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Debt (Tables)
 6 Months Ended
Jun. 30, 2020
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):
​​June 30, 2020
Maturity DateOrigination dateMaximum
Borrowing
Capacity		Amount
Outstanding		Amount of
Collateral		Percentage of Collateral CoverageInterest Rate
July 10, 2020January 13, 2020$9,020  $9,020  $13,016  144 %3.67 %
July 13, 2020April 13, 202030,026  30,026  45,368  151 %6.97 %
July 17, 2020June 19, 202036,047  36,047  49,503  137 %3.44 %
July 20, 2020June 19, 202013,565  13,565  19,047  140 %3.04 %
July 31, 2020February 3, 20207,763  7,763  9,702  125 %3.56 %
July 31, 2020February 3, 20207,151  7,151  9,537  133 %3.56 %
August 13, 2020May 13, 20201,955  1,955  4,428  226 %3.33 %
September 1, 2020June 3, 202019,948  19,948  27,271  137 %3.04 %
September 1, 2020June 3, 202014,158  14,158  18,850  133 %3.04 %
September 1, 2020June 3, 202013,994  13,994  24,496  175 %3.04 %
September 1, 2020June 3, 20205,624  5,624  7,352  131 %3.04 %
September 1, 2020June 3, 20204,296  4,296  5,513  128 %3.04 %
September 1, 2020June 3, 20202,954  2,954  3,916  133 %3.04 %
September 1, 2020June 3, 20202,332  2,332  3,360  144 %3.19 %
September 1, 2020June 3, 20201,132  1,132  1,607  142 %3.19 %
September 17, 2020June 19, 202011,825  11,825  15,832  134 %3.02 %
September 17, 2020June 19, 20209,485  9,485  12,488  132 %3.02 %
September 17, 2020June 19, 20204,336  4,336  5,624  130 %3.02 %
September 17, 2020June 19, 20201,110  1,110  1,687  152 %3.17 %
September 24, 2020September 25, 2019400,000  112,257  167,347  149 %2.69 %
September 24, 2020June 26, 20206,876  6,876  10,024  146 %3.13 %
September 24, 2020June 26, 20205,198  5,198  6,930  133 %2.98 %
September 24, 2020June 26, 20202,730  2,730  3,585  131 %2.98 %
September 25, 2020June 26, 202021,400  21,400  30,747  144 %3.13 %
September 28, 2020June 30, 20208,049  8,049  10,727  133 %3.01 %
September 28, 2020June 30, 20206,099  6,099  9,038  148 %3.16 %
September 28, 2020June 30, 20204,938  4,938  6,581  133 %3.01 %
September 28, 2020June 30, 20204,850  4,850  6,498  134 %3.01 %
September 28, 2020June 30, 20203,324  3,324  4,667  140 %3.16 %
July 9, 2021July 15, 2016250,000  27,593  43,569  158 %2.69 %
Totals​$910,185  $400,035  $578,310  145 %3.29 %
​​December 31, 2019
Maturity DateOrigination dateMaximum
Borrowing
Capacity		Amount
Outstanding		Amount of
Collateral		Percentage of Collateral CoverageInterest Rate
January 3, 2020November 26, 2019$8,411  $8,411  $11,098  132 %3.45 %
January 3, 2020November 26, 20196,093  6,093  9,038  148 %3.45 %
January 3, 2020November 26, 20195,175  5,175  6,855  132 %3.45 %
January 3, 2020December 2, 201911,966  11,966  15,742  132 %3.45 %
January 3, 2020December 2, 201910,648  10,648  14,058  132 %3.45 %
January 3, 2020December 2, 20195,485  5,485  7,050  129 %3.45 %
January 3, 2020December 2, 20194,096  4,096  5,261  128 %3.45 %
January 3, 2020December 2, 20191,644  1,644  2,388  145 %3.55 %
January 3, 2020December 2, 20191,576  1,576  2,287  145 %3.55 %
January 10, 2020December 11, 201921,088  21,088  28,284  134 %3.47 %
January 10, 2020December 11, 20191,808  1,808  2,640  146 %3.57 %
January 13, 2020July 11, 20198,956  8,956  13,016  145 %4.16 %
January 21, 2020December 20, 201915,718  15,718  20,623  131 %3.41 %
January 21, 2020December 20, 201910,305  10,305  13,521  131 %3.41 %
January 21, 2020December 20, 20195,840  5,840  7,324  125 %3.41 %
January 21, 2020December 20, 20192,784  2,784  4,050  145 %3.51 %
January 28, 2020October 30, 20195,318  5,318  7,464  140 %3.19 %
January 28, 2020October 30, 20192,520  2,520  3,381  134 %2.99 %
February 3, 2020August 1, 20197,568  7,568  9,702  128 %4.19 %
