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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of fair value of financial assets and liabilities | The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of June 30, 2020 and December 31, 2019 ($ in thousands):
|  | ​ |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2020 |  | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Financial assets |  |  |  |  |  |  |  |
Recurring financial assets |  |  |  |  |  |  |  |
Investments in debt securities at fair value |  | $ | 257,990 |  |  | $ | — |  |  | $ | 257,990 |  |  | $ | — |
Investments in beneficial interests |  | $ | 69,876 |  |  | $ | — |  |  | $ | 69,876 |  |  | $ | — |
Non-recurring financial assets |  |  |  |  |  |  |  |
Mortgage loans, net |  | $ | 1,080,617 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,080,621 |
Investment in Manager |  | $ | 1,223 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,939 |
Investment in AS Ajax E LLC |  | $ | 853 |  |  | $ | — |  |  | $ | 977 |  |  | $ | — |
Investment in GAFS, including warrants |  | $ | 2,819 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,320 |
Investment in Gaea |  | $ | 20,053 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,053 |
Investment in legacy entities |  | $ | 628 |  |  | $ | — |  |  | $ | — |  |  | $ | 628 |
Financial liabilities |  |  |  |  |  |  |  |
Recurring financial liabilities |  |  |  |  |  |  |  |
Warrant liability |  | $ | 11,102 |  |  | $ | — |  |  | $ | 11,102 |  |  | $ | — |
Borrowings under repurchase transactions |  | $ | 400,035 |  |  | $ | — |  |  | $ | 400,035 |  |  | $ | — |
Non-recurring financial liabilities |  |  |  |  |  |  |  |
Secured borrowings, net |  | $ | 609,812 |  |  | $ | — |  |  | $ | 595,993 |  |  | $ | — |
Convertible senior notes, net |  | $ | 111,773 |  |  | $ | 107,231 |  |  | $ | — |  |  | $ | — |
​ |  | ​ |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2019 |  | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Financial assets |  |  |  |  |  |  |  |
Recurring financial assets |  |  |  |  |  |  |  |
Investments in debt securities at fair value |  | $ | 231,685 |  |  | $ | — |  |  | $ | 231,685 |  |  | $ | — |
Investments in beneficial interests |  | $ | 57,954 |  |  | $ | — |  |  | $ | 57,954 |  |  | $ | — |
Non-recurring financial assets |  |  |  |  |  |  |  |
Mortgage loans, net |  | $ | 1,151,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,260,385 |
Investment in Manager |  | $ | 1,755 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,721 |
Investment in AS Ajax E LLC |  | $ | 931 |  |  | $ | — |  |  | $ | 1,012 |  |  | $ | — |
Investment in GAFS, including warrants |  | $ | 3,023 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,320 |
Investment in Gaea |  | $ | 19,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,995 |
Investment in legacy entities |  | $ | 760 |  |  | $ | — |  |  | $ | — |  |  | $ | 760 |
Financial liabilities |  |  |  |  |  |  |  |
Recurring financial liabilities |  |  |  |  |  |  |  |
Borrowings under repurchase transactions |  | $ | 414,114 |  |  | $ | — |  |  | $ | 414,114 |  |  | $ | — |
Non-recurring financial liabilities |  |  |  |  |  |  |  |
Secured borrowings, net |  | $ | 652,747 |  |  | $ | — |  |  | $ | — |  |  | $ | 657,918 |
Convertible senior notes, net |  | $ | 118,784 |  |  | $ | 132,173 |  |  | $ | — |  |  | $ | — |
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 June 30, 2020 and December 31, 2019 ($ in thousands):
|  |  |  |  |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2020 |  | Carrying value |  | Six months ended fair value adjustment recognized in the consolidated statements of income |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Non-financial assets |  |  |  |  |  |  |  |  |  |
Property held-for-sale |  | $ | 6,879 |  |  | $ | (1,000) |  |  | $ | — |  |  | $ | — |  |  | $ | 6,879 |
|  |  |  |  |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2019 |  | Carrying value |  | Fair value adjustment recognized in the consolidated statements of income |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Non-financial assets |  |  |  |  |  |  |  |  |  |
Property held-for-sale |  | $ | 13,537 |  |  | $ | (2,104) |  |  | $ | — |  |  | $ | — |  |  | $ | 13,537 |

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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