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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair value, assets and liabilities measured on recurring basis
Recurring financial assets and liabilities measured and carried at fair value by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020 ($ in thousands):

Level 1Level 2Level 3
September 30, 2021Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Recurring financial assets
Investment in debt securities at fair value$340,082 $— $340,082 $— 
Recurring financial liabilities
Put option liability$20,843 $— $— $20,843 
Level 1Level 2Level 3
December 31, 2020Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Recurring financial assets
Investment in debt securities at fair value$273,834 $— $273,834 $— 
Recurring financial liabilities
Put option liability$14,205 $— $— $14,205 
Schedule of fair value of financial assets and liabilities
The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020 ($ in thousands):

Level 1Level 2Level 3
September 30, 2021Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Financial assets
Mortgage loans held-for-investment, net$976,351 $— $— $1,059,040 
Mortgage loans held-for-sale, net$30,963 $— $— $33,429 
Investment in beneficial interests$139,494 $— $— $139,494 
Investment in Manager$1,569 $— $— $12,379 
Investment in AS Ajax E LLC$611 $— $761 $— 
Investment in AS Ajax E II LLC$2,755 $— $2,958 $— 
Investment in GAFS, including warrants$2,619 $— $— $3,320 
Investment in Gaea$19,670 $— $— $20,287 
Investment in Loan pool LLCs$240 $— $— $672 
Financial liabilities
Secured borrowings, net$612,592 $— $624,743 $— 
Borrowings under repurchase transactions$399,340 $— $399,340 $— 
Convertible senior notes, net $103,754 $111,227 $— $— 
Level 1Level 2Level 3
December 31, 2020Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Financial assets
Mortgage loans held-for-investment, net$1,119,372 $— $— $1,232,081 
Investment in beneficial interests$91,418 $— $— $91,418 
Investment in Manager$1,366 $— $— $11,709 
Investment in AS Ajax E LLC$776 $— $934 $— 
Investment in AS Ajax E II LLC$3,381 $— $3,484 $— 
Investment in GAFS, including warrants$2,711 $— $— $3,320 
Investment in Gaea$20,001 $— $— $19,150 
Investment in Loan pool LLCs$381 $— $— $701 
Financial liabilities
Secured borrowings, net$585,403 $— $586,419 $— 
Borrowings under repurchase agreement$421,132 $— $421,132 $— 
Convertible senior notes, net$110,057 $110,675 $— $— 
Fair value of non-financial assets by level The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of September 30, 2021 and December 31, 2020 ($ in thousands):
Level 1Level 2Level 3
September 30, 2021Carrying valueNine months ended fair value adjustment recognized in the consolidated statements of incomeQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Non-financial assets   
Property held-for-sale$6,097 $(170)$— $— $6,097 
 Level 1Level 2Level 3
December 31, 2020Carrying valueFair value adjustment recognized in the consolidated statements of incomeQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Non-financial assets    
Property held-for-sale$7,807 $(1,359)$— $— $7,807