View Filing Data

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2018	Feb. 21, 2019	Jun. 29, 2018
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
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		1,584,668
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 40.6

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 27,171	$ 33,349
Short-term investments	584	625
Front Yard common stock, at fair value	14,182	19,266
Receivable from Front Yard	3,968	4,151
Prepaid expenses and other assets	1,552	1,022
Total current assets	47,457	58,413
Other non-current assets	1,910	1,974
Total assets	49,367	60,387
Current liabilities:
Accrued salaries and employee benefits	5,583	5,651
Accounts payable and accrued liabilities	1,188	2,085
Total liabilities	6,771	7,736
Commitments and contingencies	0	0
Redeemable preferred stock:
Series A preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of December 31, 2018 and 2017; redemption value $250,000	249,752	249,546
Stockholders' deficit:
Common stock, $.01 par value, 5,000,000 authorized shares; 2,862,760 and 1,573,691 shares issued and outstanding, respectively, as of December 31, 2018 and 2,815,122 and 1,599,210 shares issued and outstanding, respectively, as of December 31, 2017	29	28
Additional paid-in capital	42,245	37,765
Retained earnings	26,558	38,970
Accumulated other comprehensive loss	0	(1,330)
Treasury stock, at cost, 1,289,069 and 1,215,912 shares as of December 31, 2018 and 2017, respectively	(275,988)	(272,328)
Total stockholders' deficit	(207,156)	(196,895)
Total liabilities and equity	$ 49,367	$ 60,387

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
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
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	2,862,760	2,815,122
Common stock, shares outstanding	1,573,691	1,599,210
Treasury stock, shares	1,289,069	1,215,912

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Revenue	$ 15,926	$ 18,160	$ 19,991
Expenses:
Salaries and employee benefits	17,320	19,393	17,369
Legal and professional fees	1,605	2,794	2,173
General and administrative	3,609	3,320	4,772
Total expenses	22,534	25,507	24,314
Other income (loss):
Change in fair value of Front Yard common stock	(5,084)	0	0
Dividend income on Front Yard common stock	975	975	1,023
Other income	216	111	71
Total other (loss) income	(3,893)	1,086	1,094
Loss before income taxes	(10,501)	(6,261)	(3,229)
Income tax expense	375	708	1,706
Net loss attributable to stockholders	(10,876)	(6,969)	(4,935)
Amortization of preferred stock issuance costs	(206)	(206)	(207)
Net loss attributable to common stockholders	$ (11,082)	$ (7,175)	$ (5,142)
Loss per share of common stock – basic:
Loss per basic common share (usd per share)	$ (6.88)	$ (4.57)	$ (2.93)
Weighted average common stock outstanding – basic (in shares)	1,611,424	1,570,428	1,752,302
Loss per share of common stock – diluted:
Loss per common diluted share (usd per share)	$ (6.88)	$ (4.57)	$ (2.93)
Weighted average common stock outstanding – diluted (in shares)	1,611,424	1,570,428	1,752,302
Management fees from Front Yard
Revenues:
Revenue	$ 14,567	$ 16,010	$ 17,334
Conversion fees from Front Yard
Revenues:
Revenue	176	1,291	1,841
Expense reimbursements from Front Yard
Revenues:
Revenue	$ 1,183	$ 859	$ 816

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss attributable to stockholders	$ (10,876)	$ (6,969)	$ (4,935)
Other comprehensive income (loss):
Change in unrealized loss on Front Yard common stock	0	1,332	(1,681)
Total other comprehensive income (loss)	0	1,332	(1,681)
Comprehensive loss	$ (10,876)	$ (5,637)	$ (6,616)

- Definition

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

+ References + Details

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Non-controlling Interest in Consolidated Affiliate
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASU	$ (1,148,341)		$ (2,330)	$ 609	$ (981)		$ (1,145,639)
Adjusted balance	(183,563)	$ 26	21,089	51,287	(981)	$ (254,984)	0
Beginning balance (in shares) at Dec. 31, 2015		2,556,828
Beginning balance at Dec. 31, 2015	964,778	$ 26	23,419	50,678	0	(254,984)	1,145,639
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		80,801
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	22	$ 0	22
Treasury shares repurchased	(11,500)					(11,500)
Amortization of preferred stock issuance costs	(207)			(207)
Share-based compensation	9,585		9,585
Change in unrealized loss on Front Yard common stock	(1,681)				(1,681)
Net loss attributable to stockholders	(4,935)			(4,935)
Ending balance (in shares) at Dec. 31, 2016		2,637,629
Ending balance at Dec. 31, 2016	(192,279)	$ 26	30,696	46,145	(2,662)	(266,484)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		177,493
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	85	$ 2	83
Treasury shares repurchased	(5,844)					(5,844)
Amortization of preferred stock issuance costs	(206)			(206)
Share-based compensation	6,986		6,986
Change in unrealized loss on Front Yard common stock	1,332				1,332
Net loss attributable to stockholders	$ (6,969)			(6,969)
Ending balance (in shares) at Dec. 31, 2017	1,599,210	2,815,122
Ending balance at Dec. 31, 2017	$ (196,895)	$ 28	37,765	38,970	(1,330)	(272,328)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASU	0			(1,330)	1,330
Adjusted balance	(196,895)	$ 28	37,765	37,640	0	(272,328)	0
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		47,638
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	15	$ 1	14
Treasury shares repurchased	(3,660)					(3,660)
Amortization of preferred stock issuance costs	(206)			(206)
Share-based compensation	4,466		4,466
Net loss attributable to stockholders	$ (10,876)			(10,876)
Ending balance (in shares) at Dec. 31, 2018	1,573,691	2,862,760
Ending balance at Dec. 31, 2018	$ (207,156)	$ 29	$ 42,245	$ 26,558	$ 0	$ (275,988)	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities:
Net loss attributable to stockholders	$ (10,876)	$ (6,969)	$ (4,935)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	436	302	0
Change in fair value of Front Yard common stock	5,084	0	0
Share-based compensation	4,466	6,986	9,585
Changes in operating assets and liabilities:
Accounts receivable, net	0	0	123
Receivable from Front Yard	183	1,115	(5,266)
Prepaid expenses and other assets	(530)	942	68
Other non-current assets	(224)	(1,060)	0
Accrued salaries and employee benefits	(68)	1,551	94
Accounts payable and accrued liabilities	(897)	(2,502)	2,319
Payable to Front Yard	0	0	(2,180)
Net cash (used in) provided by operating activities	(2,426)	365	(192)
Investing activities:
Decrease in cash, cash equivalents and restricted cash due to deconsolidation of Front Yard (Note 1)	0	0	(137,268)
Purchases of Front Yard common stock	0	0	(15,588)
Investment in short-term investments	(571)	(625)	0
Proceeds from maturities of short-term investments	612	0	0
Investment in property and equipment	(148)	(1,216)	0
Net cash used in investing activities	(107)	(1,841)	(152,856)
Financing activities:
Proceeds from stock option exercises	36	650	593
Repurchase of common stock	(3,660)	(5,844)	(11,500)
Payment of tax withholdings on exercise of stock options	(21)	(565)	(571)
Net cash used in financing activities	(3,645)	(5,759)	(11,478)
Net change in cash, cash equivalents and restricted cash	(6,178)	(7,235)	(164,526)
Cash, cash equivalents and restricted cash, beginning of the period	33,349	40,584	205,110
Cash, cash equivalents and restricted cash, end of the period	27,171	33,349	40,584
Supplemental disclosure of cash flow information:
Income taxes paid	1,467	820	132
Decrease in noncontrolling interest due to deconsolidation of Front Yard	0	0	(1,145,639)
Decrease in repurchase and loan agreements and other secured borrowings due to deconsolidation of Front Yard	0	0	(1,265,968)
Decrease in real estate assets and mortgage loans due to deconsolidation of Front Yard	$ 0	$ 0	$ 2,264,296

