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Document and entity information - USD ($) $ in Millions	12 Months Ended
Document and entity information - USD ($) $ in Millions	Dec. 31, 2016	Feb. 22, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity registrant name	Altisource Asset Management Corporation
Entity central index key	0001555074
Current fiscal year end date	--12-31
Entity filer category	Non-accelerated Filer
Document type	10-K
Document period end date	Dec. 31, 2016
Document fiscal year focus	2016
Document fiscal period focus	FY
Amendment flag	false
Entity common stock, shares outstanding		1,530,463
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity public float			$ 8.3

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Real estate held for use:
Land (from previously consolidated VIE as of December 31, 2015)	$ 0	$ 56,346,000
Rental residential properties (net of accumulated depreciation of $7,127 as of December 31, 2015 - from previously consolidated VIE)	0	224,040,000
Real estate owned (from previously consolidated VIE as of December 31, 2015)	0	455,483,000
Total real estate held for use, net	0	735,869,000
Real estate assets held for sale (from previously consolidated VIE as of December 31, 2015)	0	250,557,000
Mortgage loans at fair value (from previously consolidated VIE as of December 31, 2015)	0	960,534,000
Mortgage loans held for sale (from previously consolidated VIE as of December 31, 2015)	0	317,336,000
Cash and cash equivalents (including $116,702 from previously consolidated VIE as of December 31, 2015)	40,584,000	184,544,000
Restricted cash (from previously consolidated VIE as of December 31, 2015)	0	20,566,000
Available-for-sale securities (RESI common stock)	17,934,000	0
Accounts receivable, net (including $45,903 from previously consolidated VIE as of December 31, 2015)	0	46,026,000
Related party receivables	5,266,000	0
Prepaid expenses and other assets (including $1,126 from consolidated VIE as of December 31, 2015)	1,964,000	3,169,000
Total assets	65,748,000	2,518,601,000
Liabilities:
Repurchase and loan agreements (from previously consolidated VIE as of December 31, 2015)	0	763,369,000
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	0	502,599,000
Accrued salaries and employee benefits	4,100,000	4,006,000
Accounts payable and accrued liabilities (including $32,448 from previously consolidated VIE as of December 31, 2015)	4,587,000	34,716,000
Total liabilities	8,687,000	1,304,690,000
Commitments and contingencies (Note 7)	0	0
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of December 31, 2016 and 2015; redemption value $250,000	249,340,000	249,133,000
Stockholders' (deficit) equity:
Common stock, $.01 par value, 5,000,000 authorized shares; 2,637,629 and 1,513,912 shares issued and outstanding, respectively, as of December 31, 2016 and 2,556,828 and 2,048,223 shares issued and outstanding, respectively, as of December 31, 2015	26,000	26,000
Additional paid-in capital	30,696,000	23,419,000
Retained earnings	46,145,000	50,678,000
Accumulated Other Comprehensive Income (Loss), Net of Tax	(2,662,000)	0
Treasury stock, at cost, 1,123,717 and 508,605 shares as of December 31, 2016 and 2015, respectively	(266,484,000)	(254,984,000)
Total stockholders' equity	(192,279,000)	(180,861,000)
Non-controlling interest in consolidated affiliate	0	1,145,639,000
Total (deficit) equity	(192,279,000)	964,778,000
Total liabilities and equity	$ 65,748,000	$ 2,518,601,000

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
Rental residential properties, accumulated depreciation	$ 0	$ 7,127,000
Cash and cash equivalents	40,584,000	184,544,000
Accounts receivable	0	46,026,000
Related party receivables	5,266,000	0
Prepaid expenses and other assets	1,964,000	3,169,000
Liabilities:
Accounts payable and accrued liabilities	$ 4,587,000	$ 34,716,000
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
Stockholders' (deficit) 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	2,637,629	2,556,828
Common stock, shares outstanding	1,513,912	2,048,223
Treasury stock, shares	1,123,717	508,605
Residential
Assets:
Cash and cash equivalents	$ 0	$ 116,702,000
Accounts receivable	0	45,903,000
Prepaid expenses and other assets	0	1,126,000
Liabilities:
Accounts payable and accrued liabilities	0	32,448,000
Related party payables	$ 0	$ 0

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Management fees from RESI	$ 17,334	$ 0	$ 0
Conversion fees from RESI	1,841	0	0
Expense reimbursements from RESI	816	0	0
Rental revenues	0	13,233	1,564
Change in unrealized gain on mortgage loans	0	88,829	350,822
Net realized gain on mortgage loans	0	58,061	55,766
Net realized gain on mortgage loans held for sale	0	36,432	2,771
Net realized gain on real estate	0	50,932	9,482
Interest income	0	612	2,893
Total revenues	19,991	248,099	423,298
Expenses:
Salaries and employee benefits	17,369	16,294	5,217
Legal and professional fees	2,173	11,311	7,161
Residential property operating expenses	0	66,266	26,018
Real estate depreciation and amortization	0	7,472	1,067
Selling costs and impairment	0	72,230	21,788
Mortgage loan servicing costs	0	62,346	68,181
Interest expense	0	53,131	35,647
General and administrative	4,772	7,583	12,998
Total expenses	24,314	296,633	178,077
Other income:
Dividend income on RESI common stock	1,023	0	0
Other income	71	0	5,407
Total other income	1,094	0	5,407
(Loss) income before income taxes	(3,229)	(48,534)	250,628
Income tax expense	1,706	354	2,096
Net (loss) income	(4,935)	(48,888)	248,532
Net loss (income) attributable to non-controlling interest in consolidated affiliate	0	45,598	(188,853)
Net (loss) income attributable to stockholders	$ (4,935)	$ (3,290)	$ 59,679
Earnings (loss) per share of common stock – basic:
Earnings (loss) per basic share (usd per share)	$ (2.93)	$ (1.59)	$ 26.31
Weighted average common stock outstanding – basic (in shares)	1,752,302	2,202,815	2,261,968
Earnings (loss) per share of common stock – diluted:
Earnings (loss) per diluted share (usd per share)	$ (2.93)	$ (1.59)	$ 21.07
Weighted average common stock outstanding – diluted (in shares)	1,752,302	2,202,815	2,832,188

Consolidated Statements of Comprehensive (Loss) Income Statement - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income attributable to stockholders	$ (4,935)	$ (3,290)	$ 59,679
Change in unrealized loss on available-for-sale securities (RESI common stock)	(1,681)	0	0
Total other comprehensive loss	(1,681)	0	0
Comprehensive (loss) income	$ (6,616)	$ (3,290)	$ 59,679

Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated Other Comprehensive Loss	Treasury stock	Noncontrolling interest in consolidated affiliates
Beginning balance, Shares at Dec. 31, 2013		2,354,774
Beginning 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 non-controlling interest	468,429						468,429
Share-based compensation	1,478		1,251				227
Treasury shares repurchased	(245,468)					$ (245,468)
Distribution from non-controlling interest	(116,025)						(116,025)
Amortization of preferred stock issuance costs	(166)			(166)
Change in unrealized loss on available-for-sale securities (RESI common stock)	0
Net income (loss)	248,532			59,679			188,853
Ending balance, Shares at Dec. 31, 2014		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 non-controlling interest	111						111
Share-based compensation	7,049		6,865				184
Treasury shares repurchased	(9,516)					(9,516)
Distribution from non-controlling interest	(103,649)						(103,649)
Repurchase of non-controlling 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)
Change in unrealized loss on available-for-sale securities (RESI common stock)	0
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASU 2015-02 (Note 1) \| Accounting Standards Update 2015-02 [Member]	(1,148,341)		(2,330)	609	$ (981)		(1,145,639)
Adjusted balance	(183,563)	$ 26	21,089	51,287	(981)	(254,984)	0
Issuance of common stock, including option exercises, shares		80,801
Issuance of common stock, including option exercises	22	$ 0	22
Share-based compensation	9,585		9,585				0
Treasury shares repurchased	(11,500)					(11,500)
Amortization of preferred stock issuance costs	(207)			(207)
Change in unrealized loss on available-for-sale securities (RESI common stock)	(1,681)				(1,681)
Net income (loss)	$ (4,935)			(4,935)			0
Ending balance, Shares at Dec. 31, 2016	1,513,912	2,637,629.000
Ending balance at Dec. 31, 2016	$ (192,279)	$ 26	$ 30,696	$ 46,145	$ (2,662)	$ (266,484)	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities:
Net income (loss)	$ (4,935)	$ (48,888)	$ 248,532
Adjustments to reconcile net income to net cash used in operating activities:
Change in unrealized gain on mortgage loans	0	(88,829)	(350,822)
Net realized gain on mortgage loans	0	(58,061)	(55,766)
Net realized gain on mortgage loans held for sale	0	(36,432)	(2,771)
Net realized gain of real estate	0	(50,932)	(9,482)
Real estate depreciation and amortization	0	7,472	1,067
Selling costs and impairment	0	72,230	21,788
Accretion of interest on re-performing mortgage loans	0	(551)	(2,610)
Share-based compensation	9,585	6,865	1,478
Amortization of deferred financing costs	0	7,348	3,425
Loss on retirement of leasehold improvements	0	212	0
Changes in operating assets and liabilities:
Accounts receivable, net	123	(21,919)	(4,227)
Related party receivables	(5,266)	17,491	8,199
Prepaid expenses and other assets	68	(1,023)	(1,106)
Deferred leasing costs	0	(88)	0
Accrued salaries and employee benefits	94	2,754	(287)
Accounts payable and accrued liabilities	2,319	15,283	3,937
Related party payables	(2,180)	(6,169)	3,286
Net cash used in operating activities	(192)	(183,237)	(135,359)
Investing activities:
Decrease in cash due to deconsolidation of RESI (Note 1)	(116,702)	0	0
Purchases of RESI common stock	(15,588)	0	0
Investment in mortgage loans	0	0	(1,265,890)
Investment in real estate	0	(119,977)	(34,104)
Investment in renovations	0	(27,410)	(12,721)
Investment in affiliate	0	(5,007)	0
Real estate tax advances	0	(29,862)	(33,719)
Mortgage loan dispositions	0	468,111	334,366
Mortgage loan payments	0	26,206	20,900
Disposition of real estate	0	154,880	23,652
Change in restricted cash	0	(7,284)	(7,404)
Net cash (used in) provided by investing activities	(132,290)	459,657	(974,920)
Financing activities:
Proceeds from issuance of preferred stock	0	0	250,000
Cost of issuance of preferred stock	0	0	(1,237)
Issuance of common stock, including stock option exercises	593	833	12,389
Repurchase of common stock	(11,500)	(9,516)	(245,468)
Payment of tax withholdings on exercise of stock options	(571)	(760)	(12,342)
Capital contribution from non-controlling interest	0	111	468,429
Distribution to non-controlling interest	0	(98,123)	(116,025)
Repurchase of non-controlling interest in subsidiaries by affiliate	0	(24,983)	0
Proceeds from issuance of other secured borrowings	0	220,931	324,426
Repayments of other secured borrowings	0	(39,832)	(344)
Proceeds from repurchase and loan agreements	0	347,077	1,094,042
Repayments of repurchase and loan agreements	0	(594,564)	(681,424)
Payment of deferred financing costs	0	(9,832)	(5,385)
Net cash (used in) provided by financing activities	(11,478)	(208,658)	1,087,061
Net increase (decrease) in cash and cash equivalents	(143,960)	67,762	(23,218)
Cash and cash equivalents as of beginning of the period	184,544	116,782	140,000
Cash and cash equivalents as of end of the period	40,584	184,544	116,782
Supplemental disclosure of cash flow information:
Cash paid for interest	0	46,559	31,053
Income taxes paid	132	265	2,778
Transfer of mortgage loans to real estate owned, net	0	470,221	587,268
Transfer of mortgage loans at fair value to mortgage loans held for sale	0	535,836	0
Change in accrued capital expenditures	0	(1,388)	4,151
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances, net	0	(592)	10,024
Changes in receivables from real estate owned dispositions	0	15,252	4,640
Unpaid distribution to non-controlling interest	$ 0	$ 5,526	$ 0

Organization and basis of presentation

12 Months Ended

Dec. 31, 2016

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. (“ASPS”) 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 Securities and Exchange Commission (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 (“RESI”), a public real estate investment trust (“REIT”) focused on acquiring and managing quality, affordable single-family rental (“SFR”) 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 RESI.

