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Mortgage Loans (Tables)
 3 Months Ended
Mar. 31, 2022
Mortgage Loans [Abstract]  
Schedule of loan portfolio basis by asset type
The following table presents information regarding the carrying value for the Company's RPLs, NPLs and SBC loans as of March 31, 2022 and December 31, 2021 ($ in thousands):

March 31, 2022December 31, 2021
Loan portfolio basis by asset typeMortgage loans held-for-investment, netMortgage loans held-for-sale, netMortgage loans held-for-investment, netMortgage loans held-for-sale, net
Residential RPLs$931,441 $— $941,565 $29,572 
Residential NPLs116,560 — 119,520 — 
SBC loans15,475 — 19,349 — 
Total$1,063,476 $— $1,080,434 $29,572 
Schedule of loan basis by year of origination
The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands):

March 31, 2022
Mortgage loans held-for-investment, net2022202120202019201820172009-20162006-20082005 and priorTotal
GAOP - 7f7 >50$— $282 $7,245 $5,991 $1,429 $2,064 $28,203 $173,328 $66,688 $285,230 
GAOP - 7f7 <50— — — 134 — 147 4,829 44,042 14,149 63,301 
GAOP - 6f6 and below— 467 1,293 2,633 2,863 1,592 22,945 137,594 52,365 221,752 
Great Ajax II REIT - 7f7 >50— — 755 641 813 458 36,624 262,077 94,594 395,962 
Great Ajax II REIT - 7f7 <50— — — 219 15 45 5,096 38,407 13,278 57,060 
Great Ajax II REIT - 6f6 and below— — — — — 142 5,983 22,390 11,656 40,171 
Total$— $749 $9,293 $9,618 $5,120 $4,448 $103,680 $677,838 $252,730 $1,063,476 
December 31, 2021
Mortgage loans held-for-investment, net2021202020192018201720162009-20152006-20082005 and priorTotal
Great Ajax II REIT$— $764 $181 $698 $328 $1,730 $46,041 $339,759 $125,095 $514,596 
2021-B— — 589 — 2,353 443 28,541 159,318 50,948 242,192 
2019-C— — — — 265 — 9,020 96,995 39,801 146,081 
California— — 1,268 1,248 — — 1,681 6,431 1,373 12,001 
7f7 and better471 — 2,019 1,541 440 — 3,847 17,032 6,891 32,241 
6f6 and below— 1,351 1,783 1,470 209 368 9,885 70,163 28,774 114,003 
18-1 LLC— — 605 176 284 429 819 33 10 2,356 
Non-PCD3,771 8,831 3,855 — 507 — — — — 16,964 
Total$4,242 $10,946 $10,300 $5,133 $4,386 $2,970 $99,834 $689,731 $252,892 $1,080,434 

December 31, 2021
Mortgage loans held-for-sale, net2021202020192018201720162009-20152006-20082005 and priorTotal
Ajax N$— $— $204 $— $— $— $4,267 $15,893 $9,208 $29,572 
Total$— $— $204 $— $— $— $4,267 $15,893 $9,208 $29,572 
Schedule of loan acquisition reconciliation between purchase price and par value
The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three months ended March 31, 2022 and 2021 ($ in thousands):

Three months ended March 31,
20222021
PCD LoansNon-PCD LoansPCD LoansNon-PCD Loans
Par$964 $— $36,696 $3,611 
Discount(58)— (2,929)(8)
Allowance(3)— (1,733)— 
Purchase Price$903 $— $32,034 $3,603 
Allowance for credit losses on mortgage loans An analysis of the balance in the allowance for expected credit losses account follows ($ in thousands):
Three months ended March 31,
20222021
Allowance for expected credit losses, beginning of period$(7,112)$(13,712)
Reclassification from non-credit discount to the allowance for changes in payment expectations(4,089)(9,232)
Increase in allowance for expected credit losses for loan acquisitions(3)(1,733)
Credit loss expense on mortgage loans(111)(454)
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows3,624 5,500 
Reversal of allowance upon reclass of pool 2017-D to mortgage loans held-for-sale, net— 1,741 
Allowance for expected credit losses, end of period$(7,691)$(17,890)
Schedule of carrying value of mortgage loans and related UPB by delinquency status
The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of March 31, 2022 and December 31, 2021 ($ in thousands):

March 31, 2022
Mortgage loans held-for-investment, netCurrent306090ForeclosureTotal
GAOP - 7f7 >50$151,909 $37,299 $25,859 $69,020 $1,143 $285,230 
GAOP - 7f7 <5028,344 9,378 6,091 18,884 604 63,301 
GAOP - 6f6 and below15,708 3,452 11,844 133,798 56,950 221,752 
Great Ajax II REIT - 7f7 >50336,318 39,754 7,370 12,520 — 395,962 
Great Ajax II REIT - 7f7 <5048,027 5,479 1,967 1,587 — 57,060 
Great Ajax II REIT - 6f6 and below38 45 9,170 27,915 3,003 40,171 
Total$580,344 $95,407 $62,301 $263,724 $61,700 $1,063,476 

December 31, 2021
Mortgage loans held-for-investment, netCurrent306090ForeclosureTotal
Great Ajax II REIT$398,200 $52,782 $19,530 $41,931 $2,153 $514,596 
2021-B61,066 24,428 24,807 113,459 18,432 242,192 
2019-C78,238 13,920 11,738 35,727 6,458 146,081 
California3,938 661 — 5,132 2,270 12,001 
7f7 and better13,087 4,192 1,718 13,068 176 32,241 
6f6 and below15,169 4,408 2,064 62,456 29,906 114,003 
18-1 LLC2,123 67 111 55 — 2,356 
Non-PCD16,457 — — — 507 16,964 
Total$588,278 $100,458 $59,968 $271,828 $59,902 $1,080,434 

December 31, 2021
Mortgage loans held-for-sale, netCurrent306090ForeclosureTotal
Ajax N$13,485 $3,927 $2,369 $7,828 $1,963 $29,572 
Total$13,485 $3,927 $2,369 $7,828 $1,963 $29,572