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Altisource Asset Management Corporation (“we,” “our,” “us,” “AAMC” or the “Company”) was incorporated in the U.S. Virgin Islands (“USVI”) on March 15, 2012 (our “inception”) and commenced operations on December 21, 2012. Our primary business is to provide asset management and certain corporate governance services to institutional investors. We have also been a registered investment adviser under Section 203(c) of the Investment Advisers Act of 1940 since October 2013. Our primary client is Front Yard Residential Corporation (“Front Yard”), a public real estate investment trust (“REIT”) focused on acquiring and managing quality, affordable single-family rental (“SFR”) properties throughout the United States. All of our standalone revenue for all periods presented was generated through our asset management agreement (the “AMA”) with Front Yard. On March 31, 2015, we entered into the AMA with Front Yard, under which we are the exclusive asset manager for Front Yard for an initial term of 15 years from April 1, 2015, with two potential five-year extensions. The AMA provides for a fee structure in which we are entitled to a base management fee, an incentive management fee and a conversion fee for mortgage loans and real estate owned (“REO”) properties that become rental properties during each quarter. Accordingly, our operating results continue to be highly dependent on Front Yard's operating results. See Note 5 for additional details of the AMA. Since we are heavily reliant on revenues earned from Front Yard, investors may obtain additional information about Front Yard in its Securities and Exchange Commission (“SEC”) filings, including, without limitation, Front Yard’s financial statements and other important disclosures therein, available at http://www.sec.gov and http://ir.frontyardresidential.com/financial-information. On August 8, 2018, Front Yard acquired HavenBrook Partners, LLC (“HavenBrook” or the “internal property manager”), a full-service property management company and a Delaware limited liability company. The acquisition of HavenBrook provides Front Yard with an internal property manager and the opportunity to build an efficient, scalable platform that is designed to provide its tenants with excellent service and allow Front Yard to benefit from economies of scale that will enhance long-term stockholder value. During the fourth quarter of 2018, Front Yard continued the internalization of its property management function. Front Yard is in the process of transferring the property management of its SFR properties currently serviced by third parties to its internal property manager, and we anticipate that all SFR properties Front Yard acquires in the future will be managed internally. Additionally, our wholly owned subsidiary, NewSource Reinsurance Company Ltd. (“NewSource”), is a title insurance and reinsurance company licensed with the Bermuda Monetary Authority. 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, and its reinsurance and insurance business has been dormant since that time. 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 Front Yard as a VIE, and we currently do not have any other potential VIEs. 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 Front Yard Effective January 1, 2016, we adopted the provisions of ASU 2015-02, and we performed an analysis of our relationship with Front Yard pursuant to the amended guidance. We determined that the compensation we receive in return for our services to Front Yard 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, Front Yard is no longer a VIE under the amended guidance. As a result, effective January 1, 2016, we no longer consolidate the accounts of Front Yard. We applied ASU 2015-02 using the modified retrospective approach, which resulted in a cumulative-effect adjustment to equity on January 1, 2016. As a result, periods prior to January 1, 2016 were not impacted. The adoption effectively removed those balances previously disclosed that related to Front Yard from our consolidated financial statements and eliminated the amounts previously reported as non-controlling interests in Front Yard as a consolidated affiliate. Subsequent to adoption, our consolidated revenues consist of management fees and expense reimbursements received from Front Yard under the AMA, and our consolidated expenses consist of salaries and employee benefits, legal and professional fees and general and administrative expenses. Redeemable preferred stock Issuance of Series A Convertible Preferred Stock in 2014 Private Placement During the first quarter of 2014, we issued 250,000 shares of convertible preferred stock for $250.0 million (“Series A Preferred Stock”) to institutional investors. All of the outstanding shares of Series A 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 Series A Preferred Stock may potentially cause us to redeem all the shares of Series A Preferred Stock held by such holder at a redemption price equal to $1,000 per share from funds legally available therefor. Accordingly, we classify these shares as mezzanine equity, outside of permanent stockholders' equity. The holders of Series A Preferred Stock are not 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 (or an exchange rate of 0.8 shares of common stock for each share of Series A Preferred Stock), subject to certain anti-dilution adjustments. Upon a change of control or upon the 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 share of 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 shares of Series A Preferred Stock were 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. The Series A Preferred Stock is recorded net of issuance costs, which are being amortized on a straight-line basis through the first potential redemption date in March 2020. 2016 Employee Preferred Stock Plan On May 26, 2016, the 2016 Employee Preferred Stock Plan (the “Employee Preferred Stock Plan”) was approved by our stockholders. Pursuant to the 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 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. Pursuant to our stockholder approval of the Employee Preferred Stock Plan, 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. We have issued shares of preferred stock under the Employee Preferred Stock Plan to certain of our USVI employees. These shares of preferred stock are mandatorily redeemable by us in the event of the holder's termination of service with the Company for any reason. At December 31, 2018 and 2017, we had 800 and 900 shares outstanding, respectively, and we included the redemption value of these shares of $8,000 and $9,000, respectively, within accounts payable and accrued liabilities in our consolidated balance sheets. In February 2019, our Board of Directors declared and paid an aggregate of $1.1 million of dividends on the preferred stock issued under the Employee Preferred Stock Plan. In February 2018, our Board of Directors declared and paid an aggregate of $0.9 million of dividends on the preferred stock issued under the Employee Preferred Stock Plan. Such dividends are included in salaries and employee benefits in our consolidated statement of operations. Recently issued accounting standards Adoption of recent accounting standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendment modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The revised guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Companies are permitted to early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. The Company adopted the provisions of ASU 2018-13 effective December 31, 2018. This adoption had no significant effect on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718). The amendments in ASU 2018-07 expand the scope of the employee share-based payments guidance to include share-based payments issued to non-employees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. This ASU is effective for fiscal years after December 15, 2018, including interim periods within that fiscal year. The Company adopted the provisions of ASU 2018-07 effective April 1, 2018. This adoption had no significant effect on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718). The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This ASU is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. The Company adopted the provisions of ASU 2017-09 effective January 1, 2018. This adoption had no significant effect on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The amendments in ASU 2016-18 should be applied on a retrospective transition basis. Early adoption is permitted, including adoption during an interim period. Effective January 1, 2017, we adopted the provisions of ASU 2016-18. As a result of this adoption, we retrospectively included $20.6 million of cash flows related to the decrease in restricted cash upon the deconsolidation of Front Yard in its investing activities on the cash flow statement for the year ended December 31, 2016. Restricted cash balances were attributable to Front Yard and included amounts related to tenant deposits, mortgage loan escrows and reserves for debt service established pursuant to Front Yard's repurchase and loan agreements and other secured borrowings. In August 2016, the FASB issued ASU No. 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. The amendments in ASU 2016-15 should be applied on a modified retrospective transition basis. The Company adopted the provisions of ASU 2016-15 effective January 1, 2018. This adoption had no 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). Our adoption of ASU 2016-01 effective January 1, 2018 resulted in a cumulative-effect adjustment to our balance sheet of $1.3 million to reclassify our accumulated other comprehensive loss to retained earnings, and thereafter we record the impact of changes in the fair value of our Front Yard common stock during the current period through profit and loss. Periods ending prior to the adoption were not impacted. 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 and 2017, 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. Management performed an analysis of the AMA (our sole source of revenue within the scope of ASU 2014-09) and the related compensation and service obligations performed pursuant to the AMA. The Company determined that its policy for recognition of management fees, conversion fees and expense reimbursements prior to our adoption is consistent with the updated revenue recognition requirements of ASU 2014-09, as amended. Therefore, our adoption of ASU 2014-09 effective January 1, 2018 had no significant impact on our previous or current revenue recognition practices. As a result, our application of the modified retrospective method of adoption resulted in no cumulative adjustment effective January 1, 2018. Recently issued accounting standards not yet adopted In February 2016, the 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. Accounting by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis. The FASB has also issued multiple ASUs amending certain aspects of Topic 842. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. The amendments in ASU 2016-02 should be applied on a modified retrospective transition basis, and a number of practical expedients may apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. We will adopt this standard effective January 1, 2019. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2019. As mentioned above, the new standard provides a number of optional practical expedients in transition. We elected the “package of practical expedients,” which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity's ongoing accounting. We elected the short-term lease exemption for all leases that qualify; as a result, we will not recognize right-of-use assets or lease liabilities for qualifying leases. We also elected the practical expedient to not separate lease and non-lease components of all of our office space leases. Beginning with the first quarter of 2019, we will (1) recognize right-of-use assets and lease liabilities related to our office locations on our consolidated balance sheets and (2) provide the required incremental disclosures about our leasing activities.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Cash equivalents

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

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. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions.

