State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer (Do not check if a smaller reporting company) | ☐ | Smaller reporting company | |||||||||
Emerging Growth Company |
($ in thousands except per share data) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | (Unaudited) | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash held in trust | |||||||||||
Mortgage loans held-for-investment, net(1,2) | |||||||||||
Mortgage loans held-for-sale, net(3,4) | |||||||||||
Real estate owned properties, net(5) | |||||||||||
Investments in securities at fair value(6) | |||||||||||
Investments in beneficial interests(7) | |||||||||||
Receivable from servicer | |||||||||||
Investments in affiliates | |||||||||||
Prepaid expenses and other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Secured borrowings, net(1,2,3,4,8) | $ | $ | |||||||||
Borrowings under repurchase transactions | |||||||||||
Convertible senior notes, net(8) | |||||||||||
Management fee payable | |||||||||||
Put option liability | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies – see Note 8 | |||||||||||
Equity: | |||||||||||
Preferred stock, $ | |||||||||||
Series A | |||||||||||
Series B | |||||||||||
Common stock $ | |||||||||||
Additional paid-in capital | |||||||||||
Treasury stock | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive gain | |||||||||||
Equity attributable to stockholders | |||||||||||
Non-controlling interests(9) | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three months ended | |||||||||||
($ in thousands except per share data) | March 31, 2021 | March 31, 2020 | |||||||||
INCOME | |||||||||||
Interest income | $ | $ | |||||||||
Interest expense | ( | ( | |||||||||
Net interest income | |||||||||||
Recovery of/(provision for) losses | ( | ||||||||||
Net interest income after recovery of/(provision for) losses | |||||||||||
Income/(loss) from investments in affiliates | ( | ||||||||||
Loss on sale of mortgage loans(1) | ( | ||||||||||
Other income | |||||||||||
Total revenue, net | |||||||||||
EXPENSE | |||||||||||
Related party expense – loan servicing fees | |||||||||||
Related party expense – management fee | |||||||||||
Loan transaction expense | ( | ||||||||||
Professional fees | |||||||||||
Real estate operating expenses | |||||||||||
Fair value adjustment on put option liability | |||||||||||
Other expense | |||||||||||
Total expense | |||||||||||
Loss on debt extinguishment | |||||||||||
Income before provision for income taxes | |||||||||||
Provision for income taxes (benefit) | ( | ||||||||||
Consolidated net income | |||||||||||
Less: consolidated net income attributable to the non-controlling interest | |||||||||||
Consolidated net income attributable to Company | |||||||||||
Less: dividends on preferred stock | |||||||||||
Consolidated net income attributable to common stockholders | $ | $ | |||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share | $ | $ | |||||||||
Weighted average shares – basic | |||||||||||
Weighted average shares – diluted |
Three months ended March 31, | |||||||||||
($ in thousands) | 2021 | 2020 | |||||||||
Consolidated net income attributable to common stockholders | $ | $ | |||||||||
Other comprehensive income/(loss): | |||||||||||
Net unrealized gain/(loss) on investments in available-for-sale debt securities | ( | ||||||||||
Income tax expense related to items of other comprehensive income | |||||||||||
Comprehensive income/(loss) | $ | $ | ( |
Three months ended | |||||||||||
($ in thousands) | March 31, 2021 | March 31, 2020 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Consolidated net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash from operating activities | |||||||||||
Stock-based compensation expense | |||||||||||
Non-cash interest income accretion on mortgage loans | ( | ( | |||||||||
Interest and discount accretion on investment in debt securities | ( | ( | |||||||||
Discount accretion on investment in beneficial interests | ( | ( | |||||||||
Loss on sale of mortgage loans | |||||||||||
Loss on debt extinguishment | |||||||||||
Gain on sale of property held-for-sale | ( | ( | |||||||||
Depreciation of property | |||||||||||
Impairment of real estate owned | |||||||||||
Provision for (benefit)/losses on mortgage loans | ( | ||||||||||
Amortization of credit loss expense on mortgage loans | |||||||||||
Provision for (benefit)/losses on beneficial interests | ( | ||||||||||
Amortization of credit loss expense on beneficial interests | |||||||||||
Amortization of debt discount and prepaid financing costs | |||||||||||
Undistributed (income)/loss from investment in affiliates | ( | ||||||||||
Fair value adjustment on put option liability | |||||||||||
Other non-cash loan charges | |||||||||||
Net change in operating assets and liabilities | |||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Receivable from Servicer | ( | ( | |||||||||
Accrued expenses, management fee payable, and other liabilities | ( | ||||||||||
Net cash from operating activities | ( | ( | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Purchase of mortgage loans and related balances | ( | ( | |||||||||
Principal paydowns on mortgage loans | |||||||||||
Proceeds from sale of mortgage loans | |||||||||||
Draws on small balance commercial loans | ( | ||||||||||
Purchase of securities | ( | ||||||||||
Principal and interest collection on debt securities | |||||||||||
Proceeds from sale of property held-for-sale | |||||||||||
Distribution from affiliates | |||||||||||
Net cash from investing activities | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from repurchase transactions | |||||||||||
Repayments on repurchase transactions | ( | ( | |||||||||
Proceeds from sale of secured borrowings | |||||||||||
Repayments on secured borrowings | ( | ( | |||||||||
Deferred financing costs | ( | ( | |||||||||
Purchase of bonds for non-controlling interest in subsidiaries | ( |
Repurchase of the Company's senior convertible notes | ( | ( | |||||||||
Sale of common stock pursuant to dividend reinvestment plan | |||||||||||
Redemption of non-controlling interest in subsidiaries | ( | ||||||||||
Distribution to non-controlling interests | ( | ( | |||||||||
Issuance of non-controlling interests in subsidiaries | |||||||||||
Dividends on common stock and preferred stock | ( | ||||||||||
Net cash from financing activities | ( | ||||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST | ( | ||||||||||
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period | |||||||||||
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||||||||||
Transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net | $ | $ | |||||||||
Non-cash adjustments to basis in mortgage loans | $ | $ | |||||||||
Unrealized gain on available for sale securities, net of non-controlling interest and tax | $ | $ | |||||||||
Issuance of common stock for management fee and compensation expense | $ | $ | |||||||||
Net transfer of loans to rental property or property held-for-sale | $ | $ | |||||||||
Issuance of common stock for dividends | $ | $ | |||||||||
Treasury stock received through distributions from investment in Manager | $ | $ |
March 31, 2021 | March 31, 2020 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash held in trust | |||||||||||
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows | $ | $ |
($ in thousands) | Preferred stock - Series A shares | Preferred stock - Series A amount | Preferred stock - Series B shares | Preferred stock - Series B amount | Common stock shares | Common stock amount | Treasury stock | Additional Paid-in Capital | Retained Earnings | Accumulated other comprehensive gain/(loss) | Total Stockholders' Equity | Non-controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of subsidiary | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible senior notes repurchase | — | — | — | — | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | — | — | — | — | ( | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan | — | — | — | — | — | — | — | — | — |
Redemption of non-controlling interest in subsidiaries | — | — | — | — | — | — | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | — | — | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
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 | $ | $ | $ | $ | ||||||||||||||||||||||
Residential NPLs | ||||||||||||||||||||||||||
SBC loans | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-investment, net | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2009-2015 | 2006-2008 | 2005 and prior | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Great Ajax II REIT | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7f7 and better | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4f4-6f6 and below | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PCD | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-sale, net | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2009-2015 | 2006-2008 | 2005 and prior | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
2017-D | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-investment, net | 2020 | 2019 | 2018 | 2017 | 2016 | 2009-2015 | 2006-2008 | 2005 and prior | Total | ||||||||||||||||||||||||||||||||||||||||||||
Great Ajax II REIT | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
2018-C | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2017-D | |||||||||||||||||||||||||||||||||||||||||||||||||||||
California | |||||||||||||||||||||||||||||||||||||||||||||||||||||
7f7 and better | |||||||||||||||||||||||||||||||||||||||||||||||||||||
4f4-6f6 and below | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PCD | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
PCD Loans | Non PCD Loans | PCD Loans | Non PCD Loans | |||||||||||||||||||||||
Par | $ | $ | $ | $ | ||||||||||||||||||||||
Discount | ( | ( | ( | ( | ||||||||||||||||||||||
Allowance | ( | ( | ||||||||||||||||||||||||
Purchase Price | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Allowance for loan credit losses, beginning of period | $ | ( | $ | ( | ||||||||||
Beginning period adjustment for CECL | ( | |||||||||||||
Reclassification from non-credit discount to the allowance for changes in payment expectations | ( | |||||||||||||
Reclassification from non-credit discount to the allowance for losses for repooling adjustments | ( | |||||||||||||
Increase in allowance for loan credit losses for loan acquisitions | ( | ( | ||||||||||||
Amortization of credit loss expense on mortgage loans | ( | ( | ||||||||||||
Reclassification from non-credit discount to the allowance for losses for increases in actual and projected cash flows | ( | |||||||||||||
Reversal of/(increase in) provision for credit losses due to increases/(decreases) in actual and/or forecasted cash flows | ( | |||||||||||||
Reversal of allowance for reclass of pool 2017-D to mortgage loans held-for-sale, net | ||||||||||||||
Allowance for loan credit losses, end of period | $ | ( | $ | ( |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-investment, net | Current | 30 | 60 | 90 | Foreclosure | Total | ||||||||||||||||||||||||||||||||
Great Ajax II REIT | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||||||||
7f7 and better | ||||||||||||||||||||||||||||||||||||||
4f4-6f6 and below | ||||||||||||||||||||||||||||||||||||||
Non-PCD | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-sale, net | Current | 30 | 60 | 90 | Foreclosure | Total | ||||||||||||||||||||||||||||||||
2017-D | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-investment, net | Current | 30 | 60 | 90 | Foreclosure | Total | ||||||||||||||||||||||||||||||||
Great Ajax II REIT | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2018-C | ||||||||||||||||||||||||||||||||||||||
2017-D | ||||||||||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||||||||
7f7 and better | ||||||||||||||||||||||||||||||||||||||
4f4-6f6 and below | ||||||||||||||||||||||||||||||||||||||
Non-PCD | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Property Held-for-sale and Rental Property | Count | Amount | Count | Amount | ||||||||||||||||||||||
Balance at beginning of period | $ | $ | ||||||||||||||||||||||||
Net transfers from mortgage loans | ||||||||||||||||||||||||||
Adjustments to record at lower of cost or fair value | ( | ( | ||||||||||||||||||||||||
Depreciation on rental properties | ( | ( | ||||||||||||||||||||||||
Disposals | ( | ( | ( | ( | ||||||||||||||||||||||
Balance at end of period | $ | $ |
As of March 31, 2021 | ||||||||||||||||||||||||||
Basis(1) | Gross unrealized gains | Gross unrealized losses | Carrying value (fair value) | |||||||||||||||||||||||
Debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Beneficial interests in securitization trusts | ||||||||||||||||||||||||||
Total investments | $ | $ | $ | ( | $ |
As of December 31, 2020 | ||||||||||||||||||||||||||
Basis(1) | Gross unrealized gains | Gross unrealized losses | Carrying value (fair value) | |||||||||||||||||||||||
Debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Beneficial interests in securitization trusts | ||||||||||||||||||||||||||
Total investments | $ | $ | $ | ( | $ |
As of March 31, 2021 | ||||||||||||||||||||||||||
Step-up date(1) | Basis(2) | Gross unrealized losses | Carrying value (fair value) | |||||||||||||||||||||||
Debt securities due September 2059(3) | February 2023/April 2023 | $ | $ | ( | $ | |||||||||||||||||||||
Total | $ | $ | ( | $ |
As of December 31, 2020 | ||||||||||||||||||||||||||
Step-up date(1) | Basis(2) | Gross unrealized losses | Carrying value (fair value) | |||||||||||||||||||||||
Debt securities due September 2059(3) | February 2023/April 2023 | $ | $ | ( | $ | |||||||||||||||||||||
Debt securities due November 2059(4) | April 2023 | ( | ||||||||||||||||||||||||
Debt securities due December 2059(4) | July 2023 | ( | ||||||||||||||||||||||||
Debt securities due September 2060(4) | March 2024 | ( | ||||||||||||||||||||||||
Debt securities due June 2060(4) | March 2024 | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Par | $ | $ | ||||||||||||
Discount | ( | |||||||||||||
Allowance | ( | |||||||||||||
Purchase Price | $ | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Allowance for beneficial interests credit losses, beginning balance | $ | ( | $ | |||||||||||
Beginning period adjustment for CECL | ( | |||||||||||||
Incremental increase in allowance for beneficial interests | ( | |||||||||||||
Increase in allowance for beneficial interest credit losses for acquisitions | ( | |||||||||||||
Amortization of credit loss expense on beneficial interests | ( | ( | ||||||||||||
Reversal of/(increase in) provision for credit losses due to increases/(decreases) in actual and/or forecasted cash flows | ( | |||||||||||||
Allowance for beneficial interests credit losses, end balance | $ | ( | $ | ( |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
March 31, 2021 | Carrying Value | Quoted prices in active markets | Observable inputs other than Level 1 prices | Unobservable inputs | ||||||||||||||||||||||
Recurring financial assets | ||||||||||||||||||||||||||
Investment in debt securities at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Recurring financial liabilities | ||||||||||||||||||||||||||
Put option liability | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
December 31, 2020 | Carrying Value | Quoted prices in active markets | Observable inputs other than Level 1 prices | Unobservable inputs | ||||||||||||||||||||||
Recurring financial assets | ||||||||||||||||||||||||||
Investment in debt securities at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Recurring financial liabilities | ||||||||||||||||||||||||||
Put option liability | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
March 31, 2021 | Carrying value | Quoted prices in active markets | Observable inputs other than Level 1 prices | Unobservable inputs | ||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Mortgage loans held-for-investment, net | $ | $ | $ | $ | ||||||||||||||||||||||
Mortgage loans held-for-sale, net | $ | $ | $ | $ | ||||||||||||||||||||||
Investments in beneficial interests | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in Manager | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in AS Ajax E LLC | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in AS Ajax E II LLC | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in GAFS, including warrants | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in Gaea | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in Loan pool LLCs | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Secured borrowings, net | $ | $ | $ | $ | ||||||||||||||||||||||
Borrowings under repurchase transactions | $ | $ | $ | $ | ||||||||||||||||||||||
Convertible senior notes, net | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
December 31, 2020 | Carrying value | Quoted prices in active markets | Observable inputs other than Level 1 prices | Unobservable inputs | ||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Mortgage loans held-for-investment, net | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in beneficial interests | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in Manager | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in AS Ajax E LLC | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in AS Ajax E II LLC | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in GAFS, including warrants | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in Gaea | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in Loan pool LLCs | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Secured borrowings, net | $ | $ | $ | $ | ||||||||||||||||||||||
Borrowings under repurchase agreement | $ | $ | $ | $ | ||||||||||||||||||||||
Convertible senior notes, net | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
March 31, 2021 | Carrying value | Three months ended fair value adjustment recognized in the consolidated statements of income | Quoted prices in active markets | Observable inputs other than Level 1 prices | Unobservable inputs | |||||||||||||||||||||||||||
Non-financial assets | ||||||||||||||||||||||||||||||||
Property held-for-sale | $ | $ | ( | $ | $ | $ |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
December 31, 2020 | 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 | $ | $ | ( | $ | $ | $ |
Three months ended March 31, | ||||||||||||||
Net income/(loss) at 100% | 2021 | 2020 | ||||||||||||
Thetis Asset Management LLC | $ | $ | ( | |||||||||||
Gaea Real Estate Corp. | $ | $ | ||||||||||||
AS Ajax E LLC | $ | $ | ||||||||||||
Loan pool LLCs | $ | ( | $ | |||||||||||
Great Ajax FS LLC | $ | ( | $ | ( |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Assets and Liabilities at 100% | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
Thetis Asset Management LLC | $ | $ | $ | $ | ||||||||||||||||||||||
Gaea Real Estate Corp. | $ | $ | $ | $ | ||||||||||||||||||||||
AS Ajax E LLC | $ | $ | $ | $ | ||||||||||||||||||||||
Loan pool LLCs | $ | $ | $ | $ | ||||||||||||||||||||||
Great Ajax FS LLC | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||
Net income/(loss) at the Company's share | 2021 | 2020 | ||||||||||||
Thetis Asset Management LLC | $ | $ | ( | |||||||||||
Gaea Real Estate Corp. | $ | $ | ||||||||||||
AS Ajax E LLC | $ | $ | ||||||||||||
Loan pool LLCs | $ | ( | $ | |||||||||||
Great Ajax FS LLC | $ | ( | $ | ( |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Assets and Liabilities at the Company's share | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
Thetis Asset Management LLC | $ | $ | $ | $ | ||||||||||||||||||||||
Gaea Real Estate Corp. | $ | $ | $ | $ | ||||||||||||||||||||||
AS Ajax E LLC | $ | $ | $ | $ | ||||||||||||||||||||||
Loan pool LLCs | $ | $ | $ | $ | ||||||||||||||||||||||
Great Ajax FS LLC | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Beginning balance | $ | $ | ||||||||||||
Fair value adjustments during the period | ||||||||||||||
Ending balance | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Maturity Date | Origination date | Maximum Borrowing Capacity | Amount Outstanding | Amount of Collateral | Percentage of Collateral Coverage | Interest Rate | ||||||||||||||||||||||||||||||||
April 5, 2021 | January 6, 2021 | $ | $ | $ | % | % | ||||||||||||||||||||||||||||||||
April 6, 2021 | January 6, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 6, 2021 | January 6, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 6, 2021 | January 6, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 6, 2021 | January 6, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 9, 2021 | October 13, 2020 | % | % | |||||||||||||||||||||||||||||||||||
April 12, 2021 | January 11, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 15, 2021 | January 14, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 20, 2021 | January 20, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 22, 2021 | March 17, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 26, 2021 | January 27, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 26, 2021 | January 27, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 26, 2021 | January 27, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 26, 2021 | February 1, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | % | % | |||||||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | % | % | |||||||||||||||||||||||||||||||||||
May 12, 2021 | February 12, 2021 | % | % | |||||||||||||||||||||||||||||||||||
June 4, 2021 | March 5, 2021 | % | % | |||||||||||||||||||||||||||||||||||
June 4, 2021 | March 5, 2021 | % | % | |||||||||||||||||||||||||||||||||||
June 17, 2021 | March 17, 2021 | % | % | |||||||||||||||||||||||||||||||||||
June 17, 2021 | March 17, 2021 | % | % | |||||||||||||||||||||||||||||||||||
June 17, 2021 | March 17, 2021 | % | % | |||||||||||||||||||||||||||||||||||
June 24, 2021 | March 24, 2021 | % | % | |||||||||||||||||||||||||||||||||||
July 9, 2021 | July 10, 2020 | % | % | |||||||||||||||||||||||||||||||||||
September 23, 2021 | September 24, 2020 | % | % | |||||||||||||||||||||||||||||||||||
Totals/weighted averages | $ | $ | $ | % | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Maturity Date | Origination date | Maximum Borrowing Capacity | Amount Outstanding | Amount of Collateral | Percentage of Collateral Coverage | Interest Rate | ||||||||||||||||||||||||||||||||
January 6, 2021 | October 9, 2020 | $ | $ | $ | % | % | ||||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | % | % | |||||||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | % | % | |||||||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | % | % | |||||||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | % | % | |||||||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | % | % | |||||||||||||||||||||||||||||||||||
January 11, 2021 | September 29, 2020 | % | % |
January 14, 2021 | October 29, 2020 | % | % | |||||||||||||||||||||||||||||||||||
January 20, 2021 | October 20, 2020 | % | % | |||||||||||||||||||||||||||||||||||
January 29, 2021 | October 30, 2020 | % | % | |||||||||||||||||||||||||||||||||||
January 29, 2021 | October 30, 2020 | % | % | |||||||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | % | % | |||||||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | % | % | |||||||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | % | % | |||||||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | % | % | |||||||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | % | % | |||||||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | % | % | |||||||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | % | % | |||||||||||||||||||||||||||||||||||
February 12, 2021 | November 13, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 5, 2021 | December 7, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 5, 2021 | December 7, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 17, 2021 | December 17, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 17, 2021 | December 17, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 17, 2021 | December 17, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 17, 2021 | December 17, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 24, 2021 | December 24, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 24, 2021 | December 24, 2020 | % | % | |||||||||||||||||||||||||||||||||||
March 24, 2021 | December 24, 2020 | % | % | |||||||||||||||||||||||||||||||||||
April 9, 2021 | October 13, 2020 | % | % | |||||||||||||||||||||||||||||||||||
July 9, 2021 | July 10, 2020 | % | % | |||||||||||||||||||||||||||||||||||
September 23, 2021 | September 24, 2020 | % | % | |||||||||||||||||||||||||||||||||||
Totals/weighted averages | $ | $ | $ | % | % |
Gross amounts not offset in balance sheet | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Gross amount of recognized liabilities | $ | $ | ||||||||||||
Gross amount of loans and securities pledged as collateral | ||||||||||||||
Other prepaid collateral | ||||||||||||||
Net collateral amount | $ | $ |
Issuing Trust/Issue Date | Interest Rate Step-up Date | Security | Original Principal | Interest Rate | ||||||||||||||||||||||
Non-rated | ||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2017-D/ December 2017 | April 25, 2021 | Class A notes due 2057(1) | $ | % | ||||||||||||||||||||||
None | Class B certificates(1) | $ | % | |||||||||||||||||||||||
Deferred issuance costs | $( | % | ||||||||||||||||||||||||
Rated | ||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2019-D/ July 2019 | July 25, 2027 | Class A-1 notes due 2065 | $ | % | ||||||||||||||||||||||
July 25, 2027 | Class A-2 notes due 2065 | $ | % |
July 25, 2027 | Class A-3 notes due 2065 | $ | % | |||||||||||||||||||||||
July 25, 2027 | Class M-1 notes due 2065(2) | $ | % | |||||||||||||||||||||||
None | Class B-1 notes due 2065(3) | $ | % | |||||||||||||||||||||||
None | Class B-2 notes due 2065(3) | $ | variable(4) | |||||||||||||||||||||||
None | Class B-3 notes due 2065(3) | $ | variable(4) | |||||||||||||||||||||||
Deferred issuance costs | $( | % | ||||||||||||||||||||||||
Rated | ||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2019-F/ November 2019 | November 25, 2026 | Class A-1 notes due 2059 | $ | % | ||||||||||||||||||||||
November 25, 2026 | Class A-2 notes due 2059 | $ | % | |||||||||||||||||||||||
November 25, 2026 | Class A-3 notes due 2059 | $ | % | |||||||||||||||||||||||
November 25, 2026 | Class M-1 notes due 2059(2) | $ | % | |||||||||||||||||||||||
None | Class B-1 notes due 2059(3) | $ | % | |||||||||||||||||||||||
None | Class B-2 notes due 2059(3) | $ | variable(4) | |||||||||||||||||||||||
None | Class B-3 notes due 2059(3) | $ | variable(4) | |||||||||||||||||||||||
Deferred issuance costs | $( | % | ||||||||||||||||||||||||
Rated | ||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2020-B/ August 2020 | July 25, 2027 | Class A-1 notes due 2059 | $ | % | ||||||||||||||||||||||
July 25, 2027 | Class A-2 notes due 2059 | $ | % | |||||||||||||||||||||||
July 25, 2027 | Class M-1 notes due 2059(2) | $ | % | |||||||||||||||||||||||
None | Class B-1 notes due 2059(3) | $ | % | |||||||||||||||||||||||
None | Class B-2 notes due 2059(3) | $ | variable(4) | |||||||||||||||||||||||
None | Class B-3 notes due 2059(3) | $ | variable(4) | |||||||||||||||||||||||
Deferred issuance costs | $( | % | ||||||||||||||||||||||||
Rated | ||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2021-A/ January 2021 | January 25, 2029 | Class A-1 notes due 2065 | $ | % | ||||||||||||||||||||||
January 25, 2029 | Class A-2 notes due 2065 | $ | % | |||||||||||||||||||||||
January 25, 2029 | Class M-1 notes due 2065(2) | $ | % | |||||||||||||||||||||||
None | Class B-1 notes due 2065(3) | $ | % | |||||||||||||||||||||||
None | Class B-2 notes due 2065(3) | $ | variable(4) | |||||||||||||||||||||||
None | Class B-3 notes due 2065(3) | $ | variable(4) | |||||||||||||||||||||||
Deferred issuance costs | $( | % | ||||||||||||||||||||||||
Non-rated | ||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2021-B/ February 2021 | August 25, 2024 | Class A notes due 2066 | $ | % | ||||||||||||||||||||||
February 25, 2025 | Class B notes due 2066(3) | $ | % | |||||||||||||||||||||||
Deferred issuance costs | $( | % |
Balances at March 31, 2021 | Balances at December 31, 2020 | 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 | ||||||||||||||||||||||||||||||||||||||||||
2017-B | $ | $ | % | $ | $ | % | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
2017-D | (1) | % | (1) | % | (2) | |||||||||||||||||||||||||||||||||||||||||||||
2018-C | % | (3) | % | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
2019-D | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
2019-F | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
2020-B | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
2021-A | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
2021-B | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | (5) | % | $ | $ | (5) | % | $ | $ |
Three months ended March 31, | ||||||||||||||||||||||||||
Transaction | Consolidated Statement of Income location | Counterparty | 2021 | 2020 | ||||||||||||||||||||||
Interest income on securities and beneficial interest and recovery of/(provision for) losses on beneficial interests | Net interest income after recovery of/(provision for) losses | Various non-consolidated joint ventures | $ | $ | ||||||||||||||||||||||
Management fee | Related party expense – management fee | Thetis | $ | $ | ||||||||||||||||||||||
Loan servicing fees | Related party expense – loan servicing fees | Gregory | $ | $ | ||||||||||||||||||||||
Income/(loss) from equity investment | Income/(loss) from investments in affiliates | Thetis | $ | $ | ( | |||||||||||||||||||||
Income from equity investment | Income/(loss) from investments in affiliates | Gaea | $ | $ | ||||||||||||||||||||||
Income from equity investment | Income/(loss) from investments in affiliates | AS Ajax E LLC | $ | $ | ||||||||||||||||||||||
Loss on sale of mortgage loans | Loss on sale of mortgage loans | Gaea | $ | $ | ( | |||||||||||||||||||||
(Loss)/income from equity investment | Income/(loss) from investments in affiliates | Loan pool LLCs | $ | ( | $ |
Loss from equity investment | Income/(loss) from investments in affiliates | Great Ajax FS | $ | ( | $ | ( |
As of March 31, 2021 | ||||||||||||||||||||
Transaction | Consolidated Balance Sheet location | Counterparty | Amount | |||||||||||||||||
Investment in beneficial interests | Investments in beneficial interests | Various non-consolidated joint ventures | $ | |||||||||||||||||
Receivables from Servicer | Receivable from Servicer | Gregory | $ | |||||||||||||||||
Affiliate loan receivable | Mortgage loans held-for-investment, net | Gaea | $ | |||||||||||||||||
Management fee payable | Management fee payable | Thetis | $ | |||||||||||||||||
Expense reimbursement receivable | Prepaid expenses and other assets | Various non-consolidated joint ventures | $ | |||||||||||||||||
Expense reimbursement | Accrued expenses and other liabilities | Gregory | $ | ( |
As of December 31, 2020 | ||||||||||||||||||||
Transaction | Consolidated Balance Sheet location | Counterparty | Amount | |||||||||||||||||
Investment in beneficial interests | Investments in beneficial interests | Various non-consolidated joint ventures | $ | |||||||||||||||||
Receivables from Servicer | Receivable from Servicer | Gregory | $ | |||||||||||||||||
Affiliate loan receivable | Mortgage loans held-for-investment, net | Gaea | $ | |||||||||||||||||
Management fee payable | Management fee payable | Thetis | $ | |||||||||||||||||
Affiliate loan purchase | Mortgage loans held-for-investment, net | Great Ajax FS | $ | |||||||||||||||||
Expense reimbursement receivable | Prepaid expenses and other assets | Various non-consolidated joint ventures | $ | |||||||||||||||||
Expense reimbursement receivable | Prepaid expenses and other assets | Thetis | $ | |||||||||||||||||
