Front Yard Residential (RESI) 10-K 20 Feb 14 2013 FY Annual report Financial data

Document_and_entity_informatio

Document and entity information Document (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Feb. 13, 2014	Jun. 30, 2013
Document Information [Abstract]	'	'	'
Entity registrant name	'Altisource Residential Corporation	'	'
Entity central index key	'0001555039	'	'
Current fiscal year end date	'--12-31	'	'
Entity filer category	'Accelerated Filer	'	'
Document type	'10-K	'	'
Document period end date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document fiscal period focus	'FY	'	'
Amendment flag	'false	'	'
Entity common stock, shares outstanding	'	56,807,162	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Public Float	'	'	$384.80

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate assets:	'	'
Land	$478	$0
Rental residential properties, net	3,092	0
Real estate owned	32,332	0
Real estate assets, net	35,902	0
Real estate assets held for sale	1,186	0
Mortgage loans	1,207,163	0
Cash and cash equivalents	115,988	100,005
Restricted cash	5,878	0
Accounts receivable	1,428	0
Related party receivables	9,260	0
Investment in affiliate	18,000	0
Deferred leasing and financing costs, net	2,293	0
Prepaid expenses and other assets	1,542	6
Total assets	1,398,640	100,011
Liabilities:	'	'
Repurchase agreements	602,382	0
Accounts payable and accrued liabilities	4,952	46
Related party payables	5,879	54
Total liabilities	613,213	100
Commitments and contingencies (Note 8)	'	'
Equity:	'	'
Common stock, $.01 par value, 200,000,000 authorized shares; 42,286,669 and 7,810,708 shares issued and outstanding at December 31, 2013 and 2012, respectively	423	78
Additional paid-in capital	758,584	99,922
Retained earnings (accumulated deficit)	26,420	-89
Total equity	785,427	99,911
Total liabilities and equity	$1,398,640	$100,011

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Equity:	'	'
Common stock, par value per share, in USD per share	$0.01	$0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	42,286,669	7,810,708
Common stock, shares outstanding	42,286,669	7,810,708

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	7 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012		Dec. 31, 2013
Rental revenues and net gain on investments:	'		'
Rental revenues	$0		$36
Net unrealized gain on mortgage loans	0		61,092
Net realized gain on mortgage loans	0		10,482
Total rental revenues and net gain on investments	0	[1]	71,610
Expenses:	'		'
Residential rental property operating expenses (Note 9)	0		767
Real estate depreciation and amortization	0		25
Mortgage loan servicing costs (Note 9)	0		10,418
Interest expense	0		4,568
Related party general and administrative (Note 9)	42		12,531
General and administrative	47		4,392
Total expenses	89		32,701
Other income	0		687
Net income (loss)	($89)	[1]	$39,596
Earnings per share of common stock b basic:	'		'
Earnings per share basic	($0.01)	[1]	$1.67
Weighted average common stock outstanding b basic	7,810,708	[2]	23,734,869	[2]
Earnings per share of common stock b diluted:	'		'
Earnings per share diluted	($0.01)	[1]	$1.61
Weighted average common stock outstanding b diluted	7,810,708	[1]	24,620,996	[1],[2]
[1]	Shares weighted by period outstanding since the separation on December 21, 2012
[2]	Shares weighted by period outstanding since the separation on December 21, 2012.