Consolidations

The consolidated financial statements include the accounts of AAMC and its consolidated subsidiaries, which include the voting interest entities in which we are determined to have a controlling financial interest. Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider VIEs for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of and for the year ended December 31, 2018.

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 stockholders 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 or loss attributable to stockholders, 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 or loss attributable to stockholders by the weighted average common stock outstanding for the period plus the dilutive effect of (i) stock options and restricted stock outstanding using the treasury stock method and (ii) Series A Preferred Stock using the if-converted method. Weighted average common stock outstanding - basic excludes the impact of unvested restricted stock since dividends paid on such restricted stock are non-participating.

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.

Front Yard common stock

The securities we hold consist solely of the common stock of Front Yard, which are reported at fair value. We adjust our investment in Front Yard common stock to fair value based on unadjusted quoted market prices in active markets.

Upon our adoption of ASU 2016-01 effective January 1, 2018, changes in the fair value of Front Yard common stock are recognized through net income. Prior to our adoption of ASU 2016-01, changes in the fair value of Front Yard common stock were recorded in accumulated other comprehensive income (loss) as changes in unrealized gain (loss) on Front Yard common stock. See Note 1 for additional information regarding ASU 2016-01.

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 Front Yard common stock when desired.

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.

For all temporary differences, we have considered the potential future sources of taxable income against which they may be realized. In so doing, we have taken into account temporary differences that we expect to reverse in future years and those where it is unlikely. Where it is more likely than not that there will not be potential future taxable income to offset a temporary difference, a valuation allowance has been recorded.

Other non-current assets

Other non-current assets includes leasehold improvements; furniture, fixtures and equipment; deferred tax assets and miscellaneous other assets. The cost basis of fixed assets is depreciated using the straight-line method over an estimated useful life of three to five years based on the nature of the components.

Restricted cash

Restricted cash represented cash deposits that were legally restricted or held by third parties on Front Yard’s behalf, such as escrows and reserves for debt service established pursuant to certain of Front Yard's repurchase and loan agreements. Subsequent to our deconsolidation of Front Yard effective January 1, 2016, we have no restricted cash.

Revenue recognition

Under the AMA, we administer Front Yard's business activities and day-to-day operations and provide corporate governance services to Front Yard. The base management fees are earned by us ratably throughout the applicable quarter and are based on a percentage of Front Yard's average invested capital (as defined in the AMA). In the event that Front Yard's performance exceeds certain hurdles, we would be entitled to an incentive management fee based on a percentage of Front Yard's earnings in excess of such hurdle (see Note 5).

We have evaluated the nature of the services provided to Front Yard and have determined that such services constitute a series of distinct services that should be accounted for as a single performance obligation completed over time, which is simultaneously performed by us and consumed by Front Yard. Therefore, base management fees and incentive management fees, if any, are earned ratably over the applicable fiscal quarter.

We also receive conversion fees based on a percentage of the fair value of properties that become rented for the first time in each quarter. Such conversion fees are earned by us in the quarter that the conversion to rentals occurs. In addition, we receive expense reimbursements from Front Yard for the compensation and benefits of the General Counsel dedicated to Front Yard and certain other out-of-pocket expenses incurred on Front Yard's behalf. These expense reimbursements are earned by us at the time the underlying expense is incurred.

We have determined that each of the above-described components of our revenues derived from the AMA are variable consideration, and we recognize each component of this revenue on a quarterly basis up to the amount that would likely not be reversed.

Share-based compensation

We amortize the grant date fair value of restricted stock as expense on a straight-line basis over the service period with an offsetting increase in stockholders' equity. The grant date fair value of awards with only service-based vesting conditions is determined based upon the share price on the grant date. The grant date fair value of awards with both service-based and market-based vesting conditions is calculated using a Monte Carlo simulation.

We recognize share-based compensation expense related to (i) awards to employees in salaries and employee benefits and (ii) awards to Directors or non-employees in general and administrative expense in our consolidated statements of operations.

Forfeitures of share-based awards are recognized as they occur.

Short-term investments

Short-term investments include certificates of deposit with original maturities greater than three months and remaining maturities less than one year.

Treasury stock

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

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

3. 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, 2018 and 2017 ($ 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, 2018
Recurring basis (assets)
Front Yard common stock	$	14,182	$	14,182	$	—	$	—

December 31, 2017
Recurring basis (assets)
Front Yard common stock	$	19,266	$	19,266	$	—	$	—

We did not transfer any assets from one level to another level during the years ended December 31, 2018 or 2017.

The fair value of our Front Yard common stock is based on unadjusted quoted market prices from active markets.

At each of December 31, 2018 and 2017, we held 1,624,465 shares of Front Yard's common stock, representing approximately 3.0% of Front Yard's then-outstanding common stock at each date. All of our shares of Front Yard's common stock were acquired in open market transactions.

The following table presents the cost and fair value of our holdings in Front Yard's common stock as of December 31, 2018 and 2017 ($ in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2018
Front Yard common stock	$	20,596	$	—	$	6,414	$	14,182

December 31, 2017
Front Yard common stock	$	20,596	$	—	$	1,330	$	19,266

During the year ended December 31, 2016, we acquired 1,300,000 shares of Front Yard's common stock in open market transactions at a weighted average purchase price of $11.97 per share.

- 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. 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 material legal proceedings to which we are a party as of December 31, 2018:

City of Cambridge Retirement System v. Altisource Asset Management Corp., et al.

On January 16, 2015, a putative stockholder class action complaint was filed in the United States District Court of the Virgin Islands by a purported stockholder of AAMC under the caption City of Cambridge Retirement System v. Altisource Asset Management Corp., et al., 15-cv-00004. The action named as defendants AAMC, our former Chairman, William C. Erbey, and certain officers of AAMC and alleged that the defendants violated federal securities laws.

AAMC and Mr. Erbey filed a motion to dismiss the amended complaint for failure to state a claim upon which relief can be granted, and on April 6, 2017, the District Court issued an opinion and order granting defendants’ motion to dismiss. On July 5, 2017, the District Court denied the plaintiff leave to amend the complaint. The plaintiff appealed to U.S. Court of Appeals for the Third Circuit.

On November 14, 2018, the Third Circuit issued an opinion affirming the decisions of the District Court dismissing the City of Cambridge Retirement Systems case. The plaintiff’s time for filing a petition for a Writ of Certiorari with the U.S. Supreme Court to review the decision of the Third Circuit expired on February 12, 2019. The dismissal of the City of Cambridge Retirement Systems action is now final, with no liability to AAMC or any of its directors or officers.

Kanga v. Altisource Asset Management Corporation, et al.

On March 12, 2015, a stockholder derivative action was filed in the Superior Court of the Virgin Islands, Division of St. Croix, by a purported stockholder 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 Front Yard 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.

Following the complete dismissal of the City of Cambridge Retirement System matter, on February 21, 2019, the plaintiff filed a stipulation of voluntary dismissal of the Kanga complaint. We believe the Superior Court will dismiss the Kanga action with prejudice, resulting in no liability to AAMC or any of the other defendants.

Erbey Holding Corporation et al. v. Blackrock Management Inc., et al.