We initially provided services to RESI 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 RESI (the “Current AMA”), under which we will continue to be the exclusive asset manager for RESI 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 RESI’s cash flow available for distribution to its stockholders as well as reimbursement for certain overhead and operating expenses. The Current 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 RESI's operating results. See Note 8 for additional details of the Current AMA.

RESI conducts substantially all of its activities through its wholly owned subsidiary, Altisource Residential, L.P. (“ARLP”), and its subsidiaries. Initially, RESI acquired its rental properties primarily through the acquisition of sub-performing and non-performing mortgage loan (“NPL”) portfolios; however, commencing in 2015, it refocused its acquisition strategy to opportunistically acquire single-family rental properties directly, both individually and in pools, in light of substantial increases in the acquisition price of NPL portfolios as an avenue to more quickly achieve scale in its rental portfolio.

RESI has property management contracts with two separate third-party service providers to provide to RESI, among other things, leasing and lease management, operations, maintenance, repair, property management and property disposition services in respect of its SFR and REO portfolios. ASPS, one of RESI's property management service providers, was a related party of us and RESI until January 16, 2015 (see Note 8).

RESI also has servicing agreements with two separate mortgage servicers for the remaining mortgage loans in its portfolio. Ocwen Financial Corporation (“Ocwen”), a former mortgage servicer of RESI, was a related party of us and RESI until January 16, 2015 (see Note 8).

Additionally, we provide management services to NewSource Reinsurance Company Ltd. (“NewSource”), a title insurance and reinsurance company in Bermuda. On December 2, 2013, NewSource became registered as a licensed reinsurer with the Bermuda Monetary Authority (“BMA”). NewSource commenced reinsurance activities during the second quarter of 2014. In December 2014, NewSource determined that the economics of the initial business did not warrant the continuation of its initial reinsurance quota share agreement with an unrelated third party. NewSource therefore transferred all of the risk of claims and future losses underwritten to an unrelated third party.

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”).

Effective January 1, 2016, the accompanying consolidated financial statements include the accounts of AAMC and its consolidated subsidiaries, which are comprised of voting interest entities in which we are determined to have a controlling financial interest under Accounting Standards Codification (“ASC”) 810, as amended by Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis (“ASU 2015-02”). Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider variable interest entities (“VIEs”) for consolidation where we are the primary beneficiary. With the adoption of the ASU 2015-02 effective January 1, 2016, we no longer consolidate RESI as a VIE, and we currently do not have any other potential VIEs.

Prior to our deconsolidation of RESI as described below, our consolidated financial statements also include those VIEs that were included within RESI's consolidated financial statements. RESI had 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”), which were classified as VIEs. Because RESI was the primary beneficiary, these entities were included in the consolidated financial statements of RESI but are no longer included in our consolidated financial statements since the deconsolidation effective January 1, 2016. See Note 6 for more information regarding these securitization trusts.

Use of estimates

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 from those estimates.

Deconsolidation of RESI

Effective January 1, 2016, we adopted the provisions of ASU 2015-02, and we performed an analysis of our relationship with RESI pursuant to the amended guidance. We determined that the compensation we receive in return for our services to RESI is commensurate with the level of effort required to perform such services and the arrangement includes customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length; therefore, RESI is no longer a VIE under the amended guidance. As a result, effective January 1, 2016, we no longer consolidate the accounts of RESI. We have applied ASU 2015-02 using the modified retrospective approach, which has resulted in a cumulative-effect adjustment to equity on January 1, 2016. As a result, periods ending prior to the adoption were not impacted. The adoption effectively removed those balances previously disclosed that related to RESI from our consolidated financial statements and eliminated the amounts previously reported as non-controlling interests in RESI as a consolidated affiliate. Subsequent to adoption, our consolidated revenues consist primarily of management fees and expense reimbursements received from RESI under the Current AMA, and our consolidated expenses consist primarily of salaries and employee benefits, legal and professional fees and general and administrative expenses.

As a result of our deconsolidation of RESI, we have also reclassified certain prior period amounts for consistency with the current period presentation, including reclassification of amounts from accounts payable and other accrued liabilities to accrued salaries and benefits within the consolidated balance sheet and from general and administrative expenses to salaries and benefits and legal and professional fees within the consolidated statement of operations. These reclassifications had no effect on the reported results of operations.

Deferred debt issuance costs

In April 2015, the Financial Accounting Standards Board (“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 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.

RESI's application of ASU 2015-03 represents a change in accounting principle and has been applied retrospectively, which resulted in i) a reclassification of the deferred debt issuance cost component of RESI's deferred leasing and financing costs to repurchase and loan agreements and other secured borrowings and ii) a reclassification of deferred leasing cost component of RESI's deferred leasing and financing costs to prepaid expenses and other assets in our consolidated balance sheets.

The following table represents the effect of the reclassification of prior period balances as a result this adoption ($ in thousands):



	December 31, 2015
	As Previously Reported		Adjustments			Current Presentation
Assets:
Deferred leasing and financing costs (1)	$	7,886	$	(7,886	)	$	—
Prepaid expenses and other assets (1)	2,458		711			3,169
Liabilities:
Repurchase agreements	767,513		(4,144		)	763,369
Other secured borrowings	505,630		(3,031		)	502,599

____________


(1)	Upon adoption of ASU 2015-03, RESI reclassified its deferred leasing costs to prepaid expenses and other assets.

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.

2016 Employee Preferred Stock Plan

On May 26, 2016, the 2016 Employee Preferred Stock Plan was approved by our stockholders. Pursuant to the 2016 Employee Preferred Stock Plan, the Company may grant one or more series of non-voting preferred stock, par value $0.01 per share in the Company to induce certain employees to become employed and remain employees of the Company in the U.S. Virgin Islands (“USVI”), and any of its future USVI subsidiaries, to encourage ownership of shares in the Company by such USVI employees and to provide additional incentives for such employees to promote the success of the Company’s business.

On December 29, 2016, the Company authorized 14 additional series of preferred stock of the Company, consisting of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock, Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock, Series M Preferred Stock, Series N Preferred Stock and Series O Preferred Stock, and each series shall consist of up to an aggregate of 1,000 shares.

On January 5, 2017, the Company issued an aggregate of 900 shares of preferred stock to its USVI employees.

Recently issued accounting standards

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This update standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We do not expect this amendment to have a significant effect on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under Topic 230. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. We do not expect this amendment to have a significant effect on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718). ASU 2016-09 makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. This update standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. We do not expect this amendment to have a significant effect on our consolidated financial statements.

In February 2016, FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. This update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. Early adoption is permitted. We do not expect this amendment to have a significant effect on our consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10). 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 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. Upon our adoption of ASU 2016-01, we expect to recognize a cumulative-effect adjustment to our balance sheet to reclassify our accumulated other comprehensive income to our statement of operations, and we will thereafter record changes in the fair value of our available-for-sale securities through profit and loss.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). 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. 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. In 2016, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. ASU 2014-09, as amended, is 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 do not expect this amendment to have a significant effect on our consolidated financial statements.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

Certain of the significant accounting policies below are applicable only to the accounts of RESI that we consolidated prior to January 1, 2016. Such accounting policies, including those related to residential real estate, mortgage loans, restricted cash and REIT income taxes, are no longer applicable to our consolidated financial statements as of January 1, 2016.

Available-for-sale securities

The securities we hold consist solely of the common stock of RESI. These securities are classified as available for sale and are reported at fair value. We adjust our investment in RESI common stock to fair value based on unadjusted quoted market prices in active markets. Changes in the fair value are recorded in accumulated other comprehensive income (loss) as changes in unrealized gain (loss) on available-for-sale securities. Our ability to sell these securities, or the price ultimately realized for these securities, depends upon the demand in the market and potential restrictions on the timing at which we may be able to sell the RESI common stock when desired.

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 the accounts of AAMC and its consolidated subsidiaries, which are comprised of voting interest entities in which we are determined to have a controlling financial interest under ASC 810, as amended by ASU 2015-02. Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider VIEs for consolidation where we are the primary beneficiary.

For legal entities evaluated for consolidation, we determine whether the interests that we hold and fees paid to us qualify as a variable interest in the entity. This includes an evaluation of fees paid to us where we act as a decision maker or service provider to the entity being evaluated. Fees received by us are not variable interests if (i) the fees are compensation for services provided and are commensurate with the level of effort required to provide those services, (ii) the service arrangement includes only terms, conditions or amounts that are customarily present in arrangements for similar services negotiated at arm’s length and (iii) our other economic interests in the VIE held directly and indirectly through our related parties, as well as economic interests held by related parties under common control, where applicable, would not absorb more than an insignificant amount of the entity’s losses or receive more than an insignificant amount of the entity’s benefits.

For those entities in which we have a variable interest, we perform an analysis to first determine whether the entity is a VIE. This determination includes considering whether the entity’s equity investment at risk is sufficient, whether the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity's activities either involve or are conducted on behalf of that investor and its related parties and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. A VIE must be consolidated by its primary beneficiary. Performance of such analysis requires the exercise of judgment.

The primary beneficiary of a VIE is generally defined as the party who has a controlling financial interest in the VIE. We are generally deemed to have a controlling financial interest in a VIE if we have (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. For purposes of evaluating (ii) above, fees paid to us are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length. We also evaluate our economic interests in the VIE held directly by us and indirectly through our related parties, as well as economic interests held by related parties under common control, where applicable. The primary beneficiary evaluation is generally performed qualitatively on the basis of all facts and circumstances. However, quantitative information may also be considered in the analysis, as appropriate. These analyses require judgment. Changes in the economic interests (either by us, our related parties or third parties) or amendments to the governing documents of the VIE could affect an entity's status as a VIE or the determination of the primary beneficiary. The primary beneficiary evaluation is updated periodically.

For voting interest entities, we shall consolidate the entity if we have a controlling financial interest. We have a controlling financial interest in a voting interest entity if (i) for legal entities other than limited partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights and no other conditions exist that would indicate that we do not control the entity.

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 RESI on a quarterly basis for our efforts in the management of RESI's business. We recognize these fees in the fiscal quarter in which they are earned. Refer to Note 8 for details of the fee structure under the asset management agreement. Prior to our deconsolidation of RESI effective January 1, 2016, our revenue and RESI's corresponding expense related to these fees were 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.