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total	Common stock	Additional paid-in capital	Retained earnings (accumulated deficit)
In Thousands, except Share data, unless otherwise specified
Beginning balance at Jun. 07, 2012	$0	$0	$0	$0
Beginning balance, shares at Jun. 07, 2012	'	0	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'
Issuance of common stock, shares	'	7,810,708	'	'
Issuance of common stock, including stock option exercises	100,000	78	99,922	'
Net income (loss)	-89	'	'	-89
Ending balance at Dec. 31, 2012	99,911	78	99,922	-89
Ending balance, shares at Dec. 31, 2012	7,810,708	7,810,708	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'
Issuance of common stock, shares	'	34,475,961	'	'
Issuance of common stock, including stock option exercises	684,492	345	684,147	'
Cost of issuance of common stock	-25,729	'	-25,729	'
Dividends on common stock ($0.35 per share)	-13,087	'	'	-13,087
Share-based compensation	244	'	244	'
Net income (loss)	39,596	'	'	39,596
Ending balance at Dec. 31, 2013	$785,427	$423	$758,584	$26,420
Ending balance, shares at Dec. 31, 2013	42,286,669	42,286,669	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	7 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012		Dec. 31, 2013
Operating activities:	'		'
Net income (loss)	($89)	[1]	$39,596
Adjustments to reconcile net income to net cash used in operating activities:	'		'
Share-based compensation	0		244
Net unrealized gain on mortgage loans	0		-61,092
Net realized gain on mortgage loans	0		-10,482
Real estate depreciation and amortization	0		25
Amortization of deferred financing costs	0		1,102
Changes in operating assets and liabilities:	'		'
Related party receivables	0		-876
Prepaid expenses and other assets	0		-106
Accounts payable and accrued liabilities	47		3,201
Related party payables	42		5,825
Net cash used in operating activities	0		-22,563
Investing activities:	'		'
Investment in mortgage loans	0		-1,212,620
Investment in real estate	0		-6,198
Investment in renovations	0		-465
Investment in affiliate	0		-18,000
Real estate tax advances	'		-6,472
Disposition of real estate	0		685
Mortgage loan dispositions	0		38,967
Mortgage loan payments	'		4,901
Acquisition-related deposits	0		-1,150
Change in restricted cash	0		-5,878
Net cash used in investing activities	0		-1,206,230
Financing activities:	'		'
Issuance of common stock, including stock option exercises	100,000		684,615
Cost of issuance of common stock	0		-25,729
Dividends on common stock	0		-13,087
Payment of tax withholdings on exercise of stock options	0		-123
Proceeds from repurchase agreement	0		689,490
Repayments of repurchase agreement	0		-87,108
Payment of deferred financing costs	0		-3,282
Related party payables	5		0
Net cash provided by financing activities	100,005		1,244,776
Net increase in cash and cash equivalents	100,005		15,983
Cash and cash equivalents as of beginning of the period	0		100,005
Cash and cash equivalents as of end of the period	100,005		115,988
Supplemental disclosure of cash flow information:	'		'
Cash paid for interest	0		2,445
Supplemental disclosure of non-cash investing and financing activity:	'		'
Transfer of mortgage loans to real estate owned	0		31,014
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net	0		9,812
Acquisition-related payable	$0		$1,191
[1]	Shares weighted by period outstanding since the separation on December 21, 2012