Expense reimbursements | Accrued expenses and other assets | Gregory | $ | ( |
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Number of shares | Amount of expense recognized(1) | Number of shares | Amount of expense recognized(1) | ||||||||||||||||||||
Independent director fees | $ | $ | |||||||||||||||||||||
Totals | $ | $ |
Employee and Service Provider Grants | Director Grants | |||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
March 31, 2021 outstanding unvested share grants | $ | $ | ||||||||||||||||||||||||
Shares vested | ||||||||||||||||||||||||||
Shares forfeited | ( | |||||||||||||||||||||||||
Shares granted | ||||||||||||||||||||||||||
December 31, 2020 outstanding unvested share grants | $ | $ | ||||||||||||||||||||||||
March 31, 2020 outstanding unvested share grants | $ | $ | ||||||||||||||||||||||||
Shares vested | ||||||||||||||||||||||||||
Shares forfeited | ||||||||||||||||||||||||||
Shares granted | ||||||||||||||||||||||||||
December 31, 2019 outstanding unvested share grants | $ | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Restricted stock grants | $ | $ | ||||||||||||
Director grants | ||||||||||||||
Total expenses for plan grants | $ | $ |
Three months ended March 31, 2021 | Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||
Consolidated net income attributable to common stockholders | $ | $ | |||||||||||||||||||||||||||||||||
Allocation of earnings to participating restricted shares | ( | ( | |||||||||||||||||||||||||||||||||
Consolidated net income attributable to unrestricted common stockholders | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Effect of dilutive securities(1, 2) | |||||||||||||||||||||||||||||||||||
Restricted stock grants and Manager and director fee shares(3) | |||||||||||||||||||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||||||||||||||
Consolidated net income attributable to common stockholders and dilutive securities | $ | $ | $ | $ |
Investments in securities: | March 31, 2021 | December 31, 2020 | ||||||||||||
Unrealized gains | $ | $ | ||||||||||||
Unrealized losses | ( | ( | ||||||||||||
Accumulated other comprehensive gain | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Decrease from redemption of 2018-C | $ | ( | $ | |||||||||||
Change in non-controlling interest | $ | ( | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Residential RPLs | $ | 1,060.6 | $ | 1,057.5 | ||||||||||
Residential NPLs | 37.9 | 38.7 | ||||||||||||
SBC loans | 25.1 | 23.2 | ||||||||||||
Real estate owned properties, net | 7.1 | 8.5 | ||||||||||||
Investments in securities at fair value | 264.7 | 273.8 | ||||||||||||
Investment in beneficial interests | 94.9 | 91.4 | ||||||||||||
Total mortgage related assets | $ | 1,490.3 | $ | 1,493.1 |
Three months ended March 31, | |||||||||||
($ in thousands) | 2021 | 2020 | |||||||||
INCOME | |||||||||||
Interest income | $ | 24,035 | $ | 26,888 | |||||||
Interest expense | (10,304) | (13,070) | |||||||||
Net interest income | 13,731 | 13,818 | |||||||||
Recovery of/(provision for) losses | 5,516 | (4,711) | |||||||||
Net interest income after recovery of/(provision for) losses | 19,247 | 9,107 | |||||||||
Income/(loss) from investments in affiliates | 163 | (1,112) | |||||||||
Loss on sale of mortgage loans | — | (705) | |||||||||
Other income | 356 | 747 | |||||||||
Total revenue, net | 19,766 | 8,037 | |||||||||
EXPENSE | |||||||||||
Related party expense – loan servicing fees | 1,833 | 2,014 | |||||||||
Related party expense – management fee | 2,273 | 1,799 | |||||||||
Loan transaction expense | 187 | (103) | |||||||||
Professional fees | 640 | 805 | |||||||||
Real estate operating expenses | 185 | 912 | |||||||||
Fair value adjustment on put option liability | 1,944 | — | |||||||||
Other expense | 1,117 | 1,025 | |||||||||
Total expense | 8,179 | 6,452 | |||||||||
Loss on debt extinguishment | 911 | 408 | |||||||||
Income before provision for income taxes | 10,676 | 1,177 | |||||||||
Provision for income taxes (benefit) | 34 | (319) | |||||||||
Consolidated net income | 10,642 | 1,496 | |||||||||
Less: consolidated net income attributable to the non-controlling interest | 1,689 | 1,096 | |||||||||
Consolidated net income attributable to Company | 8,953 | 400 | |||||||||
Less: dividends on preferred stock | 1,949 | — | |||||||||
Consolidated net income attributable to common stockholders | $ | 7,004 | $ | 400 |
Three months ended March 31, | |||||||||||
2021 | 2020(1,2) | ||||||||||
Accretable yield recognized on RPL, NPL and SBC loans | $ | 18,181 | $ | 21,892 | |||||||
Interest income on beneficial interests | 3,461 | 2,672 | |||||||||
Interest income on debt securities | 2,476 | 2,165 | |||||||||
Bank interest income | 66 | 121 | |||||||||
Other interest (loss)/income | (149) | 38 | |||||||||
Interest income | $ | 24,035 | $ | 26,888 | |||||||
Recovery of/(provision for) losses | 5,516 | (4,711) | |||||||||
Interest income after recovery of/(provision for) losses | $ | 29,551 | $ | 22,177 |
Three months ended March 31, | |||||||||||
2021 | 2020(1) | ||||||||||
Average mortgage loan portfolio | $ | 1,103,180 | $ | 1,135,336 | |||||||
Average carrying value of debt securities | $ | 269,267 | $ | 238,030 | |||||||
Average carrying value of beneficial interests | $ | 92,585 | $ | 60,274 | |||||||
Total average asset level debt | $ | 1,088,936 | $ | 1,067,983 |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Late fee income | $ | 190 | $ | 185 | ||||||||||
Net gain on sale of Property held-for-sale | 105 | 413 | ||||||||||||
HAMP fees | 48 | 138 | ||||||||||||
Rental Income | 13 | 11 | ||||||||||||
Total other income | $ | 356 | $ | 747 |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Related party expense – management fee | $ | 2,273 | $ | 1,799 | ||||||||||
Fair value adjustment on put option liability | 1,944 | — | ||||||||||||
Related party expense – loan servicing fees | 1,833 | 2,014 | ||||||||||||
Other expense | 1,117 | 1,025 | ||||||||||||
Professional fees | 640 | 805 | ||||||||||||
Loan transaction expense | 187 | (103) | ||||||||||||
Real estate operating expenses | 185 | 912 | ||||||||||||
Total expenses | $ | 8,179 | $ | 6,452 |
Three months ended March 31, | ||||||||||||||
2021 | 2020(1) | |||||||||||||
Insurance | $ | 229 | $ | 184 | ||||||||||
Employee and service provider share grants | 207 | 174 | ||||||||||||
Borrowing related expenses | 187 | 170 | ||||||||||||
Directors' fees and grants | 169 | 109 | ||||||||||||
Other expense | 101 | 64 | ||||||||||||
Software licenses and amortization | 85 | 70 | ||||||||||||
Taxes and regulatory expense | 61 | 46 | ||||||||||||
Internal audit services | 38 | 37 | ||||||||||||
Travel, meals, entertainment | 31 | 138 | ||||||||||||
Lien release non due diligence | 9 | 33 | ||||||||||||
Total other expense | $ | 1,117 | $ | 1,025 |
March 31, 2021 | December 31, 2020 | ||||||||||
Outstanding shares | 22,988,847 | 22,978,339 | |||||||||
Adjustments for: | |||||||||||
Unvested grants of restricted stock, and Manager and director shares earned but not issued as of the date indicated | 3,945 | 4,280 | |||||||||
Conversion of convertible senior notes into shares of common stock(1) | — | 7,834,299 | |||||||||
Settlement of put option in shares(2) | — | — | |||||||||
Total adjusted shares outstanding | 22,992,792 | 30,816,918 | |||||||||
Equity at period end | $ | 509,535 | $ | 514,491 | |||||||
Net increase in equity from expected conversion of convertible senior notes(1) | — | 110,250 | |||||||||
Adjustment for equity due to preferred shares | (115,144) | (115,144) | |||||||||
Net adjustment for equity due to non-controlling interests | (22,429) | (29,130) | |||||||||
Adjusted equity | $ | 371,962 | $ | 480,467 | |||||||
Book value per share | $ | 16.18 | $ | 15.59 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
GAAP | Adjustments for fair value | Fair Value | GAAP | Adjustments for fair value | Fair Value | |||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||
Cash and Cash held in trust | $ | 137,765 | $ | — | $ | 137,765 | $ | 107,335 | $ | — | $ | 107,335 | ||||||||||||||||||||||||||
Mortgage loans held-for-investment, net | 991,811 | 96,919 | 1,088,730 | 1,119,372 | 112,709 | 1,232,081 | ||||||||||||||||||||||||||||||||
Mortgage loans held-for-sale, net (1) | 131,719 | 10,061 | 141,780 | — | — | — | ||||||||||||||||||||||||||||||||
Investments in debt securities and beneficial interests | 359,575 | — | 359,575 | 365,252 | — | 365,252 | ||||||||||||||||||||||||||||||||
Investments in affiliates, real property and other assets | 66,103 | 10,822 | 76,925 | 61,773 | 10,682 | 72,455 | ||||||||||||||||||||||||||||||||
Total Assets | $ | 1,686,973 | $ | 117,802 | $ | 1,804,775 | $ | 1,653,732 | $ | 123,391 | $ | 1,777,123 | ||||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Secured borrowings, net | $ | 740,035 | $ | 3,727 | $ | 743,762 | $ | 585,403 | $ | 1,016 | $ | 586,419 | ||||||||||||||||||||||||||
Borrowings under repurchase agreements | 305,093 | — | 305,093 | 421,132 | — | 421,132 | ||||||||||||||||||||||||||||||||
Convertible senior notes, net | 107,971 | 3,411 | 111,382 | 110,057 | 618 | 110,675 | ||||||||||||||||||||||||||||||||
Put option liability | 16,149 | — | 16,149 | 14,205 | — | 14,205 | ||||||||||||||||||||||||||||||||
Other liabilities | 8,190 | — | 8,190 | 8,444 | — | 8,444 | ||||||||||||||||||||||||||||||||
Total Liabilities | 1,177,438 | 7,138 | 1,184,576 | 1,139,241 | 1,634 | 1,140,875 | ||||||||||||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||||||||
Total Equity | 509,535 | 110,664 | 620,199 | 514,491 | 121,757 | 636,248 | ||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 1,686,973 | $ | 117,802 | $ | 1,804,775 | $ | 1,653,732 | $ | 123,391 | $ | 1,777,123 |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
RPLs | ||||||||||||||
Count | 199 | 26 | ||||||||||||
UPB | $ | 36,031 | $ | 1,952 | ||||||||||
Purchase price | $ | 31,587 | $ | 1,205 | ||||||||||
Purchase price % of UPB | 87.7 | % | 61.7 | % | ||||||||||
NPLs | ||||||||||||||
Count | 3 | 1 | ||||||||||||
UPB | $ | 665 | $ | 227 | ||||||||||
Purchase price | $ | 447 | $ | 185 | ||||||||||
Purchase price % of UPB | 67.2 | % | 81.5 | % | ||||||||||
SBC loans | ||||||||||||||
Count | 1 | — | ||||||||||||
UPB | $ | 3,611 | $ | — | ||||||||||
Purchase price | $ | 3,603 | $ | — | ||||||||||
Purchase price % of UPB | 99.8 | % | — | % |
Three months ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Mortgage loans held-for-investment, net | Mortgage loans held-for-sale, net | Mortgage loans held-for-investment, net | Mortgage loans held-for-sale, net | |||||||||||||||||||||||
Beginning carrying value | $ | 1,119,372 | $ | — | $ | 1,151,469 | $ | — | ||||||||||||||||||
RPL, NPL and SBC portfolio acquisitions, net cost basis | 35,637 | — | 1,391 | — | ||||||||||||||||||||||
Draws on SBC loans | 85 | — | — | — | ||||||||||||||||||||||
Accretion recognized | 18,521 | — | 21,745 | — | ||||||||||||||||||||||
Payments received on loans, net | (56,221) | — | (46,960) | — | ||||||||||||||||||||||
Reclassifications to mortgage loans held-for-sale, net | (131,719) | 131,719 | — | — | ||||||||||||||||||||||
Reclassifications to REO | (228) | — | (814) | — | ||||||||||||||||||||||
Sale of mortgage loans | — | — | (26,111) | — | ||||||||||||||||||||||
Provision for credit benefit/(losses) on mortgage loans | 5,500 | — | (1,893) | — | ||||||||||||||||||||||
Mortgage loans credit loss expense | (454) | — | (229) | — | ||||||||||||||||||||||
Other | 1,318 | — | 31 | — | ||||||||||||||||||||||
Ending carrying value | $ | 991,811 | $ | 131,719 | $ | 1,098,629 | $ | — |
March 31, 2021(1) | December 31, 2020(1,2) | |||||||||||||
No. of Loans | 6,075 | No. of Loans | 6,031 | |||||||||||
Total UPB(3) | $ | 1,201,108 | Total UPB(3) | $ | 1,204,804 | |||||||||
Interest-Bearing Balance | $ | 1,123,219 | Interest-Bearing Balance | $ | 1,127,499 | |||||||||
Deferred Balance(4) | $ | 77,889 | Deferred Balance(4) | $ | 77,305 | |||||||||
Market Value of Collateral(5) | $ | 2,014,513 | Market Value of Collateral(5) | $ | 1,967,419 | |||||||||
Original Purchase Price/Total UPB | 79.6 | % | Original Purchase Price/Total UPB | 82.2 | % | |||||||||
Original Purchase Price/Market Value of Collateral | 50.9 | % | Original Purchase Price/Market Value of Collateral | 53.7 | % | |||||||||
Weighted Average Coupon | 4.41 | % | Weighted Average Coupon | 4.44 | % | |||||||||
Weighted Average LTV(6) | 70.9 | % | Weighted Average LTV(6) | 72.8 | % | |||||||||
Weighted Average Remaining Term (months) | 294 | Weighted Average Remaining Term (months) | 297 | |||||||||||
No. of first liens | 6,011 | No. of first liens | 5,973 | |||||||||||
No. of second liens | 64 | No. of second liens | 58 | |||||||||||
No. of Rental Properties | 5 | No. of Rental Properties | 6 | |||||||||||
Capital Invested in Rental Properties | $ | 408 | Capital Invested in Rental Properties | $ | 710 | |||||||||
RPLs | 94.4 | % | RPLs | 94.4 | % | |||||||||
NPLs | 3.4 | % | NPLs | 3.5 | % | |||||||||
SBC loans | 2.2 | % | SBC loans | 2.1 | % | |||||||||
No. of REO properties held-for-sale | 26 | No. of REO properties held-for-sale | 32 | |||||||||||
Market Value of Other REO(7) | $ | 7,706 | Market Value of Other REO(7) | $ | 8,105 | |||||||||
Carrying value of debt securities and beneficial interests in trusts | $ | 363,424 | Carrying value of debt securities and beneficial interests in trusts | $ | 369,330 | |||||||||
Loans with 12 for 12 payments as an approximate percentage of UPB (8) | 73.1 | % | Loans with 12 for 12 payments as an approximate percentage of UPB (8) | 71.9 | % | |||||||||
Loans with 24 for 24 payments as an approximate percentage of UPB (9) | 66.9 | % | Loans with 24 for 24 payments as an approximate percentage of UPB (9) | 65.1 | % |
Years of Origination | |||||||||||||||||
Mortgage loans held-for-investment, net | After 2008 | 2006 – 2008 | 2005 and prior | ||||||||||||||
Number of loans | 615 | 2,997 | 1,683 | ||||||||||||||
Unpaid principal balance | $ | 153,703 | $ | 672,720 | $ | 237,723 | |||||||||||
Mortgage loan portfolio by year of origination | 14.4 | % | 63.2 | % | 22.4 | % | |||||||||||
Loan Attributes: | |||||||||||||||||
Weighted average loan age (months) | 90.9 | 169.8 | 209.2 | ||||||||||||||
Weighted Average loan-to-value | 67.2 | % | 75.3 | % | 61.4 | % | |||||||||||
Delinquency Performance: | |||||||||||||||||
Current | 58.8 | % | 56.1 | % | 55.5 | % | |||||||||||
30 days delinquent | 7.4 | % | 9.1 | % | 9.4 | % | |||||||||||
60 days delinquent | 3.4 | % | 5.7 | % | 6.9 | % | |||||||||||
90+ days delinquent | 26.5 | % | 23.5 | % | 24.0 | % | |||||||||||
Foreclosure | 3.9 | % | 5.6 | % | 4.2 | % |
Years of Origination | |||||||||||||||||
Mortgage loans held-for-sale, net | After 2008 | 2006 – 2008 | 2005 and prior | ||||||||||||||
Number of loans | 39 | 472 | 269 | ||||||||||||||
Unpaid principal balance | $ | 7,437 | $ | 97,567 | $ | 31,958 | |||||||||||
Mortgage loan portfolio by year of origination | 5.4 | % | 71.2 | % | 23.4 | % | |||||||||||
Loan Attributes: | |||||||||||||||||
Weighted average loan age (months) | 127.5 | 169.5 | 206.6 | ||||||||||||||
Weighted Average loan-to-value | 63.7 | % | 74.4 | % | 57.4 | % | |||||||||||
Delinquency Performance: | |||||||||||||||||
Current | 53.8 | % | 46.4 | % | 54.5 | % | |||||||||||
30 days delinquent | 3.3 | % | 16.0 | % | 15.2 | % | |||||||||||
60 days delinquent | 5.7 | % | 7.4 | % | 6.6 | % | |||||||||||
90+ days delinquent | 37.2 | % | 28.2 | % | 23.1 | % | |||||||||||
Foreclosure | — | % | 2.0 | % | 0.6 | % |
Years of Origination | |||||||||||||||||
Mortgage loans held-for-investment, net | After 2008 | 2006 – 2008 | 2005 and prior | ||||||||||||||
Number of loans | 639 | 3,471 | 1,921 | ||||||||||||||
Unpaid principal balance | $ | 156,250 | $ | 780,956 | $ | 267,598 | |||||||||||
Mortgage loan portfolio by year of origination | 13.0 | % | 64.8 | % | 22.2 | % | |||||||||||
Loan Attributes: | |||||||||||||||||
Weighted average loan age (months) | 91.0 | 166.7 | 205.8 | ||||||||||||||
Weighted Average loan-to-value | 69.4 | % | 77.0 | % | 62.6 | % | |||||||||||
Delinquency Performance: | |||||||||||||||||
Current | 53.0 | % | 51.9 | % | 53.3 | % | |||||||||||
30 days delinquent | 13.6 | % | 11.4 | % | 10.9 | % | |||||||||||
60 days delinquent | 3.8 | % | 6.7 | % | 6.8 | % | |||||||||||
90+ days delinquent | 25.3 | % | 25.1 | % | 25.4 | % | |||||||||||
Foreclosure | 4.3 | % | 4.9 | % | 3.6 | % |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Count | UPB | % UPB | Collateral Value(1) | % of Collateral Value | State | Count | UPB | % UPB | Collateral Value(1) | % of Collateral Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CA | 914 | $ | 313,452 | 26.1 | % | $ | 577,048 | 28.6 | % | CA | 947 | $ | 329,725 | 27.4 | % | $ | 589,225 | 30.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
FL | 647 | 107,170 | 8.9 | % | 178,338 | 8.9 | % | FL | 655 | 108,293 | 9.0 | % | 174,849 | 8.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
TX | 417 | 42,780 | 3.6 | % | 86,040 | 4.3 | % | TX | 410 | 42,432 | 3.5 | % | 81,810 | 4.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
GA | 354 | 46,093 | 3.8 | % | 75,281 | 3.8 | % | GA | 352 | 45,817 | 3.8 | % | 71,586 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NY | 353 | 108,907 | 9.1 | % | 186,947 | 9.3 | % | NY | 329 | 103,475 | 8.6 | % | 177,524 | 9.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NJ | 317 | 73,272 | 6.1 | % | 102,599 | 5.1 | % | NJ | 287 | 65,764 | 5.5 | % | 89,389 | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MD | 249 | 60,790 | 5.1 | % | 81,391 | 4.0 | % | MD | 248 | 60,082 | 5.0 | % | 77,693 | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NC | 244 | 36,251 | 3.0 | % | 63,018 | 3.1 | % | NC | 240 | 33,146 | 2.8 | % | 52,217 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
IL | 231 | 42,153 | 3.6 | % | 55,526 | 2.8 | % | IL | 227 | 41,410 | 3.5 | % | 54,379 | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
VA | 208 | 43,965 | 3.7 | % | 65,684 | 3.3 | % | VA | 205 | 43,563 | 3.6 | % | 63,132 | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PA | 192 | 22,186 | 1.8 | % | 33,125 | 1.6 | % | PA | 185 | 21,294 | 1.8 | % | 31,248 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MA | 177 | 35,602 | 3.0 | % | 63,344 | 3.1 | % | MA | 177 | 35,454 | 2.9 | % | 61,220 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AZ | 142 | 27,020 | 2.2 | % | 44,976 | 2.2 | % | AZ | 150 | 29,765 | 2.5 | % | 47,835 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SC | 131 | 13,928 | 1.2 | % | 22,251 | 1.1 | % | SC | 129 | 14,206 | 1.2 | % | 22,213 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
TN | 116 | 11,819 | 1.0 | % | 21,502 | 1.1 | % | TN | 115 | 12,721 | 1.1 | % | 22,690 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
OH | 112 | 12,843 | 1.1 | % | 18,149 | 0.9 | % | OH | 110 | 12,929 | 1.1 | % | 17,843 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
WA | 100 | 23,069 | 1.9 | % | 43,969 | 2.2 | % | WA | 104 | 23,874 | 2.0 | % | 43,784 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
IN | 97 | 9,007 | 0.7 | % | 14,960 | 0.7 | % | IN | 98 | 9,180 | 0.8 | % | 14,476 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NV | 94 | 17,817 | 1.5 | % | 29,982 | 1.5 | % | NV | 97 | 18,614 | 1.5 | % | 30,344 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MI | 94 | 12,649 | 1.1 | % | 19,743 | 1.0 | % | MI | 97 | 13,103 | 1.1 | % | 19,832 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CT | 78 | 14,003 | 1.2 | % | 19,054 | 0.9 | % | CT | 77 | 13,529 | 1.1 | % | 18,115 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
LA | 78 | 7,739 | 0.6 | % | 12,404 | 0.6 | % | LA | 76 | 7,631 | 0.6 | % | 11,910 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MO | 75 | 8,443 | 0.7 | % | 11,868 | 0.6 | % | MO | 75 | 9,383 | 0.8 | % | 12,545 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
OR | 69 | 24,054 | 2.0 | % | 46,662 | 2.3 | % | OR | 70 | 24,303 | 2.0 | % | 46,279 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CO | 52 | 10,157 | 0.8 | % | 22,472 | 1.1 | % | CO | 54 | 10,450 | 0.9 | % | 22,665 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MN | 48 | 8,308 | 0.7 | % | 12,824 | 0.6 | % | MN | 49 | 9,121 | 0.8 | % | 13,242 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AL | 47 | 3,870 | 0.3 | % | 5,387 | 0.3 | % | UT | 44 | 6,895 | 0.6 | % | 14,932 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
UT | 44 | 6,844 | 0.6 | % | 15,591 | 0.8 | % | AL | 44 | 3,670 | 0.3 | % | 4,891 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
WI | 42 | 5,510 | 0.5 | % | 7,679 | 0.4 | % | WI | 37 | 4,696 | 0.4 | % | 6,385 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
KY | 36 | 4,129 | 0.3 | % | 6,173 | 0.3 | % | KY | 36 | 4,158 | 0.3 | % | 6,032 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DE | 34 | 6,184 | 0.5 | % | 7,812 | 0.4 | % | DE | 34 | 6,509 | 0.5 | % | 7,999 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NM | 30 | 4,443 | 0.4 | % | 6,412 | 0.3 | % | NM | 30 | 4,450 | 0.4 | % | 6,207 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
OK | 27 | 2,401 | 0.2 | % | 3,748 | 0.2 | % | OK | 27 | 2,511 | 0.2 | % | 3,827 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MS | 27 | 2,144 | 0.2 | % | 3,267 | 0.2 | % | MS | 26 | 2,149 | 0.2 | % | 3,168 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AR | 21 | 1,547 | 0.1 | % | 2,206 | 0.1 | % | AR | 20 | 1,447 | 0.1 | % | 2,016 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
KS | 19 | 1,414 | 0.1 | % | 3,054 | 0.2 | % | KS | 19 | 1,379 | 0.1 | % | 2,897 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DC | 18 | 5,434 | 0.5 | % | 8,499 | 0.4 | % | NH | 18 | 3,223 | 0.3 | % | 5,087 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NH | 18 | 3,207 | 0.3 | % | 5,272 | 0.3 | % | IA | 18 | 1,736 | 0.1 | % | 2,267 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
WV | 18 | 1,336 | 0.1 | % | 1,948 | 0.1 | % | DC | 17 | 5,131 | 0.4 | % | 8,138 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RI | 17 | 3,589 | 0.3 | % | 5,369 | 0.3 | % | WV | 17 | 1,258 | 0.1 | % | 1,830 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
IA | 17 | 1,563 | 0.1 | % | 2,196 | 0.1 | % | HI | 16 | 6,456 | 0.5 | % | 9,305 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
HI | 16 | 6,432 | 0.5 | % | 9,494 | 0.5 | % | RI | 14 | 3,084 | 0.3 | % | 4,481 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ID | 15 | 1,824 | 0.2 | % | 3,848 | 0.2 | % | ID | 12 | 1,496 | 0.1 | % | 2,971 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ME | 10 | 1,362 | 0.1 | % | 1,873 | 0.1 | % | ME | 10 | 1,372 | 0.1 | % | 1,801 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MT | 6 | 1,018 | 0.1 | % | 1,610 | 0.1 | % | MT | 6 | 803 | 0.1 | % | 1,336 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PR | 5 | 596 | — | % | 544 | — | % | PR | 5 | 518 | — | % | 592 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NE | 4 | 564 | — | % | 657 | — | % | SD | 4 | 537 | — | % | 872 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SD | 4 | 535 | — | % | 881 | — | % | NE | 4 | 528 | — | % | 603 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
VT | 3 | 613 | 0.1 | % | 586 | — | % | WY | 3 | 438 | — | % | 356 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
WY | 3 | 435 | — | % | 381 | — | % | ND | 3 | 395 | — | % | 472 | — | % |
ND | 3 | 394 | — | % | 473 | — | % | VT | 2 | 452 | — | % | 518 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AK | 2 | 243 | — | % | 396 | — | % | AK | 2 | 249 | — | % | 391 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
6,075 | $ | 1,201,108 | 100.0 | % | $ | 2,014,513 | 100.0 | % | 6,031 | $ | 1,204,804 | 100.0 | % | $ | 1,967,419 | 100.0 | % |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Class A securities | ||||||||||||||
UPB | $ | — | $ | 49,876 | ||||||||||
Purchase price | $ | — | $ | 49,602 | ||||||||||
Purchase price % of UPB | — | % | 99.5 | % | ||||||||||
Class B securities | ||||||||||||||
UPB | $ | — | $ | 4,656 | ||||||||||
Purchase price | $ | — | $ | 4,623 | ||||||||||
Purchase price % of UPB | — | % | 99.3 | % | ||||||||||
Beneficial interests | ||||||||||||||
Purchase price | $ | — | $ | 7,082 |
Issuing Trust/Issue Date | Interest Rate Step-up Date | Security | Original Principal | Interest Rate | ||||||||||||||||||||||
Non-rated | ||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2017-D/ December 2017 | April 25, 2021 | Class A notes due 2057(1) | $177.8 million | 3.75 | % | |||||||||||||||||||||
None | Class B certificates(1) | $44.5 million | — | % | ||||||||||||||||||||||
Deferred issuance costs | $(1.1) million | — | % | |||||||||||||||||||||||
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(2) | $9.3 million | 3.50 | % | ||||||||||||||||||||||
None | Class B-1 notes due 2065(3) | $7.5 million | 3.50 | % | ||||||||||||||||||||||
None | Class B-2 notes due 2065(3) | $7.1 million | variable(4) | |||||||||||||||||||||||
None | Class B-3 notes due 2065(3) | $12.8 million | variable(4) | |||||||||||||||||||||||
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(2) | $6.1 million | 3.50 | % | ||||||||||||||||||||||
None | Class B-1 notes due 2059(3) | $11.5 million | 3.50 | % | ||||||||||||||||||||||
None | Class B-2 notes due 2059(3) | $10.4 million | variable(4) | |||||||||||||||||||||||
None | Class B-3 notes due 2059(3) | $15.1 million | variable(4) | |||||||||||||||||||||||
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(2) | $7.3 million | 3.70 | % | ||||||||||||||||||||||
None | Class B-1 notes due 2059(3) | $5.9 million | 3.70 | % | ||||||||||||||||||||||
None | Class B-2 notes due 2059(3) | $5.1 million | variable(4) | |||||||||||||||||||||||
None | Class B-3 notes due 2059(3) | $23.6 million | variable(4) | |||||||||||||||||||||||
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(2) | $7.8 million | 3.15 | % | ||||||||||||||||||||||
None | Class B-1 notes due 2065(3) | $5.0 million | 3.80 | % | ||||||||||||||||||||||
None | Class B-2 notes due 2065(3) | $5.0 million | variable(4) |
Issuing Trust/Issue Date | Interest Rate Step-up Date | Security | Original Principal | Interest Rate | ||||||||||||||||||||||
None | Class B-3 notes due 2065(3) | $21.5 million | variable(4) | |||||||||||||||||||||||
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(3) | $20.2 million | 4.00 | % | ||||||||||||||||||||||
Deferred issuance costs | $(4.3) million | — | % |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Maturity Date | Origination date | Maximum Borrowing Capacity | Amount Outstanding | Amount of Collateral | Percentage of Collateral Coverage | Interest Rate | ||||||||||||||||||||||||||||||||
April 5, 2021 | January 6, 2021 | $ | 34,568 | $ | 34,568 | $ | 43,784 | 127 | % | 1.74 | % | |||||||||||||||||||||||||||
April 6, 2021 | January 6, 2021 | 7,530 | 7,530 | 9,723 | 129 | % | 1.79 | % | ||||||||||||||||||||||||||||||
April 6, 2021 | January 6, 2021 | 4,588 | 4,588 | 5,890 | 128 | % | 1.79 | % | ||||||||||||||||||||||||||||||
April 6, 2021 | January 6, 2021 | 4,544 | 4,544 | 5,738 | 126 | % | 1.79 | % | ||||||||||||||||||||||||||||||
April 6, 2021 | January 6, 2021 | 3,233 | 3,233 | 4,667 | 144 | % | 1.94 | % | ||||||||||||||||||||||||||||||
April 9, 2021 | October 13, 2020 | 33,084 | 33,084 | 41,718 | 126 | % | 2.35 | % | ||||||||||||||||||||||||||||||
April 12, 2021 | January 11, 2021 | 5,706 | 5,706 | 7,328 | 128 | % | 1.77 | % | ||||||||||||||||||||||||||||||
April 15, 2021 | January 14, 2021 | 6,582 | 6,582 | 8,145 | 124 | % | 1.83 | % | ||||||||||||||||||||||||||||||
April 20, 2021 | January 20, 2021 | 12,127 | 12,127 | 15,505 | 128 | % | 1.82 | % | ||||||||||||||||||||||||||||||
April 22, 2021 | March 17, 2021 | 3,896 | 3,896 | 5,130 | 132 | % | 1.66 | % | ||||||||||||||||||||||||||||||
April 26, 2021 | January 27, 2021 | 7,982 | 7,982 | 9,279 | 116 | % | 1.21 | % | ||||||||||||||||||||||||||||||
April 26, 2021 | January 27, 2021 | 5,177 | 5,177 | 6,063 | 117 | % | 1.21 | % | ||||||||||||||||||||||||||||||
April 26, 2021 | January 27, 2021 | 6,295 | 6,295 | 7,276 | 116 | % | 1.21 | % | ||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | 11,992 | 11,992 | 14,767 | 123 | % | 1.81 | % | ||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | 11,825 | 11,825 | 15,005 | 127 | % | 1.81 | % | ||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | 5,157 | 5,157 | 6,610 | 128 | % | 1.81 | % | ||||||||||||||||||||||||||||||
April 26, 2021 | February 1, 2021 | 3,892 | 3,892 | 4,876 | 125 | % | 1.81 | % | ||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | 2,794 | 2,794 | 3,662 | 131 | % | 1.81 | % | ||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | 2,369 | 2,369 | 3,360 | 142 | % | 1.96 | % | ||||||||||||||||||||||||||||||
April 30, 2021 | February 1, 2021 | 1,133 | 1,133 | 1,607 | 142 | % | 1.96 | % | ||||||||||||||||||||||||||||||
May 12, 2021 | February 12, 2021 | 3,100 | 3,100 | 4,428 | 143 | % | 1.95 | % | ||||||||||||||||||||||||||||||
June 4, 2021 | March 5, 2021 | 24,453 | 24,453 | 32,366 | 132 | % | 1.54 | % | ||||||||||||||||||||||||||||||
June 4, 2021 | March 5, 2021 | 23,972 | 23,972 | 31,589 | 132 | % | 1.54 | % | ||||||||||||||||||||||||||||||
June 17, 2021 | March 17, 2021 | 9,440 | 9,440 | 11,986 | 127 | % | 1.73 | % | ||||||||||||||||||||||||||||||
June 17, 2021 | March 17, 2021 | 7,803 | 7,803 | 10,166 | 130 | % | 1.73 | % | ||||||||||||||||||||||||||||||
June 17, 2021 | March 17, 2021 | 1,175 | 1,175 | 1,687 | 144 | % | 1.88 | % | ||||||||||||||||||||||||||||||
June 24, 2021 | March 24, 2021 | 2,510 | 2,510 | 3,250 | 129 | % | 1.75 | % | ||||||||||||||||||||||||||||||
July 9, 2021 | July 10, 2020 | 250,000 | 15,724 | 23,488 | 149 | % | 2.61 | % | ||||||||||||||||||||||||||||||
September 23, 2021 | September 24, 2020 | 400,000 | 42,442 | 63,743 | 150 | % | 2.61 | % | ||||||||||||||||||||||||||||||
Totals/weighted averages | $ | 896,927 | $ | 305,093 | $ | 402,836 | 132 | % | 1.93 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Maturity Date | Origination date | Maximum Borrowing Capacity | Amount Outstanding | Amount of Collateral | Percentage of Collateral Coverage | Interest Rate | ||||||||||||||||||||||||||||||||
January 6, 2021 | October 9, 2020 | $ | 35,635 | $ | 35,635 | $ | 46,120 | 129 | % | 2.33 | % | |||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | 7,697 | 7,697 | 10,075 | 131 | % | 2.33 | % | ||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | 6,311 | 6,311 | 9,038 | 143 | % | 2.48 | % | ||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | 4,755 | 4,755 | 6,114 | 129 | % | 2.33 | % | ||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | 4,666 | 4,666 | 6,044 | 130 | % | 2.33 | % | ||||||||||||||||||||||||||||||
January 6, 2021 | September 28, 2020 | 3,213 | 3,213 | 4,667 | 145 | % | 2.48 | % | ||||||||||||||||||||||||||||||
January 11, 2021 | September 29, 2020 | 5,879 | 5,879 | 7,575 | 129 | % | 2.32 | % | ||||||||||||||||||||||||||||||
January 14, 2021 | October 29, 2020 | 6,991 | 6,991 | 8,738 | 125 | % | 2.35 | % | ||||||||||||||||||||||||||||||
January 20, 2021 | October 20, 2020 | 13,263 | 13,263 | 16,582 | 125 | % | 2.22 | % | ||||||||||||||||||||||||||||||
January 29, 2021 | October 30, 2020 | 7,762 | 7,762 | 9,702 | 125 | % | 2.21 | % | ||||||||||||||||||||||||||||||
January 29, 2021 | October 30, 2020 | 7,153 | 7,153 | 9,537 | 133 | % | 2.21 | % | ||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | 12,258 | 12,258 | 16,052 | 131 | % | 1.88 | % | ||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | 12,015 | 12,015 | 15,794 | 131 | % | 1.88 | % | ||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | 5,298 | 5,298 | 6,895 | 130 | % | 1.88 | % | ||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | 3,985 | 3,985 | 5,136 | 129 | % | 1.88 | % | ||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | 2,887 | 2,887 | 3,790 | 131 | % | 1.88 | % | ||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | 2,332 | 2,332 | 3,360 | 144 | % | 2.03 | % | ||||||||||||||||||||||||||||||