February 3, 2020August 1, 20196,664  6,664  9,537  143 %4.19 %
February 24, 2020November 26, 201941,412  41,412  54,828  132 %2.92 %
March 25, 2020September 25, 20197,075  7,075  10,024  142 %3.96 %
March 25, 2020September 25, 20195,851  5,851  7,423  127 %3.81 %
March 26, 2020September 26, 201927,075  27,075  34,591  128 %3.81 %
March 27, 2020September 27, 20192,915  2,915  3,709  127 %3.79 %
June 3, 2020December 6, 20196,097  6,097  7,891  129 %3.64 %
June 3, 2020December 6, 20194,704  4,704  6,106  130 %3.64 %
June 3, 2020December 6, 20193,053  3,053  4,035  132 %3.64 %
June 3, 2020December 6, 20192,332  2,332  3,360  144 %3.79 %
June 3, 2020December 6, 20191,132  1,132  1,607  142 %3.79 %
June 19, 2020December 19, 201913,447  13,447  18,076  134 %3.55 %
June 19, 2020December 19, 20191,155  1,155  1,687  146 %3.70 %
June 30, 2020December 30, 20195,286  5,286  7,044  133 %3.57 %
June 30, 2020December 30, 20193,324  3,324  4,667  140 %3.72 %
July 10, 2020July 15, 2016250,000  28,931  57,397  198 %4.28 %
September 24, 2020September 25, 2019400,000  116,662  164,403  141 %4.24 %
Totals​$918,521  $414,114  $580,167  140 %3.77 %
Schedule of amount outstanding on repurchase transactions and carrying value collateral The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at June 30, 2020 and December 31, 2019 in the table below ($ in thousands):
Gross amounts not offset in balance sheet
June 30, 2020December 31, 2019
Gross amount of recognized liabilities $400,035  $414,114  
Gross amount of loans and securities pledged as collateral578,310  580,167  
Other prepaid collateral7,632  4,117  
Net collateral amount$185,907  $170,170  
Schedule of securitization of notes
The following table sets forth the original terms of all notes from our secured borrowings outstanding at June 30, 2020 at their respective cutoff dates:

Issuing Trust/Issue DateInterest Rate Step-up DateSecurityOriginal PrincipalInterest Rate
Ajax Mortgage Loan Trust 2017-B/ December 2017NoneClass A notes due 2056$115.8 million3.16 %
None
Class M-1 notes due 2056(3)
$9.7 million3.50 %
None
Class M-2 notes due 2056(3)
$9.5 million3.50 %
None
Class B-1 notes due 2056(1)
$9.0 million3.75 %
None
Class B-2 notes due 2056(1)
$7.5 million3.75 %
Trust certificates(2)
$14.3 million— %
Deferred issuance costs$(1.8) million— %
Ajax Mortgage Loan Trust 2017-C/ November 2017November 25, 2021Class A notes due 2060$130.2 million3.75 %
May 25, 2022
Class B-1 notes due 2060(1)
$13.0 million5.25 %
Trust certificates(2)
$42.8 million— %
Deferred issuance costs$(1.7) million— %
Ajax Mortgage Loan Trust 2017-D/ December 2017April 25, 2021
Class A notes due 2057(4)
$177.8 million3.75 %
None
Class B certificates(4)
$44.5 million— %
Deferred issuance costs$(1.1) million— %
Ajax Mortgage Loan Trust 2018-C/ September 2018October 25, 2021
Class A notes due 2065(5)
$170.5 million4.36 %
April 25, 2022
Class B notes due 2065(5)
$15.9 million5.25 %
Trust certificates(5)
$40.9 million— %
Deferred issuance costs$(2.0) million— %
Ajax Mortgage Loan Trust 2019-D/ July 2019NoneClass A-1 notes due 2065$140.4 million2.96 %
NoneClass A-2 notes due 2065$6.1 million3.50 %
NoneClass A-3 notes due 2065$10.1 million3.50 %
None
Class M-1 notes due 2065(3)
$9.3 million3.50 %
None
Class B-1 notes due 2065(6)
$7.5 million3.50 %
None
Class B-2 notes due 2065(6)
$7.1 million
variable(7)
None
Class B-3 notes due 2065(6)
$12.8 million
variable(7)
Deferred issuance costs$(2.7) million— %
Ajax Mortgage Loan Trust 2019-F/ November 2019NoneClass A-1 notes due 2059$110.1 million2.86 %
NoneClass A-2 notes due 2059$12.5 million3.50 %
NoneClass A-3 notes due 2059$5.1 million3.50 %
None
Class M-1 notes due 2059(1)
$6.1 million3.50 %
None
Class B-1 notes due 2059(6)
$11.5 million3.50 %
