Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 ($ in thousands):

	​		Level 1		Level 2		Level 3
March 31, 2020	Carrying value		Quoted prices in active markets		Observable inputs other than Level 1 prices		Unobservable inputs
Financial assets
Recurring financial assets
Investments in debt securities at fair value	$	247,372	$	—	$	247,372	$	—
Investments in beneficial interests	$	64,703	$	—	$	64,703	$	—
Non-recurring financial assets
Mortgage loans, net	$	1,098,629	$	—	$	—	$	1,098,638
Investment in Manager	$	734	$	—	$	—	$	4,419
Investment in AS Ajax E LLC	$	894	$	—	$	968	$	—
Investment in GAFS, including warrants	$	2,747	$	—	$	—	$	3,320
Investment in Gaea	$	19,998	$	—	$	—	$	19,998
Investment in legacy entities	$	651	$	—	$	—	$	651
Financial liabilities
Recurring financial liabilities
Borrowings under repurchase transactions	$	431,091	$	—	$	431,091	$	—
Non-recurring financial liabilities
Secured borrowings, net	$	630,938	$	—	$	—	$	568,525
Convertible senior notes, net	$	111,420	$	87,073	$	—	$	—

​	​		Level 1		Level 2		Level 3
December 31, 2019	Carrying value		Quoted prices in active markets		Observable inputs other than Level 1 prices		Unobservable inputs
Financial assets
Recurring financial assets
Investments in debt securities at fair value	$	231,685	$	—	$	231,685	$	—
Investments in beneficial interests	$	57,954	$	—	$	57,954	$	—
Non-recurring financial assets
Mortgage loans, net	$	1,151,469	$	—	$	—	$	1,260,385
Investment in Manager	$	1,755	$	—	$	—	$	7,721
Investment in AS Ajax E LLC	$	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
Recurring financial liabilities
Borrowings under repurchase transactions	$	414,114	$	—	$	414,114	$	—
Non-recurring financial liabilities
Secured borrowings, net	$	652,747	$	—	$	—	$	657,918
Convertible senior notes, net	$	118,784	$	132,173	$	—	$	—

Fair value of non-financial assets by level

The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of March 31, 2020 and December 31, 2019 ($ in thousands): 

					Level 1		Level 2		Level 3
March 31, 2020	Carrying value		Three months ended fair value adjustment recognized in the consolidated statements of income		Quoted prices in active markets		Observable inputs other than Level 1 prices		Unobservable inputs
Non-financial assets
Property held-for-sale	$	10,905	$	897	$	—	$	—	$	10,905

					Level 1		Level 2		Level 3
December 31, 2019	Carrying value		Fair value adjustment recognized in the consolidated statements of income		Quoted prices in active markets		Observable inputs other than Level 1 prices		Unobservable inputs
Non-financial assets
Property held-for-sale	$	13,537	$	2,104	$	—	$	—	$	13,537