On April 12, 2018, a partial stockholder derivative action was filed in the Superior Court of the Virgin Islands, Division of St. Croix under the caption Erbey Holding Corporation, et al. v. Blackrock Financial Management Inc., et al. The action was filed by Erbey Holding Corporation (“Erbey Holding”), John R. Erbey Family Limited Partnership (“JREFLP”), by its general partner Jupiter Capital, Inc., Salt Pond Holdings, LLC (“Salt Pond”), Munus, L.P. (“Munus”), Carisma Trust (“Carisma”), by its trustee, Venia, LLC, and Tribue Limited Partnership (collectively, the “Plaintiffs”) each on its own behalf and Salt Pond and Carisma derivatively on behalf of AAMC. The action was filed against Blackrock Financial Management, Inc., Blackrock Investment Management, LLC, Blackrock Investments, LLC, Blackrock Capital Management, Inc., Blackrock, Inc. (collectively, “Blackrock”), Pacific Investment Management Company LLC, PIMCO Investments LLC (collectively, “PIMCO”) and John and Jane Does 1-10 (collectively with Blackrock and PIMCO, the “Defendants”). The action alleges a conspiracy by Blackrock and PIMCO to harm Ocwen and AAMC and certain of their subsidiaries, affiliates and related companies and to extract enormous profits at the expense of Ocwen and AAMC by attempting to damage their operations, business relationships and reputations. The complaint alleges that Defendants’ conspiratorial activities, which included short-selling activities, were designed to destroy Ocwen and AAMC, and that the Plaintiffs (including AAMC) suffered significant injury, including but not limited to lost value of their stock and/or stock holdings. The action seeks, among other things, an award of monetary damages to AAMC, including treble damages under Section 605, Title IV of the Virgin Islands Code related to the Criminally Influenced and Corrupt Organizations Act, punitive damages and an award of attorney’s and other fees and expenses.

On January 18, 2019, plaintiffs and AAMC filed a motion for leave to file a second amended verified complaint to include AAMC as a direct plaintiff, rather than as a derivative party. On February 8, 2019, the Defendants Blackrock and PIMCO each filed an opposition to the motion for leave to amend. Plaintiffs’ reply brief is due on March 1, 2019.

At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible damages to be awarded to AAMC, if any. We have determined that there is no contingent liability related to this matter for AAMC.

Operating leases

We lease office space under various operating leases. The future minimum payments under non-cancelable leases we are obligated to make as of December 31, 2018 are as follows ($ in thousands):



2019	$	391
2020	399
2021	412
2022	430
2023 and thereafter	1,040
	$	2,672

Related-party Transactions

12 Months Ended

Dec. 31, 2018

Related-party Transactions

5. Related-party Transactions

Asset management agreement with Front Yard

Pursuant to the AMA, we design and implement Front Yard's business strategy, administer its business activities and day-to-day operations and provide corporate governance services, subject to oversight by Front Yard's Board of Directors. We are responsible for, among other duties: (1) performing and administering certain of Front Yard's day-to-day operations; (2) defining investment criteria in Front Yard's investment policy in cooperation with its Board of Directors; (3) sourcing, analyzing and executing asset acquisitions, including the related financing activities; (4) overseeing the renovation, leasing and property management of Front Yard's SFR properties performed by its internal and external property managers; (5) analyzing and executing sales of REO properties and residential mortgage loans; (6) overseeing the servicing of Front Yard's remaining residential mortgage loans; (7) performing asset management duties and (8) performing corporate governance and other management functions, including financial, accounting and tax management services.

We provide Front Yard 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 Front Yard's business and organizational structure efficiently. We have agreed not to provide the same or substantially similar services without the prior written consent of Front Yard's Board of Directors to any business or entity competing against Front Yard 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 SFR business or (c) any other activity in which Front Yard 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 Front Yard'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 Front Yard's prior consent.

On March 31, 2015, we entered into the AMA with Front Yard. The AMA, which became effective on April 1, 2015, provides for the following management fee structure:

•

Base Management Fee. We are entitled to a quarterly base management fee equal to 1.5% of the product of (i) Front Yard's average invested capital (as defined in the AMA) for the quarter multiplied by (ii) 0.25, while it has fewer than 2,500 SFR properties actually rented (“Rental Properties”). The base management fee percentage increases to 1.75% of average invested capital while Front Yard 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 Front Yard'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 Front Yard) exceeds an annual hurdle return rate of between 7.0% and 8.25% (or 1.75% and 2.06% per quarter), depending on the 10-year treasury rate. To the extent Front Yard has an aggregate shortfall in its return rate over the previous seven quarters, that aggregate return rate shortfall gets added to the normal quarterly return hurdle for the next quarter before we are entitled to an incentive management fee. The incentive management fee increases to 22.5% while Front Yard has between 2,500 and 4,499 Rental Properties and increases to 25% while it has 4,500 or more Rental Properties. Front Yard has the flexibility to pay up to 25% of the incentive management fee to us in shares of its common stock; 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 Front Yard for the first time during the applicable quarter.

Because Front Yard has more than 4,500 Rental Properties, we are entitled to receive a base management fee of 2.0% of Front Yard’s invested capital and a potential incentive management fee percentage of 25% of the amount by which Front Yard exceeds its then-required return on invested capital threshold.

No incentive management fee under the AMA has been earned by us because Front Yard's return on invested capital (as defined in the AMA) for the seven quarters covered by the AMA was below the required hurdle rate. Under the AMA, to the extent Front Yard has an aggregate shortfall in its return rate over the previous seven quarters, that aggregate return rate shortfall gets added to the normal quarterly return hurdle for the next quarter before we are entitled to an incentive management fee. As of December 31, 2018, the aggregate return shortfall from the prior seven quarters under the AMA was approximately 47.4% 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.

Under the AMA, Front Yard reimburses us for the compensation and benefits of the General Counsel dedicated to Front Yard and certain other out-of-pocket expenses incurred on Front Yard's behalf.

The AMA requires that we are the exclusive asset manager for Front Yard for an initial term of 15 years from April 1, 2015, with two potential five-year extensions, subject to Front Yard achieving an average annual return on invested capital of at least 7.0%. Under the AMA, neither party is entitled to terminate the AMA prior to the end of the initial term, or each renewal term, other than termination by (a) us and/or Front Yard “for cause” for certain events such as a material breach of the AMA and failure to cure such breach, (b) Front Yard 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 AMA or (c) Front Yard in connection with certain change of control events.

If the AMA were terminated by Front Yard, our financial position and future prospects for revenues and growth would be materially and adversely affected.

Common Stock Repurchased from Luxor

On March 23, 2017, we completed the repurchase of an aggregate of 50,000 shares of common stock from an affiliated fund of Luxor Capital Partners Group (“Luxor”) in a block trade at a price of $52.50 per share, or an aggregate of $2.6 million, pursuant to our previously reported $300.0 million stock repurchase program. Luxor may be considered a related party of the Company because a Luxor partner is a member of our Board of Directors. Following the transaction, the Company now holds the acquired shares as treasury shares.

Incentive Compensation and Share-based Payments

12 Months Ended

Dec. 31, 2018

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

Incentive Compensation and Share-based Payments

6. Incentive Compensation and Share-based Payments

Long-term incentive compensation

Our officers and 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 50% to 100% 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%).

Share-based Payments

Certain executive officers and employees have and will receive grants of stock options and/or restricted stock under the 2012 Equity Incentive Plan (the “2012 Plan”). 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. In addition, a special grant of stock options and restricted stock was made to certain employees of Ocwen and Altisource Portfolio Solutions N.A. (“ASPS”) related to our separation from ASPS 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 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, 2018
Stock options outstanding		15,506
Possible future issuances under equity incentive plan		54,922
		70,428

As of December 31, 2018, we had 2,137,240 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, 2015	181,702		$	0.98
Exercised	(39,396	)	0.80
Forfeited or canceled	(939	)	3.67
December 31, 2016	141,367		1.01
Exercised	(111,917	)	0.75
December 31, 2017	29,450		2.01
Exercised	(12,112	)	1.26
Expired	(1,832	)	0.66
December 31, 2018	15,506		$	2.75

As of December 31, 2018, we had 15,506 outstanding options, all of which were exercisable, with a weighted average exercise price of $2.75, weighted average remaining life of 2.1 years and intrinsic value of $0.4 million. Of these options, none had an exercise price higher than the market price of our common stock as of December 31, 2018.

