21, 2018
 
32,393

 
32,393

 
43,390

 
134
%
 
4.62
%
June 21, 2019
 
December 21, 2018
 
2,771

 
2,771

 
4,050

 
146
%
 
4.77
%
June 28, 2019
 
December 28, 2018
 
8,860

 
8,860

 
13,275

 
150
%
 
4.64
%
July 12, 2019
 
July 15, 2016
 
250,000

 
195,644

 
258,144

 
132
%
 
5.00
%
September 24, 2019
 
September 25, 2018
 
400,000

 
102,311

 
114,852

 
112
%
 
4.89
%
Totals
 
​
 
$
886,134

 
$
534,089

 
$
693,464

 
130
%
 
4.80
%
 
 
​
 
​

 
December 31, 2017
Maturity Date
 
Origination date
 
Maximum
Borrowing
Capacity
 
Amount
Outstanding
 
Amount of
Collateral
 
Percentage of Collateral Coverage
 
Interest Rate
April 30, 2018
 
October 31, 2017
 
$
10,601

 
$
10,601

 
$
15,145

 
143
%
 
3.66
%
May 8, 2018
 
November 8, 2017
 
15,227

 
15,227

 
21,754

 
143
%
 
3.69
%
June 7, 2018
 
December 7, 2017
 
66,678

 
66,678

 
88,904

 
133
%
 
3.59
%
November 21, 2018
 
November 22, 2017
 
200,000

 
3,775

 
8,215

 
218
%
 
4.79
%
July 12, 2019
 
July 15, 2016
 
250,000

 
180,104

 
234,724

 
130
%
 
4.03
%
Totals
 
​
 
$
542,506

 
$
276,385

 
$
368,742

 
133
%
 
3.91
%
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, 2018 and 2017 in the table below ($ in thousands):
 
 
Gross amounts not offset in balance sheet
 
 
December 31, 2018
 
December 31, 2017
Gross amount of recognized liabilities
 
$
534,089

 
$
276,385

Gross amount pledged as collateral
 
693,464

 
368,742

Net amount
 
$
159,375

 
$
92,357
Schedule of securitization of notes
The following table sets forth the original terms of all securitization notes outstanding at December 31, 2018 at their respective cutoff dates:
Issuing Trust/Issue Date
 
Interest Rate Step-up Date
 
Security
 
Original Principal
 
Interest Rate
Ajax Mortgage Loan Trust 2016-C/ October 2016
 
October 25, 2019
 
Class A notes due 2057
 
$102.6 million
 
4.00
%
 
 
April 25, 2020
 
Class B-1 notes due 2057(1,4)
 
$7.9 million
 
5.25
%
 
 
None
 
Class B-2 notes due 2057(1,4)
 
$7.9 million
 
5.25
%
 
 
 
 
Trust certificates(2)
 
$39.4 million
 
—
%
 
 
 
 
Deferred issuance costs
 
$(1.6) million
 
—
%
 
 
 
 
 
 
 
 
 

Ajax Mortgage Loan Trust 2017-A/ May 2017
 
May 25, 2020
 
Class A notes due 2057
 
$140.7 million
 
3.47
%
 
 
November 25, 2020
 
Class B-1 notes due 2057(1)
 
$15.1 million
 
5.25
%
 
 
None
 
Class B-2 notes due 2057(1)
 
$10.8 million
 
5.25
%
 
 
 
 
Trust certificates(2)
 
$49.8 million
 
—
%
 
 
 
 
Deferred issuance costs
 
$(2.0) million
 
—
%
 
 
 
 
 
 
 
 
 

Ajax Mortgage Loan Trust 2017-B/ December 2017
 
None
 
Class A notes due 2056
 
$115.8 million
 
3.16
%
 
 
None
 
Class M-1 notes due 2056(3)
 
$9.7 million
 
3.50
%
 
 
None
 
Class M-2 notes due 2056(3)
 
$9.5 million
 
3.50
%
 
 
None
 
Class B-1 notes due 2056(1)
 
$9.0 million
 
3.75
%
 
 
None
 
Class B-2 notes due 2056(1)
 
$7.5 million
 
3.75
%
 
 
 
 
Trust certificates(2)
 
$14.3 million
 
—
%
 
 
 