February 1, 2021 | December 1, 2020 | 1,132 | 1,132 | 1,607 | 142 | % | 2.03 | % | ||||||||||||||||||||||||||||||
February 12, 2021 | November 13, 2020 | 2,945 | 2,945 | 4,428 | 150 | % | 2.02 | % | ||||||||||||||||||||||||||||||
March 5, 2021 | December 7, 2020 | 24,946 | 24,946 | 33,348 | 134 | % | 1.78 | % | ||||||||||||||||||||||||||||||
March 5, 2021 | December 7, 2020 | 24,312 | 24,312 | 32,571 | 134 | % | 1.78 | % | ||||||||||||||||||||||||||||||
March 17, 2021 | December 17, 2020 | 10,219 | 10,219 | 13,172 | 129 | % | 1.78 | % | ||||||||||||||||||||||||||||||
March 17, 2021 | December 17, 2020 | 8,381 | 8,381 | 10,872 | 130 | % | 1.78 | % | ||||||||||||||||||||||||||||||
March 17, 2021 | December 17, 2020 | 3,894 | 3,894 | 5,193 | 133 | % | 1.78 | % | ||||||||||||||||||||||||||||||
March 17, 2021 | December 17, 2020 | 1,145 | 1,145 | 1,687 | 147 | % | 1.93 | % | ||||||||||||||||||||||||||||||
March 24, 2021 | December 24, 2020 | 7,016 | 7,016 | 10,024 | 143 | % | 1.94 | % | ||||||||||||||||||||||||||||||
March 24, 2021 | December 24, 2020 | 5,008 | 5,008 | 6,637 | 133 | % | 1.79 | % | ||||||||||||||||||||||||||||||
March 24, 2021 | December 24, 2020 | 2,577 | 2,577 | 3,367 | 131 | % | 1.79 | % | ||||||||||||||||||||||||||||||
April 9, 2021 | October 13, 2020 | 33,084 | 33,084 | 43,069 | 130 | % | 2.35 | % | ||||||||||||||||||||||||||||||
July 9, 2021 | July 10, 2020 | 250,000 | 53,256 | 84,337 | 158 | % | 2.64 | % | ||||||||||||||||||||||||||||||
September 23, 2021 | September 24, 2020 | 400,000 | 101,117 | 160,068 | 158 | % | 2.65 | % | ||||||||||||||||||||||||||||||
Totals/weighted averages | $ | 916,759 | $ | 421,132 | $ | 595,599 | 141 | % | 2.29 | % |
Three months ended | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Balance at the end of period | $ | 305,093 | $ | 421,132 | ||||||||||
Maximum outstanding balance during the quarter | $ | 436,296 | $ | 422,322 | ||||||||||
Average balance | $ | 352,739 | $ | 417,973 |
Great Ajax Corp. Ownership | ||||||||||||||||||||||||||||||||||||||
Issuing Trust/Issue Date | Security | Total Original Outstanding Principal | Coupon | Ownership Percent | Original Stated or Notional Principal Balance Retained | Current Owned Stated or Notional Principal Balance Retained | ||||||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2018-A/ April 2018 | Class A notes due 2058 | $ | 91,036 | 3.85 | % | 9.36 | % | $ | 8,521 | $ | 5,738 |
Trust certificates | $ | 22,759 | — | % | 9.36 | % | $ | 2,130 | $ | 2,144 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2018-B/ June 2018 | Class A notes due 2057 | $ | 66,374 | 3.75 | % | 20.00 | % | $ | 13,275 | $ | 5,130 | |||||||||||||||||||||||||||
Trust certificates | $ | 28,447 | — | % | 20.00 | % | $ | 5,689 | $ | 4,097 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2018-D/ September 2018 | Class A notes due 2058 | $ | 80,664 | 3.75 | % | 20.00 | % | $ | 16,133 | $ | 12,973 | |||||||||||||||||||||||||||
Trust certificates | $ | 20,166 | — | % | 20.00 | % | $ | 4,033 | $ | 3,915 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2018-E/ December 2018 | Class A notes due 2058 | $ | 86,089 | 4.38 | % | 5.01 | % | $ | 4,313 | $ | 3,666 | |||||||||||||||||||||||||||
Class B notes due 2058 | $ | 8,035 | 5.25 | % | 20.00 | % | $ | 1,607 | $ | 1,605 | ||||||||||||||||||||||||||||
Trust certificates | $ | 20,662 | — | % | 20.00 | % | $ | 4,132 | $ | 4,130 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2018-F/ December 2018 | Class A notes due 2058 | $ | 180,002 | 4.38 | % | 5.01 | % | $ | 9,018 | $ | 6,610 | |||||||||||||||||||||||||||
Class B notes due 2058 | $ | 16,800 | 5.25 | % | 20.00 | % | $ | 3,360 | $ | 3,360 | ||||||||||||||||||||||||||||
Trust certificates | $ | 43,201 | — | % | 20.00 | % | $ | 8,640 | $ | 8,252 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2018-G/ December 2018 | Class A notes due 2057 | $ | 173,562 | 4.38 | % | 25.00 | % | $ | 43,390 | $ | 25,671 | |||||||||||||||||||||||||||
Class B notes due 2057 | $ | 16,199 | 5.25 | % | 25.00 | % | $ | 4,050 | $ | 4,050 | ||||||||||||||||||||||||||||
Trust certificates | $ | 41,655 | — | % | 25.00 | % | $ | 10,414 | $ | 10,585 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2019-A/ March 2019 | Class A notes due 2057 | $ | 127,801 | 3.75 | % | 20.00 | % | $ | 25,560 | $ | 14,767 | |||||||||||||||||||||||||||
Class B notes due 2057 | $ | 11,928 | 5.25 | % | 20.00 | % | $ | 2,386 | $ | 2,388 | ||||||||||||||||||||||||||||
Trust certificates | $ | 30,672 | — | % | 20.00 | % | $ | 6,134 | $ | 6,137 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2019-B/ March 2019 | Class A notes due 2059 | $ | 163,325 | 3.75 | % | 15.00 | % | $ | 24,499 | $ | 15,005 | |||||||||||||||||||||||||||
Class B notes due 2059 | $ | 15,244 | 5.25 | % | 15.00 | % | $ | 2,287 | $ | 2,287 | ||||||||||||||||||||||||||||
Trust certificates | $ | 39,198 | — | % | 15.00 | % | $ | 5,880 | $ | 5,976 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2019-C/ May 2019 | Class A notes due 2058 | $ | 150,037 | 3.95 | % | 5.00 | % | $ | 7,502 | $ | 5,878 | |||||||||||||||||||||||||||
Class B notes due 2058 | $ | 14,003 | 5.25 | % | 34.00 | % | $ | 4,761 | $ | 4,761 | ||||||||||||||||||||||||||||
Trust certificates | $ | 36,009 | — | % | 34.00 | % | $ | 12,243 | $ | 12,417 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2019-E/ September 2019 | Class A notes due 2059 | $ | 181,101 | 3.00 | % | 6.55 | % | $ | 11,862 | $ | 8,145 | |||||||||||||||||||||||||||
Class B notes due 2059 | $ | 16,903 | 4.88 | % | 20.00 | % | $ | 3,381 | $ | 3,381 | ||||||||||||||||||||||||||||
Trust certificates | $ | 43,464 | — | % | 20.00 | % | $ | 8,693 | $ | 8,558 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2019-G/ December 2019 | Class A notes due 2059 | $ | 141,420 | 3.00 | % | 5.86 | % | $ | 8,287 | $ | 7,328 | |||||||||||||||||||||||||||
Class B notes due 2059 | $ | 13,199 | 4.25 | % | 20.00 | % | $ | 2,640 | $ | 2,640 |
Trust certificates | $ | 33,941 | — | % | 20.00 | % | $ | 6,788 | $ | 6,820 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2019-H/ December 2019 | Class A notes due 2059 | $ | 90,381 | 3.00 | % | 20.00 | % | $ | 18,076 | $ | 11,985 | |||||||||||||||||||||||||||
Class B notes due 2059 | $ | 8,435 | 4.25 | % | 20.00 | % | $ | 1,687 | $ | 1,687 | ||||||||||||||||||||||||||||
Trust certificates | $ | 21,692 | — | % | 20.00 | % | $ | 4,338 | $ | 4,375 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2020-A/ March 2020 | Class A notes due 2059 | $ | 249,384 | 2.38 | % | 20.00 | % | $ | 49,877 | $ | 41,718 | |||||||||||||||||||||||||||
Class B notes due 2059 | $ | 23,276 | 3.50 | % | 20.00 | % | $ | 4,655 | $ | 4,428 | ||||||||||||||||||||||||||||
Trust certificates | $ | 59,852 | — | % | 20.00 | % | $ | 11,970 | $ | 11,934 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2020-C/ September 2020 | Class A notes due 2060 | $ | 339,365 | 2.25 | % | 10.01 | % | $ | 33,970 | $ | 32,366 | |||||||||||||||||||||||||||
Class B notes due 2060 | $ | 21,754 | 5.00 | % | 10.01 | % | $ | 2,178 | $ | 2,178 | ||||||||||||||||||||||||||||
Trust certificates | $ | 73,964 | — | % | 10.01 | % | $ | 7,404 | $ | 7,393 | ||||||||||||||||||||||||||||
Ajax Mortgage Loan Trust 2020-D/ September 2020 | Class A notes due 2060 | $ | 330,721 | 2.25 | % | 10.01 | % | $ | 33,105 | $ | 31,589 | |||||||||||||||||||||||||||
Class B notes due 2060 | $ | 30,867 | 5.00 | % | 10.01 | % | $ | 3,090 | $ | 3,090 | ||||||||||||||||||||||||||||
Trust certificates | $ | 79,373 | — | % | 10.01 | % | $ | 7,945 | $ | 7,934 |
March 31, 2021 | Payments Due by Period | |||||||||||||||||||||||||||||||
Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | More than 5 Years | ||||||||||||||||||||||||||||
Convertible senior notes | $ | 110,850 | $ | — | $ | — | $ | 110,850 | $ | — | ||||||||||||||||||||||
Borrowings under repurchase agreements | 305,093 | 305,093 | — | — | — | |||||||||||||||||||||||||||
Interest on convertible senior notes | 26,456 | 8,039 | 16,073 | 2,344 | — | |||||||||||||||||||||||||||
Interest on repurchase agreements | 997 | 997 | — | — | — | |||||||||||||||||||||||||||
Put obligation on outstanding common stock warrants | 50,707 | — | — | 50,707 | — | |||||||||||||||||||||||||||
Total | $ | 494,103 | $ | 314,129 | $ | 16,073 | $ | 163,901 | $ | — |
December 31, 2020 | Payments Due by Period | |||||||||||||||||||||||||||||||
Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | More than 5 Years | ||||||||||||||||||||||||||||
Convertible senior notes | $ | 113,350 | $ | — | $ | — | $ | 113,350 | $ | — | ||||||||||||||||||||||
Borrowings under repurchase agreements | 421,132 | 421,132 | — | — | — | |||||||||||||||||||||||||||
Interest on convertible senior notes | 29,105 | 8,218 | 16,436 | 4,451 | — | |||||||||||||||||||||||||||
Interest on repurchase agreements | 3,345 | 3,345 | — | — | — | |||||||||||||||||||||||||||
Put obligation on outstanding common stock warrants | 50,707 | — | — | 50,707 | — | |||||||||||||||||||||||||||
Total | $ | 617,639 | $ | 432,695 | $ | 16,436 | $ | 168,508 | $ | — |
Exhibit Number | Exhibit Description | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS** | Inline XBRL Instance Document | |||||||
101.SCH** | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL** | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF** | Inline XBRL Taxonomy Definition Linkbase Document | |||||||
101.LAB** | Inline XBRL Taxonomy Definition Linkbase Document | |||||||
101.PRE** | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104** | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
GREAT AJAX CORP. | |||||||||||
Date: May 7, 2021 | By: | /s/ Lawrence Mendelsohn | |||||||||
Lawrence Mendelsohn | |||||||||||
Chairman and Chief Executive Officer (Principal Executive Officer) | |||||||||||
Date: May 7, 2021 | By: | /s/ Mary Doyle | |||||||||
Mary Doyle | |||||||||||
Chief Financial Officer (Principal Financial and Accounting Officer) |
/s/ Lawrence Mendelsohn | ||
Lawrence Mendelsohn | ||
Chief Executive Officer |
/s/ Mary Doyle | ||
Mary Doyle | ||
Chief Financial Officer |
/s/ Lawrence Mendelsohn | ||
Lawrence Mendelsohn | ||
Chief Executive Officer |
/s/ Mary Doyle | ||
Mary Doyle | ||
Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ 137,579,000 | $ 107,147,000 | ||||||||||||||||||
Cash held in trust | 186,000 | 188,000 | ||||||||||||||||||
Mortgage loans held-for-investment, net | [1],[2] | 991,811,000 | 1,119,372,000 | |||||||||||||||||
Mortgage loans held-for-sale, net | [3],[4] | 131,719,000 | 0 | |||||||||||||||||
Real estate owned properties, net | [5] | 7,098,000 | 8,526,000 | |||||||||||||||||
Investment in debt securities | 264,700,000 | 273,800,000 | ||||||||||||||||||
Receivable from servicer | 18,847,000 | 15,755,000 | ||||||||||||||||||
Investments in affiliates | 28,294,000 | 28,616,000 | ||||||||||||||||||
Prepaid expenses and other assets | 11,864,000 | 8,876,000 | ||||||||||||||||||
Total assets | 1,686,973,000 | 1,653,732,000 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured borrowings, net | [1],[2],[3],[4],[6] | 740,035,000 | 585,403,000 | |||||||||||||||||
Borrowings under repurchase transactions | 305,093,000 | 421,132,000 | ||||||||||||||||||
Convertible senior notes, net | [6] | 107,971,000 | 110,057,000 | |||||||||||||||||
Management fee payable | 2,270,000 | 2,247,000 | ||||||||||||||||||
Put option liability | 16,149,000 | 14,205,000 | ||||||||||||||||||
Accrued expenses and other liabilities | 5,920,000 | 6,197,000 | ||||||||||||||||||
Total liabilities | 1,177,438,000 | 1,139,241,000 | ||||||||||||||||||
Commitments and contingencies – see Note 8 | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Common stock $0.01 par value; 125,000,000 shares authorized, 22,988,847 shares issued and outstanding at March 31, 2021 and 22,978,339 shares issued and outstanding at December 31, 2020 | 231,000 | 231,000 | ||||||||||||||||||
Additional paid-in capital | 314,709,000 | 317,424,000 | ||||||||||||||||||
Treasury stock | (1,159,000) | (1,159,000) | ||||||||||||||||||
Retained earnings | 56,500,000 | 53,346,000 | ||||||||||||||||||
Accumulated other comprehensive gain | 1,681,000 | 375,000 | ||||||||||||||||||
Equity attributable to stockholders | 487,106,000 | 485,361,000 | ||||||||||||||||||
Non-controlling interests | [7] | 22,429,000 | 29,130,000 | |||||||||||||||||
Total equity | 509,535,000 | 514,491,000 | ||||||||||||||||||
Total liabilities and equity | 1,686,973,000 | 1,653,732,000 | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Investment in debt securities | [8] | 264,682,000 | 273,834,000 | |||||||||||||||||
Beneficial interests in securitization trusts | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Investment in debt securities | [9] | 94,893,000 | 91,418,000 | |||||||||||||||||
7.25% Series A preferred stock | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized | 51,100,000 | 51,100,000 | ||||||||||||||||||
5.00% Series B preferred stock | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized | $ 64,044,000 | $ 64,044,000 | ||||||||||||||||||
|
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|||||||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | ||||||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 | ||||||
Common stock, shares issued (in shares) | 22,988,847 | 22,978,339 | ||||||
Common stock, shares outstanding (in shares) | 22,988,847 | 22,978,339 | ||||||
Mortgage loans | $ 859,300,000 | $ 842,200,000 | ||||||
Allowance for loan credit losses | 17,890,000 | 13,712,000 | ||||||
Mortgage loans held-for-sale, net | [1],[2] | 131,719,000 | 0 | |||||
Property held-for-sale, valuation allowances | 1,300,000 | 1,400,000 | ||||||
Basis | 263,000,000.0 | 273,400,000 | ||||||
Debt securities accumulated unrealized gain (loss) | 1,700,000 | 400,000 | ||||||
Noncontrolling interest | [3] | $ 22,429,000 | $ 29,130,000 | |||||
Series A preferred stock | ||||||||
Preferred stock, fixed-to-floating rate cumulative redeemable | 7.25% | |||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25.00 | $ 25.00 | ||||||
Preferred stock, shares issued (in shares) | 2,307,400 | 2,307,400 | ||||||
Preferred stock, shares outstanding (in shares) | 2,307,400 | 2,307,400 | ||||||
Series B preferred stock | ||||||||
Preferred stock, fixed-to-floating rate cumulative redeemable | 5.00% | |||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25.00 | $ 25.00 | ||||||
Preferred stock, shares issued (in shares) | 2,892,600 | 2,892,600 | ||||||
Preferred stock, shares outstanding (in shares) | 2,892,600 | 2,892,600 | ||||||
Beneficial interests in securitization trusts | ||||||||
Allowance for loan credit losses | $ 5,500,000 | $ 4,500,000 | ||||||
Common stock, par value $0.01 per share | ||||||||
Common stock, shares outstanding (in shares) | 22,988,847 | 22,988,847 | ||||||
Consolidated entities | ||||||||
Mortgage loans | $ 0 | $ 307,100,000 | ||||||
Secured borrowings, net | 97,300,000 | 250,600,000 | ||||||
Noncontrolling interest | $ 20,800,000 | $ 27,400,000 | ||||||
2017-D | ||||||||
Percentage of ownership interests in joint venture | 50.00% | |||||||
2017-D | Great Ajax Corp | ||||||||
Ownership percentage by parent | 50.00% | 50.00% | ||||||
2018-C | ||||||||
Percentage of ownership interests in joint venture | 37.00% | |||||||
2018-C | Great Ajax Corp | ||||||||
Ownership percentage by parent | 100.00% | |||||||
2018-C | Third party | ||||||||
Ownership percentage by parent | 63.00% | |||||||
Investment in AS Ajax E II LLC | ||||||||
Percentage of ownership interests in joint venture | 53.10% | 53.10% | ||||||
Investment in AS Ajax E II LLC | Great Ajax Corp | ||||||||
Percentage of ownership interests in joint venture | 53.10% | 53.10% | ||||||
Investment in AS Ajax E II LLC | Consolidated entities | ||||||||
Noncontrolling interest | $ 1,500,000 | |||||||
Investment in AS Ajax E II LLC | Consolidated entities | Great Ajax Corp | ||||||||
Noncontrolling interest | $ 1,400,000 | |||||||
Great Ajax II REIT | Great Ajax Corp | ||||||||
Ownership percentage by parent | 99.90% | 99.90% | ||||||
Great Ajax II REIT | Consolidated entities | ||||||||
Noncontrolling interest | $ 200,000 | |||||||
Great Ajax II REIT | Consolidated entities | Great Ajax Corp | ||||||||
Noncontrolling interest | $ 200,000 | |||||||
|
CONSOLIDATED STATEMENTS OF INCOME (Parentheticals) $ in Thousands |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
loan
|
Mar. 31, 2020
USD ($)
loan
|
Dec. 31, 2020
USD ($)
|
[1],[2] | ||||||||
Number of sold loans | loan | 0 | 26 | |||||||||
Carrying value of mortgages | $ 991,811 | [1],[2] | $ 26,100 | $ 1,119,372 | |||||||
Unpaid principal balance | 26,200 | ||||||||||
Loss on sale of mortgage loans | [3] | $ 0 | (705) | ||||||||
Mortgage loans | 2019-C | |||||||||||
Carrying value of mortgages | $ 26,100 | ||||||||||
|
CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Consolidated net income attributable to common stockholders | $ 7,004 | $ 400 |
Other comprehensive income/(loss): | ||
Net unrealized gain/(loss) on investments in available-for-sale debt securities | 1,306 | (28,444) |
Income tax expense related to items of other comprehensive income | 0 | 0 |
Comprehensive income/(loss) | $ 8,310 | $ (28,044) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Consolidated net income | $ 10,642 | $ 1,496 | ||
Adjustments to reconcile net income to net cash from operating activities | ||||
Stock-based compensation expense | 294 | 214 | ||
Non-cash interest income accretion on mortgage loans | (5,878) | (9,450) | ||
Interest and discount accretion on investment in debt securities | (2,476) | (122) | ||
Discount accretion on investment in beneficial interests | (3,600) | (2,672) | ||
Loss on sale of mortgage loans | [1] | 0 | 705 | |
Loss on debt extinguishment | 911 | 408 | ||
Gain on sale of property held-for-sale | (105) | (286) | ||
Depreciation of property | 3 | 8 | ||
Impairment of real estate owned | 171 | 897 | ||
Provision for (benefit)/losses on mortgage loans | (5,500) | 1,893 | ||
Amortization of credit loss expense on mortgage loans | 454 | 229 | ||
Provision for (benefit)/losses on beneficial interests | (15) | 169 | ||
Amortization of credit loss expense on beneficial interests | 139 | 2,818 | ||
Amortization of debt discount and prepaid financing costs | 1,613 | 1,316 | ||
Undistributed (income)/loss from investment in affiliates | (163) | 1,112 | ||
Fair value adjustment on put option liability | 1,944 | 0 | ||
Other non-cash loan charges | 6 | 0 | ||
Net change in operating assets and liabilities | ||||
Prepaid expenses and other assets | (4,468) | (28,878) | ||
Receivable from Servicer | (3,092) | (278) | ||
Accrued expenses, management fee payable, and other liabilities | (254) | 12 | ||
Net cash from operating activities | (9,374) | (30,409) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of mortgage loans and related balances | (35,637) | (1,391) | ||
Principal paydowns on mortgage loans | 43,578 | 34,597 | ||
Proceeds from sale of mortgage loans | 0 | 25,412 | ||
Draws on small balance commercial loans | (85) | 0 | ||
Purchase of securities | 0 | (61,306) | ||
Principal and interest collection on debt securities | 12,935 | 10,233 | ||
Proceeds from sale of property held-for-sale | 1,587 | 3,017 | ||
Distribution from affiliates | 485 | 453 | ||
Net cash from investing activities | 22,863 | 11,015 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from repurchase transactions | 89,652 | 72,417 | ||
Repayments on repurchase transactions | (205,691) | (55,440) | ||
Proceeds from sale of secured borrowings | 391,028 | 0 | ||
Repayments on secured borrowings | (225,232) | (22,599) | ||
Deferred financing costs | (7,301) | (34) | ||
Purchase of bonds for non-controlling interest in subsidiaries | (5,887) | 0 | ||
Repurchase of the Company's senior convertible notes | (2,430) | (8,176) | ||
Sale of common stock pursuant to dividend reinvestment plan | 47 | 0 | ||
Redemption of non-controlling interest in subsidiaries | (11,362) | 0 | ||
Distribution to non-controlling interests | (84) | (84) | ||
Issuance of non-controlling interests in subsidiaries | 0 | 145 | ||
Dividends on common stock and preferred stock | (5,799) | 0 | ||
Net cash from financing activities | 16,941 | (13,771) | ||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST | 30,430 | (33,165) | ||
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period | 107,335 | 64,363 | ||
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period | 137,765 | 31,198 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||
Cash paid for interest | 8,441 | 11,249 | ||
Cash paid for income taxes | 0 | 0 | ||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net | 131,719 | 0 | ||
Unrealized gain on available for sale securities, net of non-controlling interest and tax | 1,306 | 28,444 | ||
Net transfer of loans to rental property or property held-for-sale | 228 | 814 | ||
Issuance of common stock for management fee and compensation expense | 294 | 214 | ||
Non-cash adjustments to basis in mortgage loans | 1,324 | 31 | ||
Issuance of common stock for dividends | 0 | 7,097 | ||
Treasury stock received through distributions from investment in Manager | 0 | 56 | ||
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows | $ 137,765 | $ 31,198 | ||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands |
Total |
Total Stockholders’ Equity |
Common stock |
Treasury stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated other comprehensive gain/(loss) |
Non-controlling Interest |
7.25% Series A preferred stock |
Preferred stock - Series B shares |
---|---|---|---|---|---|---|---|---|---|---|
Preferred stock - beginning balance (in shares) at Dec. 31, 2019 | 0 | 0 | ||||||||
Preferred stock - beginning balance at Dec. 31, 2019 | $ 0 | $ 0 | ||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 22,142,143 | |||||||||
Beginning balance at Dec. 31, 2019 | $ 384,084 | $ 359,882 | $ 222 | $ (458) | $ 309,395 | $ 49,446 | $ 1,277 | $ 24,202 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated net income | 1,496 | 400 | 400 | 1,096 | ||||||
Issuance of shares of subsidiary | 145 | 145 | 145 | |||||||
Stock-based compensation expense (in shares) | 2,600 | |||||||||
Stock-based compensation expense | 214 | 214 | 214 | |||||||
Dividends declared and distributions (in shares) | 781,222 | |||||||||
Dividends declared and distributions | (84) | $ 8 | 7,089 | (7,097) | (84) | |||||
Issuance of shares under dividend reinvestment plan (in shares) | 0 | |||||||||
Convertible senior notes repurchase | (81) | (81) | (81) | |||||||
Other comprehensive income/(loss) | (28,444) | (28,444) | (28,444) | |||||||
Treasury stock (in shares) | (4,030) | |||||||||
Treasury stock | (56) | (56) | (56) | |||||||
Ending balance (in shares) at Mar. 31, 2020 | 22,921,935 | |||||||||
Ending balance at Mar. 31, 2020 | 357,274 | 332,060 | $ 230 | (514) | 316,762 | 42,749 | (27,167) | 25,214 | ||
Preferred stock - ending balance at Mar. 31, 2020 | $ 0 | $ 0 | ||||||||
Preferred stock - ending balance (in shares) at Mar. 31, 2020 | 0 | 0 | ||||||||
Preferred stock - beginning balance (in shares) at Dec. 31, 2019 | 0 | 0 | ||||||||
Preferred stock - beginning balance at Dec. 31, 2019 | $ 0 | $ 0 | ||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 22,142,143 | |||||||||
Beginning balance at Dec. 31, 2019 | $ 384,084 | 359,882 | $ 222 | (458) | 309,395 | 49,446 | 1,277 | 24,202 | ||
Ending balance (in shares) at Dec. 31, 2020 | 22,978,339 | 22,988,847 | ||||||||
Ending balance at Dec. 31, 2020 | $ 514,491 | 485,361 | $ 231 | (1,159) | 317,424 | 53,346 | 375 | 29,130 | ||
Preferred stock - ending balance at Dec. 31, 2020 | $ 51,100 | $ 64,044 | ||||||||
Preferred stock - ending balance (in shares) at Dec. 31, 2020 | 2,307,400 | 2,892,600 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated net income | 10,642 | 8,953 | 8,953 | 1,689 | ||||||
Stock-based compensation expense (in shares) | 6,280 | |||||||||
Stock-based compensation expense | 294 | 294 | 294 | |||||||
Dividends declared and distributions | (5,883) | (5,799) | (5,799) | (84) | ||||||
Issuance of shares under dividend reinvestment plan (in shares) | 4,228 | |||||||||
Issuance of shares under dividend reinvestment plan | 47 | 47 | 47 | |||||||
Redemption of non-controlling interest in subsidiaries | (11,362) | (3,056) | (3,056) | (8,306) | ||||||
Convertible senior notes repurchase | 0 | |||||||||
Other comprehensive income/(loss) | 1,306 | 1,306 | 1,306 | |||||||
Treasury stock | $ 0 | |||||||||
Ending balance (in shares) at Mar. 31, 2021 | 22,988,847 | 22,988,847 | ||||||||
Ending balance at Mar. 31, 2021 | $ 509,535 | $ 487,106 | $ 231 | $ (1,159) | $ 314,709 | $ 56,500 | $ 1,681 | $ 22,429 | ||
Preferred stock - ending balance at Mar. 31, 2021 | $ 51,100 | $ 64,044 | ||||||||
Preferred stock - ending balance (in shares) at Mar. 31, 2021 | 2,307,400 | 2,892,600 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Stockholders' Equity [Abstract] | ||
Dividends payable (in dollars per share) | $ 0.17 | $ 0.32 |
Organization and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
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 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. The Company also acquires and originates small balance commercial loans (“SBC loans”). The SBC loans that the Company opportunistically targets, through acquisitions, or originations, 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. Historically, the Company has also targeted investments in non-performing loans (“NPL”). NPLs are loans on which the most recent three payments have not been made. The Company may acquire NPLs from time to time, either directly or with joint venture partners. The Company’s manager is Thetis Asset Management LLC (the “Manager” or “Thetis”), an affiliated company. The Company owns 19.8% of the Manager and 8.0% of Great Ajax FS LLC ("GAFS" or "The Parent of the Servicer") which owns substantially all of the interest in Gregory Funding LLC ("Gregory" or the "Servicer"), the Company's loan and real property servicer that is also an affiliated company. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership (the “Operating Partnership”), and its subsidiaries. The Company, through a wholly owned subsidiary, is the sole general partner of the Operating Partnership. GA-TRS LLC ("GA-TRS") is a wholly owned subsidiary of the Operating Partnership that owns the equity interest in the Manager and the Parent of the Servicer. The Company elected to treat GA-TRS as a taxable REIT subsidiary (“TRS”) under the Code. Great Ajax Funding LLC is a wholly owned subsidiary of the Operating Partnership formed to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts and any additional trusts the Company may form for additional secured borrowings. The Company generally securitizes its mortgage loans through securitization trusts and retains subordinated securities from the secured borrowings. These trusts are considered to be variable interest entities ("VIEs"), and the Company has determined that it is the primary beneficiary of many of these VIEs. AJX Mortgage Trust I and AJX Mortgage Trust II are wholly owned subsidiaries of the Operating Partnership formed to hold mortgage loans used as collateral for financings under the Company’s repurchase agreements. In addition, the Company, through its Operating Partnership, holds real estate owned properties (“REO”) 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 March 31, 2021, held 99.9% of Great Ajax II REIT Inc. which holds an interest in Great Ajax II Depositor LLC which acts as the depositor of mortgage loans into rated securitization trusts and holds the subordinated securities issued by such trusts and any additional trusts the Company may form for additional secured borrowings. The Company has securitized mortgage loans through 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 these VIEs. In 2018, the Company formed Gaea Real Estate Corp. ("Gaea"), a wholly owned subsidiary of the Operating partnership to hold investments in multi-family, mixed use commercial real estate. The Company had elected to treat Gaea as a TRS under the Code. 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. The Company also formed BFLD Holdings LLC, Gaea Commercial Properties LLC, Gaea Commercial Finance LLC and Gaea RE LLC as subsidiaries of Gaea Real Estate Operating Partnership. In 2019, the Company formed DG Brooklyn Holdings, LLC also as 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 in which it raised $66.3 million from the issuance of 4,419,641 shares of its common stock to third parties to allow Gaea to continue to advance its investment strategy. The purchase price per share was $15.00. Upon completion of the private placement, the Company retained ownership of approximately 23.2% of Gaea with third party investors owning the remaining approximately 76.8%. Prior to the date of the capital raise, the Company consolidated Gaea's balance sheet and results of operations. At March 31, 2021 the Company owned approximately 22.9% of Gaea. From the date of the capital raise forward, the Company accounts for its investment in Gaea under the equity method. Basis of Presentation and Use of Estimates The consolidated interim financial statements should be read in conjunction with the Company's consolidated financial statements and the notes thereto for the period ended December 31, 2020, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 5, 2021. Interim financial statements are unaudited and prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2021. The consolidated interim financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to interim financial statements. The Company consolidates the results and balances of three subsidiaries with non-controlling ownership interests held by third parties. AS Ajax E II LLC ("AS Ajax E II") holds a 5.0% interest in a Delaware trust owns residential mortgage loans and residential real estate assets; AS Ajax E II is 53.1% owned by the Company. Ajax Mortgage Loan Trust 2017-D ("2017-D") is a securitization trust that holds mortgage loans, REO property and secured debt; 2017-D is 50.0% owned by the Company. Great Ajax II REIT Inc. which holds an interest in 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 and is 99.9% owned by the Company as of March 31, 2021 and December 31, 2020. 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 first quarter of 2021, the Company acquired the remaining ownership of Ajax Mortgage Loan Trusts 2018-C ("2018-C"), a subsidiary that previously had non-controlling ownership interest held by third parties and was 63.0% owned by the Company as of December 31, 2020 and consolidated in the Company's consolidated financial statements. As a result of the transaction at March 31, 2021, the non-controlling ownership interest in 2018-C held by third parties is zero. At inception, the Operating Partnership was a majority owned partnership that had a non-controlling ownership interest held by an unaffiliated third party included in non-controlling interests on the Company’s consolidated balance sheet. At December 31, 2018, the Company owned 96.8% of the outstanding operating partnership units ("OP Units") and the remaining 3.2% of the OP Units were owned by the unaffiliated holder. The OP units were exchangeable on a 1-for-1 basis with shares of the Company’s common stock. During the second quarter of 2019, all 624,106 OP units held by the unaffiliated holder were exchanged for shares of the Company’s common stock. As a result, at March 31, 2021, the Operating Partnership was 100% owned by the Company. All controlled subsidiaries are included in the Company's consolidated financial statements and all intercompany accounts and transactions have been eliminated in consolidation. The Company’s 19.8% investment in the Manager and 8.0% investment in 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 the Manager or GAFS since each is privately held. 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.
