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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of fair value of financial assets and liabilities
The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of December 31, 2019 and 2018 ($ in thousands):

​Level 1Level 2Level 3
December 31, 2019
Carrying
Value
Quoted
prices in
active
markets
Observable
inputs other
than Level 1
prices
Unobservable
inputs
Financial assets
Mortgage loans $1,151,469  $—  $—  $1,260,385  
Investment in debt securities at fair value$231,685  $—  $231,685  $—  
Investment in beneficial interests $57,954  $—  $57,954  $—  
Investment in Manager$1,755  $—  $—  $7,712  
Investment in AS Ajax E$931  $—  $1,012  $—  
Investment in GAFS, including warrants$3,023  $—  $—  $3,320  
Investment in Gaea$19,995  $—  $—  $19,995  
Investment in legacy entities$760  $—  $—  $760  
Financial liabilities
Secured borrowings, net$652,747  $—  $—  $657,918  
Borrowings under repurchase agreement$414,114  $—  $414,114  $—  
Convertible senior notes, net $118,784  $132,173  $—  $—  

​​Level 1Level 2Level 3
December 31, 2018
Carrying
Value
Quoted
prices in
active
markets
Observable
inputs other
than Level 1
prices
Unobservable
inputs
Financial assets
Mortgage loans $1,310,873  $—  $—  $1,448,895  
Investment in debt securities at fair value$146,811  $—  $146,811  $—  
Investment in beneficial interests$22,086  $—  $22,086  $—  
Investment in Manager$1,016  $—  $—  $5,231  
Investment in AS Ajax E$1,037  $—  $1,239  $—  
Investment in GAFS, including warrants$2,844  $—  $—  $3,320  
Financial liabilities
Secured borrowings, net$610,199  $—  $—  $610,217  
Borrowings under repurchase agreement$534,089  $—  $534,089  $—  
Convertible senior notes, net $117,525  $118,103  $—  $—  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of December 31, 2019 and 2018 ($ in thousands): 
Level 1Level 2Level 3
December 31, 2019Carrying ValueFair value adjustment recognized in the consolidated Statements of IncomeQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Non-financial assets   
Property held-for-sale$13,537  $2,104  $—  $—  $13,537  
 Level 1Level 2Level 3
December 31, 2018Carrying ValueFair value adjustment recognized in the consolidated Statements of IncomeQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Non-financial assets    
Property held-for-sale$19,402  $2,700  $—  $—  $19,402