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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 ($ in thousands):

Level 1Level 2Level 3
June 30, 2023Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Recurring financial assets
Investment in debt securities available-for-sale$142,104 $— $142,104 $— 
Recurring financial liabilities
Put option liability$15,614 $— $— $15,614 

Level 1Level 2Level 3
December 31, 2022Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Recurring financial assets
Investment in debt securities available-for-sale$257,062 $— $257,062 $— 
Recurring financial liabilities
Put option liability$12,153 $— $— $12,153 
Schedule of fair value of financial assets and liabilities
The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022 ($ in thousands):

Level 1Level 2Level 3
June 30, 2023Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Financial assets
Mortgage loans held-for-investment, net$961,277 $— $— $925,885 
Investment in debt securities held-to-maturity$71,706 $— $70,953 $— 
Investment in beneficial interests$127,474 $— $— $106,044 
Investment in Manager$869 $— $— $3,422 
Investment in AS Ajax E LLC$433 $— $567 $— 
Investment in Ajax E Master Trust$2,159 $— $2,159 $— 
Investment in GAFS, including warrants$2,680 $— $— $3,980 
Investment in Gaea$23,680 $— $— $24,541 
Investment in Loan pool LLCs$207 $— $— $721 
Financial liabilities
Secured borrowings, net$438,402 $— $395,351 $— 
Borrowings under repurchase transactions$413,125 $— $413,125 $— 
Convertible senior notes, net $103,516 $100,825 $— $— 
Notes payable, net$106,414 $— $105,697 $— 
Level 1Level 2Level 3
December 31, 2022Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Financial assets
Mortgage loans held-for-investment, net$989,084 $— $— $971,069 
Investment in beneficial interests$134,552 $— $— $134,552 
Investment in Manager$921 $— $— $10,093 
Investment in AS Ajax E LLC$453 $— $606 $— 
Investment in Ajax E Master Trust$2,208 $— $2,272 $— 
Investment in GAFS, including warrants$2,041 $— $— $3,320 
Investment in Gaea$24,339 $— $— $22,119 
Investment in Loan pool LLCs$223 $— $— $707 
Financial liabilities
Secured borrowings, net$467,205 $— $421,680 $— 
Borrowings under repurchase agreement$445,855 $— $445,855 $— 
Convertible senior notes, net$104,256 $100,084 $— $— 
Notes payable, net$106,046 $— $107,327 $— 
Fair value of non-financial assets by level The following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022 ($ in thousands):
Level 1Level 2Level 3
June 30, 2023Carrying valueSix months ended fair value adjustment recognized in the consolidated statements of operationsQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Non-financial assets   
Property held-for-sale$3,745 $(796)$— $— $3,745 
 Level 1Level 2Level 3
December 31, 2022Carrying valueFair value adjustment recognized in the consolidated statements of operationsQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Non-financial assets    
Property held-for-sale$6,333 $(376)$— $— $6,333