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Document and entity information - USD ($) $ in Millions	12 Months Ended
Document and entity information - USD ($) $ in Millions	Dec. 31, 2015	Feb. 22, 2016	Jun. 30, 2015
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	Large Accelerated Filer
Document type	10-K
Document period end date	Dec. 31, 2015
Document fiscal year focus	2015
Document fiscal period focus	FY
Amendment flag	false
Entity common stock, shares outstanding		1,970,572
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity public float			$ 167.4

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate held for use:
Land (from consolidated VIE)	$ 56,346	$ 14,424
Rental residential properties (net of accumulated depreciation of $7,127 and $1,062, respectively - from consolidated VIE)	224,040	60,908
Real estate owned (from consolidated VIE)	455,483	457,045
Total real estate held for use, net	735,869	532,377
Real estate assets held for sale (from consolidated VIE)	250,557	92,230
Mortgage loans at fair value (from consolidated VIE)	960,534	1,959,044
Mortgage loans held for sale (from consolidated VIE)	317,336	12,535
Cash and cash equivalents (including from consolidated VIE $116,702 and $66,166, respectively)	184,544	116,782
Restricted cash (from consolidated VIE)	20,566	13,282
Accounts receivable, net (including from consolidated VIE $45,903 and $10,313, respectively)	46,026	11,068
Related party receivables (from consolidated VIE)	0	17,491
Deferred leasing and financing costs, net (from consolidated VIE)	7,886	4,251
Prepaid expenses and other assets (including from consolidated VIE $415 and $373, respectively)	2,458	1,638
Total assets	2,525,776	2,760,698
Liabilities:
Repurchase agreements (from consolidated VIE)	767,513	1,015,000
Other secured borrowings (from consolidated VIE)	505,630	324,082
Accounts payable and accrued liabilities (including from consolidated VIE $32,448 and $11,678, respectively)	38,722	16,726
Related party payables (including from consolidated VIE $0 and $4,879, respectively)	0	6,169
Total liabilities	1,311,865	1,361,977
Commitments and contingencies (Note 7)
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of December 31, 2015 and 2014; redemption value $250,000	249,133	248,927
Equity:
Common stock, $.01 par value, 5,000,000 authorized shares; 2,556,828 and 2,048,223 shares issued and outstanding, respectively, as of December 31, 2015 and 2,452,101 and 2,188,136 shares issued and outstanding, respectively as of December 31, 2014	26	25
Additional paid-in capital	23,419	14,152
Retained earnings (accumulated deficit)	50,678	54,174
Treasury stock, at cost, 508,605 shares as of December 31, 2015 and 263,965 as of December 31, 2014	(254,984)	(245,468)
Total stockholders' equity	(180,861)	(177,117)
Noncontrolling interest in consolidated affiliate	1,145,639	1,326,911
Total equity	964,778	1,149,794
Total liabilities and equity	$ 2,525,776	$ 2,760,698

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets:
Rental residential properties, accumulated depreciation	$ 7,127,000	$ 1,062,000
Cash and cash equivalents	184,544,000	116,782,000
Accounts receivable	46,026,000	11,068,000
Related party receivables	0	17,491,000
Prepaid expenses and other assets	2,458,000	1,638,000
Liabilities:
Accounts payable and accrued liabilities	38,722,000	16,726,000
Related party payables	$ 0	$ 6,169,000
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares issued	250,000	250,000
Preferred stock, shares outstanding	250,000	250,000
Preferred stock, redemption amount	$ 250,000,000	$ 250,000,000
Equity:
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,556,828	2,452,101
Common stock, shares outstanding	2,048,223	2,188,136
Treasury stock, shares	508,605	263,965
Residential
Assets:
Cash and cash equivalents	$ 116,702,000	$ 66,166,000
Accounts receivable	45,903,000	10,313,000
Prepaid expenses and other assets	415,000	373,000
Liabilities:
Accounts payable and accrued liabilities	32,448,000	11,678,000
Related party payables	$ 0	$ 4,879,000

Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental revenues	$ 13,233	$ 1,564	$ 36
Net unrealized gain on mortgage loans	88,829	350,822	61,092
Net realized gain on mortgage loans	58,061	55,766	10,482
Net realized gain on mortgage loans held for sale	36,432	2,771	0
Net realized gain on real estate	50,932	9,482	0
Interest income	612	2,893	687
Total revenues	248,099	423,298	72,297
Expenses:
Residential property operating expenses	66,266	26,018	767
Real estate depreciation and amortization	7,472	1,067	25
Acquisition fees and costs	2,292	1,545	1,408
Business Combination, Acquisition Related Costs, Related Party	0	1,039	115
Real estate and mortgage loan selling costs and impairment	72,230	21,788	184
Mortgage loan servicing costs	62,346	68,181	10,418
Interest expense	53,131	35,647	4,568
General and administrative	32,896	18,346	16,857
Related party general and administrative	0	4,446	3,652
Total expenses	296,633	178,077	37,994
Other income	0	5,407	0
(Loss) income before income taxes	(48,534)	250,628	34,303
Income tax expense	354	2,096	0
Net (loss) income	(48,888)	248,532	34,303
Net (income) loss attributable to noncontrolling interest in consolidated affiliate	45,598	(188,853)	(39,596)
Net (loss) income attributable to common stockholders	$ (3,290)	$ 59,679	$ (5,293)
Earnings (loss) per share of common stock – basic:
Earnings (loss) per basic share (usd per share)	$ (1.59)	$ 26.31	$ (2.26)
Weighted average common stock outstanding – basic (in shares)	2,202,815	2,261,968	2,346,993
Earnings (loss) per share of common stock – diluted:
Earnings (loss) per diluted share (usd per share)	$ (1.59)	$ 21.07	$ (2.26)
Weighted average common stock outstanding – diluted (in shares)	2,202,815	2,832,188	2,346,993

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings (accumulated deficit)	Treasury stock	Noncontrolling interest in consolidated affiliates
Beginning balance, Shares at Dec. 31, 2012		2,343,213
Beginning 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	21	$ 1	20
Capital contribution from noncontrolling interest	659,007					659,007
Share-based compensation	7,842		7,842			0
Distribution from noncontrolling interest	(13,087)					(13,087)
Net income (loss)	34,303			(5,293)		39,596
Ending balance, Shares at Dec. 31, 2013		2,354,774
Ending balance at Dec. 31, 2013	792,967	$ 24	12,855	(5,339)		785,427
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, including option exercises, shares		97,327
Issuance of common stock, including option exercises	47	$ 1	46
Capital contribution from noncontrolling interest	468,429					468,429
Share-based compensation	1,478		1,251			227
Treasury shares repurchased	(245,468)				$ (245,468)
Distribution from noncontrolling interest	(116,025)					(116,025)
Amortization of preferred stock issuance costs	(166)			(166)
Net income (loss)	$ 248,532			59,679		188,853
Ending balance, Shares at Dec. 31, 2014	2,188,136	2,452,101
Ending balance at Dec. 31, 2014	$ 1,149,794	$ 25	14,152	54,174	(245,468)	1,326,911
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, including option exercises, shares		104,727
Issuance of common stock, including option exercises	73	$ 1	72
Capital contribution from noncontrolling interest	111					111
Share-based compensation	7,049		6,865			184
Treasury shares repurchased	(9,516)				(9,516)
Distribution from noncontrolling interest	(103,649)					(103,649)
Repurchase of noncontrolling interest in subsidiaries by affiliate	(24,983)					(24,983)
Change in subsidiary shares from noncontrolling interest	(5,007)		2,330			(7,337)
Amortization of preferred stock issuance costs	(206)			(206)
Net income (loss)	$ (48,888)			(3,290)		(45,598)
Ending balance, Shares at Dec. 31, 2015	2,048,223	2,556,828
Ending balance at Dec. 31, 2015	$ 964,778	$ 26	$ 23,419	$ 50,678	$ (254,984)	$ 1,145,639

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net income (loss)	$ (48,888)	$ 248,532	$ 34,303
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized gain on mortgage loans	(88,829)	(350,822)	(61,092)
Net realized gain on mortgage loans	(58,061)	(55,766)	(10,482)
Net realized gain on mortgage loans held for sale	(36,432)	(2,771)	0
Net realized gain on sale of real estate	(50,932)	(9,482)	0
Real estate depreciation and amortization	7,472	1,067	25
Real estate and mortgage loan selling costs and impairment	72,230	21,788	0
Accretion of interest on re-performing mortgage loans	(551)	(2,610)	0
Share-based compensation	6,865	1,478	7,842
Amortization of deferred financing costs	7,348	3,425	1,102
Loss on retirement of leasehold improvements	212	0	0
Changes in operating assets and liabilities:
Accounts receivable	(21,919)	(4,227)	0
Related party receivables	17,491	8,199	(515)
Prepaid expenses and other assets	(1,023)	(1,106)	(124)
Deferred leasing costs	(88)	0	0
Accounts payable and accrued liabilities	18,037	3,650	4,761
Related party payables	(6,169)	3,286	2,355
Net cash used in operating activities	(183,237)	(135,359)	(21,825)
Investing activities:
Investment in mortgage loans	0	(1,265,890)	(1,212,620)
Investment in real estate	(119,977)	(34,104)	(6,198)
Investment in renovations	(27,410)	(12,721)	(465)
Investment in affiliate	(5,007)	0	0
Real estate tax advances	(29,862)	(33,719)	(6,472)
Mortgage loan dispositions	468,111	334,366	38,967
Mortgage loan payments	26,206	20,900	4,901
Disposition of real estate	154,880	23,652	685
Acquisition-related deposits	0	0	(1,150)
Change in restricted cash	(7,284)	(7,404)	(5,878)
Net cash provided by (used in) investing activities	459,657	(974,920)	(1,188,230)
Financing activities:
Proceeds from issuance of preferred stock	0	250,000	0
Cost of issuance of preferred stock	0	(1,237)	0
Issuance of common stock, including stock option exercises	833	12,389	935
Repurchase of common stock	(9,516)	(245,468)	0
Payment of tax withholdings on exercise of stock options	(760)	(12,342)	(914)
Cost of issuance of common stock	0	0	0
Capital contribution from noncontrolling interest	111	468,429	659,007
Distribution to noncontrolling interest	(98,123)	(116,025)	(13,087)
Repurchase of noncontrolling interest in subsidiaries by affiliate	(24,983)	0	0
Proceeds from issuance of other secured debt	220,931	324,426	0
Repayments of secured notes	(39,832)	(344)	0
Proceeds from repurchase agreement	347,077	1,094,042	689,490
Repayments of repurchase agreement	(594,564)	(681,424)	(87,108)
Payment of deferred financing costs	(9,832)	(5,385)	(3,282)
Related party payables	0	0	0
Net cash (used in) provided by financing activities	(208,658)	1,087,061	1,245,041
Net increase (decrease) in cash and cash equivalents	67,762	(23,218)	34,986
Cash and cash equivalents as of beginning of the period	116,782	140,000	105,014
Cash and cash equivalents as of end of the period	184,544	116,782	140,000
Supplemental disclosure of cash flow information:
Cash paid for interest	46,559	31,053	2,445
Income taxes paid	265	2,778	0
Transfer of mortgage loans to real estate owned, net	470,221	587,268	31,014
Transfer of mortgage loans at fair value to mortgage loans held for sale	535,836	0	0
Change in accrued capital expenditures	(1,388)	4,151	0
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances, net	(592)	10,024	9,812
Changes in receivables from real estate owned dispositions	15,252	4,640	0
Acquisition-related payable	0	0	1,209
Unpaid distribution to noncontrolling interest	$ 5,526	$ 0	$ 0

Organization and basis of presentation

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and basis of presentation

1. Organization and basis of presentation

We were incorporated in the United States Virgin Islands on March 15, 2012 (our “inception”). Subsequent to our separation from Altisource Portfolio Solutions S.A. (“Altisource”) on December 21, 2012, we immediately commenced operations. Our primary business is to provide asset management and certain corporate governance services to institutional investors. 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 client currently is Altisource Residential Corporation (“Residential”), a public real estate investment trust (“REIT”) focused on acquiring and managing quality, affordable single-family rental properties for working class families throughout the United States. Substantially all of our standalone revenue for all periods presented was generated through our asset management agreement with Residential.

Residential focuses on acquiring, owning and managing single-family rental properties throughout the United States and conducts substantially all of its activities through its wholly owned subsidiary Altisource Residential, L.P. (“ARLP”) and its subsidiaries. Initially, Residential acquired our rental properties primarily through the acquisition of sub-performing and non-performing mortgage loan portfolios; however, commencing in the second quarter of 2015, it refocused its acquisition strategy to opportunistically acquire portfolios of single-family rental properties, both individually and in pools, as an avenue to more quickly achieve scale in its rental portfolio.

The Company and Residential both have long-term service agreements with Altisource, a leading provider of real estate and mortgage portfolio management, asset recovery and customer relationship management services. Residential also has servicing agreements with three separate servicers. The Company’s and Residential’s ability to execute their business strategies are reliant, in large part, on the performance of these service providers. Altisource and one of the three servicers, Ocwen Financial Corporation (“Ocwen”), were related parties through January 16, 2015 (see Note 9).

We initially provided services to Residential pursuant to a 15-year asset management agreement beginning December 21, 2012 (the “Original AMA”). On March 31, 2015, we entered into a new asset management agreement with Residential (the “New AMA”) under which we will continue to be the exclusive asset manager for Residential for an initial term of 15 years from April 1, 2015, with two potential five-year extensions. The Original AMA had a different incentive fee structure that gave us a share of Residential’s cash flow available for distribution to its stockholders as well as reimbursement for certain overhead and operating expenses. The New AMA provides for a new fee structure in which we are entitled to a base management fee, an incentive management fee and a conversion fee for loans and real estate owned (“REO”) properties that become rental properties during each quarter. Accordingly, our operating results continue to be highly dependent on Residential's operating results. See Note 9 for additional details of the New AMA.

Since Residential commenced operations, it has completed three public equity offerings with aggregate net proceeds of approximately $1.1 billion.

We ceased to be a development stage enterprise in the second quarter of 2013.

Basis of presentation and use of estimates

The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). 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.

Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.

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 (“VIEs”) in which we are determined to be the primary beneficiary.

Our financial statements include the accounts of our wholly owned subsidiaries as well as one VIE of which we are the primary beneficiary as well as three VIEs of which Residential is the primary beneficiary. We eliminate intercompany accounts and transactions in consolidation.

We have concluded that Residential is a 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 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. As discussed within Recently issued accounting standards, upon the adoption of ASU 2015-02, we will deconsolidated Residential from our Consolidated Financial Statements effective January 1, 2016.

For entities that are consolidated, but not 100% owned, a portion of the income or loss and corresponding equity is allocated to noncontrolling interests. 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. Historically, amounts recognized as noncontrolling interest in our consolidated financial statements were equivalent to Residential's net income and equity because we had no ownership interest in Residential. In the third quarter of 2015, we acquired 324,465, or approximately 0.58%, of Residential's outstanding shares. Subsequent to our acquisition of these shares, the noncontrolling interest in consolidated affiliate represents the remaining 99.42% ownership interest held by non-affiliated shareholders of Residential's common stock.

Residential also has three securitization trusts, ARLP Securitization Trust, Series 2014-1 (“ARLP 2014-1”), ARLP Securitization Trust, Series 2014-2 (“ARLP 2014-2”) and ARLP Securitization Trust, Series 2015-1 (“ARLP 2015-1”), that are special purpose entities (“SPEs”) and are classified as VIEs. Because Residential is the primary beneficiary, these entities are included in the consolidated financial statements of Residential. See Note 7 for more information regarding these securitization trusts.

Additionally, we provide management services to NewSource Reinsurance Company Ltd. (“NewSource”), a title insurance and reinsurance company in Bermuda. In October 2013, we invested $2.0 million in 100% of the common stock of NewSource, and in September 2015, we contributed an additional $5.0 million to NewSource. On December 2, 2013, NewSource became registered as a licensed reinsurer with the Bermuda Monetary Authority (“BMA”). Because we own 100% of voting common stock of NewSource, we consolidate NewSource in our consolidated financial statements.

Preferred stock

During the first quarter of 2014, we issued $250.0 million of convertible preferred stock. All of the outstanding shares of preferred stock are redeemable by us in March 2020, the sixth anniversary of the date of issuance, and every five years thereafter. On these same redemption dates, each holder of preferred stock may cause us to redeem all the shares of preferred stock held by such holder at a redemption price equal to $1,000 per share. Accordingly, we classify these shares as mezzanine equity, outside of permanent stockholders' equity.

The holders of shares of Series A Preferred Stock will not be entitled to receive dividends with respect to the Series A Preferred Stock. The shares of Series A Preferred Stock are convertible into shares of our common stock at a conversion price of $1,250 per share, subject to certain anti-dilution adjustments.

Upon a change of control or upon a liquidation, dissolution or winding up of the Company, holders of the Series A Preferred Stock will be entitled to receive an amount in cash per Series A Preferred Stock equal to the greater of:

(i) $1,000 plus the aggregate amount of cash dividends paid on the number of shares of Common Stock into which such share of Series A Preferred Stock was convertible on each ex-dividend date for such dividends; and

(ii) the number of shares of Common Stock into which the Series A Preferred Stock is then convertible multiplied by the then current market price of the Common Stock.

The Series A Preferred Stock confers no voting rights to holders, except with respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series A Preferred Stock or as otherwise required by applicable law.

With respect to the distribution of assets upon the liquidation, dissolution or winding up of the Company, the Series A Preferred Stock ranks senior to our common stock and on parity with all other classes of preferred stock that may be issued by us in the future.

Recently issued accounting standards

In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01 (Subtopic 825-10) - Financial Instruments - Overall. ASU 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement for to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the impact of adopting this standard to have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs are presented on the balance sheet as a deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. These standards require retrospective application and represent a change in accounting principle. The standard is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. We do not expect the impact of adopting these standards to have a material impact on our consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis. ASU 2015-02 makes targeted amendments to the current consolidation guidance that change the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance addresses concerns that current accounting might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations.

ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Upon adoption of this amendment on January 1, 2016, we will deconsolidate Residential using the modified retrospective approach, which allows for a cumulative-effect adjustment to equity in the period of adoption. As a result, periods ending prior to the adoption will not be impacted. The adoption will effectively remove those balances disclosed as from consolidated VIE on our consolidated balance sheets and will result in a reduction in consolidated assets and liabilities of $2.4 billion and $1.3 billion, respectively, on January 1, 2016, resulting in a net deficit of $180.9 million. In addition, the impact of the adoption on noncontrolling interests in consolidated affiliate will be a reduction of $1.1 billion on January 1, 2016. Subsequent to adoption, our consolidated revenues will consist primarily of fees received from Residential under the New AMA, and our consolidated expenses will consist primarily of general and administrative expenses, including salaries and employee benefits, professional and legal fees, occupancy expenses and other general and administrative expenses. See Note 9 for further discussion of the New AMA. Such revenues and expenses for the years ended December 31, 2015, 2014 and 2013 are presented below ($ in thousands):



	Year ended December 31, 2015	Year ended December 31, 2014	Year ended December 31, 2013
Fee revenue from Residential	23,716	74,019	10,291
Expenses	25,357	15,318	15,584

In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which effectively delayed the adoption date of ASU 2014-09 by one year. ASU 2014-09 is therefore effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2016. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of significant accounting policies

2. 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.

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 would include 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 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. Lastly, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary.

While the results of operations of consolidated entities are included in net income in our consolidated financial statements, net income attributable to common stockholders does not include the portion attributable to noncontrolling interests. Additionally, noncontrolling interest in consolidated affiliate is recorded in our consolidated balance sheets and our consolidated statements of equity within the equity section but separate from our equity.

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.

Earnings per share

Basic earnings per share is computed by dividing net income (loss) less amortization of preferred stock issuance costs 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.

Fees under the asset management agreement

In accordance with the asset management agreement, we receive compensation from Residential on a quarterly basis for our efforts in the management of Residential's business. We recognize these fees in the fiscal quarter in which they are earned. Refer to Note 9 for details of the fee structure under the asset management agreement. Our revenue and Residential's corresponding expense related to these fees are eliminated in consolidation.

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 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 the entire 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.

Residential elected REIT status upon the filing of its 2013 income tax return. We believe that Residential has complied with the provisions of the federal income tax code applicable to REITs for each financial year commencing in the year ended December 31, 2013. Accordingly, we believe that Residential will not be subject to federal income tax on the portion of its REIT taxable income that was distributed to its stockholders for such years, nor do we expect Residential to be taxed on future distributions of its REIT taxable income as long as certain asset, income and share ownership tests continue to be 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 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 at fair value

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 broker price opinions (“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 Chairman, its Chief Executive Officer and its Chief Financial Officer 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.

Mortgage loans held for sale

Mortgage loans held for sale are recorded at the lower of cost or fair value. Residential does not originate loans. Residential's mortgage loans held for sale include the remaining re-performing residential mortgage loans that it initially acquired in June 2014 and certain non-performing loans identified by management for sale.

Residential's re-performing loans were initially acquired for investment and had evidence of deteriorated credit quality at the time of acquisition, and the fair value option was not elected for these loans. Therefore, Residential's re-performing loans are accounted for in accordance with the provisions of ASC Topic 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. These re-performing loans were determined to have common risk characteristics and have been accounted for as a single loan pool.

Under ASC Topic 310-30, we estimate cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. Residential determines the excess of the loan pool's contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, the nonaccretable yield. The difference between expected cash flows and the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool.

