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Mortgage Loans (Tables) | 9 Months Ended
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Sep. 30, 2024
Mortgage Loans [Abstract] |
Schedule Of Mortgage Loan Portfolio | The activity in the Company’s mortgage loan portfolio is included in the tables below ($ in thousands):
|  | Three months ended September 30,
|  | 2024 |  | 2023
|  | Mortgage loans held-for-investment, net |  | Mortgage loans held-for-sale, net |  | Mortgage loans held-for-investment, net |  | Mortgage loans held-for-sale, net
Beginning carrying value |  | $ | 413,916 |  |  | $ | 108,868 |  |  | $ | 961,277 |  |  | $ | — |
Mortgage loans acquired |  | — |  |  | — |  |  | 313 |  |  | — |
Accretion recognized |  | 6,288 |  |  | — |  |  | 12,696 |  |  | — |
Payments received on loans, net |  | (16,175) |  |  | (1,500) |  |  | (33,537) |  |  | — |
Mark to market on loans held-for-sale |  | — |  |  | (1,712) |  |  | — |  |  | — |
Reclassifications to REO |  | — |  |  | — |  |  | (1,339) |  |  | — |
Sale of mortgage loans |  | — |  |  | (74,341) |  |  | — |  |  | — |
Net change in the allowance for credit losses |  | — |  |  | — |  |  | (330) |  |  | — |
Other |  | (973) |  |  | — |  |  | — |  |  | — |
Ending carrying value |  | $ | 403,056 |  |  | $ | 31,315 |  |  | $ | 939,080 |  |  | $ | — |
|  | Nine months ended September 30,
|  | 2024 |  | 2023
|  | Mortgage loans held-for-investment, net |  | Mortgage loans held-for-sale, net |  | Mortgage loans held-for-investment, net |  | Mortgage loans held-for-sale, net
Beginning carrying value |  | $ | 864,551 |  |  | $ | 55,718 |  |  | $ | 989,084 |  |  | $ | — |
Mortgage loans acquired |  | — |  |  | — |  |  | 14,401 |  |  | — |
Accretion recognized |  | 26,338 |  |  | — |  |  | 38,906 |  |  | — |
Payments received on loans, net |  | (55,792) |  |  | (7,550) |  |  | (105,120) |  |  | — |
Net reclassifications (to)/from mortgage loans held-for-sale, net |  | (428,029) |  |  | 428,029 |  |  | — |  |  | — |
Mark to market on loans held-for-sale |  | — |  |  | (55,507) |  |  | — |  |  | — |
Reclassifications to REO |  | (1,696) |  |  | (345) |  |  | (1,348) |  |  | — |
Sale of mortgage loans |  | — |  |  | (388,590) |  |  | — |  |  | — |
Net change in the allowance for credit losses |  | (1,112) |  |  | — |  |  | 3,157 |  |  | — |
Other |  | (1,204) |  |  | (440) |  |  | — |  |  | — |
Ending carrying value |  | $ | 403,056 |  |  | $ | 31,315 |  |  | $ | 939,080 |  |  | $ | — |
Schedule Of Loan Basis By Year Of Origination | The following table presents information regarding the year of origination of the Company’s mortgage loan portfolio by basis ($ in thousands). The table for the period ending December 31, 2023 reflects the Company’s previous CECL pools:
| September 30, 2024
Mortgage loans held-for-investment, net | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2009-2018 |  | 2006-2008 |  | 2005 and prior |  | Total
2019-D | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,641 |  |  | 65,694 |  |  | 19,480 |  |  | 92,815 |
2019-F | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,771 |  |  | 60,263 |  |  | 18,350 |  |  | 90,384 |