Organization_and_basis_of_pres

Organization and basis of presentation	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and basis of presentation	'
	Organization and basis of presentation
	Altisource Residential Corporation is a Maryland corporation formed in 2012 that is organized and operated in a manner intended to qualify as a REIT. Residential is focused on acquiring, owning and managing single-family rental properties throughout the United States. We acquire our single-family rental properties primarily through the acquisition of sub-performing and non-performing loan portfolios, which is a differentiated approach that we believe strategically positions us to take advantage of market opportunities better than market participants that are solely focused on real estate-owned, or “REO,” acquisitions. We conduct substantially all of our activities through our wholly owned subsidiary Altisource Residential, L.P. We intend to elect and qualify to be taxed as a REIT, beginning with our taxable year ended December 31, 2013, and we currently expect to maintain this status for the foreseeable future.
	Our principal objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. We believe that the events affecting the housing and mortgage market in recent years have created a significant rental demand for single-family properties. These events have also created a large supply of distressed mortgage loans for sale in the market. We believe we have an opportunity to acquire single-family properties through the acquisition of sub-performing and non-performing loan portfolios at attractive valuations. We expect our integrated approach of acquiring sub-performing and non-performing residential mortgage loans and converting them to rental properties will enable us to compete more effectively for attractive investment opportunities.
	On December 21, 2012, which we refer to as the “separation date,” we separated from Altisource and became a stand-alone publicly traded company through the contribution to us by Altisource of $100.0 million of equity capital and the distribution of our shares of common stock to the stockholders of Altisource. On the separation date, we entered into long-term service agreements with Ocwen, a leading residential mortgage loan servicer, and with Altisource, a leading provider of real estate and mortgage portfolio management, asset recovery and customer relationship management services. We believe that our access to Ocwen’s servicing expertise and multifaceted resolution methodologies helps us maximize the value of our loan portfolios and provides us with a competitive advantage over other companies with a similar focus. We also believe that our relationship with Altisource and access to its nationwide vendor network will enable us to competitively bid on large sub-performing or non-performing residential mortgage loan portfolios with assets dispersed throughout the United States.
	We are managed by AAMC. We rely on AAMC for administering our business and performing certain of our corporate governance functions. AAMC also provides portfolio management services in connection with our acquisition of sub-performing and non-performing loans and single-family residential properties. AAMC was formed on March 15, 2012 as a wholly owned subsidiary of Altisource and was spun off from Altisource into a stand-alone publicly traded company concurrently with our separation from Altisource.
	On the separation date, we entered into long-term service agreements with Ocwen, a leading mortgage loan servicer, and Altisource, a leading provider of real estate and mortgage portfolio management, asset recovery and customer relationship management services.
	On March 22, 2013, we entered into a master repurchase agreement, which we refer to as the “CS repurchase agreement,” with Credit Suisse First Boston Mortgage Capital LLC to finance the acquisition and ownership of residential mortgage loans and owned properties, which we refer to as "REO Properties." The maximum funding available to us under the CS repurchase agreement is $100.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The CS repurchase agreement matures on March 21, 2014.
	On May 1, 2013, we completed a public offering of 17,250,000 shares of common stock at $18.75 per share and received net proceeds of $309.5 million. We used the net proceeds of this offering to purchase additional sub-performing and non-performing residential mortgage loans, pay servicing fees for our mortgage loan portfolios, renovate the single-family rental properties we acquire, pay rental and property management expenses, pay fees and expenses to AAMC under the asset management agreement and for working capital.
	On September 12, 2013, we entered into a Master Repurchase Agreement, which we refer to as the “DB repurchase agreement,” with Deutsche Bank AG, Cayman Islands Branch to finance the acquisition and ownership of residential mortgage loans and REO Properties. On December 18, 2013 we increased the maximum funding available to us under the DB repurchase agreement to $250.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The DB repurchase agreement matures on March 11, 2016. After the first 18 months of the DB repurchase agreement, we will not be able to finance mortgage loans in excess of amounts outstanding under the facility as of the end of the eighteenth month.
	On September 23, 2013, we entered into a Master Repurchase Agreement and Securities Contract, which we refer to as the “WF repurchase agreement,” with Wells Fargo Bank, National Association to finance the acquisition and ownership of residential mortgage loans and REO Properties. On December 23, 2013, we increased the maximum funding available to us under the WF repurchase agreement to $400.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The WF repurchase agreement matures on March 23, 2015, subject to extension by us for an additional 12 months. After the first 18 months of the WF repurchase agreement, we will not be able to finance mortgage loans in excess of amounts outstanding under the facility as of the end of the eighteenth month.
	On October 1, 2013, we completed a public offering of 17,187,000 shares of common stock at $21.00 per share and received net proceeds of $349.4 million. We have used the majority of the net proceeds of this offering to purchase additional sub-performing and non-performing residential mortgage loans and to fund our investment in NewSource. We intend to use the remaining proceeds of this offering to purchase additional portfolios of mortgage loans, pay servicing fees for our mortgage loan portfolios, renovate the single-family rental properties we acquire, pay rental and property management expenses, pay fees and expenses to AAMC under the asset management agreement and for working capital.
	Because the operating partnership was organized on June 7, 2012, our consolidated statements of operations and cash flows for the period ended December 31, 2012 do not include 12 full months of activity.
	We ceased to be a development stage enterprise in the second quarter of 2013.
	Basis of presentation and use of estimates
	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States which we refer to as "U.S. GAAP." All wholly owned subsidiaries are included and all intercompany accounts and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.
	Recently issued accounting standards
	In accordance with ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, beginning in the first quarter of 2013 we were required to provide additional disclosures about the nature of our rights of offset and the related arrangements associated with our financial instruments. As a result, we have included additional disclosures pertaining to the collateral arrangements related to our repurchase agreements in this annual report.
	In January 2014, ASU 2014-04, Troubled Debt Restructurings by Creditors, was issued which requires that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. We do not expect this amendment to have a significant effect on our financial position or results of operations since our accounting policies and disclosures are currently consistent with the requirements set forth in the amendment.