RESI elected REIT status upon the filing of its 2013 income tax return. We believe that RESI 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 RESI 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 RESI 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 RESI 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, RESI 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 RESI. 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, RESI recorded the assets at fair value, which was the purchase price it paid for the loans on the acquisition date. Mortgage loans were subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We concluded that mortgage loans accounted for at fair value timely reflected the results of RESI’s investment performance.

We determined the purchase price for RESI’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 included current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model included discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties.

After mortgage loans were acquired, the fair value of each loan was adjusted in each subsequent reporting period as the loan proceeded to a particular resolution (i.e., modification or conversion to real estate owned). As a loan approached resolution, the resolution timeline for that loan decreased, and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance were incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increased the fair value of the loan. The increase in the value of the loan was recognized in change in unrealized gain on mortgage loans in RESI’s consolidated statements of operations.

RESI also recognized unrealized gains and losses in the fair value of the loans in each reporting period when its mortgage loans were transferred to real estate owned. The transfer to real estate owned occurred when RESI 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 was estimated using broker price opinions (“BPOs”).

Our capital markets group determined the fair value of mortgage loans monthly and developed procedures and controls governing the valuation process relating to these assets. The capital markets group reported to RESI’s Investment Committee, which was a committee of RESI’s Chairman, its Chief Executive Officer and its Chief Financial Officer that oversaw and approved the valuations. The capital markets group also monitored the valuation model for performance against actual results, which was reported to the Investment Committee and used to continuously improve the model.

Mortgage loans held for sale

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

RESI'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, RESI's re-performing loans were 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 were accounted for as a single loan pool.

Under ASC Topic 310-30, we estimated cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. RESI determined 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 was referred to as the accretable yield, which represented the amount that was expected to be recorded as interest income over the remaining life of the loan pool.

Residential properties

Purchases of real estate properties were evaluated by RESI to determine whether they met the definition of an asset acquisition or of a business combination under U.S. GAAP. For asset acquisitions, RESI capitalized pre-acquisition costs to the extent such costs would have been capitalized had RESI owned the asset when the cost was incurred and capitalized closing and other direct acquisition costs. RESI then allocated 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 qualified as business combinations, RESI expensed the acquisition costs in the period in which the costs were incurred and allocated the cost of the property among land, building and any identified intangible assets and liabilities. Lease intangibles were recorded at the estimated fair value, which was the estimated costs that would have been incurred to lease the property net of any above or below-market lease concessions, and were 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, RESI recorded 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 limited or no observable market data existed and, therefore, were based primarily upon management's or other third-party estimates, were 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 determined the appropriate fair value to be utilized for such property. RESI engaged third party vendors, including ASPS, 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 could vary among brokers and could fluctuate over time based on housing market activities and the influx of additional comparable listings and sales.

RESI had established validation procedures to confirm the values it receives from third party vendors were consistent with its observations of market values. These validation procedures included establishing thresholds to identify changes in value that required further analysis. RESI’s then-current policies required that it update the fair value estimate of each financed REO property at least every 180 days by obtaining a new BPO, which was subject to the review processes of its third party vendors. We generally performed further analysis for RESI when the value of the property per the new BPO varied from the old BPO by 25% or $75,000 per property. If a newly obtained BPO varied from the old BPO by this established threshold, we performed additional procedures to ensure the BPO accurately reflected the current fair value of the property. These procedures included 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 RESI’s valuation process. As part of this evaluation, RESI’s third party vendors often discussed the differing BPOs with the providing brokers to ensure that proper comparable properties had been identified. These third party vendors also compared the BPOs to past appraisals, if any, of the property to ensure the BPOs were in line with those appraisals. Following the consideration and reconciliation of the BPOs, the third party provider may have provided RESI with a new property value reflecting the analysis they performed or confirmed the BPO value received by RESI, in which case RESI used the new property value or the validated BPO, respectively, for its fair value estimate of the property.

After an evaluation period, RESI may have performed property renovations to those properties that met its rental investment criteria in order to optimize its rental proceeds. In some instances, RESI may have also performed renovations on REO properties that did not meet its rental investment criteria in order to optimize sale proceeds. Such expenditures were part of RESI's initial investment in a property and, therefore, were classified as investing activities in our consolidated statement of cash flows. Subsequently, residential rental properties, including any renovations that improved or extended the life of the asset, were accounted for at cost. REO properties that did not meet RESI's rental investment criteria and that were held for sale were accounted for at the lower of the carrying value or estimated fair value less cost to sell. The cost basis of residential rental properties was 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 were capitalized until the property was ready for its intended use. Expenditures for ordinary maintenance and repairs were charged to expense as incurred.

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

Residential properties were classified either as held for use or held for sale. Residential properties were classified as real estate assets held for sale when sale of the assets had been formally approved and was expected to occur in the next twelve months. RESI recorded 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, was the amount by which the carrying amount exceeded the estimated fair value less costs to sell.

Real estate impairment

With respect to RESI's rental properties classified as held for use, we performed an impairment analysis using estimated cash flows if events or changes in circumstances indicated that the carrying value may have been 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 was performed at the property level. These cash flows were estimated based on a number of assumptions that were 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 exceeded the sum of its undiscounted future operating and residual cash flows, an impairment loss was recorded for the difference between estimated fair value of the asset and the carrying amount. RESI generally estimated the fair value of assets held for use by using BPOs. In some instances, appraisal information may have been available and was used in addition to BPOs.

Residential rental revenues

Minimum contractual rents from leases were 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 have been higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commenced when the customer took control of the leased premises. Deferred rents receivable represented the amount by which straight-line rental revenue exceeded rents billed in accordance with lease agreements. Contingent rental revenue was accrued when the contingency was removed. Termination fee income was recognized when the customer vacated the rental property, the amount of the fee was determinable and collectability was reasonably assured.

Rents receivable and deferred rents receivable were reduced by an allowance for amounts that became uncollectible. We regularly evaluated the adequacy of RESI's allowance for doubtful accounts. The evaluation took 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 were written-off when RESI deemed that the amounts were uncollectible.

Restricted cash

Restricted cash represented cash deposits that were legally restricted or held by third parties on RESI’s behalf, such as escrows and reserves for debt service established pursuant to certain of RESI's repurchase and loan 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.

Real estate assets, net	12 Months Ended
Real estate assets, net	Dec. 31, 2016
Real Estate [Abstract]
Real estate assets, net	3. Real estate assets, net As of December 31, 2016, we had no real estate assets. The following describes RESI's real estate assets that were included in our consolidated financial statements as of December 31, 2015. These real estate assets are no longer included in our consolidated financial statements effective from January 1, 2016. Real estate held for use As of December 31, 2015, RESI 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 were in the process of determining whether these properties would meet RESI's rental profile. RESI recognized $36.5 million and $7.9 million of REO valuation impairment for the years ended December 31, 2015 and 2014, respectively. Real estate held for sale As of December 31, 2015, RESI classified 1,583 properties having an aggregate carrying value of $250.6 million as real estate held for sale. Management determined to divest of these properties because they did not meet RESI's rental property investment criteria.

- Definition

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

+ References + Details

Mortgage loans

12 Months Ended

Dec. 31, 2016

Mortgage Loans on Real Estate [Abstract]

Mortgage loans

4. Mortgage loans

As of December 31, 2016, we had no mortgage loans due to the deconsolidation of RESI. The following describes RESI's mortgage loans that were included in our consolidated financial statements as of December 31, 2015 as well as certain related activity recognized in our consolidated financial statements for the years ended December 31, 2015 and 2014.

The following table sets forth the carrying value of RESI's mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency status as of December 31, 2015 ($ 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

The following table sets forth the carrying value of RESI'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 ($ 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

Re-performing residential mortgage loans

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

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



Accretable Yield	Year ended December 31, 2015
Balance at the beginning of the period	$	7,640
Loans sold	(4,943		)
Accretion	(551		)
Balance at the end of the period	$	2,146

Fair value of financial instruments

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair value of financial instruments

5. Fair value of financial instruments

The following table sets forth the carrying amount and fair value of the Company's financial assets by level within the fair value hierarchy as of December 31, 2016 ($ in thousands):



			Level 1		Level 2		Level 3
	Carrying Amount		Quoted Prices in Active Markets		Observable Inputs Other Than Level 1 Prices		Unobservable Inputs
December 31, 2016
Recurring basis (assets)
Available-for-sale securities: RESI common stock	$	17,934	$	17,934	$	—	$	—

We did not transfer any assets from one level to another level during the years ended December 31, 2016 or 2015.

The carrying values of our cash and cash equivalents, accounts receivable, related party receivables, accrued salaries and employee benefits and accounts payable and other accrued liabilities are equal to or approximate fair value. The fair value of our available-for-sale securities is based on unadjusted quoted market prices from active markets.

As of December 31, 2016, we held 1,624,465 shares of RESI's common stock, representing approximately 3.0% of RESI's then-outstanding common stock, which is included as available-for-sale securities in our consolidated balance sheet as of December 31, 2016. At December 31, 2015, we held 324,465 shares of RESI's common stock, representing approximately 0.6% of RESI's then-outstanding common stock. All of our shares of RESI's common stock were acquired in open market transactions. We received dividends on RESI's common stock of $1.0 million and $0.2 million during the years ended December 31, 2016 and 2015, respectively. As of and for the year ended December 31, 2015, we eliminated our investment in and dividends from RESI common stock upon consolidation (see Note 1).

The following table presents the amortized cost and fair value of our available-for-sale securities as of December 31, 2016 ($ in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2016
RESI common stock	$	20,596	$	—	$	2,662	$	17,934
Total available-for-sale securities	$	20,596	$	—	$	2,662	$	17,934

We have recognized no other-than-temporary impairment related to our investment in RESI's common stock. Although the investment has been in an unrealized loss position for greater than 12 months, management believes that the declines in the fair value are driven by temporary market fluctuations.

During the years ended December 31, 2016 and 2015, we acquired 1,300,000 and 324,465 shares, respectively, of RESI's common stock in open market transactions at an weighted average purchase price of $11.97 and $15.41 per share, respectively.

Due to the deconsolidation of RESI effective January 1, 2016, we did not have any level 3 assets in our consolidated financial statements for the year ended December 31, 2016.

The following describes RESI's financial assets and liabilities that were included in our consolidated financial statements as of December 31, 2015 as well as certain related activity recognized in our consolidated financial statements for the years ended December 31, 2015 and 2014.

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



			Level 1		Level 2		Level 3
	Carrying Amount		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	$	—	$	—	$	960,534
Nonrecurring basis (assets)
Real estate assets held for sale	250,557		—		—		250,557
Not recognized on consolidated balance sheets at fair value (assets)
Mortgage loans held for sale	317,336		—		—		317,336
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase and loan agreements	763,369		—		767,513		—
Other secured borrowings	502,599		—		502,268		—

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

The carrying values of RESI's cash and cash equivalents, restricted cash, related party receivables, accrued salaries and employee benefits, accounts payable and accrued liabilities and related party payables were equal to or approximated fair value. The fair value of mortgage loans at fair value and non-performing mortgage loans held for sale was estimated using our proprietary pricing model. The fair value of RESI's real estate assets held for sale was estimated using BPOs, estimated sales prices from pending contracts and discounted cash flow models. The fair value of re-performing mortgage loans held for sale was 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 and loan agreements was 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 was estimated using observable market data.