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Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2021 | |
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, prior to the adoption of ASU 2016-13, Financial Instruments - Credit Losses, otherwise known as CECL, on January 1, 2020, the Company was required to account for the mortgage loans pursuant to ASC 310-30, Accounting for Loans with Deterioration in Credit Quality. Under both standards, the Company’s recognition of interest income for loans with deteriorated credit quality ("PCD loans") is based upon its 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. Under both CECL and ASC 310-30, 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. However, CECL allows more flexibility to the Company to adjust its loan pools as the underlying risk factors change over time. Under ASC 310-30, RPLs were determined by the Company to have common risk characteristics and were accounted for as a single loan pool for loans acquired within each three-month calendar quarter. Similarly, NPLs were determined to have common risk characteristics and were accounted for as a single non-performing pool for loans acquired within each three-month calendar quarter. The result was generally two additional pools (RPLs and NPLs) each quarter. Under CECL, the Company has re-aggregated its loan pools around similar risk factors, while eliminating the previous distinction for the quarter in which loans were acquired. This resulted in a reduction of the number of loan pools to four as of March 31, 2020. The number of pools was then re-evaluated and increased to six as of June 30, 2020 through December 31, 2020 and is at five loan pools as of March 31, 2021. Each loan pool is oriented around 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 credit losses. Under CECL, upon the acquisition of PCD loans the Company records the acquisition as three separate elements for 1) the amount of purchase discount which the Company expects to recover through eventual repayment by the borrower, 2) an allowance for future expected credit loss and 3) the 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. Cash flows expected at acquisition include all cash flows directly related to the acquired 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. If the Company expects to collect greater cash flows over the life of the pool, any prior allowance is reversed to the extent of the increase and the expected yield to maturity is adjusted on a prospective basis. The allowance for credit losses is increased when the Company estimates it will not collect all amounts previously estimated to be collectible. Increases in loan yield expectations, whether caused by timing or loan performance, are reported in the period in which they arise and are reflected as a reduction in the provision for losses even if no provision expense was previously recorded. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the loan pools as well as other factors, such as the fair value of the underlying collateral. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. The Company’s mortgage loans are secured by real estate. The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. Borrower payments on the Company’s mortgage loans are classified as principal, interest, payments of fees, or escrow deposits. Amounts applied as interest on the borrower account are similarly classified as interest for accounting purposes and are classified as operating cash flows in the Company’s consolidated Statement of Cash Flows. Amounts applied as principal on the borrower account including amounts contractually due from borrowers that exceed the Company’s basis in loans purchased at a discount, are similarly classified as principal for accounting purposes and are classified as investing cash flows in the consolidated Statement of Cash Flows as required under U.S. GAAP. Amounts received as payments of fees are recorded in Other income and classified as operating cash flows in the consolidated Statement of Cash Flows. Escrow deposits are recorded on the Servicer’s balance sheet and do not impact the Company’s cash flow. Non PCD Loans While the Company generally acquires loans that have experienced deterioration in credit quality, it also acquires loans that have not experienced a deterioration in credit quality and originates SBC loans which are also subject to the provisions of CECL as discussed above. As of December 31, 2020, the Company accounted for its non-PCD loans by estimating any allowance for credit losses for its non-PCD loans based on historical experience and the risk characteristics of the individual loans. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral dependent. For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is the difference between the present value of the expected future cash flows from the loan and the contractual balance due. Investments in Securities at Fair Value The Company’s Investments in Securities at Fair Value as of March 31, 2021 and December 31, 2020 consist of investments in senior and subordinate notes issued by joint ventures which the Company forms with third party institutional accredited investors. The Company recognizes income on the debt securities using the effective interest method. Additionally, the notes are classified as available for sale and are carried at fair value with changes in fair value reflected in the Company's consolidated statements of comprehensive income. The Company marks its investments to fair value using prices received from its financing counterparties and believes any unrealized losses on its debt securities to be temporary. Any other-than-temporary losses, which represent the excess of the amortized cost basis over the present value of expected future cash flows, are recognized in the period identified in the Company’s consolidated statements of income. Risks inherent in the Company's debt securities portfolio, affecting both the valuation of its securities as well as the portfolio's interest income and recovery of principal include the risk of default, delays and inconsistency in the frequency and amount of payments, risks affecting borrowers such as man-made or natural disasters and damage to or delay in realizing the value of the underlying collateral. The Company monitors the credit quality of the mortgage loans underlying its debt securities on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. Investments in Beneficial Interests The Company’s Investments in beneficial interests as of March 31, 2021 and December 31, 2020 consist of investments in the trust certificates issued by joint ventures which the Company forms with third party institutional accredited investors. The trust certificates represent the residual interest of any special purpose entity formed to facilitate certain investments. The Company adopted CECL with respect to its Investment in beneficial interests on January 1, 2020. The methodology is similar to that described in "Mortgage Loans" except that the Company only recognizes its ratable share of gain, loss, income or expense. Real Estate The Company acquires real estate properties directly through purchases, when it forecloses on the borrower and takes title to the underlying property, or 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. Rental properties are intended to be held as long-term investments but may eventually be reclassified as held-for-sale. Property that arose through conversions of mortgage loans in the Company's portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property or the borrower surrenders the deed in lieu of foreclosure is generally held for investment as rental property if the cash flows from use as a rental exceed the present value of expected cash flows from a sale. The Company also acquires rental properties through direct purchases of properties for its rental portfolio. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of 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, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. The cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. Renovations are performed by the Servicer, and those costs are then reimbursed to the Servicer. Any renovations on properties which the Company elects to hold as rental properties are capitalized as part of the property’s basis and depreciated over the remaining estimated useful life of the property. The Company may perform property renovations to maximize the value of a property for either its rental strategy or for resale. Preferred Stock During the quarter ended June 30, 2020, the Company issued an aggregate of $125.0 million, net of offering costs, of preferred stock in two series and warrants to third party 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, each at a purchase price per share of $25.00. The shares have a liquidation preference of $25.00 per share. Put Option Liability As part of the Company’s capital raise transactions during the quarter 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. 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. The warrants were recorded as a liability in the Company's consolidated balance sheet as a put option liability with an original basis of $9.5 million. The Company is accreting the amount of the liability under the effective interest method to its expected future put value of $50.7 million and marks the obligation to market through earnings at each balance sheet date. The Company determines the fair value using a discounted cash flow method. 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 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 deferred costs when incurred and amortized over the contractual life of the related borrowing. Convertible Senior Notes On April 25, 2017, the Company completed the public offer and sale of $87.5 million in aggregate principal amount of its convertible senior notes (the “notes”) due 2024, with follow-on offerings of an additional $20.5 million and $15.9 million, respectively, in aggregate principal amount completed on August 18, 2017 and November 19, 2018, respectively, which, combined with the notes from the April offering form a single series of fungible securities. The notes bear interest at a rate of 7.25% per annum, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The notes will mature on April 30, 2024, unless earlier repurchased, converted or redeemed. During certain periods and subject to certain conditions the notes will be convertible by their holders into shares of the Company’s common stock at a conversion rate of 1.7279 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.47 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. Coupon interest on the notes is recognized using the accrual method of accounting. Discount and deferred issuance costs are carried on the Company’s consolidated balance sheets as a deduction from the notes, and are amortized to interest expense on an effective yield basis through April 30, 2023, the date at which the notes can be converted. The Company assumes the debt will be converted at the specified conversion date for purposes of amortizing issuance costs because the Company believes such conversion will be in the economic interest of the holders. A cumulative discount at issuance of $3.2 million, representing the fair value of the embedded conversion feature, was recorded to stockholder equity. No sinking fund has been established for redemption of the principal. During the first quarter of 2021, the Company completed a convertible note repurchase with a principal amount of $2.5 million for a purchase price of $2.4 million. The carrying amount of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first quarter of 2021 transaction was zero. During the first and third quarter of 2020, the Company completed a series of convertible note repurchases for aggregate principal amounts of $8.0 million and $2.5 million, respectively, for total purchase prices of $8.2 million and $2.3 million, respectively. The carrying amounts of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first and third quarter of 2020 transactions were $0.1 million and zero, respectively. 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 May 1, 2020, expiring on March 5, 2034. Under the Management Agreement, the Manager implements the Company’s business strategy and manages the Company’s business and investment activities and day-to-day operations, subject to oversight by the Company’s Board of Directors. Among other services, the Manager provides the Company with a management team and necessary administrative and support personnel. Additionally, the Company pays directly for the internal audit function that reports directly to the Audit Committee and the Board of Directors. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement, the Company pays a quarterly base management fee based on its stockholders’ equity, including equity equivalents such as the Company's issuance of convertible senior notes, and may be required to pay a quarterly incentive management fee based on its cash distributions to its stockholders, and has the option to pay up to 100% of the base and incentive fees in cash rather than in half cash and half shares of its common stock. Management fees are expensed in the quarter incurred and the portion payable in common stock (if any) is included in stockholders’ equity 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 unpaid principal balance (“UPB”) to 1.25% annually of UPB for loans that are non-performing at acquisition. For certain of the Company's joint ventures, the servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% on a loan-by-loan basis for any loan that makes seven consecutive payments. Servicing fees are paid monthly. The total fees incurred by the Company for these services depend upon the UPB and type of mortgage loans that the Servicer services pursuant to the terms of the Servicing Agreement. The fees do not change if an RPL becomes non-performing or vice versa. Servicing fees for the Company’s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. The Servicer is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations undertaken on the Company’s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and the type of mortgage loans that the Servicer services, property values, previous UPB of the relevant loan, and the number of REO properties. The Servicing Agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the Servicing Agreement if the Servicing Agreement is terminated for any reason. See Note 10 — Related party transactions. Stock-based Payments At least a portion of the management fee is payable in cash, and a portion of the management fee may be payable (at the Company's discretion) in shares of the Company’s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act of 1933, as amended (the “Securities Act”). The number of shares issued to the Manager (if any) are determined based on the higher of the most recently reported book value or the average of the closing prices of the Company's common stock on the New York Stock Exchange ("NYSE") on the five business days after the date on which the most recent regular quarterly dividend to holders of the common stock is paid. Any management fees paid in common stock are recognized as an expense in the quarter incurred and recorded in stockholders' equity 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 award, including grants of long-term incentive plan units (“LTIP Units”) from the Operating Partnership, available for issuance under the Director Plan is 76,000 shares. The Company issued to each of its independent directors restricted stock awards of 2,000 shares of its common stock upon joining the Board of Directors. The Company may also periodically issue additional restricted stock awards to its independent directors under the Director Plan. In addition, each of the Company’s independent directors receives an annual fee of $100,000, payable quarterly, 40% in shares of the Company’s common stock and 60% in cash. Stock-based expense for the directors’ annual fee is expensed as earned, in equal quarterly amounts during the year, and recorded in stockholders' equity at quarter end. On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”) 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 exercise of all outstanding options and the conversion of all warrants and convertible senior notes, including OP Units and any LTIP Units, 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. The share grants vest over three years, with one third of the shares vesting on each of the first, second and third anniversaries of the grant date. The shares may not be sold until the third anniversary of the grant date. Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ Equity in the period in which it is incurred. Variable Interest Entities In the normal course of business, the Company enters into various types of transactions with special purpose entities, which have primarily consisted of trusts established for the Company’s secured borrowings (see “Secured Borrowings” above and Note 9 to the consolidated financial statements). Additionally, from time to time, the Company may enter into joint ventures with unrelated entities, which also generally involves the formation of a special purpose entity. The Company evaluates each transaction and its resulting beneficial interest to determine if the entity formed pursuant to the transaction should be classified as a VIE. If an entity created in a transaction meets the definition of a VIE and the Company determines that it or a consolidated subsidiary is the primary beneficiary, the Company will include the entity in its consolidated financial statements. Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company generally maintains cash and cash equivalents at insured banking institutions with minimum assets of $1 billion. Certain account balances exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash Held in Trust Cash held in trust consists of restricted cash balances either legally due to lenders or held in trust for the benefit of the Company's secured borrowings, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purpose other than the settlement of existing obligations. Earnings per Share The Company grants restricted 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 the outstanding warrants. Under the Treasury Stock method, the exercise of the warrants is assumed at the beginning of the period, and shares of common stock are assumed to have been issued. The proceeds from the exercise are assumed to be used by the Company to repurchase treasury stock, thereby reducing the assumed dilution from the warrant exercise. In applying the Treasury Stock method, all dilutive potential common shares, regardless of whether they are exercisable, are treated as if they had been exercised. In the event that any of the adjustments normally included to arrive at diluted earnings per share were to produce an anti-dilutive result, one that either increased earnings or reduced the quantity of shares used in the calculation, the anti-dilutive adjustment would not be included in the diluted earnings per share calculation. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: •Level 1 — Quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction. The fair value of mortgage loans is estimated using the Manager’s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loans. The value of transfers of mortgage loans to REO is based upon the present value of future expected cash flows of the loans being transferred. The Company values its investments in debt securities using estimates provided by its financing counterparties. The Company also relies on the Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on these investments as a comparison to the estimates received from financing counterparties. The Company also relies on its Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on its investments in beneficial interests. The Company's investment in the Manager is valued by applying an earnings multiple to base fee revenue. The Company's investments in AS Ajax E LLC and AS Ajax E II LLC are valued using estimates provided by financing counterparties and other publicly available information. The fair value of the Company's investment in GAFS, including warrants, is determined by applying an earnings multiple to expected earnings. The fair value of the Company's investment in Gaea is estimated using a projected net operating income for its property portfolio. The fair value of the Company's investment 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 the Company's put option liability is adjusted to approximate market value through earnings. Fair value is determined using a discounted cash flow methodology based on the future value of the liability. The fair value of secured borrowings is estimated using estimates provided by the Company's financing counterparties, which are compared for reasonableness to the Manager’s proprietary pricing model which estimates expected cash flows of the underlying mortgage loans collateralizing the debt. The Company’s borrowings under its repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE under the ticker symbol "AJXA"; the debt’s fair value is determined from the closing price on the balance sheet date. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value. Net realizable value is determined based on broker price opinions, appraisals, or other market indicators of fair value, which are then reduced by anticipated selling costs. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income. The carrying values of the Company's Cash and cash equivalents, Cash held in trust, Receivable from Servicer, Prepaid expenses and other assets, Management fee payable and Accrued expenses and other liabilities are equal to or approximate fair value. Income Taxes The Company 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 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. Income from these two entities and any other TRS that the Company forms in the future will be subject to U.S. federal and state income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences or benefits attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company’s judgment, it reduces a deferred tax asset by a valuation allowance if it is “more-likely-than-not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be primarily taxable as long-term capital gain, although a portion of such distributions may be designated as ordinary income or qualified dividend income, or may constitute a return of capital. The Company furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment. Reclassifications The Company combined its Property held-for-sale, net and Rental property, net lines with balances of $7.8 million and $0.7 million, respectively, in its December 31, 2020 consolidated balance sheet into a single line, Real estate owned properties, net, to conform to the current period presentation. There was no effect on the Company's reported earnings or cash flows for the periods presented. The Company reclassified its put option liability of $14.2 million at December 31, 2020, from Accrued expenses and other liabilities on the consolidated balance sheets to a separate line, Put option liability, to conform to the current period presentation. There was no effect on the Company's reported earnings or cash flows for the periods presented. The Company also reclassified its loans and securities credit loss expenses of $0.4 million for the three month period ended March 31, 2020, from Recovery of/(provision for) losses to Interest income on its consolidated statement of income to align the presentation with the method the Company uses to evaluate these results. 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 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. Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The amendments in this update simplify the accounting for convertible instruments by removing certain accounting models that require separation of convertible instruments into debt and equity components with conversion features that are not required to be accounted for as derivatives or that do not result in substantial premiums. Consequently a convertible instrument will be accounted for as a single liability measured as 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 and recognition as derivatives. This guidance is effective for interim and annual reporting periods beginning after December 15, 2021, with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.
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Mortgage Loans |
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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 March 31, 2021 and December 31, 2020 ($ in thousands):
Included on the Company’s consolidated balance sheets as of March 31, 2021 and December 31, 2020 are approximately $1.0 billion and $1.1 billion, respectively, of RPLs, NPLs, and SBCs that are held-for-investment and approximately $131.7 million and zero, respectively, of RPLs that are held-for-sale. The categorization of RPLs, NPLs and SBCs is determined at acquisition. The carrying value of RPLs, NPLs and SBCs reflects the original investment amount, plus accretion of interest income and credit and non-credit discount, less principal and interest cash flows received. The carrying values at March 31, 2021 and December 31, 2020 for the Company's loans in the table above are presented net of a cumulative allowance for loan credit losses of $17.9 million and $13.7 million, respectively, reflected in the appropriate lines in the table by loan type. For the three months ended March 31, 2021, the Company recognized a $5.5 million acceleration of purchase discount on loans that paid off during the quarter as actual payoffs exceeded modeled expectations. For the three months ended March 31, 2020, the Company recognized $1.9 million of provision for loan losses. For the three months ended March 31, 2021 and March 31, 2020, the Company accreted $23.1 million and $19.6 million, respectively, net of credit impairments and recoveries into interest income with respect to its RPL, NPL and SBC loans. Loss estimates are determined based on the net present value of the difference between the contractual cash flows and the expected cash flows over the expected life of the loans. Contractual cash flows are calculated based on the stated terms of the loans, and incorporate any prepayment assumptions utilized in the expected cash flows. 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 include the specific location of the underlying property, loan-to-value ratio, property age and condition, change and rate of change of borrower credit rating, servicing notes, interest rate, monthly payment amount and neighborhood rents. The Company's mortgage loans are secured by real estate. Risks inherent in the Company's mortgage loan portfolio, affecting both the valuation of its mortgage loans as well as the portfolio's interest income include the risk of default, delays and inconsistency in the frequency and amount of payments, risks affecting borrowers such as man-made or natural disasters, or the pandemic caused by the novel coronavirus ("COVID-19") outbreak, and damage to or delay in realizing the value of the underlying collateral. The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. During the three months ended March 31, 2021 and 2020, the Company purchased 199 and 26 RPLs with UPB of $36.0 million and $2.0 million, respectively. During the three months ended March 31, 2021 and 2020, three and one NPLs were purchased with UPB of $0.7 million and $0.2 million, respectively. During the three months ended March 31, 2021, the Company acquired one SBC loan with UPB of $3.6 million. No SBC loans were acquired during the three months ended March 31, 2020. During the three months ended March 31, 2021 the Company sold no mortgage loans. Comparatively, during the three months ended March 31, 2020 the Company sold 26 loans with a carrying value of $26.1 million and UPB of $26.2 million and collateral value of $44.2 million. See Note 10 — Related Party Transactions. The Company adopted CECL using the prospective transition approach for PCD assets on January 1, 2020. At the time, $10.2 million of loan discount was reclassified to the allowance for credit losses with no net impact on the amortized cost basis of the portfolio. The Company views its mortgage loan portfolio based on loan performance, or legal ownership for loans held by certain consolidated trusts, and uses five and six pools at March 31, 2021 and December 31, 2020, respectively, to aggregate its portfolio of PCD loans, and one pool for its non-PCD loans as of both March 31, 2021 and December 31, 2020. Among the PCD loans, separate pools exist for loans that have been securitized in rated secured borrowings during 2019, 2020 and 2021 ("Great Ajax II REIT") and for loans that are consolidated under U.S. GAAP but where the Company does not own 100% of the loan pool (2017-D and 2018-C). During the quarter ending March 31, 2021 the Company acquired the non-controlling interest in securitization trust 2018-C previously held by its joint venture partner. As a result of the acquisition, the non-controlling interest was eliminated and the loans in securitization trust 2018-C were reclassified into to new pools based on their status as of the acquisition date of the non-controlling interest. Subsequent to the acquisition date, a significant portion of the loans from 2018-C were added to the Great Ajax II REIT pool as these loans became the collateral for a secured borrowing at that entity. As of March 31, 2021 the loans pooled under 2017-D were designated as held-for-sale while these loans were considered held-for-investment as of December 31, 2020. Since the criteria for pooling loans includes a combination of both performance and legal ownership by subsidiary trust, these factors are not always mutually exclusive. The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis as of March 31, 2021 and December 31, 2020 ($ in thousands):
The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three months ended March 31, 2021 and 2020 ($ in thousands):
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 loan credit losses when there are changes in its expectation of future cash flows. An increase to the allowance for losses will occur when there is a reduction in the Company's expected future cash flows. Reduction to the allowance, or recovery, may occur if there is an increase in expected future cash flows that were previously subject to a provision for loss. A decrease in the allowance is generally facilitated by reclassifying amounts from non-credit discount to the allowance and then recording the recovery. During the three months ended March 31, 2021 the Company recorded a $5.4 million reclassification from non-credit discount to the allowance for losses followed by a $5.5 million reversal of the allowance for losses for loans that prepaid in full or in part during the quarter where actual payments exceeded expectations and a $3.8 million reclassification from non-credit discount to the allowance to reflect the impact of dissolving pool 2018-C and moving the loans to the remaining pools. The Company also reclassified $1.7 million of allowance to non-credit discount to reflect the impact of moving pool 2017-D to mortgage loans held-for-sale, net and recorded a $1.7 million increase in the allowance for new acquisitions. Comparatively, during the three months ended March 31, 2020, the Company recorded a reclassification from non-credit discount to the allowance for losses in the amount of $1.9 million and an incremental provision expense of $1.9 million. An analysis of the balance in the allowance for loan losses account follows ($ in thousands):
The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of March 31, 2021 and December 31, 2020 ($ in thousands):
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Real Estate Assets, Net |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Assets, Net | Real Estate Assets, Net The Company acquires real estate assets either through direct purchases of properties for its rental portfolio or through conversions of mortgage loans in its portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property on the foreclosure date or the borrower surrenders the deed in lieu of foreclosure. Property Held-for-Sale and Rental Property The Company's REO property consists of property held-for-sale and rental property. REO property is considered held-for-sale if the REO is expected to be actively marketed for sale. As of March 31, 2021 and December 31, 2020, the Company’s net investments in real estate owned properties were $7.1 million and $8.5 million, respectively, which included balances relating to properties held-for-sale of $6.7 million and $7.8 million, respectively, and rental properties of $0.4 million and $0.7 million, respectively. Also, included in the properties held-for-sale balance for both periods as of March 31, 2021 and December 31, 2020, was $0.3 million for properties undergoing renovation or which are otherwise in the process of being brought to market. As of March 31, 2021 and December 31, 2020, the Company had a total of 31 and 38 real estate owned properties, respectively, which included 26 and 32 held-for-sale properties, respectively, and five and six rental properties, respectively. For the three months ended March 31, 2021 and 2020, all of the additions to REO held-for-sale were acquired through foreclosure or deed in lieu of foreclosure, and reclassified out of the mortgage loan portfolio and transfers from rental properties. The following table presents the activity in the Company’s carrying value of property held-for-sale and rental property for the three months ended March 31, 2021 and 2020 ($ in thousands):
Dispositions During the three months ended March 31, 2021 and 2020, the Company sold nine and 19 REO properties, respectively, realizing net gains of approximately $0.1 million and $0.4 million, respectively. These amounts are included in Other income on the Company's consolidated statements of income. The Company recorded lower of cost or net realizable value adjustments in Real estate operating expense for the three months ended March 31, 2021 and 2020 of $0.2 million and $0.9 million, respectively.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The Company holds investments in various debt securities and beneficial interests which are the net residual interest of the Company’s investments in securitization trusts holding pools of mortgage loans. The Company's debt securities and beneficial interests are issued by securitization trusts, which are VIEs, that the Company has sponsored but which the Company does not consolidate since it has determined it is not the primary beneficiary. See Note 10 — Related party transactions. The Company marks its debt securities to fair value using prices provided by financing counterparties, and believes any unrealized losses to be temporary. 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, risks affecting borrowers such as man-made or natural disasters, or the COVID-19 pandemic, and damage to or delay in realizing the value of the underlying collateral. The Company monitors the credit quality of the mortgage loans underlying its debt securities on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands):
(1)Basis amount is net of any amortized discount, allowance for credit losses, principal paydowns and interest receivable on securities of $0.2 million.
(1)Basis amount is net of any amortized costs, principal paydowns and interest receivable on securities of $0.2 million. The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands):
(1)Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date. (2)Basis amount is net of any realized amortized costs and principal paydowns. (3)This line is comprised of two securities that are both due in September 2059 and both have been in an unrealized loss position for 12 months or longer.
(1)Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date. (2)Basis amount is net of any realized amortized costs and principal paydowns. (3)This line is comprised of two securities that are both due September 2059. One security with a balance of $0.2 million has been in an unrealized loss position for less than 12 months and has a step-up date in April 2023 and the other security of $0.1 million has been in a loss position for 12 months or longer and has a step-up date in February 2023. (4)This security has been in an unrealized loss position for less than 12 months. As of March 31, 2021, the Company recorded $1.9 million gross unrealized gains and a gross unrealized loss of $0.2 million in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet at a fair value of $264.7 million, which includes $0.2 million in interest receivable. As of December 31, 2020, the Company recorded $1.2 million gross unrealized gains and a gross unrealized loss of $0.8 million in fair valuation adjustments in accumulated other comprehensive income on the consolidated balance sheet at fair value of $273.8 million, which includes $0.2 million in interest receivable. During the three months ended March 31, 2021, the Company acquired no debt securities and beneficial interests. Comparatively during the three months ended March 31, 2020, the Company acquired $61.3 million in debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Each joint venture issued senior notes and beneficial interests, which are trust certificates representing the residual investment in the trust. In certain transactions, the joint ventures also issued subordinated notes. Of the $61.3 million of debt securities acquired in the three months ended March 31, 2020, the Company acquired $49.6 million in senior notes, $4.6 million in subordinate notes and $7.1 million in beneficial interests issued by joint ventures. As of March 31, 2021, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $264.7 million and $94.9 million, respectively. At December 31, 2020, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $273.8 million and $91.4 million, respectively. As of March 31, 2021 and December 31, 2020, the Company had no securities that were past due. The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three months ended March 31, 2021 and 2020 ($ in thousands):
The Company adopted CECL using the prospective transition approach for PCD assets for its beneficial interests on January 1, 2020, at the time $1.7 million was reclassified from discount to allowance for credit losses for its Investments in beneficial interests. Under CECL, the Company adjusts its allowance for beneficial interest losses when there are changes in its expectation of future cash flows. An increase to the allowance for losses will occur when there is a reduction in the Company’s expected future cash flows. A reduction to the allowance, or recovery, may occur if there is an increase in expected future cash flows. Management assesses the credit quality of the portfolio and the adequacy of loss reserves on a quarterly basis, or more frequently as necessary. During the three months ended March 31, 2021, the Company recorded a $15 thousand reversal of the allowance for losses for beneficial interests. During the three months ended March 31, 2020, the Company recorded a provision expense of $0.2 million. An analysis of the balance in the allowance for beneficial interest losses account follows ($ in thousands):
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Recurring financial assets and liabilities measured and carried at fair value by level within the fair value hierarchy as of March 31, 2021 and December 31, 2020 ($ in thousands):
The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of March 31, 2021 and December 31, 2020 ($ in thousands):
The fair value of mortgage loans and beneficial interests is estimated using the Manager’s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The value of transfers of mortgage loans to REO is based upon the present value of future expected cash flows of the loans being transferred. The Company values its investments in debt securities using estimates provided by its financing counterparties. The Company also relies on its Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on these investments as a comparison to the estimates received from financing counterparties. The Company also relies on its Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on its investments in beneficial interests. The Company's investment in the Manager is valued by applying an earnings multiple to base fee revenue. The Company’s investments in AS Ajax E LLC and AS Ajax E II LLC are valued using estimates provided by financing counterparties or other publicly available information. The fair value of the Company's investment in GAFS, including warrants, is determined by applying an earnings multiple to expected earnings. The Company's investment in Gaea is estimated using a projected net operating income for its property portfolio. The Company's fair value of its investment in the loan pool LLCs is determined by using estimates of underlying assets and liabilities taken from the Manager's pricing model. The fair value of secured borrowings is estimated using estimates provided by the Company's financing counterparties, which are compared for reasonableness to the Manager’s proprietary pricing model which estimates expected cash flows of the underlying mortgage loans collateralizing the debt. The Company's put option liability is adjusted to approximate market value through earnings. Fair value is determined by using a discounted cash flow model based on the future value of the liability. The Company’s borrowings under repurchase agreements are short-term in nature, and the Company’s management believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE; the debt’s fair value is determined from the NYSE closing price on the balance sheet date. The carrying values of its Cash and cash equivalents, Cash held in trust, Receivable from Servicer, Prepaid expenses and other assets, Management fee payable and Accrued expenses and other liabilities are equal to or approximate fair value. Non-financial assets Property held-for-sale is carried at the lower of its acquisition cost (cost) or net realizable value. Net realizable value is determined based on appraisals, broker price opinions, 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 March 31, 2021 and December 31, 2020 ($ in thousands):
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Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliates | AffiliatesUnconsolidated Affiliates On November 22, 2019, Gaea completed a private capital raise transaction in which it raised $66.3 million from the issuance of 4,419,641 shares of its common stock to third parties to allow it to continue to advance its investment strategy. Upon completion of the capital raise, the Company retained ownership of approximately 23.2% of Gaea with third party investors owning the remaining approximately 76.8%. The Company recognized no gain or loss on the transaction as Gaea's fair value at the date of the deconsolidation did not represent a material change from the fair values of its recently acquired assets and liabilities due to the limited lapse of time since their acquisitions. At March 31, 2021 the Company owned approximately 22.9% of Gaea with third party investors owning the remaining approximately 77.1%. The Company accounts for its investment 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. The Company accounts for its investment using the equity method. During 2018, the Company acquired an 8.0% ownership interest in GAFS. The acquisition was completed in two transactions. On January 26, 2018, the Company in an initial closing acquired a 4.9% interest in GAFS and three warrants, each exercisable for a 2.45% interest in GAFS upon payment of additional consideration, in exchange for consideration of $1.1 million of cash and 45,938 shares of the Company’s common stock with a value of approximately $0.6 million. On May 29, 2018 the additional closing was completed wherein the Company acquired an additional 3.1% interest in GAFS and three warrants, each exercisable for a 1.55% interest in GAFS, in exchange for consideration of $0.7 million of cash and 29,063 shares of the Company's common stock with a value of approximately $0.4 million. The Company accounts for its investment in GAFS using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E was reduced to a lower percentage of the total. As of March 31, 2021 and December 31, 2020, the Company’s interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its investment using the equity method. Upon the closing of the Company’s original private placement in July 2014, the Company received a 19.8% equity interest in the Manager, a privately held company for which there is no public market for its securities. The Company accounts for its investment in the Manager using the equity method. The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100%
Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share
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 LLC, which was established to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. As of March 31, 2021, 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 debt. As of March 31, 2021, 2017-D was 50.0% owned by a third-party institutional accredited investor. Great Ajax II REIT holds an interest in 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. Great Ajax II REIT was 99.9% owned by the Company as of March 31, 2021 and December 31, 2020. During the first quarter of 2021, the Company acquired the remaining ownership of 2018-C, a subsidiary that previously had non-controlling ownership interest held by third parties and was 63.0% owned by the Company as of December 31, 2020. As of March 31, 2021, 2018-C was 100.0% owned by the Company and the previous non-controlling interest had been reduced to zero.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The Company regularly enters into agreements to acquire additional mortgage loans and mortgage-related assets, subject to continuing diligence on such assets and other customary closing conditions. There can be no assurance that the Company will acquire any or all of the mortgage loans identified in any acquisition agreement as of the date of these consolidated financial statements, and it is possible that the terms of such acquisitions may change. At March 31, 2021, the Company had commitments to purchase, subject to due diligence, 235 RPLs and NPLs secured by single-family residences with aggregated UPB of $104.5 million. The Company will only acquire loans that meet the acquisition criteria for its own portfolios or those of its third party institutional accredited co-investors. See Note 15 — Subsequent Events, for remaining open acquisitions as of the filing date. During the quarter ended June 30, 2020, the Company issued an aggregate of $125.0 million, net of offering costs, of preferred stock in two series and warrants to institutional accredited investors in a series of private placements. The Company issued 2,307,400 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock and 2,892,600 shares of 5.00% Series B Fixed-to-Floating Rate Preferred Stock, each at a purchase price per share of $25.00 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. 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. Accordingly, the Company has recognized a liability on its consolidated balance sheet within accrued expenses and other liabilities at March 31, 2021 for the present value of the put liability of $16.1 million. The Company is accreting the amount of the liability under the effective interest method to its expected future put value of $50.7 million and marks the obligation to market through earnings. The expense is recognized in the Fair value adjustment on put option liability line of the Company's consolidated statements of income. The following table sets forth the details of the Company's put option liability ($ in thousands):
The full extent of the impact of COVID-19 on the global economy generally, and the Company's business in particular, is uncertain. As of March 31, 2021, no contingencies have been recorded on the Company's consolidated balance sheet as a result of COVID-19, however as the global pandemic continues, it may have long-term adverse impacts on the Company's financial condition, results of operations, and cash flows. Litigation, Claims and Assessments From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2021, 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.
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Debt |
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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 $250.0 million and the other $400.0 million at any one time. Upon the time of the initial sale to the buyer, the Trust, with a simultaneous agreement, also agrees to repurchase the pools of mortgage loans from the buyer. Mortgage loans sold under these facilities carry interest calculated based on a spread to one-month LIBOR, which is fixed for the term of the borrowing. The purchase price that the Trust realizes upon the initial sale of the mortgage loans to the buyer can vary between 70% and 85% of the asset’s acquisition price, depending upon the facility being utilized and/or the quality of the underlying collateral. The obligations of a Trust to repurchase these mortgage loans at a future date are guaranteed by the Company's Operating Partnership. The difference between the market value of the asset and the amount of the repurchase agreement is generally the amount of equity in the position and is intended to provide the buyer with some protection against fluctuations in the value of the collateral, and/or a failure by the Company to repurchase the asset and repay the borrowing at maturity. The Company has also entered into four repurchase facilities substantially similar to the mortgage loan repurchase facilities, but where the pledged assets are the class B bonds and certificates from the Company's secured borrowing 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):
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 March 31, 2021 and December 31, 2020, the Company had $8.8 million and $4.7 million, respectively, of cash collateral on deposit with financing counterparties. This cash is included in Prepaid expenses and other assets on its consolidated balance sheets and is not netted against its Borrowings under repurchase agreements. The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at March 31, 2021 and December 31, 2020 in the table below ($ in thousands):
Secured Borrowings From inception (January 30, 2014) to March 31, 2021, 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, six of which were outstanding at March 31, 2021. The secured borrowings are structured as debt financings and not sales through a real estate investment conduit (“REMIC”), and the loans included in the secured borrowings remain on the Company’s consolidated balance sheet as the Company is the primary beneficiary of the securitization trusts, which are VIEs. The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company’s exposure to the obligations of the VIEs is generally limited to its investments in the entities. The notes that are issued by the securitization trusts are secured solely by the mortgages held by the applicable trusts and not by any of the Company’s other assets. The mortgage loans of the applicable trusts are the only source of repayment and interest on the notes issued by such trusts. The Company does not guarantee any of the obligations of the trusts under the terms of the agreement governing the notes or otherwise. The Company’s non-rated secured borrowings are generally structured with Class A notes, subordinated notes, and trust certificates, which have rights to the residual interests in the mortgages once the notes are repaid. With the exception of the Company’s 2017-D securitization, from which the Company sold a 50% interest in the Class B certificates to third parties, the Company has retained the subordinate notes and the applicable trust certificates from the one other non-rated secured borrowing outstanding at March 31, 2021. 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 at March 31, 2021. The Company’s rated secured borrowings are designated in the table below. The Company's 2017-D secured borrowing contains 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 has retained 50% of both the Class A notes and Class B certificates from 2017-D. The Company's 2018-C secured borrowing was structured with Class A notes, Class B notes and trust certificates representing the residual interest in the mortgages held within the securitization trusts subsequent to repayment of the Class A debt. The Company had retained 5% of the Class A notes and 63% of the Class B notes and trust certificates. During the first quarter of 2021 the Company acquired the remaining 37% ownership of the Class B notes and trust certificates and settled the remaining 95% of the outstanding Class A notes. 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. For the Company's secured borrowing for 2017-D, if the Class A notes have not been redeemed by the payment date or otherwise paid in full 36 months after issue an interest rate step-up of 300 basis points is triggered. Twelve months after the 300 basis points step up is triggered, an additional 100 basis point step up will be triggered, and an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the subordinate notes will be paid as principal to the Class A notes on that date and each subsequent payment date until the Class A notes are paid in full. After the Class A notes are paid in full, the subordinate notes will resume receiving their respective interest payment amounts and any interest that accrued but was not paid while the Class A notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes and subordinate notes have been paid in full. The following table sets forth the original terms of all notes from our secured borrowings outstanding at March 31, 2021 at their respective cutoff dates:
(1)Ajax Mortgage Loan Trust ("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 U.S. GAAP and is 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. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest. (2)The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of AJAXM 2021-A. (3)The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (4)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 of 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 March 31, 2021 and December 31, 2020, and the securitization cutoff date ($ in thousands):
(1)The gross amount of senior bonds at March 31, 2021 and December 31, 2020 were $97.4 million and $102.6 million however, only $48.7 million and $51.3 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (2)Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3)2018-C contained notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at December 31, 2020 were $132.7 million and $15.9 million, however, only $126.1 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (4)Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans. (5)This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $10.6 million and $5.4 million as of March 31, 2021 and December 31, 2020. Convertible Senior Notes On April 25, 2017, the Company completed the public offer and sale of $87.5 million in aggregate principal amount of its convertible senior notes (the “notes”) due 2024, with follow-on offerings of an additional $20.5 million and $15.9 million, respectively, in aggregate principal amount completed on August 18, 2017 and November 19, 2018, respectively, which, combined with the notes from the April offering form a single series of fungible securities. The notes bear interest at a rate of 7.25% per annum, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The notes will mature on April 30, 2024, unless earlier repurchased, converted or redeemed. During certain periods and subject to certain conditions the notes will be convertible by their holders into shares of the Company’s common stock at a conversion rate of 1.7279 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.47 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. Coupon interest on the notes is recognized using the accrual method of accounting. Discount and deferred issuance costs are carried on the Company’s consolidated balance sheets as a deduction from the notes, and are amortized to interest expense on an effective yield basis through April 30, 2023, the date at which the notes can be converted. The Company assumes the debt will be converted at the specified conversion date for purposes of amortizing issuance costs because the Company believes such conversion will be in the economic interest of the holders. A cumulative discount at issuance of $3.2 million, representing the fair value of the embedded conversion feature, was recorded to stockholder equity. No sinking fund has been established for redemption of the principal. During the first quarter of 2021, the Company completed a convertible note repurchase with a principal amount of $2.5 million for a purchase price of $2.4 million. The carrying amount of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first quarter of 2021 transaction was zero. During the first and third quarters of 2020, the Company completed a series of convertible note repurchases for aggregate principal amounts of $8.0 million and $2.5 million, respectively, for total purchase prices of $8.2 million and $2.3 million, respectively. The carrying amounts of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first and third quarter of 2020 transactions were $0.1 million and zero, respectively. Holders may convert their notes at their option prior to April 30, 2023 only under certain circumstances. In addition, the notes will be convertible irrespective of those circumstances from, and including, April 30, 2023 to, and including, the business day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company's election. The conversion rate as of March 31, 2021 equals 1.7279 shares of the Company's common stock per $25.00 principal amount of notes, which is equivalent to a conversion price of approximately $14.47 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. As of March 31, 2021, the amount by which the if-converted value falls short of the principal value for the entire series is $27.3 million. The Company may not redeem the notes prior to April 30, 2022, and may redeem for cash all or any portion of the notes, at its option, on or after April 30, 2022 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No "sinking fund" will be provided for the notes. At March 31, 2021, the outstanding aggregate principal amount of the notes was $110.9 million, and discount and deferred expenses were $2.9 million. During the three months ended March 31, 2021 the Company recognized interest expense of $2.4 million which includes $0.3 million of amortization of discount and deferred expenses. Comparatively at March 31, 2020, the outstanding aggregate principal amount of the notes was $115.9 million, and discount and deferred expenses were $4.4 million. During the three months ended March 31, 2020 the Company recognized interest expense of $2.4 million which includes $0.3 million of amortization of discount and deferred expenses. The effective interest rates of the notes for the quarters ended March 31, 2021 and March 31, 2020 were 9.01% and 8.72%, respectively.
