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Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of loan portfolio basis by asset type

The following table presents information regarding the carrying value for the Company's RPL loan pools, NPL loan pools and SBC loans as of March 31, 2020 and December 31, 2019 ($ in thousands):


Loan portfolio basis by asset type	March 31, 2020		December 31, 2019
Residential RPL loan pools	$	1,066,555	$	1,085,514
SBC loan pools	5		11,652
Other mortgage loans non-pooled⁽¹⁾	4,212		23,434
Residential NPL loan pools	27,857		30,869
Total	$	1,098,629	$	1,151,469

(1)Other mortgage loans non-pooled are accounted for as non-PCD loans under CECL.

Schedule of loan basis by year of origination

The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands):


	March 31, 2020
	2020		2019		2018		2017		2016		2009-2015		2006-2008		2005 and prior		Total
7f7 and better	$	—	$	—	$	244	$	124	$	2,085	$	33,490	$	262,595	$	114,237	$	412,775
Great Ajax II REIT	—		—		—		226		1,107		34,114		212,468		67,583		315,498
California	—		—		—		351		216		8,291		155,506		36,116		200,480
4f4-6f6 and below	—		—		—		361		698		24,410		99,980		39,006		164,455
Originated	—		788		1,245		2,508		104		711		55		10		5,421
Total	$	—	$	788	$	1,489	$	3,570	$	4,210	$	101,016	$	730,604	$	256,952	$	1,098,629

Schedule of loan acquisition reconciliation between purchase price and par value

The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the quarter ended March 31, 2020 ($ in thousands):


	Three months ended March 31, 2020
	PCD Loans		Non PCD Loans
Par	$	227	$	1,952
Discount	(37)		(747)
Allowance	(4)		—
Purchase Price	$	186	$	1,205

Allowance for credit losses on mortgage loans

An analysis of the balance in the allowance for loan losses account follows ($ in thousands):


	Three months ended March 31,
	2020		2019
Allowance for loan credit losses, beginning of period	$	(1,960)	$	(1,164)
Beginning period adjustment for CECL	(10,156)		—
Provision for credit losses on mortgage loans	(2,122)		(154)
Change to allowance for loan credit losses	(1,898)		—
Allowance for loan credit losses, end of period	$	(16,136)	$	(1,318)

Schedule of carrying value of mortgage loans and related UPB by delinquency status

The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of March 31, 2020 and December 31, 2019 ($ in thousands):


	March 31, 2020
	Current		30		60		90		Foreclosure		Total
7f7 and better	$	231,761	$	66,809	$	51,058	$	61,750	$	1,398	$	412,776
Great Ajax II REIT	247,368		35,519		17,831		14,448		331		315,497
California	113,120		30,438		14,315		40,643		1,964		200,480
4f4- 6f6 and below	9,412		12,492		15,057		90,019		37,476		164,456
Originated	3,635		—		1,177		608		—		5,420
Total	$	605,296	$	145,258	$	99,438	$	207,468	$	41,169	$	1,098,629


	December 31, 2019
	Current		30		60		90		Foreclosure		Total
7f7 and better	$	252,815	$	72,394	$	41,673	$	50,602	$	1,894	$	419,378
Great Ajax II REIT	129,812		31,426		16,467		36,785		1,986		216,476
California	265,679		37,553		14,034		4,597		—		321,863
4f4- 6f6 and below	6,412		4,835		20,782		103,872		34,417		170,318
Originated	21,425		—		850		1,159		—		23,434
Total	$	676,143	$	146,208	$	93,806	$	197,015	$	38,297	$	1,151,469