 
Deferred issuance costs
 
$(1.8) million
 
—
%
 
 
 
 
 
 
 
 
 
Ajax Mortgage Loan Trust 2017-C/ November 2017
 
November 25, 2021
 
Class A notes due 2060
 
$130.2 million
 
3.75
%
 
 
May 25, 2022
 
Class B-1 notes due 2060(1)
 
$13.0 million
 
5.25
%
 
 
 
 
Trust certificates(2)
 
$42.8 million
 
—
%
 
 
 
 
Deferred issuance costs
 
$(1.7) million
 
—
%
 
 
 
 
 
 
 
 
 
Ajax Mortgage Loan Trust 2017-D/ December 2017
 
April 25, 2021
 
Class A notes due 2057(5)
 
$177.8 million
 
3.75
%
 
 
None
 
Class B certificates (5)
 
$44.5 million
 
—
%
 
 
 
 
Deferred issuance costs
 
$(1.1) million
 
—
%
 
 
 
 
 
 
 
 
 
Ajax Mortgage Loan Trust 2018-C/ September 2018
 
October 25, 2021
 
Class A notes due 2065(6)
 
$170.5 million
 
4.36
%
 
 
April 25, 2022
 
Class B notes due 2065(6)
 
$15.9 million
 
5.25
%
 
 
 
 
Trust certificates(6)
 
$40.9 million
 
—
%
 
 
 
 
Deferred issuance costs
 
$(2.0) million
 
—
%
 
(1)
The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes.​
(2)
The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full.
(3)
The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes. ​
(4)
These securities are encumbered under a repurchase agreement.
(5)
AJAXM 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and are reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net and 50% of the Class B-1 certificates are recognized as Non-controlling interest.
(6)
AJAXM 2018-C is a joint venture in which a third party owns 95% of the Class A notes and 37% of the Class B notes and certificates. The Company is required to consolidate 2018-C under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 95% of the Class A notes and 37% of the Class B notes, which are held by the third party, are included in Secured borrowings, net. The 5% portion of the Class A notes retained by the Company have been encumbered under the repurchase agreement. 37% percent of the Class C certificates are recognized as Non-controlling interest.
Schedule of status of mortgage loans
The following table sets forth the status of the notes held by others at December 31, 2018 and 2017, and the securitization cutoff date:

 
Balances at December 31, 2018
 
Balances at December 31, 2017
 
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
2016-A
 
$
1,195

 
$
—

 
—
%
 
$
110,585

 
$
82,556

 
134
%
 
$
158,485

 
$
101,431

2016-B
 
1,127

 
—

 
—
%
 
93,772

 
71,361

 
131
%
 
131,746

(1)
84,430

2016-C
 
102,563

 
69,692

 
147
%
 
116,357

 
88,400

 
132
%
 
157,808

 
102,575

2017-A
 
157,033

 
102,755

 
153
%
 
170,805

 
126,507

 
135
%
 
216,413

 
140,669

2017-B
 
132,902

 
99,857

 
133
%
 
143,799

 
115,846

 
124
%
 
165,850

 
115,846

2017-C
 
146,938

 
109,616

 
134
%
 
157,015

 
129,191

 
122
%
 
185,942

 
130,159

2017-D
 
163,791

 
69,528

(4)
236
%
 
203,870

 
88,903

(4)
229
%
 
203,870

(2)
88,903

2018-C
 
194,606

 
165,051

(5)
118
%
 
—

 
—

 
—
%
 
222,181

(3)
167,910

​
 
$
900,155

 
$
616,499

(6)
146
%
 
$
996,203

 
$
702,764

(6)
142
%
 
$
1,442,295

 
$
931,923

​
 
(1)
Includes $1.9 million of cash collateral.
(2)
Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans.
(3)
Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans.
(4)
The gross amount of senior bonds at December 31, 2018 and December 31, 2017 were $139.0 million and $177.8 million, however, only $69.5 million and $88.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively.
(5)
2018-C contains notes held by third party institutional investors for senior bonds and class B bonds. The gross amount of senior and class B bonds at December 31, 2018 were $167.5 million and $15.9 million, however, only $159.2 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively.
(6)
This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $6.3 million and $8.8 million as of December 31, 2018 and December 31, 2017, respectively.