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Document and entity information - USD ($) $ in Millions	12 Months Ended
Document and entity information - USD ($) $ in Millions	Dec. 31, 2013	Feb. 13, 2014	Jun. 30, 2013
Document Information [Abstract]
Entity registrant name	Altisource Asset Management Corporation
Entity central index key	0001555074
Current fiscal year end date	--12-31
Entity filer category	Accelerated Filer
Document type	10-K
Document period end date	Dec. 31, 2013
Document fiscal year focus	2013
Document fiscal period focus	FY
Amendment flag	false
Entity common stock, shares outstanding		2,366,856
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 472.8

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Real estate assets:
Land (from consolidated VIE)	$ 478	$ 0
Rental residential properties, net (from consolidated VIE)	3,092	0
Real estate owned (from consolidated VIE)	32,332	0
Real estate assets, net	35,902	0
Real estate assets held for sale (from consolidated VIE)	1,186	0
Mortgage loans (from consolidated VIE)	1,207,163	0
Cash and cash equivalents (including from consolidated VIE $115,988 and $100,005, respectively)	140,000	105,014
Restricted cash (from consolidated VIE)	5,878	0
Accounts receivable (from consolidated VIE)	1,428	0
Related party receivables (including from consolidated VIE $9,260 and $0, respectively)	9,260	361
Deferred leasing and financing costs, net (from consolidated VIE)	2,293	0
Prepaid expenses and other assets (including from consolidated VIE $1,542 and $6, respectively)	1,994	440
Total assets	1,405,104	105,815
Liabilities:
Repurchase agreements (from consolidated VIE)	602,382	0
Accounts payable and accrued liabilities (including from consolidated VIE $4,952 and $46, respectively)	6,872	406
Related party payables (including from consolidated VIE $1,409 and $54, respectively)	2,883	528
Total liabilities	612,137	934
Commitments and contingencies (Note 7)
Equity:
Common stock, $.01 par value, 5,000,000 authorized shares; 2,354,774 and 2,343,213 shares issued and outstanding as of December 31, 2013 and 2012, respectively	24	23
Additional paid-in capital	12,855	4,993
Accumulated deficit	(5,339)	(46)
Total stockholders' equity	7,540	4,970
Noncontrolling interest in consolidated affiliate	785,427	99,911
Total equity	792,967	104,881
Total liabilities and equity	$ 1,405,104	$ 105,815

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Assets:
Cash and cash equivalents	$ 140,000	$ 105,014
Related party receivables	9,260	361
Prepaid expenses and other assets	1,994	440
Liabilities:
Accounts payable and accrued liabilities	6,872	406
Related party payables	$ 2,883	$ 528
Equity:
Common stock, par value per share, in USD per share	$ 0.01	$ 0.01
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,354,774	2,343,213
Common stock, shares outstanding	2,354,774	2,343,213
Variable Interest Entity, Primary Beneficiary [Member]
Assets:
Cash and cash equivalents	$ 115,988	$ 100,005
Related party receivables	9,260	0
Prepaid expenses and other assets	1,542	6
Liabilities:
Accounts payable and accrued liabilities	4,952	46
Related party payables	$ 1,409	$ 54

Consolidated Statement of Operations - USD ($)
$ in Thousands

10 Months Ended

12 Months Ended

Dec. 31, 2012

Dec. 31, 2013

Rental revenues and net gain on investments:

Rental revenues

$ 0

$ 36

Net unrealized gain on mortgage loans

61,092

Net realized gain on mortgage loans

10,482

Total rental revenues and net gain on investments

71,610

Expenses:

Residential rental property operating expenses (Note 8)

767

Real estate depreciation and amortization

Mortgage loan servicing costs (Note 8)

10,418

Interest expense

4,568

General and administrative

135

18,449

3,767

Total expenses

135

37,994

Other income

687

Net income (loss)

(135)

34,303

Net loss (income) attributable to noncontrolling interest in consolidated affiliate

(39,596)

Net loss attributable to common stockholders

$ (46)

$ (5,293)

Loss per share of common stock - basic: [Abstract]

Earnings per share basic

$ (0.02)

$ (2.26)

Weighted average common stock outstanding – basic

2,343,213

^[1]

2,346,993

Loss per share of common stock - diluted: [Abstract]

Earnings per share diluted

$ (0.02)

$ (2.26)

Weighted average common stock outstanding – diluted

2,343,213

^[1]

2,346,993

[1]	(1) Shares weighted by period outstanding since the separation on December 21, 2012

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit	Noncontrolling interest in consolidated affiliate
Beginning balance, Shares at Mar. 15, 2012		0
Beginning balance at Mar. 15, 2012	$ 0	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, including option exercises, shares		2,343,213
Issuance of common stock, including option exercises, value	5,000	$ 23	4,977
Capital contribution from noncontrolling interest	100,000	$ 0		0	100,000
Share-based compensation	16		16
Net income (loss)	$ (135)			(46)	(89)
Ending balance, Shares at Dec. 31, 2012	2,343,213	2,343,213
Ending balance at Dec. 31, 2012	$ 104,881	$ 23	4,993	(46)	99,911
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, including option exercises, shares		11,561
Issuance of common stock, including option exercises, value	21	$ 1	20
Capital contribution from noncontrolling interest	659,007				659,007
Distribution from noncontrolling interest	(13,087)				(13,087)
Share-based compensation	7,842		7,842
Net income (loss)	$ 34,303			(5,293)	39,596
Ending balance, Shares at Dec. 31, 2013	2,354,774	2,354,774
Ending balance at Dec. 31, 2013	$ 792,967	$ 24	$ 12,855	$ (5,339)	$ 785,427

- Definition

This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".

+ References

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Operating activities:
Net income (loss)	$ (135)	$ 34,303
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized gain on mortgage loans	0	(61,092)
Net realized gain on mortgage loans	0	(10,482)
Real estate depreciation and amortization	0	25
Share-based compensation	16	7,842
Amortization of deferred financing costs	0	1,102
Changes in operating assets and liabilities:
Related party receivables	(361)	(515)
Prepaid expenses and other assets	3	(124)
Accounts payable and accrued liabilities	406	4,761
Related party payables	2	2,355
Net cash used in operating activities	(69)	(21,825)
Investing activities:
Investment in mortgage loans	0	(1,212,620)
Investment in real estate	0	(6,198)
Investment in renovations	0	(465)
Real estate tax advances		(6,472)
Disposition of real estate	0	685
Mortgage loan dispositions	0	38,967
Mortgage loan payments		4,901
Acquisition-related deposits	0	(1,150)
Change in restricted cash	0	(5,878)
Net cash used in investing activities	0	(1,188,230)
Financing activities:
Issuance of common stock, including stock option exercises	5,000	935
Capital contribution from noncontrolling interest	100,000	659,007
Distribution to noncontrolling interest	0	(13,087)
Payment of tax withholdings on exercise of stock options	0	(914)
Proceeds from repurchase agreement	0	689,490
Repayments of repurchase agreement	0	(87,108)
Payment of deferred financing costs	0	(3,282)
Increase (decrease) related party payables, financing cash flow	83	0
Net cash provided by financing activities	105,083	1,245,041
Net increase in cash and cash equivalents	105,014	34,986
Cash and cash equivalents as of beginning of the period	0	105,014
Cash and cash equivalents as of end of the period	105,014	140,000
Supplemental disclosure of cash flow information:
Cash paid for interest	0	2,445
Supplemental disclosure of non-cash investing and financing activity:
Transfer of mortgage loans to real estate owned	0	31,014
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net	0	9,812
Acquisition-related payable	$ 0	$ 1,209

Organization and basis of presentation	12 Months Ended
Organization and basis of presentation	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Organization and basis of presentation We were incorporated in the United States Virgin Islands on March 15, 2012, which we refer to as "inception." Subsequent to our separation from Altisource on December 21, 2012, we immediately commenced operations. In October 2013, we applied for and were granted registration by the SEC as a registered investment adviser under section 203(c) of the Investment Advisers Act of 1940. Our primary business is to provide asset management and certain corporate governance services to Altisource Residential Corporation, which we refer to as “Residential,” under a 15-year asset management agreement beginning December 21, 2012, which we refer to as the “Residential asset management agreement.” Residential is a Maryland corporation that acquires and manages single-family rental properties by acquiring sub-performing and non-performing mortgages throughout the United States. Residential is currently our primary source of revenue and will drive our potential future growth. The Residential asset management agreement entitles us to incentive fees, which we refer to as our “incentive management fees,” that gives us a share of Residential's cash flow available for distribution to its stockholders as well as reimbursement for certain overhead and operating expenses. Accordingly, our operating results are highly dependent on Residential's ability to achieve positive operating results. We have concluded that Residential is a variable interest entity ("VIE") because Residential's equity holders lack the ability through voting rights to make decisions about Residential's activities that have a significant effect on the success of Residential. We have also concluded that we are the primary beneficiary of Residential because under the Residential asset management agreement we have the power to direct the activities of Residential that most significantly impact Residential's economic performance including establishing Residential's investment and business strategy. As a result, we consolidate Residential in our consolidated financial statements. Additionally, we provide management services to NewSource Reinsurance Company Ltd., which we refer to as “NewSource,” a title insurance and reinsurance company in Bermuda. On December 21, 2012, we entered into a subscription agreement to invest $2.0 million to acquire 100% of the voting common stock of NewSource Reinsurance Company Ltd., which we refer to as “NewSource,” a title insurance and reinsurance company in Bermuda. Residential simultaneously entered into a subscription agreement to invest $18.0 million in the non-voting preferred stock of NewSource. On October 17, 2013, we and Residential invested the full amount of our respective subscriptions in NewSource, and on December 2, 2013, NewSource became registered as a licensed reinsurer with the Bermuda Monetary Authority (“BMA”). We believe investment in NewSource complements Residential's business strategy because the acquisition of residential mortgage loans requires a detailed analysis of the chain of title and typically involves the purchase of title insurance to ensure clear and marketable title to each property. Because we own 100% of voting common stock of NewSource and there are no substantive kick-out rights granted to other equity owners, we consolidate NewSource in our consolidated financial statements. On March 22, 2013, Residential entered into a master repurchase agreement, which we refer to as the “CS repurchase agreement,” with Credit Suisse First Boston Mortgage Capital LLC to finance the acquisition and ownership of residential mortgage loans and owned properties, which we refer to as "REO Properties." The maximum funding available to Residential under the CS repurchase agreement is $100.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The CS repurchase agreement matures on March 21, 2014. On May 1, 2013, Residential completed a public offering of 17,250,000 shares of its common stock at $18.75 per share and received net proceeds of $309.5 million. Residential used the net proceeds of this offering to purchase additional sub-performing and non-performing residential mortgage loans, pay servicing fees for its mortgage loan portfolios, renovate the single-family rental properties it acquires, pay rental and property management expenses, pay fees and expenses to us under the asset management agreement and for working capital. On September 12, 2013, Residential entered into a Master Repurchase Agreement, which we refer to as the “DB repurchase agreement,” with Deutsche Bank AG, Cayman Islands Branch to finance the acquisition and ownership of residential mortgage loans and REO properties. On December 18, 2013 we increased the maximum funding available to Residential under the DB repurchase agreement to $250.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The DB repurchase agreement matures on March 11, 2016. After the first 18 months of the DB repurchase agreement, Residential will not be able to finance mortgage loans in excess of amounts outstanding under the facility as of the end of the eighteenth month. On September 23, 2013, Residential entered into a Master Repurchase Agreement and Securities Contract, which we refer to as the “WF repurchase agreement,” with Wells Fargo Bank, National Association to finance the acquisition and ownership of residential mortgage loans and REO properties. On December 23, 2013 we increased the maximum funding available to Residential under the WF repurchase agreement to $400.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The WF repurchase agreement matures on March 23, 2015, subject to extension by Residential for an additional 12 months. After the first 18 months of the WF repurchase agreement, we will not be able to finance mortgage loans in excess of amounts outstanding under the facility as of the end of the eighteenth month. On October 1, 2013, Residential completed a public offering of 17,187,000 shares of common stock at $21.00 per share and received net proceeds of $349.4 million. Residential used the majority of the net proceeds of this offering to purchase additional sub-performing and non-performing residential mortgage loans and to fund its investment in NewSource. Residential intends to use the remaining proceeds of this offering to purchase additional portfolios of mortgage loans, pay servicing fees for its mortgage loan portfolios, renovate the single-family rental properties it acquires, pay rental and property management expenses, pay fees and expenses to us under the asset management agreement and for working capital. Because we were formed on March 15, 2012, our consolidated statements of operations and cash flows for the period ended December 31, 2012 do not include 12 full months of activity. We ceased to be a development stage enterprise in the second quarter of 2013. Basis of presentation and use of estimates The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States which we refer to as "U.S. GAAP." All wholly owned subsidiaries are included and all intercompany accounts and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. Recently issued accounting standards In accordance with ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, beginning in the first quarter of 2013 we were required to provide additional disclosures about the nature of our rights of offset and the related arrangements associated with our financial instruments. As a result, we have included additional disclosures pertaining to the collateral arrangements related to Residential's repurchase agreements in this annual report. In January 2014, ASU 2014-04, Troubled Debt Restructurings by Creditors, was issued which requires that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. We do not expect this amendment to have a significant effect on our financial position or results of operations since Residential's accounting policies and disclosures are currently consistent with the requirements set forth in the amendment.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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+ Details

