CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 92,843	$ 107,147
Cash held in trust		2,534	188
Mortgage loans held-for-investment, net	[1],[2]	976,351	1,119,372
Mortgage loans held-for-sale, net		30,963	0
Real estate owned properties, net	[3]	6,097	8,526
Receivable from servicer		18,128	15,755
Investments in affiliates		27,464	28,616
Prepaid expenses and other assets		14,132	8,876
Total assets		1,648,088	1,653,732
Liabilities:
Secured borrowings, net	[1],[2],[4]	612,592	585,403
Borrowings under repurchase transactions		399,340	421,132
Convertible senior notes, net	[4]	103,754	110,057
Management fee payable		2,289	2,247
Put option liability		20,843	14,205
Accrued expenses and other liabilities		6,165	6,197
Total liabilities		1,144,983	1,139,241
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 23,140,131 shares issued and outstanding at September 30, 2021 and 22,978,339 shares issued and outstanding at December 31, 2020		232	231
Additional paid-in capital		315,611	317,424
Treasury stock		(1,539)	(1,159)
Retained earnings		66,958	53,346
Accumulated other comprehensive income		3,418	375
Equity attributable to stockholders		499,824	485,361
Non-controlling interests	[5]	3,281	29,130
Total equity		503,105	514,491
Total liabilities and equity		1,648,088	1,653,732
7.25% Series A preferred stock
Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized		51,100	51,100
5.00% Series B preferred stock
Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized		64,044	64,044
Investments in securities
ASSETS
Investment in debt securities	[6]	340,082	273,834
Beneficial interests in securitization trusts
ASSETS
Investment in debt securities	[7]	$ 139,494	$ 91,418

[1] As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.    

[2] Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 30, 2021 and December 31, 2020, 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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, respectively.

[3] Real estate owned properties, net, are presented net of valuation allowances of $0.4 million and $1.4 million at September 30, 2021 and December 31, 2020, respectively.

[4] Secured borrowings, net are presented net of deferred issuance costs of $8.3 million at September 30, 2021 and $5.4 million at December 31, 2020. Convertible senior notes, net are presented net of deferred issuance costs of $2.1 million at September 30, 2021 and $3.3 million at December 31, 2020.

[5] As of September 30, 2021 non-controlling interests includes $1.8 million from a 50.0% owned joint venture, $1.3 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary. As of December 31, 2020 non-controlling interests includes $27.4 million from the 50.0% and 63.0% owned joint ventures, $1.5 million from a 53.1% owned subsidiary and $0.2 million from a 99.9% owned subsidiary which the Company consolidates under U.S. GAAP.

[6] As of September 30, 2021 and December 31, 2020, Investments in securities at fair value include amortized cost basis of $336.7 million and $273.4 million, respectively, and net unrealized gains of $3.4 million and $0.4 million, respectively.

[7] Investments in beneficial interests includes allowance for expected credit losses of $0.6 million and $4.5 million at September 30, 2021 and December 31, 2020, respectively.