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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 ($ in thousands):

Level 1Level 2Level 3
March 31, 2024Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Recurring financial assets
Investment in debt securities available-for-sale$125,126 $— $125,126 $— 
Recurring financial liabilities
Warrant liability$2,054 $— $— $2,054 

Level 1Level 2Level 3
December 31, 2023Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Recurring financial assets
Investment in debt securities available-for-sale$131,558 $— $131,558 $— 
Recurring financial liabilities
Warrant liability$16,644 $— $— $16,644 
Schedule of fair value of financial assets and liabilities
The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of March 31, 2024 and December 31, 2023 ($ in thousands):

Level 1Level 2Level 3
March 31, 2024Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Financial assets
Mortgage loans held-for-investment, net$438,698 $— $— $394,813 
Mortgage loans held-for-sale, net$368,288 $— $— $368,290 
Investment in debt securities held-to-maturity$54,085 $— $53,461 $— 
Investment in beneficial interests$88,577 $— $— $67,439 
Investment in Manager$3,553 $— $— $2,686 
Investment in AS Ajax E LLC$390 $— $448 $— 
Investment in Ajax E Master Trust$2,105 $— $1,829 $— 
Investment in Gaea$22,065 $— $— $21,355 
Investment in Loan pool LLCs$187 $— $— $674 
Financial liabilities
Secured borrowings, net$399,699 $— $361,589 $— 
Borrowings under repurchase transactions$354,039 $— $354,039 $— 
Convertible senior notes$103,516 $103,143 $— $— 
Notes payable, net$107,059 $— $109,406 $— 

Level 1Level 2Level 3
December 31, 2023Carrying valueQuoted prices in active marketsObservable inputs other than Level 1 pricesUnobservable inputs
Financial assets
Mortgage loans held-for-investment, net$864,551 $— $— $770,419 
Mortgage loans held-for-sale, net$55,718 $— $— $60,444 
Investment in debt securities held-to-maturity$59,691 $— $59,173 $— 
Investment in beneficial interests$104,162 $— $— $81,316 
Investment in Manager$440 $— $— $4,527 
Investment in AS Ajax E LLC$407 $— $471 $— 
Investment in Ajax E Master Trust$2,100 $— $1,864 $— 
Investment in GAFS, including warrants$2,618 $— $— $— 
Investment in Gaea$22,241 $— $— $21,678 
Investment in Loan pool LLCs$194 $— $— $674 
Financial liabilities
Secured borrowings, net$411,212 $— $370,882 $— 
Borrowings under repurchase transactions$375,745 $— $375,745 $— 
Convertible senior notes$103,516 $101,777 $— $— 
Notes payable, net$106,844 $— $103,697 $— 
Fair value of non-financial assets by level The
following tables set forth the fair value of non-financial assets by level within the fair value hierarchy as of March 31, 2024 and December 31, 2023 ($ in thousands):

Level 1Level 2Level 3
March 31, 2024Carrying valueThree 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$5,191 $(396)$— $— $5,191 
 Level 1Level 2Level 3
December 31, 2023Carrying 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$3,785 $(1,096)$— $— $3,785