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Related-party Transactions - Narrative (Details)				1 Months Ended	12 Months Ended
Related-party Transactions - Narrative (Details)	May 07, 2019 USD ($) $ / shares	Mar. 23, 2017 USD ($) $ / shares shares	Apr. 01, 2015 property	Jan. 31, 2020 employee	Dec. 31, 2019 USD ($)
Related party transaction [Line Items]
Related party contract term	5 years
Automatic renewal term	1 year
Related party expenses	$ 3,584,000
Additional base fee of the amount	50.00%
Additional for the quarter exceeds per share (in usd per share) \| $ / shares	$ 0.15
Base management fee	25.00%
Related party transaction, incentive management fee, percent of adjusted funds from operations in excess of threshold	20.00%
Related party transaction, incentive management fee, percent of adjusted funds from operations in excess of gross shareholder equity	5.00%
Average gross real estate assets	$ 2,250,000,000
Aggregate fees payable	$ 21,000,000
Prior written notice	180 days
Termination fee, percent paid in cash	50.00%
Related party transactions, number of quarterly installments	3
Period of written notice for termination (in days)	30 days
Period of transition (in years)	1 year
Maturity term, US treasury security			10 years
Front Yard \| Affiliated entity
Related party transaction [Line Items]
Base management fee, percent of qualified average invested capital			1.50%
Conversion fee, percent of market value of new rental properties			1.50%
Period required return rate evaluated per new agreement					21 months
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 \| property			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 \| property			2,500
Incentive management fee, number of rental properties cap \| property			4,499
Incentive management fee, number of rental properties floor \| property			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 \| property			4,500
Incentive management fee, percent of invested capital in excess of threshold			25.00%
Front Yard \| Affiliated entity \| Management Incentive Fees
Related party transaction [Line Items]
Revenue from related parties					$ 0
Luxor \| Affiliated entity
Related party transaction [Line Items]
Number of common stock shares repurchased (in shares) \| shares		50,000
Shares repurchased, aggregate value		$ 2,600,000
Price of common stock repurchased ( in usd per share) \| $ / shares		$ 52.50
Authorized amount of stock to repurchase					$ 300,000,000.0
Minimum
Related party transaction [Line Items]
Related party expenses	$ 5,250,000
Minimum \| Front Yard \| Affiliated entity
Related party transaction [Line Items]
Incentive management fee, return on invested capital, annual rate			7.00%		1.75%
Maximum
Related party transaction [Line Items]
Basis is less than an aggregate (in usd per share) \| $ / shares	$ 0.60
Maximum \| Front Yard \| Affiliated entity
Related party transaction [Line Items]
Incentive management fee, return on invested capital, annual rate			8.25%		2.06%
Altisource Asset Management Corporation
Related party transaction [Line Items]
Period of written notice for termination (in days)	60 days
Subsequent event
Related party transaction [Line Items]
Related party transaction, number of specified employees compensated \| employee				4

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 19,965	$ 27,171
Short-term investments	517	584
Front Yard common stock, at fair value	20,046	14,182
Receivable from Front Yard	5,014	3,968
Prepaid expenses and other assets	1,609	1,552
Total current assets	47,151	47,457
Non-current assets:
Right-of-use lease assets	4,339
Other non-current assets	1,758	1,910
Total non-current assets	6,097	1,910
Total assets	53,248	49,367
Current liabilities:
Accrued salaries and employee benefits	5,407	5,583
Accounts payable and accrued liabilities	1,328	1,188
Short-term lease liabilities	265
Total current liabilities	7,000	6,771
Long-term lease liabilities	4,218
Total liabilities	11,218	6,771
Commitments and contingencies (Note 5)	0	0
Redeemable preferred stock:
Series A preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of December 31, 2019 and 2018; redemption value $250,000	249,958	249,752
Stockholders' deficit:
Common stock, $.01 par value, 5,000,000 authorized shares; 2,897,177 and 1,598,512 shares issued and outstanding, respectively, as of December 31, 2019 and 2,862,760 and 1,573,691 shares issued and outstanding, respectively, as of December 31, 2018	29	29
Additional paid-in capital	44,646	42,245
Retained earnings	23,662	26,558
Accumulated other comprehensive loss	(33)	0
Treasury stock, at cost, 1,298,665 and 1,289,069 shares as of December 31, 2019 and 2018, respectively	(276,232)	(275,988)
Total stockholders' deficit	(207,928)	(207,156)
Total liabilities and equity	$ 53,248	$ 49,367

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,613)	$ (10,876)	$ (6,969)
Other comprehensive (loss) income:
Currency translation adjustments, net	(33)	0	0
Change in unrealized loss on Front Yard common stock	0	0	1,332
Total other comprehensive (loss) income	(33)	0	1,332
Comprehensive loss	$ (2,646)	$ (10,876)	$ (5,637)

- Definition

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

+ References + Details

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2019
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 revenue for all periods presented was generated through our asset management agreements with Front Yard. On March 31, 2015, we entered into an asset management agreement (the “Former AMA”) with Front Yard, under which we were 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 Former AMA provided for a fee structure in which we were entitled to a base management fee, an incentive management fee and a conversion fee for mortgage loans and real estate owned (“REO”) properties that became rental properties during each quarter. On May 7, 2019, we entered into an amended and restated asset management agreement with Front Yard (the “Amended AMA”), under which we are the exclusive asset manager for Front Yard for an initial term of five years. The Amended AMA will renew automatically each year thereafter for an additional one-year term, subject in each case to certain termination provisions. The Amended AMA provides for a fee structure in which we are entitled to a Base Management Fee and a potential Incentive Fee. Accordingly, our operating results continue to be highly dependent on Front Yard's operating results. See Note 6 for additional details of these asset management agreements. 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. 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”). All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated. 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. Redeemable Preferred Stock Issuance of Series A Convertible Preferred Stock in 2014 Private Placement During the first quarter of 2014, AAMC issued 250,000 shares of Series A Convertible Preferred Stock (the “Series A Shares”) for $250.0 million to institutional investors. Under the Certificate of Designations of the Series A Shares (the “Certificate”), we have the option to redeem all of the Series A Shares on March 15, 2020 and on each successive five-year anniversary of March 15, 2020 thereafter. In connection with these same redemption dates, each holder of our Series A Shares has the right to give notice requesting us to redeem all of the shares of Series A Shares held by such holder out of legally available funds. In accordance with the terms of the Certificate, if we have legally available funds to redeem all, but not less than all, of the Series A Shares requested to be redeemed on a redemption date, we will deliver to those holders who have requested redemption in accordance with the Certificate a notice of redemption. If we do not have legally available funds to redeem all, but not less than all, of the Series A Shares requested to be redeemed on a redemption date, we will not provide a notice of redemption. The redemption right will be exercisable in connection with each redemption date every five years until the mandatory redemption date in 2044. If we are required to redeem all of a holder’s Series A Shares, we are required to do so for cash at a price equal to $1,000 per share (the issuance price) out of legally available funds. Between January 31, 2020 and February 3, 2020, we received purported notices from holders of our Series A Shares requesting us to redeem an aggregate of $250.0 million liquidation preference of our Series A Shares on March 15, 2020. We do not have legally available funds to redeem all of the Series A Shares on March 15, 2020. As a result, we do not believe, under the terms of the Certificate, that we are obligated to redeem any of the Series A Shares under the Certificate, and, consistent with the exclusive forum provisions of our Third Amended and Restated Bylaws, on January 27, 2020, we filed a claim for declaratory relief in the Superior Court of the Virgin Islands, Division of St. Croix, against Luxor Capital Group, LP and certain of its funds and managed accounts (collectively, “Luxor”) to confirm our interpretation of the Certificate. Luxor has filed a motion to remove the action to the U.S District Court for the Virgin Islands. On February 3, 2020, Luxor filed a complaint in the Supreme Court of the State of New York, County of New York, against AAMC for breach of contract, specific performance, unjust enrichment, and related damages and expenses. The complaint alleges that AAMC’s position that it will not redeem any of Luxor’s Series A Shares on the March 15, 2020 redemption date is a material breach of AAMC’s redemption obligations under the Certificate. Luxor seeks an order requiring AAMC to redeem its Series A Shares, recovery of no less than $144,212,000 in damages, which is equal to the amount Luxor would receive if AAMC redeemed all of Luxor’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of its costs and expenses in the lawsuit. In the alternative, Luxor seeks a return of its initial purchase price of $150,000,000 for the Series A Shares, as well as payment of its costs and expenses in the lawsuit. AAMC intends to continue to pursue its strategic business initiatives despite this litigation. If Luxor were to prevail in its lawsuit, we may need to cease or curtail our business initiatives and our liquidity could be materially and adversely affected. The holders of our Series A Shares are not entitled to receive dividends with respect to their Series A Shares. The Series A Shares 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 Series A Share), subject to certain anti-dilution adjustments. Upon certain change of control transactions or upon the liquidation, dissolution or winding up of the Company, holders of the Series A Shares will be entitled to receive an amount in cash per Series A Share 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 Series A Shares were convertible on each ex-dividend date for such dividends; and (ii) the number of shares of common stock into which the Series A Shares are then convertible multiplied by the then-current market price of the common stock. The Certificate 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 Shares 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 Shares rank 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 Shares are 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, 2019 and 2018, we had 1,000 and 800 shares outstanding, respectively, and we included the redemption value of these shares of $10,000 and $8,000, respectively, within accounts payable and accrued liabilities in our consolidated balance sheets. In December 2019, February 2019 and February 2018, our Board of Directors declared and paid an aggregate of $1.0 million (in relation to the 2019 fiscal year), $1.1 million (in relation to the 2018 fiscal year) and $0.9 million (in relation to the 2017 fiscal year), respectively, 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 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 adopted this standard as of January 1, 2019 when the standard became effective and was required to be adopted. Consistent with the standard, 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 not to separate the lease and non-lease components, including common area maintenance, property taxes and insurance on our office leases that is paid along with rents. 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 leases with a term of less than 12 months at inception. Upon our adoption of this standard, we recognized operating lease right-of-use assets of $2.8 million, lease liabilities of $2.8 million and a cumulative-effect adjustment to retained earnings of $(0.1) million. We have also provided the required incremental disclosures about our leasing activities on a prospective basis in Note 4. 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. Recently issued accounting standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. We are currently evaluating the impact of this standard. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13, as amended, is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This ASU is effective for fiscal years beginning after December 15, 2019. The amendments in ASU 2016-13 should be applied on a modified retrospective transition basis. We expect to adopt this standard on January 1, 2020. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 03, 2020	Jan. 30, 2020	Jan. 27, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2014
Subsequent Event [Line Items]
Redemption price per share (usd per share)							$ 1,000
Restricted stock
Subsequent Event [Line Items]
Number of shares granted (in shares)				73,022	26,940	22,206
Restricted stock \| Management
Subsequent Event [Line Items]
Number of shares granted (in shares)				60,329	25,074	20,205
Subsequent event
Subsequent Event [Line Items]
Number of common stock options granted (in shares)		60,000
Subsequent event \| Restricted stock
Subsequent Event [Line Items]
Number of shares granted (in shares)		60,000
Vesting period		4 years
Altisource Asset Management Corporation v. Luxor Capital Group, LP \| Subsequent event
Subsequent Event [Line Items]
Threshold period to request company to redeem shares (years)			5 years
Minimum \| Altisource Asset Management Corporation v. Luxor Capital Group, LP \| Subsequent event
Subsequent Event [Line Items]
Threshold number of business days to give prior notice to redeem shares (days)			15 days
Maximum \| Altisource Asset Management Corporation v. Luxor Capital Group, LP \| Subsequent event
Subsequent Event [Line Items]
Threshold number of business days to give prior notice to redeem shares (days)			30 days
Series A Preferred Stock \| Subsequent event
Subsequent Event [Line Items]
Preferred Stock, liquidation preference	$ 250,000
Luxor \| Subsequent event
Subsequent Event [Line Items]
Damages sought	150,000
Luxor \| Minimum \| Subsequent event
Subsequent Event [Line Items]
Damages sought	$ 144,212

