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Affiliates
 3 Months Ended
Mar. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Affiliates Affiliates
Unconsolidated Affiliates

At both March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023, the Company had ownership interests in five affiliated entities accounted for under the equity method of accounting.

At both March 31, 2024 and December 31, 2023, the Company’s ownership interest in the Manager, a privately held company for which there is no public market for its securities, was approximately 19.8%. The Company accounts for its ownership interest in the Manager using the equity method.

At both March 31, 2024 and December 31, 2023, the Company's ownership interest was approximately 9.7% in GAFS. The Company accounts for its investment in GAFS using the equity method.

At both March 31, 2024 and December 31, 2023, the Company owned approximately 22.2% of Gaea. The Company accounts for its ownership interest in Gaea using the equity method.

At both March 31, 2024 and December 31, 2023, the Company’s ownership interest in AS Ajax E LLC, a Delaware trust formed to own residential mortgage loans and residential real estate assets, was approximately 16.5%. AS Ajax E LLC owns a 5.0% equity interest in Ajax E Master Trust which holds a portfolio of RPLs. The Company accounts for its ownership interest using the equity method.

At both March 31, 2024 and December 31, 2023, the Company’s ownership interest was approximately 40.0% in one loan pool LLC managed by the Servicer, which hold investments in RPLs and NPLs. The Company accounts for its ownership interest using the equity method.
The table below shows the net income/(loss), assets and liabilities for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ($ in thousands):

Net income/(loss), assets and liabilities of unconsolidated affiliates at 100%

Three months ended March 31,
Net income/(loss) at 100%
20242023
Thetis Asset Management LLC$15,722 $11 
AS Ajax E LLC$63 $66 
Loan pool LLCs$(16)$(24)
Gaea Real Estate Corp.$(113)$(1,105)
Great Ajax FS LLC$(269)$(763)

March 31, 2024December 31, 2023
Assets and liabilities at 100%
AssetsLiabilitiesAssetsLiabilities
Thetis Asset Management LLC$19,268 $520 $4,643 $1,305 
AS Ajax E LLC$2,445 $1 $2,553 $39 
Loan pool LLCs$1,200 $248 $1,200 $232 
Gaea Real Estate Corp.$163,000 $69,839 $167,591 $73,499 
Great Ajax FS LLC$65,171 $54,185 $71,477 $59,949 

Net income/(loss), assets and liabilities of unconsolidated affiliates at the Company's share

Three months ended March 31,
Net income/(loss) at the Company's share20242023
Thetis Asset Management LLC$3,113 $2 
AS Ajax E LLC$10 $11 
Loan pool LLCs$(7)$(10)
Gaea Real Estate Corp.$(1)$(243)
Great Ajax FS LLC$(26)$(67)

March 31, 2024December 31, 2023
Assets and liabilities at the Company's share AssetsLiabilitiesAssetsLiabilities
Thetis Asset Management LLC$3,815 $103 $919 $258 
AS Ajax E LLC$403 $— $420 $6 
Loan pool LLCs$480 $99 $480 $93 
Gaea Real Estate Corp.$36,251 $15,532 $37,272 $16,346 
Great Ajax FS LLC$6,249 $5,196 $6,854 $5,748 

Consolidated Affiliates

The Company consolidates the results and balances of certain securitization trusts which are established to provide debt financing to the Company by securitizing pools of mortgage loans. These trusts are considered to be VIEs, and the Company has determined that it is the primary beneficiary of certain of these VIEs. See Note 9 — Debt.

The Company also consolidates the activities and balances of its controlled affiliates, which include AS Ajax E II, which was established to hold an equity interest in a Delaware trust formed to own residential mortgage loans and residential real estate assets. At both March 31, 2024 and December 31, 2023, AS Ajax E II was 53.1% owned by the Company, with the remainder held by third parties. 2017-D is a securitization trust formed to hold mortgage loans, REO property and secured borrowings. At both March 31, 2024 and December 31, 2023, the Company held a 50.0% ownership in the remaining loans held by 2017-D. Great Ajax II REIT wholly owns Great Ajax II Depositor LLC which acts as the depositor of mortgage loans
into securitization trusts and holds subordinated securities issued by such trusts. At both March 31, 2024 and December 31, 2023, Great Ajax II REIT was 99.9% owned by the Company. Similarly, as of March 31, 2024 and December 31, 2023, the Operating Partnership wholly-owned Great Ajax III Depositor LLC, which was formed to act as the depositor into 2021-E.