Summary_of_significant_account

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of significant accounting policies	'
	Summary of significant accounting policies
	Cash equivalents
	We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
	Comprehensive income
	Because comprehensive income (loss) equals net income (loss), separate statements of comprehensive income (loss) are not presented as part of our consolidated financial statements.
	Concentration of credit risk
	We maintain our cash and cash equivalents at banking institutions. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
	Earnings per share
	Basic earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method and if converted method, respectively.
	Expense reimbursement and incentive management fee
	Our asset manager's primary business is asset management. In its role as our asset manager, AAMC incurs indirect costs (e.g. payroll and overhead) related to managing our business which are contractually reimbursable by us. AAMC allocates indirect costs to us as incurred by estimating the percentage of time spent for our benefit.
	The incentive management fee we pay to our Manager is based on the quarterly cash available for distribution to our stockholders. Pursuant to our asset management agreement, our Manager's incentive management fee structure entitles it to receive a share of our cash flow available for distribution to our stockholders. If we do not generate taxable income that is distributable to our stockholders, then we will not be required to pay incentive management fees.
	Fair value of financial instruments
	We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows:
	•	Level 1 - Quoted prices in active markets for identical assets or liabilities.
	•	Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
	•	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	Income taxes
	We believe that we have complied and will continue to comply with the provisions of the federal income tax code applicable to REITs beginning for the year ended December 31, 2013 and intend to elect REIT status upon filing of our 2013 income tax return. Accordingly, we believe that we will not be subject to federal income tax beginning in the year ended December 31, 2013 on the portion of our REIT taxable income that is distributed to our shareholders as long as certain asset, income and share ownership tests are met. If after electing to be taxed as a REIT, we subsequently fail to qualify as a REIT in any taxable year, we generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost.
	Our TRSs will be subject to federal and state 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 all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.
	Mortgage loans
	Upon the acquisition of mortgage loans, we record the assets at fair value which is the purchase price we paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance.
	We determine the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties.
	After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification, or conversion to real estate owned). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increase the fair value of the loan. The increase in the value of the loan is recognized in net unrealized gain on mortgage loans in our consolidated statements of operations.
	We also recognize unrealized gains and losses in the fair value of the loans in each reporting period when our mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when we have obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs.
	AAMC’s capital markets group determines the fair value of mortgage loans monthly and has developed procedures and controls governing the valuation process relating to these assets. The capital markets group reports to our Investment Committee, a committee of our Chief Executive Officer and our Chairman that oversees and approves the valuations. The capital markets group also monitors the valuation model for performance against actual results which is reported to the Investment Committee and used to continuously improve the model.
	Real estate impairment
	With respect to residential rental properties classified as held for use, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods.
	If the carrying amount of a held for use asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. We generally estimate the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs.
	Residential properties
	Upon the acquisition of real estate, generally through the completion of foreclosure, we record the residential property at fair value as of the acquisition date as a component of real estate owned based on information obtained from a broker's price opinion, a full appraisal or the price given in a current contract of sale of the property. After a short evaluation period, we perform property renovations to maximize the value of the property for our rental strategy. Such expenditures are part of our initial investment in a property and, therefore, are classified as investing activities in our consolidated statement of cash flows. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.
	Expenditures directly related to successful leasing efforts such as lease commissions are included in deferred leasing and financing costs, net and are stated at amortized cost. Such expenditures are part of our operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases which generally are from one to two years.
	Residential properties are classified either as held for use or held for sale. Residential properties are classified as real estate and related assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. We record residential properties held for sale at the lower of the carrying amount or estimated fair value. Fair value of assets held for sale is equal to the estimated or contracted sales price with a potential buyer less costs to sell. The impairment loss is the amount by which the carrying amount exceeds the estimated fair value.
	Residential rental revenues
	Minimum contractual rents from leases are recognized on a straight-line basis over the terms of the leases in residential rental revenues. Therefore, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer takes control of the leased premises. Deferred rents receivable, net represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Contingent rental revenue is accrued when the contingency is removed. Termination fee income is recognized when the customer has vacated the rental property, the amount of the fee is determinable and collectability is reasonably assured.
	Rents receivable, net and deferred rents receivable, net are reduced by an allowance for amounts that become uncollectible. We regularly evaluate the adequacy of our allowance for doubtful accounts. The evaluation takes into consideration the aging of accounts receivable and our analysis of customer personal profile and review past due account balances. Rents receivable, net and deferred rents receivable, net are written-off when we have deemed that the amounts are uncollectible.
	Restricted cash
	Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as escrows and reserves for debt service established pursuant to certain of our repurchase agreements.
	Unconsolidated affiliates
	We account for our investment in NewSource using the cost method because we do not exercise significant influence over NewSource. As a result, we recognize preferred dividend income from this investment when received.