2020-B | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,099 |  |  | 59,241 |  |  | 25,968 |  |  | 96,308 |
2021-A | — |  |  | — |  |  | — |  |  | — |  |  | 716 |  |  | 167 |  |  | 9,090 |  |  | 83,015 |  |  | 28,101 |  |  | 121,089 |
18-1 LLC | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 648 |  |  | 1,804 |  |  | — |  |  | 8 |  |  | 2,460 |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 716 |  |  | $ | 815 |  |  | $ | 41,405 |  |  | $ | 268,213 |  |  | $ | 91,907 |  |  | $ | 403,056 |
| December 31, 2023
Mortgage loans held-for-investment, net | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2009-2017 |  | 2006-2008 |  | 2005 and prior |  | Total
GAOP - 7f7 >50 | $ | — |  |  | $ | 2,473 |  |  | $ | 2,597 |  |  | $ | 1,370 |  |  | $ | 6,598 |  |  | $ | 658 |  |  | $ | 30,891 |  |  | $ | 190,106 |  |  | $ | 79,110 |  |  | $ | 313,803 |
GAOP - 7f7 <50 | — |  |  | 546 |  |  | 137 |  |  | — |  |  | 215 |  |  | — |  |  | 2,356 |  |  | 27,368 |  |  | 6,530 |  |  | 37,152 |
GAOP - 6f6 and below | — |  |  | 591 |  |  | 1,415 |  |  | — |  |  | 737 |  |  | 1,134 |  |  | 13,343 |  |  | 55,452 |  |  | 14,642 |  |  | 87,314 |
Great Ajax II REIT - 7f7 >50 | — |  |  | — |  |  | — |  |  | 730 |  |  | 764 |  |  | 795 |  |  | 34,864 |  |  | 243,034 |  |  | 84,634 |  |  | 364,821 |
Great Ajax II REIT - 7f7 <50 | — |  |  | — |  |  | — |  |  | — |  |  | 71 |  |  | 14 |  |  | 2,658 |  |  | 22,360 |  |  | 6,508 |  |  | 31,611 |
Great Ajax II REIT - 6f6 and below | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,326 |  |  | 17,772 |  |  | 6,752 |  |  | 29,850 |
Total | $ | — |  |  | $ | 3,610 |  |  | $ | 4,149 |  |  | $ | 2,100 |  |  | $ | 8,385 |  |  | $ | 2,601 |  |  | $ | 89,438 |  |  | $ | 556,092 |  |  | $ | 198,176 |  |  | $ | 864,551 |
Schedule Of Loan Acquisition Reconciliation Between Purchase Price And Par Value | The following table presents a reconciliation between the purchase price and par value for the Company’s loan acquisitions for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Par |  | $ | — |  |  | $ | 360 |  |  | $ | — |  |  | $ | 17,500 |
Discount |  | — |  |  | (199) |  |  | — |  |  | (2,999) |
Increase in allowance |  | — |  |  | 152 |  |  | — |  |  | (100) |
Purchase Price |  | $ | — |  |  | $ | 313 |  |  | $ | — |  |  | $ | 14,401 |
Schedule of Allowance For Credit Losses On Mortgage Loans | An analysis of the balance in the allowance for expected credit losses on loans account follows ($ in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Allowance for expected credit losses, beginning of period |  | $ | — |  |  | $ | (5,985) |  |  | $ | (3,426) |  |  | $ | (6,107) |
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment timing expectations |  | — |  |  | (1,207) |  |  | 310 |  |  | (4,206) |
Increase in allowance for expected credit losses for loan acquisitions during the period |  | — |  |  | 152 |  |  | — |  |  | (100) |
Credit loss expense on mortgage loans |  | — |  |  | (76) |  |  | (53) |  |  | (190) |
Net change in the allowance for credit losses |  | — |  |  | (330) |  |  | (1,112) |  |  | 3,157 |