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



	Year ended December 31, 2015
Mortgage loans at fair value
Beginning balance	$	1,959,044
Change in unrealized gain on mortgage loans at fair value	177,545
Net realized gain on mortgage loans at fair value	58,061
Transfers of mortgage loans at fair value to mortgage loans held for sale	(535,836		)
Dispositions and payments of mortgage loans at fair value	(257,505		)
Real estate tax advances to borrowers	29,261
Transfer of mortgage loans at fair value to real estate owned, net	(470,036		)
Ending balance at December 31	$	960,534

Change in unrealized gain on mortgage loans at fair value held at the end of the period	$	78,453

The significant unobservable inputs used in the fair value measurement of RESI's mortgage loans were 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 have resulted in a significant change to the fair value measurement. A decline in the discount rate in isolation would have increased the fair value. A decrease in the housing pricing index in isolation would have decreased the fair value. Individual loan characteristics, such as location and value of underlying collateral, affected the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would have decreased the fair value. A decrease in the value of underlying properties in isolation would have decreased the fair value.

The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of RESI's mortgage loans as of December 31, 2015:



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

- 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, 2016

Debt Disclosure [Abstract]

Borrowings

6. Borrowings

As of December 31, 2016, we had no outstanding debt due to the deconsolidation of RESI. The following describes RESI's repurchase and loan agreements and its other secured borrowings that were included in our consolidated financial statements as of December 31, 2015.

Repurchase and loan agreements

RESI's operating partnership and certain of its Delaware Statutory Trust subsidiaries, as applicable, entered into master repurchase agreements and a loan agreement with major financial institutions to finance the acquisition and ownership of the SFR properties, other REO properties and mortgage loans in its portfolio. RESI had effective control of the assets associated with these agreements and therefore concluded these were financing arrangements.

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



	Maximum Borrowing Capacity		Book Value of Collateral		Amount Outstanding			Amount of Available Funding
December 31, 2015
Repurchase agreement due April 18, 2016	$	275,000	$	335,184	$	194,346		$	80,654
Repurchase agreement due September 27, 2017	750,000		708,275		371,130			378,870
Repurchase agreement due March 11, 2016	54,944		130,863		54,944			—
Loan agreement due April 8, 2016	200,000		204,578		147,093			52,907
Less: deferred debt issuance costs	—		—		(4,144		)	—
	$	1,279,944	$	1,378,900	$	763,369		$	512,431

Other secured debt

As of December 31, 2015, RESI's consolidated financial statements included three securitization trusts (ARLP 2015-1, ARLP 2014-2 and ARLP 2014-1), which were VIEs of which RESI was the primary beneficiary. Each trust was a Delaware statutory trust that was wholly owned by RESI's operating partnership with a federally chartered bank as its trustee.

As of December 31, 2015, the book value of the underlying securitized assets held by ARLP 2015-1 was $282.1 million, the book value of the underlying securitized assets held by ARLP 2014-2 was $322.5 million, and the book value of the underlying securitized assets held by ARLP 2014-1 was $202.3 million.

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



	Interest Rate		Amount Outstanding
December 31, 2015:
ARLP Securitization Trust, Series 2014-1
ARLP 2014-1 Class A Notes (1)	3.47	%	$	136,404
ARLP 2014-1 Class M Notes (1)	4.25	%	32,000
ARLP Securitization Trust, Series 2014-2
ARLP 2014-2 Class A Notes (1)	3.63	%	244,935
ARLP 2014-2 Class M Notes (1)	—	%	234,010
ARLP Securitization Trust, Series 2015-1
ARLP 2015-1 Class A Notes due May 25, 2055 (2)	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		)
Less: deferred debt issuance costs			(3,031		)
			$	502,599

__________________


(1)	Terminated in March 2016.


(2)	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, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	7. 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, 2016 or which settled during 2016: 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 RESI, ASPS, 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. On December 16, 2016, the case was reassigned to a new Judge, U.S. District Court Judge Harvey Bartle, III, in the Eastern District of Pennsylvania. There has been no activity in this case since the re-assignment to Judge Bartle. 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 RESI 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 RESI, AAMC, ASPS 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. 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 RESI filed a similar motion to dismiss the complaint as to all claims asserted against it. On December 8, 2015, the court granted RESI'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. On January 8, 2016, the court issued an order consolidating the three related actions. On May 13, 2016, we and RESI each filed motions to dismiss the Sokolowski action. In early October 2016, we received notice that the plaintiffs and Ocwen had reached a settlement agreement in principal to resolve the Sokolowski action without any liability to the other defendants, including RESI and AAMC. On October 18, 2016, the Memorandum of Understanding with respect to the settlement was filed under seal with the Court. A hearing was scheduled and occurred on January 19, 2017 for final disposition of the case, and on January 20, 2017, the court entered an order approving the settlement and closing the case with no liability for either RESI or us. As a result of the foregoing descriptions of our legal proceedings, 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, 2016

Related-party transactions

8. Related-party transactions

Through January 16, 2015, William C. Erbey served as our Chairman as well as the Executive Chairman of Ocwen, Chairman of ASPS and Chairman of RESI. Effective January 16, 2015, Mr. Erbey stepped down as the Executive Chairman of Ocwen and Chairman of each of us, ASPS and RESI and is no longer a member of the Board of Directors for any of these companies. Accordingly, at that point, Ocwen and ASPS are no longer considered related parties of RESI or AAMC as defined by ASC Topic 850, Related Party Disclosures. Transactions under our agreements with Ocwen and ASPS for the period January 1, 2015 through January 16, 2015 were not material to our consolidated results of operations.

Asset Management Agreement with RESI

Pursuant to the Current AMA, we design and implement RESI's business strategy, administer its business activities and day-to-day operations and provide corporate governance services, subject to oversight by RESI's Board of Directors. We are responsible for, among other duties: (1) performing and administering all of RESI's day-to-day operations; (2) defining investment criteria in RESI'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 REO properties and residential mortgage loans; (5) overseeing the Property Managers' renovation, leasing and property management of RESI's SFR properties; (6) overseeing the servicing of RESI'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 RESI with a management team and support personnel who have substantial experience in the acquisition and management of residential properties and residential mortgage loans. Our management also has significant corporate governance experience that enables us to manage RESI's business and organizational structure efficiently. We have agreed not to provide the same or substantially similar services without the prior written consent of RESI's Board of Directors to any business or entity competing against RESI in (a) the acquisition or sale of SFR and/or REO properties, non-performing and re-performing mortgage loans or other similar assets; (b) the carrying on of a single-family rental business or (c) any other activity in which RESI 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 RESI'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 RESI's prior consent.

On March 31, 2015, we entered into the Current AMA with RESI. The Current AMA, which became effective on April 1, 2015, provides for a new management fee structure, which replaces the 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) RESI's average invested capital (as defined in the Current AMA) 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 average invested capital while RESI has between 2,500 and 4,499 Rental Properties and increases to 2.0% of average 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 RESI'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 RESI) 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 RESI 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 RESI for the first time during the quarter.

RESI has the flexibility to pay up to 25% of the Incentive Management Fee to us in shares of its common stock. Under the Current AMA, RESI 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. Only the compensation and benefits of the general counsel dedicated to RESI and certain other out-of-pocket expenses incurred on RESI's behalf are reimbursed by RESI.

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

Under the Original AMA, RESI paid us a quarterly incentive management fee as follows:


(i)	2% of all cash available for distribution by RESI to its stockholders and to us as incentive management fee (“available cash”) until the aggregate amount per share of available cash for the quarter (based on the average number of shares of RESI's common stock outstanding during the quarter, 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.

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

RESI was required to reimburse us on a monthly basis for the (i) direct and indirect expenses we incurred or payments we made on RESI’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 RESI.

Agreements with ASPS

We have engaged ASPS to provide services for us as detailed below. If for any reason ASPS 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. ASPS's failure to perform the services under these agreements could have a material adverse effect on us.

Support services agreements

Under separate support services agreement, ASPS may provide services in such areas as human resources, vendor management operations, corporate services, risk management, quality assurance, treasury, finance and accounting, tax, compliance and other support services where we may need assistance and support. The support services agreement provides generally that ASPS 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 ASPS. The support services agreement may be extended for two years after the separation and automatically renews every year thereafter, but it may be terminated earlier under certain circumstances, including a default. The fees for all support services provided pursuant to the support services agreement are based on the fully-allocated cost of providing the service. “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 ASPS by directly hiring 31 of the ASPS 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 RESI operationally while enabling ASPS to focus on the property management, maintenance and brokerage services that matter most to RESI.

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

Technology services agreement

Under the technology services agreement, ASPS 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 ASPS sets out 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 ASPS 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 ASPS is responsible for taxes attributable to our business incurred prior to the separation.

Trademark license agreement

Under the trademark license agreement, ASPS 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 RESI expires or is terminated, the trademark license agreement will terminate within 30 days.

RESI's Master Services Agreement with ASPS

RESI engaged ASPS to provide property management, leasing, renovation management and valuation services associated with its single-family rental properties. 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.

The total fees incurred by RESI 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 RESI’s asset management agreement with us is terminated without cause by RESI, the master services agreement with ASPS may be terminated at its sole discretion.

Agreements AAMC had with Ocwen

Support services agreement

Until its termination in February 2016, we maintained a support services agreement with Ocwen, pursuant to which Ocwen could provide us with business development services, analytical services in connection with our management and valuation of RESI’s portfolio and administrative services in connection with the operation of our business. The fees for all support services provided pursuant to the support services agreement were based on the fully-allocated cost of providing the service.

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

Aircraft time sharing agreement

Until its termination in February 2016, we maintained an Aircraft Time Sharing Agreement, or the “Timeshare Agreement,” with Ocwen, pursuant to which Ocwen made 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 were directly correlated to our use of the aircraft in each period, which was dependent upon our needs and business use.

Sublease

Until its termination in April 2015, we maintained a sublease with Ocwen for approximately 2,000 square feet. 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.

RESI's Servicing Agreement with Ocwen

RESI 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 provided for an initial term of 15 years. In the event RESI’s asset management agreement with us expired or was terminated, the servicing agreement would terminate within 30 days. From its inception through 2014, RESI had exclusively engaged Ocwen to service the residential mortgage loans in its portfolio. As of the fourth quarter of 2016, RESI transferred servicing of all of its portfolio to two other mortgage servicers.

The total fees incurred by RESI under this agreement were dependent upon the number and type of acquired residential mortgage loans that Ocwen serviced 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):



	Counterparty	Year ended December 31, 2016		Year ended December 31, 2015		Year ended December 31, 2014
Base management fees (1)	RESI	$	17,334	$	13,935	$	—
Conversion fees (1)	RESI	1,841		1,037		—
Expense reimbursements (1)	RESI	816		750		6,070
Incentive management fees (1)	RESI	—		7,994		67,949
Professional fee sharing for negotiation of AMA (1)	RESI	—		2,000		—
Residential property operating expenses	Ocwen/ASPS	—		—		21,612
Mortgage loan servicing costs	Ocwen	—		—		65,363
Salaries and employee benefits	Ocwen/ASPS	—		—		2,028
General and administrative	Ocwen/ASPS	—		—		3,457

_______________


(1)	Prior to January 1, 2016, we eliminated these transactions upon consolidation (see Note 1).