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

8. 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 EDC Certificate”), effective as of February 1, 2013. Pursuant to the EDC 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, 2019, we generated a tax loss in the USVI.

For the years ended December 31, 2019, 2018 and 2017, in addition to the management fees from Front Yard (which represent eligible income under the EDC 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,
	2019			2018			2017
U.S. Virgin Islands	$	(3,433	)	$	(10,955	)	$	(7,259	)
Other	1,158			454			998
Loss before income taxes	$	(2,275	)	$	(10,501	)	$	(6,261	)

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



	December 31, 2019			December 31, 2018
Deferred tax assets:
Stock compensation	$	114		$	199
Accrued expenses	669			619
Front Yard common stock	—			1,482
Net operating losses (1)	357			184
Lease liabilities	955			—
Other	48			35
Gross deferred tax assets	2,143			2,519
Deferred tax liability:
Right-of-use lease assets	922			—
Front Yard common stock	42			—
Depreciation	4			10
Gross deferred tax liabilities	968			10
Net deferred tax assets before valuation allowance	1,175			2,509
Valuation allowance	(491		)	(1,877		)
Deferred tax asset, net	$	684		$	632

_____________


(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 decrease in our valuation allowance in 2019 are decreases in the temporary differences attributable to our investment in Front Yard common stock, partially offset by tax losses in the USVI.

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



	Year ended December 31,
	2019		2018		2017
U.S. Virgin Islands income tax rate	23.1	%	23.1	%	38.5	%
State and local income tax rates	(0.7	)	0.1		(0.1	)
EDC benefits in the USVI	(42.4	)	9.2		(45.1	)
Foreign tax rate differential	(1.4	)	(0.3	)	0.3
Permanent and other	(8.0	)	(3.5	)	(4.6	)
Share-based compensation	(56.1	)	(22.0	)	—
Valuation allowance	68.8		(10.2	)	—
Effective income tax rate	(16.7	)%	(3.6	)%	(11.0	)%

During the tax years ended December 31, 2019 and 2018, we recognized no interest or penalties associated with unrecognized tax benefits. As of December 31, 2019 and 2018, we had accrued no unrecognized tax benefits or associated interest and penalties.

We remain subject to tax examination in the USVI for tax years 2016 to 2019 and in the United States for tax years 2017 to 2019.

Incentive Compensation and Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

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

The following table sets forth the number of shares of common stock reserved for future issuance. 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, 2019
Stock options outstanding		15,256
Possible future issuances under equity incentive plan		2,442
		17,698

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, 2016	141,367		$	1.01
Exercised (1)	(111,917	)	0.75
December 31, 2017	29,450		2.01
Exercised (1)	(12,112	)	1.26
Forfeited or canceled	(1,832	)	0.66
December 31, 2018	15,506		2.75
Exercised (1)	(250	)	1.51
December 31, 2019	15,256		$	2.77

_____________


(1)	The intrinsic value of stock options exercised during the years ended December 31, 2019, 2018 and 2017 was a nominal amount, $0.7 million and $9.0 million, respectively.

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, 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
Granted	73,022		24.51
Vested (1)	(34,188	)	178.76
December 31, 2019	111,757		$	54.18

_____________


(1)	The vesting date fair value of restricted stock that vested during the years ended December 31, 2019, 2018 and 2017 was $0.9 million, $2.1 million and $5.1 million, respectively.

Income Taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Stock compensation	$ 114	$ 199
Accrued expenses	669	619
Front Yard common stock	0	1,482
Net operating losses	357	184
Lease liabilities	955
Other	48	35
Deferred tax asset, gross	2,143	2,519
Deferred tax liability:
Right-of-use lease assets	922
Front Yard common stock	42	0
Depreciation	4	10
Gross deferred tax liabilities	968	10
Net deferred tax assets before valuation allowance	1,175	2,509
Valuation allowance	(491)	(1,877)
Deferred tax asset, net	$ 684	$ 632

Related-party Transactions Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Related Party Transactions



Gross Real Estate Assets	Aggregate Fee Floor	Aggregate Fee Percentage	Gross Real Estate Assets Floor
$2,250,000,000 – $2,750,000,000	$21,000,000	0.650%	$2,250,000,000
$2,750,000,000 – $3,250,000,000	$24,250,000	0.600%	$2,750,000,000
$3,250,000,000 – $4,000,000,000	$27,250,000	0.500%	$3,250,000,000
$4,000,000,000 – $5,000,000,000	$31,000,000	0.450%	$4,000,000,000
$5,000,000,000 – $6,000,000,000	$35,500,000	0.250%	$5,000,000,000
$6,000,000,000 – $7,000,000,000	$38,000,000	0.125%	$6,000,000,000
Thereafter	$39,250,000	0.100%	$7,000,000,000



Gross Real Estate Assets (1)	Annual Base Fee Floor	Manager Base Fee Percentage	Gross Real Estate Assets Floor
Up to $2,750,000,000	$21,000,000	0.325%	$2,250,000,000
$2,750,000,000 – $3,250,000,000	$22,625,000	0.275%	$2,750,000,000
$3,250,000,000 – $4,000,000,000	$24,000,000	0.250%	$3,250,000,000
$4,000,000,000 – $5,000,000,000	$25,875,000	0.175%	$4,000,000,000
$5,000,000,000 – $6,000,000,000	$27,625,000	0.125%	$5,000,000,000
$6,000,000,000 – $7,000,000,000	$28,875,000	0.100%	$6,000,000,000
Thereafter	$29,875,000	0.050%	$7,000,000,000

_______________


(1)	Gross Real Estate Assets is generally defined as the aggregate book value of all residential real estate assets owned by Front Yard and its subsidiaries before reserves for depreciation, impairment or other non-cash reserves as computed in accordance with GAAP.

