CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Preferred stock par value per share (in dollars per share)		$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)		25,000,000	25,000,000
Preferred stock shares issued (in shares)		0	0
Preferred stock shares outstanding (in shares)		0	0
Common stock par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock shares authorized (in shares)		125,000,000	125,000,000
Common stock shares issued (in shares)		22,142,143	18,909,874
Common stock shares outstanding (in shares)		22,142,143	18,909,874
Financing Receivable, Allowance for Credit Losses		$ 2,000	$ 1,164
Secured borrowings, net	[1],[2],[3]	652,747	610,199
Property held-for-sale, valuation allowances		1,800	1,800
Non-controlling interests	[4]	24,202	33,445
Consolidated Entities
Mortgage loans		341,800	377,000
Secured borrowings, net		284,800	231,900
Non-controlling interests		$ 22,400	$ 20,400
2017-D | Great Ajax Corp
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
2018-C | Great Ajax Corp
Noncontrolling Interest, Ownership Percentage by Parent		63.00%

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

[4] 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.