Summary of significant accounting policies (Notes)

12 Months Ended

Dec. 31, 2013

Summary of significant accounting policies [Abstract]

Significant Accounting Policies

Summary of significant accounting policies

Cash equivalents

We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

Comprehensive income

Because comprehensive income (loss) equals net income (loss), separate statements of comprehensive income (loss) are not presented as part of our consolidated financial statements.

Concentration of credit risk

We maintain our cash and cash equivalents at banking institutions. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.

Consolidations

The consolidated financial statements include wholly owned subsidiaries and those subsidiaries in which we own a majority voting interest with the ability to control operations of the subsidiaries and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interests. Additionally, we would consolidate partnerships, joint ventures and limited liability companies when we control the major operating and financial policies of the entity through majority ownership in our capacity as general partner or managing member or by contract. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. As of December 31, 2012, we have concluded Residential is a variable interest entity because Residential's equity holders lack the ability through voting rights to make decisions about Residential's activities that have a significant effect on the success of Residential. We have also concluded that we are the primary beneficiary of Residential because under the Residential asset management agreement we have the power to direct the activities of Residential that most significantly impact Residential's economic performance including establishing Residential's investment and business strategy. While the results of operations of consolidated entities are included in net income (loss) in our consolidated financial statements, net income (loss) attributable to common stockholders does not include the portion attributable to noncontrolling interests. Additionally, noncontrolling interest in consolidated affiliates is recorded in our consolidated balance sheets and our consolidated statements of equity within the equity section but separate from our equity.

Earnings per share

Basic earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method and if converted method, respectively. Weighted average common stock outstanding - basic excludes the impact of unvested restricted stock since dividends paid on such restricted stock are non-participating.

Expense reimbursement and incentive management fee

Our primary business is asset management. In our role as asset manager we incur expenditures directly and indirectly related to managing Residential's business which are contractually reimbursable to us. We allocate indirect costs (e.g. payroll and overhead) by estimating the time incurred for the benefit of each asset under management. We are not reimbursed for any compensation to Mr. Erbey in connection with his role as our Chairman.

We calculate the incentive management fee based on Residential's contractually defined cash available for distribution. Pursuant to our asset management agreement with Residential, our incentive management fee structure entitles us to receive a share of Residential's cash flow available for distribution to its stockholders. Accordingly, our incentive management fees, and therefore our stand-alone financial results, are highly dependent on Residential's ability to achieve positive operating results. If Residential does not generate taxable income that is distributable to its stockholders, then we will not be entitled to any incentive management fee.

Fair value of financial instruments

We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows:


•	Level 1 - Quoted prices in active markets for identical assets or liabilities.


•	Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.


•	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Income taxes

Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.

We believe that we have operated Residential in a manner in which Residential has complied and will continue to operate Residential in a manner that will comply with the provisions of the federal income tax code applicable to REITs beginning for the year ended December 31, 2013 and intend to cause Residential to elect REIT status upon filing of its 2013 income tax return. Accordingly, we believe that Residential will not be subject to federal income tax beginning in the year ended December 31, 2013 on that portion of Residential’s REIT taxable income that is distributed to its stockholders as long as certain asset, income and share ownership tests are met. If Residential fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates. If after electing to be taxed as a REIT, Residential subsequently fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect Residential’s net income and net cash available for distribution to stockholders. Its taxable REIT subsidiaries would also be subject to federal and state income taxes.

Mortgage loans

Upon the acquisition of mortgage loans, Residential records the assets at fair value which is the purchase price it paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of Residential’s investment performance.

We determine the purchase price for Residential’s mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties.

After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification, or conversion to real estate owned). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increase the fair value of the loan. The increase in the value of the loan is recognized in net unrealized gain on mortgage loans in Residential’s, and therefore, our consolidated statements of operations.

Residential also recognizes unrealized gains and losses in the fair value of the loans in each reporting period when its mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when Residential has obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs.

Our capital markets group determines the fair value of mortgage loans monthly and has developed procedures and controls governing the valuation process relating to these assets. The capital markets group reports to Residential’s Investment Committee, which is a committee of Residential’s Chief Executive Officer and its Chairman that oversees and approves the valuations. The capital markets group also monitors the valuation model for performance against actual results which is reported to the Investment Committee and used to continuously improve the model.

Real estate impairment

With respect to Residential's rental properties classified as held for use, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods.

If the carrying amount of a held for use asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. Residential generally estimates the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs.

Residential properties

Upon the acquisition of real estate, generally through the completion of foreclosure, Residential records the assets at fair value as of the acquisition date as a component of real estate owned based on information obtained from a broker's price opinion, a full appraisal or the price given in a current contract of sale of the property. After a short evaluation period, Residential performs property renovations to maximize the value of the property for its rental strategy. Such expenditures are part of Residential's initial investment in a property and, therefore, are classified as investing activities in our consolidated statement of cash flows. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.

Expenditures directly related to successful leasing efforts such as lease commissions are included in deferred leasing and financing costs, net and are stated at amortized cost. Such expenditures are part of Residential's operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases which generally are from one to two years.

Residential properties are classified either as held for use or held for sale. Residential properties are classified as real estate and related assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. We record residential properties held for sale at the lower of the carrying amount or estimated fair value. Fair value of assets held for sale is equal to the estimated or contracted sales price with a potential buyer less costs to sell. The impairment loss is the amount by which the carrying amount exceeds the estimated fair value.

Residential rental revenues

Minimum contractual rents from leases are recognized on a straight-line basis over the terms of the leases in residential rental revenues. Therefore, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer takes control of the leased premises. Deferred rents receivable, net represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Contingent rental revenue is accrued when the contingency is removed. Termination fee income is recognized when the customer has vacated the rental property, the amount of the fee is determinable and collectability is reasonably assured.

Rents receivable, net and deferred rents receivable, net are reduced by an allowance for amounts that become uncollectible. We regularly evaluate the adequacy of our allowance for doubtful accounts. The evaluation takes into consideration the aging of accounts receivable and our analysis of customer personal profile and review past due account balances. Rents receivable, net and deferred rents receivable, net are written-off when Residential has deemed that the amounts are uncollectible.

Restricted cash

Restricted cash represents cash deposits that are legally restricted or held by third parties on Residential’s or our behalf, as applicable, such as escrows and reserves for debt service established pursuant to certain of our repurchase agreements.

Mortgage loans

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans on Real Estate, by Loan Disclosure

Mortgage loans

Acquisitions

During the year ended December 31, 2013, Residential completed the acquisition of the following portfolios of non-performing residential mortgage loans:


•	On February 14, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $94 million.


•	On March 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $39 million.


•	On April 5, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $122 million.


•	On August 6, 2013 and September 19, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $241 million.


•	On August 26, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $67 million.


•	On September 30, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $404 million.


•	On October 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $298 million.


•	On December 23, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $530 million.

Throughout this annual report, all unpaid principal balance and market value amounts for the portfolios Residential has acquired are provided as of “cut-off date” for each transaction unless otherwise indicated. The “cut-off date” for each acquisition is a date shortly before the closing used to identify the final loans being purchased and the related unpaid principal balance, market value of underlying properties and other characteristics of the loans.

During the year ended December 31, 2013, Residential expensed $2.9 million for due diligence costs related to these and other transactions, which are recorded in general and administrative and related party general administrative expenses.

Transfer of mortgage loans to real estate owned

During the year ended December 31, 2013, Residential transferred 228 mortgage loans at an aggregate fair value of $31.0 million, based on BPO, to real estate owned. Such transfer occurs when title to the real estate has been transferred to Residential.

Dispositions

During year ended December 31, 2013, Residential disposed of 211 mortgage loans primarily through short sales and foreclosure sales. As a result, Residential recorded $10.5 million of net realized gains on mortgage loans.

Altisource Asset Management Corporation

Schedule IV - Mortgage Loans on Real Estate

December 31, 2013

($ in thousands)



Description (face value of loan)	Loan count	Interest rate	Maturity	Carrying amount of mortgages (1)		Principal amount of loans subject to delinquent principal or interest
$0-49,999	63	2.375% - 13.875%	03/24/2014 - 12/01/2040	$	1,013	$	2,118
$50,000-99,999	794	2.000% - 16.125%	09/01/2010 - 05/01/2051	30,679		58,181
$100,000-149,999	1,667	2.000% - 13.650%	02/01/2010 - 11/01/2053	114,844		198,753
$150,000-199,999	1,339	2.000% - 13.950%	05/01/2010 - 09/01/2053	125,922		222,205
$200,000-249,999	1,125	2.000% - 11.960%	06/01/2009 - 01/01/2057	136,013		240,679
$250,000+	3,066	1.000% - 12.375%	01/01/2010 - 09/01/2057	798,692		1,307,378
Total (2)	8,054			$	1,207,163	$	2,029,314

_____________

(1)

The carrying value of an asset is based on our fair value model. The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. The substantial majority of the mortgage loans are significantly delinquent and have varying monthly payment requirements. For a more complete description of the fair value measurements and the factors that may significantly affect the carrying value of our assets, please see Note 4 to our consolidated financial statements.