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator
Net loss	$ (1,539)	$ (3,523)	$ 3,289	$ (840)	$ (4,290)	$ (1,155)	$ (1,067)	$ (4,364)	$ (2,613)	$ (10,876)	$ (6,969)
Amortization of preferred stock issuance costs									(206)	(206)	(206)
Numerator for basic and diluted EPS - net loss attributable to common stockholders									$ (2,819)	$ (11,082)	$ (7,175)
Denominator
Weighted average common stock outstanding – basic (in shares)									1,589,952	1,611,424	1,570,428
Weighted average common stock outstanding – diluted (in shares)									1,589,952	1,611,424	1,570,428
Loss per share of common stock - basic (usd per share)	$ (1.00)	$ (2.25)	$ 2.04	$ (0.56)	$ (2.69)	$ (0.75)	$ (0.69)	$ (2.75)	$ (1.77)	$ (6.88)	$ (4.57)
Loss per share of common stock - diluted (usd per share)	$ (1.00)	$ (2.25)	$ 1.81	$ (0.56)	$ (2.69)	$ (0.75)	$ (0.69)	$ (2.75)	$ (1.77)	$ (6.88)	$ (4.57)
Numerator
Amortization of preferred stock issuance costs									$ 206	$ 206	$ 206
Stock options
Denominator
Antidilutive securities excluded from EPS calculation									12,860	22,268	57,488
Restricted stock
Denominator
Antidilutive securities excluded from EPS calculation									26,575	36,180	38,424
Preferred stock, if converted
Denominator
Antidilutive securities excluded from EPS calculation									200,000	200,000	200,000

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

11. Quarterly Financial Information (Unaudited)

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



	2019
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total revenues	$	3,903		$	3,898		$	3,834		$	4,127		$	15,762
Net (loss) income	(840		)	3,289			(3,523		)	(1,539		)	(2,613		)
(Loss) income per share of common stock – basic	(0.56		)	2.04			(2.25		)	(1.00		)	(1.77		)
(Loss) income per share of common stock – diluted	(0.56		)	1.81			(2.25		)	(1.00		)	(1.77		)

	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	(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		)

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 4,127	$ 3,834	$ 3,898	$ 3,903	$ 4,024	$ 3,934	$ 3,916	$ 4,052	$ 15,762	$ 15,926	$ 18,160
Net loss	$ (1,539)	$ (3,523)	$ 3,289	$ (840)	$ (4,290)	$ (1,155)	$ (1,067)	$ (4,364)	$ (2,613)	$ (10,876)	$ (6,969)
Loss per share of common stock - basic (usd per share)	$ (1.00)	$ (2.25)	$ 2.04	$ (0.56)	$ (2.69)	$ (0.75)	$ (0.69)	$ (2.75)	$ (1.77)	$ (6.88)	$ (4.57)
Loss per share of common stock - diluted (usd per share)	$ (1.00)	$ (2.25)	$ 1.81	$ (0.56)	$ (2.69)	$ (0.75)	$ (0.69)	$ (2.75)	$ (1.77)	$ (6.88)	$ (4.57)

- Definition

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

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- 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.

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+ Details

- Definition

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

+ References + Details

Related-party Transactions

12 Months Ended

Dec. 31, 2019

Related-party Transactions

6. Related-party Transactions

Asset management agreement with Front Yard

Pursuant to the Amended AMA, we design and implement Front Yard's business strategy, administer certain of 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) implementing the investment criteria in Front Yard's investment policy approved by its Board of Directors; (3) sourcing, analyzing and executing asset acquisitions, including the related financing activities; (4) overseeing Front Yard's renovation, leasing and property management of its SFR properties; (5) analyzing and executing sales of certain rental properties and REO properties; (6) performing asset management duties and (7) 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. 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 an 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.

Terms of the Amended AMA

We and Front Yard entered into the Amended AMA on May 7, 2019 (the “Effective Date”). The Amended AMA amends and restates, in its entirety, the Former AMA. The Amended AMA has an initial term of five years and will renew automatically each year thereafter for an additional one-year term, subject in each case to the termination provisions further described below.

Management Fees

The Amended AMA provides for the following management fee structure, which is subject to certain performance thresholds and an Aggregate Fee Cap (as described below):


•	Base Management Fee. Front Yard will pay a quarterly base management fee (the “Base Management Fee”) to us as follows:

◦

Initially, commencing on the Effective Date and until the Reset Date (as defined below), the quarterly Base Management Fee will be (i) $3,584,000 (the “Minimum Base Fee”) plus (ii) an additional amount (the “Additional Base Fee”), if any, of 50% of the amount by which Front Yard's per share Adjusted AFFO (as defined in the Amended AMA) for the quarter exceeds $0.15 per share (provided that the Base Management Fee for any calendar quarter prior to the Reset Date cannot be less than the Minimum Base Fee or greater than $5,250,000). Beginning in 2021, the Base Management Fee may be reduced, but not below the Minimum Base Fee, in the fourth quarter of each year by the amount that Front Yard's AFFO (as defined below) on a per share basis is less than an aggregate of $0.60 for the applicable calendar year (the “AFFO Adjustment Amount”); and

◦

Thereafter, commencing in the first quarter after which the quarterly Base Management Fee first reaches $5,250,000 (the “Reset Date”), the Base Management Fee will be 25% of the sum of (i) the applicable Annual Base Fee Floor plus (ii) the amount calculated by multiplying the applicable Manager Base Fee Percentage by the amount, if any, that Front Yard's Gross Real Estate Assets (as defined below) exceeds the applicable Gross Real Estate Assets Floor (in each case of the foregoing clauses (i) and (ii), as set forth in the table below), minus (iii) solely in the case of the fourth quarter of a calendar year, the AFFO Adjustment Amount (if any); provided, that the Base Management Fee for any calendar quarter shall not be less than the Minimum Base Fee.



Gross Real Estate Assets (1)	Annual Base Fee Floor	Manager Base Fee Percentage	Gross Real Estate Assets Floor
Up to $2,750,000,000	$21,000,000	0.325%	$2,250,000,000
$2,750,000,000 – $3,250,000,000	$22,625,000	0.275%	$2,750,000,000
$3,250,000,000 – $4,000,000,000	$24,000,000	0.250%	$3,250,000,000
$4,000,000,000 – $5,000,000,000	$25,875,000	0.175%	$4,000,000,000
$5,000,000,000 – $6,000,000,000	$27,625,000	0.125%	$5,000,000,000
$6,000,000,000 – $7,000,000,000	$28,875,000	0.100%	$6,000,000,000
Thereafter	$29,875,000	0.050%	$7,000,000,000

_______________


(1)	Gross Real Estate Assets is generally defined as the aggregate book value of all residential real estate assets owned by Front Yard and its subsidiaries before reserves for depreciation, impairment or other non-cash reserves as computed in accordance with GAAP.

In determining the Base Management Fee, “AFFO” is generally calculated as GAAP net income (or loss) adjusted for (i) gains or losses from debt restructuring and sales of property; (ii) depreciation, amortization and impairment on residential real estate assets; (iii) unconsolidated partnerships and joint ventures; (iv) acquisition and related expenses, equity based compensation expenses and other non-recurring or non-cash items; (v) recurring capital expenditures on all real estate assets and (vi) the cost of leasing commissions.

For any partial quarter during the term of the Amended AMA, the Base Management Fee is subject to proration based on the number of calendar days under the Amended AMA in such period.

Incentive Fee. We may earn an annual Incentive Fee to the extent that Front Yard's AFFO exceeds certain performance thresholds. The annual Incentive Fee, if any, shall be an amount equal to 20% of the amount by which Front Yard's AFFO for the calendar year (after the deduction of Base Management Fees but prior to the deduction of Incentive Fees) exceeds 5% of Gross Shareholder Equity (as defined below).

In each calendar year, the Incentive Fee will be limited to the extent that any portion of the Incentive Fee for such calendar year (after taking into account any AFFO Adjustment Amount and the payment of the Incentive Fee) would cause the AFFO per share for such calendar year to be less than $0.60 (the “Incentive Fee Adjustment”). For any partial calendar year under the Amended AMA, the Incentive Fee amount (and Incentive Fee Adjustment, if any) for that partial calendar year is subject to proration based on the number of calendar days of the year that the Amended AMA is in effect.

Gross Shareholder Equity for purposes of the Amended AMA is generally defined as the arithmetic average of all shareholder equity as computed in accordance with GAAP and adding back all accumulated depreciation and changes due to non-cash valuations (including those recorded as a component of accumulated other comprehensive income) and other non-cash adjustments, in each case, as of the first day of such calendar year, the first day of each of the second, third and fourth calendar quarters of such calendar year and the first day of the succeeding calendar year.