No Incentive Management Fee under the Current AMA has been earned by us because RESI's return on invested capital for the seven quarters covered by the Current AMA was below the required hurdle rate. Under the Current AMA, to the extent RESI 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, 2016, the aggregate return shortfall from the prior seven quarters under the Current AMA was approximately 47.27% of invested capital. As each quarter with a shortfall rolls off the trailing seven quarters, the aggregate shortfall will change by the difference in the quarter that rolls off versus the most recently completed quarter.

During the years ended December 31, 2016 and 2015, we acquired 1,300,000 and 324,465 shares, respectively, of RESI's common stock in open market transactions. At December 31, 2016, we held 1,624,465 shares of RESI's common stock, representing approximately 3.0% of RESI's then-outstanding common stock.

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

Incentive compensation and share-based payments

12 Months Ended

Dec. 31, 2016

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

Incentive compensation and share-based payments

9. Incentive compensation and share-based payments

Long-term incentive compensation

Our officers 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. Our officers generally have 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. 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. We may issue new shares or issue shares from treasury shares upon the exercise of stock options or the vesting of restricted stock.



		December 31, 2016
Stock options outstanding		141,367
Possible future issuances under equity incentive plan		104,068
		245,435

As of December 31, 2016, we had 2,362,371 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, 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	181,702		0.98
Exercised	(39,396	)	0.80
Forfeited or canceled	(939	)	3.67
December 31, 2016	141,367		$	1.01

As of December 31, 2016, we had 141,367 outstanding options, all of which were exercisable, with a weighted average exercise price of $1.01, weighted average remaining life of 2.0 years and intrinsic value of $7.4 million. Of these options, none had exercise prices higher than the market price of our common stock as of December 31, 2016.

Restricted stock

During the years ended December 31, 2016, we granted no shares of restricted stock to members of management. During the year ended December 31, 2015, we granted 52,409 shares 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.

Restricted stock granted in 2015 and 2014 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. The remaining 75% of that tranche will either vest (i) on the second anniversary of the date that the performance hurdle was met for certain grants or (ii) ratably over the second, third and fourth anniversaries of the date that the performance hurdle was met for certain grants.

Restricted stock granted prior to 2014 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 to employees ASPS under the 2012 Plan and 2012 Special Plan related to our separation from ASPS. We include no share-based compensation in our consolidated financial statements for the portion of these grants made to ASPS employees.

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.

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, 2016 and 2015, we granted 11,119 and 1,122 shares of stock, respectively, pursuant to our 2013 Director Equity Plan with a weighted average grant date fair value per share of $19.31 and $162.66, respectively.

We recorded $9.6 million and $6.9 million of compensation expense related to these grants for the years ended December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015, we had $9.6 million and $18.7 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 1.5 years and 2.9 years, respectively.

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



	Number of Shares		Weighted Average Grant Date Fair Value
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
Granted	11,119		19.31
Vested (1)	(40,566	)	13.34
December 31, 2016	124,879		$	193.17

_____________


(1)	The vesting date fair value of restricted stock that vested during the years ended December 31, 2016, 2015 and 2014 was $0.6 million, $11.6 million and $52.6 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
Risk free interest rate (1)	2.89% to 3.27%	3.07% to 3.73%
Common stock dividend yield (2)	0%	0%
Expected volatility (3)	92.04% to 96.46%	74.61% to 82.66%

_____________


(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 $26,000 and a nominal amount of expense in connection with these modifications during the years ended December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, we had approximately $33,000 and $59,000, respectively, of unrecognized share-based compensation cost related to the modified awards that will be recognized over a weighted average remaining estimated term of 1.8 and 2.6 years, respectively.

- Definition

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

+ References + Details

Income taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income taxes

10. Income taxes

We are domiciled in the USVI and under current USVI law are obligated to pay taxes in the USVI on our income. We applied for tax benefits from the USVI Economic Development Commission and received our certificate of benefits (“the Certificate”), effective as of February 1, 2013. Pursuant to the Certificate, so long as we comply its provisions, we will receive a 90% tax reduction on our USVI-sourced income until 2043. For the year ended December 31, 2016, approximately 73% of our taxable income was considered USVI-sourced and, thus, was eligible for the 90% tax reduction.

For the year ended December 31, 2016, AAMC had income from AAMC Cayman SEZC Ltd., a Cayman entity disregarded for USVI tax purposes and from RESI dividends that were not eligible for the 90% tax reduction.

Prior to January 1, 2016, our income tax expense and accruals included those of RESI. During the year ended December 31, 2015, RESI 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, 2016			Year ended December 31, 2015			Year ended December 31, 2014
U.S. Virgin Islands	$	(3,721	)	$	(1,249	)	$	70,670
Other	492			(1,687		)	(8,895		)
(Loss) income before income taxes	$	(3,229	)	$	(2,936	)	$	61,775

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



	December 31, 2016			December 31, 2015
Deferred tax assets:
Stock compensation and other	$	880		$	531
Accrued expenses	475			387
Real estate and mortgage loan fair value adjustments	—			1,492
Available-for-sale securities	1,027			—
Other	21			6
Net operating loss	—			21,592
	2,403			24,008
Deferred tax liability:
Depreciation	5			4
	2,398			24,004
Valuation allowance	(2,377		)	(23,100		)
Deferred tax asset, net	$	21		$	904

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



	Year ended December 31, 2016		Year ended December 31, 2015		Year ended December 31, 2014
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	)
EDC benefits	(50.7	)	(0.7	)	(8.9	)
Foreign tax rate differential	(1.2	)	(3.5	)	(2.6	)
Permanent and other	2.1		(1.7	)	—
Valuation allowance	(41.5	)	(40.6	)	1.2
Effective income tax rate (1)	(52.8	)%	(0.7	)%	0.8	%

________________

(1) Prior to our deconsolidation of RESI effective January 1, 2016, our effective tax rate included the activities of RESI.

During the tax years ended December 31, 2016 and 2015, neither we nor Residential recognized interest or penalties associated with unrecognized tax benefits. As of December 31, 2016 and 2015, neither we nor Residential had accrued unrecognized tax benefits or associated interest and penalties.

We remain subject to tax examination in the U.S. Virgin Islands for tax years 2013 to 2016.

Earnings per share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings per share

11. 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, 2016			Year ended December 31, 2015			Year ended December 31, 2014
Numerator
Net (loss) income	$	(4,935	)	$	(3,290	)	$	59,679
Amortization of preferred stock issuance costs	(207		)	(206		)	(166		)
Numerator for basic EPS - (loss) income available to common stockholders	(5,142		)	(3,496		)	59,513
Add back amortization of preferred stock issuance costs	—			—			166
Numerator for diluted EPS - (loss) income available to common stockholders after assumed conversions	$	(5,142	)	$	(3,496	)	$	59,679

Denominator
Weighted average common stock outstanding – basic	1,752,302			2,202,815			2,261,968
Stock options using treasury method	—			—			251,967
Restricted stock	—			—			160,475
Preferred shares, if converted	—			—			157,778
Weighted average common stock outstanding – diluted	1,752,302			2,202,815			2,832,188

(Loss) earnings per basic share	$	(2.93	)	$	(1.59	)	$	26.31
(Loss) earnings per diluted share	$	(2.93	)	$	(1.59	)	$	21.07

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, 2016		Year ended December 31, 2015		Year ended December 31, 2014
Numerator
Amortization of preferred stock issuance costs	$	207	$	206	$	—

Denominator
Stock options	165,983		222,566		—
Restricted stock	40,476		85,121		—
Preferred stock, if converted	200,000		200,000		—

Segment information	12 Months Ended
Segment information	Dec. 31, 2016
Segment Reporting [Abstract]
Segment information	12. Segment information Our primary business is to provide asset management and certain corporate governance services to institutional investors. Because substantially all of our revenue is derived from the services we provide to RESI under the Current AMA, we operate as a single segment focused on providing asset management and corporate governance services.

- 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
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+ Details

Quarterly financial information (unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly financial information (unaudited)

13. Quarterly financial information (unaudited)

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



	2016
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total revenues (1)	$	4,526		$	5,407		$	4,854		$	5,204		$	19,991
Net loss	(940		)	(1,261		)	(1,071		)	(1,663		)	(4,935		)
Loss per share of common stock – basic	(0.50		)	(0.74		)	(0.67		)	(1.09		)	(2.93		)
Loss per share of common stock – diluted	(0.50		)	(0.74		)	(0.67		)	(1.09		)	(2.93		)

	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	3.10			0.31			(0.92		)	(4.12		)	(1.59		)
Earnings (loss) per share of common stock – diluted	2.50			0.27			(0.92		)	(4.12		)	(1.59		)

_______________


(1)	Total revenues have been corrected for the first, second and third quarters of 2016 to reflect the amounts previously reported as interest and dividend income within operating revenues of $294,000, $247,000 and $248,000, respectively, as other income. Net loss was not affected for any period.

Pursuant to ASU 2015-02, we no longer consolidate the accounts of RESI effective January 1, 2016. We have applied ASU 2015-02 using the modified retrospective approach, which has resulted in a cumulative-effect adjustment to equity on January 1, 2016. As a result, periods ending prior to the adoption were not impacted. The adoption effectively removed those balances previously disclosed that related to RESI from our consolidated financial statements and eliminated the amounts previously reported as non-controlling interests in RESI as a consolidated affiliate. Subsequent to adoption, our consolidated revenues consist primarily of management fees and expense reimbursements received from RESI under the Current AMA, and our consolidated expenses consist primarily of salaries and employee benefits, legal and professional fees and general and administrative expenses.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of presentation

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

Use of estimates

Deconsolidation of RESI

Deferred debt issuance costs

Recently issued accounting standards

Available-for-sale securities

Cash equivalents

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

Consolidations

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

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, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table represents the effect of the reclassification of prior period balances as a result this adoption ($ in thousands):



	December 31, 2015
	As Previously Reported		Adjustments			Current Presentation
Assets:
Deferred leasing and financing costs (1)	$	7,886	$	(7,886	)	$	—
Prepaid expenses and other assets (1)	2,458		711			3,169
Liabilities:
Repurchase agreements	767,513		(4,144		)	763,369
Other secured borrowings	505,630		(3,031		)	502,599

____________


(1)	Upon adoption of ASU 2015-03, RESI reclassified its deferred leasing costs to prepaid expenses and other assets.