(2)	The following table sets forth the activity of mortgage loans ($ in thousands):



	For the year ended December 31, 2013
Mortgage loans
Beginning balance	$	—
Investment in mortgage loans	1,213,811
Net unrealized gain on mortgage loans	61,092
Cost of mortgages sold	(38,297		)
Mortgage loan payments	(4,901		)
Real estate tax advances to borrowers	6,472
Transfer of mortgage loans to real estate owned	(31,014		)
Ending balance	$	1,207,163

Real estate assets	12 Months Ended
Real estate assets	Dec. 31, 2013
Real Estate [Abstract]
Real estate assets	Real estate assets Acquisitions During the year ended December 31, 2013, Residential acquired 40 residential properties. These REO Properties were acquired as part of the loan portfolio acquisitions described in Note 3. The aggregate purchase price attributable to these acquired REO properties was $6.2 million. Real estate held for use As of December 31, 2013, Residential had 246 real estate assets held for use. As of December 31, 2013, 14 of these properties had been rented and were occupied by tenants, 11 were being listed for rent and 18 were in various stages of lease preparation. With respect to the remaining 203 REO properties, we are in the process of determining whether each property meets Residential's rental profile. If the REO property meets Residential's rental profile we determine the extent of renovations that are needed to generate an optimal rent and maintain consistency of renovation specifications for future branding. If we determine that the REO property will not meet Residential's rental profile, we list the property for sale, in many instances after renovations are made to optimize the sale proceeds. Real estate held for sale As of December 31, 2013, Residential classified 16 properties having carrying value of $1.2 million as real estate held for sale as they do not meet Residential's rental property investment criteria. The real estate held for sale balance is composed solely of real estate owned. These properties have no operations and, therefore, Residential is not presenting discontinued operations related to these properties. Dispositions During the year ended December 31, 2013, Residential disposed of four residential properties. There no significant gains or losses on these dispositions.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-SubTopic 360
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 11
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 66
-Paragraph 4, 5, 37, 50, 59, 65, 95, 97
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 67
-Paragraph 4, 5, 6, 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 9, 11, 12, 13, 14, 15, 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 10
-Subparagraph a, b
-Chapter V
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
-Subparagraph 4
-Article 9

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 28
-Article 12

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 11
-Chapter V
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 9
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 04-2
-Paragraph 41, 63, 64
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 75-2
-Paragraph 47, 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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-Number AAG-DEP
-Paragraph 2, 6, 9-11, 18, 20
-IssueDate 2006-05-01
-Chapter 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 15
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 23, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Fair value of financial instruments

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair value of financial instruments

The following table sets forth the financial assets and liabilities that Residential measures at fair value by level within the fair value hierarchy as of December 31, 2013 ($ in thousands):



	Level 1		Level 2		Level 3
	Quoted prices in active markets		Observable inputs other than Level 1 prices		Unobservable inputs
Recurring basis (assets)
Mortgage loans	$	—	$	—	$	1,207,163
Nonrecurring basis (assets)
Transfer of mortgage loans to real estate owned	$	—	$	—	$	31,014
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase agreements at fair value	$	—	$	602,382	$	—

There were no corresponding financial assets or liabilities measured at fair value as of December 31, 2012 because Residential did not own any mortgage loans or residential properties and had no repurchase agreements at that time. Additionally, there have been no transfers between levels for the year ended December 31, 2013.

The carrying values of Residential's and/or our cash and cash equivalents, restricted cash, related party receivables, accounts payable and accrued liabilities and related party payables are equal to or approximate fair value. The fair value of mortgage loans is estimated using a pricing model internally developed by us. The fair value of transfers of mortgage loans to real estate owned is estimated using BPO's. The fair value of the repurchase agreements is estimated using the income approach based on credit spreads available to Residential currently in the market for similar floating rate debt.

The following table sets forth the changes in Residential's level 3 assets that are measured at fair value on a recurring basis ($ in thousands):



	For the year ended December 31, 2013
Mortgage loans
Beginning balance	$	—
Investment in mortgage loans	1,213,811
Net unrealized gain on mortgage loans	61,092
Net realized gain on mortgage loans	10,482
Mortgage loan dispositions	(48,779		)
Mortgage loan payments	(4,901		)
Real estate tax advances to borrowers	6,472
Transfer of mortgage loans to real estate owned	(31,014		)
Ending balance	$	1,207,163

Net unrealized gain on mortgage loans held	$	61,092
Accumulated net unrealized gain on mortgage loans held	$	61,092

There was no corresponding activity for level 3 assets for the year ended December 31, 2012 because Residential did not own any such assets at that time.

The following table sets forth the fair value of Residential's mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency as of December 31, 2013 ($ in thousands):



	Number of loans	Carrying value		Unpaid principal balance		Market value of underlying properties
Current	238	$	31,649	$	60,051	$	52,506
30 days	26	2,087		4,492		3,763
60 days	23	3,376		5,683		4,738
90 days	1,555	245,024		419,836		355,451
Foreclosure	6,212	925,027		1,609,546		1,310,439
	8,054	$	1,207,163	$	2,099,608	$	1,726,897

Residential did not hold any corresponding mortgage loans as of December 31, 2012.

The significant unobservable inputs used in the fair value measurement of Residential's mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics such as location and value of underlying collateral affect the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of December 31, 2013:



Input	Range
Discount rate	15.0%
Annual change in home pricing index	-0.3% - 7.6%
Loan resolution probabilities — modification	0.00% - 22.3%
Loan resolution probabilities — rental	0.00% - 100.0%
Loan resolution probabilities — liquidation	0.00% - 100.0%
Loan resolution timelines (in years)	0.1 - 5.8
Value of underlying properties	$3,000 - $3,550,000

There were no corresponding fair value measurements which required significant unobservable inputs as of December 31, 2012 because we did not own any mortgage loans at that time.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Repurchase agreements

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Repurchase agreement

Repurchase agreements

Residential's operating partnership and certain of its Delaware Statutory Trust subsidiaries, as applicable, have entered into master repurchase agreements with major financial institutions. The purpose of these repurchase agreements is to finance the acquisition and ownership of mortgage loans and REO properties in its portfolio. Residential has effective control of the assets associated with these agreements and therefore we have concluded these are financing arrangements. As of December 31, 2013, the weighted average annualized interest rate on borrowings under Residential's repurchase agreements was 3.27%, excluding amortization of deferred financing costs. The following table sets forth data with respect to Residential's repurchase agreements as of December 31, 2013 ($ in thousands):



	Maximum borrowing capacity		Carrying value of collateral		Amount outstanding
Repurchase agreement due March 21, 2014	$	100,000	$	166,350	$	85,364
Repurchase agreement due March 23, 2015	400,000		634,234		398,602
Repurchase agreement due March 11, 2016	250,000		205,328		118,416
	$	750,000	$	1,005,912	$	602,382

The following table sets forth scheduled future principal payments due on Residential's repurchase agreements as of December 31, 2013 ($ in thousands):



Years ending December 31,	Principal amount (1)
2014	$	85,364
2015	398,602
2016	118,416
	602,382

________

(1) Does not consider contractually available extension options for amounts due in 2015 and 2016.

Under the terms of each repurchase agreement, as collateral for the funds drawn thereunder, subject to certain conditions, Residential's operating partnership will sell to the applicable lender equity interests in the Delaware statutory trust subsidiary that owns the applicable underlying mortgage assets on Residential’s behalf, or the trust will sell directly such underlying mortgage assets. In the event the lender determines the value of the collateral has decreased, it has the right to initiate a margin call and require Residential, or the applicable trust subsidiary, to post additional collateral or to repay a portion of the outstanding borrowings. The price paid by the lender for each mortgage asset Residential finances under the repurchase agreements is based on a percentage of the market value of the mortgage asset and may depend on its delinquency status. With respect to funds drawn under the repurchase agreements, Residential’s applicable subsidiary is required to pay the lender interest based on LIBOR or at the lender's cost of funds plus a spread calculated based on the type of applicable mortgage assets collateralizing the funding, as well as certain other customary fees, administrative costs and expenses to maintain and administer the repurchase agreements.

The repurchase agreements require Residential to maintain various financial and other covenants, including maintaining positive quarterly earnings, a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash as well as restrictions on net losses in excess of specified amounts. In addition, the repurchase agreements contain customary events of default.

Residential is currently in compliance with the covenants and other requirements with respect to its repurchase agreements. We monitor Residential's banking partners' ability to perform under the repurchase agreements and have concluded there is currently no reason to doubt that they will continue to perform under the repurchase agreements as contractually obligated.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Litigation, claims and assessments Neither we nor Residential are currently the subject of any material legal or regulatory proceedings, and no material legal or regulatory proceedings have been threatened against Residential or us.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Related party transactions

12 Months Ended

Dec. 31, 2013

Related party transactions

During the year ended December 31, 2013, Residential acquired a portfolio from Ocwen of non-performing first lien residential mortgage loans having aggregate market value of underlying properties of $94 million. The aggregate purchase price for this portfolio was $64.4 million.

Asset Management Agreement with Residential

Upon completion of our separation and Residential’s separation from Altisource on December 21, 2012, we entered into a 15-year asset management agreement with Residential. Pursuant to the asset management agreement, we design and implement Residential’s business strategy, administer its business activities and day-to-day operations and provide corporate governance services, subject to oversight by Residential’s Board of Directors. We are responsible for, among other duties: (1) performing and administering all Residential’s day-to-day operations, (2) determining investment criteria through Residential’s Investment Policy in cooperation with its Board of Directors, (3) sourcing, analyzing and executing asset acquisitions, including our acquisition of sub-performing and non-performing residential mortgage loan portfolios and related financing activities, (4) analyzing and performing sales of properties, (5) overseeing Altisource’s renovation, leasing and property management of Residential’s single-family rentals, (6) overseeing Ocwen’s servicing of its residential mortgage loan portfolios, (7) performing asset management duties and (8) performing corporate governance and other management functions, including financial, accounting and tax management services.

We provide Residential with a management team and appropriate support personnel who have substantial sub-performing and non-performing loan portfolio experience. Our management also has significant corporate governance experience to manage Residential’s business and organizational structure efficiently. We have agreed not to provide the same or substantially similar services to any other party so long as Residential and its operating partnership have on hand an average of $50,000,000 in capital available for investment over the previous two fiscal quarters. Notwithstanding the foregoing, we may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of Residential or its operating partnership, so long as our services to Residential and its operating partnership are not impaired thereby.

Incentive Management Fee

Under the asset management agreement, Residential pays us a quarterly incentive management fee as follows:

(i)

2% of all cash available for distribution by Residential to its stockholders and to us as incentive management fee, which we refer to as “available cash,” until the aggregate amount per share of available cash for the quarter (based on the average number of shares of our common stock outstanding during the quarter), which we refer to as the “quarterly per share distribution amount,” exceeds $0.161, then


(ii)	15% of all additional available cash for the quarter until the quarterly per share distribution amount exceeds $0.193, then


(iii)	25% of all additional available cash for the quarter until the quarterly per share distribution amount exceeds $0.257, and thereafter


(iv)	50% of all additional available cash for the quarter.

in each case set forth in clauses (i) through (iv), as such amounts may be appropriately adjusted from time to time to take into account the effect of any stock split, reverse stock split or stock dividend.

Residential distributes any quarterly distribution to its stockholders after the application of the incentive management fee payable to us.

Expense Reimbursement

Residential is required to reimburse us on a monthly basis for the (i) direct and indirect expenses we incur or payments we make on Residential’s behalf, including, but not limited to, the allocable compensation and routine overhead expenses of all of our employees and staff and (ii) all other reasonable operating and overhead expenses we incur related to the asset management services we provides to Residential. We are not reimbursed for any compensation paid to Mr. Erbey in connection with his role as our Chairman.

Termination

Residential may not terminate the asset management agreement without cause during the first 24 months of its term. Following such 24-month period, Residential may terminate the asset management agreement without cause upon the determination of at least two-thirds of its independent directors that (i) there has been unsatisfactory performance by us that is materially detrimental to Residential, or (ii) the compensation payable to us under the asset management agreement is unreasonable, unless we agree to compensation that at least two-thirds of Residential’s independent directors determine is reasonable.

We may terminate the asset management agreement without cause by providing written notice to us no later than 180 days prior to December 21 of any year during the initial term or a renewal term, and the asset management agreement will terminate effective on the December 21 next following the delivery of such notice.

Residential will be required to pay us a termination fee in the event that the asset management agreement is terminated as a result of (i) a termination by Residential without cause, (ii) a termination by us as a result of Residential becoming regulated as an “investment company” under the Investment Company Act, or (iii) a termination by us if Residential defaults in the performance of any material term of the asset management agreement (subject to a notice and cure period).