Front Yard has the flexibility to pay up to 25% of the annual Incentive Fee to us in shares of its common stock, subject to certain conditions specified in the Amended AMA.

Aggregate Fee Cap

The aggregate amount of the Base Management Fees and Incentive Fees payable to us in any calendar year cannot exceed the “Aggregate Fee Cap,” which is generally defined as follows:


•	For any calendar year in which average Gross Real Estate Assets is less than $2,250,000,000, the aggregate fees payable to us shall not exceed $21,000,000; or

•

For any calendar years in which average Gross Real Estate Assets exceeds $2,250,000,000, the aggregate fees payable to us shall not exceed the sum of (i) the applicable Aggregate Fee Floor plus (ii) the amount calculated by multiplying the applicable Aggregate Fee Percentage by the amount, if any, by which average Gross Real Estate Assets exceed the applicable Gross Real Estate Assets Floor, in each case as set forth in the table below.



Gross Real Estate Assets	Aggregate Fee Floor	Aggregate Fee Percentage	Gross Real Estate Assets Floor
$2,250,000,000 – $2,750,000,000	$21,000,000	0.650%	$2,250,000,000
$2,750,000,000 – $3,250,000,000	$24,250,000	0.600%	$2,750,000,000
$3,250,000,000 – $4,000,000,000	$27,250,000	0.500%	$3,250,000,000
$4,000,000,000 – $5,000,000,000	$31,000,000	0.450%	$4,000,000,000
$5,000,000,000 – $6,000,000,000	$35,500,000	0.250%	$5,000,000,000
$6,000,000,000 – $7,000,000,000	$38,000,000	0.125%	$6,000,000,000
Thereafter	$39,250,000	0.100%	$7,000,000,000

Expenses and Expense Budget

We are responsible for all of our own costs and expenses other than the expenses related to compensation of Front Yard’s dedicated general counsel and, beginning in January 2020, four specified employees who provide direct property management services to Front Yard. Front Yard and its subsidiaries pay their own costs and expenses, and, to the extent such Front Yard expenses are initially paid by us, Front Yard is required to reimburse us for such reasonable costs and expenses.

Termination Provisions

The Amended AMA may be terminated without cause (i) by Front Yard for any reason, or no reason, or (ii) by Front Yard or us in connection with the expiration of the initial term or any renewal term, in either case with 180 days' prior written notice. If the Amended AMA is terminated by Front Yard without cause or in connection with the expiration of the initial term or any renewal term, Front Yard shall pay a termination fee (the “Termination Fee”) to us in an amount generally equal to three times the arithmetical mean of the aggregate fees actually paid or payable with respect to each of the three immediately preceding completed calendar years (including any such prior years that may have occurred prior to the Effective Date). Upon any such termination by Front Yard, Front Yard shall have the right, at its option, to license certain intellectual property and technology assets from us.

If the Termination Fee becomes payable (except in connection with a termination by us for cause, which would require the payment of the entire Termination Fee in cash), at least 50% of the Termination Fee must be paid in cash on the termination date and the remainder of the Termination Fee may be paid, at Front Yard’s option, either in cash or, subject to certain conditions specified in the Amended AMA, in Front Yard common stock in up to three equal quarterly installments (without interest) on each of the six-, nine- and twelve-month anniversaries of the termination date until the Termination Fee has been paid in full.

Front Yard may also terminate the Amended AMA, without the payment of a Termination Fee, upon a change of control of us (as described in the Amended AMA) and “for cause” upon the occurrence of certain events including, without limitation, a final judgment that we or any of our agents, assignees or controlled affiliates has committed a felony or materially violated securities laws; our bankruptcy; the liquidation or dissolution of AAMC; a court determination that we have committed fraud or embezzled funds from Front Yard; a failure of Front Yard to qualify as a REIT as a result of any action or inaction of us; an uncured material breach of a material provision of the Amended AMA; or receipt of certain qualified opinions from our or Front Yard's independent public accounting firm that (i) with respect to such opinions relating to us, are reasonably expected to materially adversely affect either our ability to perform under the Amended AMA or Front Yard, or (ii) with respect to such opinions relating to Front Yard, such opinions are a result of our actions or inaction; in each case, subject to the exceptions and conditions set forth in the Amended AMA. We may terminate the Amended AMA upon an uncured default by Front Yard under the Amended AMA and receive the Termination Fee. A termination “for cause” may be effected by Front Yard with 30 days' written notice or by us with 60 days' written notice. Upon any termination by Front Yard “for cause,” Front Yard shall have the right, at its option, to license certain intellectual property and technology assets from us.

Transition Following Termination

Following any termination of the Amended AMA, we are required to cooperate in executing an orderly transition to a new manager or otherwise in accordance with Front Yard’s direction including by providing transition services as requested by Front Yard for up to one (1) year after termination or such longer period as may be mutually agreed (including by assisting Front Yard with the recruiting, hiring and/or training of new replacement employees) at cost (but not more than the Base Management Fee at the time of termination).

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

Terms of the Former AMA

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

•

Base Management Fee. We were 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 Former AMA) for the quarter multiplied by (ii) 0.25, while it had fewer than 2,500 SFR properties actually rented (“Rental Properties”). The base management fee percentage increased to 1.75% of average invested capital while Front Yard had between 2,500 and 4,499 Rental Properties and increased to 2.0% of average invested capital while it had 4,500 or more Rental Properties. Because Front Yard has more than 4,500 Rental Properties, we were entitled to receive a base management fee of 2.0% of Front Yard’s invested capital under the Former AMA during the years ended December 31, 2019, 2018 and 2017;

•

Incentive Management Fee. We were 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) exceeded 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 had an aggregate shortfall in its return rate over the previous seven quarters, that aggregate return rate shortfall was added to the normal quarterly return hurdle for the next quarter before we were entitled to an incentive management fee. The incentive management fee increased to 22.5% while Front Yard had between 2,500 and 4,499 Rental Properties and increased to 25% while it had 4,500 or more Rental Properties. No incentive management fee under the Former AMA was earned by us because Front Yard's return on invested capital (as defined in the Former AMA) was below the cumulative required hurdle rate; and


•	Conversion Fee. We were 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.

Under the Former AMA, Front Yard reimbursed us for the compensation and benefits of the General Counsel dedicated to Front Yard and certain operating expenses incurred on Front Yard's behalf.

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 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 have been considered a related party of the Company at the time of the transaction because a Luxor partner was a member of our Board of Directors at such time. Following the transaction, the Company now holds the acquired shares as treasury shares.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 ($ 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, 2019
Recurring basis (assets)
Front Yard common stock	$	20,046	$	20,046	$	—	$	—

December 31, 2018
Recurring basis (assets)
Front Yard common stock	$	14,182	$	14,182	$	—	$	—

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, 2019 and 2018 ($ in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2019
Front Yard common stock	$	20,596	$	—	$	(550	)	$	20,046

December 31, 2018
Front Yard common stock	$	20,596	$	—	$	(6,414	)	$	14,182

- 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

Incentive Compensation and Share-based Payments

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Incentive Compensation and Share-based Payments

7. 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.

A special grant of stock options and restricted stock was made to certain employees of Altisource Portfolio Solutions N.A. (“ASPS”) related to our separation from ASPS under the 2012 Special Equity Incentive Plan (the “2012 Special Plan”). We included no share-based compensation in our consolidated financial statements for the portion of these grants made to ASPS employees. The shares of restricted stock became fully vested and were issued during 2017.

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.



		December 31, 2019
Stock options outstanding		15,256
Possible future issuances under equity incentive plan		2,442
		17,698

As of December 31, 2019, we had 2,102,823 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, 2016	141,367		$	1.01
Exercised (1)	(111,917	)	0.75
December 31, 2017	29,450		2.01
Exercised (1)	(12,112	)	1.26
Forfeited or canceled	(1,832	)	0.66
December 31, 2018	15,506		2.75
Exercised (1)	(250	)	1.51
December 31, 2019	15,256		$	2.77

_____________


(1)	The intrinsic value of stock options exercised during the years ended December 31, 2019, 2018 and 2017 was a nominal amount, $0.7 million and $9.0 million, respectively.

As of December 31, 2019, we had 15,256 outstanding options, all of which were exercisable, with a weighted average exercise price of $2.77, weighted average remaining life of 1.1 years and intrinsic value of $0.1 million. Of these options, none had an exercise price higher than the market price of our common stock as of December 31, 2019.

Restricted stock

During the year ended December 31, 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 under the 2012 Plan. The restricted stock will vest in three equal annual installments on each of January 23, 2020, 2021 and 2022, subject to forfeiture or acceleration.

