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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of details of repurchase agreement
The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands):

March 31, 2024
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
Barclays - bonds(1)
$69,929 $87,789 6.98 %
A BondsApril 3, 202410,596 14,857 6.83 %
April 15, 202421,456 28,138 6.72 %
March 31, 2024
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
May 3, 20246,357 8,162 6.68 %
May 22, 20242,134 3,511 6.97 %
B BondsApril 26, 20243,102 5,151 7.62 %
May 3, 20243,608 5,991 7.70 %
May 22, 20244,312 13,651 7.57 %
June 13, 202416,988 5,796 7.06 %
M BondsMay 3, 2024281 505 7.05 %
May 22, 20241,095 2,027 7.17 %
Nomura - bonds(1)
$95,890 $95,465 6.84 %
A BondsApril 26, 202434,745 45,079 6.94 %
May 15, 20244,898 7,008 6.86 %
June 28, 202416,657 22,547 6.71 %
B BondsApril 26, 20241,031 1,797 7.23 %
May 15, 20243,013 5,197 7.26 %
June 5, 202428,176 110 6.63 %
June 28, 20243,818 6,414 7.26 %
M BondsApril 26, 20242,434 5,200 7.23 %
June 28, 20241,118 2,113 6.86 %
JP Morgan - bonds(1)
$28,042 $43,438 6.74 %
A BondsMay 28, 20249,480 15,674 6.67 %
M BondsApril 3, 202414,625 20,346 6.73 %
July 22, 20243,401 6,534 6.96 %
May 28, 2024536 884 6.89 %
Nomura - loans(2)
October 5, 2024$154,017 $216,540 7.79 %
JP Morgan - loans(3)
July 10, 2024$6,161 $8,561 8.38 %
Totals/weighted averages$354,039 $451,793 (4)7.30 %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of March 31, 2024.
(2)Maximum borrowing capacity subject to pledging sufficient collateral as of March 31, 2024 was $400.0 million.
(3)Maximum borrowing capacity subject to pledging sufficient collateral as of March 31, 2024 was $150.0 million.    
(4)Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of March 31, 2024.

December 31, 2023
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
Barclays - bonds(1)
$70,095 $101,041 7.03 %
A BondsJanuary 3, 202410,850 15,572 6.90 %
January 19, 202421,762 28,503 6.79 %
May 3, 20249,628 12,329 6.87 %
May 22, 20242,134 3,358 6.97 %
B BondsJanuary 26, 20243,027 4,998 7.68 %
March 13, 202413,398 20,121 7.13 %
May 3, 20243,608 6,185 7.70 %
May 22, 20244,312 7,565 7.57 %
M BondsMay 3, 2024281 499 7.05 %
May 22, 20241,095 1,911 7.17 %
Nomura - bonds(1)
$68,623 $98,448 6.98 %
December 31, 2023
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
A BondsJanuary 26, 202435,184 47,149 7.02 %
February 15, 20245,079 7,449 6.93 %
March 28, 202417,019 23,238 6.74 %
B BondsJanuary 26, 20241,024 1,761 7.31 %
February 15, 20243,002 5,149 7.33 %
March 28, 20243,900 6,413 7.30 %
M BondsJanuary 26, 20242,307 5,177 7.30 %
March 28, 20241,108 2,112 6.90 %
JP Morgan - bonds(1)
$33,564 $53,978 6.90 %
A BondsFebruary 28, 20249,632 12,633 6.73 %
B BondsFebruary 28, 20246,598 11,140 7.13 %
M BondsJanuary 4, 202413,541 22,813 6.82 %
January 22, 20243,290 6,497 7.23 %
February 28, 2024503 895 7.03 %
Nomura - loans(2)
October 5, 2024$193,060 $277,632 7.79 %
JP Morgan - loans(3)
July 10, 2024$10,403 $14,656 8.38 %
Totals/weighted averages$375,745 $545,755 (4)7.44 %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2023.
(2)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $400.0 million.
(3)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $150.0 million.    
(4)Includes $42.8 million of bonds that are consolidated on the Company's balance sheet for GAAP as of December 31, 2023.
Schedule of amount outstanding on repurchase transactions and carrying value collateral The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023 in the table below ($ in thousands):
Gross amounts not offset in balance sheet
March 31, 2024December 31, 2023
Gross amount of recognized liabilities $354,039 $375,745 
Gross amount of loans and securities pledged as collateral447,282 541,999 
Other prepaid collateral4,511 3,756 
Net collateral amount$97,754 $170,010 
Schedule of securitization of notes
The following table sets forth the original terms of notes from the Company's secured borrowings outstanding at March 31, 2024 at their respective cutoff dates:

