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Mortgage Loans (Tables)
 3 Months Ended
Mar. 31, 2024
Mortgage Loans [Abstract]  
Schedule of loan portfolio basis by asset type
The following table presents information regarding the carrying value for the Company's RPLs, NPLs and SBC loans as of March 31, 2024 and December 31, 2023 ($ in thousands):

March 31, 2024December 31, 2023
Loan portfolio basis by asset typeMortgage loans held-for-investment, netMortgage loans held-for-sale, netMortgage loans held-for-investment, netMortgage loans held-for-sale, net
Residential RPLs$427,486 $313,937 $787,700 $34,359 
Residential NPLs5,813 54,048 71,075 20,894 
SBC loans5,399 303 5,776 465 
Total$438,698 $368,288 $864,551 $55,718 
Schedule of loan basis by year of origination
The following table presents information regarding the year of origination of the Company's mortgage loan portfolio by basis ($ in thousands):

March 31, 2024
Mortgage loans held-for-investment, net2024202320222021202020192009-20182006-20082005 and priorTotal
GAOP - 7f7 >50$— $— $— $— $— $— $3,456 $4,430 $1,739 $9,625 
GAOP - 7f7 <50— — 109 — — — — 870 217 1,196 
GAOP - 6f6 and below— — 410 — — — 1,519 5,561 267 7,757 
Great Ajax II REIT - 7f7 >50— — — — 728 758 35,156 240,791 83,366 360,799 
Great Ajax II REIT - 7f7 <50— — — — — 71 2,665 22,312 6,472 31,520 
Great Ajax II REIT - 6f6 and below— — — — — — 5,070 16,791 5,940 27,801 
Total$— $— $519 $— $728 $829 $47,866 $290,755 $98,001 $438,698 

December 31, 2023
Mortgage loans held-for-investment, net2023202220212020201920182009-20172006-20082005 and priorTotal
GAOP - 7f7 >50$— $2,473 $2,597 $1,370 $6,598 $658 $30,891 $190,106 $79,110 $313,803 
GAOP - 7f7 <50— 546 137 — 215 — 2,356 27,368 6,530 37,152 
GAOP - 6f6 and below— 591 1,415 — 737 1,134 13,343 55,452 14,642 87,314 
Great Ajax II REIT - 7f7 >50— — — 730 764 795 34,864 243,034 84,634 364,821 
Great Ajax II REIT - 7f7 <50— — — — 71 14 2,658 22,360 6,508 31,611 
Great Ajax II REIT - 6f6 and below— — — — — — 5,326 17,772 6,752 29,850 
Total$— $3,610 $4,149 $2,100 $8,385 $2,601 $89,438 $556,092 $198,176 $864,551 
Schedule of loan acquisition reconciliation between purchase price and par value
The following table presents a reconciliation between the purchase price and par value for the Company's loan acquisitions and originations for the three months ended March 31, 2024 and 2023 ($ in thousands):

Three months ended March 31,
20242023
Par$— $828 
Discount— (191)
Increase in allowance— (33)
Purchase Price$— $604 
Allowance for credit losses on mortgage loans An analysis of the balance in the allowance for expected credit losses on loans account follows ($ in thousands):
Three months ended March 31,
20242023
Allowance for expected credit losses, beginning of period$(3,426)$(6,107)
Reclassification to non-credit discount from the allowance for changes in payment timing expectations310 1,225 
Increase in allowance for expected credit losses for loan acquisitions during the period— (33)
Credit loss expense on mortgage loans(43)(44)
(Increase in)/reversal of allowance for expected credit losses due to (decreases)/increases in the net present value of expected cash flows(1,112)621 
Reversal of allowance upon reclass of mortgage loans held-for-sale, net3,868 — 
Allowance for expected credit losses, end of period$(403)$(4,338)
Schedule of carrying value of mortgage loans and related UPB by delinquency status
The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of March 31, 2024 and December 31, 2023 ($ in thousands):

March 31, 2024
Mortgage loans held-for-investment, netCurrent306090ForeclosureTotal
GAOP - 7f7 >50$6,232 $2,535 $16 $842 $— $9,625 
GAOP - 7f7 <50756 45 114 281 — 1,196 
GAOP - 6f6 and below1,186 410 — 2,293 3,868 7,757 
Great Ajax II REIT - 7f7 >50303,408 29,605 11,775 15,606 405 360,799 
Great Ajax II REIT - 7f7 <5025,629 2,726 1,252 1,913 — 31,520 
Great Ajax II REIT - 6f6 and below5,446 1,869 4,375 9,941 6,170 27,801 
Total$342,657 $37,190 $17,532 $30,876 $10,443 $438,698 

March 31, 2024
Mortgage loans held-for-sale, netCurrent306090ForeclosureTotal
Held-for-sale$194,244 $46,815 $37,453 $70,193 $19,583 $368,288 
Total$194,244 $46,815 $37,453 $70,193 $19,583 $368,288 

December 31, 2023
Mortgage loans held-for-investment, netCurrent306090ForeclosureTotal
GAOP - 7f7 >50$199,229 $49,868 $283 $63,498 $925 $313,803 
GAOP - 7f7 <5020,514 7,516 78 9,044 — 37,152 
GAOP - 6f6 and below8,565 6,906 421 45,058 26,364 87,314 
Great Ajax II REIT - 7f7 >50300,506 36,277 801 26,600 637 364,821 
Great Ajax II REIT - 7f7 <5025,592 3,846 42 2,131 — 31,611 
Great Ajax II REIT - 6f6 and below4,374 2,144 — 14,788 8,544 29,850 
Total$558,780 $106,557 $1,625 $161,119 $36,470 $864,551 

December 31, 2023
Mortgage loans held-for-sale, netCurrent306090ForeclosureTotal
Held-for-sale$1,284 $592 $— $26,243 $27,599 $55,718 
Total$1,284 $592 $— $26,243 $27,599 $55,718