Mortgage_loans

Mortgage loans	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]	'
Mortgage Loans on Real Estate, by Loan Disclosure	'
	Mortgage loans
	Acquisitions
	During the year ended December 31, 2013, we completed the acquisition of the following portfolios of non-performing residential mortgage loans:
	•	On February 14, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $94 million.
	•	On March 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $39 million.
	•	On April 5, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $122 million.
	•	On August 6, 2013 and September 19, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $241 million.
	•	On August 26, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $67 million.
	•	On September 30, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $404 million.
	•	On October 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $298 million.
	•	On December 23, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $530 million.
	Throughout this annual report, all unpaid principal balance and market value amounts for the portfolios we have acquired are provided as of “cut-off date” for each transaction unless otherwise indicated. The “cut-off date” for each acquisition is a date shortly before the closing used to identify the final loans being purchased and the related unpaid principal balance, market value of underlying properties and other characteristics of the loans.
	During the year ended December 31, 2013, we expensed $2.9 million for due diligence costs related to these and other transactions, which are recorded in general and administrative and related party general administrative expenses.
	Transfer of mortgage loans to real estate owned
	During the year ended December 31, 2013, we transferred 228 mortgage loans at an aggregate fair value of $31.0 million, based on BPO, to real estate owned. Such transfer occurs when title to the real estate has been transferred to us.
	Dispositions
	During year ended December 31, 2013, we disposed of 211 mortgage loans primarily through short sales and foreclosure sales. As a result, we recorded $10.5 million of net realized gains on mortgage loans.
	Schedule IV - Mortgage Loans on Real Estate
	31-Dec-13
	($ in thousands)
	Description (face value of loan)	Loan count		Interest rate	Maturity	Carrying amount of mortgages (1)		Principal amount of loans subject to delinquent principal or interest
	$0-49,999	63		2.375% - 13.875%	03/24/2014 - 12/01/2040	$	1,013	$	2,118
	$50,000-99,999	794		2.000% - 16.125%	09/01/2010 - 05/01/2051	30,679		58,181
	$100,000-149,999	1,667		2.000% - 13.650%	02/01/2010 - 11/01/2053	114,844		198,753
	$150,000-199,999	1,339		2.000% - 13.950%	05/01/2010 - 09/01/2053	125,922		222,205
	$200,000-249,999	1,125		2.000% - 11.960%	06/01/2009 - 01/01/2057	136,013		240,679
	$250,000+	3,066		1.000% - 12.375%	01/01/2010 - 09/01/2057	798,692		1,307,378
	Total (2)	8,054				$	1,207,163	$	2,029,314
	_____________
	-1	The carrying value of an asset is based on our fair value model. The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. The substantial majority of the mortgage loans are significantly delinquent and have varying monthly payment requirements. For a more complete description of the fair value measurements and the factors that may significantly affect the carrying value of our assets, please see Note 4 to our consolidated financial statements.
	-2	The following table sets forth the activity of mortgage loans ($ in thousands):
		For the year ended December 31, 2013
	Mortgage loans
	Beginning balance	$	—
	Investment in mortgage loans	1,213,811
	Net unrealized gain on mortgage loans	61,092
	Cost of mortgages sold	(38,297		)
	Mortgage loan payments	(4,901		)
	Real estate tax advances to borrowers	6,472
	Transfer of mortgage loans to real estate owned	(31,014		)
	Ending balance	$	1,207,163

Real_estate_assets

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

Unconsolidated_affiliates

Unconsolidated affiliates	12 Months Ended
	Dec. 31, 2013
Unconsolidated affiliates [Abstract]	'
Unconsolidated affiliates	'
	Unconsolidated affiliates
	On October 17, 2013, we invested $18.0 million in the non-voting preferred stock of NewSource, a title insurance and reinsurance company in Bermuda. We are eligible to receive a 12% annual non-cumulative preferred dividend on our investment. We account for our investment in NewSource using the cost method because we do not exercise significant influence over NewSource. As a result, we recognize preferred dividend income from this investment when received.

