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Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of details of repurchase agreement
The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands):

​​December 31, 2019
Maturity DateOrigination dateMaximum
Borrowing
Capacity		Amount
Outstanding		Amount of
Collateral		Percentage of Collateral CoverageInterest Rate
January 3, 2020November 26, 2019$8,411  $8,411  $11,098  132 %3.45 %
January 3, 2020November 26, 20196,093  6,093  9,038  148 %3.45 %
January 3, 2020November 26, 20195,175  5,175  6,855  132 %3.45 %
January 3, 2020December 2, 201911,966  11,966  15,742  132 %3.45 %
January 3, 2020December 2, 201910,648  10,648  14,058  132 %3.45 %
January 3, 2020December 2, 20195,485  5,485  7,050  129 %3.45 %
January 3, 2020December 2, 20194,096  4,096  5,261  128 %3.45 %
January 3, 2020December 2, 20191,644  1,644  2,388  145 %3.55 %
January 3, 2020December 2, 20191,576  1,576  2,287  145 %3.55 %
January 10, 2020December 11, 201921,088  21,088  28,284  134 %3.47 %
January 10, 2020December 11, 20191,808  1,808  2,640  146 %3.57 %
January 13, 2020July 11, 20198,956  8,956  13,016  145 %4.16 %
January 21, 2020December 20, 201915,718  15,718  20,623  131 %3.41 %
January 21, 2020December 20, 201910,305  10,305  13,521  131 %3.41 %
January 21, 2020December 20, 20195,840  5,840  7,324  125 %3.41 %
January 21, 2020December 20, 20192,784  2,784  4,050  145 %3.51 %
January 28, 2020October 30, 20195,318  5,318  7,464  140 %3.19 %
January 28, 2020October 30, 20192,520  2,520  3,381  134 %2.99 %
February 3, 2020August 1, 20197,568  7,568  9,702  128 %4.19 %
February 3, 2020August 1, 20196,664  6,664  9,537  143 %4.19 %
February 24, 2020November 26, 201941,412  41,412  54,828  132 %2.92 %
March 25, 2020September 25, 20197,075  7,075  10,024  142 %3.96 %
March 25, 2020September 25, 20195,851  5,851  7,423  127 %3.81 %
March 26, 2020September 26, 201927,075  27,075  34,591  128 %3.81 %
March 27, 2020September 27, 20192,915  2,915  3,709  127 %3.79 %
June 3, 2020December 6, 20196,097  6,097  7,891  129 %3.64 %
June 3, 2020December 6, 20194,704  4,704  6,106  130 %3.64 %
June 3, 2020December 6, 20193,053  3,053  4,035  132 %3.64 %
June 3, 2020December 6, 20192,332  2,332  3,360  144 %3.79 %
June 3, 2020December 6, 20191,132  1,132  1,607  142 %3.79 %
June 19, 2020December 19, 201913,447  13,447  18,076  134 %3.55 %
June 19, 2020December 19, 20191,155  1,155  1,687  146 %3.70 %
June 30, 2020December 30, 20195,286  5,286  7,044  133 %3.57 %
June 30, 2020December 30, 20193,324  3,324  4,667  140 %3.72 %
July 10, 2020July 15, 2016250,000  28,931  57,397  198 %4.28 %
September 24, 2020September 25, 2019400,000  116,662  164,403  141 %4.24 %
Totals​$918,521  $414,114  $580,167  140 %3.77 %
​​December 31, 2018
Maturity DateOrigination dateMaximum
Borrowing
Capacity		Amount
Outstanding		Amount of
Collateral		Percentage of Collateral CoverageInterest Rate
January 11, 2019July 11, 2018$8,956  $8,956  $12,834  143 %4.41 %
February 1, 2019August 1, 201813,322  13,322  17,174  129 %4.53 %
March 25, 2019September 25, 20186,396  6,396  8,376  131 %4.34 %
March 25, 2019September 25, 20187,020  7,020  10,024  143 %4.49 %
March 28, 2019September 28, 201812,539  12,539  15,846  126 %4.40 %
April 25, 2019October 26, 201810,549  10,549  15,145  144 %4.85 %
April 25, 2019October 26, 20185,865  5,865  7,580  129 %4.65 %
May 8, 2019November 8, 201818,226  18,226  26,036  143 %4.74 %
May 8, 2019November 8, 201810,933  10,933  15,618  143 %4.84 %
June 6, 2019December 6, 201844,224  44,224  58,965  133 %4.65 %
June 6, 2019December 6, 20183,786  3,786  5,408  143 %4.80 %
June 7, 2019December 7, 201850,294  50,294  66,747  133 %4.47 %
June 21, 2019December 21, 201832,393  32,393  43,390  134 %4.62 %
June 21, 2019December 21, 20182,771  2,771  4,050  146 %4.77 %
June 28, 2019December 28, 20188,860  8,860  13,275  150 %4.64 %
July 12, 2019July 15, 2016250,000  195,644  289,908  148 %5.00 %
September 24, 2019September 25, 2018400,000  102,311  134,835  132 %4.89 %
Totals​$886,134  $534,089  $745,211  140 %4.80 %
Schedule of amount outstanding on repurchase transactions and carrying value collateral The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at December 31, 2019 and 2018 in the table below ($ in thousands):
Gross amounts not offset in balance sheet
December 31, 2019December 31, 2018
Gross amount of recognized liabilities $414,114  $534,089  
Gross amount pledged as collateral580,167  745,211  
Net amount$166,053  $211,122  
Schedule of securitization of notes
The following table sets forth the original terms of all securitization notes outstanding at December 31, 2019 at their respective cutoff dates:

Issuing Trust/Issue DateInterest Rate Step-up DateSecurityOriginal PrincipalInterest Rate
Ajax Mortgage Loan Trust 2017-B/ December 2017NoneClass A notes due 2056$115.8 million  3.16 %
None
Class M-1 notes due 2056(1)
$9.7 million  3.50 %
None
Class M-2 notes due 2056(1)
$9.5 million  3.50 %
None
Class B-1 notes due 2056(2)
$9.0 million  3.75 %
None
Class B-2 notes due 2056(2)
$7.5 million  3.75 %
Trust certificates(3)
$14.3 million  — %
Deferred issuance costs$(1.8) million — %
Ajax Mortgage Loan Trust 2017-C/ November 2017November 25, 2021Class A notes due 2060$130.2 million  3.75 %
May 25, 2022
Class B-1 notes due 2060(2)
$13.0 million  5.25 %
Trust certificates(3)
$42.8 million  — %
Deferred issuance costs$(1.7) million — %
Ajax Mortgage Loan Trust 2017-D/ December 2017April 25, 2021
Class A notes due 2057(4)
$177.8 million  3.75 %
None
Class B certificates(4)
$44.5 million  — %
Deferred issuance costs$(1.1) million — %
Ajax Mortgage Loan Trust 2018-C/ September 2018October 25, 2021
Class A notes due 2065(5)
$170.5 million  4.36 %
April 25, 2022
Class B notes due 2065(5)
$15.9 million  5.25 %
Trust certificates(5)
$40.9 million  — %
Deferred issuance costs$(2.0) million — %
Ajax Mortgage Loan Trust 2019-D/ July 2019NoneClass A-1 notes due 2065$140.4 million  2.96 %
NoneClass A-2 notes due 2065$6.1 million  3.50 %
NoneClass A-3 notes due 2065$10.1 million  3.50 %
None
Class M-1 notes due 2065(1)
$9.3 million  3.50 %
None
Class B-1 notes due 2065(6)
$7.5 million  3.50 %
None
Class B-2 notes due 2065(6)
$7.1 million  
variable(7)
None
Class B-3 notes due 2065(6)
$12.8 million  
variable(7)
Deferred issuance costs$(2.7) million — %
Ajax Mortgage Loan Trust 2019-F/ November 2019NoneClass A-1 notes due 2059$110.1 million  2.86 %
NoneClass A-2 notes due 2059$12.5 million  3.50 %
NoneClass A-3 notes due 2059$5.1 million  3.50 %
None
Class M-1 notes due 2059(1)
$6.1 million  3.50 %
None
Class B-1 notes due 2059(6)
$11.5 million  3.50 %
None
Class B-2 notes due 2059(6)
$10.4 million  
variable(7)
None
Class B-3 notes due 2059(6)
$15.1 million  
variable(7)
Deferred issuance costs$(1.8) million — %

(1)The Class M notes are subordinate, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes. ​
(2)The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes.​
(3)The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full.
(4)Ajax Mortgage Loan Trust ("AJAXM") AJAXM 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and are reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net and 50% of the Class B-1 certificates are recognized as Non-controlling interest.
(5)AJAXM 2018-C is a joint venture in which a third party owns 95% of the Class A notes and 37% of the Class B notes and certificates. The Company is required to consolidate 2018-C under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 95% of the Class A notes and 37% of the Class B notes, which are held by the third party, are included in Secured borrowings, net. The 5% portion of the Class A notes retained by the Company have been encumbered under the repurchase agreement. 37% of the Class C certificates are recognized as Non-controlling interest.
(6)The Class B notes are subordinate, 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.
(7)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.
Schedule of status of mortgage loans The following table sets forth the status of the notes held by others at December 31, 2019 and 2018, and the securitization cutoff date:
Balances at December 31, 2019Balances at December 31, 2018Original balances at
securitization cutoff date
Class of NotesCarrying value of mortgagesBond principal balancePercentage of collateral coverageCarrying value of mortgagesBond principal balancePercentage of collateral coverageMortgage UPBBond principal balance
2016-C$—  $—  — %$102,563  $69,692  147 %$157,808  $102,575  
2017-A—  —  — %157,033  102,755  153 %216,413  140,669  
2017-B121,909  84,624  144 %132,902  99,857  133 %165,850  115,846  
2017-C137,369  94,126  146 %146,938  109,616  134 %185,942  130,159  
2017-D148,119  60,934  (1) 243 %163,791  69,528  (1) 236 %203,870  (2) 88,903  
2018-C179,303  146,925  (3) 122 %194,606  165,051  (3) 118 %222,181  (4) 167,910  
2019-D165,963  146,383  113 %—  —  — %193,301  156,670  
2019-F155,899  126,723  123 %—  —  — %170,876  127,673  
​$908,562  $659,715  (5) 138 %$897,833  $616,499  (5) 146 %$1,516,241  $1,030,405  

​
(1)The gross amount of senior bonds at December 31, 2019 and December 31, 2018 were $121.9 million and $139.0 million, however, only $60.9 million and $69.5 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 contains notes held by third party institutional investors for senior bonds and class B bonds. The gross amount of senior and class B bonds at December 31, 2019 were $148.5 million and $15.9 million, however, only $141.0 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. The gross amount of the senior and class B bonds at December 31, 2018 were $167.5 million and $15.9 million, however, only $159.2 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively.
(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 $7.0 million and $6.3 million as of December 31, 2019 and December 31, 2018, respectively.