XML 50 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Mortgage Loans - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 01, 2020
USD ($)
Jun. 30, 2020
USD ($)
numberOfLoanPools
loan
Jun. 30, 2019
USD ($)
loan
Jun. 30, 2020
USD ($)
payment
loan
numberOfLoanPools
Jun. 30, 2019
USD ($)
loan
Mar. 31, 2020
USD ($)
numberOfLoanPools
Dec. 31, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Mortgage Loans on Real Estate                  
Mortgage loans, net [1],[2]   $ 1,080,617   $ 1,080,617     $ 1,151,469    
Financing Receivable, Allowance for Credit Loss   (14,450) $ (1,403) (14,450) $ (1,403) $ (16,136) (1,960) $ (1,318) $ (1,164)
Current period additions to allowance account   (161) 0 1,737 0        
Interest income   20,300 23,900 40,300 50,300        
Aggregate unpaid principal balance of mortgage loans on real estate     200,100 26,200 200,100        
Reversal of / (Increase in) provision for credit losses on mortgage loans   (1,525) 85 597 239        
Estimated Market Value Of Underlying Collaterals   $ 44,200 320,100 $ 44,200 320,100        
Number of loan pools | numberOfLoanPools   6   6   4      
Number of Recent Payments Made on RPL Mortgage Loans | payment       7          
Income/(loss) on sale of mortgage loans [3]   $ 0 $ 7,014 $ (705) $ 7,014        
Number of sold loans | loan   0 962 26 962        
Beginning period adjustment for CECL $ 10,200 $ 0 $ 0 $ (10,156) $ 0        
RPLs, NPLs, and Originated SBCs [Member]                  
Mortgage Loans on Real Estate                  
Mortgage loans, net   1,100,000 [2]   1,100,000 [2]     1,200,000    
Mortgages purchased                  
Mortgage Loans on Real Estate                  
Mortgage loans, net   $ 26,100   $ 26,100          
SBC loans acquired at or near origination                  
Mortgage Loans on Real Estate                  
Number of originated SBC loans acquired | loan   0 2 0 21        
Aggregate unpaid principal balance of mortgage loans on real estate     $ 700   $ 18,400        
SBC                  
Mortgage Loans on Real Estate                  
Mortgage loans, net   $ 4,240   $ 4,240     35,086    
7f7 and better                  
Mortgage Loans on Real Estate                  
Mortgage loans, net   $ 232,820   232,820     230,431    
Number of Recent Payments Made on RPL Mortgage Loans | numberOfLoanPools   7              
Great Ajax II REIT                  
Mortgage Loans on Real Estate                  
Mortgage loans, net   $ 308,596   308,596     321,861    
4f4-6f6 and below                  
Mortgage Loans on Real Estate                  
Mortgage loans, net   $ 103,080   $ 103,080     113,897    
Number of Recent Payments Made on RPL Mortgage Loans | numberOfLoanPools   4              
Originated loans [Member]                  
Mortgage Loans on Real Estate                  
Number of loan pools | numberOfLoanPools   1   1          
Residential RPLs loans                  
Mortgage Loans on Real Estate                  
Mortgage loans, net   $ 1,048,146   $ 1,048,146     1,085,514    
Number of mortgage loans on real estate | loan   0 496 26 534        
Aggregate unpaid principal balance of mortgage loans on real estate     $ 106,600 $ 2,000 $ 115,100        
Mortgage Loans On Real Estate Commitments To Purchase Number | loan   0 496 26 534        
Residential NPL loans                  
Mortgage Loans on Real Estate                  
Mortgage loans, net   $ 28,231   $ 28,231     $ 30,869    
Number of mortgage loans on real estate | loan   0 0 1 0        
Aggregate unpaid principal balance of mortgage loans on real estate       $ 200          
Mortgage Loans On Real Estate Commitments To Purchase Number | loan   0 0 1 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] The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company sold 26 SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million for a loss of $0.7 million. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.