Fair_value_of_financial_instru

Fair value of financial instruments	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair value of financial instruments	'
	Fair value of financial instruments
	The following table sets forth the financial assets and liabilities that we measure at fair value by level within the fair value hierarchy as of December 31, 2013 ($ in thousands):
		Level 1			Level 2			Level 3
		Quoted prices in active markets			Observable inputs other than Level 1 prices			Unobservable inputs
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	1,207,163
	Nonrecurring basis (assets)
	Transfer of mortgage loans to real estate owned	$	—		$	—		$	31,014
	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	602,382		$	—
	There were no corresponding financial assets or liabilities measured at fair value as of December 31, 2012 because we did not own any mortgage loans or residential properties and had no repurchase agreements at that time. Additionally, there have been no transfers between levels for the year ended December 31, 2013.
	The carrying values of our cash and cash equivalents, restricted cash, related party receivables, accounts payable and accrued liabilities, related party payables and investment in NewSource are equal to or approximate fair value. The fair value of mortgage loans is estimated using a pricing model internally developed by our asset manager. The fair value of transfers of mortgage loans to real estate owned is estimated using BPO's. The fair value of the repurchase agreements is estimated using the income approach based on credit spreads available to us currently in the market for similar floating rate debt.
	The following table sets forth the changes in our level 3 assets that are measured at fair value on a recurring basis ($ in thousands):
		For the year ended December 31, 2013
	Mortgage loans
	Beginning balance	$	—
	Investment in mortgage loans	1,213,811
	Net unrealized gain on mortgage loans	61,092
	Net realized gain on mortgage loans	10,482
	Mortgage loan dispositions	(48,779		)
	Mortgage loan payments	(4,901		)
	Real estate tax advances to borrowers	6,472
	Transfer of mortgage loans to real estate owned	(31,014		)
	Ending balance	$	1,207,163
	Net unrealized gain on mortgage loans held	$	61,092
	Accumulated net unrealized gain on mortgage loans held	$	61,092
	There was no corresponding activity for level 3 assets for the year ended December 31, 2012 because we did not own any such assets at that time.
	The following table sets forth the fair value of our mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency as of December 31, 2013 ($ in thousands):
		Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
	Current	238		$	31,649		$	60,051		$	52,506
	30 days	26		2,087			4,492			3,763
	60 days	23		3,376			5,683			4,738
	90 days	1,555		245,024			419,836			355,451
	Foreclosure	6,212		925,027			1,609,546			1,310,439
		8,054		$	1,207,163		$	2,099,608		$	1,726,897
	We did not hold any corresponding mortgage loans as of December 31, 2012.
	The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics such as location and value of underlying collateral affect the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of December 31, 2013:
	Input	Range
	Discount rate	15.00%
	Annual change in home pricing index	-0.079
	Loan resolution probabilities — modification	0.00% - 22.3%
	Loan resolution probabilities — rental	0.00% - 100.0%
	Loan resolution probabilities — liquidation	0.00% - 100.0%
	Loan resolution timelines (in years)	0.1 - 5.8
	Value of underlying properties	$3,000 - $3,550,000
	There were no corresponding fair value measurements which required significant unobservable inputs as of December 31, 2012 because we did not own any mortgage loans at that time.

Repurchase_agreements

Repurchase agreements	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Repurchase agreements	'
	Repurchase agreements
	Our operating partnership and certain of its Delaware Statutory Trust subsidiaries, as applicable, have entered into master repurchase agreements with major financial institutions. The purpose of these repurchase agreements is to finance the acquisition and ownership of mortgage loans and REO properties in our portfolio. We have effective control of the assets associated with these agreements and therefore have concluded these are financing arrangements. As of December 31, 2013, the weighted average annualized interest rate on borrowings under our repurchase agreements was 3.27%, excluding amortization of deferred financing costs. The following table sets forth data with respect to our repurchase agreements as of December 31, 2013 ($ in thousands):
		Maximum borrowing capacity		Carrying value of collateral		Amount outstanding
	Repurchase agreement due March 21, 2014	$	100,000	$	166,350	$	85,364
	Repurchase agreement due March 23, 2015	400,000		634,234		398,602
	Repurchase agreement due March 11, 2016	250,000		205,328		118,416
		$	750,000	$	1,005,912	$	602,382
	The following table sets forth scheduled future principal payments due on our repurchase agreements as of December 31, 2013 ($ in thousands):
	Years ending December 31,	Principal amount (1)
	2014	$	85,364
	2015	398,602
	2016	118,416
		602,382
	________
	(1) Does not consider contractually available extension options for amounts due in 2015 and 2016.
	Under the terms of each repurchase agreement, as collateral for the funds drawn thereunder, subject to certain conditions, our operating partnership will sell to the applicable lender equity interests in the Delaware statutory trust subsidiary that owns the applicable underlying mortgage assets on our behalf, or the trust will sell directly such underlying mortgage assets. In the event the lender determines the value of the collateral has decreased, it has the right to initiate a margin call and require us, or the applicable trust subsidiary, to post additional collateral or to repay a portion of the outstanding borrowings. The price paid by the lender for each mortgage asset we finance under the repurchase agreements is based on a percentage of the market value of the mortgage asset and may depend on its delinquency status. With respect to funds drawn under the repurchase agreements, our applicable subsidiary is required to pay the lender interest based on LIBOR or at the lender's cost of funds plus a spread calculated based on the type of applicable mortgage assets collateralizing the funding, as well as certain other customary fees, administrative costs and expenses to maintain and administer the repurchase agreements.
	The repurchase agreements require us to maintain various financial and other covenants, including maintaining positive earnings, a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash as well as restrictions on net losses in excess of specified amounts. In addition, the repurchase agreements contain customary events of default. We are restricted by the terms of our repurchase agreements from paying dividends greater than our REIT taxable income in a calendar year.
	We are currently in compliance with the covenants and other requirements with respect to the repurchase agreements. We monitor our banking partners' ability to perform under the repurchase agreements and have concluded there is currently no reason to doubt that they will continue to perform under the repurchase agreements as contractually obligated.