Restricted stock

During the year ended December 31, 2018, we granted 25,074 shares of service-based restricted stock to members of management with a weighted average grant date fair value per share of $64.05 under the 2012 Plan. The restricted stock will vest in three equal annual installments on each of February 20, 2019, 2020 and 2021, subject to forfeiture or acceleration.

During the year ended December 31, 2017, we granted 20,205 shares of service-based restricted stock to members of management with a weighted average grant date fair value per share of $78.58 under the 2012 Plan. The restricted stock vest in three equal annual installments, the first of which occurred on March 7, 2018 with the remaining installments vesting in March 2019 and 2020, subject to forfeiture or acceleration.

Restricted stock granted in 2015 and 2014 vests based on achievement of the following market-based performance hurdles (all of which have been met) and vesting schedules:

•

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.

We granted shares of restricted stock to employees of ASPS under the 2012 Plan and 2012 Special Plan related to our separation from ASPS We included no share-based compensation in our consolidated financial statements for the portion of these grants made to ASPS employees. These shares of restricted stock became fully vested and were issued during 2017.

As part of the separation from ASPS, 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 calculated the fair value of non-employee restricted stock based on the market value of shares quoted on the NYSE. The fair value was re-measured each accounting period with amortization of the resulting expense over the vesting period. These instruments qualified for equity classification. These shares of restricted stock became fully vested and were issued during 2017.

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, 2018 and 2017, we granted 1,866 and 2,001 shares of stock, respectively, pursuant to our 2013 Director Equity Plan with a weighted average grant date fair value per share of $64.30 and $89.93, respectively.

We recorded $4.5 million, $7.0 million and $9.6 million of compensation expense related to these grants for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018 and 2017, we had $1.8 million and $4.5 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 1.6 years and 1.2 years, respectively.

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



	Number of Shares		Weighted Average Grant Date Fair Value
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
Granted	22,206		79.60
Vested (1)	(65,576	)	79.45
December 31, 2017	81,509		253.72
Granted	26,940		64.07
Vested (1)	(35,526	)	339.25
December 31, 2018	72,923		$	142.03

_____________


(1)	The vesting date fair value of restricted stock that vested during the years ended December 31, 2018, 2017 and 2016 was $2.1 million, $5.1 million and $0.6 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

We are domiciled in the USVI and are obligated to pay taxes to 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, 2018, we generated a tax loss in the USVI.

For the years ended December 31, 2018, 2017 and 2016, in addition to the management fees from Front Yard (which represent eligible income under the Certificate), AAMC also had income on the Front Yard Common stock that it owns, as well as internally-sourced revenues from its Cayman Islands subsidiary, both of which are not eligible for the 90% tax reduction.

Beginning on January 1, 2017, AAMC US, Inc., a domestic U.S. corporation and wholly-owned subsidiary, began operations. This entity is based entirely in the mainland U.S. and is subject to U.S. federal and state corporate income tax.

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



	Year ended December 31,
	2018			2017			2016
U.S. Virgin Islands	$	(10,955	)	$	(7,259	)	$	(3,721	)
Other	454			998			492
Loss before income taxes	$	(10,501	)	$	(6,261	)	$	(3,229	)

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



	December 31, 2018			December 31, 2017
Deferred tax assets:
Stock compensation	$	199		$	374
Accrued expenses	619			550
Available-for-sale securities	1,482			307
Net operating losses (1)	184			114
Other	35			29
	2,519			1,374
Deferred tax liability:
Depreciation	10			14
	2,509			1,360
Valuation allowance	(1,877		)	(828		)
Deferred tax asset, net	$	632		$	532

_____________


(1)	Net operating loss (“NOL”) carry-forwards for tax years prior to 2018 expire in 2037. Beginning with 2018, NOLs are carried forward indefinitely.

The change in deferred tax assets is included in changes in other non-current assets in the consolidated statement of cash flows. Significant factors contributing to the increase in our valuation allowance in 2018 are increases in the temporary differences attributable to AAMC’s investment in RESI common shares, partially offset by vesting of share-based compensation awards.

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



	Year ended December 31,
	2018		2017		2016
U.S. Virgin Islands income tax rate	23.1	%	38.5	%	38.5	%
State and local income tax rates	0.1		(0.1	)	—
EDC benefits in the USVI	9.2		(45.1	)	(50.7	)
Foreign tax rate differential	(0.3	)	0.3		(1.2	)
Permanent and other	(3.5	)	(4.6	)	2.1
Share-based compensation	(22.0	)	—		—
Valuation allowance	(10.2	)	—		(41.5	)
Effective income tax rate	(3.6	)%	(11.0	)%	(52.8	)%

During the tax years ended December 31, 2018 and 2017, we recognized no interest or penalties associated with unrecognized tax benefits. As of December 31, 2018 and 2017, we had accrued no unrecognized tax benefits or associated interest and penalties.

We remain subject to tax examination in the USVI for tax years 2015 to 2018 and in the United States for tax years 2017 and 2018.

Earnings Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

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



	Year ended December 31,
	2018			2017			2016
Numerator
Net loss attributable to stockholders	$	(10,876	)	$	(6,969	)	$	(4,935	)
Amortization of preferred stock issuance costs	(206		)	(206		)	(207		)
Numerator for basic and diluted EPS - net loss attributable to common stockholders	$	(11,082	)	$	(7,175	)	$	(5,142	)

Denominator
Weighted average common stock outstanding – basic	1,611,424			1,570,428			1,752,302
Weighted average common stock outstanding – diluted	1,611,424			1,570,428			1,752,302

Loss per basic common share	$	(6.88	)	$	(4.57	)	$	(2.93	)
Loss per diluted common share	$	(6.88	)	$	(4.57	)	$	(2.93	)

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



	Year ended December 31,
	2018		2017		2016
Numerator
Amortization of preferred stock issuance costs	$	206	$	206	$	207

Denominator
Stock options	22,268		57,488		165,983
Restricted stock	36,180		38,424		40,476
Preferred stock, if converted	200,000		200,000		200,000

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Information	9. 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 Front Yard under the AMA, we operate as a single segment focused on providing asset management and corporate governance services.

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

10. Quarterly Financial Information (Unaudited)

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



	2018
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total revenues	$	4,052		$	3,916		$	3,934		$	4,024		$	15,926
Net loss attributable to stockholders	(4,364		)	(1,067		)	(1,155		)	(4,290		)	(10,876		)
Loss per share of common stock – basic	(2.75		)	(0.69		)	(0.75		)	(2.69		)	(6.88		)
Loss per share of common stock – diluted	(2.75		)	(0.69		)	(0.75		)	(2.69		)	(6.88		)

	2017
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total revenues	$	5,011		$	4,643		$	4,429		$	4,077		$	18,160
Net loss attributable to stockholders	(1,318		)	(1,742		)	(2,125		)	(1,784		)	(6,969		)
Loss per share of common stock – basic	(0.89		)	(1.15		)	(1.38		)	(1.15		)	(4.57		)
Loss per share of common stock – diluted	(0.89		)	(1.15		)	(1.38		)	(1.15		)	(4.57		)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Management has evaluated the impact of all events subsequent to December 31, 2018 and through the issuance of these consolidated financial statements. Management has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements, except as follows: On January 23, 2019, we granted 60,329 shares of service-based restricted stock to members of management with a weighted average grant date fair value per share of $26.68.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of presentation

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 Front Yard as a VIE, and we currently do not have any other potential VIEs.

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 Front Yard

Effective January 1, 2016, we adopted the provisions of ASU 2015-02, and we performed an analysis of our relationship with Front Yard pursuant to the amended guidance. We determined that the compensation we receive in return for our services to Front Yard 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, Front Yard is no longer a VIE under the amended guidance. As a result, effective January 1, 2016, we no longer consolidate the accounts of Front Yard. We applied ASU 2015-02 using the modified retrospective approach, which resulted in a cumulative-effect adjustment to equity on January 1, 2016. As a result, periods prior to January 1, 2016 were not impacted. The adoption effectively removed those balances previously disclosed that related to Front Yard from our consolidated financial statements and eliminated the amounts previously reported as non-controlling interests in Front Yard as a consolidated affiliate. Subsequent to adoption, our consolidated revenues consist of management fees and expense reimbursements received from Front Yard under the AMA, and our consolidated expenses consist of salaries and employee benefits, legal and professional fees and general and administrative expenses.