- 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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=66092750

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-Publisher FASB
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+ Details

Mortgage loans (Tables)

12 Months Ended

Dec. 31, 2016

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



	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

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

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



Accretable Yield	Year ended December 31, 2015
Balance at the beginning of the period	$	7,640
Loans sold	(4,943		)
Accretion	(551		)
Balance at the end of the period	$	2,146

Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

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



			Level 1		Level 2		Level 3
	Carrying Amount		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	$	—	$	—	$	960,534
Nonrecurring basis (assets)
Real estate assets held for sale	250,557		—		—		250,557
Not recognized on consolidated balance sheets at fair value (assets)
Mortgage loans held for sale	317,336		—		—		317,336
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase and loan agreements	763,369		—		767,513		—
Other secured borrowings	502,599		—		502,268		—

The following table sets forth the carrying amount and fair value of the Company's financial assets by level within the fair value hierarchy as of December 31, 2016 ($ in thousands):



			Level 1		Level 2		Level 3
	Carrying Amount		Quoted Prices in Active Markets		Observable Inputs Other Than Level 1 Prices		Unobservable Inputs
December 31, 2016
Recurring basis (assets)
Available-for-sale securities: RESI common stock	$	17,934	$	17,934	$	—	$	—

Fair value, unrealized gains (losses)

The following table presents the amortized cost and fair value of our available-for-sale securities as of December 31, 2016 ($ in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2016
RESI common stock	$	20,596	$	—	$	2,662	$	17,934
Total available-for-sale securities	$	20,596	$	—	$	2,662	$	17,934

Fair value, assets measured on recurring basis, reconciliation

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



	Year ended December 31, 2015
Mortgage loans at fair value
Beginning balance	$	1,959,044
Change in unrealized gain on mortgage loans at fair value	177,545
Net realized gain on mortgage loans at fair value	58,061
Transfers of mortgage loans at fair value to mortgage loans held for sale	(535,836		)
Dispositions and payments of mortgage loans at fair value	(257,505		)
Real estate tax advances to borrowers	29,261
Transfer of mortgage loans at fair value to real estate owned, net	(470,036		)
Ending balance at December 31	$	960,534

Change in unrealized gain on mortgage loans at fair value held at the end of the period	$	78,453

Fair value measurements, recurring and nonrecurring, unobservable inputs

The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of RESI's mortgage loans as of December 31, 2015:



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

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Borrowings (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of repurchase agreements

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



	Maximum Borrowing Capacity		Book Value of Collateral		Amount Outstanding			Amount of Available Funding
December 31, 2015
Repurchase agreement due April 18, 2016	$	275,000	$	335,184	$	194,346		$	80,654
Repurchase agreement due September 27, 2017	750,000		708,275		371,130			378,870
Repurchase agreement due March 11, 2016	54,944		130,863		54,944			—
Loan agreement due April 8, 2016	200,000		204,578		147,093			52,907
Less: deferred debt issuance costs	—		—		(4,144		)	—
	$	1,279,944	$	1,378,900	$	763,369		$	512,431

Schedule of other secured debt

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



	Interest Rate		Amount Outstanding
December 31, 2015:
ARLP Securitization Trust, Series 2014-1
ARLP 2014-1 Class A Notes (1)	3.47	%	$	136,404
ARLP 2014-1 Class M Notes (1)	4.25	%	32,000
ARLP Securitization Trust, Series 2014-2
ARLP 2014-2 Class A Notes (1)	3.63	%	244,935
ARLP 2014-2 Class M Notes (1)	—	%	234,010
ARLP Securitization Trust, Series 2015-1
ARLP 2015-1 Class A Notes due May 25, 2055 (2)	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		)
Less: deferred debt issuance costs			(3,031		)
			$	502,599

__________________


(1)	Terminated in March 2016.


(2)	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, 2016

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):



	Counterparty	Year ended December 31, 2016		Year ended December 31, 2015		Year ended December 31, 2014
Base management fees (1)	RESI	$	17,334	$	13,935	$	—
Conversion fees (1)	RESI	1,841		1,037		—
Expense reimbursements (1)	RESI	816		750		6,070
Incentive management fees (1)	RESI	—		7,994		67,949
Professional fee sharing for negotiation of AMA (1)	RESI	—		2,000		—
Residential property operating expenses	Ocwen/ASPS	—		—		21,612
Mortgage loan servicing costs	Ocwen	—		—		65,363
Salaries and employee benefits	Ocwen/ASPS	—		—		2,028
General and administrative	Ocwen/ASPS	—		—		3,457

_______________


(1)	Prior to January 1, 2016, we eliminated these transactions upon consolidation (see Note 1).

Incentive compensation and share-based payments (Tables)

12 Months Ended

Dec. 31, 2016

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

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



		December 31, 2016
Stock options outstanding		141,367
Possible future issuances under equity incentive plan		104,068
		245,435

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, 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	181,702		0.98
Exercised	(39,396	)	0.80
Forfeited or canceled	(939	)	3.67
December 31, 2016	141,367		$	1.01

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, 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
Granted	11,119		19.31
Vested (1)	(40,566	)	13.34
December 31, 2016	124,879		$	193.17

_____________


(1)	The vesting date fair value of restricted stock that vested during the years ended December 31, 2016, 2015 and 2014 was $0.6 million, $11.6 million and $52.6 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
Risk free interest rate (1)	2.89% to 3.27%	3.07% to 3.73%
Common stock dividend yield (2)	0%	0%
Expected volatility (3)	92.04% to 96.46%	74.61% to 82.66%

_____________


(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, 2016

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, 2016			Year ended December 31, 2015			Year ended December 31, 2014
U.S. Virgin Islands	$	(3,721	)	$	(1,249	)	$	70,670
Other	492			(1,687		)	(8,895		)
(Loss) income before income taxes	$	(3,229	)	$	(2,936	)	$	61,775

Schedule of Deferred Tax Assets and Liabilities

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



	December 31, 2016			December 31, 2015
Deferred tax assets:
Stock compensation and other	$	880		$	531
Accrued expenses	475			387
Real estate and mortgage loan fair value adjustments	—			1,492
Available-for-sale securities	1,027			—
Other	21			6
Net operating loss	—			21,592
	2,403			24,008
Deferred tax liability:
Depreciation	5			4
	2,398			24,004
Valuation allowance	(2,377		)	(23,100		)
Deferred tax asset, net	$	21		$	904

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, 2016		Year ended December 31, 2015		Year ended December 31, 2014
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	)
EDC benefits	(50.7	)	(0.7	)	(8.9	)
Foreign tax rate differential	(1.2	)	(3.5	)	(2.6	)
Permanent and other	2.1		(1.7	)	—
Valuation allowance	(41.5	)	(40.6	)	1.2
Effective income tax rate (1)	(52.8	)%	(0.7	)%	0.8	%

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016			Year ended December 31, 2015			Year ended December 31, 2014
Numerator
Net (loss) income	$	(4,935	)	$	(3,290	)	$	59,679
Amortization of preferred stock issuance costs	(207		)	(206		)	(166		)
Numerator for basic EPS - (loss) income available to common stockholders	(5,142		)	(3,496		)	59,513
Add back amortization of preferred stock issuance costs	—			—			166
Numerator for diluted EPS - (loss) income available to common stockholders after assumed conversions	$	(5,142	)	$	(3,496	)	$	59,679

Denominator
Weighted average common stock outstanding – basic	1,752,302			2,202,815			2,261,968
Stock options using treasury method	—			—			251,967
Restricted stock	—			—			160,475
Preferred shares, if converted	—			—			157,778
Weighted average common stock outstanding – diluted	1,752,302			2,202,815			2,832,188

(Loss) earnings per basic share	$	(2.93	)	$	(1.59	)	$	26.31
(Loss) earnings per diluted share	$	(2.93	)	$	(1.59	)	$	21.07

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, 2016		Year ended December 31, 2015		Year ended December 31, 2014
Numerator
Amortization of preferred stock issuance costs	$	207	$	206	$	—

Denominator
Stock options	165,983		222,566		—
Restricted stock	40,476		85,121		—
Preferred stock, if converted	200,000		200,000		—

Quarterly financial information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

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):



	2016
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total revenues (1)	$	4,526		$	5,407		$	4,854		$	5,204		$	19,991
Net loss	(940		)	(1,261		)	(1,071		)	(1,663		)	(4,935		)
Loss per share of common stock – basic	(0.50		)	(0.74		)	(0.67		)	(1.09		)	(2.93		)
Loss per share of common stock – diluted	(0.50		)	(0.74		)	(0.67		)	(1.09		)	(2.93		)

	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	3.10			0.31			(0.92		)	(4.12		)	(1.59		)
Earnings (loss) per share of common stock – diluted	2.50			0.27			(0.92		)	(4.12		)	(1.59		)

_______________


(1)	Total revenues have been corrected for the first, second and third quarters of 2016 to reflect the amounts previously reported as interest and dividend income within operating revenues of $294,000, $247,000 and $248,000, respectively, as other income. Net loss was not affected for any period.

Organization and basis of presentation (Details) $ / shares in Units, $ in Millions			3 Months Ended	12 Months Ended
	Apr. 01, 2015 extension	Dec. 21, 2012	Mar. 31, 2014 USD ($) $ / shares	Dec. 31, 2015 securitization_trust shares	Jan. 05, 2017 shares	Dec. 31, 2016 servicer shares	Dec. 29, 2016 series_of_preferred_stock shares
Organization and Basis of Presentation [Line Items]
Asset management agreement, term	15 years	15 years
Number of securitization trusts \| securitization_trust				3
Proceeds from issuance of convertible preferred stock \| $			$ 250.0
Redemption price per share \| $ / shares			$ 1,000
Conversion price per share (usd per share) \| $ / shares			$ 1,250
Number of additional series of preferred stock authorized \| series_of_preferred_stock							14
Number of shares each new series of preferred stock authorizes							1,000
Preferred stock, shares issued				250,000		250,000
Subsequent event
Organization and Basis of Presentation [Line Items]
Preferred stock, shares issued					900
Affiliated entity \| Asset management agreement (AMA) \| Altisource Residential Corporation
Organization and Basis of Presentation [Line Items]
Number of potential renewal extensions \| extension	2
Automatic renewal term	5 years
Altisource Residential Corporation
Organization and Basis of Presentation [Line Items]
Number of third-party service providers \| servicer						2
Number of mortgage servicers \| servicer						2

Organization and basis of presentation - Effect of new accounting pronouncement (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs		$ 0
Prepaid expenses and other assets	$ 1,964	3,169
Repurchase agreements	0	763,369
Other secured borrowings	$ 0	502,599
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs		7,886
Prepaid expenses and other assets		2,458
Repurchase agreements		767,513
Other secured borrowings		505,630
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs		(7,886)
Prepaid expenses and other assets		711
Repurchase agreements		(4,144)
Other secured borrowings		$ (3,031)

Summary of significant accounting policies (Details)	12 Months Ended
Summary of significant accounting policies (Details)	Dec. 31, 2016 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	$ 300,000,000.0
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

Real estate assets, net - Components of real estate assets (Details)	12 Months Ended
	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Dec. 31, 2016 USD ($)
Real Estate [Abstract]
Number of real estate properties held for use	4,933
Number of real estate properties rented	2,118
Number of real estate properties listed for rent	264
Number of real estate properties in various stages of renovation	350
Number of real estate properties under evaluation for rental portfolio	2,201
REO valuation impairment \| $	$ 36,500,000	$ 7,900,000
Number of real estate properties held for sale	1,583
Real estate assets held for sale \| $	$ 250,557,000		$ 0