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 vests in three equal annual installments, the first of which occurred on February 20, 2019 with the remaining installments vesting in February 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 vests in three equal annual installments. The first two installments vested on March 7, 2018 and 2019, and the last installment will vest on March 7, 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 vested on the first anniversary of the date that the performance hurdle for that tranche was met. The remaining 75% of that tranche either (i) vested on the second anniversary of the date that the performance hurdle was met for certain grants or (ii) will continue to vest ratably over the second, third and fourth anniversaries of the date that the performance hurdle was met for certain grants.

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, 2019, 2018 and 2017, we granted 12,693, 1,866 and 2,001 shares of stock, respectively, pursuant to the 2012 Plan with a weighted average grant date fair value per share of $14.18, $64.30 and $89.93, respectively.

We recorded $2.4 million, $4.5 million and $7.0 million of compensation expense related to these grants for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018, we had $1.2 million and $1.8 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 0.8 years and 1.6 years, respectively.

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



	Number of Shares		Weighted Average Grant Date Fair Value
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
Granted	73,022		24.51
Vested (1)	(34,188	)	178.76
December 31, 2019	111,757		$	54.18

_____________


(1)	The vesting date fair value of restricted stock that vested during the years ended December 31, 2019, 2018 and 2017 was $0.9 million, $2.1 million and $5.1 million, respectively.

Incentive Compensation and Share-based Payments - Schedule of shares reserved for future issuance (Details)	Dec. 31, 2019 shares
Share-based Payment Arrangement [Abstract]
Stock options outstanding (in shares)	15,256
Possible future issuances under equity incentive plan (in shares)	2,442
Common stock reserved for future issuance (in shares)	17,698
Common stock, shares available to be issued under charter (in shares)	2,102,823

Leases - Maturity analysis (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 622
2021	642
2022	667
2023	695
2024	717
Thereafter	3,162
Total lease payments	6,505
Less: interest	2,022
Lease liabilities	$ 4,483

Incentive Compensation and Share-based Payments - Restricted stock activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
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	$ 2,400,000	$ 4,500,000	$ 7,000,000
Unrecognized stock compensation	$ 1,200,000	$ 1,800,000
Weighted average remaining amortization period of unamortized share based compensation (in years)	10 months	1 year 7 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)	73,022	26,940	22,206
Weighted average grant date fair value of grants in period (usd per share)	$ 24.51	$ 64.07	$ 79.60
Number of Shares
Beginning balance (shares)	72,923	81,509	124,879
Granted (shares)	73,022	26,940	22,206
Vested (shares)	(34,188)	(35,526)	(65,576)
Ending balance (shares)	111,757	72,923	81,509
Weighted Average Grant Date Fair Value
Beginning balance (usd per share)	$ 54.18	$ 142.03	$ 253.72			$ 193.17
Granted (usd per share)	24.51	64.07	79.60
Vested (usd per share)	178.76	339.25	79.45
Ending balance (usd per share)	$ 54.18	$ 142.03	$ 253.72			$ 193.17
Vesting date fair value of restricted stock that vested	$ 900,000	$ 2,100,000	$ 5,100,000
Restricted stock \| Management
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)	60,329	25,074	20,205
Weighted average grant date fair value of grants in period (usd per share)	$ 26.68	$ 64.05	$ 78.58
Number of Shares
Granted (shares)	60,329	25,074	20,205
Weighted Average Grant Date Fair Value
Granted (usd per share)	$ 26.68	$ 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)	12,693	1,866	2,001
Weighted average grant date fair value of grants in period (usd per share)	$ 14.18	$ 64.30	$ 89.93
Number of Shares
Granted (shares)	12,693	1,866	2,001
Weighted Average Grant Date Fair Value
Granted (usd per share)	$ 14.18	$ 64.30	$ 89.93

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
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	true
Entity Emerging Growth Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		1,618,800
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 8.2

Fair Value of Financial Instruments - Narrative (Details) - Common Stock - Front Yard - shares	Dec. 31, 2019	Dec. 31, 2018
Investment Holdings [Line Items]
Shares acquired (in shares)	1,624,465	1,624,465
Investment owned, ownership percentage	3.00%	3.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

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”). All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated.

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.

Recently issued accounting standards

Adoption of recent accounting standards

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 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 adopted this standard as of January 1, 2019 when the standard became effective and was required to be adopted. Consistent with the standard, 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 not to separate the lease and non-lease components, including common area maintenance, property taxes and insurance on our office leases that is paid along with rents. 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 leases with a term of less than 12 months at inception. Upon our adoption of this standard, we recognized operating lease right-of-use assets of $2.8 million, lease liabilities of $2.8 million and a cumulative-effect adjustment to retained earnings of $(0.1) million. We have also provided the required incremental disclosures about our leasing activities on a prospective basis in Note 4.

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.

Recently issued accounting standards not yet adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. We are currently evaluating the impact of this standard.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13, as amended, is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This ASU is effective for fiscal years beginning after December 15, 2019. The amendments in ASU 2016-13 should be applied on a modified retrospective transition basis. We expect to adopt this standard on January 1, 2020. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

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 variable interest entities (“VIEs”) for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of and for the years ended December 31, 2019, 2018 or 2017.

Earnings per share

Basic earnings per share is computed by dividing net income or loss, less amortization of preferred stock issuance costs, by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss 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 shares of Front Yard common stock that we hold is reported at 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.

Leases

On January 1, 2019, we adopted ASU 2016-02, including various associated updates and amendments, which together comprise the requirements for lease accounting under ASC 842. ASU 2016-02 fundamentally changes accounting for operating leases by requiring lessees to recognize a liability to make lease payments and a right-of-use asset over the term of the lease. We also adopted 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 also 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 leases with a term of less than 12 months at inception.

We lease office space under various operating leases. Our office leases are generally for terms of one to five years and typically include renewal options, which we consider when determining our lease right-of-use assets and lease liabilities to the extent that a renewal option is reasonably certain of being exercised. Along with rents, we are generally required to pay common area maintenance, property taxes and insurance, each of which vary from period to period and are therefore expensed as incurred.

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.

Revenue recognition

Under the Amended AMA, we administer certain of Front Yard's business activities and day-to-day operations and provide corporate governance services to Front Yard. Base Management Fees are earned by us ratably throughout the applicable quarter and are initially based on Front Yard's Adjusted AFFO (as defined in the Amended AMA), subject to a minimum amount and certain potential adjustments. In the event that Front Yard's performance exceeds certain hurdles, we would be entitled to an annual Incentive Fee based on a percentage of Front Yard's earnings in excess of such hurdle, subject to certain potential adjustments. Under the Former AMA, the base management fees were earned by us ratably throughout the applicable quarter and were based on a percentage of Front Yard's average invested capital (as defined in the Former AMA). See Note 6 for further information on the asset management agreements with Front Yard.

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, we earn management fees are ratably over the applicable fiscal period.

Under both the Amended AMA and the Former AMA, we receive expense reimbursements from Front Yard for the compensation and benefits of the General Counsel dedicated to Front Yard and certain operating expenses incurred on Front Yard's behalf. These expense reimbursements are earned by us at the time the underlying expense is incurred.

In addition, under the Former AMA, we also received conversion fees based on a percentage of the fair value of properties that became rented for the first time in each quarter. Such conversion fees were earned by us in the quarter that the conversion to rentals occurred.

We have determined that the expense reimbursements and conversion fees 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.

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	250,000	250,000
Preferred stock, shares outstanding (in shares)	250,000	250,000
Preferred stock, redemption amount (in shares)	$ 250,000,000	$ 250,000,000
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	2,897,177	2,862,760
Common stock, shares outstanding (in shares)	1,598,512	1,573,691
Treasury stock, shares (in shares)	1,298,665	1,289,069

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net loss	$ (2,613)	$ (10,876)	$ (6,969)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	392	436	302
Change in fair value of Front Yard common stock	(5,864)	5,084	0
Share-based compensation	2,401	4,466	6,986
Amortization of operating lease right-of-use assets	345
Changes in operating assets and liabilities:
Receivable from Front Yard	(1,046)	183	1,115
Prepaid expenses and other assets	(147)	(530)	942
Other non-current assets	13	(224)	(1,060)
Accrued salaries and employee benefits	(163)	(68)	1,551
Accounts payable and accrued liabilities	126	(897)	(2,502)
Operating lease liabilities	(188)	0	0
Net cash (used in) provided by operating activities	(6,744)	(2,426)	365
Investing activities:
Investment in short-term investments	(1,564)	(571)	(625)
Proceeds from maturities of short-term investments	1,631	612	0
Investment in property and equipment	(295)	(148)	(1,216)
Proceeds from disposition of property and equipment	42	0	0
Net cash used in investing activities	(186)	(107)	(1,841)
Financing activities:
Proceeds from stock option exercises	0	36	650
Payment of tax withholdings on exercise of stock options	0	(21)	(565)
Shares withheld for taxes upon vesting of restricted stock	(244)	(474)	(864)
Repurchase of common stock	0	(3,186)	(4,980)
Net cash used in financing activities	(244)	(3,645)	(5,759)
Net change in cash and cash equivalents	(7,174)	(6,178)	(7,235)
Effect of exchange rate changes on cash and cash equivalents	(32)	0	0
Cash and cash equivalents, beginning of the period	27,171	33,349	40,584
Cash and cash equivalents, end of the period	19,965	27,171	33,349
Supplemental disclosure of cash flow information:
Income taxes paid	594	$ 1,467	$ 820
Right-of-use lease assets recognized - operating leases	4,684
Operating lease liabilities recognized	$ 4,671