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Related Party Transactions |
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Related Party Transactions | Related Party Transactions The Company’s consolidated statements of income included the following significant related party transactions ($ in thousands):
The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands):
At March 31, 2021 and December 31, 2020, the Company had an outstanding originated SBC loan to Gaea, a related party of $11.0 million. The loan is secured by 20 of Gaea's SBC loans. The loan carries an interest rate of 4.25% and matured on March 31, 2021. The loan was paid off on April 5, 2021. The loan is included in Mortgage loans held-for-investment, net on the Company's consolidated balance sheets. At December 31, 2020, the Company purchased 15 RPLs from GAFS, a related party, for $1.8 million with UPB of $2.1 million and collateral value of $3.7 million. The loans are all included in Mortgage loans held-for-investment, net on the Company's consolidated balance sheets. The Company sold no mortgage loans during the three months ended March 31, 2021. Comparatively, during the three months ended March 31, 2020, the Company sold 26 SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million, for a loss of $0.7 million to Gaea, a related party. The retained securities are included in the notes and beneficial interests discussed in the paragraph below. During the three months ended March 31, 2021, the Company acquired no debt securities and beneficial interests. Comparatively during the three months ended March 31, 2020, the Company acquired $61.3 million in debt securities and beneficial interests issued by joint ventures between the Company and third party institutional accredited investors. Each joint venture issued senior notes and beneficial interests, which are trust certificates representing the residual investment in the trust. In certain transactions, the joint ventures also issued subordinated notes. The debt securities are carried at fair value. Of the $61.3 million of debt securities acquired in the three months ended March 31, 2020, the Company acquired $49.6 million in senior notes, $4.6 million in subordinate notes and $7.1 million in beneficial interests issued by joint ventures. As of March 31, 2021, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $264.7 million and $94.9 million, respectively. At December 31, 2020, the investments in debt securities and beneficial interests were carried on the Company's consolidated balance sheet at $273.8 million and $91.4 million, respectively. As of March 31, 2021 and December 31, 2020, the Company had no securities that were past due. In June 2019, the Company entered into an arrangement with the Servicer as the borrower and the Company as the lender to advance funds secured by real property to facilitate the purchase of real estate from certain of the Company's joint ventures. Such funds are repaid no later than the liquidation of the real estate. The maximum amount available to the Servicer is $12.0 million. At March 31, 2021, and December 31, 2020, the Company had no advances outstanding to the Servicer. Interest on the arrangement accrues at 7.2% annually. On November 22, 2019, Gaea completed a private capital raise transaction in which it raised $66.3 million from the issuance of 4,419,641 shares of its common stock to third parties to allow it to continue to advance its investment strategy. Upon completion of the capital raise, the Company retained ownership of approximately 23.2% of Gaea with third party investors owning the remaining approximately 76.8%. The Company recognized no gain or loss on the transaction as Gaea's fair value at the date of the deconsolidation did not represent a material change from the fair values of its recently acquired assets and liabilities due to the limited lapse of time since their acquisitions. At March 31, 2021 the Company owned approximately 22.9% of Gaea with third party investors owning the remaining approximately 77.1%. The Company accounts for its investment 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. The Company accounts for its investment using the equity method. On March 14, 2016, the Company formed AS Ajax E LLC to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. AS Ajax E LLC owns a 5.0% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. At the time of the original investment, the Company held a 24.2% interest in AS Ajax E LLC. In October 2016, additional capital contributions were made by third parties, and the Company’s ownership interest in AS Ajax E was reduced to a lower percentage of the total. As of March 31, 2021 and December 31, 2020, the Company’s interest in AS Ajax E LLC was approximately 16.5%. The Company accounts for its investment using the equity method. Management Agreement The Company is a party to the Amended and Restated Management Agreement with the Manager, which expires on March 5, 2034. Under the Management Agreement, the Manager implements the Company’s business strategy and manages the Company’s business and investment activities and day-to-day operations, subject to oversight by the Company’s Board of Directors. Among other services, the Manager, directly or through affiliates, provides the Company with a management team and necessary administrative and support personnel. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager. The base management fee equals 1.5% of the Company's stockholders’ equity, including equity equivalents such as the Company's issuance of convertible senior notes, per annum and is calculated and payable quarterly in arrears. The Company has the option to pay its management fee with between 50% to 100% 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 initial $1.0 million of the quarterly base management fee will be payable at least 75% in cash and up to 25% in shares of the Company’s common stock (allocated at the Company's discretion). Any amount of the base management fee in excess of $1.0 million may be payable in shares of the Company’s common stock (at the Company's discretion) until payment is at least 50% in cash and up to 50% in shares (the “50/50 split”). Any remaining amount of the quarterly base management fee after the 50/50 split threshold is reached may be payable in equal amounts of cash and shares (at the Company's discretion). The base management fee currently exceeds the 50/50 split threshold. 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 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, special cash dividends on its common stock 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, up to 100% of the incentive fee will be payable in shares of the Company’s common stock, at the Company's discretion, 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, up to 20% of the remaining incentive fee is payable in shares of the Company’s common stock at the Company's discretion and the remaining incentive fee is payable in cash. During the three months ended March 31, 2021 and March 31, 2020, the Company did not record an incentive fee payable to the Manager. The Company also reimburses the Manager for all third-party, out-of-pocket costs incurred by the Manager for managing its business, including third-party due diligence and valuation consultants, legal expenses, auditors and other financial services. The reimbursement obligation is not subject to any dollar limitation. Expenses are reimbursed in cash on a monthly basis. The Company will be required to pay the Manager a termination fee in the event that the Management Agreement is terminated as a result of (i) a termination by the Company without cause, (ii) its decision not to renew the Management Agreement upon the determination of at least two-thirds of the Company’s independent directors for reasons including the failure to agree on revised compensation, (iii) a termination by the Manager as a result of the Company becoming regulated as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”) (other than as a result of the acts or omissions of the Manager in violation of investment guidelines approved by the Company’s Board of Directors), or (iv) a termination by the Manager if the Company defaults in the performance of any material term of the Management Agreement (subject to a notice and cure period). The termination fee will be equal to twice the combined base fee and incentive fees payable to the Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior to the date of termination. Servicing Agreement The Company is also a party to the Servicing Agreement, expiring July 8, 2029, with the Servicer. The Company’s overall servicing costs under the Servicing Agreement will vary based on the types of assets serviced. Servicing fees range from 0.65% to 1.25% annually UPB at acquisition (or the fair market value or purchase price of REO), and are paid monthly. For certain of the Company's securitization trusts, the servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% on a loan-by-loan basis for any loan that makes seven consecutive payments. 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 were previously RPLs 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 servicing fee for NPLs that convert to real property assets does not change. 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, property values, previous UPB of the relevant loan, and the number of 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.”
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Stock-based Payments and Director Fees |
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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 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 date on which the most recent regular quarterly dividend to holders of its common stock is paid. The Company recognized a base management fee to the Manager for the three months ended March 31, 2021 of $2.3 million, of which none was payable in shares of its common stock as the Board of Directors approved the management fee to be paid in all cash. Comparatively, for the three months ended March 31, 2020, the Company recognized a base management fee of $1.8 million, of which none was payable in shares of its common stock. In addition, each of the Company’s independent directors received an annual retainer of $100,000, payable quarterly, 40% of which is payable in shares of the Company's common stock using the same valuation method as defined for the stock portion of the management fee payable to the Manager and 60% in cash. The following table sets forth the Company’s stock-based independent director fees ($ in thousands): Stock-based Director Fees
(1)All independent director fees are fully expensed in the period in which the relevant service is received by the Company. Restricted Stock The Company periodically grants shares of its common stock to employees of its Manager and Servicer. The shares vest over three years, with one third of the shares vesting on each of the first, second and third anniversaries of the grant date. The shares may not be sold until the third anniversary of the grant date. 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. 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:
The following table presents the expenses for the Company's restricted stock plan for the years ended ($ in thousands):
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Income Taxes |
3 Months Ended |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. And as a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification. The Company’s consolidated financial statements include the operations of two TRS entities, GA-TRS and GAJX Real Estate Corp., which are subject to U.S. federal, state and local income taxes on their taxable income. For the three months ended March 31, 2021 the Company had consolidated taxable income of $8.7 million; and provisions for income taxes of $34 thousand. For the three months ended March 31, 2020, the Company’s consolidated taxable income was $1.2 million; and income tax benefit of $0.3 million. The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at March 31, 2021 or 2020. The Company also recorded no interest or penalties for the three months ended March 31, 2021 or 2020.
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Earnings per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share):
(1)The Company's outstanding warrants for an addition 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended March 31, 2021, and have not been included in the calculation. (2)The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended March 31, 2021 would have been anti-dilutive and have been removed from the calculation. (3)The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the three months ended March 31, 2021 would have been anti-dilutive and have been removed from the calculation.
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Equity |
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Equity | Equity Common stock As of March 31, 2021 and December 31, 2020, the Company had 22,988,847 and 22,978,339 shares, respectively, of $0.01 par value common stock outstanding with 125,000,000 shares authorized at each period end. Preferred stock During the quarter ended June 30, 2020, the Company issued to institutional accredited investors an aggregate of $130.0 million of preferred stock in two series and warrants 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, each at a purchase price per share of $25.00 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. 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. The Company expects to use the net proceeds from the private placement to acquire mortgage loans and mortgage-related assets consistent with the Company's investment strategy. The Company had 2,307,400 shares of Series A preferred stock and 2,892,600 shares of Series B preferred stock outstanding at March 31, 2021 and December 31, 2020. There were 25,000,000 shares, cumulative for all series, authorized as of both March 31, 2021 and December 31, 2020. Treasury stock and Stock Repurchase Plan On February 28, 2020, the Company's Board of Directors approved a stock repurchase of up to $25.0 million of its common shares. The amount and timing of any repurchases will depend 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 March 31, 2021 and December 31, 2020, the Company held 107,243 shares of treasury stock consisting of 58,779 shares received through distributions of the Company's shares previously held by its Manager and 48,464 shares acquired through open market purchases in the fourth quarter of 2020 under the Company's approved stock repurchase plan. Dividend Reinvestment Plan The Company sponsors a dividend reinvestment plan through which stockholders may purchase additional shares of the Company’s common stock by reinvesting some or all of the cash dividends received on shares of the Company’s common stock. During the three months ended March 31, 2021 4,228 shares were issued under the plan for total proceeds of approximately $47 thousand. Comparatively, during the three months ended March 31, 2020 no shares were issued under the plan. 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 $50.0 million from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the three months ended March 31, 2021 and 2020, no shares were sold under the at the market program. Accumulated Other Comprehensive Loss The Company recognizes unrealized gains or losses on its investment in debt securities as components of other comprehensive income. Total accumulated other comprehensive gain on the Company’s balance sheet at March 31, 2021 and December 31, 2020 was as follows ($ in thousands):
Non-controlling Interest At December 31, 2020, the Company had non-controlling interests attributable to ownership interests for four legal entities. During the first quarter of 2021, the Company acquired the remaining ownership of 2018-C. This decreased the number of third party non-controlling interests as of March 31, 2021 to three legal entities. Legal entities consolidated by the Company which have non-controlling interests held by third parties are described below. AS Ajax E II LLC was formed by the Company during 2017 to purchase and hold an investment in a Delaware trust which holds single family residential real estate loans, SBC loans and other real estate assets. AS Ajax E II LLC is 46.9% held by third parties. As of March 31, 2021 and December 31, 2020, the Company owned 53.1% of AS Ajax E II LLC and consolidated the assets, liabilities, revenues and expenses of the entity. 2017-D, a securitization trust, was formed by the Company during 2017. It is 50.0% held by an accredited institutional investor. As of March 31, 2021 and December 31, 2020, the Company owned 50.0% of 2017-D and consolidated the assets, liabilities, revenues and expenses of the trust. Great Ajax II REIT was formed by the Company during 2019 to hold an interest in 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. As of March 31, 2021 and December 31, 2020, Great Ajax II REIT was 0.1% held by third parties. As of March 31, 2021 and December 31, 2020, the Company owned 99.9% of Great Ajax II REIT and consolidated the assets, liabilities, revenues and expenses of the entity. 2018-C, a securitization trust was formed by the Company during 2018 and was 37.0% held by an accredited institutional investor. The remaining 37.0% ownership was purchased by the Company during the first quarter of 2021. As of March 31, 2021 the Company owned 100.0% of 2018-C. Comparatively, as of December 31, 2020 the Company owned 63.0% of 2018-C and consolidated the assets, liabilities, revenues and expenses of the trust. The following table sets forth the effects of changes in ownership of the Company's non-controlling interests due to transfers to or from non-controlling interest for the calendar preceding the Consolidated balance sheet dates ($ in thousands):
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent Events The Company has agreed to acquire, subject to due diligence, 106 residential RPLs in seven transactions, and nine NPLs in two transactions, with aggregate UPB of $14.1 million and $3.1 million, respectively. The purchase price of the residential RPLs equals 88.7% of UPB and 62.2% of the estimated market value of the underlying collateral of $20.1 million. The purchase price of the NPLs equals 90.3% of UPB and 70.0% of the estimated market value of the underlying collateral of $4.0 million. The Company has agreed to acquire, subject to due diligence, 4,739 residential RPLs with aggregate UPB of $790.4 million in one transaction from a single seller. The purchase price equals 97.5% of UPB and 54.0% of the estimated market value of the underlying collateral of $1.4 billion. These loans are expected to be acquired through a joint venture with third-party institutional accredited investors. The Company has also agreed to acquire, subject to due diligence, 132 NPLs with aggregate UPB of $88.4 million in one transaction from a single seller. The purchase price equals 100.3% of UPB and 67.2% of the estimated market value of the underlying collateral of $131.9 million. These loans are expected to be acquired through a joint venture with third-party institutional accredited investors. On April 7, 2021, the Company co-invested with third-party institutional investors to form Ajax Mortgage Loan Trust 2021-C ("2021-C") and retained $26.3 million of varying classes of related securities. The Company acquired 5.01% of the class A securities and 31.9% of the class B securities and trust certificates from the trust, which acquired 1,290 RPLs and NPLs with UPB of $259.6 million and an aggregate property value of $483.1 million. The senior securities represent 75% of the UPB of the underlying mortgage loans and carry a 2.115% coupon. Based on the structure of the transaction the Company will not consolidate 2021-C under U.S. GAAP. The assets included in the 2021-C securitization came from calling the bonds associated with the Company's 2017-D, 2018-A and 2018-B securitizations, all of which were joint ventures with third party institutional accredited investors. In April 2021, the Company completed two repurchases of its convertible senior notes for an aggregate principal amount of $5.0 million and a total purchase price of $5.0 million. On May 6, 2021, the Company’s Board of Directors declared a cash dividend of $0.19 per share to be paid on May 31, 2021 to stockholders of record as of May 20, 2021.
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | The consolidated interim financial statements should be read in conjunction with the Company's consolidated financial statements and the notes thereto for the period ended December 31, 2020, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 5, 2021. Interim financial statements are unaudited and prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2021. The consolidated interim financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC, as applied to interim financial statements.
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Mortgage loans | 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, prior to the adoption of ASU 2016-13, Financial Instruments - Credit Losses, otherwise known as CECL, on January 1, 2020, the Company was required to account for the mortgage loans pursuant to ASC 310-30, Accounting for Loans with Deterioration in Credit Quality. Under both standards, the Company’s recognition of interest income for loans with deteriorated credit quality ("PCD loans") is based upon its 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. Under both CECL and ASC 310-30, 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. However, CECL allows more flexibility to the Company to adjust its loan pools as the underlying risk factors change over time. Under ASC 310-30, RPLs were determined by the Company to have common risk characteristics and were accounted for as a single loan pool for loans acquired within each three-month calendar quarter. Similarly, NPLs were determined to have common risk characteristics and were accounted for as a single non-performing pool for loans acquired within each three-month calendar quarter. The result was generally two additional pools (RPLs and NPLs) each quarter. Under CECL, the Company has re-aggregated its loan pools around similar risk factors, while eliminating the previous distinction for the quarter in which loans were acquired. This resulted in a reduction of the number of loan pools to four as of March 31, 2020. The number of pools was then re-evaluated and increased to six as of June 30, 2020 through December 31, 2020 and is at five loan pools as of March 31, 2021. Each loan pool is oriented around 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 credit losses. Under CECL, upon the acquisition of PCD loans the Company records the acquisition as three separate elements for 1) the amount of purchase discount which the Company expects to recover through eventual repayment by the borrower, 2) an allowance for future expected credit loss and 3) the 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. Cash flows expected at acquisition include all cash flows directly related to the acquired 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. If the Company expects to collect greater cash flows over the life of the pool, any prior allowance is reversed to the extent of the increase and the expected yield to maturity is adjusted on a prospective basis. The allowance for credit losses is increased when the Company estimates it will not collect all amounts previously estimated to be collectible. Increases in loan yield expectations, whether caused by timing or loan performance, are reported in the period in which they arise and are reflected as a reduction in the provision for losses even if no provision expense was previously recorded. Management assesses the credit quality of the portfolio and the adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the loan pools as well as other factors, such as the fair value of the underlying collateral. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. 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.
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Non PCD Loans | Non PCD Loans While the Company generally acquires loans that have experienced deterioration in credit quality, it also acquires loans that have not experienced a deterioration in credit quality and originates SBC loans which are also subject to the provisions of CECL as discussed above. As of December 31, 2020, the Company accounted for its non-PCD loans by estimating any allowance for credit losses for its non-PCD loans based on historical experience and the risk characteristics of the individual loans. Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral dependent. For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower’s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans. If necessary, an allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is the difference between the present value of the expected future cash flows from the loan and the contractual balance due.
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Investments in Securities at Fair Value and Beneficial Interests | Investments in Securities at Fair Value The Company’s Investments in Securities at Fair Value as of March 31, 2021 and December 31, 2020 consist of investments in senior and subordinate notes issued by joint ventures which the Company forms with third party institutional accredited investors. The Company recognizes income on the debt securities using the effective interest method. Additionally, the notes are classified as available for sale and are carried at fair value with changes in fair value reflected in the Company's consolidated statements of comprehensive income. The Company marks its investments to fair value using prices received from its financing counterparties and believes any unrealized losses on its debt securities to be temporary. Any other-than-temporary losses, which represent the excess of the amortized cost basis over the present value of expected future cash flows, are recognized in the period identified in the Company’s consolidated statements of income. Risks inherent in the Company's debt securities portfolio, affecting both the valuation of its securities as well as the portfolio's interest income and recovery of principal include the risk of default, delays and inconsistency in the frequency and amount of payments, risks affecting borrowers such as man-made or natural disasters and damage to or delay in realizing the value of the underlying collateral. The Company monitors the credit quality of the mortgage loans underlying its debt securities on an ongoing basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected. Investments in Beneficial Interests The Company’s Investments in beneficial interests as of March 31, 2021 and December 31, 2020 consist of investments in the trust certificates issued by joint ventures which the Company forms with third party institutional accredited investors. The trust certificates represent the residual interest of any special purpose entity formed to facilitate certain investments. The Company adopted CECL with respect to its Investment in beneficial interests on January 1, 2020. The methodology is similar to that described in "Mortgage Loans" except that the Company only recognizes its ratable share of gain, loss, income or expense.
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Real Estate | Real Estate The Company acquires real estate properties directly through purchases, when it forecloses on the borrower and takes title to the underlying property, or 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. Rental properties are intended to be held as long-term investments but may eventually be reclassified as held-for-sale. Property that arose through conversions of mortgage loans in the Company's portfolio such as when a mortgage loan is foreclosed upon and the Company takes title to the property or the borrower surrenders the deed in lieu of foreclosure is generally held for investment as rental property if the cash flows from use as a rental exceed the present value of expected cash flows from a sale. The Company also acquires rental properties through direct purchases of properties for its rental portfolio. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of 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, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. The cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. Renovations are performed by the Servicer, and those costs are then reimbursed to the Servicer. Any renovations on properties which the Company elects to hold as rental properties are capitalized as part of the property’s basis and depreciated over the remaining estimated useful life of the property. The Company may perform property renovations to maximize the value of a property for either its rental strategy or for resale.
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Preferred Stock | Preferred Stock During the quarter ended June 30, 2020, the Company issued an aggregate of $125.0 million, net of offering costs, of preferred stock in two series and warrants to third party 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, each at a purchase price per share of $25.00. The shares have a liquidation preference of $25.00 per share.
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Put Option Liability | Put Option Liability As part of the Company’s capital raise transactions during the quarter 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. 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. The warrants were recorded as a liability in the Company's consolidated balance sheet as a put option liability with an original basis of $9.5 million. The Company is accreting the amount of the liability under the effective interest method to its expected future put value of $50.7 million and marks the obligation to market through earnings at each balance sheet date. The Company determines the fair value using a discounted cash flow method.
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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 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.
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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 deferred costs when incurred and amortized over the contractual life of the related borrowing.
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Convertible Senior Notes | Convertible Senior Notes On April 25, 2017, the Company completed the public offer and sale of $87.5 million in aggregate principal amount of its convertible senior notes (the “notes”) due 2024, with follow-on offerings of an additional $20.5 million and $15.9 million, respectively, in aggregate principal amount completed on August 18, 2017 and November 19, 2018, respectively, which, combined with the notes from the April offering form a single series of fungible securities. The notes bear interest at a rate of 7.25% per annum, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. The notes will mature on April 30, 2024, unless earlier repurchased, converted or redeemed. During certain periods and subject to certain conditions the notes will be convertible by their holders into shares of the Company’s common stock at a conversion rate of 1.7279 shares of common stock per $25.00 principal amount of the notes, which represents a conversion price of approximately $14.47 per share of common stock. The conversion rate, and thus the conversion price, may be subject to adjustment under certain circumstances. Coupon interest on the notes is recognized using the accrual method of accounting. Discount and deferred issuance costs are carried on the Company’s consolidated balance sheets as a deduction from the notes, and are amortized to interest expense on an effective yield basis through April 30, 2023, the date at which the notes can be converted. The Company assumes the debt will be converted at the specified conversion date for purposes of amortizing issuance costs because the Company believes such conversion will be in the economic interest of the holders. A cumulative discount at issuance of $3.2 million, representing the fair value of the embedded conversion feature, was recorded to stockholder equity. No sinking fund has been established for redemption of the principal. During the first quarter of 2021, the Company completed a convertible note repurchase with a principal amount of $2.5 million for a purchase price of $2.4 million. The carrying amount of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first quarter of 2021 transaction was zero. During the first and third quarter of 2020, the Company completed a series of convertible note repurchases for aggregate principal amounts of $8.0 million and $2.5 million, respectively, for total purchase prices of $8.2 million and $2.3 million, respectively. The carrying amounts of the equity component representing the embedded conversion feature reversed from Additional paid-in capital due to the first and third quarter of 2020 transactions were $0.1 million and zero, respectively.
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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 May 1, 2020, expiring on March 5, 2034. Under the Management Agreement, the Manager implements the Company’s business strategy and manages the Company’s business and investment activities and day-to-day operations, subject to oversight by the Company’s Board of Directors. Among other services, the Manager provides the Company with a management team and necessary administrative and support personnel. Additionally, the Company pays directly for the internal audit function that reports directly to the Audit Committee and the Board of Directors. The Company does not currently have any employees that it pays directly and does not expect to have any employees that it pays directly in the foreseeable future. Each of the Company’s executive officers is an employee or officer, or both, of the Manager or the Servicer. Under the Management Agreement, the Company pays a quarterly base management fee based on its stockholders’ equity, including equity equivalents such as the Company's issuance of convertible senior notes, and may be required to pay a quarterly incentive management fee based on its cash distributions to its stockholders, and has the option to pay up to 100% of the base and incentive fees in cash rather than in half cash and half shares of its common stock. Management fees are expensed in the quarter incurred and the portion payable in common stock (if any) is included in stockholders’ equity at quarter end. See Note 10 — Related party transactions.
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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 unpaid principal balance (“UPB”) to 1.25% annually of UPB for loans that are non-performing at acquisition. For certain of the Company's joint ventures, the servicing fee rate for RPLs is reduced to an annual servicing fee rate of 0.42% on a loan-by-loan basis for any loan that makes seven consecutive payments. Servicing fees are paid monthly. The total fees incurred by the Company for these services depend upon the UPB and type of mortgage loans that the Servicer services pursuant to the terms of the Servicing Agreement. The fees do not change if an RPL becomes non-performing or vice versa. Servicing fees for the Company’s real property assets are the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by the Manager or 1.00% annually of the purchase price of any REO otherwise purchased by the Company. The Servicer is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations undertaken on the Company’s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and the type of mortgage loans that the Servicer services, property values, previous UPB of the relevant loan, and the number of 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.
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Stock-based Payments | Stock-based Payments At least a portion of the management fee is payable in cash, and a portion of the management fee may be payable (at the Company's discretion) in shares of the Company’s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act of 1933, as amended (the “Securities Act”). The number of shares issued to the Manager (if any) are determined based on the higher of the most recently reported book value or the average of the closing prices of the Company's common stock on the New York Stock Exchange ("NYSE") on the five business days after the date on which the most recent regular quarterly dividend to holders of the common stock is paid. Any management fees paid in common stock are recognized as an expense in the quarter incurred and recorded in stockholders' equity 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 award, including grants of long-term incentive plan units (“LTIP Units”) from the Operating Partnership, available for issuance under the Director Plan is 76,000 shares. The Company issued to each of its independent directors restricted stock awards of 2,000 shares of its common stock upon joining the Board of Directors. The Company may also periodically issue additional restricted stock awards to its independent directors under the Director Plan. In addition, each of the Company’s independent directors receives an annual fee of $100,000, payable quarterly, 40% in shares of the Company’s common stock and 60% in cash. Stock-based expense for the directors’ annual fee is expensed as earned, in equal quarterly amounts during the year, and recorded in stockholders' equity at quarter end. On June 7, 2016, the Company’s stockholders approved the 2016 Equity Incentive Plan (the “2016 Plan”) 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 exercise of all outstanding options and the conversion of all warrants and convertible senior notes, including OP Units and any LTIP Units, 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. The share grants vest over three years, with one third of the shares vesting on each of the first, second and third anniversaries of the grant date. The shares may not be sold until the third anniversary of the grant date.
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Directors' fees | Directors’ Fees The expense related to directors’ fees is accrued, and the portion payable in common stock is reflected in consolidated Stockholders’ Equity in the period in which it is incurred.
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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.
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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.
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Cash Held in Trust | Cash Held in Trust Cash held in trust consists of restricted cash balances either legally due to lenders or held in trust for the benefit of the Company's secured borrowings, and is segregated from the Company’s other cash deposits. Cash held in trust is not available to the Company for any purpose other than the settlement of existing obligations.
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Earnings per Share | Earnings per Share The Company grants restricted 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 the 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.
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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 value of transfers of mortgage loans to REO is based upon the present value of future expected cash flows of the loans being transferred. The Company values its investments in debt securities using estimates provided by its financing counterparties. The Company also relies on the Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on these investments as a comparison to the estimates received from financing counterparties. The Company also relies on its Manager's proprietary pricing model to estimate the underlying cash flows expected to be collected on its investments in beneficial interests. The Company's investment in the Manager is valued by applying an earnings multiple to base fee revenue. The Company's investments in AS Ajax E LLC and AS Ajax E II LLC are valued using estimates provided by financing counterparties and other publicly available information. The fair value of the Company's investment in GAFS, including warrants, is determined by applying an earnings multiple to expected earnings. The fair value of the Company's investment in Gaea is estimated using a projected net operating income for its property portfolio. The fair value of the Company's investment 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 the Company's put option liability is adjusted to approximate market value through earnings. Fair value is determined using a discounted cash flow methodology based on the future value of the liability. The fair value of secured borrowings is estimated using estimates provided by the Company's financing counterparties, which are compared for reasonableness to the Manager’s proprietary pricing model which estimates expected cash flows of the underlying mortgage loans collateralizing the debt. The Company’s borrowings under its repurchase agreements are short-term in nature, and the Manager believes it can renew the current borrowing arrangements on similar terms in the future. Accordingly, the carrying value of these borrowings approximates fair value. The Company’s convertible senior notes are traded on the NYSE under the ticker symbol "AJXA"; the debt’s fair value is determined from the closing price on the balance sheet date. Property held-for-sale is carried at the lower of its acquisition basis or net realizable value. Net realizable value is determined based on broker price opinions, appraisals, or other market indicators of fair value, which are then reduced by anticipated selling costs. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income. The carrying values of the Company's Cash and cash equivalents, Cash held in trust, Receivable from Servicer, Prepaid expenses and other assets, Management fee payable and Accrued expenses and other liabilities are equal to or approximate fair value.
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Income Taxes | Income Taxes The Company 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 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. Income from these two entities and any other TRS that the Company forms in the future will be subject to U.S. federal and state income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences or benefits attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company’s judgment, it reduces a deferred tax asset by a valuation allowance if it is “more-likely-than-not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be primarily taxable as long-term capital gain, although a portion of such distributions may be designated as ordinary income or qualified dividend income, or may constitute a return of capital. The Company furnishes annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.
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Reclassifications | ReclassificationsThe Company combined its Property held-for-sale, net and Rental property, net lines with balances of $7.8 million and $0.7 million, respectively, in its December 31, 2020 consolidated balance sheet into a single line, Real estate owned properties, net, to conform to the current period presentation. There was no effect on the Company's reported earnings or cash flows for the periods presented. The Company reclassified its put option liability of $14.2 million at December 31, 2020, from Accrued expenses and other liabilities on the consolidated balance sheets to a separate line, Put option liability, to conform to the current period presentation. There was no effect on the Company's reported earnings or cash flows for the periods presented. The Company also reclassified its loans and securities credit loss expenses of $0.4 million for the three month period ended March 31, 2020, from Recovery of/(provision for) losses to Interest income on its consolidated statement of income to align the presentation with the method the Company uses to evaluate these results. |
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.
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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. Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The amendments in this update simplify the accounting for convertible instruments by removing certain accounting models that require separation of convertible instruments into debt and equity components with conversion features that are not required to be accounted for as derivatives or that do not result in substantial premiums. Consequently a convertible instrument will be accounted for as a single liability measured as 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 and recognition as derivatives. This guidance is effective for interim and annual reporting periods beginning after December 15, 2021, with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.