Residential properties

Purchases of real estate properties are evaluated by Residential to determine whether they meet the definition of an asset acquisition or of a business combination under U.S. GAAP. For asset acquisitions, Residential capitalizes pre-acquisition costs to the extent such costs would have been capitalized had Residential owned the asset when the cost was incurred and capitalizes closing and other direct acquisition costs. Residential then allocates the total cost of the property, including the acquisition costs, between land, building and any identified intangible assets and liabilities (including in-place leases and above and below-market leases). For acquisitions that qualify as business combinations, Residential expenses the acquisition costs in the period in which the costs were incurred and allocates the cost of the property among land, building and any identified intangible assets and liabilities. Lease intangibles are recorded at the estimated fair value, which is the estimated costs that would have been incurred to lease the property net of any above or below-market lease concessions, and are amortized on a straight-line basis over the remaining life of the related lease or, in the case of acquisitions of real estate pools, over the weighted average remaining life of the related pool of leases.

Upon the acquisition of real estate 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 BPO, a full appraisal or the price given in a current contract of sale of the property. Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon management's or other third-party estimates, are often calculated based on the characteristics of the asset, the economic environment and other such factors. Based on professional judgment and knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property. Residential engages third party vendors, including Altisource, to obtain and evaluate BPOs prepared by other third party brokers for its ultimate use. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by a broker prove to be incorrect or inaccurate. Residential has established validation procedures to confirm the values it receives from third party vendors are consistent with its observations of market values.

These validation procedures include establishing thresholds to identify changes in value that require further analysis. Residential’s current policies require that it updates the fair value estimate of each financed REO property at least every 180 days by obtaining a new BPO, which is subject to the review processes of its third party vendors. We generally perform further analysis for Residential when the value of the property per the new BPO varies from the old BPO by 25%, or $75,000 per property. If a newly obtained BPO varies from the old BPO by this established threshold, we perform additional procedures to ensure the BPO accurately reflects the current fair value of the property. These procedures include engaging additional third party vendors to compare the old BPOs to the new BPOs and to assist us in evaluating the appropriateness of comparable properties and property-specific characteristics used in Residential’s valuation process. As part of this evaluation, Residential’s third party vendors often discuss the differing BPOs with the providing brokers to ensure that proper comparable properties have been identified. These third party vendors also compare the BPOs to past appraisals, if any, of the property to ensure the BPOs are in line with those appraisals. Following the consideration and reconciliation of the BPOs, the third party provider may provide Residential with a new property value reflecting the analysis they performed or confirm the BPO value received by Residential, in which case Residential uses the new property value or the validated BPO, respectively, for its fair value estimate of the property.

After an evaluation period, Residential may perform property renovations to those properties that meet its rental investment criteria in order to optimize its rental proceeds. In some instances, Residential may also perform renovations on REO properties that do not meet its rental investment criteria in order to optimize sale proceeds. 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, residential rental properties, including any renovations that improve or extend the life of the asset, are accounted for at cost. REO properties that do not meet Residential's rental investment criteria and that are held for sale are accounted for at the lower of the carrying value or estimated fair value less cost to sell. The cost basis of residential rental properties is depreciated using the straight-line method over an estimated useful life of three years 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 assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. Residential records residential properties held for sale at the lower of the carrying amount or estimated fair value less costs to sell. The impairment loss, if any, is the amount by which the carrying amount exceeds the estimated fair value less costs to sell.

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 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 and deferred rents receivable 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 and deferred rents receivable 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.

Treasury Stock

We account for repurchased common stock under the cost method and include such treasury stock as a component of total shareholders’ equity. We have repurchased shares of our common stock (i) under our Board approval to repurchase up to $300.0 million in shares of our common stock and (ii) upon our withholding of shares of our common stock to satisfy tax withholding obligations in connection with the vesting of our restricted stock.

Assets acquisitions and dispositions	12 Months Ended
Assets acquisitions and dispositions	Dec. 31, 2015
Business Combinations [Abstract]
Assets acquisitions and dispositions	3. Asset acquisitions and dispositions Real estate assets Acquisitions, including those accounted for as business combinations On August 18, 2015, Residential completed the acquisition of 1,314 single-family residential properties in the Atlanta, Georgia market, of which 94% were leased as of the acquisition date, from an unrelated third party for an aggregate purchase price of approximately $111.4 million. Residential recognized acquisition fees and costs related to this portfolio acquisition of $0.6 million. The value of in-place leases was estimated at $1.3 million based upon the costs Residential would have incurred to lease the properties and is being amortized over the weighted-average remaining life of the leases of 7 months as of the acquisition date. During the third quarter of 2015, Residential initiated a program to purchase single-family residential properties on a one-by-one basis, sourcing listed properties from the Multiple Listing Service and alternative listing sources. Residential acquired 98 properties under this program during 2015. The aggregate purchase price attributable to these acquired properties was $120.0 million for the year ended December 31, 2015. During the year ended December 31, 2014, Residential acquired 237 single-family residential properties. The aggregate purchase price attributable to these acquired properties was $34.1 million. Dispositions During the year ended December 31, 2015, Residential disposed of 1,321 residential properties and recorded $50.9 million of net realized gains on real estate. Residential disposed of 221 residential properties during the year ended December 31, 2014 and recorded $9.5 million of net realized gains on real estate. Mortgage loan assets Acquisitions Residential did not acquire any mortgage loans during the year ended December 31, 2015. During the year ended December 31, 2014, Residential acquired an aggregate of 8,205 mortgage loans, consisting of the following: Acquisitions of non-performing residential mortgage loans During the year ended December 31, 2014, Residential acquired an aggregate of 7,326 residential mortgage loans, substantially all of which were non-performing, having an aggregate UPB of approximately $1.9 billion and an aggregate market value of underlying properties of $1.8 billion. The aggregate purchase price for these acquisitions was $1.2 billion. Acquisition of re-performing residential mortgage loans On June 27, 2014, Residential acquired 879 re-performing mortgage loans with an aggregate market value of underlying properties of $271.1 million for an aggregate purchase price of $144.6 million. Throughout this report, all unpaid principal balance and market value amounts for the portfolios 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. Resolutions and dispositions During the year ended December 31, 2015, Residential resolved 590 mortgage loans, primarily through short sales, refinancing and foreclosure sales. In addition, Residential sold 137 loans that had transitioned to re-performing status from prior non-performing loan acquisitions to a third party purchaser during June 2015. In connection with these disposals, Residential recorded $58.1 million of net realized gains on mortgage loans. During December 2015, Residential sold a total of 306 of our mortgage loans held for sale to third party purchasers. In connection with these sales, Residential recorded $14.0 million of net realized gains on mortgage loans held for sale. During November 2015, Residential sold 466 of our mortgage loans held for sale to a third party purchaser. In connection with this sale, Residential recorded $21.9 million of net realized gains on mortgage loans held for sale. During June 2015, Residential sold 52 loans from the re-performing mortgage loans purchased in June 2014 to a third party purchaser. In connection with this sale, Residential recorded $0.5 million of net realized gains on mortgage loans held for sale. During the year ended December 31, 2014, Residential resolved 735 mortgage loans, primarily through short sales, refinancing and foreclosure sales. In connection with these resolutions, Residential recorded $55.8 million of net realized gains on mortgage loans. During October 2014, Residential sold 934 re-performing loans to an unrelated third party and recognized $2.8 million of net realized gains on mortgage loans held for sale. The sale included 770 loans from the re-performing mortgage loans held for sale purchased in June 2014 and 164 loans that had transitioned to re-performing status from prior non-performing loan acquisitions that had a clean pay history of at least six months. Transfers of mortgage loans to real estate owned During the years ended December 31, 2015 and 2014, Residential transferred an aggregate of 2,443 and 3,682 mortgage loans, respectively, to REO at an aggregate fair value based on BPOs of $470.2 million and $587.3 million, respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, Residential recorded $91.3 million and $124.9 million (net of $6.6 million of gains reclassified on REO sold), respectively, in net unrealized gains on mortgage loans. Due diligence costs During the years ended December 31, 2015, 2014 and 2013, Residential recognized $0.4 million, $3.1 million and $3.5 million, respectively, for due diligence costs related to these and other transactions in general and administrative expense during the year ended December 31, 2015 and in both general and administrative expense and related party general and administrative expense during the years ended December 31, 2014 and 2013.

Real estate assets, net

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Real estate assets, net

4. Real estate assets, net

Real estate held for use

As of December 31, 2015, Residential had 4,933 single-family residential properties held for use. Of these properties, 2,118 had been leased, 264 were listed and ready for rent and 350 were in varying stages of renovation and unit turn status. With respect to the remaining 2,201 REO properties, we will make a final determination whether each property meets Residential's rental profile after (a) applicable state redemption periods have expired, (b) the foreclosure sale has been ratified, (c) Residential has recorded the deed for the property, (d) utilities have been activated and (e) we have secured access for interior inspection. A majority of the REO properties are subject to state regulations that require Residential to await the expiration of a redemption period before a foreclosure can be finalized. Residential includes these redemption periods in its portfolio pricing, which generally reduces the price it pays for the mortgage loans. Once the redemption period expires, Residential immediately proceeds to record the new deed, take possession of the property, activate utilities, and start the inspection process in order to make a final determination on whether to rent or liquidate the property. If an REO property meets Residential's rental investment criteria, we determine the extent of renovations that are needed to generate an optimal rent and maintain consistency of renovation specifications for future branding. If it is determined that the REO property will not meet Residential's rental investment criteria, the property is listed for sale, in some instances after renovations are made to optimize the sale proceeds.

As of December 31, 2014, Residential had 3,349 REO properties held for use. Of these properties,336 had been leased, 197 were listed and ready for rent and 254 were in various stages of renovation. With respect to the remaining 2,562 REO properties, we were in the process of determining whether these properties would meet Residential's rental profile.

We generally rent our REO properties under non-cancelable leases with a term of one to two years. Future minimum rental revenues under leases existing for the 2,118 properties that were leased as of December 31, 2015 are as follows ($ in thousands):



2016	$	16,661
2017	1,311
2018	159
2019	167
2020 and thereafter	—
	$	18,298

Residential recognized $36.5 million, $7.9 million and $0 of REO valuation impairment for the years ended December 31, 2015, 2014 and 2013, respectively.

Real estate held for sale

As of December 31, 2015, Residential classified 1,583 properties having an aggregate carrying value of $250.6 million as real estate held for sale as they do not meet its residential rental property investment criteria. As of December 31, 2014, Residential had 611 REO properties having an aggregate carrying value of $92.2 million held for sale.

Mortgage loans

12 Months Ended

Dec. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Mortgage loans

5. Mortgage loans

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 status as of December 31, 2015 and December 31, 2014 ($ in thousands):



	Number of Loans	Carrying Value		Unpaid Principal Balance		Market Value of Underlying Properties
December 31, 2015
Current	730	$	124,595	$	165,645	$	177,348
30	80	12,003		18,142		21,858
60	38	5,688		8,088		8,766
90	984	130,784		216,717		196,963
Foreclosure	3,907	687,464		946,962		917,671
Mortgage loans at fair value	5,739	$	960,534	$	1,355,554	$	1,322,606

December 31, 2014
Current	670	$	107,467	$	159,731	$	160,654
30	109	15,424		22,629		24,046
60	57	7,921		11,624		12,510
90	2,286	361,434		569,930		544,709
Foreclosure	7,841	1,466,798		2,172,047		1,951,606
Mortgage loans at fair value	10,963	$	1,959,044	$	2,935,961	$	2,693,525

The following table sets forth the carrying value of Residential's mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of December 31, 2015 and December 31, 2014 ($ in thousands):



	Number of Loans	Carrying Value		Unpaid Principal Balance		Market Value of Underlying Properties
December 31, 2015
Current	58	$	10,864	$	13,466	$	17,776
30	26	7,616		10,013		12,200
60	6	668		775		1,063
90	328	73,164		101,121		103,395
Foreclosure	879	$	225,024	$	314,991	$	330,573
Mortgage loans held for sale	1,297	$	317,336	$	440,366	$	465,007

December 31, 2014
Current	68	$	8,317	$	11,938	$	15,154
30	6	1,118		1,667		2,004
60	4	359		644		670
90	24	2,741		4,149		4,624
Mortgage loans held for sale	102	$	12,535	$	18,398	$	22,452

Residential's mortgage loans held for sale include our remaining re-performing residential mortgage loans that it initially acquired in June 2014 and certain non-performing loans identified by management for sale. Residential transferred these mortgage loans to mortgage loans held for sale to take advantage of attractive market pricing and because it does not expect them to be rental candidates.

In addition, in December 2015, Residential commenced an auction to sell an additional portfolio of 1,266 non-performing and re-performing mortgage loans with an aggregate UPB of $434.3 million, representing approximately 24% of its loan portfolio by UPB. On January 19, 2016, following the auction process, we agreed in principle to award the sale to an unrelated third party.

Re-performing residential mortgage loans

For the year ended December 31, 2015 and 2014, Residential recognized no provision for loan loss and no adjustments to the amount of the accretable yield. For the year ended December 31, 2015 and 2014, Residential accreted $0.6 million and $2.6 million into interest income with respect to these re-performing loans. As of December 31, 2015 and 2014, these re-performing loans, having a UPB of $6.0 million and $18.4 million, respectively, and a carrying value of $4.0 million and $12.5 million, respectively, were included in mortgage loans held for sale.

The following table presents information regarding the estimates of the contractually required payments and the cash flows expected to be collected as of the date of the acquisition of June 27, 2014 ($ in thousands):



Contractually required principal and interest at the date of acquisition	$	325,000
Non-accretable yield	(96,263		)
Expected cash flows to be collected	228,737
Accretable yield	(84,728		)
Fair value at the date of acquisition	$	144,009

The following table presents changes in the balance of the accretable yield for the periods indicated:



Accretable Yield	Year ended December 31, 2015			Year ended December 31, 2014
Balance at the beginning of the period	$	7,640		$	—
Acquisitions	—			84,728
Loans sold	(4,943		)	(74,478		)
Accretion	(551		)	(2,610		)
Balance at the end of the period	$	2,146		$	7,640

Fair value of financial instruments

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair value of financial instruments

6. Fair value of financial instruments

The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of December 31, 2015 and December 31, 2014 ($ in thousands):



	Level 1		Level 2		Level 3
	Quoted Prices in Active Markets		Observable Inputs Other Than Level 1 Prices		Unobservable Inputs
December 31, 2015
Recurring basis (assets)
Mortgage loans at fair value	$	—	$	—	$	960,534
Nonrecurring basis (assets)
Real estate assets held for sale	—		—		250,557
Not recognized on consolidated balance sheets at fair value (assets)
Mortgage loans held for sale	—		—		317,336
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase agreements at fair value	—		767,513		—
Other secured borrowings	—		502,268		—

December 31, 2014
Recurring basis (assets)
Mortgage loans at fair value	$	—	$	—	$	1,959,044
Nonrecurring basis (assets)
Real estate assets held for sale	—		—		96,041
Not recognized on consolidated balance sheets at fair value (assets)
Mortgage loans held for sale	—		—		12,535
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase agreements at fair value	—		1,015,000		—
Other secured borrowings	—		321,409		—

No assets were transferred from one level to another level during the year ended December 31, 2015 or 2014.

The carrying values of Residential's and our cash and cash equivalents, restricted cash, related party receivables, accounts payable and accrued liabilities, related party payables, preferred stock, and investment in NewSource are equal to or approximate fair value. The fair value of mortgage loans at fair value and non-performing mortgage loans held for sale is estimated using our proprietary pricing model. The fair value of re-performing mortgage loans held for sale is estimated using the present value of the future estimated principal and interest payments of the loan, with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The fair value of the repurchase agreements is estimated using the income approach based on credit spreads available currently in the market for similar floating rate debt. The fair value of other secured borrowings is estimated using observable market data.

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):



	Year ended December 31, 2015			Year ended December 31, 2014
Mortgage loans at fair value
Beginning balance	$	1,959,044		$	1,207,163
Investment in mortgage loans at fair value	—			1,122,408
Net unrealized gain on mortgage loans at fair value	177,545			350,822
Net realized gain on mortgage loans at fair value	58,061			55,766
Transfers of mortgage loans at fair value to mortgage loans held for sale	(535,836		)	—
Mortgage loans at fair value dispositions and payments	(257,505		)	(235,743		)
Real estate tax advances to borrowers	29,261			36,842
Reclassification of realized gains on real estate sold from unrealized gains	—			9,054
Transfer of real estate owned to mortgage loans at fair value	15,974			8,400
Transfer of mortgage loans at fair value to real estate owned	(486,010		)	(595,668		)
Ending balance at December 31	$	960,534		$	1,959,044

Net unrealized gain on mortgage loans at fair value held at the end of the period	$	78,453		$	222,034

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 Residential's mortgage loans as of December 31, 2015 and December 31, 2014:



Input	December 31, 2015	December 31, 2014
Equity discount rate	15.0%	15.0%
Debt to asset ratio	65.0%	65.0%
Cost of funds	3.5% over 1 month LIBOR	3.5% over 1 month LIBOR
Annual change in home pricing index	0.0% to 10.2%	-0.1% to 7.6%
Loan resolution probabilities — modification	0% to 44.7%	0% to 44.7%
Loan resolution probabilities — rental	0% to 100.0%	0% to 100.0%
Loan resolution probabilities — liquidation	0% to 100.0%	0% to 100.0%
Loan resolution timelines (in years)	0.1 to 5.6	0.1 - 5.3
Value of underlying properties	$3,000 - $4,500,000	$3,000 - $5,300,000

- 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 + Details

Borrowings

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Borrowings

7. Borrowings

Repurchase and loan 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 has concluded these are financing arrangements. As of December 31, 2015, the weighted average annualized interest rate on borrowing under Residential's repurchase and loan agreements was 3.35%, excluding amortization of deferred financing costs.

Residential has entered into three separate repurchase agreements and a loan agreement to finance the acquisition and ownership of its residential mortgage loans and REO properties. Below is a description of each agreement:

•

Credit Suisse (“CS”) is the lender on the repurchase agreement entered into on March 22, 2013, (the “CS repurchase agreement”) with an initial aggregate maximum borrowing capacity of $100.0 million. During 2014 the CS repurchase agreement was amended on several occasions, ultimately increasing the aggregate maximum borrowing capacity to $225.0 million on December 31, 2014 with a maturity date of April 20, 2015, subject to an additional one-year extension with the approval of the lender. On April 20, 2015, Residential entered into an amended and restated repurchase agreement with CS that increased its aggregate borrowing capacity from $225.0 million to $275.0 million, increased the REO sublimit under the facility and extended the maturity date to April 18, 2016. On Residential's behalf, we are in discussions with CS to renew and further extend the repurchase agreement with an ability to obtain additional funding. No assurance can be provided that we will be able to renew this facility on reasonable terms, on a timely basis or at all.

•

Deutsche Bank (“DB”) is the lender on the repurchase agreement dated September 12, 2013 (the “DB repurchase agreement”). The DB repurchase agreement matures on March 11, 2016. Under the DB repurchase agreement, Residential has not been eligible for additional funding under the facility since March 2015, and its aggregate funding capacity was thereby reduced to $54.9 million, which was the amount outstanding under the facility on December 31, 2015. Residential expects to repay the remaining outstanding balance of the DB repurchase agreement during March 2016 primarily with available funds and then transfer of all or some of the collateral to its other existing facilities.

•

Wells Fargo (“Wells”) is the lender under the repurchase agreement dated September 23, 2013 (the “Wells repurchase agreement”) with an initial aggregate maximum borrowing capacity of $200.0 million. Throughout 2013 and 2014, the Wells repurchase agreement was amended several times increasing the aggregate maximum borrowing capacity to a high of $1.0 billion, and on December 31, 2014 was reduced to $750.0 million, subject to certain sublimits, to reflect the securitization of a significant portion of Residential's non-performing loans that previously had been financed under the Wells repurchase agreement. On February 20, 2015, Residential exercised its option to extend the termination date of this facility to March 23, 2016. On September 30, 2015, the Wells repurchase agreement was amended to extend the termination date of the facility to September 27, 2017, to re-increase the aggregate amount of available funding to $750.0 million and to further increase the sublimits of REO properties that may collateralize the facility from 10% of the aggregate funding capacity to 40% of the aggregate funding capacity, or $300.0 million of the $750.0 million.

•

Nomura Corporate Funding Americas, LLC (“Nomura”) is the lender under a loan agreement dated April 10, 2015 (the “Nomura loan agreement”) with an initial aggregate maximum funding capacity of $100.0 million. On May 12, 2015, Residential amended the terms of the Nomura loan agreement to increase the aggregate maximum funding capacity to $200.0 million, subject to certain sublimits, eligibility requirements and conditions precedent to each funding. The Nomura loan agreement terminates on April 8, 2016. On Residential's behalf, we are in discussions with Nomura to renew and further extend the Nomura loan agreement with an ability to obtain additional funding. No assurance can be provided that we will be able to renew this facility on reasonable terms, on a timely basis or at all.

Following all of the amendments described above, the maximum aggregate funding available to Residential under these repurchase and loan agreements as of December 31, 2015 was $1.3 billion, subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of December 31, 2015, an aggregate of $767.5 million was outstanding under these repurchase and loan agreements. All obligations under each of these repurchase and loan agreements are fully guaranteed by Residential.