Issuing Trust/Issue DateInterest Rate Step-up DateSecurityOriginal PrincipalInterest Rate
Rated
Ajax Mortgage Loan Trust 2019-D/ July 2019July 25, 2027Class A-1 notes due 2065$140.4 million2.96 %
July 25, 2027Class A-2 notes due 2065$6.1 million3.50 %
July 25, 2027Class A-3 notes due 2065$10.1 million3.50 %
July 25, 2027
Class M-1 notes due 2065(1)
$9.3 million3.50 %
None
Class B-1 notes due 2065(2)
$7.5 million3.50 %
None
Class B-2 notes due 2065(2)
$7.1 million
variable(3)
None
Class B-3 notes due 2065(2)
$12.8 million
variable(3)
Deferred issuance costs$(2.7) million— %
Rated
Ajax Mortgage Loan Trust 2019-F/ November 2019November 25, 2026Class A-1 notes due 2059$110.1 million2.86 %
November 25, 2026Class A-2 notes due 2059$12.5 million3.50 %
November 25, 2026Class A-3 notes due 2059$5.1 million3.50 %
November 25, 2026
Class M-1 notes due 2059(1)
$6.1 million3.50 %
None
Class B-1 notes due 2059(2)
$11.5 million3.50 %
None
Class B-2 notes due 2059(2)
$10.4 million
variable(3)
None
Class B-3 notes due 2059(2)
$15.1 million
variable(3)
Deferred issuance costs$(1.8) million— %
Rated
Ajax Mortgage Loan Trust 2020-B/ August 2020July 25, 2027Class A-1 notes due 2059$97.2 million1.70 %
July 25, 2027Class A-2 notes due 2059$17.3 million2.86 %
July 25, 2027
Class M-1 notes due 2059(1)
$7.3 million3.70 %
None
Class B-1 notes due 2059(2)
$5.9 million3.70 %
None
Class B-2 notes due 2059(2)
$5.1 million
variable(3)
Issuing Trust/Issue DateInterest Rate Step-up DateSecurityOriginal PrincipalInterest Rate
None
Class B-3 notes due 2059(2)
$23.6 million
variable(3)
Deferred issuance costs$(1.8) million— %
Rated
Ajax Mortgage Loan Trust 2021-A/ January 2021January 25, 2029Class A-1 notes due 2065$146.2 million1.07 %
January 25, 2029Class A-2 notes due 2065$21.1 million2.35 %
January 25, 2029
Class M-1 notes due 2065(1)
$7.8 million3.15 %
None
Class B-1 notes due 2065(2)
$5.0 million3.80 %
None
Class B-2 notes due 2065(2)
$5.0 million
variable(3)
None
Class B-3 notes due 2065(2)
$21.5 million
variable(3)
Deferred issuance costs $(2.5) million— %
Non-rated
Ajax Mortgage Loan Trust 2021-B/ February 2021August 25, 2024Class A notes due 2066$215.9 million2.24 %
February 25, 2025
Class B notes due 2066(2)
$20.2 million4.00 %
Deferred issuance costs$(4.3) million— %
(1)The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A.
(2)The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes.
(3)The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule of status of mortgage loans The following table sets forth the status of the notes held by others at March 31, 2024 and December 31, 2023, and the securitization cutoff date ($ in thousands):
Balances at March 31, 2024Balances at December 31, 2023Original balances at
securitization cutoff date
Class of NotesCarrying value of mortgagesBond principal balancePercentage of collateral coverageCarrying value of mortgagesBond principal balancePercentage of collateral coverageMortgage UPBBond principal balance
2019-D$98,324 $66,402 148 %$99,367 $67,739 147 %$193,301 $156,670 
2019-F94,553 56,172 168 %96,870 57,936 167 %170,876 127,673 
2020-B99,221 62,058 160 %100,245 63,574 158 %156,468 114,534 
2021-A125,500 100,435 125 %127,250 102,057 125 %206,506 175,116 
2021-B205,591 117,438 175 %204,883 123,032 167 %287,882 215,912 
$623,189 $402,505 (1)155 %$628,615 $414,338 (1)152 %$1,015,033 $789,905 
(1)This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $2.8 million and $3.1 million as of March 31, 2024 and December 31, 2023.
Schedule of long term maturities
The following table summarizes the Company's long term maturities ($ in thousands):

YearDebt instrumentAs of March 31, 2024
2024$— 
2025$— 
2026$— 
20272027 Notes (Unsecured Notes)$110,000 
2028$—