Incentive Compensation and Share-based Payments - Long-Term Incentive Compensation (Details)	12 Months Ended
	Dec. 31, 2019
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%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018			2017
U.S. Virgin Islands	$	(3,433	)	$	(10,955	)	$	(7,259	)
Other	1,158			454			998
Loss before income taxes	$	(2,275	)	$	(10,501	)	$	(6,261	)

Schedule of Deferred Tax Assets and Liabilities

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



	December 31, 2019			December 31, 2018
Deferred tax assets:
Stock compensation	$	114		$	199
Accrued expenses	669			619
Front Yard common stock	—			1,482
Net operating losses (1)	357			184
Lease liabilities	955			—
Other	48			35
Gross deferred tax assets	2,143			2,519
Deferred tax liability:
Right-of-use lease assets	922			—
Front Yard common stock	42			—
Depreciation	4			10
Gross deferred tax liabilities	968			10
Net deferred tax assets before valuation allowance	1,175			2,509
Valuation allowance	(491		)	(1,877		)
Deferred tax asset, net	$	684		$	632

_____________


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

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,
	2019		2018		2017
U.S. Virgin Islands income tax rate	23.1	%	23.1	%	38.5	%
State and local income tax rates	(0.7	)	0.1		(0.1	)
EDC benefits in the USVI	(42.4	)	9.2		(45.1	)
Foreign tax rate differential	(1.4	)	(0.3	)	0.3
Permanent and other	(8.0	)	(3.5	)	(4.6	)
Share-based compensation	(56.1	)	(22.0	)	—
Valuation allowance	68.8		(10.2	)	—
Effective income tax rate	(16.7	)%	(3.6	)%	(11.0	)%

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease, weighted average remaining lease term	9 years 1 month
Operating lease, discount rate	8.40%
Operating lease cost	$ 0.5
Short-term lease cost	$ 0.2

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Information	10. 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, we operate as a single segment focused on providing asset management and corporate governance services.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018			2017
Numerator
Net loss	$	(2,613	)	$	(10,876	)	$	(6,969	)
Amortization of preferred stock issuance costs	(206		)	(206		)	(206		)
Numerator for basic and diluted EPS - net loss attributable to common stockholders	$	(2,819	)	$	(11,082	)	$	(7,175	)

Denominator
Weighted average common stock outstanding – basic	1,589,952			1,611,424			1,570,428
Weighted average common stock outstanding – diluted	1,589,952			1,611,424			1,570,428

Loss per basic common share	$	(1.77	)	$	(6.88	)	$	(4.57	)
Loss per diluted common share	$	(1.77	)	$	(6.88	)	$	(4.57	)

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,
	2019		2018		2017
Numerator
Amortization of preferred stock issuance costs	$	206	$	206	$	206

Denominator
Stock options	12,860		22,268		57,488
Restricted stock	26,575		36,180		38,424
Preferred stock, if converted	200,000		200,000		200,000

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

9. 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,
	2019			2018			2017
Numerator
Net loss	$	(2,613	)	$	(10,876	)	$	(6,969	)
Amortization of preferred stock issuance costs	(206		)	(206		)	(206		)
Numerator for basic and diluted EPS - net loss attributable to common stockholders	$	(2,819	)	$	(11,082	)	$	(7,175	)

Denominator
Weighted average common stock outstanding – basic	1,589,952			1,611,424			1,570,428
Weighted average common stock outstanding – diluted	1,589,952			1,611,424			1,570,428

Loss per basic common share	$	(1.77	)	$	(6.88	)	$	(4.57	)
Loss per diluted common share	$	(1.77	)	$	(6.88	)	$	(4.57	)

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,
	2019		2018		2017
Numerator
Amortization of preferred stock issuance costs	$	206	$	206	$	206

Denominator
Stock options	12,860		22,268		57,488
Restricted stock	26,575		36,180		38,424
Preferred stock, if converted	200,000		200,000		200,000

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

The following table presents a maturity analysis of our operating leases as of December 31, 2019 ($ in thousands):



	Operating Lease Liabilities
2020	$	622
2021	642
2022	667
2023	695
2024	717
Thereafter	3,162
Total lease payments	6,505
Less: interest	2,022
Lease liabilities	$	4,483

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Revenue	$ 15,762	$ 15,926	$ 18,160
Expenses:
Salaries and employee benefits	17,029	17,320	19,393
Legal and professional fees	3,611	1,605	2,794
General and administrative	4,147	3,609	3,320
Total expenses	24,787	22,534	25,507
Other income (loss):
Change in fair value of Front Yard common stock	5,864	(5,084)	0
Dividend income on Front Yard common stock	731	975	975
Other income	155	216	111
Total other income (loss)	6,750	(3,893)	1,086
Loss before income taxes	(2,275)	(10,501)	(6,261)
Income tax expense	338	375	708
Net loss	(2,613)	(10,876)	(6,969)
Amortization of preferred stock issuance costs	(206)	(206)	(206)
Net loss attributable to common stockholders	$ (2,819)	$ (11,082)	$ (7,175)
Loss per share of common stock – basic:
Loss per basic common share (usd per share)	$ (1.77)	$ (6.88)	$ (4.57)
Weighted average common stock outstanding – basic (in shares)	1,589,952	1,611,424	1,570,428
Loss per share of common stock – diluted:
Loss per common diluted share (usd per share)	$ (1.77)	$ (6.88)	$ (4.57)
Weighted average common stock outstanding – diluted (in shares)	1,589,952	1,611,424	1,570,428
Management fees from Front Yard
Revenues:
Revenue	$ 14,270	$ 14,567	$ 16,010
Conversion fees from Front Yard
Revenues:
Revenue	29	176	1,291
Expense reimbursements from Front Yard
Revenues:
Revenue	$ 1,463	$ 1,183	$ 859

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Management has evaluated the impact of all events subsequent to December 31, 2019 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: Inducement Equity Awards to New Co-Chief Executive Officer On January 30, 2020, we granted options to purchase 60,000 shares of common stock and 60,000 restricted shares to our newly appointed Co-Chief Executive Officer. The options will be subject to vesting following the achievement of certain trading price targets and further time-based vesting criteria thereafter. The restricted shares will vest in equal annual installments over a four-year period following the date of grant. Altisource Asset Management Corporation v. Luxor Capital Group, LP, et al. On January 27, 2020, AAMC filed a complaint for declaratory judgment relief in the Superior Court of the Virgin Islands, Division of St. Croix, against Luxor regarding AAMC’s redemption obligations under the Certificate of AAMC’s Series A Shares. Under the Certificate, holders of the Series A Shares are permitted on March 15, 2020 and on each successive five-year anniversary of March 15, 2020 to request AAMC, upon not less than 15 nor more than 30 business days’ prior notice, to redeem all but not less than all of their Series A Shares out of legally available funds. AAMC seeks a declaration that AAMC is not required to redeem any of Luxor’s Series A Shares on a redemption date if AAMC does not have legally available funds to redeem all of Luxor’s Series A Shares on such redemption date. Luxor has filed a motion to remove the action to the U.S District Court for the Virgin Islands. Redemption Notices Received from Holders of Series A Shares and Company Response Between January 31, 2020 and February 3, 2020, AAMC received purported notices from holders of the Series A C Shares requesting that the Company redeem an aggregate of $250.0 million liquidation preference of its Series A Shares on March 15, 2020. On February 21, 2020, the Company delivered a letter in response to the holders who delivered the purported notices stating that, pursuant to the Certificate of Designations of the Series A Shares, the Company will not provide such holders a notice of a redemption or redeem all, but not less than all, of their outstanding Series A Shares on March 15, 2020 due to a lack of legally available funds. Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation On February 3, 2020, Luxor filed a complaint in the Supreme Court of the State of New York, County of New York, against AAMC for breach of contract, specific performance, unjust enrichment, and related damages and expenses. The complaint alleges that AAMC’s position that it would not redeem any of Luxor’s Series A Shares on the March 15, 2020 redemption date is a material breach of AAMC’s redemption obligations under the Certificate. Luxor seeks an order requiring AAMC to redeem its Series A Shares, recovery of no less than $144,212,000 in damages, which is equal to the amount Luxor would receive if AAMC redeemed all of Luxor’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of its costs and expenses in the lawsuit. In the alternative, Luxor seeks a return of its initial purchase price of $150,000,000 for the Series A Shares, as well as payment of its costs and expenses in the lawsuit. As described above, AAMC previously filed an action for declaratory relief to confirm its interpretation of the redemption provisions in the Certificate, and intends to vigorously defend itself against the claims by Luxor.

Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended	12 Months Ended
	Feb. 03, 2020 USD ($)	May 07, 2019	Mar. 31, 2015 extension	Mar. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2018 USD ($)	Dec. 29, 2016 series_of_preferred_stock shares	May 26, 2016 $ / shares
Organization and Basis of Presentation [Line Items]
Automatic renewal term		1 year
Preferred stock, shares issued (in shares) \| shares				250,000	250,000	250,000
Proceeds from issuance of convertible preferred stock				$ 250,000
Related party contract term		5 years
Redemption price per share (usd 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 (in shares) \| series_of_preferred_stock										14
Number of shares each new series of preferred stock authorizes (in shares) \| shares										1,000
Accounts payable and accrued liabilities					$ 1,328	$ 1,188
Preferred stock cash dividends					1,000	1,100	$ 900
Right-of-use lease assets					4,339
Lease liabilities					4,483
Cumulative effect of adoption of ASU						(77)
Preferred stock, if converted
Organization and Basis of Presentation [Line Items]
Accounts payable and accrued liabilities					$ 10	8
Retained Earnings
Organization and Basis of Presentation [Line Items]
Cumulative effect of adoption of ASU						$ (77)	(1,330)
Accumulated Other Comprehensive Loss
Organization and Basis of Presentation [Line Items]
Cumulative effect of adoption of ASU							$ 1,330
Affiliated entity \| Asset Management Arrangement [Member] \| Front Yard
Organization and Basis of Presentation [Line Items]
Asset management agreement, term			15 years
Number of potential renewal extensions \| extension			2
Automatic renewal term			5 years
Affiliated entity \| Asset Management Agreement (AMA) \| Front Yard
Organization and Basis of Presentation [Line Items]
Automatic renewal term				5 years
Affiliated entity \| Amended AMA \| Front Yard
Organization and Basis of Presentation [Line Items]
Automatic renewal term		1 year
Related party contract term		5 years
Series A Preferred Stock \| Subsequent event
Organization and Basis of Presentation [Line Items]
Preferred Stock, liquidation preference	$ 250,000
Redeemable Preferred Stock
Organization and Basis of Presentation [Line Items]
Preferred stock, shares issued (in shares) \| shares					1,000	800
Accounting Standards Update 2016-02
Organization and Basis of Presentation [Line Items]
Right-of-use lease assets								$ 2,800
Lease liabilities								2,800
Accounting Standards Update 2016-02 \| Retained Earnings
Organization and Basis of Presentation [Line Items]
Cumulative effect of adoption of ASU								$ (100)
Accounting Standards Update 2016-01 \| Accumulated Other Comprehensive Loss
Organization and Basis of Presentation [Line Items]
Cumulative effect of adoption of ASU									$ 1,300
Luxor \| Subsequent event
Organization and Basis of Presentation [Line Items]
Damages sought	150,000
Luxor \| Minimum \| Subsequent event
Organization and Basis of Presentation [Line Items]
Damages sought	$ 144,212

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

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.

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

The shares of Front Yard common stock that we hold is reported at fair value based on unadjusted quoted market prices in active markets.

Income taxes

Leases

Other non-current assets

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

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

4. Leases

We currently occupy office space under operating leases in Christiansted, U.S. Virgin Islands; Charlotte, North Carolina; College Station, Texas; George Town, Cayman Islands; and Bengaluru, India. As of December 31, 2019, our weighted average remaining lease term, including applicable extensions, was 9.1 years. We applied a discount rate of 8.4% to our office leases. We determine the discount rate for each lease to be either the discount rate stated in the lease agreement or our estimated rate that we would be charged to finance real estate assets.

During the year ended December 31, 2019, we recognized rent expense of $0.5 million related to long-term operating leases and $0.2 million related to short-term operating leases. We include rent expense as a component of general and administrative expenses.

The following table presents a maturity analysis of our operating leases as of December 31, 2019 ($ in thousands):



	Operating Lease Liabilities
2020	$	622
2021	642
2022	667
2023	695
2024	717
Thereafter	3,162
Total lease payments	6,505
Less: interest	2,022
Lease liabilities	$	4,483

Income Taxes - Rate reconciliation (Details)	12 Months Ended
Income Taxes - Rate reconciliation (Details)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S. Virgin Islands income tax rate	23.10%	23.10%	38.50%
State and local income tax rates	(0.70%)	0.10%	(0.10%)
EDC benefits in the USVI	(42.40%)	9.20%	(45.10%)
Foreign tax rate differential	(1.40%)	(0.30%)	0.30%
Permanent and other	(8.00%)	(3.50%)	(4.60%)
Share-based compensation	(56.10%)	(22.00%)	0.00%
Valuation allowance	68.80%	(10.20%)	0.00%
Effective income tax rate	(16.70%)	(3.60%)	(11.00%)

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2019 USD ($)
Minimum
Property, Plant and Equipment [Line Items]
Operating lease, term of contract	1 year
Property useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Operating lease, term of contract	5 years
Property useful life	5 years
Affiliated entity \| Luxor
Property, Plant and Equipment [Line Items]
Authorized amount of stock to repurchase	$ 300,000,000.0

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

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):



	2019
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total revenues	$	3,903		$	3,898		$	3,834		$	4,127		$	15,762
Net (loss) income	(840		)	3,289			(3,523		)	(1,539		)	(2,613		)
(Loss) income per share of common stock – basic	(0.56		)	2.04			(2.25		)	(1.00		)	(1.77		)
(Loss) income per share of common stock – diluted	(0.56		)	1.81			(2.25		)	(1.00		)	(1.77		)

	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	(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		)

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2016		2,637,629
Beginning balance at Dec. 31, 2016	$ (192,279)	$ 26	$ 30,696	$ 46,145	$ (2,662)	$ (266,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of employee tax withholdings (in shares)		177,493
Common shares issued under share-based compensation plans, net of employee tax withholdings	85	$ 2	83
Treasury shares repurchased	(4,980)					(4,980)
Shares withheld for taxes upon vesting of restricted stock	(864)					(864)
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
Currency translation adjustments, net	0
Net loss	(6,969)			(6,969)
Ending balance (in shares) at Dec. 31, 2017		2,815,122.000
Ending balance at Dec. 31, 2017	(196,895)	$ 28	37,765	38,970	(1,330)	(272,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASU				(1,330)	1,330
Common shares issued under share-based compensation plans, net of employee tax withholdings (in shares)		47,638
Common shares issued under share-based compensation plans, net of employee tax withholdings	15	$ 1	14
Treasury shares repurchased	(3,186)					(3,186)
Shares withheld for taxes upon vesting of restricted stock	(474)					(474)
Amortization of preferred stock issuance costs	(206)			(206)
Share-based compensation	4,466		4,466
Currency translation adjustments, net	0
Net loss	$ (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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASU	(77)			(77)
Common shares issued under share-based compensation plans, net of employee tax withholdings (in shares)		34,417
Shares withheld for taxes upon vesting of restricted stock	(244)					(244)
Amortization of preferred stock issuance costs	(206)			(206)
Share-based compensation	2,401		2,401
Currency translation adjustments, net	(33)				(33)
Net loss	$ (2,613)			(2,613)
Ending balance (in shares) at Dec. 31, 2019	1,598,512	2,897,177
Ending balance at Dec. 31, 2019	$ (207,928)	$ 29	$ 44,646	$ 23,662	$ (33)	$ (276,232)

Incentive Compensation and Share-based Payments - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Ending balance (in options)	15,256
Weighted Average Exercise Price per Share
Options, intrinsic value	$ 0.7	$ 9.0
Stock options
Number of Options
Beginning balance (in options)	15,506	29,450	141,367
Exercised (in options)	(250)	(12,112)	(111,917)
Forfeited or canceled (in options)		(1,832)
Ending balance (in options)	15,256	15,506	29,450
Weighted Average Exercise Price per Share
Beginning balance (usd per share)	$ 2.75	$ 2.01	$ 1.01
Exercised (usd per share)	1.51	1.26	0.75
Forfeited and canceled (usd per share)		0.66
Ending balance (usd per share)	$ 2.77	$ 2.75	$ 2.01
Number of exercisable options (in options)	15,256
Weighted average exercise price of exercisable options (usd per share)	$ 2.77
Weighted average remaining life of exercisable options (in years)	1 year 1 month
Intrinsic value of exercisable options	$ 0.1

Fair Value of Financial Instruments - Unrealized gains (losses) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock, at fair value	$ 20,046	$ 14,182
Common Stock
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	(550)	(6,414)
Front Yard common stock, at fair value	$ 20,046	$ 14,182