Recently issued accounting standards

Adoption of recent accounting standards

In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendment modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The revised guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Companies are permitted to early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. The Company adopted the provisions of ASU 2018-13 effective December 31, 2018. This adoption had no significant effect on our consolidated financial statements.

In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718). The amendments in ASU 2018-07 expand the scope of the employee share-based payments guidance to include share-based payments issued to non-employees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. This ASU is effective for fiscal years after December 15, 2018, including interim periods within that fiscal year. The Company adopted the provisions of ASU 2018-07 effective April 1, 2018. This adoption had no significant effect on our consolidated financial statements.

In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718). The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This ASU is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. The Company adopted the provisions of ASU 2017-09 effective January 1, 2018. This adoption had no significant effect on our consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The amendments in ASU 2016-18 should be applied on a retrospective transition basis. Early adoption is permitted, including adoption during an interim period. Effective January 1, 2017, we adopted the provisions of ASU 2016-18. As a result of this adoption, we retrospectively included $20.6 million of cash flows related to the decrease in restricted cash upon the deconsolidation of Front Yard in its investing activities on the cash flow statement for the year ended December 31, 2016. Restricted cash balances were attributable to Front Yard and included amounts related to tenant deposits, mortgage loan escrows and reserves for debt service established pursuant to Front Yard's repurchase and loan agreements and other secured borrowings.

In August 2016, the FASB issued ASU No. 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. The amendments in ASU 2016-15 should be applied on a modified retrospective transition basis. The Company adopted the provisions of ASU 2016-15 effective January 1, 2018. This adoption had no 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). Our adoption of ASU 2016-01 effective January 1, 2018 resulted in a cumulative-effect adjustment to our balance sheet of $1.3 million to reclassify our accumulated other comprehensive loss to retained earnings, and thereafter we record the impact of changes in the fair value of our Front Yard common stock during the current period through profit and loss. Periods ending prior to the adoption were not impacted.

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 and 2017, 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. Management performed an analysis of the AMA (our sole source of revenue within the scope of ASU 2014-09) and the related compensation and service obligations performed pursuant to the AMA. The Company determined that its policy for recognition of management fees, conversion fees and expense reimbursements prior to our adoption is consistent with the updated revenue recognition requirements of ASU 2014-09, as amended. Therefore, our adoption of ASU 2014-09 effective January 1, 2018 had no significant impact on our previous or current revenue recognition practices. As a result, our application of the modified retrospective method of adoption resulted in no cumulative adjustment effective January 1, 2018.

Recently issued accounting standards not yet adopted

In February 2016, the 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. Accounting by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis. The FASB has also issued multiple ASUs amending certain aspects of Topic 842. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. The amendments in ASU 2016-02 should be applied on a modified retrospective transition basis, and a number of practical expedients may apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. We will adopt this standard effective January 1, 2019. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2019. As mentioned above, the new standard provides a number of optional practical expedients in transition. We elected the “package of practical expedients,” which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity's ongoing accounting. We elected the short-term lease exemption for all leases that qualify; as a result, we will not recognize right-of-use assets or lease liabilities for qualifying leases. We also elected the practical expedient to not separate lease and non-lease components of all of our office space leases. Beginning with the first quarter of 2019, we will (1) recognize right-of-use assets and lease liabilities related to our office locations on our consolidated balance sheets and (2) provide the required incremental disclosures about our leasing activities.

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

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.

Front Yard common stock

Income taxes

Other non-current assets

Other non-current assets includes leasehold improvements; furniture, fixtures and equipment; deferred tax assets and miscellaneous other assets.

Restricted cash

Revenue recognition

Share-based compensation

Forfeitures of share-based awards are recognized as they occur.

Short-term investments

Short-term investments include certificates of deposit with original maturities greater than three months and remaining maturities less than one year.

Treasury stock

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

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, 2018 and 2017 ($ 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, 2018
Recurring basis (assets)
Front Yard common stock	$	14,182	$	14,182	$	—	$	—

December 31, 2017
Recurring basis (assets)
Front Yard common stock	$	19,266	$	19,266	$	—	$	—

Fair value, unrealized gains (losses)

The following table presents the cost and fair value of our holdings in Front Yard's common stock as of December 31, 2018 and 2017 ($ in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2018
Front Yard common stock	$	20,596	$	—	$	6,414	$	14,182

December 31, 2017
Front Yard common stock	$	20,596	$	—	$	1,330	$	19,266

- 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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum rental payments for operating leases

The future minimum payments under non-cancelable leases we are obligated to make as of December 31, 2018 are as follows ($ in thousands):



2019	$	391
2020	399
2021	412
2022	430
2023 and thereafter	1,040
	$	2,672

Incentive Compensation and Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2018

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

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



		December 31, 2018
Stock options outstanding		15,506
Possible future issuances under equity incentive plan		54,922
		70,428

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, 2015	181,702		$	0.98
Exercised	(39,396	)	0.80
Forfeited or canceled	(939	)	3.67
December 31, 2016	141,367		1.01
Exercised	(111,917	)	0.75
December 31, 2017	29,450		2.01
Exercised	(12,112	)	1.26
Expired	(1,832	)	0.66
December 31, 2018	15,506		$	2.75

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, 2015	154,326		$	158.84
Granted	11,119		19.31
Vested (1)	(40,566	)	13.34
December 31, 2016	124,879		193.17
Granted	22,206		79.60
Vested (1)	(65,576	)	79.45
December 31, 2017	81,509		253.72
Granted	26,940		64.07
Vested (1)	(35,526	)	339.25
December 31, 2018	72,923		$	142.03

_____________


(1)	The vesting date fair value of restricted stock that vested during the years ended December 31, 2018, 2017 and 2016 was $2.1 million, $5.1 million and $0.6 million, respectively.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018			2017			2016
U.S. Virgin Islands	$	(10,955	)	$	(7,259	)	$	(3,721	)
Other	454			998			492
Loss before income taxes	$	(10,501	)	$	(6,261	)	$	(3,229	)

Schedule of Deferred Tax Assets and Liabilities

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



	December 31, 2018			December 31, 2017
Deferred tax assets:
Stock compensation	$	199		$	374
Accrued expenses	619			550
Available-for-sale securities	1,482			307
Net operating losses (1)	184			114
Other	35			29
	2,519			1,374
Deferred tax liability:
Depreciation	10			14
	2,509			1,360
Valuation allowance	(1,877		)	(828		)
Deferred tax asset, net	$	632		$	532

_____________


(1)	Net operating loss (“NOL”) carry-forwards for tax years prior to 2018 expire in 2037

Schedule of Effective Income Tax Rate Reconciliation

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



	Year ended December 31,
	2018		2017		2016
U.S. Virgin Islands income tax rate	23.1	%	38.5	%	38.5	%
State and local income tax rates	0.1		(0.1	)	—
EDC benefits in the USVI	9.2		(45.1	)	(50.7	)
Foreign tax rate differential	(0.3	)	0.3		(1.2	)
Permanent and other	(3.5	)	(4.6	)	2.1
Share-based compensation	(22.0	)	—		—
Valuation allowance	(10.2	)	—		(41.5	)
Effective income tax rate	(3.6	)%	(11.0	)%	(52.8	)%

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of components of diluted earnings per share

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



	Year ended December 31,
	2018			2017			2016
Numerator
Net loss attributable to stockholders	$	(10,876	)	$	(6,969	)	$	(4,935	)
Amortization of preferred stock issuance costs	(206		)	(206		)	(207		)
Numerator for basic and diluted EPS - net loss attributable to common stockholders	$	(11,082	)	$	(7,175	)	$	(5,142	)

Denominator
Weighted average common stock outstanding – basic	1,611,424			1,570,428			1,752,302
Weighted average common stock outstanding – diluted	1,611,424			1,570,428			1,752,302