Mortgage loans - Schedule of Loans (Details) - Loans receivable - Residential mortgage - Residential portfolio segment $ in Thousands	Dec. 31, 2015 USD ($) loan
Number of loans
Current \| loan	58
Foreclosure \| loan	879
Mortgage loans \| loan	1,297
Carrying value
Current	$ 10,864
Foreclosure	225,024
Mortgage loans at fair value	317,336
Unpaid principal balance
Current	13,466
Foreclosure	314,991
Mortgage loans	440,366
Market value of underlying properties
Current	17,776
Foreclosure	330,573
Mortgage loans	$ 465,007
Nonperforming financing receivable
Number of loans
Current \| loan	730
Foreclosure \| loan	3,907
Mortgage loans \| loan	5,739
Carrying value
Current	$ 124,595
Foreclosure	687,464
Mortgage loans at fair value	960,534
Unpaid principal balance
Current	165,645
Foreclosure	946,962
Mortgage loans	1,355,554
Market value of underlying properties
Current	177,348
Foreclosure	917,671
Mortgage loans	$ 1,322,606
30
Number of loans
Past Due \| loan	26
Carrying value
Past Due	$ 7,616
Unpaid principal balance
Past Due	10,013
Market value of underlying properties
Past Due	$ 12,200
30 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	80
Carrying value
Past Due	$ 12,003
Unpaid principal balance
Past Due	18,142
Market value of underlying properties
Past Due	$ 21,858
60
Number of loans
Past Due \| loan	6
Carrying value
Past Due	$ 668
Unpaid principal balance
Past Due	775
Market value of underlying properties
Past Due	$ 1,063
60 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	38
Carrying value
Past Due	$ 5,688
Unpaid principal balance
Past Due	8,088
Market value of underlying properties
Past Due	$ 8,766
90
Number of loans
Past Due \| loan	328
Carrying value
Past Due	$ 73,164
Unpaid principal balance
Past Due	101,121
Market value of underlying properties
Past Due	$ 103,395
90 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	984
Carrying value
Past Due	$ 130,784
Unpaid principal balance
Past Due	216,717
Market value of underlying properties
Past Due	$ 196,963

Mortgage loans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Amount accreted to interest income during period	$ 600	$ 2,600
Mortgage loans held for sale (from previously consolidated VIE as of December 31, 2015)	$ 317,336		$ 0
Performing financing receivable \| Residential mortgage \| Loans receivable
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance			6,000
Mortgage loans held for sale (from previously consolidated VIE as of December 31, 2015)			$ 4,000

Mortgage loans - Certain Loans Acquired Not Accounted For As Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretable yield, beginning balance	$ 2,146	$ 7,640
Loans sold		(4,943)
Accretion	$ 0	(551)	$ (2,610)
Accretable yield, ending balance		$ 2,146	$ 7,640

Fair value of financial instruments - Narrative (Details) - Common stock - Altisource Residential - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Investment Holdings [Line Items]
Shares acquired in Residential	1,624,465	324,465
Investment owned, ownership percentage	3.00%
Percentage ownership in noncontrolling interest		0.60%
Dividends received from RESI	$ 1.0	$ 0.2
Additional shares acquired in Residential (shares)	1,300,000	324,465
Average purchase price per share of additional shares acquired in Residential (usd per share)	$ 11.97	$ 15.41

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities (RESI common stock)	$ 17,934,000	$ 0
Mortgage loans held for sale	317,336,000
Repurchase agreements at fair value	763,369,000
Other secured borrowings	502,599,000
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
Repurchase agreements at fair value	0
Other secured borrowings	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
Repurchase agreements at fair value	767,513,000
Other secured borrowings	502,268,000
Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	317,336,000
Repurchase agreements at fair value	0
Other secured borrowings	0
Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	960,534,000
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
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
Fair value measurements, recurring \| Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	960,534,000
Fair value measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets held for sale	250,557,000
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
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
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	250,557,000
Common stock \| Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities (RESI common stock)	17,934,000
Common stock \| Fair value measurements, recurring \| Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities (RESI common stock)	17,934,000
Common stock \| 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]
Available-for-sale securities (RESI common stock)	0
Common stock \| Fair value measurements, recurring \| Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities (RESI common stock)	$ 0

Fair value of financial instruments - Fair value, unrealized gains (losses) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 20,596
Gross Unrealized Gains	0
Gross Unrealized Losses	2,662
Fair Value	17,934
Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	20,596
Gross Unrealized Gains	0
Gross Unrealized Losses	2,662
Fair Value	$ 17,934

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	$ 0	$ (535,836)	$ 0
Residential mortgage \| Level 3, Unobservable inputs \| Loans receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 960,534	1,959,044
Change in unrealized gain on mortgage loans at fair value		177,545
Net realized gain on mortgage loans at fair value		58,061
Dispositions and payments of mortgage loans at fair value		(257,505)
Real estate tax advances to borrowers		29,261
Transfer of mortgage loans at fair value to real estate owned, net		(470,036)
Ending balance at December 31		960,534	$ 1,959,044
Change in unrealized gain on mortgage loans at fair value held at the end of the period		$ 78,453

Fair value of financial instruments - Fair value by delinquency (Details) - Residential portfolio segment - Loans receivable - Residential mortgage $ in Thousands	Dec. 31, 2015 USD ($) loan
Number of loans
Current \| loan	58
Foreclosure \| loan	879
Mortgage loans \| loan	1,297
Carrying Value
Current	$ 10,864
Foreclosure	225,024
Mortgage loans	317,336
Unpaid principal balance
Current	13,466
Foreclosure	314,991
Mortgage loans	440,366
Market value of underlying properties
Current	17,776
Foreclosure	330,573
Mortgage loans	$ 465,007
Nonperforming financing receivable
Number of loans
Current \| loan	730
Foreclosure \| loan	3,907
Mortgage loans \| loan	5,739
Carrying Value
Current	$ 124,595
Foreclosure	687,464
Mortgage loans	960,534
Unpaid principal balance
Current	165,645
Foreclosure	946,962
Mortgage loans	1,355,554
Market value of underlying properties
Current	177,348
Foreclosure	917,671
Mortgage loans	$ 1,322,606
30
Number of loans
Past Due \| loan	26
Carrying Value
Past Due	$ 7,616
Unpaid principal balance
Past Due	10,013
Market value of underlying properties
Past Due	$ 12,200
30 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	80
Carrying Value
Past Due	$ 12,003
Unpaid principal balance
Past Due	18,142
Market value of underlying properties
Past Due	$ 21,858
60
Number of loans
Past Due \| loan	6
Carrying Value
Past Due	$ 668
Unpaid principal balance
Past Due	775
Market value of underlying properties
Past Due	$ 1,063
60 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	38
Carrying Value
Past Due	$ 5,688
Unpaid principal balance
Past Due	8,088
Market value of underlying properties
Past Due	$ 8,766
90
Number of loans
Past Due \| loan	328
Carrying Value
Past Due	$ 73,164
Unpaid principal balance
Past Due	101,121
Market value of underlying properties
Past Due	$ 103,395
90 \| Nonperforming financing receivable
Number of loans
Past Due \| loan	984
Carrying Value
Past Due	$ 130,784
Unpaid principal balance
Past Due	216,717
Market value of underlying properties
Past Due	$ 196,963

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

Borrowings - Repurchase Agreements (Details)	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Less: deferred debt issuance costs	$ 0
Repurchase agreements \| Residential \| CS repurchase agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	275,000,000
Book value of collateral	335,184,000
Amount Outstanding, before debt issuance costs	194,346,000
Amount of Available Funding	80,654,000
Repurchase agreements \| Residential \| WF repurchase agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	750,000,000
Book value of collateral	708,275,000
Amount Outstanding, before debt issuance costs	371,130,000
Amount of Available Funding	378,870,000
Repurchase agreements \| Residential \| DB repurchase agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	54,944,000
Book value of collateral	130,863,000
Amount Outstanding, before debt issuance costs	54,944,000
Amount of Available Funding	0
Loan agreement \| Residential \| Nomura loan and security agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	200,000,000
Book value of collateral	204,578,000
Amount Outstanding, before debt issuance costs	147,093,000
Amount of Available Funding	52,907,000
Repurchase and loan agreements
Debt Instrument [Line Items]
Less: deferred debt issuance costs	(4,144,000)
Repurchase and loan agreements \| Residential
Debt Instrument [Line Items]
Maximum Borrowing Capacity	1,279,944,000
Book value of collateral	1,378,900,000
Amount Outstanding	763,369,000
Amount of Available Funding	$ 512,431,000

Borrowings - Other Secured Debt (Details) $ in Thousands	12 Months Ended
Borrowings - Other Secured Debt (Details) $ in Thousands	Dec. 31, 2015 USD ($) securitization_trust	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Number of securitization trusts \| securitization_trust	3
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	$ 502,599	$ 0
Less: deferred debt issuance costs	0
Loans \| ARLP 2015-1
Debt Instrument [Line Items]
Book value of the underlying securitized assets		282,100
Loans \| ARLP 2014-2
Debt Instrument [Line Items]
Book value of the underlying securitized assets		322,500
Loans \| ARLP 2014-1
Debt Instrument [Line Items]
Book value of the underlying securitized assets		$ 202,300
Secured debt
Debt Instrument [Line Items]
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	502,599
Less: deferred debt issuance costs	$ (3,031)
Secured debt \| Asset-backed securities Class A notes
Debt Instrument [Line Items]
Interest rate on debt	3.47%
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	$ 136,404
Secured debt \| Asset-backed securities Class M notes
Debt Instrument [Line Items]
Interest rate on debt	4.25%
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	$ 32,000
Secured debt issued to affiliates	$ (32,000)
Secured debt \| Asset-backed securities Class A notes Trust 2
Debt Instrument [Line Items]
Interest rate on debt	3.63%
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	$ 244,935
Secured debt issued to affiliates	$ (45,138)
Secured debt \| Asset-backed securities Class M notes Trust 2
Debt Instrument [Line Items]
Interest rate on debt	0.00%
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	$ 234,010
Secured debt issued to affiliates	$ (234,010)
Secured debt \| Asset-backed Securities Class A Notes 2015-1
Debt Instrument [Line Items]
Interest rate on debt	4.01%
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	$ 203,429
Secured debt issued to affiliates	$ (34,000)
Secured debt \| Asset-backed Securities Class M Notes 2015-1
Debt Instrument [Line Items]
Interest rate on debt	0.00%
Other secured borrowings (from previously consolidated VIE as of December 31, 2015)	$ 60,000
Secured debt issued to affiliates	$ (60,000)

Commitments and contingencies (Details)	Feb. 11, 2015 USD ($)
Sokolowski v. Erbey, et al. \| Pending litigation
Other Commitments [Line Items]
Amount paid for settlements with regulatory authorities by co-defendant (in excess of)	$ 2,000,000,000

Related-party transactions - Narrative (Details) $ / shares in Units, ft² in Thousands					3 Months Ended	12 Months Ended
	Apr. 01, 2015	Mar. 31, 2015 property	Nov. 15, 2013	Dec. 21, 2012 $ / shares	Sep. 30, 2016	Dec. 31, 2016 USD ($) ft² servicer employee shares	Dec. 31, 2015 shares	Sep. 22, 2015	Sep. 30, 2014 USD ($)
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 \| $									$ 15,000,000.0
Maturity Term, Securities, US Treasury		10 years
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%
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						47.27%
Affiliated entity \| Asset management agreement (AMA) \| Altisource Asset Management Corporation [Member]
Related party transactions [Line Items]
Contract term		15 years
Automatic renewal term	5 years
Affiliated entity \| Asset management agreement (AMA) \| Altisource Residential
Related party transactions [Line Items]
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		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		2,500
Related Party Transaction, Incentive Management Fee, Number of Rental Properties Cap		4,499
Related Party Transaction, Incentive Management Fee, Number Of Rental Properties Floor		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		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 \| 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
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%
Common stock \| Altisource Residential
Related party transactions [Line Items]
Percentage ownership in noncontrolling interest							0.60%
Additional shares acquired in Residential (shares) \| shares						1,300,000	324,465
Shares acquired in Residential \| shares						1,624,465	324,465
Investment owned, ownership percentage						3.00%