The following table sets forth data with respect to Residential's repurchase and loan agreements as of December 31, 2015 and December 31, 2014 ($ in thousands):



	Maximum Borrowing Capacity		Book Value of Collateral		Amount Outstanding		Amount of Available Funding
December 31, 2015
CS repurchase agreement due April 18, 2016	$	275,000	$	335,184	$	194,346	$	80,654
Wells repurchase agreement due September 27, 2017	750,000		708,275		371,130		378,870
DB repurchase agreement due March 11, 2016	54,944		130,863		54,944		—
Nomura loan agreement due April 8, 2016	200,000		204,578		147,093		52,907
	$	1,279,944	$	1,378,900	$	767,513	$	512,431
December 31, 2014
CS repurchase agreement due April 20, 2015	$	225,000	$	332,618	$	222,044	$	2,956
Wells repurchase agreement due March 23, 2015	750,000		1,036,409		569,509		180,491
DB repurchase agreement due March 11, 2016	250,000		450,532		223,447		26,553
	$	1,225,000	$	1,819,559	$	1,015,000	$	210,000

Under the terms of each repurchase agreements, as collateral for the funds Residential draws thereunder, subject to certain conditions, Residential's operating partnership will sell to the applicable lender equity interests in its Delaware statutory trust subsidiaries that owns the applicable underlying assets on its behalf, or the trust will directly sell such underlying mortgage assets. In the event the lender determines the value of the collateral has decreased, the lender 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 operating partnership 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. Residential does not collateralize any of its repurchase facilities with cash.

Pursuant to the CS repurchase agreement, Residential is entitled to collateralize a portion of the facility with securities. As of December 31, 2015, approximately $19.8 million of the amounts outstanding under the CS repurchase agreement was collateralized by $32.0 million of the Class M Notes issued and retained by Residential in connection with the securitization completed in September 2014 by ARLP 2014-1, approximately $29.2 million of the amounts outstanding under the CS repurchase agreement was collateralized by $45.1 million of the Class A-2 Notes issued and retained by Residential in connection with the securitization completed in November 2014 by ARLP 2014-2, and approximately $21.0 million of the amounts outstanding under the CS repurchase agreement was collateralized by $34.0 million of the Class A-2 Notes issued and retained by Residential in connection with the securitization completed in July 2015 by ARLP 2015-1.

The repurchase agreements require Residential to maintain various financial and other covenants, including maintaining a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash. In addition, the repurchase agreements contain customary events of default. Residential is restricted by the terms of its repurchase agreements from paying dividends greater than its REIT taxable income in a calendar year.

Under the terms of the Nomura loan agreement, subject to certain conditions, Nomura may advance funds to Residential from time to time, with such advances collateralized by REO properties. The advances paid under the Nomura loan agreement with respect to the REO properties from time to time will be based on a percentage of the market value of the applicable REO properties. Under the terms of the Nomura loan agreement, Residential is required to pay interest based on the one-month LIBOR plus a spread and certain other customary fees, administrative costs and expenses in connection with Nomura's structuring, management and ongoing administration of the facility.

The Nomura loan agreement requires Residential to maintain various financial and other covenants, including a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash. In addition, the Nomura loan agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, certain material adverse changes, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the Nomura loan agreement and the liquidation by Nomura of the REO properties then subject thereto.

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

Other secured debt

On June 29, 2015, Residential completed a securitization transaction in which ARLP 2015-1 issued $205.0 million in ARLP 2015-1 Class A Notes with a weighted coupon of approximately 4.01% and $60.0 million in ARLP 2015-1 Class M Notes. ARLP 2015-1 is a Delaware statutory trust that is wholly-owned by Residential's operating partnership with a federally-chartered bank as its trustee. Residential retained $34.0 million of the ARLP 2015-1 Class A Notes and all of the ARLP 2015-1 Class M Notes. No interest will be paid on any ARLP 2015-1 Class M Notes while any ARLP 2015-1 Class A Notes remain outstanding. The ARLP 2015-1 Class A Notes and ARLP 2015-1 Class M Notes are non-recourse to Residential and are secured solely by the non-performing mortgage loans and REO properties of ARLP 2015-1 but not by any of Residential's other assets. The assets of ARLP 2015-1 are the only source of repayment and interest on the ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes, thereby making the cash proceeds received by ARLP 2015-1 of loan payments, loan liquidations, loan sales and sales of converted REO properties the sole sources of the payment of interest and principal by ARLP 2015-1 to the bond holders. The ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes mature on May 25, 2055, and Residential does not guarantee any of the obligations of ARLP 2015-1 under the terms of the indenture governing the notes or otherwise. As of December 31, 2015, the book value of the underlying securitized assets held by ARLP 2015-1 was $282.1 million.

On November 25, 2014, Residential completed a securitization transaction in which ARLP 2014-2 issued $270.8 million in ARLP 2014-2 Class A Notes with a weighted yield of approximately 3.85% and $234.0 million in ARLP 2014-2 Class M Notes. Residential initially retained $95.8 million of the ARLP 2014-2 Class A Notes and all of the ARLP 2014-2 Class M Notes. On February 9, 2015, Residential sold $50.7 million of the retained ARLP 2014-2 Class A Notes to an unrelated third party. No interest will be paid on any ARLP 2014-2 Class M Notes while any ARLP 2014-2 Class A Notes remain outstanding. The ARLP 2014-2 Class A Notes and ARLP 2014-2 Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-2 and not by any of Residential's other assets. The assets of ARLP 2014-2 are the only source of repayment and interest on the ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes. The ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes mature on January 26, 2054, and Residential does not guaranty any of the obligations of ARLP 2014-2 under the terms of the indenture governing the notes or otherwise. As of December 31, 2015, the book value of the underlying securitized assets held by ARLP 2014-2 was $322.5 million.

On September 25, 2014, Residential completed a securitization transaction in which ARLP 2014-1 issued $150.0 million in Class A Notes with a weighted yield of approximately 3.47% and $32.0 million in Class M Notes with a weighted yield of 4.25%. The ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-1 and not by any of Residential's other assets. The assets of ARLP 2014-1 are the only source of repayment and interest on the ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes. The ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes mature on September 25, 2044, and Residential does not guaranty any of the obligations of ARLP 2014-1 under the terms of the indenture governing the notes or otherwise. As of December 31, 2015, the book value of the underlying securitized assets held by ARLP 2014-1 was $202.3 million.

Residential retained all of the Class M Notes issued by ARLP 2014-1 in its TRS. On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the ARLP 2014-1 Class M Notes to NewSource. On September 22, 2015, the TRS completed its repurchase of the ARLP 2014-1 Class M notes from NewSource at a 5.0% yield.

The following table sets forth data with respect to these notes as of December 31, 2015 and 2014 ($ in thousands):



	Interest Rate		Amount Outstanding
December 31, 2015:
ARLP Securitization Trust, Series 2014-1
ARLP 2014-1 Class A Notes due September 25, 2044 (1)	3.47	%	$	136,404
ARLP 2014-1 Class M Notes due September 25, 2044 (2)	4.25	%	32,000
ARLP Securitization Trust, Series 2014-2
ARLP 2014-2 Class A Notes due January 26, 2054 (3)	3.63	%	244,935
ARLP 2014-2 Class M Notes due January 26, 2054	—	%	234,010
ARLP Securitization Trust, Series 2015-1
ARLP 2015-1 Class A Notes due May 25, 2055 (4)	4.01	%	203,429
ARLP 2015-1 Class M Notes due May 25, 2044	—	%	60,000
Intercompany eliminations
Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc.			(32,000		)
Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(45,138		)
Elimination of ARLP 2014-2 Class M Notes due to ARLP			(234,010		)
Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc.			(34,000		)
Elimination of ARLP 2015-1 Class M Notes due to ARLP			(60,000		)
			$	505,630
December 31, 2014:
ARLP Securitization Trust, Series 2014-1
ARLP 2014-1 Class A Notes due September 25, 2044 (1)	3.47	%	$	150,000
ARLP 2014-1 Class M Notes due September 25, 2044 (2)	4.25	%	32,000
ARLP Securitization Trust, Series 2014-2
ARLP 2014-2 Class A Notes due January 26, 2054 (3)	3.85	%	269,820
ARLP 2014-2 Class M Notes due January 26, 2054	—	%	234,010
ARNS, Inc.
Securities sold under agreement to repurchase due March 27, 2015	5.00	%	14,991
Intercompany eliminations
Elimination of ARLP 2014-1 Class A Notes due to ARNS, Inc.			(15,000		)
Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc.			(32,000		)
Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(95,729		)
Elimination of ARLP 2014-2 Class M Notes due to ARNS, Inc.			(234,010		)
			$	324,082

__________________


(1)	The expected redemption date for the Class A Notes ranges from September 25, 2017 to September 25, 2018.


(2)	The expected redemption date for the Class M Notes is September 25, 2018.


(3)	The expected redemption date for the Class A Notes ranges from November 27, 2017 to November 27, 2018.


(4)	The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019.

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	8. Commitments and contingencies Litigation, claims and assessments From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. Set forth below is a summary of legal proceedings to which we are a party as of December 31, 2015 or which settled during 2015: Police Retirement System of St. Louis v. Erbey, et al. On January 15, 2015, a stockholder derivative action was filed in the Circuit Court of Maryland for Baltimore City by a purported stockholder of Residential under the caption The Police Retirement System of Saint Louis v. Erbey, et al., 24-C-15-000223. The action named as defendants William C. Erbey and each of the members of Residential’s Board of Directors and alleged that Mr. Erbey and Residential’s Directors breached their fiduciary duties in connection with the asset management agreement among Residential, Altisource Residential, L.P. and us. The action also named Altisource Residential, L.P. and AAMC as defendants and alleged that we aided and abetted the purported breaches of fiduciary duty and have been unjustly enriched by the asset management agreement. The complaint also named Residential as a nominal defendant. The plaintiff sought, among other things, an order declaring that Mr. Erbey and the director defendants have breached their fiduciary duties, an order declaring that Mr. Erbey and AAMC have been unjustly enriched, an order declaring that the asset management agreement is unenforceable and directing Residential’s Board of Directors to terminate the asset management agreement, damages, disgorgement by Mr. Erbey and AAMC of allegedly wrongful profits, changes to Residential’s corporate governance and an award of attorney’s and other fees and expenses. On March 31, 2015, we and Residential entered into the New AMA to replace the Original AMA. This New AMA was publicly announced on March 31, 2015. In connection with the entry into the New AMA, the Defendants (including all the individual defendants, Residential, AAMC and Altisource Residential, L.P.) and Plaintiff entered into a Memorandum of Understanding (the “MOU”) to settle the action for the consideration of the New AMA and an application for an award of attorneys’ fees and litigation expenses for plaintiff’s counsel of an amount not to exceed $6.0 million. On June 30, 2015, The Police Retirement System of Saint Louis and the defendants entered into a Stipulation and Agreement of Compromise, Settlement and Release (the “Settlement Stipulation”) for the settlement of this derivative action (the “Settlement”), and the parties filed the Settlement Stipulation with the court on the same day. By Order dated August 3, 2015, the court preliminarily approved the Settlement, scheduled a hearing on November 9, 2015 to consider final approval of the Settlement and authorized Residential to provide notice of the proposed Settlement to its stockholders. On November 9, 2015, the Settlement was approved by the court, and no shareholders objected to the Settlement. Therefore, the matter was resolved and all claims in the action that were, or could have been, brought by or on behalf of Residential challenging the Original AMA among Residential, Altisource Residential L.P. and AAMC, or the negotiation of, the terms and provisions of, or the approval of the New AMA. Pursuant to the Settlement, the defendants paid the attorneys’ fees and expenses of plaintiff’s counsel in an amount of $6.0 million. This payment was a 100% covered claim under Residential’s and our insurance policy, and we recognized no loss in connection with this settlement. Hulstrom v. William C. Erbey, et al. On April 23, 2015, a shareholder derivative action was filed in the Superior Court of the Virgin Islands, Division of St. Croix, by a purported shareholder of Residential under the caption Kirk Hulstrom v. William Erbey, et al., SX-15-CV-158. The action named as defendants William C. Erbey, each of the current and former members of Residential’s Board of Directors, certain officers of Residential, AAMC and Ocwen. In the complaint, plaintiff asserted claims against the individual defendants for breach of fiduciary duty, abuse of control and gross mismanagement in connection with the asset management agreement between Residential and us. As to AAMC and Ocwen, plaintiff alleged that both companies aided and abetted the purported breaches of fiduciary duty and have been unjustly enriched by the asset management agreement. The complaint also named Residential as a nominal defendant. In November 2015, the parties agreed that plaintiff Hulstrom would become party to the Settlement in the Police Retirement System of St. Louis action described above with no additional Settlement payment by the defendants. In connection therewith, on December 10, 2015, Hulstrom filed a notice of voluntary dismissal of this matter, which released and resolved all claims asserted in this action. Therefore, there is no expected liability to us in this matter. City of Cambridge Retirement System v. Altisource Asset Management Corp., et al. On January 16, 2015, a putative shareholder class action complaint was filed in the United States District Court of the Virgin Islands by a purported shareholder of AAMC under the caption City of Cambridge Retirement System v. Altisource Asset Management Corp., et al., 15-cv-00004. The action names as defendants AAMC, Mr. Erbey and certain officers of AAMC and alleges that the defendants violated federal securities laws by failing to disclose material information to AAMC shareholders concerning alleged conflicts of interest held by Mr. Erbey with respect to AAMC’s relationship and transactions with Residential, Altisource, Home Loan Servicing Solutions, Ltd., Southwest Business Corporation, NewSource Reinsurance Company and Ocwen, including allegations that the defendants failed to disclose (i) the nature of relationships between Mr. Erbey, AAMC and those entities; and (ii) that the transactions were the result of an allegedly unfair process from which Mr. Erbey failed to recuse himself. The action seeks, among other things, an award of monetary damages to the putative class in an unspecified amount and an award of attorney’s and other fees and expenses.AAMC and Mr. Erbey are the only defendants who have been served with the complaint. On May 12, 2015, the court entered an order granting the motion of Denver Employees Retirement Plan to be lead plaintiff. On May 15, 2015, the court entered a scheduling order requiring plaintiff to file an amended complaint on or before June 19, 2015, and setting a briefing schedule for any motion to dismiss. Plaintiff filed an amended complaint on June 19, 2015. On July 20, 2015, AAMC and Mr. Erbey filed a motion to dismiss the amended complaint. Briefing on the motion to dismiss was completed on September 3, 2015, and we are awaiting a decision from the court on the motion. We believe the amended complaint is without merit. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. Kanga v. Altisource Asset Management Corporation, et al. On March 12, 2015, a shareholder derivative action was filed in the Superior Court of the Virgin Islands, Division of St. Croix, by a purported shareholder of AAMC under the caption Nanzeen Kanga v. William Erbey, et al., SX-15-CV-105. The action names as defendants William C. Erbey and each of the current and former members of AAMC's Board of Directors and alleges that Mr. Erbey and AAMC’s directors breached fiduciary duties in connection with the disclosures that are the subject of the City of Cambridge Retirement System case described above and certain other matters involving the relationship of Residential and AAMC. On May 15, 2015, the plaintiff and the defendants filed an agreed motion to stay the action until the earliest of any of the following events: (i) the City of Cambridge Retirement System action is dismissed with prejudice; (ii) any of the defendants in the City of Cambridge Retirement System action file an answer in that action; and (iii) defendants do not move to stay any later-filed derivative action purportedly brought on behalf of us arising from similar facts as the Kanga action and relating to the same time frame or such motion to stay is denied. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. Sokolowski v. Erbey, et al. On December 24, 2014, a shareholder derivative action was filed in the United States District Court for the Southern District of Florida by a purported shareholder of Ocwen. The action named the directors of Ocwen as defendants and alleged, among other things, various breaches of fiduciary duties by the directors of Ocwen. On February 11, 2015, plaintiff filed an amended complaint naming the directors of Ocwen as defendants and also naming Residential, AAMC, Altisource and Home Loan Servicing Solutions, Ltd. as alleged aiders and abettors of the purported breaches of fiduciary duties. The amended complaint alleges that the directors of Ocwen breached their fiduciary duties by, among other things, allegedly failing to exercise oversight over Ocwen’s compliance with applicable laws, rules and regulations; failing to exercise oversight responsibilities with respect to the accounting and financial reporting processes of Ocwen; failing to prevent conflicts of interest and allegedly improper related party transactions; failing to adhere to Ocwen’s code of conduct and corporate governance guidelines; selling personal holdings of Ocwen stock on the basis of material adverse inside information; and disseminating allegedly false and misleading statements regarding Ocwen’s compliance with regulatory obligations and allegedly self-dealing transactions with related companies. Plaintiff claims that as a result of the alleged breaches of fiduciary duties, Ocwen has suffered damages, including settlements with regulatory agencies in excess of $2 billion, injury to its reputation and corporate goodwill and exposure to governmental investigations and securities and consumer class action lawsuits. In addition to the derivative claims, the plaintiff also alleges an individual claim that Ocwen’s 2014 proxy statement allegedly contained untrue statements of material fact and failed to disclose material information in violation of federal securities laws. The plaintiff seeks, among other things, an order requiring the defendants to repay to Ocwen unspecified amounts by which Ocwen has been damaged or will be damaged, an award of an unspecified amount of exemplary damages, changes to Ocwen's corporate governance and an award of attorneys’ and other fees and expenses. On April 13, 2015, nominal defendant Ocwen and defendants Mr. Erbey and Mr. Faris filed a motion to stay the action. On July 16, 2015, we filed a motion to dismiss all claims against us in the action, based upon, among other arguments, lack of personal jurisdiction and failure to state a claim. Co-defendant Residential filed a similar motion to dismiss the complaint as to all claims asserted against it. On December 8, 2015, the court granted Residential's and our motions to dismiss for lack of personal jurisdiction with leave to amend the jurisdiction allegations no later than January 4, 2016. On December 15, 2015, Hutt v. Erbey, et al., Case No. 15-cv-81709-WPD, was transferred to the Southern District of Florida from the Northern District of Georgia. That same day, a third related derivative action, Lowinger v. Erbey, et al., Case No. 15-cv-62628-WPD, was also filed in the Southern District of Florida. The court then requested that the parties file a response stating their positions as to whether the actions should be consolidated. On December 29, 2015, we filed a response stating that we took no position on the issue of consolidation, so long as our defenses were fully reserved should plaintiff Sokolowski seek to file an amended complaint. Neither plaintiff Sokolowski nor plaintiff Hutt opposed consolidation in their responses. On December 30, 2015, the court issued an order that, among other things, extended the deadline for plaintiff Sokolowski to file its amended complaint to cure the jurisdictional defects as to Residential and us until January 13, 2016. On January 8, 2016, the court issued an order consolidating the three related actions. On February 2, 2016, Plaintiffs Sokolowski and Lowinger filed competing motions for appointment of lead counsel in the consolidated action. These motions were fully briefed on February 5, 2016. Subsequently, on February 17, 2016, the court issued an order appointing Sokolowski’s counsel as lead counsel with Lowinger’s and Hutt’s counsel serving on the executive committee of the plaintiffs. It also ordered that a consolidated complaint in the matter shall be filed no later than March 8, 2016. We believe the complaint against us is without merit. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. Management does not believe that we have incurred an estimable, probable or material loss by reason of any of the above actions.

Related-party transactions

12 Months Ended

Dec. 31, 2015

Related-party transactions

9. Related-party transactions

Through January 16, 2015, William C. Erbey served as our Chairman as well as the Executive Chairman of Ocwen, Chairman of Altisource and Chairman of Residential. Effective January 16, 2015, Mr. Erbey stepped down as the Executive Chairman of Ocwen and Chairman of each of us, Altisource and Residential and is no longer a member of the Board of Directors for any of these companies. Accordingly, at that point, Ocwen and Altisource are no longer considered related parties of Residential or AAMC as defined by FASB Accounting Standards Codification (“ASC”) Topic 850, Related Party Disclosures.

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 of Residential's day-to-day operations, (2) defining investment criteria in Residential's investment policy in cooperation with its Board of Directors, (3) sourcing, analyzing and executing asset acquisitions, including the related financing activities, (4) analyzing and executing sales of properties and residential mortgage loans, (5) overseeing Altisource’s renovation, leasing and property management of Residential's single-family rental properties, (6) overseeing the servicing of Residential's 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 experience in the management of residential mortgage loans and residential rental properties. Our management also has significant corporate governance experience that enables us to manage Residential's business and organizational structure efficiently. We have agreed not to provide the same or substantially similar services without the prior written consent of Residential's board of directors to any business or entity competing against Residential in (a) the acquisition or sale of portfolios of REO properties, (b) the carrying on of a single-family rental business, (c) the acquisition or sale of single-family rental properties, non-performing and re-performing mortgage loans or other similar assets, (d) the purchase of portfolios of sub-performing or non-performing residential mortgage loans or (e) any other activity in which Residential engages. Notwithstanding the foregoing, we may engage in any other business or render similar or different services to any businesses engaged in lending or insurance activities or any other activity other than those described above. Further, at any time following Residential's determination and announcement that it will no longer engage in any of the above-described competitive activities, we would be entitled to provide advisory or other services to businesses or entities in such competitive activities without Residential's prior consent.