Commitments_and_contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and contingencies	'
	Commitments and contingencies
	Litigation, claims and assessments
	We are not currently the subject of any material legal or regulatory proceedings, and no material legal or regulatory proceedings have been threatened against us.

Related_party_transactions

Related party transactions	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related party transactions	'
	Related party transactions
	During the year ended December 31, 2013, we acquired a portfolio from Ocwen of non-performing first lien residential mortgage loans having aggregate market value of underlying properties of $94 million. The aggregate purchase price for this portfolio was $64 million.
	Asset Management Agreement with AAMC
	Upon completion of our separation and AAMC’s separation from Altisource on December 21, 2012, we entered into a 15-year asset management agreement with AAMC. Pursuant to the asset management agreement, AAMC designs and implements our business strategy, administers our business activities and day-to-day operations and provides corporate governance services, subject to oversight by our Board of Directors. AAMC is responsible for, among other duties: (1) performing and administering all our day-to-day operations, (2) determining investment criteria through our Investment Policy in cooperation with our Board of Directors, (3) sourcing, analyzing and executing asset acquisitions, including our acquisition of sub-performing and non-performing residential mortgage loan portfolios and related financing activities, (4) analyzing and performing sales of properties, (5) overseeing Altisource’s renovation, leasing and property management of our single-family rentals, (6) overseeing Ocwen’s servicing of our residential mortgage loan portfolios, (7) performing asset management duties and (8) performing corporate governance and other management functions, including financial, accounting and tax management services.
	AAMC provides us with a management team and appropriate support personnel who have substantial sub-performing and non-performing loan portfolio experience. AAMC’s management also has significant corporate governance experience that enables us to manage our business and organizational structure efficiently. AAMC has agreed not to provide the same or substantially similar services to any other party so long as we and our operating partnership have on hand an average of $50,000,000 in capital available for investment over the previous two fiscal quarters. Notwithstanding the foregoing, AAMC may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of us or our operating partnership, so long as its services to us and our operating partnership are not impaired thereby.
	Incentive Management Fee
	Under the asset management agreement, we pay AAMC a quarterly incentive management fee as follows:
	(i)	2% of all cash available for distribution by us to our stockholders and to AAMC as incentive management fee, which we refer to as “available cash,” until the aggregate amount per share of available cash for the quarter (based on the average number of shares of our common stock outstanding during the quarter), which we refer to as the “quarterly per share distribution amount,” exceeds $0.161, then
	(ii)	15% of all additional available cash for the quarter until the quarterly per share distribution amount exceeds $0.193, then
	(iii)	25% of all additional available cash for the quarter until the quarterly per share distribution amount exceeds $0.257, and thereafter
	(iv)	50% of all additional available cash for the quarter.
	in each case set forth in clauses (i) through (iv), as such amounts may be appropriately adjusted from time to time to take into account the effect of any stock split, reverse stock split or stock dividend.
	We distribute any quarterly distribution to our stockholders after the application of the incentive management fee payable to AAMC.
	Expense Reimbursement
	We are required to reimburse AAMC on a monthly basis for the (i) direct and indirect expenses AAMC incurs or payments it makes on our behalf, including, but not limited to, the allocable compensation and routine overhead expenses of all employees and staff of AAMC and (ii) all other reasonable operating and overhead expenses AAMC incurs related to the asset management services it provides to us. We do not reimburse AAMC for any compensation paid to Mr. Erbey in connection with his role of Chairman of AAMC.
	Termination
	We may not terminate the asset management agreement without cause during the first 24 months of its term. Following such 24-month period, we may terminate the asset management agreement without cause upon the determination of at least two-thirds of our independent directors that (i) there has been unsatisfactory performance by AAMC that is materially detrimental to us, or (ii) the compensation payable to AAMC under the asset management agreement is unreasonable, unless AAMC agrees to compensation that at least two-thirds of our independent directors determine is reasonable.
	AAMC may terminate the asset management agreement without cause by providing written notice to us no later than 180 days prior to December 21 of any year during the initial term or a renewal term, and the asset management agreement will terminate effective on the December 21 next following the delivery of such notice.
	We will be required to pay AAMC a termination fee in the event that the asset management agreement is terminated as a result of (i) a termination by us without cause, (ii) a termination by AAMC as a result of our becoming regulated as an “investment company” under the Investment Company Act, or (iii) a termination by AAMC if we default in the performance of any material term of the asset management agreement (subject to a notice and cure period).
	The termination fee will be equal to three times the average annual incentive management fee earned by AAMC during the prior 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination.
