CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 64,343	$ 55,146
Cash held in trust		20	24
Mortgage loans, net	[1],[2]	1,151,469	1,310,873
Property held-for-sale, net	[3]	13,537	19,402
Rental property, net		1,534	17,635
Investments at fair value		231,685	146,811
Investments in beneficial interests		57,954	22,086
Receivable from servicer		17,013	14,587
Investment in affiliates		29,649	8,653
Prepaid expenses and other assets		9,637	7,654
Total assets		1,576,841	1,602,871
Liabilities:
Secured borrowings, net	[1],[2],[4]	652,747	610,199
Borrowings under repurchase transactions		414,114	534,089
Convertible senior notes, net	[4]	118,784	117,525
Management fee payable		1,634	881
Accrued expenses and other liabilities		5,478	5,898
Total liabilities		1,192,757	1,268,592
Commitments and contingencies – see Note 8
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized, none issued or outstanding		0	0
Common stock $0.01 par value; 125,000,000 shares authorized, 22,142,143 shares at December 31, 2019 and 18,909,874 shares at December 31, 2018 issued and outstanding		222	189
Additional paid-in capital		309,395	260,427
Treasury stock		(458)	(270)
Retained earnings		49,446	41,063
Accumulated other comprehensive income/(loss)		1,277	(575)
Equity attributable to stockholders		359,882	300,834
Non-controlling interests	[5]	24,202	33,445
Total equity		384,084	334,279
Total liabilities and equity		$ 1,576,841	$ 1,602,871

[1] As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from the 50.0% and 63.0% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from the 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").

[2] Mortgage loans, net include $908.6 million and $897.8 million of loans at December 31, 2019 and December 31, 2018, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt. Mortgage loans, net include $2.0 million and $1.2 million of allowance for loan losses at December 31, 2019 and December 31, 2018, respectively.

[3] Property held-for-sale, net, includes valuation allowances of $1.8 million and $1.8 million at December 31, 2019 and December 31, 2018, respectively.

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

[5] As of December 31, 2019 and December 31, 2018 non-controlling interests includes $22.4 million and $20.4 million, respectively, from the 50.0% and 63.0% owned VIEs all of which the Company consolidates under U.S. GAAP.