The termination fee will be equal to three times the average annual incentive management fee earned by us during the prior 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination.

Agreements with Altisource

Support Services Agreement

Under the support services agreement, Altisource may provide services to us in such areas as human resources, vendor management operations, corporate services, risk management, quality assurance, consumer psychology, treasury, finance and accounting, legal, tax, compliance and other support services where we may need assistance and support. The support services agreement provides generally that Altisource will undertake to provide the support services in a manner generally consistent with the manner and level of care with which such service, if any, was performed or provided prior to our separation from Altisource. The support services agreement will extend for two years after the separation but may be terminated earlier under certain circumstances including a default. The fees for all support services provided pursuant to the support services agreement are based on the fully-allocated cost of providing the service or, with respect to statements of work entered into under the support services agreement, the amount set forth therein. “Fully-allocated cost” means the all-in cost of providing such service, including direct charges and allocable amounts reflecting compensation and benefits, technology expenses, occupancy and equipment expense and third-party payments (but not taxes incurred in connection therewith). Altisource is required to submit statements of account on a monthly basis with respect to all amounts payable by us, setting out the support services provided and the amount billed as a result of providing such support services.

The total fees incurred by us under this agreement are dependent upon our business activity and the level of services required in connection therewith. In the event our asset management agreement with AAMC expires or is terminated, the support services agreement will terminate within 30 days.

Technology Services Agreement

Under the technology services agreement, Altisource provides certain technology products and services to us, including telephone and network administration. The total fees incurred by us under this agreement will be dependent upon our business activity and the level of services required.

Tax Matters Agreement

The tax matters agreement with Altisource sets our each party's rights and obligations with respect to deficiencies and refunds, if any, of Luxembourg, U.S. federal, state, local or other foreign taxes for periods before and after our separation from Altisource and related matters such as the filing of tax returns and the conduct of IRS and other audits. In general, under this agreement, we are responsible for taxes attributable to our business incurred after the separation, and Altisource is responsible for taxes attributable to our business incurred prior to the separation.

Trademark License Agreement

Under the trademark license agreement, Altisource granted us a non-exclusive, non-transferable, non-sublicensable, royalty free license to use the name “Altisource.” The agreement has no specified term and may be terminated by either party upon 30 days’ written notice, with or without cause. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use “Altisource” in our name will terminate.

In the event our asset management agreement with AAMC expires or is terminated, the trademark license agreement will terminate within 30 days.

Agreements with Ocwen

Support Services Agreement

Under the support services agreement, Ocwen provides us with business development services, as well as analytical services in connection with our management and valuation of Residential’s portfolio and administrative services in connection with the operation of our business. The support services agreement may be terminated by either us or Ocwen upon thirty days prior notice. The fees for all support services provided pursuant to the support services agreement are based on the fully-allocated cost of providing the service or, with respect to statements of work entered into under the support services agreement, the amount set forth therein. “Fully-allocated cost” means the all-in cost of providing such service, including direct charges and allocable amounts reflecting compensation and benefits, technology expenses, occupancy and equipment expense and third-party payments (but not taxes incurred in connection therewith).

The total fees incurred by us under this agreement are dependent upon our business activity and the level of services required in connection therewith.

Aircraft Time Sharing Agreement with Ocwen

On November 15, 2013, we entered into an Aircraft Time Sharing Agreement, or the “Timeshare Agreement,” with Ocwen pursuant to which Ocwen will make its corporate plane available to us for business-related travel from time to time. Under the Time Sharing Agreement, Ocwen agreed to provide us, on a time sharing basis, access to its plane in consideration of our reimbursement to Ocwen of the sum of its direct expenses of operating the plane plus an additional charge equal to 100% of such expenses. The amounts actually charged to us in any period will directly correlate to our use of the aircraft in each period, which will vary depending on our needs and business use.

Sublease

We sublease approximately 2,000 square feet from Ocwen under a sublease expiring June 30, 2017. The annual rent under the sublease is $40,000 per year until June 30, 2014 and $45,000 per year until the termination date of the lease, plus one-half of the lease-related operating expenses and leasehold improvements.

Our consolidated statements of operations included the following significant related party transactions ($ in thousands):



	For the year ended December 31, 2013		March 15, 2012 (inception) to December 31, 2012		Counter-party	Consolidated statements of operations location
Residential rental property operating expenses	$	767	$	—	Altisource	Residential rental property operating expenses
Mortgage loan servicing costs	$	9,335	$	—	Ocwen	Mortgage loan servicing costs
Due diligence and unsuccessful deal costs	$	2,059	$	—	Altisource	Related party general and administrative expenses
Office and occupancy costs	$	256	$	—	Ocwen	Related party general and administrative expenses
Salaries and benefits	$	1,273	$	—	Altisource/Ocwen	Related party general and administrative expenses
Expense reimbursement	$	5,411	$	42	Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate
Incentive management fee	$	4,880	$	—	Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
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-Article 3A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Incentive compensation and share-based payments

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of compensation related costs, share-based payments

Incentive compensation and share-based payments

Long-Term Incentive Compensation

Our named executives and certain employees participate in an annual non-equity incentive program whereby they are eligible for incentive cash payments based on a percentage of their annual base salary. Each officer has a target annual non-equity incentive payment percentage that ranges from 0% to 150% of base salary. The officer's actual incentive payment for the year is determined by (i) the Company's performance versus the objectives established in the corporate scorecard (80%) and (ii) a performance appraisal (20%).

Our named executive officers and certain employees have and will receive grants of stock options and restricted stock under the 2012 Equity Incentive Plan which we refer to as the “2012 Plan.” In addition, a special grant of stock options and restricted stock was made to certain Ocwen employees related to the separation under the 2012 Special Equity Incentive Plan which we refer to as the “2012 Special Plan.” Dividends received on restricted stock are forfeitable and are accumulated until the time of vesting at the same rate and on the same date as on shares of common stock. The aggregate number of shares of common stock that may be issued under the 2012 Plan is 15% of our outstanding shares, subject to proportionate adjustment in the event of stock splits and similar events. Upon the vesting of stock options and restricted stock, we may withhold up to the statutory minimum to satisfy the resulting employee tax obligation.

The 2012 Plan also allows for the grant of performance awards and other awards such as purchase rights, equity appreciation rights, shares of common stock awarded without restrictions or conditions, convertible securities, exchangeable securities or other rights convertible or exchangeable into shares of common stock, as the Compensation Committee in its discretion may determine.

The following table sets forth the number of shares of common stock reserved for future issuance:



	December 31, 2013
Stock options outstanding	281,221
Possible future issuances under equity incentive plan	148,392
	429,613

As of December 31, 2013, we had 2,645,226 remaining shares of common stock authorized to be issued under our charter.

Stock options

The following table sets forth the activity of our outstanding options:



	Number of options		Weighted average exercise price per share
March 15, 2012 (inception) to December 31, 2012	—		$	—
Granted	305,824		1.36
December 31, 2012	305,824		1.36
Exercised	(10,215	)	1.89
Forfeited or canceled	(14,388	)	5.87
December 31, 2013 (1), (2)	281,221		$	1.11

__________

(1) The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.0 years with total intrinsic value of $261.1 million.

(2) We have 251,163options exercisable as of December 31, 2013 with weighted average exercise price of $0.94, weighted average remaining life of 4.8 years and intrinsic value of $233.3 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2013.

Restricted stock

We granted shares of restricted stock under the 2012 Plan and 2012 Special Plan related to the separation. We include no share-based compensation in our Consolidated Financial Statements for the portion of these grants made to Altisource employees. Restricted stock vests based on achievement of the following performance hurdles and vesting schedule:

•

Twenty-five percent (25%) of the grant will vest in accordance with the vesting schedule set forth below if the market value of our stock meets all three of the following conditions: (i) the market value is at least equal to $250 million; (ii) the market value has realized a compounded annual gain of at least twenty percent (20%) over the market value on the date of the grant; and (iii) the market value is at least double the market value on the date of the grant;

•

Fifty percent (50%) of the grant will vest in accordance with the vesting schedule set forth below if the market value of our stock meets all three of the following conditions: (i) the market value is at least equal to $500 million; (ii) the market value has realized a compounded annual gain of at least twenty-two and a half percent (22.5%) over the market value on the date of the grant; and (iii) the market value is at least triple the market value on the date of the grant and

•

Twenty-five percent (25%) of the grant will vest in accordance with the vesting schedule set forth below if the market value of Company stock meets all three of the following conditions: (i) the market value is at least equal to $750 million; (ii) the market value has realized a compounded annual gain of at least twenty-five percent (25%) over the market value on the date of the grant; and (iii) the market value is at least quadruple the market value on the date of the grant.


•	After the performance hurdles have been achieved, 25% of the restricted stock will vest on each of the first four anniversaries of the date that the performance hurdles were met.

Additionally, our directors each receive annual grants of restricted stock equal to $45,000 based on the market value of our common stock at the time of the annual stockholders meeting. This restricted stock vests and is issued after a one-year service period. No dividends are paid on the shares until the award is issued. We recorded $0.2 million of compensation expense related to these grants for the year ended December 31, 2013. We recorded no similar expense in 2012.

The following table sets forth the activity of our restricted stock:



	Number of shares		Weighted average grant date fair value
December 31, 2012	205,512		$	5.90
Granted (1)	32,667		70.16
Vested (2)	(660	)	5.90
Forfeited or canceled	(8,765	)	5.90
December 31, 2013 (3)	228,754		$	15.32

__________

(1) The fair value at grant date of restricted stock issued during the year ended December 31, 2013 was $2.4 million.

(2) The vesting date fair value of restricted stock that vested during the year ended December 31, 2013 was $0.2 million.

(3) As of December 31, 2013, we had an aggregate of $22.1 million of total unrecognized share-based compensation costs which will be recognized over a weighted average remaining estimated term of 3.1 years.

Restricted stock granted to our employees

We calculate the grant date fair value of restricted stock using a Monte Carlo simulation and amortize the resulting compensation expense over the respective vesting or service period. The fair value of restricted stock granted was determined using the following assumptions, weighted by number of shares:



	For the year ended December 31, 2013		March 15, 2012 (inception) to December 31, 2012
Risk Free Interest Rate (a)	3.18	%	2.81	%
Common Stock Dividend Yield (b)	0	%	0	%
Expected Volatility (c)	36.31	%	100	%

__________

(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants.

(b) At the date of grant, we had no history of dividend payments.

(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility.

Restricted stock granted to Ocwen's employees

As part of the separation, we granted restricted stock to employees of Ocwen. We calculate the fair value of non-employee restricted stock using a Monte Carlo simulation until each market hurdle is met. Once the market hurdle is met, we calculate the fair value based on the market value of shares quoted on the NYSE. The fair value is re-measured each accounting period with amortization of the resulting servicing expense over the vesting period. These instruments qualify for equity classification. The weighted average grant date fair value of restricted stock granted was determined using the following assumptions, weighted by number of shares:



	March 15, 2012 (inception) to December 31, 2012
Risk Free Interest Rate (a)	2.81	%
Common Stock Dividend Yield (b)	0	%
Expected Volatility (c)	100	%

__________

(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants.

(b) At the date of grant, we had no history of dividend payments.

(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Number 93-6
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Income taxes

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Income taxes

We are domiciled in the United States Virgin Islands and under current United States Virgin Islands law are obligated to pay taxes in the United States Virgin Islands on income and/or capital gains. We applied for tax benefits from the United States Virgin Islands Economic Development Commission and received our certificate of benefits, effective as of February 1, 2013. Under the certificate of benefits, so long as we comply with the provisions of the certificate, we will receive a 90% exemption on our income taxes until 2043. From inception to December 31, 2012 we had future taxable income deductions (deferred tax assets) related to initial year expenditures, including the results of operations attributable to noncontrolling interest in consolidated affiliates. We have recorded a valuation allowance equal to 100% of the resulting gross deferred tax asset as, due to the cumulative loss currently within the operation, management does not believe it is more likely than not that the deferred tax asset will be realized.