On March 31, 2015, we entered into the New AMA with Residential. The New AMA, which became effective on April 1, 2015, provides for a new management fee structure, which replaces the incentive fee structure under the Original AMA, as follows:

•

Base Management Fee. We are entitled to a quarterly Base Management Fee equal to 1.5% of the product of (i) Residential's average invested equity capital for the quarter multiplied by (ii) 0.25, while it has fewer than 2,500 single-family rental properties actually rented (“Rental Properties”). The Base Management Fee percentage increases to 1.75% of invested capital while Residential has between 2,500 and 4,499 Rental Properties and increases to 2.0% of invested capital while it has 4,500 or more Rental Properties;

•

Incentive Management Fee. We are entitled to a quarterly Incentive Management Fee equal to 20% of the amount by which Residential's return on invested capital (based on AFFO, defined as net income attributable to holders of common stock calculated in accordance with GAAP plus real estate depreciation expense minus recurring capital expenditures on all real estate assets owned by Residential) exceeds an annual hurdle return rate of between 7.0% and 8.25% (depending on the 10-year treasury rate). The Incentive Management Fee increases to 22.5% while Residential has between 2,500 and 4,499 Rental Properties and increases to 25% while it has 4,500 or more Rental Properties; and


•	Conversion Fee. We are entitled to a quarterly Conversion Fee equal to 1.5% of the market value of assets converted into leased single-family homes by Residential for the first time during the quarter.

Residential has the flexibility to pay up to 25% of the Incentive Management Fee to us in shares of its common stock. Under the New AMA, Residential will not be required to reimburse us for the allocable compensation and routine overhead expenses of our employees and staff, all of which will now be covered by the Base Management Fee described above.

Under the New AMA, we will continue to be the exclusive asset manager for Residential for an initial term of 15 years from April 1, 2015, with two potential five-year extensions, subject to Residential achieving an average annual return on invested capital of at least 7.0% during the then-current period. The Original AMA had a 15 year term, but provided Residential with significant termination rights including the ability to terminate the agreement if Residential’s board determined, in its sole discretion, that our performance was unsatisfactory or our compensation was reasonable. However, under the New AMA, Residential’s termination rights are significantly limited. Under the New AMA, neither party is entitled to terminate the New AMA prior to the end of the initial term, or each renewal term, other than termination by (a) us and/or Residential “for cause” for certain events such as a material breach of the New AMA and failure to cure such breach, (b) Residential for certain other reasons such as its failure to achieve a return on invested capital of at least 7.0% for two consecutive fiscal years after the third anniversary of the New AMA or (c) Residential in connection with certain change of control events.

Under the Old AMA, Residential paid 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 referred 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 referred to as the “quarterly per share distribution amount,” exceeded $0.161, then


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


(iii)	25% of all additional available cash for the quarter until the quarterly per share distribution amount exceeded $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 would have been appropriately adjusted from time to time to take into account the effect of any stock split, reverse stock split or stock dividend, should any have occurred.

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

Residential was required to reimburse us on a monthly basis for the (i) direct and indirect expenses we incurred or payments we made 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 incurred related to the asset management services we provided to Residential.

Agreements with Altisource

We have engaged Altisource to provide services for us as detailed below. If for any reason Altisource is unable to perform the services described under these agreements at the level and/or the cost that we anticipate, alternate service providers may not be readily available on favorable terms, or at all, which could adversely affect our performance. Altisource’s failure to perform the services under these agreements with Residential or us could have a material adverse effect on us.

Support services agreements

Under separate support services agreement with each of Residential and us, Altisource may provide services 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 Residential or 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. Each support services agreement may be extended for two years after the separation and automatically renews every year thereafter, but may be terminated earlier under certain circumstances including a default. The fees for all support services provided pursuant to each support services agreement are based on the fully-allocated cost of providing the service. “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).

During 2015, we internalized certain of the support services that had been provided to us by Altisource by directly hiring 31 of the Altisource employees that had provided those services. We believe the direct hire of these employees has further increased our infrastructure so that we are better able to serve Residential operationally while enabling Altisource to focus on the property management, maintenance and brokerage services that matter most to Residential.

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

Agreement Residential has with Altisource

Master services agreement

Residential has engaged Altisource to provide property management, leasing, renovation management and valuation services associated with the single-family rental properties they acquire upon conversion of residential mortgage loans that continue to be sub-performing or non-performing. The agreement provides for an initial term of 15 years, which term will automatically renew for successive two-year terms unless either party sends a notice of non-renewal to the other party at least nine months before the completion of the initial or renewal term, as applicable. We work directly with Altisource’s vendor management team on behalf of Residential, and our construction management team often interfaces with the general contractors and vendors to maintain relationships with the vendor network. Through our team, Residential coordinates with Altisource and its personnel as well as the vendor network to establish a collective approach to the renovation management, maintenance, repair and materials supply chain. We believe our experience and these coordinated efforts with Altisource provide us with the capabilities to replicate Altisource’s vendor network, if necessary.

The total fees incurred by Residential under this agreement will be dependent upon the property management, leasing and renovation management services required on an asset-specific basis and will vary significantly based upon the location and condition of the asset as well as current market conditions and tenant turnover.

In the event Residential’s asset management agreement with us is terminated without cause by Residential, the master services agreement with Altisource may be terminated at its sole discretion.

Agreements with Ocwen

Support services agreement

Under the support services agreement, Ocwen may provide 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 30 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. “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 Ocwen support services agreement was terminated in February 2016.

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

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. The Timeshare Agreement was terminated in February 2016.

Sublease

Until the second quarter of 2015, we subleased approximately 2,000 square feet from Ocwen. The annual rent under the sublease was $40,000 per year until June 30, 2014 and $45,000 per year until the termination date of the lease, plus 50% of the lease-related operating expenses and leasehold improvements. The sublease was terminated in April 2015.

Agreement Residential has with Ocwen

Servicing agreement

Residential has engaged Ocwen to service certain of its residential mortgage loans and to provide loan modification, assisted deed-in-lieu, assisted deed-for-lease and other loss mitigation programs. The agreement provides for an initial term of 15 years. In the event Residential’s asset management agreement with us expires or is terminated, the servicing agreement will terminate within 30 days. From Residential's inception through 2014, Residential had exclusively engaged Ocwen to service the residential mortgage loans in its portfolio. During 2015, Residential transferred servicing of a portion of its portfolio to two additional mortgage servicers.

The total fees incurred by Residential under this agreement are dependent upon the number and type of acquired residential mortgage loans that Ocwen services pursuant to the terms of the agreement.

Related party transaction summary

Our consolidated statements of operations include the following significant related party transactions for the periods indicated ($ in thousands):



	Amount		Counter- party	Location within Consolidated Statements of Operations
Year ended December 31, 2015
Base management fee	$	13,935	Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Conversion fee	1,037		Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Expense reimbursements	750		Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Management incentive fee	7,994		Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Professional fee sharing for negotiation of AMA	2,000		Residential	Net income attributable to noncontrolling interest in consolidated affiliate

Year ended December 31, 2014
Residential property operating expenses (1)	$	21,612	Ocwen/Altisource	Residential property operating expenses
Mortgage loan servicing costs	65,363		Ocwen	Mortgage loan servicing costs
Acquisition fees and costs	1,039		Altisource	Related party acquisition fees and costs
Office and occupancy costs	349		Ocwen	Related party general and administrative expenses
Salaries and benefits	2,028		Ocwen/Altisource	Related party general and administrative expenses
Other general and administrative expenses	2,069		Altisource	Related party general and administrative expenses
Expense reimbursements	6,070		Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Management incentive fee	67,949		Residential	Net income attributable to noncontrolling interest in consolidated affiliate

Year ended December 31, 2013
Residential property operating expenses (1)	$	767	Ocwen/Altisource	Residential property operating expenses
Mortgage loan servicing costs	9,335		Ocwen	Mortgage loan servicing costs
Acquisition fees and costs	115		Altisource	Related party acquisition fees and costs
Office and occupancy costs	256		Ocwen	Related party general and administrative expenses
Salaries and benefits	1,273		Ocwen/Altisource	Related party general and administrative expenses
Other general and administrative expenses	2,123		Altisource	Related party general and administrative expenses
Expense reimbursements	5,411		Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate
Management incentive fee	4,880		Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

_______________


(1)	Residential property operating expenses include costs associated with Residential's ownership and operation of rental properties, including valuation services. Residential engages third party vendors, including Altisource, to obtain and evaluate BPOs prepared by other third party brokers for its ultimate use.

No Incentive Management Fee under the New AMA was earned by us during 2015 because Residential's return on invested capital (as defined in the New AMA) for the three quarters covered by the new AMA was below the required hurdle rate. Under the New AMA, to the extent Residential has an aggregate shortfall in its return rate over the previous seven quarters, that aggregate return rate shortfall gets added to the normal quarterly 1.75% return hurdle for the next quarter before we are entitled to an Incentive Management Fee. As of December 31, 2015, the aggregate return shortfall from the prior three quarters under the New AMA was approximately 10.77% of invested capital. Therefore, Residential must achieve a 12.52% return on invested capital in the first quarter of 2016 before any Incentive Management Fee will be payable to us for the first quarter of 2016. In future quarters, return on invested capital must exceed the required hurdle for the current quarter plus any carried-forward cumulative additional hurdle shortfall from the prior seven quarters before any Incentive Management Fee will be payable to us.

In September 2015, we contributed an additional $5.0 million to NewSource.

In the third quarter of 2015, we acquired 324,465 shares of Residential's common stock in open market transactions, representing approximately 0.58% of Residential's outstanding common stock as of December 31, 2015.

Transactions under our agreements with Ocwen and Altisource for the period January 1, 2015 through January 16, 2015 were not material to our consolidated results of operations.

On September 30, 2014, pursuant to a master repurchase agreement, Residential's TRS sold $15.0 million of the ARLP 2014-1 Class M Notes to NewSource. On September 22, 2015, the TRS completed its repurchase of the ARLP 2014-1 Class M Notes from NewSource at a 5.0% yield.

During the year ended December 31, 2013, Residential acquired a portfolio from Ocwen Financial Corporation ("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 million.

- 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 + Details

Incentive compensation and share-based payments

12 Months Ended

Dec. 31, 2015

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

Incentive compensation and share-based payments

10. 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 (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 (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 approximately 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, 2015
Stock options outstanding		181,702
Possible future issuances under equity incentive plan		114,196
		295,898

As of December 31, 2015, we had 2,951,777 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
December 31, 2012	305,824		1.36
Exercised	(10,215	)	1.89
Forfeited or canceled	(14,388	)	5.87
December 31, 2013	281,221		1.11
Exercised	(41,685	)	1.16
Forfeited or canceled	(476	)	1.51
December 31, 2014	239,060		1.10
Exercised	(54,261	)	1.35
Forfeited or canceled	(3,097	)	4.14
December 31, 2015 (1) (2)	181,702		0.98

______________

(1) The outstanding options as of December 31, 2015 had a weighted average remaining life of 2.9 years with total intrinsic value of $2.9 million.

(2) We have 181,211 options exercisable as of December 31, 2015 with a weighted average exercise price of $0.97, weighted average remaining life of 2.9 years and intrinsic value of $2.9 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2015.

Restricted stock

During the year ended December 31, 2015 and 2014, we granted 52,409 and 30,663 shares, respectively, of market-based restricted stock to certain members of executive management under the 2012 Plan with a weighted average grant date fair value per share of $174.59 and $695.78, respectively.

Restricted stock granted in 2015 and 2014 generally 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 both of the following conditions: (i) 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 (ii) 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 both of the following conditions: (i) 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 (ii) 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 both of the following conditions: (i) 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 (ii) 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 the first anniversary of the date that the performance hurdle for that tranche was met and the remaining 75% of that tranche will vest on the second anniversary of the date that the performance hurdle was met.

Restricted stock granted in 2013 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.

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.

Additionally, our Directors each receive annual grants of restricted stock equal to $60,000 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 subject to each Director attending at least 75% of the Board and committee meetings. No dividends are paid on the shares until the award is issued. During the years ended December 31, 2015 and 2014, we granted 1,122 and 214 shares of stock, respectively, pursuant to our 2013 Director Equity Plan with a weighted average grant date fair value per share of $162.66 and $940.32, respectively.

We recorded $6.9 million and $1.3 million of compensation expense related to these grants for the years ended December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, we had $18.7 million and $21.1 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 2.9 years and 3.0 years, respectively.

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	32,667		70.16
Vested ⁽¹⁾	(660	)	5.90
Forfeited or canceled	(8,765	)	5.90
December 31, 2013	228,754		15.32
Granted	30,877		697.48
Vested ⁽¹⁾	(56,328	)	16.53
Forfeited or canceled	(27,814	)	294.59
December 31, 2014	175,489		90.51
Granted	53,531		174.34
Vested (1)	(51,305	)	11.53
Forfeited or canceled	(23,389	)	6.65
December 31, 2015	154,326		158.84

_____________


(1)	The vesting date fair value of restricted stock that vested during the year ended December 31, 2015, 2014 and 2013 was $11.6 million, $52.6 million and $0.2 million, respectively.

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:



	Year ended December 31, 2015	Year ended December 31, 2014	Year ended December 31, 2013
Risk Free Interest Rate (1)	2.89% to 3.27%	3.07% to 3.73%	3.18%
Common Stock Dividend Yield (2)	0%	0%	0%
Expected Volatility (3)	92.04% to 96.46%	74.61% to 82.66%	36.31%

_____________


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


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


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

On December 31, 2015, we modified 74,307 unvested shares of restricted stock related to three employees. Subsequent to the modification, the performance hurdles that must be met prior to vesting are measured based on the market value as of the modification date. We recognized a nominal amount of expense in connection with these modifications during the year ended December 31, 2015. At December 31, 2015, we had approximately $59,000 of unrecognized share-based compensation cost related to the modified awards that will be recognized over a weighted average remaining estimated term of 2.6 years.

Restricted stock granted to an Ocwen employee

As part of the separation, we granted restricted stock to an employee of Ocwen. We calculated the fair value of non-employee restricted stock using a Monte Carlo simulation until each market hurdle was met. Subsequent to the market hurdle being met, we calculate the fair value of non-employee restricted stock 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.

Income taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income taxes

11. Income taxes

We are domiciled in the United States Virgin Islands (“USVI”) and under current USVI law are obligated to pay taxes in the USVI on our income and/or capital gains. We applied for tax benefits from the USVI 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 USVI-sourced income taxes until 2043. NewSource is considered a controlled foreign corporation (“CFC”) to AAMC. CFC Subpart F income generated is taxed currently in the USVI and does not receive the reduced tax rate under the certificate of benefits.

During the years ended December 31, 2015 and 2014, 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 components of income (loss) before income taxes:



	Year ended December 31, 2015			Year ended December 31, 2014			Year ended December 31, 2013
U.S. Virgin Islands	$	(1,249	)	$	70,670		$	(5,261	)
Other	(1,687		)	(8,895		)	(32		)
(Loss) income before income taxes	$	(2,936	)	$	61,775		$	(5,293	)

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



	December 31, 2015			December 31, 2014
Deferred tax assets:
Stock compensation and other	$	531		$	339
Accrued expenses	387			172
Real estate and mortgage loan fair value adjustments	1,492			2,981
Other	6			—
Net operating loss	21,592			468
	24,008			3,960
Deferred tax liability:
Depreciation	4			4
	24,004			3,956
Valuation allowance	(23,100		)	(3,491		)
Deferred tax asset, net	$	904		$	465

The following table sets for the reconciliation of the statutory USVI income tax rate to our effective income tax rate:



	Year ended December 31, 2015		Year ended December 31, 2014		Year ended December 31, 2013
U.S. Virgin Islands income tax rate	38.5	%	38.5	%	38.5	%
State and local income tax rates	4.7		(0.1	)	—
Excluded REIT income	2.6		(27.3	)	(40.5	)
EDC benefits	(0.7	)	(8.9	)	4.8
Rate differential	(3.5	)	(2.6	)	(3.9	)
Permanent and other	(1.7	)	—		—
Valuation allowance	(40.6	)	1.2		1.1
Effective income tax rate	(0.7	)%	0.8	%	—	%

As of December 31, 2015 and 2014, neither Residential nor we accrued interest or penalties associated with any unrecognized tax benefits during the year ended December 31, 2015 and 2014. Residential recorded nominal state and local tax expense along with nominal penalties and interest on income and property for the years ended December 31, 2015 and 2014. Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2015.

Earnings per share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings per share

12. Earnings per share

The following table sets forth the components of diluted earnings per share (in thousands, except share and per share amounts):



	Year ended December 31, 2015			Year ended December 31, 2014		Year ended December 31, 2013
Numerator
Net (loss) income	$	(3,290	)	$	59,679	$	(5,293	)
Amortization of preferred stock issuance costs	206			166		—
Numerator for basic EPS - (loss) income available to common stockholders	(3,496		)	59,513		(5,293		)
Add back amortization of preferred stock issuance costs	—			166		—
Numerator for diluted EPS - (loss) income available to common stockholders after assumed conversions	$	(3,496	)	$	59,679	$	(5,293	)

Denominator
Weighted average common stock outstanding – basic	2,202,815			2,261,968		2,346,993
Stock options using treasury method	—			251,967		—
Restricted stock	—			160,475		—
Preferred shares, if converted	—			157,778		—
Weighted average common stock outstanding – diluted	2,202,815			2,832,188		2,346,993

(Loss) earnings per basic share	$	(1.59	)	$	26.31	$	(2.26	)
(Loss) earnings per diluted share	$	(1.59	)	$	21.07	$	(2.26	)

We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive for the periods indicated:



	Year ended December 31, 2015		Year ended December 31, 2014		Year ended December 31, 2013
Numerator (in dollars)
Amortization of preferred stock issuance costs	$	206	$	—	$	—

Denominator (in weighted-average shares)
Stock options	222,566		—		286,264
Restricted stock	85,121		—		226,481
Preferred stock, if converted	200,000		—		—

Segment information	12 Months Ended
Segment information	Dec. 31, 2015
Segment Reporting [Abstract]
Segment information	13. 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 mortgage loans and single-family rental properties, either on an individual basis or in pools. As a result, we operate in a single segment focused on the acquisition and management of Residential's resolution of sub-performing and non-performing mortgages and acquisition and ownership of rental residential 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 12
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Quarterly financial information (unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly financial information (unaudited)

14. Quarterly financial information (unaudited)

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



	2015
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter			Full Year
Total revenues	$	88,915	$	76,519	$	58,523		$	24,142		$	248,099

Net income (loss)	6,888		743		(1,980		)	(8,941		)	(3,290		)
Earnings (loss) per share of common stock – basic:
Earnings (loss) per share basic	3.10		0.31		(0.92		)	(4.12		)	(1.59		)
Earnings (loss) per share of common stock – diluted:
Earnings (loss) per share diluted	2.50		0.27		(0.92		)	(4.12		)	(1.59		)
	2014
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter			Full Year
Total revenues	$	74,628	$	117,357	$	109,102		$	122,211		$	423,298

Net income	6,828		13,230		17,698			21,923			59,679
Earnings per share of common stock – basic:
Earnings per share basic	2.88		5.87		7.91			9.99			26.31
Earnings per share of common stock – diluted:
Earnings per share diluted	2.39		4.60		6.25			7.92			21.07

Schedule III

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

Altisource Asset Management Corporation

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2015

($ in thousands)



