CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 100,054	$ 52,834
Mortgage loans held-for-sale, net	[1]	368,288	55,718
Mortgage loans held-for-investment, net	[1],[2]	438,698	864,551
Real estate owned properties, net	[3]	5,191	3,785
Investments in securities available-for-sale	[4]	125,126	131,558
Investments in securities held-to-maturity	[5]	54,085	59,691
Investments in beneficial interests	[6]	88,577	104,162
Receivable from servicer		4,240	7,307
Investments in affiliates		28,300	28,000
Prepaid expenses and other assets		31,896	28,685
Total assets		1,244,455	1,336,291
Liabilities:
Secured borrowings, net	[1],[7]	399,699	411,212
Borrowings under repurchase transactions		354,039	375,745
Convertible senior notes, net	[7]	103,516	103,516
Notes payable, net	[7]	107,059	106,844
Management fee payable		1,951	1,998
Warrant liability		2,054	16,644
Accrued expenses and other liabilities		19,901	9,437
Total liabilities		988,219	1,025,396
Commitments and contingencies – see Note 8
Equity:
Common stock $0.01 par value; 125,000,000 shares authorized, 36,992,019 shares issued and outstanding at March 31, 2024 and 27,460,161 shares issued and outstanding at December 31, 2023		380	285
Additional paid-in capital		408,732	352,060
Treasury stock		(9,557)	(9,557)
Retained deficit		(132,400)	(54,382)
Accumulated other comprehensive loss		(12,858)	(14,027)
Equity attributable to stockholders		254,297	308,933
Non-controlling interests	[8]	1,939	1,962
Total equity		256,236	310,895
Total liabilities and equity		1,244,455	1,336,291
7.25% Series A preferred stock
Equity:
Preferred stock $0.01 par value, 25,000,000 shares authorized	[9]	0	9,411
5.00% Series B preferred stock
Equity:
Preferred stock $0.01 par value, 25,000,000 shares authorized	[9]	$ 0	$ 25,143

[1] Mortgage loans held-for-sale, net and mortgage loans held-for-investment, net include $623.2 million and $628.6 million of loans at March 31, 2024 and December 31, 2023, 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 $0.4 million and $3.4 million of allowance for expected credit losses at March 31, 2024 and December 31, 2023, respectively.

[2] As of March 31, 2024 and December 31, 2023, balances for Mortgage loans held-for-investment, net include $0.2 million and $0.6 million, respectively, from a 50.0% owned joint venture, which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP" or "GAAP").

[3] Real estate owned properties, net, are presented net of valuation allowances of $1.6 million and $1.2 million at March 31, 2024 and December 31, 2023, respectively.

[4] Investments in securities available-for-sale (“AFS”) are presented at fair value. As of March 31, 2024, Investments in securities AFS include an amortized cost basis of $132.8 million and a net unrealized loss of $7.7 million. As of December 31, 2023, Investments in securities AFS include an amortized cost basis of $139.6 million and net unrealized loss of $8.0 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 March 31, 2024, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $5.2 million related to the unamortized unrealized loss in Accumulated other comprehensive income ("AOCI"). As of December 31, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of $6.0 million related to the unamortized unrealized loss in AOCI.

[6] Investments in beneficial interests includes allowance for expected credit losses of $9.1 million and $6.9 million at March 31, 2024 and December 31, 2023, respectively.

[7] Secured borrowings, net are presented net of deferred issuance costs of $2.8 million at March 31, 2024 and $3.1 million at December 31, 2023. Convertible senior notes are presented net of deferred issuance costs of zero at both March 31, 2024 and December 31, 2023. Notes payable, net are presented net of deferred issuance costs and discount of $2.9 million at March 31, 2024 and $3.2 million at December 31, 2023.

[8] As of March 31, 2024, non-controlling interests includes $0.8 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, 2023, non-controlling interests includes $0.8 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.

[9] The preferred shares issued but not outstanding are the preferred shares that were not redeemed with common stock and are pending approval by a vote of the Company's shareholders. The obligation to redeem these shares is currently recorded as $12.6 million in Accrued expenses and other liabilities on the Company's consolidated balance sheets at March 31, 2024.