During the year ended December 31, 2013, Residential qualified as a REIT, distributed the necessary amount of taxable income and, therefore, incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying consolidated financial statements are in connection with its taxable REIT subsidiary.

The following table sets forth the sources of our net loss:



	For the year ended December 31, 2013			March 15, 2012 (inception) to December 31, 2012
U.S. Virgin Islands	$	(5,261	)	$	(33	)
Other	(32		)	(102		)
Net loss	$	(5,293	)	$	(135	)

The following table sets forth the components of our deferred tax assets:



	December 31, 2013			December 31, 2012
Stock compensation and other	$	377		$	23
Accrued Expenses	4			28
Gross Deferred Tax Asset	381			51
Valuation Allowance	(381		)	(51		)
Net Deferred Tax Asset	$	—		$	—

The following table sets for the reconciliation of the statutory U.S. Virgin Islands income tax rate to our effective income tax rate:



	For the year ended December 31, 2013		March 15, 2012 (inception) to December 31, 2012
U.S. Virgin Islands Income Tax Rate	(38.5	)%	(38.5	)%
State and Local Income Tax Rates	—	%	(2.6	)%
Excluded REIT income	40.5	%	—	%
EDC benefits	(4.8	)%	—	%
Rate Differential	3.9	%	3.2	%
Valuation Allowance	(1.1	)%	37.9	%
Effective Income Tax Rate	—	%	—	%

Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2013. Residential recorded nominal state income tax expense in rental property operating expenses for the year ended December 31, 2013. There was no state income tax expense recorded by Residential in 2012.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 08
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-Article 4

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings per share	12 Months Ended
Earnings per share	Dec. 31, 2013
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Because we incurred a net loss attributable to common stockholders for the year ended December 31, 2013 and December 31, 2012, basic and diluted earnings per share are equivalent for the periods. For the year ended December 31, 2013 and for the period from March 15, 2013 to December 31, 2012, there were 286,264 and 276,100 stock options, respectively, and 226,481 and 205,512 units of restricted stock excluded from the calculation of diluted earnings per share because inclusion would have been anti-dilutive. The shares are weighted by period outstanding since the separation on December 21, 2012.

Segment information	12 Months Ended
Segment information	Dec. 31, 2013
Segment Reporting [Abstract]
Segment information	Segment information Our primary business is to provide asset management and certain corporate governance services to Residential. Residential's primary business is the acquisition and ownership of single-family rental assets. Residential's primary sourcing strategy is to acquire these assets by purchasing sub-performing and non-performing mortgages. As a result, we operate in a single segment focused on the management of Residential's resolution of sub-performing and non-performing mortgages with the intent to modify as many loans as possible to keep borrowers in their homes or own the collateral which is suitable as long-term rental properties.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

Quarterly financial information (Notes)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

Quarterly financial information (unaudited)

The following tables set forth our quarterly financial information (unaudited, $ in thousands):



	2013
	First quarter			Second quarter			Third quarter			Fourth quarter			Total
Total rental revenues and net gain on investments	$	1,515		$	8,884		$	19,585		$	41,626		$	71,610

Net loss attributable to common stockholders	$	(840	)	$	(1,499	)	$	(2,557	)	$	(397	)	$	(5,293	)
Earnings per share of common stock – basic:
Earnings per share basic	$	(0.36	)	$	(0.64	)	$	(1.09	)	$	(0.17	)	$	(2.26	)
Earnings per share of common stock – diluted:
Earnings per share diluted	$	(0.36	)	$	(0.64	)	$	(1.09	)	$	(0.17	)	$	(2.26	)



			2012
	March 15 (inception) to March 31		Second quarter		Third quarter		Fourth quarter (1)			Total (1)
Total rental revenues and net gain on investments	$	—	$	—	$	—	$	—		$	—

Net loss attributable to common stockholders	$	—	$	—	$	—	$	(46	)	$	(46	)
Earnings per share of common stock – basic:
Earnings per share basic	$	—	$	—	$	—	$	(0.02	)	$	(0.02	)
Earnings per share of common stock – diluted:
Earnings per share diluted	$	—	$	—	$	—	$	(0.02	)	$	(0.02	)

_________

(1) Shares weighted by period outstanding since the separation on December 21, 2012

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Subsequent events (Notes)	12 Months Ended
Subsequent events (Notes)	Dec. 31, 2013
Subsequent Events [Abstract]
Subsequent Events	Subsequent events On January 2, 2014, Residential completed the acquisition of a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $94 million. We had agreed to acquire these mortgage loans pursuant to an agreement dated December 31, 2013. On January 22, 2014, we completed a public offering of 14,200,000 shares of Residential's common stock at $34.00 per share and Residential received net proceeds of $467.6 million. Residential intends to use the proceeds of this offering to purchase the remaining portfolios of mortgage loans that we had agreed to purchase in 2013, pay servicing fees for our mortgage loan portfolios, renovate the single-family rental properties we acquire, pay rental and property management expenses, pay fees and expenses to us under the asset management agreement and for working capital. On January 28, 2014, Residential acquired a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $7 million. On January 31, 2014, Residential acquired a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $792 million. On February 20, 2014, Residential's Board of Directors declared a cash dividend of $0.08 per share of its common stock, payable on March 10, 2014 to all shareholders of record as of the close of business on March 3, 2014. This additional dividend is intended to satisfy the requirement that a REIT must distribute at least 90% of its annual REIT taxable income to its stockholders and will be treated as a 2013 distribution for Residential's REIT qualification purposes.

Schedule III (Notes)

12 Months Ended

Dec. 31, 2013

Real estate and accumulated depreciation [Abstract]

Real Estate and Accumulated Depreciation Disclosure

Altisource Asset Management Corporation

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2013

($ in thousands)



					Initial Cost to Company		Capitalized Costs after Acquisition		Gross Amount at which Carried at Close of Period (2)
State	No. of Props	Type	Encumb		Bldg & Land Improv		Improv Carrying Costs		Bldg & Land Improv Total		Acc Depr		WA Age (1)	Date Acquired	Life on which Depr is Calc
Alabama	1	SFR	$	48	$	90	$	—	$	90	$	—	45	2013
Arizona	13	SFR	799		2,206		10		2,216		2		35	2013	3-27.5 years
Arkansas	1	SFR	—		203		—		203		—		17	2013
California	21	SFR	1,869		4,056		55		4,111		2		31	2013	3-27.5 years
Colorado	1	SFR	70		170		—		170		—		57	2013
Connecticut	2	SFR	265		491		—		491		—		40	2013
Florida	64	SFR	3,021		8,411		214		8,625		13		21	2013	3-27.5 years
Georgia	3	SFR	298		765		7		772		—		25	2013	3-27.5 years
Hawaii	1	SFR	40		67		—		67		—		24	2013
Illinois	29	SFR	1,485		4,388		69		4,457		2		44	2013	3-27.5 years
Indiana	7	SFR	339		980		31		1,011		1		34	2013	3-27.5 years
Kansas	1	SFR	49		94		—		94		—		92	2013
Kentucky	4	SFR	109		351		—		351		—		45	2013
Louisiana	3	SFR	53		216		9		225		—		35	2013
Maine	1	SFR	55		153		—		153		—		93	2013
Maryland	4	SFR	228		504		—		504		—		39	2013
Massachusetts	1	SFR	116		194		—		194		—		21	2013
Michigan	7	SFR	215		468		—		468		—		52	2013
Missouri	2	SFR	84		300		—		300		—		16	2013
Nevada	5	SFR	222		598		42		640		1		40	2013	3-27.5 years
New Jersey	6	SFR	217		743		—		743		—		90	2013
New Mexico	3	SFR	97		335		—		335		—		32	2013
New York	4	SFR	573		1,009		4		1,013		—		31	2013	3-27.5 years
North Carolina	22	SFR	1,162		2,517		12		2,529		—		45	2013	3-27.5 years
Ohio	7	SFR	355		957		—		957		—		27	2013
Oklahoma	2	SFR	111		209		—		209		—		16	2013
Pennsylvania	11	SFR	556		1,434		11		1,445		—		66	2013	3-27.5 years
South Carolina	3	SFR	59		318		27		345		2		12	2013	3-27.5 years
Tennessee	1	SFR	71		135		—		135		—		60	2013
Texas	10	SFR	355		1,033		94		1,127		2		21	2013	3-27.5 years
Utah	3	SFR	250		489		—		489		—		46	2013
Virginia	3	SFR	510		849		—		849		—		30	2013
Washington	1	SFR	72		140		—		140		—		33	2013
West Virginia	1	SFR	208		346		—		346		—		58	2013
Wisconsin	14	SFR	569		1,309		—		1,309		—		32	2013
Total (2)	262		14,530		36,528		585		37,113		25		35

__________


(1)	Weighted average age is based on the age of the property weighted by gross amount at which carried at close of period.


(2)	The following table sets forth the activity of real estate assets and accumulated depreciation ($ in thousands):



	For the year ended December 31, 2013
Real estate assets:
Beginning balance	$	—
Acquisitions through foreclosure	31,014
Other acquisitions	6,198
Improvements	586
Cost of real estate sold	(685		)
Ending balance (1)	$	37,113

Accumulated depreciation:
Beginning balance	$	—
Depreciation expense	25
Cost of real estate sold	—
Ending balance	$	25

__________

(1) The aggregate cost for federal income tax purposes is $37.1 million as of December 31, 2013.

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details

Schedule IV (Notes)

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans on Real Estate, by Loan Disclosure

Mortgage loans

Acquisitions

During the year ended December 31, 2013, Residential completed the acquisition of the following portfolios of non-performing residential mortgage loans:


•	On February 14, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $94 million.


•	On March 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $39 million.


•	On April 5, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $122 million.


•	On August 6, 2013 and September 19, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $241 million.


•	On August 26, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $67 million.


•	On September 30, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $404 million.


•	On October 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $298 million.


•	On December 23, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $530 million.

Transfer of mortgage loans to real estate owned

Dispositions

Altisource Asset Management Corporation

Schedule IV - Mortgage Loans on Real Estate

December 31, 2013

($ in thousands)



Description (face value of loan)	Loan count	Interest rate	Maturity	Carrying amount of mortgages (1)		Principal amount of loans subject to delinquent principal or interest
$0-49,999	63	2.375% - 13.875%	03/24/2014 - 12/01/2040	$	1,013	$	2,118
$50,000-99,999	794	2.000% - 16.125%	09/01/2010 - 05/01/2051	30,679		58,181
$100,000-149,999	1,667	2.000% - 13.650%	02/01/2010 - 11/01/2053	114,844		198,753
$150,000-199,999	1,339	2.000% - 13.950%	05/01/2010 - 09/01/2053	125,922		222,205
$200,000-249,999	1,125	2.000% - 11.960%	06/01/2009 - 01/01/2057	136,013		240,679
$250,000+	3,066	1.000% - 12.375%	01/01/2010 - 09/01/2057	798,692		1,307,378
Total (2)	8,054			$	1,207,163	$	2,029,314

_____________

(1)


(2)	The following table sets forth the activity of mortgage loans ($ in thousands):



	For the year ended December 31, 2013
Mortgage loans
Beginning balance	$	—
Investment in mortgage loans	1,213,811
Net unrealized gain on mortgage loans	61,092
Cost of mortgages sold	(38,297		)
Mortgage loan payments	(4,901		)
Real estate tax advances to borrowers	6,472
Transfer of mortgage loans to real estate owned	(31,014		)
Ending balance	$	1,207,163

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Cash and cash equivalents

Cash equivalents

We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

Comprehensive income

Because comprehensive income (loss) equals net income (loss), separate statements of comprehensive income (loss) are not presented as part of our consolidated financial statements.