Loss per basic common share	$	(6.88	)	$	(4.57	)	$	(2.93	)
Loss per diluted common share	$	(6.88	)	$	(4.57	)	$	(2.93	)

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 ($ in thousands):



	Year ended December 31,
	2018		2017		2016
Numerator
Amortization of preferred stock issuance costs	$	206	$	206	$	207

Denominator
Stock options	22,268		57,488		165,983
Restricted stock	36,180		38,424		40,476
Preferred stock, if converted	200,000		200,000		200,000

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information

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



	2018
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total revenues	$	4,052		$	3,916		$	3,934		$	4,024		$	15,926
Net loss attributable to stockholders	(4,364		)	(1,067		)	(1,155		)	(4,290		)	(10,876		)
Loss per share of common stock – basic	(2.75		)	(0.69		)	(0.75		)	(2.69		)	(6.88		)
Loss per share of common stock – diluted	(2.75		)	(0.69		)	(0.75		)	(2.69		)	(6.88		)

	2017
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total revenues	$	5,011		$	4,643		$	4,429		$	4,077		$	18,160
Net loss attributable to stockholders	(1,318		)	(1,742		)	(2,125		)	(1,784		)	(6,969		)
Loss per share of common stock – basic	(0.89		)	(1.15		)	(1.38		)	(1.15		)	(4.57		)
Loss per share of common stock – diluted	(0.89		)	(1.15		)	(1.38		)	(1.15		)	(4.57		)

Organization and Basis of Presentation - Additional Information (Details)		1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 01, 2015 extension	Feb. 28, 2019 USD ($)	Feb. 28, 2018 USD ($)	Mar. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) extension $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($)	Dec. 29, 2016 series_of_preferred_stock shares	May 26, 2016 $ / shares	Dec. 31, 2015 USD ($)
Organization and Basis of Presentation [Line Items]
Asset management agreement, term					15 years
Preferred stock, shares issued \| shares				250,000	250,000	250,000
Proceeds from issuance of convertible preferred stock				$ 250,000,000
Redemption price per share \| $ / shares				$ 1,000
Conversion price per share (usd per share) \| $ / shares				$ 1,250
Convertible securities, conversion ratio				0.8
Preferred stock, par value (usd per share) \| $ / shares					$ 0.01	$ 0.01			$ 0.01
Number of additional series of preferred stock authorized \| series_of_preferred_stock								14
Number of shares each new series of preferred stock authorizes \| shares								1,000
Accounts payable and accrued liabilities					$ 1,188,000	$ 2,085,000
Preferred stock cash dividends			$ 900,000
Cumulative effect of adoption of ASU						0				$ (1,148,341,000)
Subsequent event
Organization and Basis of Presentation [Line Items]
Preferred stock cash dividends		$ 1,100,000
Preferred stock, if converted
Organization and Basis of Presentation [Line Items]
Accounts payable and accrued liabilities					$ 8,000	9,000
Accumulated Other Comprehensive Loss
Organization and Basis of Presentation [Line Items]
Cumulative effect of adoption of ASU						$ 1,330,000				$ (981,000)
Affiliated entity \| Asset Management Agreement (AMA) \| Front Yard
Organization and Basis of Presentation [Line Items]
Number of potential renewal extensions \| extension	2				2
Automatic renewal term	5 years				5 years
Redeemable Preferred Stock
Organization and Basis of Presentation [Line Items]
Preferred stock, shares issued \| shares					800	900
Accounting Standards Update 2016-18
Organization and Basis of Presentation [Line Items]
Restricted cash							$ 20,600,000
Accounting Standards Update 2016-01 \| Accumulated Other Comprehensive Loss
Organization and Basis of Presentation [Line Items]
Cumulative effect of adoption of ASU						$ 1,300,000

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2018
Minimum
Property, Plant and Equipment [Line Items]
Property useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property useful life	5 years

Fair Value of Financial Instruments - Narrative (Details) - Common Stock - Front Yard - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Investment Holdings [Line Items]
Shares acquired (in shares)		1,624,465	1,624,465
Investment owned, ownership percentage		3.00%	3.00%
Additional shares acquired (shares)	1,300,000
Average purchase price per share of additional shares acquired (usd per share)	$ 11.97

Fair Value of Financial Instruments - Assets and Liabilities (Details) - Common Stock - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	$ 14,182	$ 19,266
Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	14,182	19,266
Fair value measurements, recurring \| Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	14,182	19,266
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]
Front Yard common stock	0	0
Fair value measurements, recurring \| Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	$ 0	$ 0

Fair Value of Financial Instruments - Unrealized gains (losses) (Details) - Common Stock - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	$ 20,596	$ 20,596
Gross Unrealized Gains	0	0
Gross Unrealized Losses	6,414	1,330
Fair Value	$ 14,182	$ 19,266

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 391
2020	399
2021	412
2022	430
2023 and thereafter	1,040
Total future minimum lease payments due	$ 2,672

Related-party Transactions - Narrative (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Mar. 23, 2017 USD ($) $ / shares shares	Apr. 01, 2015 extension property	Mar. 31, 2015	Dec. 31, 2018 USD ($) extension
Related party transaction [Line Items]
Maturity term, US treasury security		10 years
Period in fiscal years return on invested equity capital evaluated per agreement		2 years
Front Yard \| Affiliated entity
Related party transaction [Line Items]
Base management fee, percent of qualified average invested capital		1.50%
Incentive management fee, percent of incentive fee payable in common stock		25.00%
Conversion fee, percent of market value of new rental properties		1.50%
Period required return rate evaluated per new agreement				21 months
Aggregate return shortfall of invested capital				47.40%
Front Yard \| Affiliated entity \| Asset management fee, threshold one
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		25.00%
Base management fee, number of rental properties cap		2,500
Incentive management fee, percent of invested capital in excess of threshold		20.00%
Front Yard \| Affiliated entity \| Asset management fee, threshold two
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		1.75%
Base management fee, number of rental properties floor		2,500
Incentive management fee, number of rental properties cap		4,499
Incentive management fee, number of rental properties floor		2,500
Incentive management fee, percent of invested capital in excess of threshold		22.50%
Front Yard \| Affiliated entity \| Asset management fee, threshold three
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		2.00%
Incentive management fee, number of rental properties floor		4,500
Incentive management fee, percent of invested capital in excess of threshold		25.00%
Front Yard \| Affiliated entity \| Asset Management Agreement (AMA)
Related party transaction [Line Items]
Contract term			15 years
Number of potential renewal extensions \| extension		2		2
Automatic renewal term		5 years		5 years
Luxor \| Affiliated entity
Related party transaction [Line Items]
Number of common stock shares repurchased \| shares	50,000
Price of common stock repurchased (usd per share) \| $ / shares	$ 52.50
Shares repurchased, aggregate value \| $	$ 2.6
Authorized amount of stock to repurchase \| $				$ 300.0
Minimum \| Front Yard \| Affiliated entity
Related party transaction [Line Items]
Incentive management fee, return on invested capital, annual rate		7.00%		1.75%
Maximum \| Front Yard \| Affiliated entity
Related party transaction [Line Items]
Incentive management fee, return on invested capital, annual rate		8.25%		2.06%

Incentive Compensation and Share-based Payments - Long-Term Incentive Compensation (Details)	12 Months Ended
	Dec. 31, 2018
Share-based compensation arrangement by share-based payment award [Line Items]
Scorecard weighting	80.00%
Personal evaluation weighting	20.00%
Minimum
Share-based compensation arrangement by share-based payment award [Line Items]
Non-equity incentive compensation percentage	50.00%
Maximum
Share-based compensation arrangement by share-based payment award [Line Items]
Non-equity incentive compensation percentage	100.00%

Incentive Compensation and Share-based Payments - Schedule of shares reserved for future issuance (Details)	Dec. 31, 2018 shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options outstanding (in shares)	15,506
Possible future issuances under equity incentive plan (in shares)	54,922
Common stock reserved for future issuance (in shares)	70,428
Common stock, shares available to be issued under charter	2,137,240

