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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Preferred stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 25,000,000 25,000,000
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 125,000,000 125,000,000
Common stock, shares issued (in shares) 23,194,566 23,146,775
Common stock, shares outstanding (in shares) 23,194,566 23,146,775
Mortgage loans held-for-investment, net [1],[2] $ 1,063,476 $ 1,080,434
Allowance for loan credit losses 7,691 7,112
Mortgage loans held-for-sale, net 0 29,572
Property held-for-sale, valuation allowances 600 500
Basis 336,600 354,200
Debt securities accumulated unrealized gain (loss) (8,800) 1,000
Noncontrolling interest [3] 2,365 3,178
Mortgage loans    
Mortgage loans held-for-investment, net 729,036 756,787
Secured Debt    
Deferred issuance costs 6,500 7,300
Convertible Debt    
Deferred issuance costs $ 800 $ 1,700
2017-D    
Ownership percentage by parent 50.00% 50.00%
Ownership percentage by third parties 50.00% 50.00%
AS Ajax E II LLC    
Ownership percentage by parent 53.10% 53.10%
Great Ajax II REIT    
Ownership percentage by parent 99.90% 99.90%
Consolidated entities    
Mortgage loans held-for-sale, net $ 1,000 $ 1,400
Consolidated entities | 2017-D    
Noncontrolling interest 1,100 1,800
Consolidated entities | AS Ajax E II LLC    
Noncontrolling interest 1,200 1,300
Consolidated entities | Great Ajax II REIT    
Noncontrolling interest 100 100
Beneficial interests in securitization trusts    
Allowance for loan credit losses $ 0 $ 600
Preferred stock - Series A shares    
Preferred stock, fixed-to-floating rate cumulative redeemable 7.25% 7.25%
Preferred stock, liquidation preference per share (in dollars per share) $ 25.00 $ 25.00
Preferred stock, shares issued (in shares) 2,307,400 2,307,400
Preferred stock, shares outstanding (in shares) 2,307,400 2,307,400
Preferred stock - Series B shares    
Preferred stock, fixed-to-floating rate cumulative redeemable 5.00% 5.00%
Preferred stock, liquidation preference per share (in dollars per share) $ 25.00 $ 25.00
Preferred stock, shares issued (in shares) 2,892,600 2,892,600
Preferred stock, shares outstanding (in shares) 2,892,600 2,892,600
[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] 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.