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Mortgage Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2021 and December 31, 2020 ($ in thousands):
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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 as of March 31, 2021 and December 31, 2020 ($ in thousands):
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Schedule of loan acquisition reconciliation between purchase price and par value | The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three months ended March 31, 2021 and 2020 ($ in thousands):
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Allowance for credit losses on mortgage loans | An analysis of the balance in the allowance for loan losses account follows ($ in thousands):
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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 March 31, 2021 and December 31, 2020 ($ in thousands):
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Real Estate Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of activity in the Company's carrying value held-for-sale | The following table presents the activity in the Company’s carrying value of property held-for-sale and rental property for the three months ended March 31, 2021 and 2020 ($ in thousands):
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands):
(1)Basis amount is net of any amortized discount, allowance for credit losses, principal paydowns and interest receivable on securities of $0.2 million.
(1)Basis amount is net of any amortized costs, principal paydowns and interest receivable on securities of $0.2 million.
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Debt securities, available-for-sale, unrealized loss position, fair value | The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands):
(1)Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date. (2)Basis amount is net of any realized amortized costs and principal paydowns. (3)This line is comprised of two securities that are both due in September 2059 and both have been in an unrealized loss position for 12 months or longer.
(1)Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date. (2)Basis amount is net of any realized amortized costs and principal paydowns. (3)This line is comprised of two securities that are both due September 2059. One security with a balance of $0.2 million has been in an unrealized loss position for less than 12 months and has a step-up date in April 2023 and the other security of $0.1 million has been in a loss position for 12 months or longer and has a step-up date in February 2023. (4)This security has been in an unrealized loss position for less than 12 months.
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Schedule of securities acquisition reconciliation between purchase price and par value | The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three months ended March 31, 2021 and 2020 ($ in thousands):
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Allowance for credit loss on beneficial interests | An analysis of the balance in the allowance for beneficial interest losses account follows ($ in thousands):
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Fair Value (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2021 and December 31, 2020 ($ in thousands):
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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 March 31, 2021 and December 31, 2020 ($ in thousands):
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Fair value of non-financial assets by level | The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of March 31, 2021 and December 31, 2020 ($ in thousands):
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Affiliates (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments | The table below shows the net income, assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands): Net income/(loss), assets and liabilities of unconsolidated affiliates at 100%
Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share
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Commitment and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other commitments | The following table sets forth the details of the Company's put option liability ($ in thousands):
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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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 March 31, 2021 and December 31, 2020 in the table below ($ in thousands):
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Schedule of securitization of notes | The following table sets forth the original terms of all notes from our secured borrowings outstanding at March 31, 2021 at their respective cutoff dates:
(1)Ajax Mortgage Loan Trust ("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 U.S. GAAP and is 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. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest. (2)The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of AJAXM 2021-A. (3)The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (4)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.
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Schedule of status of mortgage loans | The following table sets forth the status of the notes held by others at March 31, 2021 and December 31, 2020, and the securitization cutoff date ($ in thousands):
(1)The gross amount of senior bonds at March 31, 2021 and December 31, 2020 were $97.4 million and $102.6 million however, only $48.7 million and $51.3 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (2)Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans. (3)2018-C contained notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at December 31, 2020 were $132.7 million and $15.9 million, however, only $126.1 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. (4)Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans. (5)This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $10.6 million and $5.4 million as of March 31, 2021 and December 31, 2020.
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Related Party Transactions (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
The Company’s consolidated balance sheets included the following significant related party balances ($ in thousands):
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Stock-based Payments and Director Fees (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of management fees and director fees | The following table sets forth the Company’s stock-based independent director fees ($ in thousands): Stock-based Director Fees
(1)All independent director fees are fully expensed in the period in which the relevant service is received by the Company.
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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:
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Schedule of restricted stock plan grants, expense | The following table presents the expenses for the Company's restricted stock plan for the years ended ($ in thousands):
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Earnings per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
(1)The Company's outstanding warrants for an addition 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended March 31, 2021, and have not been included in the calculation. (2)The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended March 31, 2021 would have been anti-dilutive and have been removed from the calculation. (3)The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the three months ended March 31, 2021 would have been anti-dilutive and have been removed from the calculation.
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Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income | The Company recognizes unrealized gains or losses on its investment in debt securities as components of other comprehensive income. Total accumulated other comprehensive gain on the Company’s balance sheet at March 31, 2021 and December 31, 2020 was as follows ($ in thousands):
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Consolidation, less than wholly owned subsidiary, parent ownership interest, effects of changes, net | The following table sets forth the effects of changes in ownership of the Company's non-controlling interests due to transfers to or from non-controlling interest for the calendar preceding the Consolidated balance sheet dates ($ in thousands):
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Organization and Basis of Presentation (Details) |
3 Months Ended | ||||||
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Apr. 06, 2020
USD ($)
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Nov. 22, 2019
USD ($)
$ / shares
shares
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Mar. 31, 2021
USD ($)
payment
entity
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Jun. 30, 2020
USD ($)
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Dec. 31, 2020
entity
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Jun. 30, 2019
shares
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Dec. 31, 2018 |
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Organization And Basis Of Presentation [Line Items] | |||||||
Number of payments made on RPL mortgage loans (at least) | payment | 5 | ||||||
Number of recent payments made on RPL mortgage loans | payment | 7 | ||||||
Number of payments made on NPL mortgage loans | payment | 3 | ||||||
Proceeds from issuance of private placement | $ | $ 125,000,000.0 | $ 130,000,000.0 | |||||
Number of non controlling interest subsidiaries | entity | 3 | 4 | |||||
Percentage of outstanding OP units owned | 100.00% | 96.80% | |||||
Percentage of outstanding OP owned by an unaffiliated holder | 3.20% | ||||||
Operating partnership units | shares | 624,106 | ||||||
Maximum | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Principal balance of small balance commercial mortgage loans (up to) | $ | $ 5,000,000.0 | ||||||
Delaware Trust | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage | 5.00% | ||||||
Investment in AS Ajax E II LLC | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Percentage of ownership interests in joint venture | 53.10% | 53.10% | |||||
Investment in AS Ajax E II LLC | Third party | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage by third parties | 46.90% | ||||||
Investment in AS Ajax E II LLC | Great Ajax Corp | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Percentage of ownership interests in joint venture | 53.10% | 53.10% | |||||
2017-D | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Percentage of ownership interests in joint venture | 50.00% | ||||||
2017-D | Great Ajax Corp | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage by parent | 50.00% | 50.00% | |||||
Great Ajax II REIT | Third party | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage by third parties | 0.10% | 0.10% | |||||
Great Ajax II REIT | Great Ajax Corp | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage by parent | 99.90% | 99.90% | |||||
2018-C | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Percentage of ownership interests in joint venture | 37.00% | ||||||
2018-C | Third party | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage by parent | 63.00% | ||||||
Ownership percentage by third parties | 0.00% | ||||||
2018-C | Great Ajax Corp | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage by parent | 100.00% | ||||||
Gaea Real Estate Corp. | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage | 23.20% | 22.90% | |||||
Proceeds from issuance of private placement | $ | $ 66,300,000 | ||||||
Private placement share issuance (in shares) | shares | 4,419,641 | ||||||
Purchase price per share (in usd per share) | $ / shares | $ 15.00 | ||||||
Gaea Real Estate Corp. | Third party | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage by third parties | 76.80% | 77.10% | |||||
Thetis | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage | 19.80% | ||||||
Great Ajax FS | |||||||
Organization And Basis Of Presentation [Line Items] | |||||||
Ownership percentage | 8.00% |
Summary of Significant Accounting Policies - Narrative (Details) |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 06, 2020
USD ($)
shares
|
Jun. 07, 2016 |
Mar. 31, 2021
USD ($)
loanPool
entity
payment
Segment
$ / shares
shares
|
Sep. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
loanPool
$ / shares
shares
|
Mar. 31, 2020
USD ($)
loanPool
|
Dec. 31, 2020
USD ($)
loanPool
$ / shares
shares
|
Nov. 19, 2018
USD ($)
|
Aug. 18, 2017
USD ($)
|
Apr. 25, 2017
USD ($)
|
|
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of loan pools | loanPool | 5 | 6 | 4 | 6 | ||||||
Proceeds from issuance of private placement | $ 125,000,000.0 | $ 130,000,000.0 | ||||||||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25.00 | |||||||||
Class of warrant or right, outstanding (in shares) | shares | 6,500,000 | 6,500,000 | ||||||||
Investment warrants, exercise price (in dollars per share) | $ / shares | $ 10.00 | |||||||||
Warrants original basis | $ 9,500,000 | |||||||||
Convertible notes payable | 2,500,000 | $ 2,500,000 | $ 8,000,000.0 | |||||||
Payments for repurchase of convertible notes | 2,400,000 | 2,300,000 | 8,200,000 | |||||||
Convertible senior notes repurchase | $ 0 | $ 0 | (81,000) | |||||||
Percentage of incentive fees payable in cash | 100.00% | |||||||||
Minimum assets with banking institutions | $ 1,000,000,000 | |||||||||
Number of taxable subsidiaries | entity | 2 | |||||||||
Rental properties | $ 400,000 | $ 700,000 | ||||||||
Put option liability | $ 16,149,000 | $ 14,205,000 | ||||||||
Loans and securities, credit loss expenses | $ 400,000 | |||||||||
Number of operating segments | Segment | 1 | |||||||||
Put option | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Present value of put liability | $ 50,700,000 | |||||||||
Preferred stock - Series B shares | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Preferred stock, shares issued (in shares) | shares | 2,892,600 | 2,892,600 | 2,892,600 | |||||||
Preferred stock, fixed-to-floating rate cumulative redeemable | 5.00% | 5.00% | ||||||||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 25.00 | |||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25.00 | $ 25.00 | ||||||||
7.25% Series A preferred stock | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Preferred stock, shares issued (in shares) | shares | 2,307,400 | 2,307,400 | 2,307,400 | |||||||
Preferred stock, fixed-to-floating rate cumulative redeemable | 7.25% | 7.25% | ||||||||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 25.00 | |||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25.00 | $ 25.00 | ||||||||
Minimum | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Estimated useful lives of an assets | 27 years 6 months | |||||||||
Servicing agreement | Gregory | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Servicing fees percentage | 0.42% | |||||||||
Consecutive payments | payment | 7 | |||||||||
Percentage of fair market value of REO | 1.00% | |||||||||
Percentage of purchase price of REO | 1.00% | |||||||||
Renewal term | 1 year | |||||||||
Servicing agreement | Gregory | Minimum | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Servicing fees percentage | 0.65% | |||||||||
Servicing agreement | Gregory | Maximum | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Servicing fees percentage | 1.25% | |||||||||
Amended and restated management agreement | Thetis | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Period of common shares held as base management fee (at least) | 3 years | |||||||||
2014 Director Equity Plan | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of shares available under for distribution (in shares) | shares | 76,000 | |||||||||
Percentage of annual retainer received in shares | 40.00% | |||||||||
Percentage of annual retainer received in cash | 60.00% | |||||||||
2014 Director Equity Plan | Restricted stock | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Annual retainer amount | $ 100,000 | |||||||||
2016 Equity Incentive Plan | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Percentage of outstanding shares on a fully diluted basis (up to) | 5.00% | |||||||||
Fraction of award vesting period | 0.3333 | |||||||||
Long Term Incentive Plan | Restricted stock | IPO | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of restricted stock awards issued to independent directors (in shares) | shares | 2,000 | |||||||||
Convertible notes payable | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Aggregate principal | $ 87,500,000 | |||||||||
Additional aggregate principal | $ 15,900,000 | $ 20,500,000 | ||||||||
Interest Rate | 7.25% | |||||||||
Principal amount of note (in dollars per share) | $ / shares | $ 25.00 | |||||||||
Cumulative discount | $ 3,200,000 | |||||||||
Common stock | Convertible notes payable | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Conversion rate | 1.7279 | |||||||||
Conversion price (in dollars per share) | $ / shares | $ 14.47 |
Mortgage Loans - Schedule of loan portfolio basis by asset type (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mortgage Loans on Real Estate | |||||||||||||
Mortgage loans held-for-investment, net | $ 991,811,000 | [1],[2] | $ 1,119,372,000 | [1],[2] | $ 26,100,000 | ||||||||
Mortgage loans held-for-sale, net | [3],[4] | 131,719,000 | 0 | ||||||||||
SBC loans | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Mortgage loans held-for-investment, net | 25,055,000 | 23,194,000 | |||||||||||
Mortgage loans held-for-sale, net | 0 | 0 | |||||||||||
Residential RPLs | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Mortgage loans held-for-investment, net | 928,844,000 | 1,057,454,000 | |||||||||||
Mortgage loans held-for-sale, net | 131,719,000 | 0 | |||||||||||
Residential NPLs | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Mortgage loans held-for-investment, net | 37,912,000 | 38,724,000 | |||||||||||
Mortgage loans held-for-sale, net | $ 0 | $ 0 | |||||||||||
|
Mortgage Loans - Narrative (Details) |
3 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2020
USD ($)
|
Mar. 31, 2021
USD ($)
loan
loanPool
|
Mar. 31, 2020
USD ($)
loan
loanPool
|
Dec. 31, 2020
USD ($)
loanPool
|
Jun. 30, 2020
loanPool
|
Dec. 31, 2019
USD ($)
|
|||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Mortgage loans held-for-investment, net | $ 991,811,000 | [1],[2] | $ 26,100,000 | $ 1,119,372,000 | [1],[2] | |||||||||||
Mortgage loans held-for-sale, net | [3],[4] | 131,719,000 | 0 | |||||||||||||
Allowance for credit loss | (17,890,000) | (16,136,000) | $ (13,712,000) | $ (1,960,000) | ||||||||||||
Reversal of/(increase in) provision for credit losses due to increases/(decreases) in actual and/or forecasted cash flows | 5,500,000 | (1,893,000) | ||||||||||||||
Reversal of/(increase in) provision for credit losses due to increases/(decreases) in actual and/or forecasted cash flows | 5,500,000 | (1,893,000) | ||||||||||||||
Interest income | $ 23,100,000 | 19,600,000 | ||||||||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 26,200,000 | |||||||||||||||
Number of sold loans | loan | 0 | 26 | ||||||||||||||
Collateral value | $ 44,200,000 | |||||||||||||||
Beginning period adjustment for CECL | $ 10,200,000 | |||||||||||||||
Number of loan pools | loanPool | 5 | 4 | 6 | 6 | ||||||||||||
Reclassification from non-credit discount to the allowance for changes in payment expectations | $ (5,398,000) | $ 0 | ||||||||||||||
Reclassification from non-credit discount to the allowance for losses for repooling adjustments | (3,834,000) | 0 | ||||||||||||||
Reversal of allowance for reclass of pool 2017-D to mortgage loans held-for-sale, net | 1,741,000 | 0 | ||||||||||||||
Increase in allowance for loan credit losses for loan acquisitions | (1,733,000) | (4,000) | ||||||||||||||
Provisions for losses | 0 | $ 1,894,000 | ||||||||||||||
RPLs, NPLs, and originated SBCs | ||||||||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Mortgage loans held-for-investment, net | 1,000,000,000.0 | $ 1,100,000,000 | ||||||||||||||
RPLs Held-for-Sale | ||||||||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Mortgage loans held-for-sale, net | 131,700,000 | 0 | ||||||||||||||
SBC loans acquired at or near origination | ||||||||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 3,600,000 | |||||||||||||||
Number of originated SBC loans acquired | loan | 1 | 0 | ||||||||||||||
7f7 and better | ||||||||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Mortgage loans held-for-investment, net | $ 121,928,000 | 142,235,000 | ||||||||||||||
4f4-6f6 and below | ||||||||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Mortgage loans held-for-investment, net | 172,614,000 | 126,814,000 | ||||||||||||||
Non-PCD | ||||||||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Mortgage loans held-for-investment, net | $ 33,214,000 | $ 29,421,000 | ||||||||||||||
Number of loan pools | loanPool | 1 | 1 | ||||||||||||||
Residential RPLs | ||||||||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Mortgage loans held-for-investment, net | $ 928,844,000 | $ 1,057,454,000 | ||||||||||||||
Mortgage loans held-for-sale, net | $ 131,719,000 | 0 | ||||||||||||||
Number of mortgage loans on real estate | loan | 199 | 26 | ||||||||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 36,000,000.0 | $ 2,000,000.0 | ||||||||||||||
Residential NPLs | ||||||||||||||||
Mortgage Loans on Real Estate | ||||||||||||||||
Mortgage loans held-for-investment, net | 37,912,000 | 38,724,000 | ||||||||||||||
Mortgage loans held-for-sale, net | $ 0 | $ 0 | ||||||||||||||
Number of mortgage loans on real estate | loan | 3 | 1 | ||||||||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 700,000 | $ 200,000 | ||||||||||||||
|
Mortgage Loans - Schedule of loan basis by year of origination (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | $ 991,811,000 | $ 1,119,372,000 | ||||
Mortgage loans held-for-sale, net | [1],[2] | 131,719,000 | 0 | |||
Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 596,062,000 | 424,997,000 | ||||
California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 67,993,000 | 88,788,000 | ||||
7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 121,928,000 | 142,235,000 | ||||
2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 173,221,000 | |||||
2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 133,896,000 | |||||
Mortgage loans held-for-sale, net | 131,719,000 | |||||
4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 172,614,000 | 126,814,000 | ||||
Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 33,214,000 | 29,421,000 | ||||
2021 | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 3,600,000 | |||||
Mortgage loans held-for-sale, net | 0 | |||||
2021 | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2021 | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2021 | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2021 | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loans held-for-sale, net | 0 | |||||
2021 | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2021 | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 3,600,000 | |||||
2020 | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 24,719,000 | 24,480,000 | ||||
Mortgage loans held-for-sale, net | 0 | |||||
2020 | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 860,000 | 0 | ||||
2020 | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 2,207,000 | 2,221,000 | ||||
2020 | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | 0 | ||||
2020 | 2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2020 | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
Mortgage loans held-for-sale, net | 0 | |||||
2020 | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | 872,000 | ||||
2020 | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 21,652,000 | 21,387,000 | ||||
2019 | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 7,326,000 | 7,998,000 | ||||
Mortgage loans held-for-sale, net | 0 | |||||
2019 | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 179,000 | 0 | ||||
2019 | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | 952,000 | ||||
2019 | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 1,116,000 | 911,000 | ||||
2019 | 2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2019 | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
Mortgage loans held-for-sale, net | 0 | |||||
2019 | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 1,563,000 | 1,397,000 | ||||
2019 | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 4,468,000 | 4,738,000 | ||||
2018 | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 4,339,000 | 4,293,000 | ||||
Mortgage loans held-for-sale, net | 0 | |||||
2018 | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 1,305,000 | 257,000 | ||||
2018 | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 926,000 | 1,484,000 | ||||
2018 | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | 434,000 | ||||
2018 | 2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2018 | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
Mortgage loans held-for-sale, net | 0 | |||||
2018 | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 2,034,000 | 2,054,000 | ||||
2018 | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 74,000 | 64,000 | ||||
2017 | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 3,760,000 | 3,800,000 | ||||
Mortgage loans held-for-sale, net | 121,000 | |||||
2017 | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 489,000 | 488,000 | ||||
2017 | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 368,000 | 362,000 | ||||
2017 | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | 0 | ||||
2017 | 2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2017 | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 121,000 | |||||
Mortgage loans held-for-sale, net | 121,000 | |||||
2017 | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 341,000 | 336,000 | ||||
2017 | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 2,562,000 | 2,493,000 | ||||
2016 | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 2,760,000 | 4,520,000 | ||||
Mortgage loans held-for-sale, net | 0 | |||||
2016 | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 2,046,000 | 1,991,000 | ||||
2016 | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | 0 | ||||
2016 | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 291,000 | 2,125,000 | ||||
2016 | 2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
2016 | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 0 | |||||
Mortgage loans held-for-sale, net | 0 | |||||
2016 | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 305,000 | 305,000 | ||||
2016 | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 118,000 | 99,000 | ||||
2009-2015 | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 96,705,000 | 99,504,000 | ||||
Mortgage loans held-for-sale, net | 6,929,000 | |||||
2009-2015 | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 53,144,000 | 41,746,000 | ||||
2009-2015 | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 4,396,000 | 5,292,000 | ||||
2009-2015 | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 14,039,000 | 17,520,000 | ||||
2009-2015 | 2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 14,100,000 | |||||
2009-2015 | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 6,826,000 | |||||
Mortgage loans held-for-sale, net | 6,929,000 | |||||
2009-2015 | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 24,420,000 | 13,409,000 | ||||
2009-2015 | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 706,000 | 611,000 | ||||
2006-2008 | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 622,883,000 | 721,689,000 | ||||
Mortgage loans held-for-sale, net | 93,353,000 | |||||
2006-2008 | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 394,518,000 | 280,606,000 | ||||
2006-2008 | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 47,600,000 | 60,393,000 | ||||
2006-2008 | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 77,071,000 | 88,414,000 | ||||
2006-2008 | 2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 119,343,000 | |||||
2006-2008 | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 94,711,000 | |||||
Mortgage loans held-for-sale, net | 93,353,000 | |||||
2006-2008 | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 103,672,000 | 78,202,000 | ||||
2006-2008 | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 22,000 | 20,000 | ||||
2005 and prior | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 225,719,000 | 253,088,000 | ||||
Mortgage loans held-for-sale, net | 31,316,000 | |||||
2005 and prior | Great Ajax II REIT | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 143,521,000 | 99,909,000 | ||||
2005 and prior | California | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 12,496,000 | 18,084,000 | ||||
2005 and prior | 7f7 and better | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 29,411,000 | 32,831,000 | ||||
2005 and prior | 2018-C | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 39,778,000 | |||||
2005 and prior | 2017-D | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 32,238,000 | |||||
Mortgage loans held-for-sale, net | 31,316,000 | |||||
2005 and prior | 4f4-6f6 and below | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | 40,279,000 | 30,239,000 | ||||
2005 and prior | Non-PCD | ||||||
Mortgage Loans [Line Items] | ||||||
Mortgage loan portfolio by basis | $ 12,000 | $ 9,000 | ||||
|
Mortgage Loans - Schedule of loan acquisition reconciliation between purchase price and par value (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Mortgage Loans on Real Estate | ||
Par | $ 0 | $ 11,970 |
Discount | 0 | (2,335) |
Allowance | (1,733) | (4) |
PCD Loans | ||
Mortgage Loans on Real Estate | ||
Par | 36,696 | 227 |
Discount | (2,929) | (37) |
Allowance | (1,733) | (4) |
Purchase Price | 32,034 | 186 |
Non-PCD | ||
Mortgage Loans on Real Estate | ||
Par | 3,611 | 1,952 |
Discount | (8) | (747) |
Allowance | 0 | 0 |
Purchase Price | $ 3,603 | $ 1,205 |
Mortgage Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan credit losses, beginning of period | $ (13,712) | $ (1,960) |
Reclassification from non-credit discount to the allowance for changes in payment expectations | (5,398) | 0 |
Reclassification from non-credit discount to the allowance for losses for repooling adjustments | (3,834) | 0 |
Increase in allowance for loan credit losses for loan acquisitions | (1,733) | (4) |
Amortization of credit loss expense on mortgage loans | (454) | (229) |
Reclassification from non-credit discount to the allowance for losses for increases in actual and projected cash flows | 0 | (1,894) |
Reversal of/(increase in) provision for credit losses due to increases/(decreases) in actual and/or forecasted cash flows | 5,500 | (1,893) |
Reversal of allowance for reclass of pool 2017-D to mortgage loans held-for-sale, net | 1,741 | 0 |
Allowance for loan credit losses, end of period | (17,890) | (16,136) |
Beginning period adjustment for CECL | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan credit losses, beginning of period | $ 0 | $ 10,156 |
Mortgage Loans - Schedule of carrying value of mortgage loans (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | $ 991,811,000 | [1],[2] | $ 1,119,372,000 | [1],[2] | $ 26,100,000 | ||||||||
Mortgage loans held-for-sale, net | [3],[4] | 131,719,000 | 0 | ||||||||||
Great Ajax II REIT | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 596,062,000 | 424,997,000 | |||||||||||
7f7 and better | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 121,928,000 | 142,235,000 | |||||||||||
2018-C | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 173,221,000 | ||||||||||||
2017-D | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 133,896,000 | ||||||||||||
Mortgage loans held-for-sale, net | 131,719,000 | ||||||||||||
California | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 67,993,000 | 88,788,000 | |||||||||||
4f4-6f6 and below | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 172,614,000 | 126,814,000 | |||||||||||
Non-PCD | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 33,214,000 | 29,421,000 | |||||||||||
Current | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 563,858,000 | 591,538,000 | |||||||||||
Mortgage loans held-for-sale, net | 65,047,000 | ||||||||||||
Current | Great Ajax II REIT | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 488,212,000 | 311,941,000 | |||||||||||
Current | 7f7 and better | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 23,961,000 | 72,613,000 | |||||||||||
Current | 2018-C | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 70,034,000 | ||||||||||||
Current | 2017-D | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 58,198,000 | ||||||||||||
Mortgage loans held-for-sale, net | 65,047,000 | ||||||||||||
Current | California | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 9,911,000 | 42,214,000 | |||||||||||
Current | 4f4-6f6 and below | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 9,374,000 | 13,976,000 | |||||||||||
Current | Non-PCD | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 32,400,000 | 22,562,000 | |||||||||||
30 | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 89,182,000 | 132,248,000 | |||||||||||
Mortgage loans held-for-sale, net | 20,019,000 | ||||||||||||
30 | Great Ajax II REIT | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 47,370,000 | 48,266,000 | |||||||||||
30 | 7f7 and better | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 19,887,000 | 14,003,000 | |||||||||||
30 | 2018-C | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 20,541,000 | ||||||||||||
30 | 2017-D | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 24,906,000 | ||||||||||||
Mortgage loans held-for-sale, net | 20,019,000 | ||||||||||||
30 | California | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 6,569,000 | 7,660,000 | |||||||||||
30 | 4f4-6f6 and below | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 15,289,000 | 10,773,000 | |||||||||||
30 | Non-PCD | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 67,000 | 6,099,000 | |||||||||||
60 | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 56,117,000 | 72,475,000 | |||||||||||
Mortgage loans held-for-sale, net | 9,678,000 | ||||||||||||
60 | Great Ajax II REIT | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 17,714,000 | 19,559,000 | |||||||||||
60 | 7f7 and better | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 19,316,000 | 12,447,000 | |||||||||||
60 | 2018-C | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 15,300,000 | ||||||||||||
60 | 2017-D | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 12,437,000 | ||||||||||||
Mortgage loans held-for-sale, net | 9,678,000 | ||||||||||||
60 | California | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 9,795,000 | 5,519,000 | |||||||||||
60 | 4f4-6f6 and below | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 9,229,000 | 7,157,000 | |||||||||||
60 | Non-PCD | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 63,000 | 56,000 | |||||||||||
90 | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 237,456,000 | 277,115,000 | |||||||||||
Mortgage loans held-for-sale, net | 35,067,000 | ||||||||||||
90 | Great Ajax II REIT | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 40,859,000 | 43,364,000 | |||||||||||
90 | 7f7 and better | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 57,878,000 | 41,383,000 | |||||||||||
90 | 2018-C | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 57,538,000 | ||||||||||||
90 | 2017-D | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 36,106,000 | ||||||||||||
Mortgage loans held-for-sale, net | 35,067,000 | ||||||||||||
90 | California | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 35,319,000 | 29,343,000 | |||||||||||
90 | 4f4-6f6 and below | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 103,353,000 | 68,677,000 | |||||||||||
90 | Non-PCD | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 47,000 | 704,000 | |||||||||||
Foreclosure | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 45,198,000 | 45,996,000 | |||||||||||
Mortgage loans held-for-sale, net | 1,908,000 | ||||||||||||
Foreclosure | Great Ajax II REIT | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 1,907,000 | 1,867,000 | |||||||||||
Foreclosure | 7f7 and better | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 886,000 | 1,789,000 | |||||||||||
Foreclosure | 2018-C | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 9,808,000 | ||||||||||||
Foreclosure | 2017-D | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 2,249,000 | ||||||||||||
Mortgage loans held-for-sale, net | 1,908,000 | ||||||||||||
Foreclosure | California | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 6,399,000 | 4,052,000 | |||||||||||
Foreclosure | 4f4-6f6 and below | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | 35,369,000 | 26,231,000 | |||||||||||
Foreclosure | Non-PCD | |||||||||||||
Mortgage Loans on Real Estate | |||||||||||||
Carrying value of mortgages | $ 637,000 | $ 0 | |||||||||||
|
Real Estate Assets, Net - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
property
|
Mar. 31, 2020
USD ($)
property
|
Dec. 31, 2020
USD ($)
property
|
Dec. 31, 2019
USD ($)
|
|||||
Real Estate [Line Items] | ||||||||
Net investments in real estate | $ 7,098 | [1] | $ 12,250 | $ 8,526 | [1] | $ 15,071 | ||
Property held-for-sale | 6,700 | 7,800 | ||||||
Rental properties | 400 | $ 700 | ||||||
Real estate held for sale improvements | $ 300 | |||||||
Number of properties owned | property | 31 | 38 | ||||||
Number of held-for-sale properties | property | 26 | 32 | ||||||
Number of rental properties | property | 5 | 6 | ||||||
Number of held-for-sale residential properties disposed | property | 9 | 19 | ||||||
Gain (loss) on sale of property | $ 105 | $ 286 | ||||||
Real estate impairment | 200 | 900 | ||||||
Carrying Value | ||||||||
Real Estate [Line Items] | ||||||||
Net investments in real estate | 7,100 | $ 8,500 | ||||||
Property held-for-sale | 6,736 | $ 7,807 | ||||||
Other income | ||||||||
Real Estate [Line Items] | ||||||||
Gain (loss) on sale of property | $ 100 | $ 400 | ||||||
|
Real Estate Assets, Net - Schedule of ROE Held-For-Sale (Details) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
property
|
Mar. 31, 2020
USD ($)
property
|
||||
Count [Abstract] | |||||
Balance at beginning of period | property | 38 | 68 | |||
Net transfers from mortgage loans | property | 2 | 5 | |||
Adjustments to record at lower of cost or fair value | property | 0 | 0 | |||
Depreciation on rental properties | property | 0 | 0 | |||
Disposals | property | (9) | (19) | |||
Balance at end of period | property | 31 | 54 | |||
Amount [Abstract] | |||||
Balance at beginning of period | $ | $ 8,526 | [1] | $ 15,071 | ||