Reversal of allowance upon reclass of mortgage loans held-for-sale, net |  | — |  |  | — |  |  | 4,281 |  |  | — |
Allowance for expected credit losses, end of period |  | $ | — |  |  | $ | (7,446) |  |  | $ | — |  |  | $ | (7,446) |
Schedule Of Carrying Value Of Mortgage Loans And Related UPB By Delinquency Status | The following table sets forth the carrying value of the Company’s mortgage loans by delinquency status as of September 30, 2024 and December 31, 2023 ($ in thousands). Each column indicates the number of days the borrower is past due on their mortgage payment or whether the Company has initiated foreclosure proceedings. A status of “Current” indicates the borrower is not delinquent. The table for the period ending December 31, 2023, reflects the Company’s previous CECL pools:
|  | September 30, 2024
Mortgage loans held-for-investment, net |  | Current |  | 30 |  | 60 |  | 90 |  | Foreclosure |  | Total
2019-D |  | $ | 83,487 |  |  | $ | 5,215 |  |  | $ | 188 |  |  | $ | 2,884 |  |  | $ | 1,041 |  |  | $ | 92,815 |
2019-F |  | 70,417 |  |  | 8,619 |  |  | 85 |  |  | 8,610 |  |  | 2,653 |  |  | 90,384 |
2020-B |  | 71,086 |  |  | 12,377 |  |  | 683 |  |  | 9,839 |  |  | 2,323 |  |  | 96,308 |
2021-A |  | 101,683 |  |  | 9,289 |  |  | 396 |  |  | 7,838 |  |  | 1,883 |  |  | 121,089 |
18-1 LLC |  | 2,101 |  |  | 42 |  |  | — |  |  | 317 |  |  | — |  |  | 2,460 |
Total |  | $ | 328,774 |  |  | $ | 35,542 |  |  | $ | 1,352 |  |  | $ | 29,488 |  |  | $ | 7,900 |  |  | $ | 403,056 |
|  | September 30, 2024
Mortgage loans held-for-sale, net |  | Current |  | 30 |  | 60 |  | 90 |  | Foreclosure |  | Total
Held-for-sale |  | $ | 13,972 |  |  | $ | 4,635 |  |  | $ | 5 |  |  | $ | 8,914 |  |  | $ | 3,789 |  |  | $ | 31,315 |
Total |  | $ | 13,972 |  |  | $ | 4,635 |  |  | $ | 5 |  |  | $ | 8,914 |  |  | $ | 3,789 |  |  | $ | 31,315 |
|  | December 31, 2023
Mortgage loans held-for-investment, net |  | Current |  | 30 |  | 60 |  | 90 |  | Foreclosure |  | Total
GAOP - 7f7 >50 |  | $ | 199,229 |  |  | $ | 49,868 |  |  | $ | 283 |  |  | $ | 63,498 |  |  | $ | 925 |  |  | $ | 313,803 |
GAOP - 7f7 <50 |  | 20,514 |  |  | 7,516 |  |  | 78 |  |  | 9,044 |  |  | — |  |  | 37,152 |
GAOP - 6f6 and below |  | 8,565 |  |  | 6,906 |  |  | 421 |  |  | 45,058 |  |  | 26,364 |  |  | 87,314 |
Great Ajax II REIT - 7f7 >50 |  | 300,506 |  |  | 36,277 |  |  | 801 |  |  | 26,600 |  |  | 637 |  |  | 364,821 |
Great Ajax II REIT - 7f7 <50 |  | 25,592 |  |  | 3,846 |  |  | 42 |  |  | 2,131 |  |  | — |  |  | 31,611 |
Great Ajax II REIT - 6f6 and below |  | 4,374 |  |  | 2,144 |  |  | — |  |  | 14,788 |  |  | 8,544 |  |  | 29,850 |
Total |  | $ | 558,780 |  |  | $ | 106,557 |  |  | $ | 1,625 |  |  | $ | 161,119 |  |  | $ | 36,470 |  |  | $ | 864,551 |
|  | December 31, 2023
Mortgage loans held-for-sale, net |  | Current |  | 30 |  | 60 |  | 90 |  | Foreclosure |  | Total
Held-for-sale |  | $ | 1,284 |  |  | $ | 592 |  |  | $ | — |  |  | $ | 26,243 |  |  | $ | 27,599 |  |  | $ | 55,718 |
Total |  | $ | 1,284 |  |  | $ | 592 |  |  | $ | — |  |  | $ | 26,243 |  |  | $ | 27,599 |  |  | $ | 55,718 |

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