CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents		$ 40,316	$ 47,845
Mortgage loans held-for-investment, net	[1],[2]	961,277	989,084
Real estate owned properties, net	[3]	3,745	6,333
Investments in securities available-for-sale	[4]	142,104	257,062
Investments in securities held-to-maturity	[5]	71,706	0
Investments in beneficial interests	[6]	127,474	134,552
Receivable from servicer		7,514	7,450
Investments in affiliates		30,028	30,185
Prepaid expenses and other assets		21,526	11,915
Total assets		1,405,690	1,484,426
Liabilities:
Secured borrowings, net	[2],[7]	438,402	467,205
Borrowings under repurchase transactions		413,125	445,855
Convertible senior notes, net	[7]	103,516	104,256
Notes payable, net	[7]	106,414	106,046
Management fee payable		1,999	1,720
Put option liability		15,614	12,153
Accrued expenses and other liabilities		9,780	9,726
Total liabilities		1,088,850	1,146,961
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 23,627,677 shares issued and outstanding at June 30, 2023 and 23,130,956 shares issued and outstanding at December 31, 2022		247	241
Additional paid-in capital		326,279	322,439
Treasury stock		(9,557)	(9,532)
Retained (deficit)/earnings		(17,282)	13,275
Accumulated other comprehensive loss		(19,530)	(25,649)
Equity attributable to stockholders		314,711	335,328
Non-controlling interests	[8]	2,129	2,137
Total equity		316,840	337,465
Total liabilities and equity		1,405,690	1,484,426
7.25% Series A preferred stock
Equity:
Preferred stock $0.01 par value, 25,000,000 shares authorized		9,411	9,411
5.00% Series B preferred stock
Equity:
Preferred stock $0.01 par value, 25,000,000 shares authorized		$ 25,143	$ 25,143

[1] As of both June 30, 2023 and December 31, 2022, balances for Mortgage loans held-for-investment, net include $0.9 million from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP").

[2] Mortgage loans held-for-investment, net include $652.3 million and $675.8 million of loans at June 30, 2023 and December 31, 2022, 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 $6.0 million and $6.1 million of allowance for expected credit losses at June 30, 2023 and December 31, 2022, respectively.

[3] Real estate owned properties, net, are presented net of valuation allowances of $1.3 million and $0.7 million at June 30, 2023 and December 31, 2022, respectively.

[4] Investments in securities available-for-sale (“AFS”) are presented at fair value. As of June 30, 2023, Investments in securities AFS include an amortized cost basis of $153.9 million and a net unrealized loss of $11.8 million. As of December 31, 2022, Investments in securities AFS include an amortized cost basis of $282.7 million and net unrealized loss of $25.6 million.

[5] On January 1, 2023, the Company transferred certain of its investments in securities to held-to-maturity ("HTM") due to European risk retention regulations. As of June 30, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $7.8 million related to the unamortized unrealized loss in AOCI.

[6] Investments in beneficial interests includes allowance for expected credit losses of zero at both June 30, 2023 and December 31, 2022.

[7] Secured borrowings, net are presented net of deferred issuance costs of $3.8 million at June 30, 2023 and $4.7 million at December 31, 2022. Convertible senior notes, net are presented net of deferred issuance costs of zero and $0.3 million at June 30, 2023 and December 31, 2022, respectively. Notes payable, net are presented net of deferred issuance costs and discount of $3.6 million at June 30, 2023 and $4.0 million at December 31, 2022.

[8] As of June 30, 2023, non-controlling interests includes $1.0 million from a 50.0% owned joint venture, $1.0 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary which the Company consolidates. As of December 31, 2022, non-controlling interests includes $1.0 million from a 50.0% owned joint venture, $1.1 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary which the Company consolidates.