State	No. of Props	Type	Encum- brances		Initial Cost to Company		Capitalized Costs Subsequent to Acquisition		Gross Amount at which Carried at Close of Period (2)		Accum Depr and Reserves		WA Age (1)	Date Acquired	Life on which Depr is Calc
Alabama	39	SFR	$	1,754	$	5,225	$	174	$	5,399	$	441	23.8	2014 - 2015	3-27.5 years
Alaska	1	SFR	84		185		—		185		—		32.0	2014 - 2014
Arizona	110	SFR	6,719		23,369		585		23,954		1,021		21.0	2013 - 2015	3-27.5 years
Arkansas	30	SFR	667		2,955		192		3,147		700		36.7	2013 - 2015	3-27.5 years
California	624	SFR	59,306		205,838		3,157		208,995		9,830		36.1	2013 - 2015	3-27.5 years
Colorado	37	SFR	1,558		9,027		362		9,389		408		28.5	2014 - 2015	3-27.5 years
Connecticut	53	SFR	4,024		9,789		203		9,992		844		59.1	2013 - 2015	3-27.5 years
Delaware	21	SFR	875		3,146		30		3,176		355		43.5	2014 - 2015	3-27.5 years
District of Columbia	1	SFR	136		241		3		244		26		105.0	2014 - 2014	3-27.5 years
Florida	922	SFR	40,610		140,032		9,158		149,189		8,037		27.1	2013 - 2015	3-27.5 years
Georgia	1,753	SFR	99,034		163,913		4,189		168,102		3,602		36.3	2013 - 2015	3-27.5 years
Hawaii	3	SFR	112		534		—		534		4		42.2	2013 - 2015	3-27.5 years
Idaho	19	SFR	1,139		2,941		87		3,029		110		33.9	2014 - 2015	3-27.5 years
Illinois	387	SFR	19,006		63,216		3,334		66,551		7,700		42.8	2013 - 2015	3-27.5 years
Indiana	188	SFR	6,854		19,903		2,005		21,909		1,663		30.6	2013 - 2015	3-27.5 years
Iowa	12	SFR	258		1,146		6		1,152		27		46.5	2014 - 2015	3-27.5 years
Kansas	23	SFR	531		1,755		173		1,928		189		54.1	2014 - 2015	3-27.5 years
Kentucky	58	SFR	2,425		6,538		236		6,774		977		35.3	2013 - 2015	3-27.5 years
Louisiana	21	SFR	732		2,205		135		2,339		335		35.9	2013 - 2015	3-27.5 years
Maine	6	SFR	371		805		2		807		139		166.2	2014 - 2015	3-27.5 years
Maryland	310	SFR	12,430		61,255		1,383		62,638		2,048		37.2	2013 - 2015	3-27.5 years
Massachusetts	56	SFR	2,267		11,187		523		11,710		375		76.3	2014 - 2015	3-27.5 years
Michigan	95	SFR	3,617		12,428		546		12,974		1,193		41.0	2014 - 2015	3-27.5 years
Minnesota	62	SFR	2,928		10,616		437		11,054		1,084		43.7	2014 - 2015	3-27.5 years
Mississippi	14	SFR	387		1,349		50		1,399		334		30.4	2014 - 2015	3-27.5 years
Missouri	57	SFR	1,634		5,783		567		6,350		777		43.9	2013 - 2015	3-27.5 years
Montana	3	SFR	364		790		3		793		158		28.8	2014 - 2015	3-27.5 years
Nebraska	5	SFR	234		725		7		731		211		59.8	2014 - 2015	3-27.5 years
Nevada	25	SFR	1,448		3,787		93		3,880		132		21.0	2013 - 2015	3-27.5 years
New Hampshire	13	SFR	574		2,086		1		2,087		219		73.4	2014 - 2015	3-27.5 years
New Jersey	89	SFR	3,626		14,960		530		15,490		802		60.4	2013 - 2015	3-27.5 years
New Mexico	34	SFR	1,739		4,584		380		4,964		126		20.4	2013 - 2015	3-27.5 years
New York	68	SFR	3,310		13,255		362		13,617		700		71.8	2013 - 2015	3-27.5 years
North Carolina	222	SFR	10,835		26,953		2,539		29,492		2,386		19.7	2013 - 2015	3-27.5 years
Ohio	118	SFR	4,516		14,513		747		15,260		1,967		41.2	2013 - 2015	3-27.5 years
Oklahoma	17	SFR	455		1,757		138		1,894		63		35.1	2014 - 2015	3-27.5 years
Oregon	16	SFR	697		2,714		4		2,718		—		45.5	2014 - 2015
Pennsylvania	250	SFR	8,695		34,491		1,487		35,978		4,172		54.6	2013 - 2015	3-27.5 years
Rhode Island	54	SFR	1,480		6,572		679		7,251		351		83.6	2014 - 2015	3-27.5 years
South Carolina	127	SFR	5,668		15,796		879		16,676		936		23.1	2013 - 2015	3-27.5 years
South Dakota	3	SFR	166		390		—		390		—		50.4	2014 - 2015



Tennessee	73	SFR	3,609	9,372	771	10,143	860	24.4	2014 - 2015	3-27.5 years
Texas	176	SFR	7,192	25,243	2,241	27,485	1,440	25.2	2013 - 2015	3-27.5 years
Utah	73	SFR	5,853	13,247	428	13,674	1,332	31.7	2013 - 2015	3-27.5 years
Vermont	5	SFR	293	866	1	866	73	108.6	2014 - 2015	3-27.5 years
Virginia	86	SFR	4,983	26,715	706	27,421	1,338	28.6	2013 - 2015	3-27.5 years
Washington	49	SFR	2,613	10,733	291	11,023	272	33.8	2013 - 2015	3-27.5 years
West Virginia	2	SFR	139	475	—	476	20	12.1	2014 - 2015	3-27.5 years
Wisconsin	105	SFR	4,097	12,188	450	12,638	1,873	50.3	2014 - 2015	3-27.5 years
Wyoming	1	SFR	—	275	—	275	66	25.0	2014 - 2014	3-27.5 years
Total (2)	6,516		342,044	1,007,868	40,274	1,048,142	61,716	36.4

__________


(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):



	Year ended December 31, 2015			Year ended December 31, 2014			Year ended December 31, 2013
Real estate assets:
Beginning balance	$	643,974		$	37,113		$	—
Acquisitions through foreclosure	470,221			587,268			31,014
Other acquisitions	118,297			34,104			6,198
Improvements	25,802			16,872			586
Cost of real estate sold	(210,152		)	(31,383		)	(685		)
Ending balance (1)	$	1,048,142		$	643,974		$	37,113

Accumulated depreciation and reserves for selling costs and impairment:
Beginning balance	$	19,367		$	25		$	—
Depreciation expense	6,414			1,067			25
Selling cost and impairment	70,124			21,788			—
Real estate sold	(34,189		)	(3,513		)	—
Ending balance	$	61,716		$	19,367		$	25

___________

(1) The aggregate cost for federal income tax purposes is $1,049.6 million as of December 31, 2015.

Schedule IV

12 Months Ended

Dec. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans on Real Estate

Altisource Asset Management Corporation

Schedule IV - Mortgage Loans on Real Estate

December 31, 2015

($ 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	310	2.000% - 15.875%	05/01/2009 - 01/01/2054	$	11,835	$	9,040
$50,000-99,999	710	0.000% - 13.600%	06/01/2010 - 04/01/2055	43,369		45,871
$100,000-149,999	1,043	2.000% - 13.600%	10/01/2010 - 04/01/2055	95,719		111,846
$150,000-199,999	978	1.375% - 12.480%	08/01/2010 - 07/01/2055	116,429		148,364
$200,000-249,999	787	1.500% - 12.000%	10/01/2015 - 10/01/2054	115,591		153,693
$250,000+	1,911	1.000% - 12.375%	03/01/2011 - 06/01/2055	577,591		721,094
Total (2) (3)	5,739			$	960,534	$	1,189,908

_____________

(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 6 to our consolidated financial statements.


(2)	The aggregate cost for federal income tax purposes is $1,200.2 million as of December 31, 2015.


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



	Year ended December 31, 2015			Year ended December 31, 2014			Year ended December 31, 2013
Mortgage loans
Beginning balance	$	1,959,044		$	1,207,163		$	—
Investment in mortgage loans	—			1,122,408			1,213,811
Net unrealized gain on mortgage loans	177,545			350,822			61,092
Cost of mortgages sold	(174,894		)	(151,624		)	(38,297		)
Mortgage loan payments	(24,550		)	(19,299		)	(4,901		)
Real estate tax advances to borrowers	29,261			36,842			6,472
Transfer of mortgage loans to held for sale	(535,836		)	—			—
Transfer of real estate owned to mortgage loans	15,974			8,400			—
Transfer of mortgage loans to real estate owned	(486,010		)	(595,668		)	(31,014		)
Ending balance	$	960,534		$	1,959,044		$	1,207,163

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Cash equivalents

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

Consolidations

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.

Earnings per share

Fees under the asset managment agreement

Fees under the asset management agreement

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

Mortgage loans at fair value

Mortgage loans held for sale

Residential properties

Real estate impairment

Residential rental revenues

Restricted cash

Treasury stock

Treasury Stock

We account for repurchased common stock under the cost method and include such treasury stock as a component of total shareholders’ equity.

Organization and basis of presentation (Tables)

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Such revenues and expenses for the years ended December 31, 2015, 2014 and 2013 are presented below ($ in thousands):



	Year ended December 31, 2015	Year ended December 31, 2014	Year ended December 31, 2013
Fee revenue from Residential	23,716	74,019	10,291
Expenses	25,357	15,318	15,584

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22583-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

+ Details

Real estate assets, net (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Schedule of future minimum rental payments for operating leases

Future minimum rental revenues under leases existing for the 2,118 properties that were leased as of December 31, 2015 are as follows ($ in thousands):



2016	$	16,661
2017	1,311
2018	159
2019	167
2020 and thereafter	—
	$	18,298

Mortgage loans (Tables)

12 Months Ended

Dec. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Schedule of mortgage loans



	Number of Loans	Carrying Value		Unpaid Principal Balance		Market Value of Underlying Properties
December 31, 2015
Current	730	$	124,595	$	165,645	$	177,348
30	80	12,003		18,142		21,858
60	38	5,688		8,088		8,766
90	984	130,784		216,717		196,963
Foreclosure	3,907	687,464		946,962		917,671
Mortgage loans at fair value	5,739	$	960,534	$	1,355,554	$	1,322,606

December 31, 2014
Current	670	$	107,467	$	159,731	$	160,654
30	109	15,424		22,629		24,046
60	57	7,921		11,624		12,510
90	2,286	361,434		569,930		544,709
Foreclosure	7,841	1,466,798		2,172,047		1,951,606
Mortgage loans at fair value	10,963	$	1,959,044	$	2,935,961	$	2,693,525



	Number of Loans	Carrying Value		Unpaid Principal Balance		Market Value of Underlying Properties
December 31, 2015
Current	58	$	10,864	$	13,466	$	17,776
30	26	7,616		10,013		12,200
60	6	668		775		1,063
90	328	73,164		101,121		103,395
Foreclosure	879	$	225,024	$	314,991	$	330,573
Mortgage loans held for sale	1,297	$	317,336	$	440,366	$	465,007

December 31, 2014
Current	68	$	8,317	$	11,938	$	15,154
30	6	1,118		1,667		2,004
60	4	359		644		670
90	24	2,741		4,149		4,624
Mortgage loans held for sale	102	$	12,535	$	18,398	$	22,452

Certain loans acquired in transfer not accounted for as debt securities acquired during period



Contractually required principal and interest at the date of acquisition	$	325,000
Non-accretable yield	(96,263		)
Expected cash flows to be collected	228,737
Accretable yield	(84,728		)
Fair value at the date of acquisition	$	144,009

The following table presents changes in the balance of the accretable yield for the periods indicated:



Accretable Yield	Year ended December 31, 2015			Year ended December 31, 2014
Balance at the beginning of the period	$	7,640		$	—
Acquisitions	—			84,728
Loans sold	(4,943		)	(74,478		)
Accretion	(551		)	(2,610		)
Balance at the end of the period	$	2,146		$	7,640

Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of December 31, 2015 and December 31, 2014 ($ in thousands):



	Level 1		Level 2		Level 3
	Quoted Prices in Active Markets		Observable Inputs Other Than Level 1 Prices		Unobservable Inputs
December 31, 2015
Recurring basis (assets)
Mortgage loans at fair value	$	—	$	—	$	960,534
Nonrecurring basis (assets)
Real estate assets held for sale	—		—		250,557
Not recognized on consolidated balance sheets at fair value (assets)
Mortgage loans held for sale	—		—		317,336
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase agreements at fair value	—		767,513		—
Other secured borrowings	—		502,268		—

December 31, 2014
Recurring basis (assets)
Mortgage loans at fair value	$	—	$	—	$	1,959,044
Nonrecurring basis (assets)
Real estate assets held for sale	—		—		96,041
Not recognized on consolidated balance sheets at fair value (assets)
Mortgage loans held for sale	—		—		12,535
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase agreements at fair value	—		1,015,000		—
Other secured borrowings	—		321,409		—

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):



	Year ended December 31, 2015			Year ended December 31, 2014
Mortgage loans at fair value
Beginning balance	$	1,959,044		$	1,207,163
Investment in mortgage loans at fair value	—			1,122,408
Net unrealized gain on mortgage loans at fair value	177,545			350,822
Net realized gain on mortgage loans at fair value	58,061			55,766
Transfers of mortgage loans at fair value to mortgage loans held for sale	(535,836		)	—
Mortgage loans at fair value dispositions and payments	(257,505		)	(235,743		)
Real estate tax advances to borrowers	29,261			36,842
Reclassification of realized gains on real estate sold from unrealized gains	—			9,054
Transfer of real estate owned to mortgage loans at fair value	15,974			8,400
Transfer of mortgage loans at fair value to real estate owned	(486,010		)	(595,668		)
Ending balance at December 31	$	960,534		$	1,959,044

Net unrealized gain on mortgage loans at fair value held at the end of the period	$	78,453		$	222,034

Fair value measurements, recurring and nonrecurring, valuation techniques



Input	December 31, 2015	December 31, 2014
Equity discount rate	15.0%	15.0%
Debt to asset ratio	65.0%	65.0%
Cost of funds	3.5% over 1 month LIBOR	3.5% over 1 month LIBOR
Annual change in home pricing index	0.0% to 10.2%	-0.1% to 7.6%
Loan resolution probabilities — modification	0% to 44.7%	0% to 44.7%
Loan resolution probabilities — rental	0% to 100.0%	0% to 100.0%
Loan resolution probabilities — liquidation	0% to 100.0%	0% to 100.0%
Loan resolution timelines (in years)	0.1 to 5.6	0.1 - 5.3
Value of underlying properties	$3,000 - $4,500,000	$3,000 - $5,300,000

Borrowings (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of repurchase agreements

The following table sets forth data with respect to Residential's repurchase and loan agreements as of December 31, 2015 and December 31, 2014 ($ in thousands):



	Maximum Borrowing Capacity		Book Value of Collateral		Amount Outstanding		Amount of Available Funding
December 31, 2015
CS repurchase agreement due April 18, 2016	$	275,000	$	335,184	$	194,346	$	80,654
Wells repurchase agreement due September 27, 2017	750,000		708,275		371,130		378,870
DB repurchase agreement due March 11, 2016	54,944		130,863		54,944		—
Nomura loan agreement due April 8, 2016	200,000		204,578		147,093		52,907
	$	1,279,944	$	1,378,900	$	767,513	$	512,431
December 31, 2014
CS repurchase agreement due April 20, 2015	$	225,000	$	332,618	$	222,044	$	2,956
Wells repurchase agreement due March 23, 2015	750,000		1,036,409		569,509		180,491
DB repurchase agreement due March 11, 2016	250,000		450,532		223,447		26,553
	$	1,225,000	$	1,819,559	$	1,015,000	$	210,000

The following table sets forth data with respect to these notes as of December 31, 2015 and 2014 ($ in thousands):



	Interest Rate		Amount Outstanding
December 31, 2015:
ARLP Securitization Trust, Series 2014-1
ARLP 2014-1 Class A Notes due September 25, 2044 (1)	3.47	%	$	136,404
ARLP 2014-1 Class M Notes due September 25, 2044 (2)	4.25	%	32,000
ARLP Securitization Trust, Series 2014-2
ARLP 2014-2 Class A Notes due January 26, 2054 (3)	3.63	%	244,935
ARLP 2014-2 Class M Notes due January 26, 2054	—	%	234,010
ARLP Securitization Trust, Series 2015-1
ARLP 2015-1 Class A Notes due May 25, 2055 (4)	4.01	%	203,429
ARLP 2015-1 Class M Notes due May 25, 2044	—	%	60,000
Intercompany eliminations
Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc.			(32,000		)
Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(45,138		)
Elimination of ARLP 2014-2 Class M Notes due to ARLP			(234,010		)
Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc.			(34,000		)
Elimination of ARLP 2015-1 Class M Notes due to ARLP			(60,000		)
			$	505,630
December 31, 2014:
ARLP Securitization Trust, Series 2014-1
ARLP 2014-1 Class A Notes due September 25, 2044 (1)	3.47	%	$	150,000
ARLP 2014-1 Class M Notes due September 25, 2044 (2)	4.25	%	32,000
ARLP Securitization Trust, Series 2014-2
ARLP 2014-2 Class A Notes due January 26, 2054 (3)	3.85	%	269,820
ARLP 2014-2 Class M Notes due January 26, 2054	—	%	234,010
ARNS, Inc.
Securities sold under agreement to repurchase due March 27, 2015	5.00	%	14,991
Intercompany eliminations
Elimination of ARLP 2014-1 Class A Notes due to ARNS, Inc.			(15,000		)
Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc.			(32,000		)
Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(95,729		)
Elimination of ARLP 2014-2 Class M Notes due to ARNS, Inc.			(234,010		)
			$	324,082

__________________


(1)	The expected redemption date for the Class A Notes ranges from September 25, 2017 to September 25, 2018.


(2)	The expected redemption date for the Class M Notes is September 25, 2018.


(3)	The expected redemption date for the Class A Notes ranges from November 27, 2017 to November 27, 2018.


(4)	The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019.

Related-party transactions (Tables)

12 Months Ended

Dec. 31, 2015

Related party transactions

Related party transaction summary

Our consolidated statements of operations include the following significant related party transactions for the periods indicated ($ in thousands):



	Amount		Counter- party	Location within Consolidated Statements of Operations
Year ended December 31, 2015
Base management fee	$	13,935	Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Conversion fee	1,037		Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Expense reimbursements	750		Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Management incentive fee	7,994		Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Professional fee sharing for negotiation of AMA	2,000		Residential	Net income attributable to noncontrolling interest in consolidated affiliate

Year ended December 31, 2014
Residential property operating expenses (1)	$	21,612	Ocwen/Altisource	Residential property operating expenses
Mortgage loan servicing costs	65,363		Ocwen	Mortgage loan servicing costs
Acquisition fees and costs	1,039		Altisource	Related party acquisition fees and costs
Office and occupancy costs	349		Ocwen	Related party general and administrative expenses
Salaries and benefits	2,028		Ocwen/Altisource	Related party general and administrative expenses
Other general and administrative expenses	2,069		Altisource	Related party general and administrative expenses
Expense reimbursements	6,070		Residential	Net income attributable to noncontrolling interest in consolidated affiliate
Management incentive fee	67,949		Residential	Net income attributable to noncontrolling interest in consolidated affiliate

Year ended December 31, 2013
Residential property operating expenses (1)	$	767	Ocwen/Altisource	Residential property operating expenses
Mortgage loan servicing costs	9,335		Ocwen	Mortgage loan servicing costs
Acquisition fees and costs	115		Altisource	Related party acquisition fees and costs
Office and occupancy costs	256		Ocwen	Related party general and administrative expenses
Salaries and benefits	1,273		Ocwen/Altisource	Related party general and administrative expenses
Other general and administrative expenses	2,123		Altisource	Related party general and administrative expenses
Expense reimbursements	5,411		Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate
Management incentive fee	4,880		Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

_______________


(1)	Residential property operating expenses include costs associated with Residential's ownership and operation of rental properties, including valuation services. Residential engages third party vendors, including Altisource, to obtain and evaluate BPOs prepared by other third party brokers for its ultimate use.

Incentive compensation and share-based payments (Tables)

12 Months Ended

Dec. 31, 2015

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

Schedule of share-based compensation, shares reserved for future issuance

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



		December 31, 2015
Stock options outstanding		181,702
Possible future issuances under equity incentive plan		114,196
		295,898

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
December 31, 2012	305,824		1.36
Exercised	(10,215	)	1.89
Forfeited or canceled	(14,388	)	5.87
December 31, 2013	281,221		1.11
Exercised	(41,685	)	1.16
Forfeited or canceled	(476	)	1.51
December 31, 2014	239,060		1.10
Exercised	(54,261	)	1.35
Forfeited or canceled	(3,097	)	4.14
December 31, 2015 (1) (2)	181,702		0.98

______________

(1) The outstanding options as of December 31, 2015 had a weighted average remaining life of 2.9 years with total intrinsic value of $2.9 million.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units 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	32,667		70.16
Vested ⁽¹⁾	(660	)	5.90
Forfeited or canceled	(8,765	)	5.90
December 31, 2013	228,754		15.32
Granted	30,877		697.48
Vested ⁽¹⁾	(56,328	)	16.53
Forfeited or canceled	(27,814	)	294.59
December 31, 2014	175,489		90.51
Granted	53,531		174.34
Vested (1)	(51,305	)	11.53
Forfeited or canceled	(23,389	)	6.65
December 31, 2015	154,326		158.84

_____________


(1)	The vesting date fair value of restricted stock that vested during the year ended December 31, 2015, 2014 and 2013 was $11.6 million, $52.6 million and $0.2 million, respectively.