Net transfers from mortgage loans | $ | 228 | 814 | |||
Adjustments to record at lower of cost or fair value | $ | (171) | (897) | |||
Depreciation on rental properties | $ | (3) | (8) | |||
Disposals | $ | (1,482) | (2,730) | |||
Balance at end of period | $ | $ 7,098 | [1] | $ 12,250 | ||
|
Investments - Available-for-sale (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Basis | $ 263,000 | $ 273,400 | ||
Gross unrealized gains | 1,900 | 1,200 | ||
Gross unrealized losses | (200) | (800) | ||
Carrying value (fair value) | 264,700 | 273,800 | ||
Interest receivable on securities | 200 | 200 | ||
Debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Basis | 263,001 | 273,459 | ||
Gross unrealized gains | 1,926 | 1,152 | ||
Gross unrealized losses | (245) | (777) | ||
Carrying value (fair value) | 264,682 | 273,834 | ||
Beneficial interests in securitization trusts | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Basis | 94,893 | 91,418 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Carrying value (fair value) | [1] | 94,893 | 91,418 | |
Accumulated net investment gain (loss) attributable to noncontrolling interest | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Basis | 357,894 | 364,877 | ||
Gross unrealized gains | 1,926 | 1,152 | ||
Gross unrealized losses | (245) | (777) | ||
Carrying value (fair value) | $ 359,575 | $ 365,252 | ||
|
Investments - Debt Securities Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Investments, Debt and Equity Securities [Line Items] | |||
Basis | $ 263,000 | $ 273,400 | |
Gross unrealized losses | (200) | (800) | |
Carrying value (fair value) | 264,700 | 273,800 | |
Allowance | 0 | $ (2,553) | |
Incremental increase in allowance for beneficial interests | 953 | $ 0 | |
Debt securities due September 2059 | |||
Investments, Debt and Equity Securities [Line Items] | |||
Basis | 21,390 | 22,216 | |
Gross unrealized losses | (245) | (238) | |
Carrying value (fair value) | 21,145 | 21,978 | |
Debt securities due September 2059 | Unrealized loss 12 months or longer | |||
Investments, Debt and Equity Securities [Line Items] | |||
Gross unrealized losses | (100) | ||
Debt securities due September 2059 | Unrealized loss less than 12 months | |||
Investments, Debt and Equity Securities [Line Items] | |||
Gross unrealized losses | (200) | ||
Debt securities due November 2059 | |||
Investments, Debt and Equity Securities [Line Items] | |||
Basis | 14,738 | ||
Gross unrealized losses | (61) | ||
Carrying value (fair value) | 14,677 | ||
Debt securities due December 2059 | |||
Investments, Debt and Equity Securities [Line Items] | |||
Basis | 47,270 | ||
Gross unrealized losses | (315) | ||
Carrying value (fair value) | 46,955 | ||
Debt securities due September 2060 | |||
Investments, Debt and Equity Securities [Line Items] | |||
Basis | 34,970 | ||
Gross unrealized losses | (44) | ||
Carrying value (fair value) | 34,926 | ||
Debt securities due June 2060 | |||
Investments, Debt and Equity Securities [Line Items] | |||
Basis | 35,127 | ||
Gross unrealized losses | (119) | ||
Carrying value (fair value) | 35,008 | ||
Total basis | |||
Investments, Debt and Equity Securities [Line Items] | |||
Basis | 21,390 | 154,321 | |
Total gross unrealized losses | |||
Investments, Debt and Equity Securities [Line Items] | |||
Gross unrealized losses | (245) | (777) | |
Total carrying value (fair value) | |||
Investments, Debt and Equity Securities [Line Items] | |||
Carrying value (fair value) | $ 21,145 | $ 153,544 |
Investments - Narrative (Details) - USD ($) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 01, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|||
Debt Securities, Available-for-sale [Line Items] | ||||||
Gross unrealized gains | $ 1,900,000 | $ 1,200,000 | ||||
Gross unrealized losses | (200,000) | (800,000) | ||||
Carrying value (fair value) | 264,700,000 | 273,800,000 | ||||
Interest receivable on securities | 200,000 | 200,000 | ||||
Investment In securities | $ 61,300,000 | |||||
Securities past due | 0 | 0 | ||||
Provision for credit losses | $ 10,200,000 | |||||
Provision for (benefit)/losses on beneficial interests | (15,000) | 169,000 | ||||
Beneficial interests in securitization trusts | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Provision for credit losses | $ (1,700,000) | |||||
Reversal of provision for credit losses | (15,000) | |||||
Provision for (benefit)/losses on beneficial interests | 200,000 | |||||
Senior notes | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Investment in senior notes | 49,600,000 | |||||
Subordinated debt | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Investment in subordinate notes | 4,600,000 | |||||
Beneficial interests in securitization trusts | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Gross unrealized gains | 0 | 0 | ||||
Gross unrealized losses | 0 | 0 | ||||
Carrying value (fair value) | [1] | $ 94,893,000 | $ 91,418,000 | |||
Beneficial interests in securitization trusts | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Investment in beneficial interests | $ 7,100,000 | |||||
|
Investments - Schedule of securities at acquisition reconciliation between purchase price and par value (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Par | $ 0 | $ 11,970 |
Discount | 0 | (2,335) |
Allowance | 0 | (2,553) |
Purchase Price | $ 0 | $ 7,082 |
Investments - Allowance for Credit Loss on Beneficial Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for beneficial interests credit losses, beginning balance | $ (4,453) | $ 0 |
Incremental increase in allowance for beneficial interests | (953) | 0 |
Increase in allowance for beneficial interest credit losses for acquisitions | 0 | (2,553) |
Amortization of credit loss expense on beneficial interests | (139) | (2,818) |
Reversal of/(increase in) provision for credit losses due to increases/(decreases) in actual and/or forecasted cash flows | 15 | (169) |
Allowance for beneficial interests credit losses, end balance | (5,530) | (7,208) |
Beginning period adjustment for CECL | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for beneficial interests credit losses, beginning balance | $ 0 | $ (1,668) |
Fair Value - Schedule of Recurring Financial Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities at fair value - carrying value | $ 264,700 | $ 273,800 |
Carrying Value | Fair value, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities at fair value - carrying value | 264,682 | 273,834 |
Put option liability - carrying value | 16,149 | 14,205 |
Level 1 | Fair value, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities at fair value | 0 | 0 |
Put option liability | 0 | 0 |
Level 2 | Fair value, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities at fair value | 264,682 | 273,834 |
Put option liability | 0 | 0 |
Level 3 | Fair value, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities at fair value | 0 | 0 |
Put option liability | $ 16,149 | $ 14,205 |
Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Mortgage loans held-for-investment, net | $ 991,811,000 | [1],[2] | $ 1,119,372,000 | [1],[2] | $ 26,100,000 | ||||||||||
Mortgage loans held-for-sale, net | [3],[4] | 131,719,000 | 0 | ||||||||||||
Not recognized on consolidated balance sheet at fair value (liabilities) | |||||||||||||||
Borrowings under repurchase transactions | 305,093,000 | 421,132,000 | |||||||||||||
Convertible senior notes, net | [5] | 107,971,000 | 110,057,000 | ||||||||||||
Carrying value | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Mortgage loans held-for-investment, net | 991,811,000 | 1,119,372,000 | |||||||||||||
Mortgage loans held-for-sale, net | 131,719,000 | ||||||||||||||
Not recognized on consolidated balance sheet at fair value (liabilities) | |||||||||||||||
Secured borrowings, net | 740,035,000 | 585,403,000 | |||||||||||||
Borrowings under repurchase transactions | 305,093,000 | 421,132,000 | |||||||||||||
Convertible senior notes, net | 107,971,000 | 110,057,000 | |||||||||||||
Level 1 - Quoted prices in active markets | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Mortgage loans, net fair value | 0 | 0 | |||||||||||||
Mortgage loans held-for-sale, net | 0 | ||||||||||||||
Not recognized on consolidated balance sheet at fair value (liabilities) | |||||||||||||||
Secured borrowings, fair value | 0 | 0 | |||||||||||||
Borrowings under repurchase agreement, fair value | 0 | 0 | |||||||||||||
Convertible senior notes, net, fair value | 111,382,000 | 110,675,000 | |||||||||||||
Level 2 - Observable inputs other than Level 1 prices | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Mortgage loans, net fair value | 0 | 0 | |||||||||||||
Mortgage loans held-for-sale, net | 0 | ||||||||||||||
Not recognized on consolidated balance sheet at fair value (liabilities) | |||||||||||||||
Secured borrowings, fair value | 743,762,000 | 586,419,000 | |||||||||||||
Borrowings under repurchase agreement, fair value | 305,093,000 | 421,132,000 | |||||||||||||
Convertible senior notes, net, fair value | 0 | 0 | |||||||||||||
Level 3 - Unobservable inputs | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Mortgage loans, net fair value | 1,088,730,000 | 1,232,081,000 | |||||||||||||
Mortgage loans held-for-sale, net | 141,780,000 | ||||||||||||||
Not recognized on consolidated balance sheet at fair value (liabilities) | |||||||||||||||
Secured borrowings, fair value | 0 | 0 | |||||||||||||
Borrowings under repurchase agreement, fair value | 0 | 0 | |||||||||||||
Convertible senior notes, net, fair value | 0 | 0 | |||||||||||||
Investment in Manager | Carrying value | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments In affiliates | 1,535,000 | 1,366,000 | |||||||||||||
Investment in Manager | Level 1 - Quoted prices in active markets | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Investment in Manager | Level 2 - Observable inputs other than Level 1 prices | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Investment in Manager | Level 3 - Unobservable inputs | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 11,818,000 | 11,709,000 | |||||||||||||
Investment in AS Ajax E LLC | Carrying value | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments In affiliates | 723,000 | 776,000 | |||||||||||||
Investment in AS Ajax E LLC | Level 1 - Quoted prices in active markets | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Investment in AS Ajax E LLC | Level 2 - Observable inputs other than Level 1 prices | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 877,000 | 934,000 | |||||||||||||
Investment in AS Ajax E LLC | Level 3 - Unobservable inputs | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Investment in AS Ajax E II LLC | Carrying value | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments In affiliates | 3,115,000 | 3,381,000 | |||||||||||||
Investment in AS Ajax E II LLC | Level 1 - Quoted prices in active markets | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Investment in AS Ajax E II LLC | Level 2 - Observable inputs other than Level 1 prices | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 3,261,000 | 3,484,000 | |||||||||||||
Investment in AS Ajax E II LLC | Level 3 - Unobservable inputs | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Great Ajax FS | Carrying value | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments In affiliates | 2,650,000 | 2,711,000 | |||||||||||||
Great Ajax FS | Level 1 - Quoted prices in active markets | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Great Ajax FS | Level 2 - Observable inputs other than Level 1 prices | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Great Ajax FS | Level 3 - Unobservable inputs | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 3,320,000 | 3,320,000 | |||||||||||||
Gaea Real Estate Corp. | Carrying value | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments In affiliates | 19,897,000 | 20,001,000 | |||||||||||||
Gaea Real Estate Corp. | Level 1 - Quoted prices in active markets | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Gaea Real Estate Corp. | Level 2 - Observable inputs other than Level 1 prices | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Gaea Real Estate Corp. | Level 3 - Unobservable inputs | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 19,133,000 | 19,150,000 | |||||||||||||
Investment in Loan pool LLCs | Carrying value | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments In affiliates | 374,000 | 381,000 | |||||||||||||
Investment in Loan pool LLCs | Level 1 - Quoted prices in active markets | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Investment in Loan pool LLCs | Level 2 - Observable inputs other than Level 1 prices | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 0 | 0 | |||||||||||||
Investment in Loan pool LLCs | Level 3 - Unobservable inputs | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Fair value adjustment | 707,000 | 701,000 | |||||||||||||
Beneficial interests in securitization trusts | Carrying value | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments In affiliates | 94,893,000 | 91,418,000 | |||||||||||||
Beneficial interests in securitization trusts | Level 1 - Quoted prices in active markets | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments, fair value disclosure | 0 | 0 | |||||||||||||
Beneficial interests in securitization trusts | Level 2 - Observable inputs other than Level 1 prices | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments, fair value disclosure | 0 | 0 | |||||||||||||
Beneficial interests in securitization trusts | Level 3 - Unobservable inputs | |||||||||||||||
Consolidated balance sheet at fair value disclosure (assets) | |||||||||||||||
Investments, fair value disclosure | $ 94,893,000 | $ 91,418,000 | |||||||||||||
|
Fair Value - Schedule of Non Financial Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property held-for-sale | $ 6,700 | $ 7,800 |
Level 1 - Quoted prices in active markets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property held-for-sale | 0 | 0 |
Level 2 - Observable inputs other than Level 1 prices | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property held-for-sale | 0 | 0 |
Level 3 - Unobservable inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property held-for-sale | 6,736 | 7,807 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property held-for-sale | 6,736 | 7,807 |
Current period ended 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 | $ (171) | $ (1,359) |
Affiliates - Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 06, 2020
USD ($)
|
Nov. 22, 2019
USD ($)
shares
|
May 29, 2018
USD ($)
warrant
shares
|
Jan. 26, 2018
USD ($)
warrant
shares
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
loanPool
|
Dec. 31, 2018
transaction
|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 14, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||||||||
Proceeds from issuance of private placement | $ 125.0 | $ 130.0 | ||||||||
2017-D | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of ownership interests in joint venture | 50.00% | |||||||||
2017-D | Great Ajax Corp | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage by parent | 50.00% | 50.00% | ||||||||
2018-C | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of ownership interests in joint venture | 37.00% | |||||||||
2018-C | Third party | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage by third parties | 0.00% | |||||||||
Ownership percentage by parent | 63.00% | |||||||||
2018-C | Great Ajax Corp | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage by parent | 100.00% | |||||||||
Great Ajax II REIT | Third party | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage by third parties | 0.10% | 0.10% | ||||||||
Great Ajax II REIT | Great Ajax Corp | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage by parent | 99.90% | 99.90% | ||||||||
Investment in AS Ajax E II LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of ownership interests in joint venture | 53.10% | 53.10% | ||||||||
Investment in AS Ajax E II LLC | Third party | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage by third parties | 46.90% | |||||||||
Investment in AS Ajax E II LLC | Great Ajax Corp | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of ownership interests in joint venture | 53.10% | 53.10% | ||||||||
Thetis | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 19.80% | |||||||||
AS Ajax E LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 16.50% | 16.50% | 24.20% | |||||||
Unconsolidated Affiliates | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 100.00% | |||||||||
Gaea Real Estate Corp. | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Proceeds from issuance of private placement | $ 66.3 | |||||||||
Private placement share issuance (in shares) | shares | 4,419,641 | |||||||||
Ownership percentage | 23.20% | 22.90% | ||||||||
Gaea Real Estate Corp. | Third party | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage by third parties | 76.80% | 77.10% | ||||||||
Ajax E Master Trust | AS Ajax E LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 5.00% | |||||||||
Investment in Loan pool LLCs | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 40.40% | |||||||||
Number of entities | loanPool | 3 | |||||||||
Cash payment in business acquisition | $ 1.0 | |||||||||
Great Ajax FS LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 8.00% | |||||||||
Cash payment in business acquisition | $ 0.7 | $ 1.1 | ||||||||
Number of transactions | transaction | 2 | |||||||||
Percentage of equity interest at closing date | 3.10% | 4.90% | ||||||||
Number of warrants | warrant | 3 | 3 | ||||||||
Percentage of warrants exercisable | 1.55% | 2.45% | ||||||||
Number of shares (in shares) | shares | 29,063 | 45,938 | ||||||||
Common stock value | $ 0.4 | $ 0.6 |
Affiliates - Schedule of Net Income, Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Schedule of Equity Method Investments [Line Items] | |||
Income/(loss) from investments in affiliates | $ 163 | $ (1,112) | |
Assets at Company share | 1,686,973 | $ 1,653,732 | |
Liabilities at Company share | 1,177,438 | 1,139,241 | |
Thetis | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income/(loss) at 100% | 851 | (4,877) | |
Income/(loss) from investments in affiliates | 168 | (966) | |
Assets at Company share | 1,917 | 1,887 | |
Liabilities at Company share | 304 | 420 | |
Thetis | Assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 9,681 | 9,531 | |
Thetis | Liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 1,533 | 2,122 | |
Gaea Real Estate Corp. | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income/(loss) at 100% | 78 | 15 | |
Income/(loss) from investments in affiliates | 18 | 4 | |
Assets at Company share | 21,642 | 21,729 | |
Liabilities at Company share | 2,719 | 2,729 | |
Gaea Real Estate Corp. | Assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 94,259 | 94,639 | |
Gaea Real Estate Corp. | Liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 11,844 | 11,886 | |
AS Ajax E LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income/(loss) at 100% | 54 | 62 | |
Income/(loss) from investments in affiliates | 9 | 10 | |
Assets at Company share | 738 | 791 | |
Liabilities at Company share | 0 | 0 | |
AS Ajax E LLC | Assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 4,482 | 4,808 | |
AS Ajax E LLC | Liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 2 | 2 | |
Investment in Loan pool LLCs | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income/(loss) at 100% | (16) | 198 | |
Income/(loss) from investments in affiliates | (7) | 79 | |
Assets at Company share | 967 | 973 | |
Liabilities at Company share | 1,597 | 1,595 | |
Investment in Loan pool LLCs | Assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 2,410 | 2,423 | |
Investment in Loan pool LLCs | Liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 3,964 | 3,961 | |
Great Ajax FS LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income/(loss) at 100% | (777) | (3,450) | |
Income/(loss) from investments in affiliates | (62) | $ (276) | |
Assets at Company share | 4,517 | 4,523 | |
Liabilities at Company share | 2,945 | 2,888 | |
Great Ajax FS LLC | Assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | 56,457 | 56,532 | |
Great Ajax FS LLC | Liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets and Liabilities at 100% | $ 36,807 | $ 36,101 |
Commitments and Contingencies - Narrative (Details) |
3 Months Ended | ||||
---|---|---|---|---|---|
Apr. 06, 2020
USD ($)
shares
|
Mar. 31, 2021
USD ($)
loan
$ / shares
shares
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
$ / shares
shares
|
|
Mortgage Loans on Real Estate | |||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 26,200,000 | ||||
Proceeds from issuance of private placement | $ 125,000,000.0 | $ 130,000,000.0 | |||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Warrant term | 5 years | ||||
Class of warrant or right, outstanding (in shares) | shares | 6,500,000 | 6,500,000 | |||
Investment warrants, exercise price (in dollars per share) | $ / shares | $ 10.00 | ||||
Loss contingency | $ 0 | ||||
7.25% Series A preferred stock | |||||
Mortgage Loans on Real Estate | |||||
Preferred stock, shares issued (in shares) | shares | 2,307,400 | 2,307,400 | 2,307,400 | ||
Preferred stock, fixed-to-floating rate cumulative redeemable | 7.25% | 7.25% | |||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 25.00 | ||||
Preferred stock - Series B shares | |||||
Mortgage Loans on Real Estate | |||||
Preferred stock, shares issued (in shares) | shares | 2,892,600 | 2,892,600 | 2,892,600 | ||
Preferred stock, fixed-to-floating rate cumulative redeemable | 5.00% | 5.00% | |||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 25.00 | ||||
Put option | |||||
Mortgage Loans on Real Estate | |||||
Present value of put liability | $ 50,700,000 | ||||
Put option | Warrant | |||||
Mortgage Loans on Real Estate | |||||
Present value of put liability | $ 16,100,000 | ||||
Re-performing loans | Purchase commitment | One-to-four family residences | |||||
Mortgage Loans on Real Estate | |||||
Number of mortgage loans on real estate | loan | 235 | ||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 104,500,000 |
Commitment and Contingencies - Schedule of Put Option Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Separate Account, Liability [Roll Forward] | ||||
Fair value adjustments during the period | $ 1,613 | $ 1,316 | ||
Five-year warrants | ||||
Separate Account, Liability [Roll Forward] | ||||
Beginning balance | 16,149 | 0 | $ 14,205 | $ 0 |
Fair value adjustments during the period | 1,944 | 0 | ||
Ending balance | $ 16,149 | $ 0 |
Debt - Narrative (Details) |
3 Months Ended | 86 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
Day
securitization
Facility
counterparty
trust
$ / shares
|
Sep. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Mar. 31, 2021
USD ($)
securitization
$ / shares
|
Dec. 31, 2020
USD ($)
|
Nov. 19, 2018
USD ($)
|
Aug. 18, 2017
USD ($)
|
Apr. 25, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||
Percentage of guarantors beneficial interest | 100.00% | 100.00% | ||||||
Cash collateral | $ 8,815,000 | $ 8,815,000 | $ 4,653,000 | |||||
Number of securitizations completed | securitization | 18 | |||||||
Number of securitizations outstanding | securitization | 6 | 6 | ||||||
Basis points | 100.00% | |||||||
Convertible notes payable | $ 2,500,000 | $ 2,500,000 | $ 8,000,000.0 | $ 2,500,000 | ||||
Payments for repurchase of convertible notes | 2,400,000 | 2,300,000 | 8,200,000 | $ 2,400,000 | ||||
Convertible senior notes repurchase | 0 | $ 0 | 81,000 | |||||
Interest expense | $ 10,304,000 | 13,070,000 | ||||||
Class A Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Period after issue | 36 months | |||||||
Class B Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of interests in trust certificates sold to third parties | 50.00% | |||||||
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] | ||||||||
Aggregate principal | $ 87,500,000 | |||||||
Additional aggregate principal | $ 15,900,000 | $ 20,500,000 | ||||||
Interest Rate | 7.25% | |||||||
Principal amount of note (in dollars per share) | $ / shares | $ 25.00 | |||||||
Cumulative discount | $ 3,200,000 | |||||||
If-converted value in excess of principal | $ 27,300,000 | |||||||
Threshold percentage of stock price trigger (at least) | 130.00% | |||||||
Threshold trading days (at least) | Day | 20 | |||||||
Threshold consecutive trading days | Day | 30 | |||||||
Redemption price, percentage | 100.00% | |||||||
Unamortized discount | $ 2,900,000 | 4,400,000 | $ 2,900,000 | |||||
Amortization of debt discount | $ 300,000 | $ 300,000 | ||||||
Interest rate, effective percentage | 9.01% | 8.72% | 9.01% | |||||
Master repurchase agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 1.93% | 1.93% | 2.29% | |||||
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 | $ 250,000,000.0 | $ 250,000,000.0 | ||||||
Master repurchase agreement | Delaware Trust | Mortgage loans | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of purchase price for each mortgage loan or REO | 70.00% | |||||||
Master repurchase agreement | Delaware Trust | Mortgage loans | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of purchase price for each mortgage loan or REO | 85.00% | |||||||
Master repurchase agreement | Delaware Trust | Mortgages one | ||||||||
Debt Instrument [Line Items] | ||||||||
Ceiling for each repurchase facility | $ 400,000,000.0 | 400,000,000.0 | ||||||
Master repurchase agreement | Delaware Trust | Bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of facilities repurchased | Facility | 4 | |||||||
Gregory | ||||||||
Debt Instrument [Line Items] | ||||||||
Ceiling for each repurchase facility | $ 12,000,000.0 | $ 12,000,000.0 | ||||||
Gregory | Servicing agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Servicing fees percentage | 0.42% | |||||||
Gregory | Servicing agreement | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Servicing fees percentage | 0.65% | |||||||
Gregory | Servicing agreement | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Servicing fees percentage | 1.25% | |||||||
Common stock | Convertible notes payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Conversion rate | 1.7279 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 14.47 | $ 14.47 | ||||||
2018-C | Class A Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of Interest retained by the Company | 5.00% | |||||||
Percentage of settled outstanding notes | 0.95 | 0.95 | ||||||
2018-C | Mortgage loans | Class A Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal | $ 132,700,000 | |||||||
2018-C | Mortgage loans | Class B Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal | 15,900,000 | |||||||
2017-D | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points | 300.00% | |||||||
2017-D | Mortgage loans | Class A Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal | $ 97,400,000 | $ 97,400,000 | $ 102,600,000 | |||||
2018-C | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of ownership interests in joint venture | 37.00% | 37.00% | ||||||
2018-C | Third party | ||||||||
Debt Instrument [Line Items] | ||||||||
Ownership percentage by parent | 63.00% | |||||||
Ajax Mortgage Loan Trust 2017-D/ December 2017 | Mortgage loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of ownership interests in joint venture | 50.00% | 50.00% | ||||||
Ajax Mortgage Loan Trust 2017-D/ December 2017 | Mortgage loans | Class A Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal | $ 177,800,000 | $ 177,800,000 | ||||||
Interest Rate | 3.75% | 3.75% | ||||||
Convertible notes payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Unpaid principal balance | $ 110,900,000 | $ 115,900,000 | $ 110,900,000 | |||||
Interest expense | $ 2,400,000 | $ 2,400,000 |
Debt - Schedule of Repurchase Transactions and Facilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Amount of Collateral | $ 402,836 | $ 595,599 |
Master repurchase agreement | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | 896,927 | 916,759 |
Amount Outstanding | 305,093 | 421,132 |
Amount of Collateral | $ 402,836 | $ 595,599 |
Percentage of Collateral Coverage | 132.00% | 141.00% |
Interest Rate | 1.93% | 2.29% |
Debt Instrument 1 at 1.74% Interest Rate | Master repurchase agreement | April 5, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 34,568 | |
Amount Outstanding | 34,568 | |
Amount of Collateral | $ 43,784 | |
Percentage of Collateral Coverage | 127.00% | |
Interest Rate | 1.74% | |
Debt Instrument 2 at 1.79% Interest Rate | Master repurchase agreement | April 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 7,530 | |
Amount Outstanding | 7,530 | |
Amount of Collateral | $ 9,723 | |
Percentage of Collateral Coverage | 129.00% | |
Interest Rate | 1.79% | |
Debt Instrument 3 at 1.79% Interest Rate | Master repurchase agreement | April 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 4,588 | |
Amount Outstanding | 4,588 | |
Amount of Collateral | $ 5,890 | |
Percentage of Collateral Coverage | 128.00% | |
Interest Rate | 1.79% | |
Debt Instrument 4 at 1.79% Interest Rate | Master repurchase agreement | April 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 4,544 | |
Amount Outstanding | 4,544 | |
Amount of Collateral | $ 5,738 | |
Percentage of Collateral Coverage | 126.00% | |
Interest Rate | 1.79% | |
Debt Instrument 5 at 1.94% Interest Rate | Master repurchase agreement | April 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 3,233 | |
Amount Outstanding | 3,233 | |
Amount of Collateral | $ 4,667 | |
Percentage of Collateral Coverage | 144.00% | |
Interest Rate | 1.94% | |
Debt Instrument 6 at 2.35% Interest Rate | Master repurchase agreement | April 9, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 33,084 | |
Amount Outstanding | 33,084 | |
Amount of Collateral | $ 41,718 | |
Percentage of Collateral Coverage | 126.00% | |
Interest Rate | 2.35% | |
Debt Instrument 7 at 1.77% Interest Rate | Master repurchase agreement | April 12, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 5,706 | |
Amount Outstanding | 5,706 | |
Amount of Collateral | $ 7,328 | |
Percentage of Collateral Coverage | 128.00% | |
Interest Rate | 1.77% | |
Debt Instrument 8 at 1.83% Interest Rate | Master repurchase agreement | April 15, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 6,582 | |
Amount Outstanding | 6,582 | |
Amount of Collateral | $ 8,145 | |
Percentage of Collateral Coverage | 124.00% | |
Interest Rate | 1.83% | |
Debt Instrument 9 at 1.82% Interest Rate | Master repurchase agreement | April 20, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 12,127 | |
Amount Outstanding | 12,127 | |
Amount of Collateral | $ 15,505 | |
Percentage of Collateral Coverage | 128.00% | |
Interest Rate | 1.82% | |
Debt Instrument 10 at 1.66% Interest Rate | Master repurchase agreement | April 22, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 3,896 | |
Amount Outstanding | 3,896 | |
Amount of Collateral | $ 5,130 | |
Percentage of Collateral Coverage | 132.00% | |
Interest Rate | 1.66% | |
Debt Instrument 11 at 1.21% Interest Rate | Master repurchase agreement | April 26, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 7,982 | |
Amount Outstanding | 7,982 | |
Amount of Collateral | $ 9,279 | |
Percentage of Collateral Coverage | 116.00% | |
Interest Rate | 1.21% | |
Debt Instrument 12 at 1.21% Interest Rate | Master repurchase agreement | April 26, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 5,177 | |
Amount Outstanding | 5,177 | |
Amount of Collateral | $ 6,063 | |
Percentage of Collateral Coverage | 117.00% | |
Interest Rate | 1.21% | |
Debt Instrument 13 at 1.21% Interest Rate | Master repurchase agreement | April 26, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 6,295 | |
Amount Outstanding | 6,295 | |
Amount of Collateral | $ 7,276 | |
Percentage of Collateral Coverage | 116.00% | |
Interest Rate | 1.21% | |
Debt Instrument 14 at 1.81% Interest Rate | Master repurchase agreement | April 30, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 11,992 | |
Amount Outstanding | 11,992 | |
Amount of Collateral | $ 14,767 | |
Percentage of Collateral Coverage | 123.00% | |
Interest Rate | 1.81% | |
Debt Instrument 15 at 1.81% Interest Rate | Master repurchase agreement | April 30, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 11,825 | |
Amount Outstanding | 11,825 | |
Amount of Collateral | $ 15,005 | |
Percentage of Collateral Coverage | 127.00% | |
Interest Rate | 1.81% | |
Debt Instrument 16 at 1.81% Interest Rate | Master repurchase agreement | April 30, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 5,157 | |
Amount Outstanding | 5,157 | |
Amount of Collateral | $ 6,610 | |
Percentage of Collateral Coverage | 128.00% | |
Interest Rate | 1.81% | |
Debt Instrument 17 at 1.81% Interest Rate | Master repurchase agreement | April 26, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 3,892 | |
Amount Outstanding | 3,892 | |
Amount of Collateral | $ 4,876 | |
Percentage of Collateral Coverage | 125.00% | |
Interest Rate | 1.81% | |
Debt Instrument 18 at 1.81% Interest Rate | Master repurchase agreement | April 30, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 2,794 | |
Amount Outstanding | 2,794 | |
Amount of Collateral | $ 3,662 | |
Percentage of Collateral Coverage | 131.00% | |
Interest Rate | 1.81% | |
Debt Instrument 19 at 1.96% Interest Rate | Master repurchase agreement | April 30, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 2,369 | |
Amount Outstanding | 2,369 | |
Amount of Collateral | $ 3,360 | |
Percentage of Collateral Coverage | 142.00% | |
Interest Rate | 1.96% | |
Debt Instrument 20 at 1.96% Interest Rate | Master repurchase agreement | April 30, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 1,133 | |
Amount Outstanding | 1,133 | |
Amount of Collateral | $ 1,607 | |
Percentage of Collateral Coverage | 142.00% | |
Interest Rate | 1.96% | |
Debt Instrument 21 at 1.95% Interest Rate | Master repurchase agreement | May 12, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 3,100 | |
Amount Outstanding | 3,100 | |
Amount of Collateral | $ 4,428 | |
Percentage of Collateral Coverage | 143.00% | |
Interest Rate | 1.95% | |
Debt Instrument 22 at 1.54% Interest Rate | Master repurchase agreement | June 4, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 24,453 | |
Amount Outstanding | 24,453 | |
Amount of Collateral | $ 32,366 | |
Percentage of Collateral Coverage | 132.00% | |
Interest Rate | 1.54% | |
Debt Instrument 23 at 1.54% Interest Rate | Master repurchase agreement | June 4, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 23,972 | |
Amount Outstanding | 23,972 | |
Amount of Collateral | $ 31,589 | |
Percentage of Collateral Coverage | 132.00% | |
Interest Rate | 1.54% | |
Debt Instrument 24 at 1.73% Interest Rate | Master repurchase agreement | June 17, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 9,440 | |
Amount Outstanding | 9,440 | |
Amount of Collateral | $ 11,986 | |
Percentage of Collateral Coverage | 127.00% | |
Interest Rate | 1.73% | |
Debt Instrument 25 at 1.73% Interest Rate | Master repurchase agreement | June 17, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 7,803 | |
Amount Outstanding | 7,803 | |
Amount of Collateral | $ 10,166 | |
Percentage of Collateral Coverage | 130.00% | |
Interest Rate | 1.73% | |
Debt Instrument 26 at 1.88% Interest Rate | Master repurchase agreement | June 17, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 1,175 | |
Amount Outstanding | 1,175 | |
Amount of Collateral | $ 1,687 | |
Percentage of Collateral Coverage | 144.00% | |
Interest Rate | 1.88% | |
Debt Instrument 27 at 1.75% Interest Rate | Master repurchase agreement | June 24, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 2,510 | |
Amount Outstanding | 2,510 | |
Amount of Collateral | $ 3,250 | |
Percentage of Collateral Coverage | 129.00% | |
Interest Rate | 1.75% | |
Debt Instrument 28 at 2.61% Interest Rate | Master repurchase agreement | July 9, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 250,000 | |
Amount Outstanding | 15,724 | |
Amount of Collateral | $ 23,488 | |
Percentage of Collateral Coverage | 149.00% | |
Interest Rate | 2.61% | |
Debt Instrument 29 at 2.61% Interest Rate | Master repurchase agreement | September 23, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 400,000 | |
Amount Outstanding | 42,442 | |
Amount of Collateral | $ 63,743 | |
Percentage of Collateral Coverage | 150.00% | |
Interest Rate | 2.61% | |
Debt Instrument 30 at 2.33% Interest Rate | Master repurchase agreement | January 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 35,635 | |
Amount Outstanding | 35,635 | |
Amount of Collateral | $ 46,120 | |
Percentage of Collateral Coverage | 129.00% | |
Interest Rate | 2.33% | |
Debt Instrument 31 at 2.33% Interest Rate | Master repurchase agreement | January 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 7,697 | |
Amount Outstanding | 7,697 | |
Amount of Collateral | $ 10,075 | |
Percentage of Collateral Coverage | 131.00% | |
Interest Rate | 2.33% | |
Debt Instrument 32 at 2.48% Interest Rate | Master repurchase agreement | January 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 6,311 | |
Amount Outstanding | 6,311 | |
Amount of Collateral | $ 9,038 | |
Percentage of Collateral Coverage | 143.00% | |
Interest Rate | 2.48% | |
Debt Instrument 33 at 2.33% Interest Rate | Master repurchase agreement | January 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 4,755 | |
Amount Outstanding | 4,755 | |
Amount of Collateral | $ 6,114 | |
Percentage of Collateral Coverage | 129.00% | |
Interest Rate | 2.33% | |
Debt Instrument 34 at 2.33% Interest Rate | Master repurchase agreement | January 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 4,666 | |
Amount Outstanding | 4,666 | |
Amount of Collateral | $ 6,044 | |
Percentage of Collateral Coverage | 130.00% | |
Interest Rate | 2.33% | |
Debt Instrument 35 at 2.48% Interest Rate | Master repurchase agreement | January 6, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 3,213 | |
Amount Outstanding | 3,213 | |
Amount of Collateral | $ 4,667 | |
Percentage of Collateral Coverage | 145.00% | |
Interest Rate | 2.48% | |
Debt Instrument 36 at 2.32% Interest Rate | Master repurchase agreement | January 11, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 5,879 | |
Amount Outstanding | 5,879 | |
Amount of Collateral | $ 7,575 | |
Percentage of Collateral Coverage | 129.00% | |
Interest Rate | 2.32% | |
Debt Instrument 37 at 2.35% Interest Rate | Master repurchase agreement | January 14, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 6,991 | |
Amount Outstanding | 6,991 | |
Amount of Collateral | $ 8,738 | |
Percentage of Collateral Coverage | 125.00% | |
Interest Rate | 2.35% | |
