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Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019
--- | --- | ---
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  |  |
Mortgage loans, net | [1],[2] | 1,080,617 | $ 1,151,469
Investment in debt securities |  | 257,990 | 231,685
Investments in beneficial interests |  | 69,876 | 57,954
Not recognized on consolidated balance sheet at fair value (liabilities) |  |  |
Secured borrowings, net |  | 609,812 | 652,747
Borrowings under repurchase transactions |  | 400,035 | 414,114
Convertible senior notes, net | [3] | 111,773 | 118,784
Other Commitment |  | 11,102 |
Carrying value |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Mortgage loans, net |  | 1,080,617 | 1,151,469
Level 1 Quoted prices in active markets |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Mortgage loans, net fair value |  | 0 | 0
Investment In Debt Securities, Fairvalue Disclosure |  | 0 | 0
Not recognized on consolidated balance sheet at fair value (liabilities) |  |  |
Secured borrowings, fair value |  | 0 | 0
Borrowings under repurchase agreement, fair value |  | 0 | 0
Convertible senior notes, net, fair value |  | 107,231 | 132,173
Commitments, Fair Value Disclosure |  | 0 |
Level 2 Observable inputs other than Level 1 prices |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Mortgage loans, net fair value |  | 0 | 0
Investment In Debt Securities, Fairvalue Disclosure |  | 257,990 | 231,685
Not recognized on consolidated balance sheet at fair value (liabilities) |  |  |
Secured borrowings, fair value |  | 595,993 | 0
Borrowings under repurchase agreement, fair value |  | 400,035 | 414,114
Convertible senior notes, net, fair value |  | 0 | 0
Commitments, Fair Value Disclosure |  | 11,102 |
Level 3 Unobservable inputs |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Mortgage loans, net fair value |  | 1,080,621 | 1,260,385
Investment In Debt Securities, Fairvalue Disclosure |  | 0 | 0
Not recognized on consolidated balance sheet at fair value (liabilities) |  |  |
Secured borrowings, fair value |  | 0 | 657,918
Borrowings under repurchase agreement, fair value |  | 0 | 0
Convertible senior notes, net, fair value |  | 0 | 0
Commitments, Fair Value Disclosure |  | 0 |
Investment in Manager |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Investments In affiliates |  | 1,223 | 1,755
Investment in Manager | Level 1 Quoted prices in active markets |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Investment in Manager | Level 2 Observable inputs other than Level 1 prices |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Investment in Manager | Level 3 Unobservable inputs |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 5,939 | 7,721
AS Ajax E [Member] |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Investments In affiliates |  | 853 | 931
AS Ajax E [Member] | Level 1 Quoted prices in active markets |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
AS Ajax E [Member] | Level 2 Observable inputs other than Level 1 prices |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 977 | 1,012
AS Ajax E [Member] | Level 3 Unobservable inputs |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Investment in GAFS |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Investments In affiliates |  | 2,819 | 3,023
Investment in GAFS | Level 1 Quoted prices in active markets |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Investment in GAFS | Level 2 Observable inputs other than Level 1 prices |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Investment in GAFS | Level 3 Unobservable inputs |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 3,320 | 3,320
Gaea | Carrying value |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Investments In affiliates |  | 20,053 | 19,995
Gaea | Level 1 Quoted prices in active markets |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Gaea | Level 2 Observable inputs other than Level 1 prices |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Gaea | Level 3 Unobservable inputs |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 20,053 | 19,995
Legacy entities | Carrying value |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Investments In affiliates |  | 628 | 760
Legacy entities | Level 1 Quoted prices in active markets |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Legacy entities | Level 2 Observable inputs other than Level 1 prices |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 0 | 0
Legacy entities | Level 3 Unobservable inputs |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Fair Value Adjustment |  | 628 | 760
Beneficial interests | Level 1 Quoted prices in active markets |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Investments, Fair Value Disclosure |  | 0 | 0
Beneficial interests | Level 2 Observable inputs other than Level 1 prices |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Investments, Fair Value Disclosure |  | 69,876 | 57,954
Beneficial interests | Level 3 Unobservable inputs |  |  |
Consolidated balance sheet at fair value disclosure (assets) |  |  |
Investments, Fair Value Disclosure |  | $ 0 | $ 0
[1] | As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2] | Mortgage loans net include $871.7 million and $908.6 million of loans at June 30, 2020 and December 31, 2019, 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, net include $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.
[3] | Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.

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