None
Class B-2 notes due 2059(6)
$10.4 million
variable(7)
None
Class B-3 notes due 2059(6)
$15.1 million
variable(7)
Deferred issuance costs$(1.8) million— %

(1)The Class B notes are subordinated, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. The Company has retained the Class B notes.​
(2)The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trusts after the Class A notes, Class M notes, where present, and Class B notes have been paid in full.
(3)The Class M notes are subordinated, sequential pay, fixed rate notes with Class M-2 notes subordinate to the Class M-1 notes. The Company has retained the Class M notes.
(4)Ajax Mortgage Loan Trust ("AJAXM") 2017-D is a joint venture in which a third party owns 50% of the Class A notes and 50% of the Class B certificates. The Company is required to consolidate 2017-D under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 50% of the Class A notes, which are held by the third party, are included in Secured borrowings, net. The 50% portion of the Class A notes retained by the Company have been encumbered under a repurchase agreement. 50% of the Class B certificates are recognized as Non-controlling interest.
(5)AJAXM 2018-C is a joint venture in which a third party owns 95% of the Class A notes and 37% of the Class B notes and certificates. The Company is required to consolidate 2018-C under GAAP and is reflecting 100% of the mortgage loans, in Mortgage loans, net. 95% of the Class A notes and 37% of the Class B notes, which are held by the third party, are included in Secured borrowings, net. The 5% portion of the Class A notes retained by the Company have been encumbered under the repurchase agreement. 37% of the Class C certificates are recognized as Non-controlling interest.
(6)The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes.
(7)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 June 30, 2020 and December 31, 2019, and the securitization cutoff date ($ in thousands):
Balances at June 30, 2020Balances at December 31, 2019Original 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
2017-B$117,259  $77,929  150 %$121,909  $84,624  144 %$165,850  $115,846  
2017-C133,863  87,459  153 %137,369  94,126  146 %185,942  130,159  
2017-D137,122  55,016  (1)249 %148,119  60,934  (1)243 %203,870  (2)88,903  
2018-C174,855  137,551  (3)127 %179,303  146,925  (3)122 %222,181  (4)167,910  
2019-D158,121  137,258  115 %165,963  146,383  113 %193,301  156,670  
2019-F150,475  120,024  125 %155,899  126,723  123 %170,876  127,673  
​$871,695  $615,237  (5)142 %$908,562  $659,715  (5)138 %$1,142,020  $787,161  
​
(1)The gross amount of senior bonds at June 30, 2020 and December 31, 2019 were $110.0 million and $121.9 million however, only $55.0 million and $60.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively.
(2)Includes $26.7 million of cash collateral intended for use in the acquisition of additional mortgage loans.
(3)2018-C contains notes held by the third party institutional investors for senior bonds and class B bonds. The gross amount of the senior and class B bonds at June 30, 2020 were $138.6 million and $15.9 million, however, only $131.6 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively. The gross amount of the senior and class B bonds at December 31, 2019 were $148.5 million and $15.9 million, however, only $141.0 million and $5.9 million are reflected in Secured borrowings as the remainder is owned by the Company, respectively.
(4)Includes $45.5 million of cash collateral intended for use in the acquisition of additional mortgage loans.
(5)This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $5.4 million and $7.0 million as of June 30, 2020 and December 31, 2019.