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
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

Related-party Transactions Summary of Management Fees (Details) - Affiliated Entity	May 07, 2019 USD ($)
Gross Real Estate Assets, Threshold One
Related party transaction [Line Items]
Annual Base Fee Floor	$ 21,000,000
Manager Base Fee Percentage	0.325%
Gross Real Estate Assets, Threshold Two
Related party transaction [Line Items]
Annual Base Fee Floor	$ 22,625,000
Manager Base Fee Percentage	0.275%
Gross Real Estate Assets, Threshold Three
Related party transaction [Line Items]
Annual Base Fee Floor	$ 24,000,000
Manager Base Fee Percentage	0.25%
Gross Real Estate Assets, Threshold Four
Related party transaction [Line Items]
Annual Base Fee Floor	$ 25,875,000
Manager Base Fee Percentage	0.175%
Gross Real Estate Assets, Threshold Five
Related party transaction [Line Items]
Annual Base Fee Floor	$ 27,625,000
Manager Base Fee Percentage	0.125%
Gross Real Estate Assets, Threshold Six
Related party transaction [Line Items]
Annual Base Fee Floor	$ 28,875,000
Manager Base Fee Percentage	0.10%
Gross Real Estate Assets, Threshold Thereafter
Related party transaction [Line Items]
Annual Base Fee Floor	$ 29,875,000
Manager Base Fee Percentage	0.05%
Minimum \| Gross Real Estate Assets, Threshold One
Related party transaction [Line Items]
Gross Real Estate Assets Floor	$ 2,250,000,000
Minimum \| Gross Real Estate Assets, Threshold Two
Related party transaction [Line Items]
Gross Real Estate Assets	2,750,000,000
Gross Real Estate Assets Floor	2,750,000,000
Minimum \| Gross Real Estate Assets, Threshold Three
Related party transaction [Line Items]
Gross Real Estate Assets	3,250,000,000
Gross Real Estate Assets Floor	3,250,000,000
Minimum \| Gross Real Estate Assets, Threshold Four
Related party transaction [Line Items]
Gross Real Estate Assets	4,000,000,000
Gross Real Estate Assets Floor	4,000,000,000
Minimum \| Gross Real Estate Assets, Threshold Five
Related party transaction [Line Items]
Gross Real Estate Assets	5,000,000,000
Gross Real Estate Assets Floor	5,000,000,000
Minimum \| Gross Real Estate Assets, Threshold Six
Related party transaction [Line Items]
Gross Real Estate Assets	6,000,000,000
Gross Real Estate Assets Floor	6,000,000,000
Minimum \| Gross Real Estate Assets, Threshold Thereafter
Related party transaction [Line Items]
Gross Real Estate Assets Floor	7,000,000,000
Maximum \| Gross Real Estate Assets, Threshold One
Related party transaction [Line Items]
Gross Real Estate Assets	2,750,000,000
Maximum \| Gross Real Estate Assets, Threshold Two
Related party transaction [Line Items]
Gross Real Estate Assets	3,250,000,000
Maximum \| Gross Real Estate Assets, Threshold Three
Related party transaction [Line Items]
Gross Real Estate Assets	4,000,000,000
Maximum \| Gross Real Estate Assets, Threshold Four
Related party transaction [Line Items]
Gross Real Estate Assets	5,000,000,000
Maximum \| Gross Real Estate Assets, Threshold Five
Related party transaction [Line Items]
Gross Real Estate Assets	6,000,000,000
Maximum \| Gross Real Estate Assets, Threshold Six
Related party transaction [Line Items]
Gross Real Estate Assets	$ 7,000,000,000

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 ($ 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, 2019
Recurring basis (assets)
Front Yard common stock	$	20,046	$	20,046	$	—	$	—

December 31, 2018
Recurring basis (assets)
Front Yard common stock	$	14,182	$	14,182	$	—	$	—

We did not transfer any assets from one level to another level during the years ended December 31, 2019 or 2018.

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

At each of December 31, 2019 and 2018, 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, 2019 and 2018 ($ in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2019
Front Yard common stock	$	20,596	$	—	$	(550	)	$	20,046

December 31, 2018
Front Yard common stock	$	20,596	$	—	$	(6,414	)	$	14,182

- 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

Related-party Transactions Summary of Aggregate Fee Cap (Details)	May 07, 2019 USD ($)
Related party transaction [Line Items]
Gross Real Estate Assets	$ 2,250,000,000
Aggregate Fee Floor	21,000,000
Affiliated Entity \| Gross Real Estate Assets, Threshold One
Related party transaction [Line Items]
Aggregate Fee Floor	$ 21,000,000
Aggregate Fee Percentage	0.65%
Affiliated Entity \| Gross Real Estate Assets, Threshold Two
Related party transaction [Line Items]
Aggregate Fee Floor	$ 24,250,000
Aggregate Fee Percentage	0.60%
Affiliated Entity \| Gross Real Estate Assets, Threshold Three
Related party transaction [Line Items]
Aggregate Fee Floor	$ 27,250,000
Aggregate Fee Percentage	0.50%
Affiliated Entity \| Gross Real Estate Assets, Threshold Four
Related party transaction [Line Items]
Aggregate Fee Floor	$ 31,000,000
Aggregate Fee Percentage	0.45%
Affiliated Entity \| Gross Real Estate Assets, Threshold Five
Related party transaction [Line Items]
Aggregate Fee Floor	$ 35,500,000
Aggregate Fee Percentage	0.25%
Affiliated Entity \| Gross Real Estate Assets, Threshold Six
Related party transaction [Line Items]
Aggregate Fee Floor	$ 38,000,000
Aggregate Fee Percentage	0.125%
Affiliated Entity \| Gross Real Estate Assets, Threshold Thereafter
Related party transaction [Line Items]
Aggregate Fee Floor	$ 39,250,000
Aggregate Fee Percentage	0.10%
Minimum \| Affiliated Entity \| Gross Real Estate Assets, Threshold One
Related party transaction [Line Items]
Gross Real Estate Assets	$ 2,250,000,000
Gross Real Estate Assets Floor	2,250,000,000
Minimum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Two
Related party transaction [Line Items]
Gross Real Estate Assets	2,750,000,000
Gross Real Estate Assets Floor	2,750,000,000
Minimum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Three
Related party transaction [Line Items]
Gross Real Estate Assets	3,250,000,000
Gross Real Estate Assets Floor	3,250,000,000
Minimum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Four
Related party transaction [Line Items]
Gross Real Estate Assets	4,000,000,000
Gross Real Estate Assets Floor	4,000,000,000
Minimum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Five
Related party transaction [Line Items]
Gross Real Estate Assets	5,000,000,000
Gross Real Estate Assets Floor	5,000,000,000
Minimum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Six
Related party transaction [Line Items]
Gross Real Estate Assets	6,000,000,000
Gross Real Estate Assets Floor	6,000,000,000
Minimum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Thereafter
Related party transaction [Line Items]
Gross Real Estate Assets Floor	7,000,000,000
Maximum \| Affiliated Entity \| Gross Real Estate Assets, Threshold One
Related party transaction [Line Items]
Gross Real Estate Assets	2,750,000,000
Maximum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Two
Related party transaction [Line Items]
Gross Real Estate Assets	3,250,000,000
Maximum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Three
Related party transaction [Line Items]
Gross Real Estate Assets	4,000,000,000
Maximum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Four
Related party transaction [Line Items]
Gross Real Estate Assets	5,000,000,000
Maximum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Five
Related party transaction [Line Items]
Gross Real Estate Assets	6,000,000,000
Maximum \| Affiliated Entity \| Gross Real Estate Assets, Threshold Six
Related party transaction [Line Items]
Gross Real Estate Assets	$ 7,000,000,000

Fair Value of Financial Instruments - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	$ 20,046	$ 14,182
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	20,046	14,182
Fair value measurements, recurring \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	20,046	14,182
Fair value measurements, recurring \| Common Stock \| Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	20,046	14,182
Fair value measurements, recurring \| Common Stock \| 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 \| Common Stock \| Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock	$ 0	$ 0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. 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, 2019: 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 Financial Corporation (“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. Defendants have moved to dismiss the first amended verified complaint. Plaintiffs and AAMC have moved for leave to file a second amended verified complaint to include AAMC as a direct plaintiff, rather than as a derivative party. On March 27, 2019, the Court held oral argument on Defendants' motions to dismiss the first amended verified complaint and Plaintiffs' motion for leave to file the second amended verified complaint. 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. For information regarding legal proceedings that arose subsequent to December 31, 2019, refer to Note 12.

Income Taxes - Schedule of Income by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	$ (2,275)	$ (10,501)	$ (6,261)
U.S. Virgin Islands
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	(3,433)	(10,955)	(7,259)
Other
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	$ 1,158	$ 454	$ 998