CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 70,722	$ 84,426
Cash held in trust		5,005	3,100
Mortgage loans held-for-sale, net		0	29,572
Mortgage loans held-for-investment, net	[1],[2]	1,063,476	1,080,434
Real estate owned properties, net	[3]	6,586	6,063
Investments in securities at fair value	[4]	327,793	355,178
Investments in beneficial interests	[5]	139,249	139,588
Due from related parties		19,153	20,899
Investments in affiliates		32,578	27,020
Prepaid expenses and other assets		21,317	13,400
Total assets		1,685,879	1,759,680
Liabilities:
Secured borrowings, net	[1],[2],[6]	536,988	575,563
Borrowings under repurchase transactions		522,574	546,054
Convertible senior notes, net	[6]	103,749	102,845
Management fee payable		2,424	2,279
Put option liability		26,867	23,667
Accrued expenses and other liabilities		5,778	8,799
Total liabilities		1,198,380	1,259,207
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 23,194,566 shares issued and outstanding at March 31, 2022 and 23,146,775 shares issued and outstanding at December 31, 2021		234	233
Additional paid-in capital		316,326	316,162
Treasury stock		(1,808)	(1,691)
Retained earnings		63,996	66,427
Accumulated other comprehensive (loss)/income		(8,758)	1,020
Equity attributable to stockholders		485,134	497,295
Non-controlling interests	[7]	2,365	3,178
Total equity		487,499	500,473
Total liabilities and equity		1,685,879	1,759,680
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

[1] As of March 31, 2022 and December 31, 2021, balances for Mortgage loans held-for-investment, net include $1.0 million and $1.4 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").

[2] Mortgage loans held-for-investment, net include $729.0 million and $756.8 million of loans at March 31, 2022 and December 31, 2021, 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 $7.7 million and $7.1 million of allowance for expected credit losses at March 31, 2022 and December 31, 2021, respectively.

[3] Real estate owned properties, net, are presented net of valuation allowances of $0.6 million and $0.5 million at March 31, 2022 and December 31, 2021, respectively.

[4] As of March 31, 2022, Investments in securities at fair value include an amortized cost basis of $336.6 million and a net unrealized loss of $8.8 million. As of December 31, 2021, Investments in securities at fair value include an amortized costs basis of $354.2 million and net unrealized gains $1.0 million.

[5] Investments in beneficial interests includes allowance for expected credit losses of zero and $0.6 million at March 31, 2022 and December 31, 2021, respectively.

[6] Secured borrowings, net are presented net of deferred issuance costs of $6.5 million at March 31, 2022 and $7.3 million at December 31, 2021. Convertible senior notes, net are presented net of deferred issuance costs of $0.8 million and $1.7 million at March 31, 2022 and December 31, 2021, respectively.

[7] As of March 31, 2022 non-controlling interests includes $1.1 million from a 50.0% owned joint venture, $1.2 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary. As of December 31, 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 which the Company consolidates.