Related-party transactions - Related party expenses (Details) - Affiliated entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Base management fee \| Altisource Residential
Related party transactions [Line Items]
Related party expenses	$ 17,334	$ 13,935	$ 0
Conversion fee \| Altisource Residential
Related party transactions [Line Items]
Related party expenses	1,841	1,037	0
Expense reimbursement \| Altisource Residential
Related party transactions [Line Items]
Related party expenses	816	750	6,070
Incentive management fee \| Altisource Residential
Related party transactions [Line Items]
Related party expenses	0	7,994	67,949
Professional fee sharing for negotiation of AMA \| Altisource Residential
Related party transactions [Line Items]
Related party expenses	0	2,000	0
Residential property operating expenses \| Ocwen/Altisource
Related party transactions [Line Items]
Related party expenses	0	0	21,612
Mortgage loan servicing costs \| Ocwen
Related party transactions [Line Items]
Related party expenses	0	0	65,363
Salaries and benefits \| Ocwen/Altisource
Related party transactions [Line Items]
Related party expenses	0	0	2,028
General and administrative \| Ocwen/Altisource
Related party transactions [Line Items]
Related party expenses	$ 0	$ 0	$ 3,457

Incentive compensation and share-based payments - Long-Term Incentive Compensation (Details)	12 Months Ended
	Dec. 31, 2016
Share-based compensation arrangement by share-based payment award [Line Items]
Scorecard weighting	80.00%
Personal evaluation weighting	20.00%
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, 2016 shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options outstanding (in options)	141,367
Possible future issuance under director compensation plan	104,068
Common stock reserved for future issuance	245,435
Common stock, shares available to be issued under charter	2,362,371

Incentive compensation and share-based payments - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of options
Ending balance (in options)	141,367
2012 Conversion Option Plan and 2012 Special Conversion Option Plan \| Stock options
Number of options
Beginning balance (in options)	181,702	239,060	281,221
Exercised (in options)	(39,396)	(54,261)	(41,685)
Forfeited or canceled (in options)	(939)	(3,097)	(476)
Ending balance (in options)	141,367	181,702	239,060
Weighted average exercise price per share
Beginning balance (usd per share)	$ 0.98	$ 1.10	$ 1.11
Exercised (usd per share)	0.80	1.35	1.16
Forfeited and canceled (usd per share)	3.67	4.14	1.51
Ending balance (usd per share)	$ 1.01	$ 0.98	$ 1.10
Number of exercisable options	141,367
Weighted average exercise price of exercisable options (usd per share)	$ 1.01
Weighted average remaining life of exercisable options (in years)	2 years
Intrinsic value of exercisable options	$ 7.4

Incentive compensation and share-based payments - Share-based payments, restricted stock activity (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) employee $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) $ / shares shares
Share-based compensation arrangement by share-based payment award [Line Items]
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 \| $	$ 9,600,000	$ 6,900,000
Unrecognized stock compensation \| $	$ 9,600,000	$ 18,700,000
Weighted average remaining amortization period of unamortized share based compensation (in years)	1 year 6 months	2 years 11 months
Tranche one
Share-based compensation arrangement by share-based payment award [Line Items]
Percentage of restricted stock grant		25.00%	25.00%	25.00%
Compound annual gain percentage, common stock		20.00%	20.00%	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%	50.00%	50.00%
Compound annual gain percentage, common stock		22.50%	22.50%	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%	25.00%	25.00%
Compound annual gain percentage, common stock		25.00%	25.00%	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%	25.00%	25.00%
Vesting tranche two
Share-based compensation arrangement by share-based payment award [Line Items]
Annual vesting percentage		75.00%	75.00%
Restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted	11,119	53,531	30,877
Weighted average grant date fair value of grants in period (usd per share) \| $ / shares	$ 19.31	$ 174.34	$ 697.48
Number of shares
Beginning balance (shares)	154,326	175,489	228,754
Granted (shares)	11,119	53,531	30,877
Vested (shares)	(40,566)	(51,305)	(56,328)
Forfeited and canceled (shares)		(23,389)	(27,814)
Ending balance (shares)	124,879	154,326	175,489	228,754
Weighted average grant date fair value
Beginning balance (usd per share) \| $ / shares	$ 193.17	$ 158.84	$ 90.51	$ 15.32
Granted (usd per share) \| $ / shares	19.31	174.34	697.48
Vested (usd per share) \| $ / shares	13.34	11.53	16.53
Forfeited and canceled (usd per share) \| $ / shares		6.65	294.59
Ending balance (usd per share) \| $ / shares	$ 193.17	$ 158.84	$ 90.51	$ 15.32
Vesting date fair value of restricted stock that vested \| $	$ 600,000	$ 11,600,000	$ 52,600,000
Restricted stock \| Management
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted	0
Number of shares
Granted (shares)	0
Restricted stock \| Three employees
Share-based compensation arrangement by share-based payment award [Line Items]
Share-based compensation expense \| $	$ 26,000
Unrecognized stock compensation \| $	$ 33,000	$ 59,000
Weighted average remaining amortization period of unamortized share based compensation (in years)	1 year 9 months	2 years 7 months
Number of employees having modified unvested shares \| employee		3
Number of shares
Beginning balance (shares)	74,307
Ending balance (shares)		74,307
Restricted stock \| The 2012 Equity Incentive Plan \| Management
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted		52,409
Weighted average grant date fair value of grants in period (usd per share) \| $ / shares	$ 174.59
Number of shares
Granted (shares)		52,409
Weighted average grant date fair value
Granted (usd per share) \| $ / shares	$ 174.59
Restricted stock \| The 2013 Director Equity Plan
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted	11,119	1,122
Weighted average grant date fair value of grants in period (usd per share) \| $ / shares	$ 19.31	$ 162.66
Number of shares
Granted (shares)	11,119	1,122
Weighted average grant date fair value
Granted (usd per share) \| $ / shares	$ 19.31	$ 162.66

Incentive compensation and share-based payments - Share-based payments, restricted stock, valuation assumptions (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Restricted stock
Schedule of share-based payment, other than stock options, valuation assumptions [Line Items]
Common Stock Dividend Yield	0.00%	0.00%
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 - Narrative (Details)	12 Months Ended
Income taxes - Narrative (Details)	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%
Percentage of taxable income subject to tax reduction	73.00%

Income taxes - Schedule of Income by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of income by jurisdiction [Line Items]
Income (loss) before income taxes	$ (3,229)	$ (2,936)	$ 61,775
U.S. Virgin Islands
Schedule of income by jurisdiction [Line Items]
Income (loss) before income taxes	(3,721)	(1,249)	70,670
Other jurisdiction
Schedule of income by jurisdiction [Line Items]
Income (loss) before income taxes	$ 492	$ (1,687)	$ (8,895)

Income taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Stock compensation and other	$ 880	$ 531
Accrued expenses	475	387
Real estate gains and fair value adjustments	0	1,492
Available-for-sale securities	1,027	0
Other	21	6
Net operating loss	0	21,592
Deferred tax asset, gross	2,403	24,008
Depreciation	5	4
Deferred tax assets, net	2,398	24,004
Valuation allowance	(2,377)	(23,100)
Deferred tax assets, net	$ 21	$ 904

Income taxes - Rate reconciliation (Details)	12 Months Ended
Income taxes - Rate reconciliation (Details)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
U.S. Virgin Islands income tax rate	38.50%	38.50%	38.50%
State and Local income tax rate	0.00%	4.70%	(0.10%)
Excluded REIT income	(0.00%)	2.60%	(27.30%)
EDC benefits	(50.70%)	(0.70%)	(8.90%)
Rate differential	(1.20%)	(3.50%)	(2.60%)
Permanent and other	2.10%	(1.70%)	0.00%
Valuation allowance	(41.50%)	(40.60%)	1.20%
Effective income tax rate	(52.80%)	(0.70%)	0.80%

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income	$ (1,663)	$ (1,071)	$ (1,261)	$ (940)	$ (8,941)	$ (1,980)	$ 743	$ 6,888	$ (4,935)	$ (3,290)	$ 59,679
Amortization of preferred stock issuance costs									(207)	(206)	(166)
Numerator for basic EPS - (loss) income available to common stockholders									(5,142)	(3,496)	59,513
Add back amortization of preferred stock issuance costs									0	0	166
Numerator for diluted EPS - (loss) income available to common stockholders after assumed conversions									$ (5,142)	$ (3,496)	$ 59,679
Weighted average common stock outstanding – basic (in shares)									1,752,302	2,202,815	2,261,968
Stock options using treasury method (in shares)									0	0	251,967
Restricted stock (in shares)									0	0	160,475
Preferred shares, if converted (in shares)									0	0	157,778
Weighted average common stock outstanding – diluted (in shares)									1,752,302	2,202,815	2,832,188
Earnings (loss) per basic share (usd per share)	$ (1.09)	$ (0.67)	$ (0.74)	$ (0.50)	$ (4.12)	$ (0.92)	$ 0.31	$ 3.10	$ (2.93)	$ (1.59)	$ 26.31
Earnings (loss) per diluted share (usd per share)	$ (1.09)	$ (0.67)	$ (0.74)	$ (0.50)	$ (4.12)	$ (0.92)	$ 0.27	$ 2.50	$ (2.93)	$ (1.59)	$ 21.07
Amortization of preferred stock issuance costs									$ 207	$ 206	$ 0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS calculation									165,983	222,566	0
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS calculation									40,476	85,121	0
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS calculation									200,000	200,000	0

Quarterly financial information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues	$ 5,204	$ 4,854	$ 5,407	$ 4,526	$ 24,142	$ 58,523	$ 76,519	$ 88,915	$ 19,991	$ 248,099	$ 423,298
Net (loss) income	$ (1,663)	$ (1,071)	$ (1,261)	$ (940)	$ (8,941)	$ (1,980)	$ 743	$ 6,888	(4,935)	(3,290)	59,679
Total other income									$ 1,094	$ 0	$ 5,407
Earnings per share of common stock – basic:
Earnings per share basic (usd per share)	$ (1.09)	$ (0.67)	$ (0.74)	$ (0.50)	$ (4.12)	$ (0.92)	$ 0.31	$ 3.10	$ (2.93)	$ (1.59)	$ 26.31
Earnings per share of common stock – diluted:
Earnings per share diluted (usd per share)	$ (1.09)	$ (0.67)	$ (0.74)	$ (0.50)	$ (4.12)	$ (0.92)	$ 0.27	$ 2.50	$ (2.93)	$ (1.59)	$ 21.07
Reclassification amount \| Reclassification of interest and dividend income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues		$ (248)	$ (247)	$ (294)
Total other income		$ 248	$ 247	$ 294