Concentration of credit risk

Consolidation

Consolidations

Earnings per share

Expense reimbursement and incentive management fees

Expense reimbursement and incentive management fee

Fair value measurements

Fair value of financial instruments

We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows:


•	Level 1 - Quoted prices in active markets for identical assets or liabilities.


•	Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.


•	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Income tax

Income taxes

Mortgage loans

Real estate impairment

Residential real estate

Residential properties

Residential rental revenues

Restricted cash

Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

The following table sets forth the financial assets and liabilities that Residential measures at fair value by level within the fair value hierarchy as of December 31, 2013 ($ in thousands):



	Level 1		Level 2		Level 3
	Quoted prices in active markets		Observable inputs other than Level 1 prices		Unobservable inputs
Recurring basis (assets)
Mortgage loans	$	—	$	—	$	1,207,163
Nonrecurring basis (assets)
Transfer of mortgage loans to real estate owned	$	—	$	—	$	31,014
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase agreements at fair value	$	—	$	602,382	$	—

Fair value, assets measured on recurring basis, unobservable input reconciliation

The following table sets forth the changes in Residential's level 3 assets that are measured at fair value on a recurring basis ($ in thousands):



	For the year ended December 31, 2013
Mortgage loans
Beginning balance	$	—
Investment in mortgage loans	1,213,811
Net unrealized gain on mortgage loans	61,092
Net realized gain on mortgage loans	10,482
Mortgage loan dispositions	(48,779		)
Mortgage loan payments	(4,901		)
Real estate tax advances to borrowers	6,472
Transfer of mortgage loans to real estate owned	(31,014		)
Ending balance	$	1,207,163

Net unrealized gain on mortgage loans held	$	61,092
Accumulated net unrealized gain on mortgage loans held	$	61,092

Delinquency by unpaid principal balance



	Number of loans	Carrying value		Unpaid principal balance		Market value of underlying properties
Current	238	$	31,649	$	60,051	$	52,506
30 days	26	2,087		4,492		3,763
60 days	23	3,376		5,683		4,738
90 days	1,555	245,024		419,836		355,451
Foreclosure	6,212	925,027		1,609,546		1,310,439
	8,054	$	1,207,163	$	2,099,608	$	1,726,897

Fair value measurements, recurring and nonrecurring, valuation techniques

The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of December 31, 2013:



Input	Range
Discount rate	15.0%
Annual change in home pricing index	-0.3% - 7.6%
Loan resolution probabilities — modification	0.00% - 22.3%
Loan resolution probabilities — rental	0.00% - 100.0%
Loan resolution probabilities — liquidation	0.00% - 100.0%
Loan resolution timelines (in years)	0.1 - 5.8
Value of underlying properties	$3,000 - $3,550,000

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a,b,bb)
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Repurchase agreements Repurchase agreements (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Debt

The following table sets forth data with respect to Residential's repurchase agreements as of December 31, 2013 ($ in thousands):



	Maximum borrowing capacity		Carrying value of collateral		Amount outstanding
Repurchase agreement due March 21, 2014	$	100,000	$	166,350	$	85,364
Repurchase agreement due March 23, 2015	400,000		634,234		398,602
Repurchase agreement due March 11, 2016	250,000		205,328		118,416
	$	750,000	$	1,005,912	$	602,382

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

The following table sets forth scheduled future principal payments due on Residential's repurchase agreements as of December 31, 2013 ($ in thousands):



Years ending December 31,	Principal amount (1)
2014	$	85,364
2015	398,602
2016	118,416
	602,382

________

(1) Does not consider contractually available extension options for amounts due in 2015 and 2016.

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2013

Related party transactions

Our consolidated statements of operations included the following significant related party transactions ($ in thousands):



	For the year ended December 31, 2013		March 15, 2012 (inception) to December 31, 2012		Counter-party	Consolidated statements of operations location
Residential rental property operating expenses	$	767	$	—	Altisource	Residential rental property operating expenses
Mortgage loan servicing costs	$	9,335	$	—	Ocwen	Mortgage loan servicing costs
Due diligence and unsuccessful deal costs	$	2,059	$	—	Altisource	Related party general and administrative expenses
Office and occupancy costs	$	256	$	—	Ocwen	Related party general and administrative expenses
Salaries and benefits	$	1,273	$	—	Altisource/Ocwen	Related party general and administrative expenses
Expense reimbursement	$	5,411	$	42	Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate
Incentive management fee	$	4,880	$	—	Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

Incentive compensation and share-based payments (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of share-based compensation, shares reserved for future issuance [Table Text Block]

The following table sets forth the number of shares of common stock reserved for future issuance:



	December 31, 2013
Stock options outstanding	281,221
Possible future issuances under equity incentive plan	148,392
	429,613

Schedule of share-based compensation, stock options, activity

The following table sets forth the activity of our outstanding options:



	Number of options		Weighted average exercise price per share
March 15, 2012 (inception) to December 31, 2012	—		$	—
Granted	305,824		1.36
December 31, 2012	305,824		1.36
Exercised	(10,215	)	1.89
Forfeited or canceled	(14,388	)	5.87
December 31, 2013 (1), (2)	281,221		$	1.11

__________

(1) The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.0 years with total intrinsic value of $261.1 million.

Schedule of share-based compensation, restricted stock activity

The following table sets forth the activity of our restricted stock:



	Number of shares		Weighted average grant date fair value
December 31, 2012	205,512		$	5.90
Granted (1)	32,667		70.16
Vested (2)	(660	)	5.90
Forfeited or canceled	(8,765	)	5.90
December 31, 2013 (3)	228,754		$	15.32

__________

(1) The fair value at grant date of restricted stock issued during the year ended December 31, 2013 was $2.4 million.

(2) The vesting date fair value of restricted stock that vested during the year ended December 31, 2013 was $0.2 million.

Share-based payments, other than stock options, valuation assumptions [Table Text Block]

The weighted average grant date fair value of restricted stock granted was determined using the following assumptions, weighted by number of shares:



	March 15, 2012 (inception) to December 31, 2012
Risk Free Interest Rate (a)	2.81	%
Common Stock Dividend Yield (b)	0	%
Expected Volatility (c)	100	%

__________

(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants.

(b) At the date of grant, we had no history of dividend payments.

(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility.

The fair value of restricted stock granted was determined using the following assumptions, weighted by number of shares:



	For the year ended December 31, 2013		March 15, 2012 (inception) to December 31, 2012
Risk Free Interest Rate (a)	3.18	%	2.81	%
Common Stock Dividend Yield (b)	0	%	0	%
Expected Volatility (c)	36.31	%	100	%

__________

(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants.

(b) At the date of grant, we had no history of dividend payments.

(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility.

Income taxes Tables (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The following table sets forth the sources of our net loss:



	For the year ended December 31, 2013			March 15, 2012 (inception) to December 31, 2012
U.S. Virgin Islands	$	(5,261	)	$	(33	)
Other	(32		)	(102		)
Net loss	$	(5,293	)	$	(135	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The following table sets forth the components of our deferred tax assets:



	December 31, 2013			December 31, 2012
Stock compensation and other	$	377		$	23
Accrued Expenses	4			28
Gross Deferred Tax Asset	381			51
Valuation Allowance	(381		)	(51		)
Net Deferred Tax Asset	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table sets for the reconciliation of the statutory U.S. Virgin Islands income tax rate to our effective income tax rate:



	For the year ended December 31, 2013		March 15, 2012 (inception) to December 31, 2012
U.S. Virgin Islands Income Tax Rate	(38.5	)%	(38.5	)%
State and Local Income Tax Rates	—	%	(2.6	)%
Excluded REIT income	40.5	%	—	%
EDC benefits	(4.8	)%	—	%
Rate Differential	3.9	%	3.2	%
Valuation Allowance	(1.1	)%	37.9	%
Effective Income Tax Rate	—	%	—	%

Quarterly financial information (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following tables set forth our quarterly financial information (unaudited, $ in thousands):



	2013
	First quarter			Second quarter			Third quarter			Fourth quarter			Total
Total rental revenues and net gain on investments	$	1,515		$	8,884		$	19,585		$	41,626		$	71,610

Net loss attributable to common stockholders	$	(840	)	$	(1,499	)	$	(2,557	)	$	(397	)	$	(5,293	)
Earnings per share of common stock – basic:
Earnings per share basic	$	(0.36	)	$	(0.64	)	$	(1.09	)	$	(0.17	)	$	(2.26	)
Earnings per share of common stock – diluted:
Earnings per share diluted	$	(0.36	)	$	(0.64	)	$	(1.09	)	$	(0.17	)	$	(2.26	)



			2012
	March 15 (inception) to March 31		Second quarter		Third quarter		Fourth quarter (1)			Total (1)
Total rental revenues and net gain on investments	$	—	$	—	$	—	$	—		$	—

Net loss attributable to common stockholders	$	—	$	—	$	—	$	(46	)	$	(46	)
Earnings per share of common stock – basic:
Earnings per share basic	$	—	$	—	$	—	$	(0.02	)	$	(0.02	)
Earnings per share of common stock – diluted:
Earnings per share diluted	$	—	$	—	$	—	$	(0.02	)	$	(0.02	)

_________

(1) Shares weighted by period outstanding since the separation on December 21, 2012

Organization and basis of presentation (Details) - USD ($)				10 Months Ended	12 Months Ended
	Oct. 02, 2013	May 01, 2013	Dec. 21, 2012	Dec. 31, 2012	Dec. 31, 2013	Sep. 23, 2013	Sep. 12, 2013	Mar. 22, 2013
Organization and Basis of Presentation [Line Items]
Term of contract			15 years
Proceeds from Issuance of Common Stock				$ 5,000,000	$ 935,000
Variable Interest Entity, Primary Beneficiary [Member]
Organization and Basis of Presentation [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	17,187,000	17,250,000
Sale of Stock, Price Per Share	$ 21	$ 18.75
Proceeds from Issuance of Common Stock	$ 349,400,000	$ 309,500,000
Secured debt [Member]
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					750,000,000
Secured debt [Member] \| Repurchase agreement due March 21, 2014
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					100,000,000
Secured debt [Member] \| Repurchase agreement due March 21, 2014 \| Variable Interest Entity, Primary Beneficiary [Member]
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity								$ 100,000,000
Secured debt [Member] \| Repurchase agreement due March 11, 2016
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					250,000,000
Secured debt [Member] \| Repurchase agreement due March 11, 2016 \| Variable Interest Entity, Primary Beneficiary [Member]
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity							$ 250,000,000
Secured debt [Member] \| Repurchase agreement due March 23, 2015
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					$ 400,000,000
Secured debt [Member] \| Repurchase agreement due March 23, 2015 \| Variable Interest Entity, Primary Beneficiary [Member]
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity						$ 400,000,000

Summary of significant accounting policies (Details)	12 Months Ended
Summary of significant accounting policies (Details)	Dec. 31, 2013
Minimum [Member]
Summary of significant accounting policies [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Amortization period deferred leasing costs	1 year
Maximum [Member]
Summary of significant accounting policies [Line Items]
Property, Plant and Equipment, Useful Life	27 years 6 months
Amortization period deferred leasing costs	2 years

