XML 61 R50.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Mortgage Loans - Narrative (Details)
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2023
USD ($)
residential_rpl
Mar. 31, 2024
USD ($)
loan
payment
loanPool
Mar. 31, 2023
USD ($)
loan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mortgage Loans on Real Estate          
Mortgage loans held-for-investment, net [1],[2]   $ 438,698,000   $ 864,551,000  
Financing receivable, adjustment, lower of cost or market   $ (47,300,000)   (8,600,000)  
Number of loans classified to mortgage loan held-for sale | loan   2,109      
Allowance for loan credit losses   $ 403,000 $ 4,338,000 3,426,000 $ 6,107,000
(Increase in)/reversal of allowance for expected credit losses due to (decreases)/increases in the net present value of expected cash flows   1,112,000 (621,000)    
Accretable yield   $ 11,800,000 $ 13,300,000    
Number of sold loans | loan   235 0    
Gain (loss) on sale of mortgage loans     $ (400,000)    
Number of loan pools established | loanPool   3      
Number of loan pools | loanPool   6      
Gross amount of loans and securities pledged as collateral   $ 447,282,000   541,999,000  
Reclassification to non-credit discount from the allowance for changes in payment timing expectations   310,000 1,225,000    
Increase in allowance for expected credit losses for loan acquisitions during the period   0 $ (33,000)    
RPLs, NPLs, and Originated SBCs          
Mortgage Loans on Real Estate          
Mortgage loans held-for-investment, net   438,698,000   864,551,000  
Mortgage loans held-for-sale   $ 368,300,000   55,700,000  
SBC loans acquired at or near origination          
Mortgage Loans on Real Estate          
Number of originated SBC loans acquired | loan   0 0    
Residential RPLs          
Mortgage Loans on Real Estate          
Mortgage loans held-for-investment, net   $ 427,486,000   787,700,000  
Number of mortgage loans on real estate 1 0 3    
Unpaid principal balance $ 200,000   $ 800,000    
Number of recent payments made on RPL mortgage loans | payment   7      
Gross amount of loans and securities pledged as collateral   $ 50,000      
Residential NPLs          
Mortgage Loans on Real Estate          
Mortgage loans held-for-investment, net   $ 5,813,000   $ 71,075,000  
Number of mortgage loans on real estate | loan   0 0    
[1] 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").
[2] 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.