Incentive Compensation and Share-based Payments - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Options
Ending balance (in options)	15,506
Stock options
Number of Options
Beginning balance (in options)	29,450	141,367	181,702
Exercised (in options)	(12,112)	(111,917)	(39,396)
Forfeited or canceled (in options)	(1,832)		(939)
Ending balance (in options)	15,506	29,450	141,367
Weighted Average Exercise Price per Share
Beginning balance (usd per share)	$ 2.01	$ 1.01	$ 0.98
Exercised (usd per share)	1.26	0.75	0.80
Forfeited and canceled (usd per share)	0.66		3.67
Ending balance (usd per share)	$ 2.75	$ 2.01	$ 1.01
Number of exercisable options	15,506
Weighted average exercise price of exercisable options (usd per share)	$ 2.75
Weighted average remaining life of exercisable options (in years)	2 years 1 month
Intrinsic value of exercisable options	$ 0.4

Incentive Compensation and Share-based Payments - Restricted stock activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	$ 4,500,000	$ 7,000,000	$ 9,600,000
Unrecognized stock compensation	$ 1,800,000	$ 4,500,000
Weighted average remaining amortization period of unamortized share based compensation (in years)	1 year 7 months	1 year 2 months
Tranche one
Share-based compensation arrangement by share-based payment award [Line Items]
Percentage of restricted stock grant				25.00%	25.00%
Compound annual gain percentage, common stock				20.00%	20.00%
Tranche two
Share-based compensation arrangement by share-based payment award [Line Items]
Percentage of restricted stock grant				50.00%	50.00%
Compound annual gain percentage, common stock				22.50%	22.50%
Tranche three
Share-based compensation arrangement by share-based payment award [Line Items]
Percentage of restricted stock grant				25.00%	25.00%
Compound annual gain percentage, common stock				25.00%	25.00%
Vesting tranche one
Share-based compensation arrangement by share-based payment award [Line Items]
Annual vesting percentage				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 (in shares)	26,940	22,206	11,119
Weighted average grant date fair value of grants in period (usd per share)	$ 64.07	$ 79.60	$ 19.31
Number of Shares
Beginning balance (shares)	81,509	124,879	154,326
Granted (shares)	26,940	22,206	11,119
Vested (shares)	(35,526)	(65,576)	(40,566)
Ending balance (shares)	72,923	81,509	124,879	154,326
Weighted Average Grant Date Fair Value
Beginning balance (usd per share)	$ 142.03	$ 253.72	$ 193.17	$ 158.84
Granted (usd per share)	64.07	79.60	19.31
Vested (usd per share)	339.25	79.45	13.34
Ending balance (usd per share)	$ 142.03	$ 253.72	$ 193.17	$ 158.84
Vesting date fair value of restricted stock that vested	$ 2,100,000	$ 5,100,000	$ 600,000
Restricted stock \| Management
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)	25,074	20,205
Weighted average grant date fair value of grants in period (usd per share)	$ 64.05	$ 78.58
Number of Shares
Granted (shares)	25,074	20,205
Weighted Average Grant Date Fair Value
Granted (usd per share)	$ 64.05	$ 78.58
Restricted stock \| The 2013 Director Equity Plan
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)	1,866	2,001
Weighted average grant date fair value of grants in period (usd per share)	$ 64.30	$ 89.93
Number of Shares
Granted (shares)	1,866	2,001
Weighted Average Grant Date Fair Value
Granted (usd per share)	$ 64.30	$ 89.93

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%
Unrecognized tax benefit, interest and penalties expensed	$ 0	$ 0
Unrecognized tax benefit, interest and penalties accrued	$ 0	$ 0

Income Taxes - Schedule of Income by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	$ (10,501)	$ (6,261)	$ (3,229)
U.S. Virgin Islands
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	(10,955)	(7,259)	(3,721)
Other
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	$ 454	$ 998	$ 492

Income Taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Stock compensation	$ 199	$ 374
Accrued expenses	619	550
Available-for-sale securities	1,482	307
Net operating losses	184	114
Other	35	29
Deferred tax asset, gross	2,519	1,374
Deferred tax liability:
Depreciation	10	14
Deferred tax assets, net	2,509	1,360
Valuation allowance	(1,877)	(828)
Deferred tax asset, net	$ 632	$ 532

Income Taxes - Rate reconciliation (Details)	12 Months Ended
Income Taxes - Rate reconciliation (Details)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
U.S. Virgin Islands income tax rate	23.10%	38.50%	38.50%
State and local income tax rates	0.10%	(0.10%)	0.00%
EDC benefits in the USVI	9.20%	(45.10%)	(50.70%)
Foreign tax rate differential	(0.30%)	0.30%	(1.20%)
Permanent and other	(3.50%)	(4.60%)	2.10%
Share-based compensation	(22.00%)	0.00%	0.00%
Valuation allowance	(10.20%)	0.00%	(41.50%)
Effective income tax rate	(3.60%)	(11.00%)	(52.80%)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator
Net loss attributable to stockholders	$ (4,290)	$ (1,155)	$ (1,067)	$ (4,364)	$ (1,784)	$ (2,125)	$ (1,742)	$ (1,318)	$ (10,876)	$ (6,969)	$ (4,935)
Amortization of preferred stock issuance costs									(206)	(206)	(207)
Net loss attributable to common stockholders									$ (11,082)	$ (7,175)	$ (5,142)
Denominator
Weighted average common stock outstanding – basic (in shares)									1,611,424	1,570,428	1,752,302
Weighted average common stock outstanding – diluted (in shares)									1,611,424	1,570,428	1,752,302
Loss per share of common stock - basic (usd per share)	$ (2.69)	$ (0.75)	$ (0.69)	$ (2.75)	$ (1.15)	$ (1.38)	$ (1.15)	$ (0.89)	$ (6.88)	$ (4.57)	$ (2.93)
Loss per share of common stock - diluted (usd per share)	$ (2.69)	$ (0.75)	$ (0.69)	$ (2.75)	$ (1.15)	$ (1.38)	$ (1.15)	$ (0.89)	$ (6.88)	$ (4.57)	$ (2.93)
Numerator
Amortization of preferred stock issuance costs									$ 206	$ 206	$ 207
Stock options
Denominator
Antidilutive securities excluded from EPS calculation									22,268	57,488	165,983
Restricted stock
Denominator
Antidilutive securities excluded from EPS calculation									36,180	38,424	40,476
Preferred stock, if converted
Denominator
Antidilutive securities excluded from EPS calculation									200,000	200,000	200,000

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 4,024	$ 3,934	$ 3,916	$ 4,052	$ 4,077	$ 4,429	$ 4,643	$ 5,011	$ 15,926	$ 18,160	$ 19,991
Net loss attributable to stockholders	$ (4,290)	$ (1,155)	$ (1,067)	$ (4,364)	$ (1,784)	$ (2,125)	$ (1,742)	$ (1,318)	$ (10,876)	$ (6,969)	$ (4,935)
Loss per share of common stock - basic (usd per share)	$ (2.69)	$ (0.75)	$ (0.69)	$ (2.75)	$ (1.15)	$ (1.38)	$ (1.15)	$ (0.89)	$ (6.88)	$ (4.57)	$ (2.93)
Loss per share of common stock - diluted (usd per share)	$ (2.69)	$ (0.75)	$ (0.69)	$ (2.75)	$ (1.15)	$ (1.38)	$ (1.15)	$ (0.89)	$ (6.88)	$ (4.57)	$ (2.93)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

+ Details

- Definition

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

+ References + Details

Subsequent Events (Details) - Restricted stock - $ / shares		12 Months Ended
	Jan. 23, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Number of shares granted (in shares)		26,940	22,206	11,119
Weighted average grant date fair value of grants in period (usd per share)		$ 64.07	$ 79.60	$ 19.31
Management
Subsequent Event [Line Items]
Number of shares granted (in shares)		25,074	20,205
Weighted average grant date fair value of grants in period (usd per share)		$ 64.05	$ 78.58
Subsequent event \| Management
Subsequent Event [Line Items]
Number of shares granted (in shares)	60,329
Weighted average grant date fair value of grants in period (usd per share)	$ 26.68