Mortgage loans (Details) $ in Thousands	10 Months Ended	12 Months Ended
Mortgage loans (Details) $ in Thousands	Dec. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) property
Mortgage loans [Line Items]
Number of Real Estate Acquired Through Foreclosure \| property		228
Transfer of mortgage loans to real estate owned	$ 0	$ 31,014
Number of mortgage loans liquidated \| property		211
Net realized gain on mortgage loans	$ 0	$ 10,482
Loans receivable [Member] \| Residential mortgage [Member]
Mortgage loans [Line Items]
Due diligence costs		2,900
Transfer of mortgage loans to real estate owned		31,000
Loans receivable [Member] \| Residential mortgage [Member] \| Mortgage loans on real estate, Pool one [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value		94,000
Loans receivable [Member] \| Residential mortgage [Member] \| Mortgage loans on real estate, Pool two [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value		39,000
Loans receivable [Member] \| Residential mortgage [Member] \| Mortgage Loans on Real Estate, Pool three [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value		122,000
Loans receivable [Member] \| Residential mortgage [Member] \| Mortgage Loans on Real Estate, Pool four [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value		241,000
Loans receivable [Member] \| Residential mortgage [Member] \| Mortgage Loans on Real Estate, Pool five [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value		67,000
Loans receivable [Member] \| Residential mortgage [Member] \| Mortgage Loans on Real Estate, Pool six [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value		404,000
Loans receivable [Member] \| Residential mortgage [Member] \| Mortgage loans on real estate, pool seven [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value		298,000
Loans receivable [Member] \| Residential mortgage [Member] \| Mortgage loans on real estate, pool eight [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value		$ 530,000

Real estate assets (Details) $ in Thousands	10 Months Ended	12 Months Ended
Real estate assets (Details) $ in Thousands	Dec. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) property
Real Estate [Abstract]
Number of real estate properties directly acquired		40
Real estate directly acquired \| $	$ 0	$ 6,198
Number of real estate properties held for sale		16
Real estate assets held for sale (from consolidated VIE) \| $	$ 0	$ 1,186
Number of real estate properties held for use		246
Number of real estate properties rented		14
Number of real estate properties listed for rent		11
Number of real estate properties in various stages of lease preparation		18
Number of real estate properties under evaluation for rental portfolio		203
Number of real estate properties sold		4

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Fair value, inputs, level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repurchase agreements at fair value	$ 0
Fair value, inputs, level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repurchase agreements at fair value	602,382
Fair value, inputs, level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repurchase agreements at fair value	0
Fair value measurements, recurring [Member] \| Fair value, inputs, level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0
Fair value measurements, recurring [Member] \| Fair value, inputs, level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0
Fair value measurements, recurring [Member] \| Fair value, inputs, level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	1,207,163
Fair value measurements, nonrecurring [Member] \| Fair value, inputs, level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of mortgage loans to real estate owned	0
Fair value measurements, nonrecurring [Member] \| Fair value, inputs, level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of mortgage loans to real estate owned	0
Fair value measurements, nonrecurring [Member] \| Fair value, inputs, level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of mortgage loans to real estate owned	$ 31,014

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain on mortgage loans held	$ 0	$ 61,092
Residential mortgage [Member] \| Fair value, inputs, level 3 [Member] \| Loans receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0
Investment in mortgage loans		1,213,811
Net unrealized gain on mortgage loans		61,092
Net realized gain on mortgage loans		10,482
Mortgage loan dispositions		48,779
Mortgage loan payments		(4,901)
Real estate tax advances to borrowers		6,472
Transfer of mortgage loans to real estate owned		(31,014)
Ending balance	$ 0	1,207,163
Net unrealized gain on mortgage loans held		61,092
Accumulated net unrealized gain on mortgage loans held		$ 61,092

Fair value of financial instruments - Fair value by delinquency (Details) - Residential portfolio segment [Member] - Loans receivable [Member] - Residential mortgage [Member] $ in Thousands	Dec. 31, 2013 USD ($) loan
Number of loans [Abstract]
Current \| loan	238
30 \| loan	26
60 \| loan	23
90 \| loan	1,555
Foreclosure \| loan	6,212
Financing Receivables, Number of Loans, Total \| loan	8,054
Carrying value
Current	$ 31,649
30	2,087
60	3,376
90	245,024
Foreclosure	925,027
Mortgage loans	1,207,163
Unpaid principal balance
Current	60,051
30	4,492
60	5,683
90	419,836
Foreclosure	1,609,546
Mortgage loans, unpaid principal balance	2,099,608
Market value of underlying properties
Current	52,506
30	3,763
60	4,738
90	355,451
Foreclosure	1,310,439
Mortgage loans, collateral at fair value	$ 1,726,897

Fair value of financial instruments - Fair value inputs, quantitative information (Details) - Residential mortgage [Member] - Loans receivable [Member] - Fair value, inputs, level 3 [Member]	12 Months Ended
	Dec. 31, 2013 USD ($)
Minimum [Member]
Fair value inputs, assets, quantitative information [Line Items]
Discount rate	15.00%
Annual change in home pricing index	(0.30%)
Loan resolution probabilities — modification	0.00%
Loan resolution probabilities — rental	0.00%
Loan resolution probabilities — liquidation	0.00%
Loan resolution timelines	0 months
Value of underlying properties	$ 3,000
Maximum [Member]
Fair value inputs, assets, quantitative information [Line Items]
Discount rate	15.00%
Annual change in home pricing index	7.60%
Loan resolution probabilities — modification	22.30%
Loan resolution probabilities — rental	100.00%
Loan resolution probabilities — liquidation	100.00%
Loan resolution timelines	5 years 10 months
Value of underlying properties	$ 3,550,000

Repurchase agreements (Details) - USD ($)

Dec. 31, 2013

Sep. 23, 2013

Sep. 12, 2013

Mar. 22, 2013

Dec. 31, 2012

Debt [Line Items]

Repurchase agreements (from consolidated VIE)

$ 602,382,000

$ 0

Long-term Debt, Maturities, Repayments of Principal in Year Three

$ 602,382,000

Secured debt [Member]

Debt [Line Items]

Interest rate

3.27%

Maximum borrowing capacity

$ 750,000,000

Book value of collateral

1,005,912,000

Repurchase agreements (from consolidated VIE)

602,382,000

Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months

85,364,000

Long-term Debt, Maturities, Repayments of Principal in Year Two

^[1]

398,602,000

Long-term Debt, Maturities, Repayments of Principal in Year Three

^[1]

118,416,000

Repurchase agreement due March 21, 2014 | Secured debt [Member]

Debt [Line Items]

Maximum borrowing capacity

100,000,000

Book value of collateral

166,350,000

Repurchase agreements (from consolidated VIE)

85,364,000

Repurchase agreement due March 23, 2015 | Secured debt [Member]

Debt [Line Items]

Maximum borrowing capacity

400,000,000

Book value of collateral

634,234,000

Repurchase agreements (from consolidated VIE)

398,602,000

Repurchase agreement due March 11, 2016 | Secured debt [Member]

Debt [Line Items]

Maximum borrowing capacity

250,000,000

Book value of collateral

205,328,000

Repurchase agreements (from consolidated VIE)

$ 118,416,000

Variable Interest Entity, Primary Beneficiary [Member] | Repurchase agreement due March 21, 2014 | Secured debt [Member]

Debt [Line Items]

Maximum borrowing capacity

$ 100,000,000

Variable Interest Entity, Primary Beneficiary [Member] | Repurchase agreement due March 23, 2015 | Secured debt [Member]

Debt [Line Items]

Maximum borrowing capacity

$ 400,000,000

Variable Interest Entity, Primary Beneficiary [Member] | Repurchase agreement due March 11, 2016 | Secured debt [Member]

Debt [Line Items]

Maximum borrowing capacity

$ 250,000,000

[1]	(1) Does not consider contractually available extension options for amounts due in 2015 and 2016

Related party transactions (Details) $ / shares in Units, ft² in Thousands			7 Months Ended	10 Months Ended	12 Months Ended
	Nov. 15, 2013	Dec. 21, 2012 USD ($) Q $ / shares	Dec. 31, 2012 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) ft²
Ocwen [Member] \| Affiliated entity [Member] \| Aircraft Time Sharing Agreement [Member]
Related party transaction [Line Items]
Percentage of expenses to be paid for use of aircraft	100.00%
Ocwen [Member] \| Affiliated entity [Member] \| Operating Lease Agreement [Member]
Related party transaction [Line Items]
Area of lease \| ft²					2
Addition to base rent under operating lease, percent of lease-related operating expenses and leasehold improvements					50.00%
Ocwen [Member] \| Affiliated entity [Member] \| Lease Agreement, Through June, 2014 [Member]
Related party transaction [Line Items]
Base rent under operating lease					$ 40,000
Ocwen [Member] \| Affiliated entity [Member] \| Lease Agreement, After June, 2014 [Member]
Related party transaction [Line Items]
Base rent under operating lease					45,000
Ocwen [Member] \| Affiliated entity [Member] \| Mortgage loan servicing costs (paid by Residential) \| Mortgage loan servicing costs
Related party transaction [Line Items]
Related party expenses			$ 0		9,335,000
Ocwen [Member] \| Affiliated entity [Member] \| Related party general and administrative expenses \| Office and occupancy costs
Related party transaction [Line Items]
Related party expenses				$ 0	256,000
Ocwen [Member] \| Mortgage loans on real estate, Pool one [Member] \| Loans receivable [Member] \| Residential mortgage [Member] \| Acquisition of nonperforming loans [Member]
Related party transaction [Line Items]
Loans acquired from related party, aggregate collateral fair value					94,000,000
Loans acquired from related party, aggregate purchase price					64,400,000
Altisource Residential [Member] \| Affiliated entity [Member] \| Asset Management Agreement [Member]
Related party transaction [Line Items]
Contract term		15 years
Average capital required per contract terms		$ 50,000,000
Average capital requirement, term \| Q		2
Contract term, noncancellable period		24 months
Contract termination, notice period		180 days
Multiplier used to calculate termination fee		3
Period preceding termination used in calculation of termination fee		24 months
Altisource Residential [Member] \| Affiliated entity [Member] \| Scaling Contract, Threshold One [Member]
Related party transaction [Line Items]
Incentive management fee, percent of available cash		2.00%
Incentive management fee, available cash per share threshold \| $ / shares		$ 0.161
Altisource Residential [Member] \| Affiliated entity [Member] \| Scaling Contract, Threshold Two [Member]
Related party transaction [Line Items]
Incentive management fee, percent of available cash		15.00%
Incentive management fee, available cash per share threshold \| $ / shares		$ 0.193
Altisource Residential [Member] \| Affiliated entity [Member] \| Scaling Contract, Threshold Three [Member]
Related party transaction [Line Items]
Incentive management fee, percent of available cash		25.00%
Incentive management fee, available cash per share threshold \| $ / shares		$ 0.257
Altisource Residential [Member] \| Affiliated entity [Member] \| Scaling Contract, Threshold Four [Member]
Related party transaction [Line Items]
Incentive management fee, percent of available cash		50.00%
Altisource Residential [Member] \| Affiliated entity [Member] \| Net loss (income) attributable to noncontrolling interest in consolidated affiliate \| Expense reimbursement
Related party transaction [Line Items]
Related party expenses				42,000	5,411,000
Altisource Residential [Member] \| Affiliated entity [Member] \| Net loss (income) attributable to noncontrolling interest in consolidated affiliate \| Incentive management fee
Related party transaction [Line Items]
Related party expenses				0	4,880,000
Altisource [Member] \| Affiliated entity [Member] \| Support Services Agreement [Member]
Related party transaction [Line Items]
Automatic renewal term		2 years
Termination period if asset management agreement terminates		30 days
Altisource [Member] \| Affiliated entity [Member] \| Trademark License Agreement [Member]
Related party transaction [Line Items]
Termination period if asset management agreement terminates		30 days
Nonrenewal notice notification period		30 days
Altisource [Member] \| Affiliated entity [Member] \| Residential rental property operating expenses (paid by Residential) \| Residential rental property operating expenses
Related party transaction [Line Items]
Related party expenses			0		767,000
Altisource [Member] \| Affiliated entity [Member] \| Related party general and administrative expenses \| Due diligence and unsuccessful deal costs
Related party transaction [Line Items]
Related party expenses			$ 0		2,059,000
Altisource and Ocwen [Member] \| Affiliated entity [Member] \| Related party general and administrative expenses \| Salaries and benefits
Related party transaction [Line Items]
Related party expenses				$ 0	$ 1,273,000

