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Fair Value (Tables)

6 Months Ended

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

X

- 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

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X

- 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

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- References

No definition available.

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