CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 31,179	$ 64,343
Cash held in trust		19	20
Mortgage loans, net	[1],[2]	1,098,629	1,151,469
Property held-for-sale, net	[3]	10,905	13,537
Rental property, net		1,345	1,534
Investments at fair value	[4]	247,372	231,685
Investments in beneficial interests	[5]	64,703	57,954
Receivable from servicer		17,322	17,013
Investments in affiliates		28,028	29,649
Prepaid expenses and other assets		38,345	9,637
Total assets		1,537,847	1,576,841
Liabilities:
Secured borrowings, net	[1],[2],[6]	630,938	652,747
Borrowings under repurchase transactions		431,091	414,114
Convertible senior notes, net	[6]	111,420	118,784
Management fee payable		1,795	1,634
Accrued expenses and other liabilities		5,329	5,478
Total liabilities		1,180,573	1,192,757
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, 22,921,935 shares at March 31, 2020 and 22,142,143 shares at December 31, 2019 issued and outstanding		230	222
Additional paid-in capital		316,762	309,395
Treasury stock		(514)	(458)
Retained earnings		42,749	49,446
Accumulated other comprehensive gain/(loss)		(27,167)	1,277
Equity attributable to stockholders		332,060	359,882
Non-controlling interests	[7]	25,214	24,202
Total equity		357,274	384,084
Total liabilities and equity		$ 1,537,847	$ 1,576,841

[1] As of March 31, 2020, balances for Mortgage loans, net includes $316.5 million and Secured borrowings, net of deferred costs includes $271.6 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").

[2] Mortgage loans net include $888.2 million and $908.6 million of loans at March 31, 2020 and December 31, 2019, 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 $16.1 million and $2.0 million of allowance for loan credit losses at March 31, 2020 and December 31, 2019, respectively.

[3] Property held-for-sale, net, includes valuation allowances of $2.3 million and $1.8 million at March 31, 2020 and December 31, 2019, respectively.

[4] As of March 31, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $274.5 million and $230.4 million, respectively, and unrealized losses of $27.2 million and unrealized gains of $1.3 million, respectively.

[5] Investments in beneficial interests includes allowance for credit losses of $7.2 million at March 31, 2020. No allowance for credit losses were recorded as of December 31, 2019.

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

[7] As of March 31, 2020 and December 31, 2019 non-controlling interests includes $23.4 million and $22.4 million, respectively, from the 50% and 63% owned joint ventures, which the Company consolidates under U.S. GAAP.