Incentive compensation and share-based payments Details (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Incentive compensation [Line Items]
Scorecard weighting	80.00%
Personal evaluation weighting	20.00%
Value of restricted stock granted to directors annually	$ 45
Allocated Share-based Compensation Expense	$ 200
Minimum [Member]
Incentive compensation [Line Items]
Non-equity incentive compensation percentage	0.00%
Maximum [Member]
Incentive compensation [Line Items]
Non-equity incentive compensation percentage	150.00%

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Incentive compensation and share-based payments Schedule of shares reserved for future issuance (Details)	12 Months Ended
	Dec. 31, 2013 shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	281,221
Possible future issuance under director compensation plan	148,392
Common Stock, Capital Shares Reserved for Future Issuance	429,613
Common stock, shares available to be issued under charter	2,645,226
Percentage of outstanding shares that may be issued	15.00%

Incentive compensation and share-based payments Schedule of stock option activity (Details) - USD ($)
$ / shares in Units, $ in Millions

10 Months Ended

12 Months Ended

Dec. 31, 2012

Dec. 31, 2013

Mar. 15, 2013

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

281,221

Stock Option [Member] | 2012 Conversion Option Plan and 2012 Special Conversion Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

305,824

281,221

^[1],[2]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

305,824

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

(10,215)

Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period

14,388

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price

$ 1.36

$ 1.11

$ 0.00

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 1.36

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price

1.89

Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price

$ 5.87

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

5 years

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value

$ 261.1

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number

251,163

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price

$ 0.94

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term

4 years 9 months

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value

$ 233.3

[1]	(1) The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.0 years with total intrinsic value of $261.1 million.
[2]	(2) We have 251,163options exercisable as of December 31, 2013 with weighted average exercise price of $0.94, weighted average remaining life of 4.8 years and intrinsic value of $233.3 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2013.

Incentive compensation and share-based payments Share-based payments, restricted stock activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage	25.00%
Tranche one [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of restricted stock grant	25.00%
Compound annual gain percentage, common stock	20.00%
Market value, common stock	$ 250,000,000
Tranche two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of restricted stock grant	50.00%
Compound annual gain percentage, common stock	22.50%
Market value, common stock	$ 500,000,000
Tranche three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of restricted stock grant	25.00%
Compound annual gain percentage, common stock	25.00%
Market value, common stock	$ 750,000,000
Director compensation plan [Member] \| Time based restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value	$ 2,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	228,754	205,512
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	32,667
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(660)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(8,765)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 15.32	$ 5.90
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	70.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 5.90
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value	$ 200,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options	$ 22,100,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	3 years 1 month
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 5.90

Incentive compensation and share-based payments Share-based payments, other than stock options, valuation assumptions (Details)

10 Months Ended

12 Months Ended

Dec. 31, 2012

Dec. 31, 2013

Employee [Member]

Schedule of share-based payment, other than stock options, valuation assumptions [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate

^[1]

2.81%

3.18%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate

^[2]

0.00%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate

^[3]

100.00%

36.31%

Non-employee [Member]

Schedule of share-based payment, other than stock options, valuation assumptions [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate

^[4]

2.81%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate

^[5]

0.00%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate

^[6]

100.00%

[1]	(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants.
[2]	(b) At the date of grant, we had no history of dividend payments.
[3]	(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility.
[4]	(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants.
[5]	(b) At the date of grant, we had no history of dividend payments.
[6]	(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility.

Income taxes (Details)	10 Months Ended	12 Months Ended
Income taxes (Details)	Dec. 31, 2012	Dec. 31, 2013
Income Taxes [Abstract]
Projected U.S. Virgin Islands Tax Rate	(38.50%)	(38.50%)
Valuation allowance percentage		100.00%

Income taxes Schedule of income by jurisdiction (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Schedule of income by jurisdiction [Line Items]
Net Income (Loss) Attributable to Parent, Taxable	$ (135)	$ (5,293)
U.S. Virgin Islands [Member]
Schedule of income by jurisdiction [Line Items]
Net Income (Loss) Attributable to Parent, Taxable	(33)	(5,261)
Other jurisdiction [Member]
Schedule of income by jurisdiction [Line Items]
Net Income (Loss) Attributable to Parent, Taxable	$ (102)	$ (32)

Income taxes Schedule of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Stock compensation and other	$ 377	$ 23
Accrued Expenses	4	28
Gross Deferred Tax Asset	381	51
Valuation Allowance	(381)	(51)
Net Deferred Tax Asset	$ 0	$ 0

- Definition

Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from share-based compensation.

+ References + Details

- Definition

Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from accrued liabilities.

+ References + Details

Income taxes Rate reconciliation (Details)	10 Months Ended	12 Months Ended
Income taxes Rate reconciliation (Details)	Dec. 31, 2012	Dec. 31, 2013
Income Tax Disclosure [Abstract]
U.S. Virgin Islands Income Tax Rate	(38.50%)	(38.50%)
State and Local Income Tax Rates	(2.60%)	0.00%
Excluded REIT income	0.00%	40.50%
EDC benefits	0.00%	(4.80%)
Rate Differential	3.20%	3.90%
Valuation Allowance	37.90%	(1.10%)
Effective Income Tax Rate	0.00%	0.00%

Earnings per share (Details) - shares	10 Months Ended	12 Months Ended
Earnings per share (Details) - shares	Dec. 31, 2012	Dec. 31, 2013
Earnings Per Share [Abstract]
Incremental Common Shares Attributable to Call Options and Warrants	276,100	286,264
Weighted Average Number of Shares, Restricted Stock	205,512	226,481

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method.

+ References + Details

Quarterly financial information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								10 Months Ended	12 Months Ended
	Mar. 31, 2012	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Dec. 31, 2012	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total rental revenues and net gain on investments	$ 0	$ 41,626	$ 19,585	$ 8,884	$ 1,515		$ 0	$ 0	$ 0	$ 0	$ 71,610
Net loss attributable to common stockholders	$ 0	$ (397)	$ (2,557)	$ (1,499)	$ (840)	$ 0	$ (46)		$ 0	$ (46)	$ (5,293)
Earnings per share basic	$ 0.00	$ (0.17)	$ (1.09)	$ (0.64)	$ (0.36)	$ 0.00	$ (0.02)		$ 0.00	$ (0.02)	$ (2.26)
Earnings per share diluted	$ 0.00	$ (0.17)	$ (1.09)	$ (0.64)	$ (0.36)	$ 0.00	$ (0.02)		$ 0.00	$ (0.02)	$ (2.26)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 944
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Subsequent events (Details) - USD ($) $ / shares in Units, $ in Thousands						10 Months Ended	12 Months Ended
	Feb. 20, 2014	Feb. 01, 2014	Jan. 29, 2014	Jan. 22, 2014	Jan. 02, 2014	Dec. 31, 2012	Dec. 31, 2013
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock						$ 5,000	$ 935
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of Stock, Price Per Share				$ 34.00
Proceeds from Issuance of Common Stock				$ 467,600
Stock Issued During Period, Shares, New Issues				14,200,000
Common Stock, Dividends, Per Share, Declared	$ 0.08
Residential mortgage [Member] \| Mortgage loans on real estate, pool nine [Member] \| Loans receivable [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Loans acquired, aggregate collateral market value					$ 94,000
Residential mortgage [Member] \| Mortgages loans on real estate, Pool ten [Member] \| Loans receivable [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Loans acquired, aggregate collateral market value			$ 7,000
Residential mortgage [Member] \| Mortgage loans on real estate, Pool eleven [Member] \| Loans receivable [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Loans acquired, aggregate collateral market value		$ 792,000

Schedule III Schedule III notes - USD ($)
$ in Thousands

10 Months Ended

12 Months Ended

Dec. 31, 2012

Dec. 31, 2013

Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]

Real Estate, Gross

$ 0

$ 37,113

^[1]

Transfer of mortgage loans to real estate owned

31,014

Real Estate, Other Acquisitions

6,198

Real Estate, Improvements

586

Real Estate, Cost of Real Estate Sold

(685)

Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]

Real Estate Accumulated Depreciation

$ 0

Real Estate Accumulated Depreciation, Depreciation Expense

Real Estate Accumulated Depreciation, Real Estate Sold

Aggregate cost for federal income tax purposes

$ 37,100

[1]	(1) The aggregate cost for federal income tax purposes is $37.1 million as of December 31, 2013.

Schedule IV (Details) - First Mortgage [Member] - Single family residential [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) loan
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Number of Loans \| loan	8,054
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 2,029,314
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 1,207,163
Mortgage loans under $50,000 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	13.875%
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.375%
Mortgage Loans on Real Estate, Number of Loans \| loan	63
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 2,118
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 1,013
Mortgage loans between $50,000 and $99,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	16.125%
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.00%
Mortgage Loans on Real Estate, Number of Loans \| loan	794
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 58,181
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 30,679
Mortgage loans between $100,000 and $149,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	13.65%
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.00%
Mortgage Loans on Real Estate, Number of Loans \| loan	1,667
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 198,753
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 114,844
Mortgage loans between $150,000 and $199,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	13.95%
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.00%
Mortgage Loans on Real Estate, Number of Loans \| loan	1,339
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 222,205
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 125,922
Mortgage loans between $200,000 and $249,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	11.96%
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.00%
Mortgage Loans on Real Estate, Number of Loans \| loan	1,125
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 240,679
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 136,013
Mortgage loans over $250,000 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	12.375%
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	1.00%
Mortgage Loans on Real Estate, Number of Loans \| loan	3,066
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 1,307,378
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 798,692
Minimum [Member] \| Mortgage loans under $50,000 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Mar. 24, 2014
Minimum [Member] \| Mortgage loans between $50,000 and $99,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Sep. 01, 2010
Minimum [Member] \| Mortgage loans between $100,000 and $149,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Feb. 01, 2010
Minimum [Member] \| Mortgage loans between $150,000 and $199,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	May 01, 2010
Minimum [Member] \| Mortgage loans between $200,000 and $249,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Jun. 01, 2009
Minimum [Member] \| Mortgage loans over $250,000 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Jan. 01, 2010
Maximum [Member] \| Mortgage loans under $50,000 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Dec. 01, 2040
Maximum [Member] \| Mortgage loans between $50,000 and $99,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	May 01, 2051
Maximum [Member] \| Mortgage loans between $100,000 and $149,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Nov. 01, 2053
Maximum [Member] \| Mortgage loans between $150,000 and $199,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Sep. 01, 2053
Maximum [Member] \| Mortgage loans between $200,000 and $249,999 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Jan. 01, 2057
Maximum [Member] \| Mortgage loans over $250,000 [Member]
Mortgage loans [Line Items]
Mortgage Loans on Real Estate, Final Maturity Date	Sep. 01, 2057

Schedule IV Schedule IV notes $ in Thousands	12 Months Ended
Schedule IV Schedule IV notes $ in Thousands	Dec. 31, 2013 USD ($)
Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loan payments	$ (4,901)
Real estate tax advances to borrowers	6,472
Residential mortgage [Member] \| Fair value, inputs, level 3 [Member] \| Loans receivable [Member]
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	0
Investment in mortgage loans	1,213,811
Net unrealized gain on mortgage loans	61,092
Cost of mortgages sold	(38,297)
Transfer of mortgage loans to real estate owned	31,014
Ending balance	$ 1,207,163