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Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020
--- | --- | ---
Financial assets |  |  |
Mortgage loans, net | [1],[2] | $ 955,628 | $ 1,119,372
Financial liabilities |  |  |
Borrowings under repurchase transactions |  | 394,386 | 421,132
Convertible senior notes, net | [3] | 103,427 | 110,057
Carrying value |  |  |
Financial assets |  |  |
Mortgage loans, net |  | 955,628 | 1,119,372
Financial liabilities |  |  |
Secured borrowings, net |  | 653,948 | 585,403
Borrowings under repurchase transactions |  | 394,386 | 421,132
Convertible senior notes, net |  | 103,427 | 110,057
Level 1 - Quoted prices in active markets |  |  |
Financial assets |  |  |
Mortgage loans, net fair value |  | 0 | 0
Financial liabilities |  |  |
Secured borrowings, fair value |  | 0 | 0
Borrowings under repurchase agreement, fair value |  | 0 | 0
Convertible senior notes, net, fair value |  | 111,693 | 110,675
Level 2 - Observable inputs other than Level 1 prices |  |  |
Financial assets |  |  |
Mortgage loans, net fair value |  | 0 | 0
Financial liabilities |  |  |
Secured borrowings, fair value |  | 667,565 | 586,419
Borrowings under repurchase agreement, fair value |  | 394,386 | 421,132
Convertible senior notes, net, fair value |  | 0 | 0
Level 3 - Unobservable inputs |  |  |
Financial assets |  |  |
Mortgage loans, net fair value |  | 1,043,197 | 1,232,081
Financial liabilities |  |  |
Secured borrowings, fair value |  | 0 | 0
Borrowings under repurchase agreement, fair value |  | 0 | 0
Convertible senior notes, net, fair value |  | 0 | 0
Investment in Manager | Carrying value |  |  |
Financial assets |  |  |
Investments In affiliates |  | 1,571 | 1,366
Investment in Manager | Level 1 - Quoted prices in active markets |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Investment in Manager | Level 2 - Observable inputs other than Level 1 prices |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Investment in Manager | Level 3 - Unobservable inputs |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 11,794 | 11,709
Investment in AS Ajax E LLC | Carrying value |  |  |
Financial assets |  |  |
Investments In affiliates |  | 683 | 776
Investment in AS Ajax E LLC | Level 1 - Quoted prices in active markets |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Investment in AS Ajax E LLC | Level 2 - Observable inputs other than Level 1 prices |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 825 | 934
Investment in AS Ajax E LLC | Level 3 - Unobservable inputs |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Investment in AS Ajax E II LLC | Carrying value |  |  |
Financial assets |  |  |
Investments In affiliates |  | 2,840 | 3,381
Investment in AS Ajax E II LLC | Level 1 - Quoted prices in active markets |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Investment in AS Ajax E II LLC | Level 2 - Observable inputs other than Level 1 prices |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 3,012 | 3,484
Investment in AS Ajax E II LLC | Level 3 - Unobservable inputs |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Servicer | Carrying value |  |  |
Financial assets |  |  |
Investments In affiliates |  | 2,656 | 2,711
Servicer | Level 1 - Quoted prices in active markets |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Servicer | Level 2 - Observable inputs other than Level 1 prices |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Servicer | Level 3 - Unobservable inputs |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 3,320 | 3,320
Gaea Real Estate Corp. | Carrying value |  |  |
Financial assets |  |  |
Investments In affiliates |  | 19,818 | 20,001
Gaea Real Estate Corp. | Level 1 - Quoted prices in active markets |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Gaea Real Estate Corp. | Level 2 - Observable inputs other than Level 1 prices |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Gaea Real Estate Corp. | Level 3 - Unobservable inputs |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 19,991 | 19,150
Investment in Loan pool LLCs | Carrying value |  |  |
Financial assets |  |  |
Investments In affiliates |  | 361 | 381
Investment in Loan pool LLCs | Level 1 - Quoted prices in active markets |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Investment in Loan pool LLCs | Level 2 - Observable inputs other than Level 1 prices |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 0 | 0
Investment in Loan pool LLCs | Level 3 - Unobservable inputs |  |  |
Financial assets |  |  |
Investments in affiliates, fair value |  | 724 | 701
Beneficial interests in securitization trusts | Carrying value |  |  |
Financial assets |  |  |
Investments In affiliates |  | 133,484 | 91,418
Beneficial interests in securitization trusts | Level 1 - Quoted prices in active markets |  |  |
Financial assets |  |  |
Investments, fair value disclosure |  | 0 | 0
Beneficial interests in securitization trusts | Level 2 - Observable inputs other than Level 1 prices |  |  |
Financial assets |  |  |
Investments, fair value disclosure |  | 0 | 0
Beneficial interests in securitization trusts | Level 3 - Unobservable inputs |  |  |
Financial assets |  |  |
Investments, fair value disclosure |  | $ 133,484 | $ 91,418
[1] | As of June 30, 2021, balances for Mortgage loans, net include $1.9 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2] | Mortgage loans, net include $821.6 million and $842.2 million of loans at June 30, 2021 and December 31, 2020, 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 $9.8 million and $13.7 million of allowance for loan credit losses at June 30, 2021 and December 31, 2020, respectively.
[3] | Secured borrowings, net are presented net of deferred issuance costs of $9.5 million at June 30, 2021 and $5.4 million at December 31, 2020. Convertible senior notes, net are presented net of deferred issuance costs of $2.4 million at June 30, 2021 and $3.3 million at December 31, 2020.

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