Debt Instrument 38 at 2.22% Interest Rate | Master repurchase agreement | January 20, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 13,263 | |
Amount Outstanding | 13,263 | |
Amount of Collateral | $ 16,582 | |
Percentage of Collateral Coverage | 125.00% | |
Interest Rate | 2.22% | |
Debt Instrument 39 at 2.21% Interest Rate | Master repurchase agreement | January 29, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 7,762 | |
Amount Outstanding | 7,762 | |
Amount of Collateral | $ 9,702 | |
Percentage of Collateral Coverage | 125.00% | |
Interest Rate | 2.21% | |
Debt Instrument 40 at 2.21% Interest Rate | Master repurchase agreement | January 29, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 7,153 | |
Amount Outstanding | 7,153 | |
Amount of Collateral | $ 9,537 | |
Percentage of Collateral Coverage | 133.00% | |
Interest Rate | 2.21% | |
Debt Instrument 41 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 12,258 | |
Amount Outstanding | 12,258 | |
Amount of Collateral | $ 16,052 | |
Percentage of Collateral Coverage | 131.00% | |
Interest Rate | 1.88% | |
Debt Instrument 42 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 12,015 | |
Amount Outstanding | 12,015 | |
Amount of Collateral | $ 15,794 | |
Percentage of Collateral Coverage | 131.00% | |
Interest Rate | 1.88% | |
Debt Instrument 43 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 5,298 | |
Amount Outstanding | 5,298 | |
Amount of Collateral | $ 6,895 | |
Percentage of Collateral Coverage | 130.00% | |
Interest Rate | 1.88% | |
Debt Instrument 44 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 3,985 | |
Amount Outstanding | 3,985 | |
Amount of Collateral | $ 5,136 | |
Percentage of Collateral Coverage | 129.00% | |
Interest Rate | 1.88% | |
Debt Instrument 45 at 1.88% Interest Rate | Master repurchase agreement | February 1, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 2,887 | |
Amount Outstanding | 2,887 | |
Amount of Collateral | $ 3,790 | |
Percentage of Collateral Coverage | 131.00% | |
Interest Rate | 1.88% | |
Debt Instrument 46 at 2.03% Interest Rate | Master repurchase agreement | February 1, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 2,332 | |
Amount Outstanding | 2,332 | |
Amount of Collateral | $ 3,360 | |
Percentage of Collateral Coverage | 144.00% | |
Interest Rate | 2.03% | |
Debt Instrument 47 at 2.03% Interest Rate | Master repurchase agreement | February 1, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 1,132 | |
Amount Outstanding | 1,132 | |
Amount of Collateral | $ 1,607 | |
Percentage of Collateral Coverage | 142.00% | |
Interest Rate | 2.03% | |
Debt Instrument 48 at 2.02% Interest Rate | Master repurchase agreement | February 12, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 2,945 | |
Amount Outstanding | 2,945 | |
Amount of Collateral | $ 4,428 | |
Percentage of Collateral Coverage | 150.00% | |
Interest Rate | 2.02% | |
Debt Instrument 49 at 1.78% Interest Rate | Master repurchase agreement | March 5, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 24,946 | |
Amount Outstanding | 24,946 | |
Amount of Collateral | $ 33,348 | |
Percentage of Collateral Coverage | 134.00% | |
Interest Rate | 1.78% | |
Debt Instrument 50 at 1.78% Interest Rate | Master repurchase agreement | March 5, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 24,312 | |
Amount Outstanding | 24,312 | |
Amount of Collateral | $ 32,571 | |
Percentage of Collateral Coverage | 134.00% | |
Interest Rate | 1.78% | |
Debt Instrument 51 at 1.78% Interest Rate | Master repurchase agreement | March 17, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 10,219 | |
Amount Outstanding | 10,219 | |
Amount of Collateral | $ 13,172 | |
Percentage of Collateral Coverage | 129.00% | |
Interest Rate | 1.78% | |
Debt Instrument 52 at 1.78% Interest Rate | Master repurchase agreement | March 17, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 8,381 | |
Amount Outstanding | 8,381 | |
Amount of Collateral | $ 10,872 | |
Percentage of Collateral Coverage | 130.00% | |
Interest Rate | 1.78% | |
Debt Instrument 53 at 1.78% Interest Rate | Master repurchase agreement | March 17, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 3,894 | |
Amount Outstanding | 3,894 | |
Amount of Collateral | $ 5,193 | |
Percentage of Collateral Coverage | 133.00% | |
Interest Rate | 1.78% | |
Debt Instrument 54 at 1.93% Interest Rate | Master repurchase agreement | March 17, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 1,145 | |
Amount Outstanding | 1,145 | |
Amount of Collateral | $ 1,687 | |
Percentage of Collateral Coverage | 147.00% | |
Interest Rate | 1.93% | |
Debt Instrument 55 at 1.94% Interest Rate | Master repurchase agreement | March 24, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 7,016 | |
Amount Outstanding | 7,016 | |
Amount of Collateral | $ 10,024 | |
Percentage of Collateral Coverage | 143.00% | |
Interest Rate | 1.94% | |
Debt Instrument 56 at 1.79% Interest Rate | Master repurchase agreement | March 24, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 5,008 | |
Amount Outstanding | 5,008 | |
Amount of Collateral | $ 6,637 | |
Percentage of Collateral Coverage | 133.00% | |
Interest Rate | 1.79% | |
Debt Instrument 57 at 1.79% Interest Rate | Master repurchase agreement | March 24, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 2,577 | |
Amount Outstanding | 2,577 | |
Amount of Collateral | $ 3,367 | |
Percentage of Collateral Coverage | 131.00% | |
Interest Rate | 1.79% | |
Debt Instrument 58 at 2.35% Interest Rate | Master repurchase agreement | April 9, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 33,084 | |
Amount Outstanding | 33,084 | |
Amount of Collateral | $ 43,069 | |
Percentage of Collateral Coverage | 130.00% | |
Interest Rate | 2.35% | |
Debt Instrument 59 at 2.64% Interest Rate | Master repurchase agreement | July 9, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 250,000 | |
Amount Outstanding | 53,256 | |
Amount of Collateral | $ 84,337 | |
Percentage of Collateral Coverage | 158.00% | |
Interest Rate | 2.64% | |
Debt Instrument 60 at 2.65% Interest Rate | Master repurchase agreement | September 23, 2021 | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 400,000 | |
Amount Outstanding | 101,117 | |
Amount of Collateral | $ 160,068 | |
Percentage of Collateral Coverage | 158.00% | |
Interest Rate | 2.65% |
Debt - Schedule of Netting Agreement (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Disclosure [Abstract] | ||
Gross amount of recognized liabilities | $ 305,093 | $ 421,132 |
Gross amount of loans and securities pledged as collateral | 402,836 | 595,599 |
Cash collateral | 8,815 | 4,653 |
Net collateral amount | $ 106,558 | $ 179,120 |
Debt - Schedule of Securitization Notes Outstanding (Details) - Mortgage loans - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Deferred issuance costs | $ (10.6) | $ (5.4) |
Ajax Mortgage Loan Trust 2017-D/ December 2017 | ||
Debt Instrument [Line Items] | ||
Reflection of required consolidation | 100.00% | |
Class A Notes | Ajax Mortgage Loan Trust 2017-D/ December 2017 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 177.8 | |
Interest Rate | 3.75% | |
Ownership percentage | 50.00% | |
Class A Notes | Ajax Mortgage Loan Trust 2021-B/ February 2021 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 215.9 | |
Interest Rate | 2.24% | |
Class B Notes | Ajax Mortgage Loan Trust 2021-B/ February 2021 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 20.2 | |
Interest Rate | 4.00% | |
Class B 1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 7.5 | |
Interest Rate | 3.50% | |
Class B 1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 11.5 | |
Interest Rate | 3.50% | |
Class B 1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 5.9 | |
Interest Rate | 3.70% | |
Class B 1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 5.0 | |
Interest Rate | 3.80% | |
Class B 2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 7.1 | |
Class B 2 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | 10.4 | |
Class B 2 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020 | ||
Debt Instrument [Line Items] | ||
Original Principal | 5.1 | |
Class B 2 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 5.0 | |
Deferred issuance costs | Ajax Mortgage Loan Trust 2017-D/ December 2017 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.00% | |
Deferred issuance costs | $ (1.1) | |
Deferred issuance costs | Ajax Mortgage Loan Trust 2019-D/ July 2019 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.00% | |
Deferred issuance costs | $ (2.7) | |
Deferred issuance costs | Ajax Mortgage Loan Trust 2019-F/ November 2019 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.00% | |
Deferred issuance costs | $ (1.8) | |
Deferred issuance costs | Ajax Mortgage Loan Trust 2020-B/ August 2020 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.00% | |
Deferred issuance costs | $ (1.8) | |
Deferred issuance costs | Ajax Mortgage Loan Trust 2021-A/ January 2021 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.00% | |
Deferred issuance costs | $ (2.5) | |
Deferred issuance costs | Ajax Mortgage Loan Trust 2021-B/ February 2021 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.00% | |
Deferred issuance costs | $ (4.3) | |
Class M1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 9.3 | |
Interest Rate | 3.50% | |
Class M1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 6.1 | |
Interest Rate | 3.50% | |
Class M1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 7.3 | |
Interest Rate | 3.70% | |
Class M1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 7.8 | |
Interest Rate | 3.15% | |
Class B Certificates | Ajax Mortgage Loan Trust 2017-D/ December 2017 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.00% | |
Original principal, trust certificates | $ 44.5 | |
Ownership percentage | 50.00% | |
Class A-1 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 140.4 | |
Interest Rate | 2.96% | |
Class A-1 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 110.1 | |
Interest Rate | 2.86% | |
Class A-1 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 97.2 | |
Interest Rate | 1.70% | |
Class A-1 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 146.2 | |
Interest Rate | 1.07% | |
Class A-2 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 6.1 | |
Interest Rate | 3.50% | |
Class A-2 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 12.5 | |
Interest Rate | 3.50% | |
Class A-2 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 17.3 | |
Interest Rate | 2.86% | |
Class A-2 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 21.1 | |
Interest Rate | 2.35% | |
Class A-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 10.1 | |
Interest Rate | 3.50% | |
Class A-3 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 5.1 | |
Interest Rate | 3.50% | |
Class B-3 Notes | Ajax Mortgage Loan Trust 2019-D/ July 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 12.8 | |
Class B-3 Notes | Ajax Mortgage Loan Trust 2019-F/ November 2019 | ||
Debt Instrument [Line Items] | ||
Original Principal | 15.1 | |
Class B-3 Notes | Ajax Mortgage Loan Trust 2020-B/ August 2020 | ||
Debt Instrument [Line Items] | ||
Original Principal | 23.6 | |
Class B-3 Notes | Ajax Mortgage Loan Trust 2021-A/ January 2021 | ||
Debt Instrument [Line Items] | ||
Original Principal | $ 21.5 |
Debt - Schedule of Status of Notes and Securitizations (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
||||||
---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | $ 991,811 | [1],[2] | $ 1,119,372 | [1],[2] | $ 26,100 | ||||
Mortgage loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 991,048 | 842,177 | |||||||
Bond principal balance | $ 750,679 | $ 590,761 | |||||||
Percentage of collateral coverage | 132.00% | 143.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 1,606,969 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 1,162,564 | ||||||||
Deferred issuance costs | (10,600) | $ (5,400) | |||||||
Mortgage loans | 2017-B | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 0 | 110,062 | |||||||
Bond principal balance | $ 0 | $ 68,729 | |||||||
Percentage of collateral coverage | 0.00% | 160.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 165,850 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 115,846 | ||||||||
Mortgage loans | 2017-D | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 131,719 | $ 133,897 | |||||||
Bond principal balance | $ 48,660 | $ 51,256 | |||||||
Percentage of collateral coverage | 271.00% | 261.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 203,870 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 88,903 | ||||||||
Cash collateral for borrowed securities | 26,700 | ||||||||
Mortgage loans | 2018-C | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 0 | $ 173,221 | |||||||
Bond principal balance | $ 0 | $ 131,983 | |||||||
Percentage of collateral coverage | 0.00% | 131.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 222,181 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 167,910 | ||||||||
Cash collateral for borrowed securities | 45,500 | ||||||||
Mortgage loans | 2019-D | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 140,383 | $ 148,641 | |||||||
Bond principal balance | $ 115,651 | $ 125,008 | |||||||
Percentage of collateral coverage | 121.00% | 119.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 193,301 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 156,670 | ||||||||
Mortgage loans | 2019-F | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 134,884 | $ 139,996 | |||||||
Bond principal balance | $ 102,555 | $ 108,184 | |||||||
Percentage of collateral coverage | 132.00% | 129.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 170,876 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 127,673 | ||||||||
Mortgage loans | 2020-B | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 132,863 | $ 136,360 | |||||||
Bond principal balance | $ 101,707 | $ 105,601 | |||||||
Percentage of collateral coverage | 131.00% | 129.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 156,468 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 114,534 | ||||||||
Mortgage loans | 2021-A | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 187,932 | $ 0 | |||||||
Bond principal balance | $ 169,995 | $ 0 | |||||||
Percentage of collateral coverage | 111.00% | 0.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 206,528 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 175,116 | ||||||||
Mortgage loans | 2021-B | |||||||||
Debt Instrument [Line Items] | |||||||||
Carrying value of mortgages | 263,267 | $ 0 | |||||||
Bond principal balance | $ 212,111 | $ 0 | |||||||
Percentage of collateral coverage | 124.00% | 0.00% | |||||||
Original balances at securitization cutoff date Mortgage UPB | $ 287,895 | ||||||||
Original balances at securitization cutoff date Bond principal balance | 215,912 | ||||||||
Class A Notes | Mortgage loans | 2017-D | |||||||||
Debt Instrument [Line Items] | |||||||||
Original Principal | 97,400 | $ 102,600 | |||||||
Secured borrowings | $ 48,700 | 51,300 | |||||||
Class A Notes | Mortgage loans | 2018-C | |||||||||
Debt Instrument [Line Items] | |||||||||
Original Principal | 132,700 | ||||||||
Secured borrowings | 126,100 | ||||||||
Class B Notes | Mortgage loans | 2018-C | |||||||||
Debt Instrument [Line Items] | |||||||||
Original Principal | 15,900 | ||||||||
Secured borrowings | $ 5,900 | ||||||||
|
Related Party Transactions - Schedule Statement of Income of Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|||
Related Party Transaction [Line Items] | ||||
Management fee | $ 2,273 | $ 1,799 | ||
Related party expense – loan servicing fees | 1,833 | 2,014 | ||
Loss on sale of mortgage loans | [1] | 0 | (705) | |
Net interest income after recovery of/(provision for) losses | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | 5,952 | 2,019 | ||
Gregory | Related party expense – loan servicing fees | ||||
Related Party Transaction [Line Items] | ||||
Related party expense – loan servicing fees | 1,833 | 2,014 | ||
Thetis | ||||
Related Party Transaction [Line Items] | ||||
Management fee | 1,800 | |||
Thetis | Management fee | ||||
Related Party Transaction [Line Items] | ||||
Management fee | 2,270 | 1,799 | ||
Thetis | Income/(loss) from investments in affiliates | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | 168 | (966) | ||
Great Ajax FS | Income/(loss) from investments in affiliates | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | (62) | (276) | ||
Gaea | Income/(loss) from investments in affiliates | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | 18 | 4 | ||
Gaea | Loss on sale of mortgage loans | ||||
Related Party Transaction [Line Items] | ||||
Loss on sale of mortgage loans | 0 | (705) | ||
Investment in Loan pool LLCs | Income/(loss) from investments in affiliates | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | (7) | 79 | ||
AS Ajax E LLC | Income/(loss) from investments in affiliates | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 9 | $ 10 | ||
|
Related Party Transactions - Schedule of Balance Sheet of Related Party Transaction (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Related Party Transaction [Line Items] | ||||
Carrying value (fair value) | $ 264,700 | $ 273,800 | ||
Beneficial interests in securitization trusts | ||||
Related Party Transaction [Line Items] | ||||
Carrying value (fair value) | [1] | 94,893 | 91,418 | |
Receivable from Servicer | Gregory | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | 18,847 | 15,755 | ||
Management fee payable | Thetis | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | 2,270 | 2,247 | ||
Prepaid expenses and other assets | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | 1,133 | 876 | ||
Prepaid expenses and other assets | Gregory | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | (84) | (44) | ||
Prepaid expenses and other assets | Thetis | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | 18 | |||
Mortgage loans held-for-investment, net | Gaea Real Estate Corp. | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 11,000 | 11,000 | ||
Mortgage loans held-for-investment, net | Great Ajax FS | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 1,838 | |||
|
Related party Transactions - Narrative (Details) |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 06, 2020
USD ($)
|
Nov. 22, 2019
USD ($)
shares
|
Mar. 31, 2021
USD ($)
calendarQuarter
loan
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
loan
|
Dec. 31, 2020
USD ($)
loan
|
Dec. 31, 2019
USD ($)
loanPool
|
Mar. 14, 2016 |
|||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Number of purchased loans | loan | 15 | |||||||||||||||
Unpaid principal balance | $ 26,200,000 | |||||||||||||||
Collateral value | $ 44,200,000 | |||||||||||||||
Number of sold loans | loan | 0 | 26 | ||||||||||||||
Carrying value of mortgages | $ 991,811,000 | [1],[2] | $ 26,100,000 | $ 1,119,372,000 | [1],[2] | |||||||||||
Loss on sale of mortgage loans | [3] | 0 | (705,000) | |||||||||||||
Investment In securities | 61,300,000 | |||||||||||||||
Investment in debt securities | 264,700,000 | 273,800,000 | ||||||||||||||
Securities past due | $ 0 | 0 | ||||||||||||||
Proceeds from issuance of private placement | $ 125,000,000.0 | $ 130,000,000.0 | ||||||||||||||
Percentage of management fees payable in cash, minimum | 50.00% | |||||||||||||||
Percentage of management fees payable in cash, maximum | 100.00% | |||||||||||||||
Management fee payable | $ 2,270,000 | $ 2,247,000 | ||||||||||||||
Percentage of incentive fees payable in cash | 100.00% | |||||||||||||||
Period of termination of license agreement | 30 days | |||||||||||||||
Investment in Loan pool LLCs | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Ownership percentage | 40.40% | |||||||||||||||
Number of entities | loanPool | 3 | |||||||||||||||
Cash payment in business acquisition | $ 1,000,000.0 | |||||||||||||||
Ajax E Master Trust | AS Ajax E LLC | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Ownership percentage | 5.00% | |||||||||||||||
AS Ajax E LLC | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Ownership percentage | 16.50% | 16.50% | 24.20% | |||||||||||||
Gaea Real Estate Corp. | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Proceeds from issuance of private placement | $ 66,300,000 | |||||||||||||||
Private placement share issuance (in shares) | shares | 4,419,641 | |||||||||||||||
Ownership percentage | 23.20% | 22.90% | ||||||||||||||
Gaea Real Estate Corp. | Third party | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Ownership percentage by third parties | 76.80% | 77.10% | ||||||||||||||
Prepaid expenses and other assets | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Amount of transaction | $ 1,133,000 | $ 876,000 | ||||||||||||||
Thetis | Management agreement | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Base management fee percentage | 1.50% | |||||||||||||||
Thetis | Amended and restated management agreement | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Management fee payable | $ 1,000,000.0 | |||||||||||||||
Percentage of base management fees payable in cash | 75.00% | |||||||||||||||
Percentage of base management fee payable in shares of common stock | 25.00% | |||||||||||||||
Percentage in excess of base management fees payable in cash | 50.00% | |||||||||||||||
Percentage in excess of base management fees payable in shares | 50.00% | |||||||||||||||
Period of common shares held as base management fee (at least) | 3 years | |||||||||||||||
Percentage of remaining incentive fee payable in common stock | 20.00% | |||||||||||||||
Percentage of remaining incentive fee in excess of book value | 8.00% | |||||||||||||||
Number of calender quarters | calendarQuarter | 8 | |||||||||||||||
Incentive fee payable | $ 0 | $ 0 | ||||||||||||||
Percentage of independent directors | 66.67% | |||||||||||||||
Thetis | Prepaid expenses and other assets | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Amount of transaction | 18,000 | |||||||||||||||
Gregory | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Fixed interest rate | 7.20% | |||||||||||||||
Ceiling for each repurchase facility | $ 12,000,000.0 | |||||||||||||||
Gregory | Servicing agreement | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Servicing fees percentage | 0.42% | |||||||||||||||
Percentage of fair market value of REO | 1.00% | |||||||||||||||
Percentage of purchase price of REO | 1.00% | |||||||||||||||
Gregory | Servicing agreement | Minimum | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Servicing fees percentage | 0.65% | |||||||||||||||
Gregory | Servicing agreement | Maximum | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Servicing fees percentage | 1.25% | |||||||||||||||
Gregory | Prepaid expenses and other assets | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Amount of transaction | $ (84,000) | (44,000) | ||||||||||||||
Gregory | Prepaid expenses and other assets | Receivable from servicer for REO acquisitions | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Amount of transaction | $ 0 | |||||||||||||||
Gaea Real Estate Corp. | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Bond principal balance | $ 11,000,000.0 | |||||||||||||||
Number of originated SBC loans acquired | loan | 20 | |||||||||||||||
Fixed interest rate | 4.25% | |||||||||||||||
2019-C | Mortgage loans | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Carrying value of mortgages | $ 26,100,000 | |||||||||||||||
Great Ajax FS | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Purchase Price | $ 1,800,000 | |||||||||||||||
Unpaid principal balance | 2,100,000 | |||||||||||||||
Collateral value | $ 3,700,000 | |||||||||||||||
Beneficial interests in securitization trusts | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Investment in beneficial interests | 7,100,000 | |||||||||||||||
Senior notes | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Investment in senior notes | 49,600,000 | |||||||||||||||
Subordinated debt | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Investment in subordinate notes | $ 4,600,000 | |||||||||||||||
|
Stock-based Payments and Director Fees - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Management fees | $ 2,300,000 | |
Management fee | 2,273,000 | $ 1,799,000 |
Thetis | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Management fee | 1,800,000 | |
Thetis | Management fee | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Management fee | $ 2,270,000 | 1,799,000 |
Restricted stock | Employees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
2014 Director Equity Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of annual retainer received in shares | 40.00% | |
Percentage of annual retainer received in cash | 60.00% | |
2014 Director Equity Plan | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Annual retainer amount | $ 100,000 | |
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 | |
Management fee | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amount of expense recognized | $ 0 | $ 0 |
Stock-based Payments and Director Fees - Schedule of Management Fees and Director Fees (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares (in shares) | 3,945 | 3,468 |
Amount of expense recognized | $ 50 | $ 40 |
Independent director fees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares (in shares) | 3,945 | 3,468 |
Amount of expense recognized | $ 50 | $ 40 |
Stock-based Payments and Director Fees - Grants of Restricted Stock Units to Directors and Employees (Details) - Restricted stock - Long Term Incentive Plan - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Employee And Service Provider | ||||
Shares | ||||
Shares, nonvested (in shares) | 163,083 | 114,334 | 163,083 | 114,334 |
Shares vested (in shares) | 0 | 0 | ||
Shares forfeited (in shares) | 0 | 0 | ||
Shares granted (in shares) | 0 | 0 | ||
Weighted Average Grant Date Fair Value | ||||
Per share grant fair value (in dollars per share) | $ 11.07 | $ 13.83 | $ 11.07 | $ 13.83 |
Shares vested (in dollars per share) | 0 | 0 | ||
Shares forfeited (in dollars per share) | 0 | 0 | ||
Shares granted (in dollars per share) | $ 0 | $ 0 | ||
Director | ||||
Shares | ||||
Shares, nonvested (in shares) | 0 | 0 | 0 | 0 |
Shares vested (in shares) | 0 | 0 | ||
Shares forfeited (in shares) | (2,000) | 0 | ||
Shares granted (in shares) | 2,000 | 0 | ||
Weighted Average Grant Date Fair Value | ||||
Per share grant fair value (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Shares vested (in dollars per share) | 0 | 0 | ||
Shares forfeited (in dollars per share) | 12.00 | 0 | ||
Shares granted (in dollars per share) | $ 12.00 | $ 0 |
Stock-based Payments and Director Fees - Restricted Stock Plan Expenses (Details) - Restricted stock - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total expenses for plan grants | $ 231 | $ 174 |
Employee And Service Provider | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total expenses for plan grants | 207 | 174 |
Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total expenses for plan grants | $ 24 | $ 0 |
Income Taxes - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
entity
|
Mar. 31, 2020
USD ($)
|
|
Income Tax Examination [Line Items] | ||
Number of taxable subsidiaries | entity | 2 | |
Taxable income | $ 8,700,000 | $ 1,200,000 |
Provision for income taxes (benefit) | 34,000 | (319,000) |
Income tax interest and penalties recorded | 0 | 0 |
Assets | ||
Income Tax Examination [Line Items] | ||
Deferred income tax assets | 0 | 0 |
Liability | ||
Income Tax Examination [Line Items] | ||
Deferred income tax liabilities | $ 0 | $ 0 |
Earnings per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Jun. 30, 2020 |
Apr. 06, 2020 |
|
Basic EPS | ||||
Consolidated net income attributable to common stockholders | $ 7,004 | $ 400 | ||
Allocation of earnings to participating restricted shares | (52) | (2) | ||
Consolidated net income attributable to unrestricted common stockholders | 6,952 | 398 | ||
Effect of dilutive securities | ||||
Restricted stock grants and Manager and director fee shares(3) | 0 | 2 | ||
Diluted EPS | ||||
Consolidated net income attributable to common stockholders and dilutive securities | $ 6,952 | $ 400 | ||
Basic EPS | ||||
Consolidated net income attributable to unrestricted common stockholders (in shares) | 22,816,978 | 22,070,354 | ||
Allocation of earnings to participating restricted shares (in shares) | 0 | 0 | ||
Effect of dilutive securities | ||||
Restricted stock grants and Manager and director fee shares (in shares) | 0 | 119,630 | ||
Diluted EPS | ||||
Consolidated net income attributable to common stockholders and dilutive securities (in shares) | 22,816,978 | 22,189,984 | ||
Per Share Amount | ||||
Consolidated net income attributable to unrestricted common stockholders (in dollars per share) | $ 0.30 | $ 0.02 | ||
Consolidated net income attributable to common stockholders and dilutive securities (in dollars per share) | $ 0.30 | $ 0.02 | ||
Class of warrant or right, outstanding (in shares) | 6,500,000 | 6,500,000 |
Equity - Narrative (Details) |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Apr. 06, 2020
USD ($)
shares
|
Mar. 31, 2021
USD ($)
entity
$ / shares
shares
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Mar. 31, 2020
USD ($)
shares
|
Dec. 31, 2020
entity
$ / shares
shares
|
Feb. 28, 2020
USD ($)
|
Dec. 31, 2019
shares
|
|
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding (in shares) | 22,988,847 | 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 | |||||
Proceeds from issuance of private placement | $ | $ 125,000,000.0 | $ 130,000,000.0 | |||||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Warrant term | 5 years | ||||||
Class of warrant or right, outstanding (in shares) | 6,500,000 | 6,500,000 | |||||
Investment warrants, exercise price (in dollars per share) | $ / shares | $ 10.00 | ||||||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | |||||
Common stock authorized | $ | $ 25,000,000.0 | ||||||
Treasury stock (in shares) | 107,243 | 107,243 | |||||
Sale of common stock pursuant to dividend reinvestment plan | $ | $ 47,000 | $ 0 | |||||
Common stock, shares issued (in shares) | 22,988,847 | 22,978,339 | |||||
Number of non controlling interest subsidiaries | entity | 3 | 4 | |||||
Open market purchases | |||||||
Class of Stock [Line Items] | |||||||
Treasury stock (in shares) | 48,464 | 48,464 | |||||
At-the-Market Program | |||||||
Class of Stock [Line Items] | |||||||
Common stock authorized | $ | $ 50,000,000.0 | ||||||
Common stock, shares issued (in shares) | 0 | 0 | |||||
7.25% Series A preferred stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued (in shares) | 2,307,400 | 2,307,400 | 2,307,400 | ||||
Preferred stock, fixed-to-floating rate cumulative redeemable | 7.25% | 7.25% | |||||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 25.00 | ||||||
Preferred stock, shares outstanding (in shares) | 2,307,400 | 0 | 2,307,400 | 0 | |||
Preferred stock - Series B shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued (in shares) | 2,892,600 | 2,892,600 | 2,892,600 | ||||
Preferred stock, fixed-to-floating rate cumulative redeemable | 5.00% | 5.00% | |||||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 25.00 | ||||||
Preferred stock, shares outstanding (in shares) | 2,892,600 | 0 | 2,892,600 | 0 | |||
Common stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding (in shares) | 22,988,847 | 22,921,935 | 22,988,847 | 22,142,143 | |||
Issuance of shares under dividend reinvestment plan (in shares) | 4,228 | 0 | |||||
Sale of common stock pursuant to dividend reinvestment plan | $ | $ 47,000 | ||||||
2017-D | |||||||
Class of Stock [Line Items] | |||||||
Percentage of ownership interests in joint venture | 50.00% | ||||||
2017-D | Great Ajax Corp | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage by parent | 50.00% | 50.00% | |||||
Investment in AS Ajax E II LLC | |||||||
Class of Stock [Line Items] | |||||||
Percentage of ownership interests in joint venture | 53.10% | 53.10% | |||||
Investment in AS Ajax E II LLC | Great Ajax Corp | |||||||
Class of Stock [Line Items] | |||||||
Percentage of ownership interests in joint venture | 53.10% | 53.10% | |||||
Investment in AS Ajax E II LLC | Third party | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage by third parties | 46.90% | ||||||
2018-C | |||||||
Class of Stock [Line Items] | |||||||
Percentage of ownership interests in joint venture | 37.00% | ||||||
2018-C | Great Ajax Corp | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage by parent | 100.00% | ||||||
2018-C | Third party | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage by third parties | 0.00% | ||||||
Ownership percentage by parent | 63.00% | ||||||
Great Ajax II REIT | Great Ajax Corp | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage by parent | 99.90% | 99.90% | |||||
Great Ajax II REIT | Third party | |||||||
Class of Stock [Line Items] | |||||||
Ownership percentage by third parties | 0.10% | 0.10% | |||||
Thetis | |||||||
Class of Stock [Line Items] | |||||||
Treasury stock (in shares) | 58,779 | 58,779 |
Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive gain | $ 1,681 | $ 375 |
Accumulated net investment gain (loss) attributable to parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gains | 1,926 | 1,152 |
Unrealized losses | (245) | (777) |
AOCI attributable to parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive gain | $ 1,681 | $ 375 |
Equity - Schedule of Less than wholly owned subsidiary, parent ownership interest, net (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Decrease from redemption of 2018-C | $ 11,362 | |
Change in non-controlling interest | (8,306) | $ 0 |
2018-C | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Decrease from redemption of 2018-C | $ (8,306) | $ 0 |
Subsequent Events - Narrative (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
May 06, 2021
USD ($)
loanPool
$ / shares
|
May 06, 2021
USD ($)
residentialNPL
loanPool
transaction
residentialRPL
$ / shares
|
Mar. 31, 2021
USD ($)
loan
|
Mar. 31, 2020
USD ($)
loan
|
Apr. 30, 2021
USD ($)
|
Apr. 07, 2021
USD ($)
|
Dec. 31, 2020
$ / shares
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2019
$ / shares
|
|
Subsequent Event [Line Items] | |||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 26.2 | ||||||||
Estimated market value of the underlying collateral | 44.2 | ||||||||
Investment In securities | 61.3 | ||||||||
Convertible notes payable | $ 2.5 | 8.0 | $ 2.5 | ||||||
Payments for repurchase of convertible notes | $ 2.4 | $ 8.2 | $ 2.3 | ||||||
Dividends payable, amount per share (in dollars per share) | $ / shares | $ 0.17 | $ 0.32 | |||||||
Residential RPLs | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of mortgage loans on real estate | loan | 199 | 26 | |||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 36.0 | $ 2.0 | |||||||
Residential NPLs | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of mortgage loans on real estate | loan | 3 | 1 | |||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 0.7 | $ 0.2 | |||||||
Subsequent event | |||||||||
Subsequent Event [Line Items] | |||||||||
Convertible notes payable | $ 5.0 | ||||||||
Payments for repurchase of convertible notes | $ 5.0 | ||||||||
Subsequent event | Ajax Mortgage Loan Trust 2021-C | Mortgage loans | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate property value | $ 483.1 | ||||||||
Subsequent event | Corporate Joint Venture | Ajax Mortgage Loan Trust 2021-C | Mortgage loans | |||||||||
Subsequent Event [Line Items] | |||||||||
Investment In securities | $ 26.3 | ||||||||
Subsequent event | Class A Notes | Ajax Mortgage Loan Trust 2021-C | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage of securities acquired from trust | 0.0501 | ||||||||
Subsequent event | Class A Notes | Ajax Mortgage Loan Trust 2021-C | Mortgage loans | |||||||||
Subsequent Event [Line Items] | |||||||||
Original Principal | $ 259.6 | ||||||||
Interest Rate | 2.115% | ||||||||
Subsequent event | Class A Notes | Corporate Joint Venture | Ajax Mortgage Loan Trust 2021-C | |||||||||
Subsequent Event [Line Items] | |||||||||
Securities percentage of total UPB | 75.00% | ||||||||
Subsequent event | Class B Notes | Ajax Mortgage Loan Trust 2021-C | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage of securities acquired from trust | 0.319 | ||||||||
Subsequent event | Residential RPLs | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of mortgage loans on real estate | residentialRPL | 4,739 | ||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 790.4 | ||||||||
Percentage of unpaid principal balance of loan acquired | 97.50% | ||||||||
Percentage of estimated market value of the underlying collateral | 54.00% | 54.00% | |||||||
Estimated market value of the underlying collateral | $ 1,400.0 | ||||||||
Subsequent event | Residential RPLs | Eight sellers | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of mortgage loans on real estate | residentialRPL | 106 | ||||||||
Number of transaction | transaction | 7 | ||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 14.1 | ||||||||
Percentage of unpaid principal balance of loan acquired | 88.70% | ||||||||
Percentage of estimated market value of the underlying collateral | 62.20% | 62.20% | |||||||
Estimated market value of the underlying collateral | $ 20.1 | ||||||||
Subsequent event | Residential NPLs | Two sellers | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of mortgage loans on real estate | residentialNPL | 9 | ||||||||
Number of transaction | transaction | 2 | ||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 3.1 | ||||||||
Percentage of unpaid principal balance of loan acquired | 90.30% | ||||||||
Percentage of estimated market value of the underlying collateral | 70.00% | 70.00% | |||||||
Estimated market value of the underlying collateral | $ 4.0 | ||||||||
Subsequent event | Nonperforming Mortgage Loans On Real Estate | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of mortgage loans on real estate | loanPool | 132 | ||||||||
Aggregate unpaid principal balance of mortgage loans on real estate | $ 88.4 | ||||||||
Percentage of unpaid principal balance of loan acquired | 100.30% | ||||||||
Percentage of estimated market value of the underlying collateral | 67.20% | 67.20% | |||||||
Estimated market value of the underlying collateral | $ 131.9 | ||||||||
Subsequent event | Performing Financial Instruments and Nonperforming Financial Instruments | Ajax Mortgage Loan Trust 2021-C | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of mortgage loans on real estate | loanPool | 1,290 | ||||||||
Board of directors | Subsequent event | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends payable, amount per share (in dollars per share) | $ / shares | $ 0.19 | $ 0.19 |
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