Share-based payments, other than stock options, valuation assumptions

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



	Year ended December 31, 2015	Year ended December 31, 2014	Year ended December 31, 2013
Risk Free Interest Rate (1)	2.89% to 3.27%	3.07% to 3.73%	3.18%
Common Stock Dividend Yield (2)	0%	0%	0%
Expected Volatility (3)	92.04% to 96.46%	74.61% to 82.66%	36.31%

_____________


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


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


(3)	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, 2015

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following table sets forth the components of income (loss) before income taxes:



	Year ended December 31, 2015			Year ended December 31, 2014			Year ended December 31, 2013
U.S. Virgin Islands	$	(1,249	)	$	70,670		$	(5,261	)
Other	(1,687		)	(8,895		)	(32		)
(Loss) income before income taxes	$	(2,936	)	$	61,775		$	(5,293	)

Schedule of Deferred Tax Assets and Liabilities

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



	December 31, 2015			December 31, 2014
Deferred tax assets:
Stock compensation and other	$	531		$	339
Accrued expenses	387			172
Real estate and mortgage loan fair value adjustments	1,492			2,981
Other	6			—
Net operating loss	21,592			468
	24,008			3,960
Deferred tax liability:
Depreciation	4			4
	24,004			3,956
Valuation allowance	(23,100		)	(3,491		)
Deferred tax asset, net	$	904		$	465

Schedule of Effective Income Tax Rate Reconciliation

The following table sets for the reconciliation of the statutory USVI income tax rate to our effective income tax rate:



	Year ended December 31, 2015		Year ended December 31, 2014		Year ended December 31, 2013
U.S. Virgin Islands income tax rate	38.5	%	38.5	%	38.5	%
State and local income tax rates	4.7		(0.1	)	—
Excluded REIT income	2.6		(27.3	)	(40.5	)
EDC benefits	(0.7	)	(8.9	)	4.8
Rate differential	(3.5	)	(2.6	)	(3.9	)
Permanent and other	(1.7	)	—		—
Valuation allowance	(40.6	)	1.2		1.1
Effective income tax rate	(0.7	)%	0.8	%	—	%

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Schedule of components of diluted earnings per share

The following table sets forth the components of diluted earnings per share (in thousands, except share and per share amounts):



	Year ended December 31, 2015			Year ended December 31, 2014		Year ended December 31, 2013
Numerator
Net (loss) income	$	(3,290	)	$	59,679	$	(5,293	)
Amortization of preferred stock issuance costs	206			166		—
Numerator for basic EPS - (loss) income available to common stockholders	(3,496		)	59,513		(5,293		)
Add back amortization of preferred stock issuance costs	—			166		—
Numerator for diluted EPS - (loss) income available to common stockholders after assumed conversions	$	(3,496	)	$	59,679	$	(5,293	)

Denominator
Weighted average common stock outstanding – basic	2,202,815			2,261,968		2,346,993
Stock options using treasury method	—			251,967		—
Restricted stock	—			160,475		—
Preferred shares, if converted	—			157,778		—
Weighted average common stock outstanding – diluted	2,202,815			2,832,188		2,346,993

(Loss) earnings per basic share	$	(1.59	)	$	26.31	$	(2.26	)
(Loss) earnings per diluted share	$	(1.59	)	$	21.07	$	(2.26	)

Schedule of antidilutive securities excluded from computation of earnings per share

We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive for the periods indicated:



	Year ended December 31, 2015		Year ended December 31, 2014		Year ended December 31, 2013
Numerator (in dollars)
Amortization of preferred stock issuance costs	$	206	$	—	$	—

Denominator (in weighted-average shares)
Stock options	222,566		—		286,264
Restricted stock	85,121		—		226,481
Preferred stock, if converted	200,000		—		—

Quarterly financial information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of segment reporting

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



	2015
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter			Full Year
Total revenues	$	88,915	$	76,519	$	58,523		$	24,142		$	248,099

Net income (loss)	6,888		743		(1,980		)	(8,941		)	(3,290		)
Earnings (loss) per share of common stock – basic:
Earnings (loss) per share basic	3.10		0.31		(0.92		)	(4.12		)	(1.59		)
Earnings (loss) per share of common stock – diluted:
Earnings (loss) per share diluted	2.50		0.27		(0.92		)	(4.12		)	(1.59		)
	2014
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter			Full Year
Total revenues	$	74,628	$	117,357	$	109,102		$	122,211		$	423,298

Net income	6,828		13,230		17,698			21,923			59,679
Earnings per share of common stock – basic:
Earnings per share basic	2.88		5.87		7.91			9.99			26.31
Earnings per share of common stock – diluted:
Earnings per share diluted	2.39		4.60		6.25			7.92			21.07

Organization and basis of presentation (Details)		1 Months Ended		3 Months Ended	12 Months Ended			36 Months Ended
Organization and basis of presentation (Details)	Dec. 21, 2012	Sep. 30, 2015 USD ($) shares	Oct. 31, 2013 USD ($)	Mar. 31, 2014 USD ($) $ / shares	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2015 USD ($) offering	Jan. 01, 2016 USD ($)
Organization and Basis of Presentation [Line Items]
Term of contract	15 years
Proceeds from issuance of common stock					$ 833,000	$ 12,389,000	$ 935,000
Common stock held by related party \| shares		324,465
Percentage ownership in noncontrolling interest		0.58%
Ownership percentage by noncontrolling owners					99.42%			99.42%
Proceeds from issuance of convertible preferred stock				$ 250,000,000
Period preferred stock is redeemable after sixth anniversary				5 years
Redemption price per share \| $ / shares				$ 1,000
Conversion price per share \| $ / shares				$ 1,250
Reduction in assets					$ (2,525,776,000)	(2,760,698,000)		$ (2,525,776,000)
Reduction in liabilities					(1,311,865,000)	(1,361,977,000)		(1,311,865,000)
Net deficit					180,861,000	177,117,000		180,861,000
Reduction in noncontrolling interests of consolidated affiliate					(1,145,639,000)	(1,326,911,000)		$ (1,145,639,000)
Expenses					32,896,000	18,346,000	16,857,000
Cumulative-Effect Adjustment, Deconsolidation of Variable Interest Entity \| Subsequent event
Organization and Basis of Presentation [Line Items]
Reduction in assets									$ 2,400,000,000
Reduction in liabilities									1,300,000,000
Net deficit									180,900,000
Reduction in noncontrolling interests of consolidated affiliate									$ 1,100,000,000
Residential
Organization and Basis of Presentation [Line Items]
Number of public offerings \| offering								3
Proceeds from issuance of common stock								$ 1,100,000,000
NewSource Reinsurance Company Ltd. \| Common stock
Organization and Basis of Presentation [Line Items]
Amount invested in stock of NewSource		$ 5,000,000.0	$ 2,000,000
Percent owned of common stock of NewSource			100.00%
Pro Forma [Member] \| Cumulative-Effect Adjustment, Deconsolidation of Variable Interest Entity
Organization and Basis of Presentation [Line Items]
Fees revenue from Residential					23,716,000	74,019,000	10,291,000
Expenses					$ 25,357,000	$ 15,318,000	$ 15,584,000

Summary of significant accounting policies (Details)	12 Months Ended
Summary of significant accounting policies (Details)	Dec. 31, 2015 USD ($)
Accounting Policies [Abstract]
Frequency fair value estimates updated	180 days
Threshold percentage of change in value subject to analysis	25.00%
Threshold amount of change in value subject to analysis	$ 75,000
Property, Plant and Equipment [Line Items]
Authorized amount of stock to repurchase	$ 300,000,000
Minimum
Property, Plant and Equipment [Line Items]
Property useful life	3 years
Term of leases offered to lessees	1 year
Maximum
Property, Plant and Equipment [Line Items]
Property useful life	27 years 6 months
Term of leases offered to lessees	2 years

Assets acquisitions and dispositions (Details) $ in Thousands			1 Months Ended				6 Months Ended	12 Months Ended
	Aug. 18, 2015 USD ($) loan	Jun. 27, 2014 USD ($) loan	Dec. 31, 2015 USD ($) loan	Nov. 30, 2015 USD ($) loan	Jun. 30, 2015 USD ($) loan	Oct. 31, 2014 USD ($) loan	Dec. 31, 2015 loan	Dec. 31, 2015 USD ($) loan property	Dec. 31, 2014 USD ($) loan property	Dec. 31, 2013 USD ($)
Business Acquisition [Line Items]
Number of real estate properties directly acquired	1,314						98		237
Percentage of rental properties leased	94.00%
Real estate directly acquired	$ 111,400							$ 119,977	$ 34,104	$ 6,198
Acquisition fees and costs	600							$ 2,292	$ 1,545	1,408
Acquired-in-place leases	$ 1,300
Weighted average useful life	7 months
Number of real estate properties sold \| property								1,321	221
Net realized gain on real estate								$ 50,932	$ 9,482	0
Net realized gain on mortgage loans								58,061	55,766	10,482
Net realized gain on mortgage loans held for sale			$ 14,000	$ 21,900	$ 500	$ 2,800		36,432	2,771	0
Period of clean pay history						6 months
Transfer of mortgage loans to real estate owned, net								$ 470,221	587,268	31,014
Gains Reclassified On Real Estate Owned Sold									$ 6,600
Loans receivable \| Nonperforming financing receivable
Business Acquisition [Line Items]
Number of loans acquired \| loan									8,205
Loans receivable \| Residential mortgage
Business Acquisition [Line Items]
Number of mortgage loans liquidated \| loan			306	466	52	934
Number of real estate acquired through foreclosure \| loan								2,443	3,682
Transfer of mortgage loans to real estate owned, net								$ 470,200	$ 587,300
Net unrealized gains on mortgage loans								91,300	124,900
Due diligence costs								$ 400	$ 3,100	$ 3,500
Loans receivable \| Residential mortgage \| Nonperforming financing receivable
Business Acquisition [Line Items]
Number of loans acquired \| loan									7,326
Principal amount of mortgage loans									$ 1,900,000
Loans acquired during period, aggregate market value		$ 271,100							1,800,000
Aggregate purchase price of loans acquired									$ 1,200,000
Number of mortgage loans liquidated \| loan					137	164		590	735
Loans receivable \| Residential mortgage \| Performing financing receivable
Business Acquisition [Line Items]
Number of loans acquired \| loan		879
Aggregate purchase price of loans acquired		$ 144,600
Number of mortgage loans liquidated \| loan						770

Real estate assets, net - Components of real estate assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)
Real Estate [Abstract]
Number of real estate properties held for use \| property	4,933	3,349
Number of real estate properties rented \| property	2,118	336
Number of real estate properties listed for rent \| property	264	197
Number of real estate properties in various stages of renovation \| property	350	254
Number of real estate properties under evaluation for rental portfolio \| property	2,201	2,562
Operating Leases, Future Minimum Payments Receivable [Abstract]
2016	$ 16,661
2017	1,311
2018	159
2019	167
2020 and thereafter	0
Total future minimum payments receivable	18,298
REO valuation impairment	$ 36,500	$ 7,900	$ 0
Number of real estate properties held for sale \| property	1,583	611
Real estate assets held for sale	$ 250,557	$ 92,230
Minimum
Real Estate Properties [Line Items]
Term of leases offered to lessees	1 year
Maximum
Real Estate Properties [Line Items]
Term of leases offered to lessees	2 years

Mortgage loans - Schedule of Loans (Details) - Loans receivable - Residential mortgage - Residential portfolio segment $ in Thousands	Dec. 31, 2015 USD ($) loan	Dec. 31, 2014 USD ($) loan
Number of loans
Current \| loan	58	68
Foreclosure \| loan	879
Mortgage loans \| loan	1,297	102
Carrying value
Current	$ 10,864	$ 8,317
Foreclosure	225,024
Mortgage loans at fair value	317,336	12,535
Unpaid principal balance
Current	13,466	11,938
Foreclosure	314,991
Mortgage loans	440,366	18,398
Market value of underlying properties
Current	17,776	15,154
Foreclosure	330,573
Mortgage loans	$ 465,007	$ 22,452
Nonperforming financing receivable
Number of loans
Current \| loan	730	670
Foreclosure \| loan	3,907	7,841
Mortgage loans \| loan	5,739	10,963
Carrying value
Current	$ 124,595	$ 107,467
Foreclosure	687,464	1,466,798
Mortgage loans at fair value	960,534	1,959,044
Unpaid principal balance
Current	165,645	159,731
Foreclosure	946,962	2,172,047
Mortgage loans	1,355,554	2,935,961
Market value of underlying properties
Current	177,348	160,654
Foreclosure	917,671	1,951,606
Mortgage loans	$ 1,322,606	$ 2,693,525
30
Number of loans
Past Due \| loan	26	6
Carrying value
Past Due	$ 7,616	$ 1,118
Unpaid principal balance
Past Due	10,013	1,667
Market value of underlying properties
Past Due	$ 12,200	$ 2,004
30 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	80	109
Carrying value
Past Due	$ 12,003	$ 15,424
Unpaid principal balance
Past Due	18,142	22,629
Market value of underlying properties
Past Due	$ 21,858	$ 24,046
60
Number of loans
Past Due \| loan	6	4
Carrying value
Past Due	$ 668	$ 359
Unpaid principal balance
Past Due	775	644
Market value of underlying properties
Past Due	$ 1,063	$ 670
60 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	38	57
Carrying value
Past Due	$ 5,688	$ 7,921
Unpaid principal balance
Past Due	8,088	11,624
Market value of underlying properties
Past Due	$ 8,766	$ 12,510
90
Number of loans
Past Due \| loan	328	24
Carrying value
Past Due	$ 73,164	$ 2,741
Unpaid principal balance
Past Due	101,121	4,149
Market value of underlying properties
Past Due	$ 103,395	$ 4,624
90 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	984	2,286
Carrying value
Past Due	$ 130,784	$ 361,434
Unpaid principal balance
Past Due	216,717	569,930
Market value of underlying properties
Past Due	$ 196,963	$ 544,709

Mortgage loans - Narrative (Details) $ in Thousands		1 Months Ended				12 Months Ended
Mortgage loans - Narrative (Details) $ in Thousands	Jan. 19, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan	Nov. 30, 2015 loan	Jun. 30, 2015 loan	Oct. 31, 2014 loan	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Mortgage Loans on Real Estate [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Accretion						$ 600
Amount accreted into interest						551	$ 2,610	$ 0
Mortgage loans held for sale (from consolidated VIE)		$ 317,336				317,336	12,535
Residential mortgage \| Loans receivable
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans liquidated \| loan		306	466	52	934
Residential mortgage \| Loans receivable \| Subsequent event
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans liquidated \| loan	1,266
Mortgage loans sold aggregate UPB	$ 434,300
Mortgage loans sold UPB as a percentage of loan portfolio	24.00%
Performing financing receivable \| Residential mortgage \| Loans receivable
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans liquidated \| loan					770
Unpaid principal balance		$ 6,000				6,000	18,400
Mortgage loans held for sale (from consolidated VIE)		$ 4,000				$ 4,000	$ 12,500

Mortgage loans - Certain Loans Acquired Not Accounted For As Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Jun. 27, 2014
Mortgage Loans on Real Estate [Abstract]
Mortgage loans held for sale (from consolidated VIE)				$ 317,336	$ 12,535
Contractually required principal and interest at the date of acquisition						$ 325,000
Non-accretable yield						(96,263)
Expected cash flows to be collected						228,737
Accretable yield	$ (7,640)	$ 0	$ 0	$ (2,146)	$ (7,640)	(84,728)
Fair value at the date of acquisition						$ 144,009
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretable yield, beginning balance	7,640	0
Acquisitions	0	84,728
Loans sold	(4,943)	(74,478)
Accretion	(551)	(2,610)	0
Accretable yield, ending balance	$ 2,146	$ 7,640	$ 0

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 0	$ 0
Repurchase agreements at fair value	0	0
Secured Debt, Fair Value Disclosure	0	0
Level 2, Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	767,513	1,015,000
Secured Debt, Fair Value Disclosure	502,268	321,409
Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	317,336	12,535
Repurchase agreements at fair value	0	0
Secured Debt, Fair Value Disclosure	0	0
Fair value measurements, recurring \| Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0	0
Fair value measurements, recurring \| Level 2, Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0	0
Fair value measurements, recurring \| Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	960,534	1,959,044
Fair value measurements, nonrecurring \| Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets held for sale	0	0
Fair value measurements, nonrecurring \| Level 2, Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets held for sale	0	0
Fair value measurements, nonrecurring \| Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets held for sale	$ 250,557	$ 96,041

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers of mortgage loans at fair value to mortgage loans held for sale	$ (535,836)	$ 0	$ 0
Residential mortgage \| Level 3, Unobservable inputs \| Loans receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,959,044	1,207,163
Investment in mortgage loans at fair value	0	1,122,408
Net unrealized gain on mortgage loans at fair value	177,545	350,822
Net realized gain on mortgage loans at fair value	58,061	55,766
Transfers of mortgage loans at fair value to mortgage loans held for sale	(535,836)	0	0
Mortgage loans at fair value dispositions and payments	(257,505)	(235,743)
Real estate tax advances to borrowers	29,261	36,842
Reclassification Of Realized Gains On Real Estate Sold From Unrealized Gains	0	9,054
Transfer of real estate owned to mortgage loans	15,974	8,400
Transfer of mortgage loans at fair value to real estate owned	(486,010)	(595,668)
Ending balance at December 31	960,534	1,959,044	$ 1,207,163
Net unrealized gain on mortgage loans at fair value held at the end of the period	$ 78,453	$ 222,034

Fair value of financial instruments - Fair value by delinquency (Details) - Residential portfolio segment - Loans receivable - Residential mortgage $ in Thousands	Dec. 31, 2015 USD ($) loan	Dec. 31, 2014 USD ($) loan
Number of loans
Current \| loan	58	68
Foreclosure \| loan	879
Mortgage loans \| loan	1,297	102
Carrying Value
Current	$ 10,864	$ 8,317
Foreclosure	225,024
Mortgage loans	317,336	12,535
Unpaid principal balance
Current	13,466	11,938
Foreclosure	314,991
Mortgage loans	440,366	18,398
Market value of underlying properties
Current	17,776	15,154
Foreclosure	330,573
Mortgage loans	$ 465,007	$ 22,452
Nonperforming financing receivable
Number of loans
Current \| loan	730	670
Foreclosure \| loan	3,907	7,841
Mortgage loans \| loan	5,739	10,963
Carrying Value
Current	$ 124,595	$ 107,467
Foreclosure	687,464	1,466,798
Mortgage loans	960,534	1,959,044
Unpaid principal balance
Current	165,645	159,731
Foreclosure	946,962	2,172,047
Mortgage loans	1,355,554	2,935,961
Market value of underlying properties
Current	177,348	160,654
Foreclosure	917,671	1,951,606
Mortgage loans	$ 1,322,606	$ 2,693,525
30
Number of loans
Past Due \| loan	26	6
Carrying Value
Past Due	$ 7,616	$ 1,118
Unpaid principal balance
Past Due	10,013	1,667
Market value of underlying properties
Past Due	$ 12,200	$ 2,004
30 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	80	109
Carrying Value
Past Due	$ 12,003	$ 15,424
Unpaid principal balance
Past Due	18,142	22,629
Market value of underlying properties
Past Due	$ 21,858	$ 24,046
60
Number of loans
Past Due \| loan	6	4
Carrying Value
Past Due	$ 668	$ 359
Unpaid principal balance
Past Due	775	644
Market value of underlying properties
Past Due	$ 1,063	$ 670
60 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	38	57
Carrying Value
Past Due	$ 5,688	$ 7,921
Unpaid principal balance
Past Due	8,088	11,624
Market value of underlying properties
Past Due	$ 8,766	$ 12,510
90
Number of loans
Past Due \| loan	328	24
Carrying Value
Past Due	$ 73,164	$ 2,741
Unpaid principal balance
Past Due	101,121	4,149
Market value of underlying properties
Past Due	$ 103,395	$ 4,624
90 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	984	2,286
Carrying Value
Past Due	$ 130,784	$ 361,434
Unpaid principal balance
Past Due	216,717	569,930
Market value of underlying properties
Past Due	$ 196,963	$ 544,709

Fair value of financial instruments - Fair value inputs, quantitative information (Details) - Residential mortgage - Loans receivable - Level 3, Unobservable inputs - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair value inputs, assets, quantitative information [Line Items]
Equity discount rate	15.00%	15.00%
Fair Value Inputs, Debt to Asset Ratio	65.00%	65.00%
Fair Value Inputs, Interest Rate Over the Reference Rate	3.50%	3.50%
Fair Value Inputs, Reference Rate	1 month LIBOR	1 month LIBOR
Minimum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	0.00%	(0.10%)
Loan resolution probabilities — modification	0.00%	0.00%
Loan resolution probabilities — rental	0.00%	0.00%
Loan resolution probabilities — liquidation	0.00%	0.00%
Loan resolution timelines (in years)	1 month 6 days	1 month 6 days
Value of underlying properties	$ 3,000	$ 3,000
Maximum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	10.20%	7.60%
Loan resolution probabilities — modification	44.70%	44.70%
Loan resolution probabilities — rental	100.00%	100.00%
Loan resolution probabilities — liquidation	100.00%	100.00%
Loan resolution timelines (in years)	5 years 7 months 6 days	5 years 3 months 18 days
Value of underlying properties	$ 4,500,000	$ 5,300,000

Borrowings - Repurchase Agreements (Details)		12 Months Ended	33 Months Ended
Borrowings - Repurchase Agreements (Details)	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) agreement	May 12, 2015 USD ($)	Apr. 10, 2015 USD ($)	Dec. 31, 2013 USD ($)	Sep. 23, 2013 USD ($)	Mar. 22, 2013 USD ($)
Debt [Line Items]
Number of repurchase agreements \| agreement			3
Amount Outstanding		$ 1,015,000,000	$ 767,513,000
Secured debt
Debt [Line Items]
Interest rate on debt			3.35%
Secured debt \| Residential
Debt [Line Items]
Maximum Borrowing Capacity		1,225,000,000	$ 1,300,000,000
Book Value of Collateral		1,819,559,000	1,378,900,000
Amount Outstanding		1,015,000,000	767,513,000
Amount of Available Funding		$ 210,000,000	512,431,000
Secured debt \| CS repurchase agreement
Debt [Line Items]
Term for extension option		1 year
Maximum Borrowing Capacity		$ 225,000,000.0	275,000,000.0					$ 100,000,000
Secured debt \| CS repurchase agreement \| Residential
Debt [Line Items]
Maximum Borrowing Capacity		225,000,000	275,000,000
Book Value of Collateral		332,618,000	335,184,000
Amount Outstanding		222,044,000	194,346,000
Amount of Available Funding		2,956,000	80,654,000
Secured debt \| CS repurchase agreement \| ARLP 2014-1
Debt [Line Items]
Secured debt			19,800,000
Secured debt \| CS repurchase agreement \| ARLP 2014-2
Debt [Line Items]
Secured debt			29,200,000
Secured debt \| CS repurchase agreement \| ARLP 2015-1
Debt [Line Items]
Secured debt			21,000,000
Secured debt \| DB repurchase agreement
Debt [Line Items]
Maximum Borrowing Capacity			54,944,000
Secured debt \| DB repurchase agreement \| Residential
Debt [Line Items]
Maximum Borrowing Capacity		250,000,000	54,944,000
Book Value of Collateral		450,532,000	130,863,000
Amount Outstanding		223,447,000	54,944,000
Amount of Available Funding		26,553,000	0
Secured debt \| Wells Fargo Repurchase Agreement
Debt [Line Items]
Maximum Borrowing Capacity	$ 750,000,000.0	750,000,000.0				$ 1,000,000,000.0	$ 200,000,000.0
Secured debt \| Wells Fargo Repurchase Agreement \| Residential
Debt [Line Items]
Maximum Borrowing Capacity		750,000,000	750,000,000
Book Value of Collateral		1,036,409,000	708,275,000
Amount Outstanding		569,509,000	371,130,000
Amount of Available Funding		$ 180,491,000	378,870,000
Secured debt \| Nomura loan and security agreement
Debt [Line Items]
Maximum Borrowing Capacity				$ 200,000,000.0	$ 100,000,000.0
Secured debt \| Nomura loan and security agreement \| Residential
Debt [Line Items]
Maximum Borrowing Capacity			200,000,000
Book Value of Collateral			204,578,000
Amount Outstanding			147,093,000
Amount of Available Funding			52,907,000
Real estate \| Secured debt \| Wells Fargo Repurchase Agreement
Debt [Line Items]
Maximum borrowing capacity sublimit percentage	40.00%	10.00%
Maximum Borrowing Capacity	$ 300,000,000.0
Asset-backed securities \| Secured debt \| ARLP 2014-1
Debt [Line Items]
Amount of collateral securing debt			32,000,000
Asset-backed securities \| Secured debt \| ARLP 2014-2
Debt [Line Items]
Amount of collateral securing debt			45,100,000
Asset-backed securities \| Secured debt \| ARLP 2015-1
Debt [Line Items]
Amount of collateral securing debt			$ 34,000,000

