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Debt (Tables)
 9 Months Ended
Sep. 30, 2024
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):
September 30, 2024
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
Goldman Sachs - bonds(1)
$33,644 $41,900 5.93 %
A BondsNovember 15, 202429,676 35,000 5.87 %
M BondsJuly 25, 20253,968 6,900 6.37 %
Lucid - bonds (1)
$17,000 $20,000 5.71 %
A BondsOctober 17, 202417,000 20,000 5.71 %
Barclays - bonds(1)
$88,269 $116,367 
 
6.10 %
A BondsOctober 1, 202419,916 25,412 6.19 %
October 11, 202416,915 20,000 5.85 %
October 16, 202416,958 20,000 5.85 %
November 1, 20245,786 7,199 6.56 %
December 20, 202418,248 25,438 5.94 %
B BondsNovember 1, 20244,078 6,232 7.58 %
December 20, 20245,100 9,631 6.32 %
M BondsNovember 1, 2024281 512 6.93 %
December 20, 2024987 1,943 6.11 %
Nomura - bonds(1)
$68,057 $40,780 (3)5.98 %
A BondsDecember 27, 202411,395 16,926 6.19 %
B BondsDecember 27, 202435,679 13,224 5.97 %
M BondsDecember 27, 202420,983 10,630 5.88 %
Nomura - loans(2)
October 5, 2024$24,494 $33,947 7.45 %
Totals/weighted averages$231,464 $252,994 6.16 %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of September 30, 2024.
(2)Maximum borrowing capacity subject to pledging sufficient collateral as of September 30, 2024 was $400.0 million.
(3)Includes $42.8 million of bonds that are consolidated on the Company’s balance sheet as of September 30, 2024.


December 31, 2023
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
Barclays - bonds(1)
$70,095 $101,041 7.03 %
A BondsJanuary 3, 202410,850 15,572 6.90 %
January 19, 202421,762 28,503 6.79 %
May 3, 20249,628 12,329 6.87 %
May 22, 20242,134 3,358 6.97 %
B BondsJanuary 26, 20243,027 4,998 7.68 %
March 13, 202413,398 20,121 7.13 %
May 3, 20243,608 6,185 7.70 %
May 22, 20244,312 7,565 7.57 %
M BondsMay 3, 2024281 499 7.05 %
December 31, 2023
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
May 22, 20241,095 1,911 7.17 %
Nomura - bonds(1)
$68,623 $98,448 (4)6.98 %
A BondsJanuary 26, 202435,184 47,149 7.02 %
February 15, 20245,079 7,449 6.93 %
March 28, 202417,019 23,238 6.74 %
B BondsJanuary 26, 20241,024 1,761 7.31 %
February 15, 20243,002 5,149 7.33 %
March 28, 20243,900 6,413 7.30 %
M BondsJanuary 26, 20242,307 5,177 7.30 %
March 28, 20241,108 2,112 6.90 %
JP Morgan - bonds(1)
$33,564 $53,978 6.90 %
A BondsFebruary 28, 20249,632 12,633 6.73 %
B BondsFebruary 28, 20246,598 11,140 7.13 %
M BondsJanuary 4, 202413,541 22,813 6.82 %
January 22, 20243,290 6,497 7.23 %
February 28, 2024503 895 7.03 %
Nomura - loans(2)
October 5, 2024$193,060 $277,632 7.79 %
JP Morgan - loans(3)
July 10, 2024$10,403 $14,656 8.38 %
Totals/weighted averages$375,745 $545,755 7.44 %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2023.
(2)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $400.0 million.
(3)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $150.0 million.    
(4)Includes $42.8 million of bonds that are consolidated on the Company’s balance sheet as of December 31, 2023.
Schedule Of Amount Outstanding On Repurchase Transactions And Carrying Value Collateral The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at September 30, 2024 and December 31, 2023 in the table below ($ in thousands):
Gross amounts not offset in balance sheet
September 30, 2024December 31, 2023
Gross amount of recognized liabilities $231,464 $375,745 
Gross amount of loans and securities pledged as collateral252,994 541,999 
Other prepaid collateral— 3,756 
Net collateral amount$21,530 $170,010 
Schedule Of Securitization Of Notes
The following table sets forth the original terms of notes from the Company’s secured borrowings outstanding at September 30, 2024 at their respective cutoff dates:

Issuing Trust/Issue DateInterest Rate Step-up DateSecurityOriginal PrincipalInterest Rate
Rated
Ajax Mortgage Loan Trust 2019-D/ July 2019July 25, 2027Class A-1 notes due 2065$140.4 million2.96 %
July 25, 2027Class A-2 notes due 20656.1 million3.50 %
July 25, 2027Class A-3 notes due 206510.1 million3.50 %
July 25, 2027
Class M-1 notes due 2065(1)
9.3 million3.50 %
None
Class B-1 notes due 2065(2)
7.5 million3.50 %
None
Class B-2 notes due 2065(2)
7.1 million
variable(3)
None
Class B-3 notes due 2065(2)
12.8 million
variable(3)
Deferred issuance costs(2.7) million— %
Rated
Ajax Mortgage Loan Trust 2019-F/ November 2019November 25, 2026Class A-1 notes due 2059$110.1 million2.86 %
November 25, 2026Class A-2 notes due 205912.5 million3.50 %
November 25, 2026Class A-3 notes due 20595.1 million3.50 %
November 25, 2026
Class M-1 notes due 2059(1)
6.1 million3.50 %
None
Class B-1 notes due 2059(2)
11.5 million3.50 %
None
Class B-2 notes due 2059(2)
10.4 million
variable(3)
None
Class B-3 notes due 2059(2)
15.1 million
variable(3)
Deferred issuance costs(1.8) million— %
Rated
Ajax Mortgage Loan Trust 2020-B/ August 2020July 25, 2027Class A-1 notes due 2059$97.2 million1.70 %
July 25, 2027Class A-2 notes due 205917.3 million2.86 %
July 25, 2027
Class M-1 notes due 2059(1)
7.3 million3.70 %
None
Class B-1 notes due 2059(2)
5.9 million3.70 %
None
Class B-2 notes due 2059(2)
5.1 million
variable(3)
None
Class B-3 notes due 2059(2)
23.6 million
variable(3)
Deferred issuance costs(1.8) million— %
Rated
Issuing Trust/Issue DateInterest Rate Step-up DateSecurityOriginal PrincipalInterest Rate
Ajax Mortgage Loan Trust 2021-A/ January 2021January 25, 2029Class A-1 notes due 2065$146.2 million1.07 %
January 25, 2029Class A-2 notes due 206521.1 million2.35 %
January 25, 2029
Class M-1 notes due 2065(1)
$7.8 million3.15 %
None
Class B-1 notes due 2065(2)
5.0 million3.80 %
None
Class B-2 notes due 2065(2)
5.0 million
variable(3)
None
Class B-3 notes due 2065(2)
21.5 million
variable(3)
Deferred issuance costs (2.5) million— %
(1)The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A.
(2)The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes.
(3)The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule Of Status Of Mortgage Loans The following table sets forth the status of the notes held by others at September 30, 2024 and December 31, 2023, and the securitization cutoff date ($ in thousands):
Balances at September 30, 2024Balances at December 31, 2023Original 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
2019-D$92,815 $62,475 149 %$99,367 $67,739 147 %$193,301 $156,670 
2019-F90,384 51,110 177 %96,870 57,936 167 %170,876 127,673 
2020-B96,308 59,202 163 %100,245 63,574 158 %156,468 114,534 
2021-A121,089 95,476 127 %127,250 102,057 125 %206,506 175,116 
2021-B— — — %204,883 123,032 167 %287,882 215,912 
$400,596 $268,263 (1)149 %$628,615 $414,338 (1)152 %$1,015,033 $789,905 
(1)This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $1.5 million and $3.1 million as of September 30, 2024 and December 31, 2023.
Schedule Of Long Term Maturities
The following table summarizes the Company’s long term maturities ($ in thousands):

YearDebt instrumentAs of September 30, 2024
2024$— 
2025— 
2026— 
20272027 Notes (Unsecured Notes)110,000 
2028—