CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 107,147	$ 64,343
Cash held in trust		188	20
Mortgage loans, net	[1],[2]	1,119,372	1,151,469
Property held-for-sale, net	[3]	7,807	13,537
Rental property, net		719	1,534
Investments in securities at fair value	[4]	273,834	231,685
Investments in beneficial interests	[5]	91,418	57,954
Receivable from servicer		15,755	17,013
Investment in affiliates		28,616	30,441
Prepaid expenses and other assets		8,876	8,845
Total assets		1,653,732	1,576,841
Liabilities:
Secured borrowings, net	[1],[2],[6]	585,403	652,747
Borrowings under repurchase transactions		421,132	414,114
Convertible senior notes, net	[6]	110,057	118,784
Management fee payable		2,247	1,634
Accrued expenses and other liabilities		20,402	5,478
Total liabilities		1,139,241	1,192,757
Commitments and contingencies – see Note 8
Equity:
Common Stock, Shares, Outstanding		22,978,339	22,142,143
Common Stock, Shares, Issued		22,978,339	22,142,143
Common stock $0.01 par value; 125,000,000 shares authorized, 22,978,339 issued and outstanding at December 31, 2020 and 22,142,143 shares issued and outstanding at December 31, 2019		$ 231	$ 222
Additional paid-in capital		317,424	309,395
Treasury stock		(1,159)	(458)
Retained earnings		53,346	49,446
Accumulated other comprehensive income		375	1,277
Equity attributable to stockholders		485,361	359,882
Non-controlling interests	[7]	29,130	24,202
Total equity		514,491	384,084
Total liabilities and equity		1,653,732	1,576,841
Series A Preferred Stock
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized		51,100	0
Series B Preferred Stock
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized		$ 64,044	$ 0

[1] As of December 31, 2020, balances for Mortgage loans, net includes $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from the 50.0% and 63.0% 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 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 $842.2 million and $908.6 million of loans at December 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 $13.7 million and $2.0 million of allowance for loan losses at December 31, 2020 and December 31, 2019, respectively.(2)As of December 31, 2020, balances for Mortgage loans, net includes $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from the 50.0% and 63.0% 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 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").

[3] Property held-for-sale, net, includes valuation allowances of $1.4 million and $1.8 million at December 31, 2020 and December 31, 2019, respectively.

[4] As of December 31, 2020 and December 31, 2019 Investments in securities at fair value include amortized cost basis of $273.4 million and $230.4 million, respectively, and net unrealized gains of $0.4 million and $1.3 million, respectively.

[5] Investments in beneficial interests includes allowance for credit losses of $4.5 million at December 31, 2020. No allowance for credit losses was recorded as of December 31, 2019.

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

[7] As of December 31, 2020 and December 31, 2019 non-controlling interests includes $27.4 million and $22.4 million, respectively, from the 50.0% and 63.0% owned VIEs all of which the Company consolidates under U.S. GAAP.