Borrowings - Other Secured Debt (Details) - USD ($)	Dec. 31, 2015	Jun. 29, 2015	Feb. 09, 2015	Dec. 31, 2014	Dec. 28, 2014	Nov. 25, 2014	Sep. 30, 2014	Sep. 25, 2014
Debt Instrument [Line Items]
Other secured debt	$ 505,630,000			$ 324,082,000
Securities sold under agreements to repurchase				14,991,000			$ 15,000,000
Asset-backed Securities Class A Notes 2015-1
Debt Instrument [Line Items]
Other secured debt	$ 136,404,000	$ 205,000,000.0
Interest rate on debt	3.47%	4.01%
Secured debt issued to affiliates	$ (34,000,000)	$ (34,000,000)
Asset-backed Securities Class M Notes 2015-1
Debt Instrument [Line Items]
Other secured debt	$ 32,000,000	$ 60,000,000.0
Interest rate on debt	4.25%
Secured debt issued to affiliates	$ (60,000,000)
ARLP 2014-2 Class A Notes due January 26, 2054
Debt Instrument [Line Items]
Other secured debt	$ 244,935,000		$ 50,700,000	$ 269,820,000		$ 270,800,000
Interest rate on debt	3.63%			3.85%		3.85%
Secured debt issued to affiliates	$ (45,138,000)			$ (95,729,000)		$ (95,800,000)
ARLP 2014-2 Class M Notes due January 26, 2054
Debt Instrument [Line Items]
Other secured debt	$ 234,010,000			$ 234,010,000		$ 234,000,000
Interest rate on debt	0.00%			0.00%
Secured debt issued to affiliates	$ (234,010,000)			$ (234,010,000)
ARLP 2014-1 Class A Notes due September 25, 2044
Debt Instrument [Line Items]
Other secured debt	$ 203,429,000			$ 150,000,000				$ 150,000,000
Interest rate on debt	4.01%			3.47%				3.47%
Secured debt issued to affiliates				$ (15,000,000)
ARLP 2014-1 Class M Notes due September 25, 2044
Debt Instrument [Line Items]
Other secured debt	$ 60,000,000			$ 32,000,000				$ 32,000,000
Interest rate on debt	0.00%			4.25%				4.25%
Secured debt issued to affiliates	$ (32,000,000)			$ (32,000,000)
Securities sold under agreement to repurchase due March 27, 2015
Debt Instrument [Line Items]
Securities sold under agreement to repurchase, interest rate					5.00%
ARLP 2015-1 \| Loans
Debt Instrument [Line Items]
Book value of underlying securitized assets	282,100,000
ARLP 2014-2 \| Loans
Debt Instrument [Line Items]
Book value of underlying securitized assets	322,500,000
ARLP 2014-1 \| Loans
Debt Instrument [Line Items]
Book value of underlying securitized assets	$ 202,300,000

Commitments and contingencies (Details) $ in Millions	Nov. 09, 2015 USD ($)
Settled litigation \| Police Retirement System of St. Louis v. Erbey, et al.
Other Commitments [Line Items]
Attorney fees and expenses of plaintiff's counsel	$ 6.0

Related-party transactions - Narrative (Details)					3 Months Ended	12 Months Ended
Related-party transactions - Narrative (Details)	Apr. 01, 2015	Mar. 31, 2015 property	Nov. 15, 2013	Dec. 21, 2012 $ / shares	Sep. 30, 2015 shares	Dec. 31, 2015 USD ($) ft² servicer employee	Dec. 31, 2014 USD ($)	Mar. 31, 2016	Dec. 28, 2014	Sep. 30, 2014 USD ($)
Related party transactions [Line Items]
Addition to base rent under operating lease, percent of lease-related operating expenses and leasehold improvements						50.00%
Securities sold under agreements to repurchase \| $							$ 14,991,000			$ 15,000,000
Loans acquired from related party, aggregate purchase price \| $							64,000,000
Maturity Term, Securities, US Treasury		10 years
Common stock held by related party \| shares					324,465
Percentage ownership in noncontrolling interest					0.58%
Mortgage Loans On Real Estate, Number Of Mortgage Servicers, Additions \| servicer						2
Securities sold under agreement to repurchase due March 27, 2015
Related party transactions [Line Items]
Securities sold under agreement to repurchase, interest rate									5.00%
Acquisition of nonperforming loans \| Mortgage loans on real estate, Pool one \| Loans receivable \| Residential mortgage \| Ocwen
Related party transactions [Line Items]
Loans acquired from related party, aggregate collateral fair value \| $							$ 94,000,000
Affiliated entity \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Related Party Transaction, Base Management Fee, Percent of Qualified Average Invested Capital		1.50%
Related Party Transaction, Incentive Management Fee, Return on Invested Capital					1.75%
Related Party Transaction, Conversion Fee, Percent of Market Value of New Rental Properties		1.50%
Related Party Transaction, Incentive Management Fee, Percent of Incentive Fee Payable in Common Stock		25.00%
Related Party Transaction, Incentive Management Fee, Deficit of Return on Invested Capital						10.77%
Affiliated entity \| Asset management agreement \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Contract term		15 years
Automatic renewal term	5 years
Affiliated entity \| Scaling contract, threshold one \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Related Party Transaction, Incentive Management Fee, Percent of Average Invested Capital		25.00%
Related Party Transaction, Base Management Fee, Number Of Rental Properties Cap \| property		2,500
Related Party Transaction, Incentive Management Fee, Percent of Invested Capital in Excess of Threshold		20.00%
Affiliated entity \| Scaling contract, threshold one \| Altisource Residential
Related party transactions [Line Items]
Incentive management fee, percent of available cash				2.00%
Incentive management fee, available cash per share threshold \| $ / shares				$ 0.161
Affiliated entity \| Scaling contract, threshold two \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Related Party Transaction, Incentive Management Fee, Percent of Average Invested Capital		1.75%
Related Party Transaction, Base Management Fee, Number Of Rental Properties Floor \| property		2,500
Related Party Transaction, Incentive Management Fee, Number of Rental Properties Cap \| property		4,499
Related Party Transaction, Incentive Management Fee, Number Of Rental Properties Floor \| property		2,500
Related Party Transaction, Incentive Management Fee, Percent of Invested Capital in Excess of Threshold		22.50%
Affiliated entity \| Scaling contract, threshold two \| Altisource Residential
Related party transactions [Line Items]
Incentive management fee, percent of available cash				15.00%
Incentive management fee, available cash per share threshold \| $ / shares				$ 0.193
Affiliated entity \| Scaling contract, threshold three \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Related Party Transaction, Incentive Management Fee, Percent of Average Invested Capital		2.00%
Related Party Transaction, Incentive Management Fee, Number Of Rental Properties Floor \| property		4,500
Related Party Transaction, Incentive Management Fee, Percent of Invested Capital in Excess of Threshold		25.00%
Affiliated entity \| Scaling contract, threshold three \| Altisource Residential
Related party transactions [Line Items]
Incentive management fee, percent of available cash				25.00%
Incentive management fee, available cash per share threshold \| $ / shares				$ 0.257
Affiliated entity \| Scaling contract, threshold four \| Altisource Residential
Related party transactions [Line Items]
Incentive management fee, percent of available cash				50.00%
Affiliated entity \| Support services agreement \| Altisource
Related party transactions [Line Items]
Automatic renewal term				2 years
Number of dedicated employees provided \| employee						31
Termination period if asset management agreement terminates				30 days
Affiliated entity \| Support services agreement \| Ocwen
Related party transactions [Line Items]
Nonrenewal notice notification period				30 days
Affiliated entity \| Trademark license agreement \| Altisource
Related party transactions [Line Items]
Nonrenewal notice notification period				30 days
Termination period if asset management agreement terminates				30 days
Affiliated entity \| Master services agreement \| Altisource \| Residential
Related party transactions [Line Items]
Contract term				15 years
Automatic renewal term				2 years
Nonrenewal notice notification period				9 months
Affiliated entity \| Aircraft time sharing agreement \| Ocwen
Related party transactions [Line Items]
Percentage of expenses to be paid for use of aircraft			100.00%
Affiliated entity \| Operating Lease Agreement \| Ocwen
Related party transactions [Line Items]
Area of lease \| ft²						2,000
Addition to base rent under operating lease, percent of lease-related operating expenses and leasehold improvements						50.00%
Affiliated entity \| Lease agreement, through June 2014 \| Ocwen
Related party transactions [Line Items]
Base rent under operating lease \| $						$ 40,000
Affiliated entity \| Lease agreement, after June 2014 \| Ocwen
Related party transactions [Line Items]
Base rent under operating lease \| $						$ 45,000
Affiliated entity \| Servicing agreement \| Ocwen \| Residential
Related party transactions [Line Items]
Contract term				15 years
Nonrenewal notice notification period				30 days
Minimum \| Affiliated entity \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Related Party Transaction, Incentive Management Fee, Return on Invested Capital		7.00%
Maximum \| Affiliated entity \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Related Party Transaction, Incentive Management Fee, Return on Invested Capital		8.25%
Scenario, Forecast [Member] \| Affiliated entity \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Related Party Transaction, Incentive Management Fee, Cumulative Deficit of Return on Invested Capital								12.52%

Related-party transactions - Related party expenses (Details) - Affiliated entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Base management fee \| Residential and NewSource \| Net income (loss) attributable to noncontrolling interest in consolidated affiliate
Related party transactions [Line Items]
Related party expenses	$ 13,935
Conversion fee \| Ocwen/Altisource \| Net income (loss) attributable to noncontrolling interest in consolidated affiliate
Related party transactions [Line Items]
Related party expenses	1,037
Expense reimbursement \| Residential \| Net income (loss) attributable to noncontrolling interest in consolidated affiliate
Related party transactions [Line Items]
Related party expenses	750	$ 6,070	$ 5,411
Management incentive fee \| Residential \| Net income (loss) attributable to noncontrolling interest in consolidated affiliate
Related party transactions [Line Items]
Related party expenses	7,994	67,949	4,880
Professional fee \| Residential \| Net income (loss) attributable to noncontrolling interest in consolidated affiliate
Related party transactions [Line Items]
Related party expenses	$ 2,000
Residential property operating expenses \| Ocwen/Altisource \| Residential property operating expenses
Related party transactions [Line Items]
Related party expenses			767
Residential property operating expenses \| Ocwen/Altisource \| Residential property operating expenses
Related party transactions [Line Items]
Related party expenses		21,612
Mortgage loan servicing costs \| Ocwen \| Mortgage loan servicing costs
Related party transactions [Line Items]
Related party expenses		65,363	9,335
Due diligence and unsuccessful deal costs \| Altisource \| Related party general and administrative expenses
Related party transactions [Line Items]
Related party expenses		1,039	115
Office and occupancy costs \| Ocwen \| Related party general and administrative expenses
Related party transactions [Line Items]
Related party expenses		349	256
Salaries and benefits \| Ocwen/Altisource \| Related party general and administrative expenses
Related party transactions [Line Items]
Related party expenses		2,028	1,273
Other general and administrative \| Altisource \| Related party general and administrative expenses
Related party transactions [Line Items]
Related party expenses		$ 2,069	$ 2,123

Incentive compensation and share-based payments - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) employee shares	Dec. 31, 2014 USD ($)
Share-based compensation arrangement by share-based payment award [Line Items]
Scorecard weighting	80.00%
Personal evaluation weighting	20.00%
Percentage of outstanding shares that may be issued	15.00%
Unrecognized stock compensation	$ 18,700	$ 21,100
Weighted average remaining amortization period of unamortized share based compensation	2 years 11 months	3 years
Employee
Share-based compensation arrangement by share-based payment award [Line Items]
Unvested shares \| shares	74,307
Number of employees having modified unvested shares \| employee	3
Unrecognized stock compensation	$ 59
Weighted average remaining amortization period of unamortized share based compensation	2 years 7 months
Maximum
Share-based compensation arrangement by share-based payment award [Line Items]
Non-equity incentive compensation percentage	150.00%
Minimum
Share-based compensation arrangement by share-based payment award [Line Items]
Non-equity incentive compensation percentage	0.00%

Incentive compensation and share-based payments - Schedule of shares reserved for future issuance (Details)	Dec. 31, 2015 shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options outstanding	181,702
Possible future issuance under director compensation plan	114,196
Common stock reserved for future issuance	295,898
Common stock, shares available to be issued under charter	2,951,777

Incentive compensation and share-based payments - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of options
Ending balance	181,702
2012 Conversion Option Plan and 2012 Special Conversion Option Plan \| Stock option
Number of options
Beginning balance	239,060	281,221	305,824
Exercised	(54,261)	(41,685)	(10,215)
Forfeited or canceled	(3,097)	(476)	(14,388)
Ending balance	181,702	239,060	281,221
Weighted average exercise price per share
Beginning balance	$ 1.10	$ 1.11	$ 1.36
Exercised	1.35	1.16	1.89
Forfeited and canceled	4.14	1.51	5.87
Ending balance	$ 0.98	$ 1.10	$ 1.11
Weighted average remaining life of options	2 years 11 months
Total intrinsic value of options	$ 2.9
Number of exercisable options	181,211
Weighted average exercise price of exercisable options	$ 0.97
Weighted average remaining life of exercisable options	2 years 11 months
Intrinsic value of exercisable options	$ 2.9

Incentive compensation and share-based payments - Share-based payments, restricted stock activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based compensation arrangement by share-based payment award [Line Items]
Annual vesting percentage		25.00%
Value of restricted stock granted to directors annually	$ 60,000
Restricted stock, service period	1 year
Director attendance requirement	75.00%
Share-based compensation expense	$ 6,900,000	$ 1,300,000
Unamortized stock compensation	$ 18,700,000	$ 21,100,000
Weighted average remaining amortization period of unamortized share based compensation	2 years 11 months	3 years
Tranche one
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
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
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
Vesting tranche one
Share-based compensation arrangement by share-based payment award [Line Items]
Annual vesting percentage	25.00%
Vesting tranche two
Share-based compensation arrangement by share-based payment award [Line Items]
Annual vesting percentage	75.00%
Market based restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted	52,409	30,663
Weighted average grant date fair value of grants in period	$ 174.59	$ 695.78
Number of shares
Granted	52,409	30,663
Weighted average grant date fair value
Granted	$ 174.59	$ 695.78
Time based restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted	1,122	214
Weighted average grant date fair value of grants in period	$ 162.66	$ 940.32
Number of shares
Granted	1,122	214
Weighted average grant date fair value
Granted	$ 162.66	$ 940.32
Director compensation plan \| Time based restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted	53,531	30,877	32,667
Weighted average grant date fair value of grants in period	$ 174.34	$ 697.48	$ 70.16
Number of shares
Beginning balance	175,489	228,754	205,512
Granted	53,531	30,877	32,667
Vested	(51,305)	(56,328)	(660)
Forfeited and canceled	(23,389)	(27,814)	(8,765)
Ending balance	154,326	175,489	228,754
Weighted average grant date fair value
Beginning balance	$ 158.84	$ 90.51	$ 15.32	$ 5.90
Granted	174.34	697.48	70.16
Vested	11.53	16.53	5.90
Forfeited and canceled	6.65	294.59	5.90
Ending balance	$ 158.84	$ 90.51	$ 15.32	$ 5.90
Vesting date fair value of restricted stock that vested	$ 11,600,000	$ 52,600,000	$ 200,000

Incentive compensation and share-based payments - Share-based payments, other than stock options, valuation assumptions (Details) - Employee	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of share-based payment, other than stock options, valuation assumptions [Line Items]
Risk Free Interest Rate			3.18%
Common Stock Dividend Yield	0.00%	0.00%	0.00%
Expected Volatility			36.31%
Minimum
Schedule of share-based payment, other than stock options, valuation assumptions [Line Items]
Risk Free Interest Rate	2.89%	3.07%
Expected Volatility	92.04%	74.61%
Maximum
Schedule of share-based payment, other than stock options, valuation assumptions [Line Items]
Risk Free Interest Rate	3.27%	3.73%
Expected Volatility	96.46%	82.66%

Income taxes (Details)	12 Months Ended
Income taxes (Details)	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%

Income taxes - Schedule of Income by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of income by jurisdiction [Line Items]
Income (loss) before income taxes	$ (2,936)	$ 61,775	$ (5,293)
U.S. Virgin Islands
Schedule of income by jurisdiction [Line Items]
Income (loss) before income taxes	(1,249)	70,670	(5,261)
Other jurisdiction
Schedule of income by jurisdiction [Line Items]
Income (loss) before income taxes	$ (1,687)	$ (8,895)	$ (32)

Income taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Stock compensation and other	$ 531	$ 339
Accrued expenses	387	172
Real estate gains and fair value adjustments	1,492	2,981
Other	6	0
Net operating loss	21,592	468
Deferred tax asset, gross	24,008	3,960
Depreciation	4	4
Deferred tax assets, net	24,004	3,956
Valuation allowance	(23,100)	(3,491)
Deferred tax assets, net	$ 904	$ 465

Income taxes - Rate reconciliation (Details)	12 Months Ended
Income taxes - Rate reconciliation (Details)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
U.S. Virgin Islands income tax rate	38.50%	38.50%	38.50%
State and Local income tax rate	4.70%	(0.10%)	0.00%
Excluded REIT income	2.60%	(27.30%)	(40.50%)
EDC benefits	(0.70%)	(8.90%)	4.80%
Rate differential	(3.50%)	(2.60%)	(3.90%)
Permanent and other	(1.70%)	0.00%	0.00%
Valuation allowance	(40.60%)	1.20%	1.10%
Effective income tax rate	(0.70%)	0.80%	0.00%

Earnings per share (Details) - USD ($)	3 Months Ended								12 Months Ended
Earnings per share (Details) - USD ($)	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income	$ (8,941,000)	$ (1,980,000)	$ 743,000	$ 6,888,000	$ 21,923,000	$ 17,698,000	$ 13,230,000	$ 6,828,000	$ (3,290,000)	$ 59,679,000	$ (5,293,000)
Amortization of preferred stock issuance costs									206,000	166,000	0
Numerator for basic EPS - (loss) income available to common stockholders									(3,496,000)	59,513,000	(5,293,000)
Add back amortization of preferred stock issuance costs									0	166,000	0
Numerator for diluted EPS - (loss) income available to common stockholders after assumed conversions									$ (3,496,000)	$ 59,679,000	$ (5,293,000)
Weighted average common stock outstanding – basic (in shares)									2,202,815	2,261,968	2,346,993
Stock options using treasury method (in shares)									0	251,967	0
Restricted stock (in shares)									0	160,475	0
Preferred shares, if converted (in shares)									0	157,778	0
Weighted average common stock outstanding – diluted (in shares)									2,202,815	2,832,188	2,346,993
Earnings (loss) per basic share (usd per share)	$ (4.12)	$ (0.92)	$ 0.31	$ 3.10	$ 9.99	$ 7.91	$ 5.87	$ 2.88	$ (1.59)	$ 26.31	$ (2.26)
Earnings (loss) per diluted share (usd per share)	$ (4.12)	$ (0.92)	$ 0.27	$ 2.50	$ 7.92	$ 6.25	$ 4.60	$ 2.39	$ (1.59)	$ 21.07	$ (2.26)
Amortization of preferred stock issuance costs									$ 206	$ 0	$ 0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS calculation									222,566	0	286,264
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS calculation									85,121	0	226,481
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS calculation									200,000	0	0

Quarterly financial information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 24,142	$ 58,523	$ 76,519	$ 88,915	$ 122,211	$ 109,102	$ 117,357	$ 74,628	$ 248,099	$ 423,298	$ 72,297
Net (loss) income	$ (8,941)	$ (1,980)	$ 743	$ 6,888	$ 21,923	$ 17,698	$ 13,230	$ 6,828	$ (3,290)	$ 59,679	$ (5,293)
Earnings per share of common stock – basic:
Earnings per share basic (usd per share)	$ (4.12)	$ (0.92)	$ 0.31	$ 3.10	$ 9.99	$ 7.91	$ 5.87	$ 2.88	$ (1.59)	$ 26.31	$ (2.26)
Earnings per share of common stock – diluted:
Earnings per share diluted (usd per share)	$ (4.12)	$ (0.92)	$ 0.27	$ 2.50	$ 7.92	$ 6.25	$ 4.60	$ 2.39	$ (1.59)	$ 21.07	$ (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 + Details

- Definition

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

+ References + Details

Schedule III - Activity of Real Estate Assets and Accumulated Depreciation by State (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Gross amount at which Carried at Close of Period	$ 1,048,142	$ 643,974	$ 37,113	$ 0
Accumulated Depreciation	$ 61,716	$ 19,367	$ 25	$ 0
Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	6,516
Encumbrances	$ 342,044
Initial Cost to Company	1,007,868
Capitalized Costs after Acquisition	40,274
Gross amount at which Carried at Close of Period	1,048,142
Accumulated Depreciation	$ 61,716
Weighted average age (in years)	36 years 5 months
Alabama \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	39
Encumbrances	$ 1,754
Initial Cost to Company	5,225
Capitalized Costs after Acquisition	174
Gross amount at which Carried at Close of Period	5,399
Accumulated Depreciation	$ 441
Weighted average age (in years)	23 years 10 months
Alabama \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Alabama \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Alaska \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	1
Encumbrances	$ 84
Initial Cost to Company	185
Capitalized Costs after Acquisition	0
Gross amount at which Carried at Close of Period	185
Accumulated Depreciation	$ 0
Weighted average age (in years)	32 years
Arizona \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	110
Encumbrances	$ 6,719
Initial Cost to Company	23,369
Capitalized Costs after Acquisition	585
Gross amount at which Carried at Close of Period	23,954
Accumulated Depreciation	$ 1,021
Weighted average age (in years)	21 years
Arizona \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Arizona \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Arkansas \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	30
Encumbrances	$ 667
Initial Cost to Company	2,955
Capitalized Costs after Acquisition	192
Gross amount at which Carried at Close of Period	3,147
Accumulated Depreciation	$ 700
Weighted average age (in years)	36 years 8 months
Arkansas \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Arkansas \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
California \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	624
Encumbrances	$ 59,306
Initial Cost to Company	205,838
Capitalized Costs after Acquisition	3,157
Gross amount at which Carried at Close of Period	208,995
Accumulated Depreciation	$ 9,830
Weighted average age (in years)	36 years 1 month
California \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
California \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Colorado \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	37
Encumbrances	$ 1,558
Initial Cost to Company	9,027
Capitalized Costs after Acquisition	362
Gross amount at which Carried at Close of Period	9,389
Accumulated Depreciation	$ 408
Weighted average age (in years)	28 years 6 months
Colorado \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Colorado \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Connecticut \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	53
Encumbrances	$ 4,024
Initial Cost to Company	9,789
Capitalized Costs after Acquisition	203
Gross amount at which Carried at Close of Period	9,992
Accumulated Depreciation	$ 844
Weighted average age (in years)	59 years 1 month
Connecticut \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Connecticut \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Delaware \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	21
Encumbrances	$ 875
Initial Cost to Company	3,146
Capitalized Costs after Acquisition	30
Gross amount at which Carried at Close of Period	3,176
Accumulated Depreciation	$ 355
Weighted average age (in years)	43 years 6 months
Delaware \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Delaware \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
District of Columbia \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	1
Encumbrances	$ 136
Initial Cost to Company	241
Capitalized Costs after Acquisition	3
Gross amount at which Carried at Close of Period	244
Accumulated Depreciation	$ 26
Weighted average age (in years)	105 years
District of Columbia \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
District of Columbia \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Florida \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	922
Encumbrances	$ 40,610
Initial Cost to Company	140,032
Capitalized Costs after Acquisition	9,158
Gross amount at which Carried at Close of Period	149,189
Accumulated Depreciation	$ 8,037
Weighted average age (in years)	27 years 1 month
Florida \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Florida \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Georgia \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	1,753
Encumbrances	$ 99,034
Initial Cost to Company	163,913
Capitalized Costs after Acquisition	4,189
Gross amount at which Carried at Close of Period	168,102
Accumulated Depreciation	$ 3,602
Weighted average age (in years)	36 years 4 months
Georgia \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Georgia \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Hawaii \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	3
Encumbrances	$ 112
Initial Cost to Company	534
Capitalized Costs after Acquisition	0
Gross amount at which Carried at Close of Period	534
Accumulated Depreciation	$ 4
Weighted average age (in years)	42 years 2 months
Hawaii \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Hawaii \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Idaho \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	19
Encumbrances	$ 1,139
Initial Cost to Company	2,941
Capitalized Costs after Acquisition	87
Gross amount at which Carried at Close of Period	3,029
Accumulated Depreciation	$ 110
Weighted average age (in years)	33 years 11 months
Idaho \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Idaho \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Illinois \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	387
Encumbrances	$ 19,006
Initial Cost to Company	63,216
Capitalized Costs after Acquisition	3,334
Gross amount at which Carried at Close of Period	66,551
Accumulated Depreciation	$ 7,700
Weighted average age (in years)	42 years 10 months
Illinois \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Illinois \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Indiana \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	188
Encumbrances	$ 6,854
Initial Cost to Company	19,903
Capitalized Costs after Acquisition	2,005
Gross amount at which Carried at Close of Period	21,909
Accumulated Depreciation	$ 1,663
Weighted average age (in years)	30 years 7 months
Indiana \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Indiana \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Iowa \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	12
Encumbrances	$ 258
Initial Cost to Company	1,146
Capitalized Costs after Acquisition	6
Gross amount at which Carried at Close of Period	1,152
Accumulated Depreciation	$ 27
Weighted average age (in years)	46 years 6 months
Iowa \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Iowa \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Kansas \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	23
Encumbrances	$ 531
Initial Cost to Company	1,755
Capitalized Costs after Acquisition	173
Gross amount at which Carried at Close of Period	1,928
Accumulated Depreciation	$ 189
Weighted average age (in years)	54 years 1 month
Kansas \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Kansas \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Kentucky \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	58
Encumbrances	$ 2,425
Initial Cost to Company	6,538
Capitalized Costs after Acquisition	236
Gross amount at which Carried at Close of Period	6,774
Accumulated Depreciation	$ 977
Weighted average age (in years)	35 years 4 months
Kentucky \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Kentucky \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Louisiana \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	21
Encumbrances	$ 732
Initial Cost to Company	2,205
Capitalized Costs after Acquisition	135
Gross amount at which Carried at Close of Period	2,339
Accumulated Depreciation	$ 335
Weighted average age (in years)	35 years 11 months
Louisiana \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Louisiana \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Maine \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	6
Encumbrances	$ 371
Initial Cost to Company	805
Capitalized Costs after Acquisition	2
Gross amount at which Carried at Close of Period	807
Accumulated Depreciation	$ 139
Weighted average age (in years)	166 years 2 months
Maine \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Maine \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Maryland \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	310
Encumbrances	$ 12,430
Initial Cost to Company	61,255
Capitalized Costs after Acquisition	1,383
Gross amount at which Carried at Close of Period	62,638
Accumulated Depreciation	$ 2,048
Weighted average age (in years)	37 years 2 months
Maryland \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Maryland \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Massachusetts \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	56
Encumbrances	$ 2,267
Initial Cost to Company	11,187
Capitalized Costs after Acquisition	523
Gross amount at which Carried at Close of Period	11,710
Accumulated Depreciation	$ 375
Weighted average age (in years)	76 years 4 months
Massachusetts \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Massachusetts \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Michigan \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	95
Encumbrances	$ 3,617
Initial Cost to Company	12,428
Capitalized Costs after Acquisition	546
Gross amount at which Carried at Close of Period	12,974
Accumulated Depreciation	$ 1,193
Weighted average age (in years)	41 years
Michigan \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Michigan \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Minnesota \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	62
Encumbrances	$ 2,928
Initial Cost to Company	10,616
Capitalized Costs after Acquisition	437
Gross amount at which Carried at Close of Period	11,054
Accumulated Depreciation	$ 1,084
Weighted average age (in years)	43 years 8 months
Minnesota \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Minnesota \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Mississippi \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	14
Encumbrances	$ 387
Initial Cost to Company	1,349
Capitalized Costs after Acquisition	50
Gross amount at which Carried at Close of Period	1,399
Accumulated Depreciation	$ 334
Weighted average age (in years)	30 years 5 months
Mississippi \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Mississippi \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Missouri \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	57
Encumbrances	$ 1,634
Initial Cost to Company	5,783
Capitalized Costs after Acquisition	567
Gross amount at which Carried at Close of Period	6,350
Accumulated Depreciation	$ 777
Weighted average age (in years)	43 years 11 months
Missouri \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Missouri \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Montana \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	3
Encumbrances	$ 364
Initial Cost to Company	790
Capitalized Costs after Acquisition	3
Gross amount at which Carried at Close of Period	793
Accumulated Depreciation	$ 158
Weighted average age (in years)	28 years 10 months
Montana \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Montana \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Nebraska \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	5
Encumbrances	$ 234
Initial Cost to Company	725
Capitalized Costs after Acquisition	7
Gross amount at which Carried at Close of Period	731
Accumulated Depreciation	$ 211
Weighted average age (in years)	59 years 10 months
Nebraska \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Nebraska \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Nevada \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	25
Encumbrances	$ 1,448
Initial Cost to Company	3,787
Capitalized Costs after Acquisition	93
Gross amount at which Carried at Close of Period	3,880
Accumulated Depreciation	$ 132
Weighted average age (in years)	21 years
Nevada \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Nevada \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
New Hampshire \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	13
Encumbrances	$ 574
Initial Cost to Company	2,086
Capitalized Costs after Acquisition	1
Gross amount at which Carried at Close of Period	2,087
Accumulated Depreciation	$ 219
Weighted average age (in years)	73 years 5 months
New Hampshire \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
New Hampshire \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
New Jersey \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	89
Encumbrances	$ 3,626
Initial Cost to Company	14,960
Capitalized Costs after Acquisition	530
Gross amount at which Carried at Close of Period	15,490
Accumulated Depreciation	$ 802
Weighted average age (in years)	60 years 5 months
New Jersey \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
New Jersey \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
New Mexico \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	34
Encumbrances	$ 1,739
Initial Cost to Company	4,584
Capitalized Costs after Acquisition	380
Gross amount at which Carried at Close of Period	4,964
Accumulated Depreciation	$ 126
Weighted average age (in years)	20 years 5 months
New Mexico \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
New Mexico \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
New York \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	68
Encumbrances	$ 3,310
Initial Cost to Company	13,255
Capitalized Costs after Acquisition	362
Gross amount at which Carried at Close of Period	13,617
Accumulated Depreciation	$ 700
Weighted average age (in years)	71 years 10 months
New York \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
New York \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
North Carolina \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	222
Encumbrances	$ 10,835
Initial Cost to Company	26,953
Capitalized Costs after Acquisition	2,539
Gross amount at which Carried at Close of Period	29,492
Accumulated Depreciation	$ 2,386
Weighted average age (in years)	19 years 8 months
North Carolina \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
North Carolina \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Ohio \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	118
Encumbrances	$ 4,516
Initial Cost to Company	14,513
Capitalized Costs after Acquisition	747
Gross amount at which Carried at Close of Period	15,260
Accumulated Depreciation	$ 1,967
Weighted average age (in years)	41 years 2 months
Ohio \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Ohio \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Oklahoma \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	17
Encumbrances	$ 455
Initial Cost to Company	1,757
Capitalized Costs after Acquisition	138
Gross amount at which Carried at Close of Period	1,894
Accumulated Depreciation	$ 63
Weighted average age (in years)	35 years 1 month
Oklahoma \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Oklahoma \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Oregon \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	16
Encumbrances	$ 697
Initial Cost to Company	2,714
Capitalized Costs after Acquisition	4
Gross amount at which Carried at Close of Period	2,718
Accumulated Depreciation	$ 0
Weighted average age (in years)	45 years 6 months
Oregon \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc
Oregon \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc
Pennsylvania \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	250
Encumbrances	$ 8,695
Initial Cost to Company	34,491
Capitalized Costs after Acquisition	1,487
Gross amount at which Carried at Close of Period	35,978
Accumulated Depreciation	$ 4,172
Weighted average age (in years)	54 years 7 months
Pennsylvania \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Pennsylvania \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Rhode Island \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	54
Encumbrances	$ 1,480
Initial Cost to Company	6,572
Capitalized Costs after Acquisition	679
Gross amount at which Carried at Close of Period	7,251
Accumulated Depreciation	$ 351
Weighted average age (in years)	83 years 7 months
Rhode Island \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Rhode Island \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
South Carolina \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	127
Encumbrances	$ 5,668
Initial Cost to Company	15,796
Capitalized Costs after Acquisition	879
Gross amount at which Carried at Close of Period	16,676
Accumulated Depreciation	$ 936
Weighted average age (in years)	23 years 1 month
South Carolina \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
South Carolina \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
South Dakota \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	3
Encumbrances	$ 166
Initial Cost to Company	390
Capitalized Costs after Acquisition	0
Gross amount at which Carried at Close of Period	390
Accumulated Depreciation	$ 0
Weighted average age (in years)	50 years 5 months
South Dakota \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc
South Dakota \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc
Tennessee \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	73
Encumbrances	$ 3,609
Initial Cost to Company	9,372
Capitalized Costs after Acquisition	771
Gross amount at which Carried at Close of Period	10,143
Accumulated Depreciation	$ 860
Weighted average age (in years)	24 years 5 months
Tennessee \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Tennessee \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Texas \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	176
Encumbrances	$ 7,192
Initial Cost to Company	25,243
Capitalized Costs after Acquisition	2,241
Gross amount at which Carried at Close of Period	27,485
Accumulated Depreciation	$ 1,440
Weighted average age (in years)	25 years 2 months
Texas \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Texas \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Utah \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	73
Encumbrances	$ 5,853
Initial Cost to Company	13,247
Capitalized Costs after Acquisition	428
Gross amount at which Carried at Close of Period	13,674
Accumulated Depreciation	$ 1,332
Weighted average age (in years)	31 years 8 months
Utah \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Utah \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Vermont \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	5
Encumbrances	$ 293
Initial Cost to Company	866
Capitalized Costs after Acquisition	1
Gross amount at which Carried at Close of Period	866
Accumulated Depreciation	$ 73
Weighted average age (in years)	108 years 7 months
Vermont \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Vermont \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Virginia \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	86
Encumbrances	$ 4,983
Initial Cost to Company	26,715
Capitalized Costs after Acquisition	706
Gross amount at which Carried at Close of Period	27,421
Accumulated Depreciation	$ 1,338
Weighted average age (in years)	28 years 7 months
Virginia \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Virginia \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Washington \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	49
Encumbrances	$ 2,613
Initial Cost to Company	10,733
Capitalized Costs after Acquisition	291
Gross amount at which Carried at Close of Period	11,023
Accumulated Depreciation	$ 272
Weighted average age (in years)	33 years 10 months
Washington \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Washington \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
West Virginia \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	2
Encumbrances	$ 139
Initial Cost to Company	475
Capitalized Costs after Acquisition	0
Gross amount at which Carried at Close of Period	476
Accumulated Depreciation	$ 20
Weighted average age (in years)	12 years 1 month
West Virginia \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
West Virginia \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Wisconsin \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	105
Encumbrances	$ 4,097
Initial Cost to Company	12,188
Capitalized Costs after Acquisition	450
Gross amount at which Carried at Close of Period	12,638
Accumulated Depreciation	$ 1,873
Weighted average age (in years)	50 years 4 months
Wisconsin \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Wisconsin \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Wyoming \| Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of Real Estate Properties \| property	1
Encumbrances	$ 0
Initial Cost to Company	275
Capitalized Costs after Acquisition	0
Gross amount at which Carried at Close of Period	275
Accumulated Depreciation	$ 66
Weighted average age (in years)	25 years
Wyoming \| Single family residential \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Wyoming \| Single family residential \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months

Schedule III - Activity of Real Estate Assets and Accumulated Depreciation Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate assets, beginning balance	$ 643,974	$ 37,113	$ 0
Acquisitions through foreclosure	470,221	587,268	31,014
Other acquisitions	118,297	34,104	6,198
Improvements	25,802	16,872	586
Cost of real estate sold	(210,152)	(31,383)	(685)
Real estate assets, ending balance	1,048,142	643,974	37,113
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Accumulated depreciation, beginning balance	19,367	25	0
Depreciation expense	(6,414)	(1,067)	(25)
Selling cost and impairment	70,124	21,788	0
Real estate sold	(34,189)	(3,513)	0
Accumulated depreciation, ending balance	61,716	$ 19,367	$ 25
Aggregate cost for federal income tax purposes	$ 1,049,600

Schedule IV - Schedule of Mortgage Loans on Real Estate (Details) - Single family residential - First mortgage $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) loan
Mortgage loans [Line Items]
Loan count \| loan	5,739
Carrying amount of mortgages	$ 960,534
Principal amount of loans subject to delinquent principal or interest	$ 1,189,908
$0-49,999
Mortgage loans [Line Items]
Loan count \| loan	310
Interest rate, minimum	2.00%
Interest rate, maximum	15.875%
Carrying amount of mortgages	$ 11,835
Principal amount of loans subject to delinquent principal or interest	$ 9,040
$0-49,999 \| Minimum
Mortgage loans [Line Items]
Maturity	May 01, 2009
$0-49,999 \| Maximum
Mortgage loans [Line Items]
Maturity	Jan. 01, 2054
$50,000-99,999
Mortgage loans [Line Items]
Loan count \| loan	710
Interest rate, minimum	0.00%
Interest rate, maximum	13.60%
Carrying amount of mortgages	$ 43,369
Principal amount of loans subject to delinquent principal or interest	$ 45,871
$50,000-99,999 \| Minimum
Mortgage loans [Line Items]
Maturity	Jun. 01, 2010
$50,000-99,999 \| Maximum
Mortgage loans [Line Items]
Maturity	Apr. 01, 2055
$100,000-149,999
Mortgage loans [Line Items]
Loan count \| loan	1,043
Interest rate, minimum	2.00%
Interest rate, maximum	13.60%
Carrying amount of mortgages	$ 95,719
Principal amount of loans subject to delinquent principal or interest	$ 111,846
$100,000-149,999 \| Minimum
Mortgage loans [Line Items]
Maturity	Oct. 01, 2010
$100,000-149,999 \| Maximum
Mortgage loans [Line Items]
Maturity	Apr. 01, 2055
$200,000-249,999
Mortgage loans [Line Items]
Loan count \| loan	978
Interest rate, minimum	1.375%
Interest rate, maximum	12.48%
Carrying amount of mortgages	$ 116,429
Principal amount of loans subject to delinquent principal or interest	$ 148,364
$200,000-249,999 \| Minimum
Mortgage loans [Line Items]
Maturity	Aug. 01, 2010
$200,000-249,999 \| Maximum
Mortgage loans [Line Items]
Maturity	Jul. 01, 2055
$200,000-249,999
Mortgage loans [Line Items]
Loan count \| loan	787
Interest rate, minimum	1.50%
Interest rate, maximum	12.00%
Carrying amount of mortgages	$ 115,591
Principal amount of loans subject to delinquent principal or interest	$ 153,693
$200,000-249,999 \| Minimum
Mortgage loans [Line Items]
Maturity	Oct. 01, 2015
$200,000-249,999 \| Maximum
Mortgage loans [Line Items]
Maturity	Oct. 01, 2054
$250,000 plus
Mortgage loans [Line Items]
Loan count \| loan	1,911
Interest rate, minimum	1.00%
Interest rate, maximum	12.375%
Carrying amount of mortgages	$ 577,591
Principal amount of loans subject to delinquent principal or interest	$ 721,094
$250,000 plus \| Minimum
Mortgage loans [Line Items]
Maturity	Mar. 01, 2011
$250,000 plus \| Maximum
Mortgage loans [Line Items]
Maturity	Jun. 01, 2055

Schedule IV - Activity in Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to held for sale	$ (535,836)	$ 0	$ 0
Transfer of mortgage loans to real estate owned	(470,221)	(587,268)	(31,014)
Residential mortgage \| Loans receivable
Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to real estate owned	(470,200)	(587,300)
Residential mortgage \| Level 3 \| Loans receivable
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	1,959,044	1,207,163	0
Investment in mortgage loans	0	1,122,408	1,213,811
Net unrealized gain on mortgage loans	177,545	350,822	61,092
Cost of mortgages sold	(174,894)	(151,624)	(38,297)
Mortgage loan payments	(24,550)	(19,299)	(4,901)
Real estate tax advances to borrowers	29,261	36,842	6,472
Transfer of mortgage loans to held for sale	(535,836)	0	0
Transfer of real estate owned to mortgage loans	15,974	8,400	0
Transfer of mortgage loans to real estate owned	(486,010)	(595,668)	(31,014)
Ending balance	960,534	$ 1,959,044	$ 1,207,163
Single family residential \| First mortgage
Mortgage loans [Line Items]
Aggregate cost for federal income tax purposes	$ 1,200,200