	Agreements with Altisource
	Master Services Agreement
	Under the master services agreement, Altisource provides property management, leasing and renovation management services associated with the single-family rental properties we acquire upon conversion of residential mortgage loans that continue to be sub-performing or non-performing. The agreement provides for an initial term of 15 years, which term will automatically renew for successive two-year terms unless either party sends a notice of non-renewal to the other party at least nine months before the completion of the initial or renewal term, as applicable.
	The total fees incurred by us under this agreement will be dependent upon the property management, leasing and renovation management services required on an asset-specific basis and will vary significantly based upon the location and condition of the asset as well as current market conditions and tenant turnover.
	In the event our asset management agreement with AAMC is terminated without cause by us, the master services agreement with Altisource may be terminated at its sole discretion.
	Support Services Agreement
	Under the support services agreement, Altisource may provide services to us in such areas as human resources, vendor management operations, corporate services, risk management, quality assurance, consumer psychology, treasury, finance and accounting, legal, tax, compliance and other support services where we may need assistance and support. The support services agreement provides generally that Altisource will undertake to provide the support services in a manner generally consistent with the manner and level of care with which such service, if any, was performed or provided prior to our separation from Altisource. The support services agreement will extend for two years after the separation but may be terminated earlier under certain circumstances including a default. The fees for all support services provided pursuant to the support services agreement are based on the fully-allocated cost of providing the service or, with respect to statements of work entered into under the support services agreement, the amount set forth therein. “Fully-allocated cost” means the all-in cost of providing such service, including direct charges and allocable amounts reflecting compensation and benefits, technology expenses, occupancy and equipment expense and third-party payments (but not taxes incurred in connection therewith). Altisource is required to submit statements of account on a monthly basis with respect to all amounts payable by us, setting out the support services provided and the amount billed as a result of providing such support services.
	The total fees incurred by us under this agreement are dependent upon our business activity and the level of services required in connection therewith. In the event our asset management agreement with AAMC expires or is terminated, the support services agreement will terminate within 30 days.
	Tax Matters Agreement
	The tax matters agreement with Altisource sets out each party’s rights and obligations with respect to deficiencies and refunds, if any, of Luxembourg, U.S. federal, state, local or other foreign taxes for periods before and after our separation from Altisource and related matters such as the filing of tax returns and the conduct of IRS and other audits. In general, under this agreement, we are responsible for taxes attributable to our business incurred after the separation, and Altisource is responsible for taxes attributable to our business incurred prior to the separation.
	Trademark License Agreement
	Under the trademark license agreement, Altisource granted us a non-exclusive, non-transferable, non-sublicensable, royalty free license to use the name “Altisource.” The agreement has no specified term and may be terminated by either party upon 30 days’ written notice, with or without cause. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use “Altisource” in our name will terminate.
	In the event our asset management agreement with AAMC expires or is terminated, the trademark license agreement will terminate within 30 days.
	Agreements with Ocwen
	Servicing Agreement
	Under the servicing agreement, Ocwen services our acquired residential mortgage loans and provides loan modification, assisted deed-in-lieu, assisted deed-for-lease and other loss mitigation programs. The agreement provides for an initial term of 15 years. In the event our asset management agreement with AAMC expires or is terminated, the servicing agreement will terminate within 30 days.
	The total fees incurred by us under this agreement are dependent upon the number and type of acquired residential mortgage loans that Ocwen services pursuant to the terms of the agreement.
	Aircraft Time Sharing Agreement with Ocwen
	On October 8, 2013, we entered into an Aircraft Time Sharing Agreement, or the “Timeshare Agreement,” with Ocwen pursuant to which Ocwen will make its corporate plane available to us for business-related travel from time to time. Under the Time Sharing Agreement, Ocwen agreed to provide us, on a time sharing basis, access to its plane in consideration of our reimbursement to Ocwen of the sum of its direct expenses of operating the plane plus an additional charge equal to 100% of such expenses. The amounts actually charged to us in any period will directly correlate to our use of the aircraft in each period, which will vary depending on our needs and business use.
	Our consolidated statements of operations included the following significant related party transactions ($ in thousands):
		For the year ended December 31, 2013		June 7, 2012 (inception) to December 31, 2012		Counter-party	Consolidated statements of operations location
	Residential rental property operating expenses	$	767	$	—	Altisource	Residential rental property operating expenses
	Mortgage loan servicing costs	$	9,335	$	—	Ocwen	Mortgage loan servicing costs
	Due diligence and unsuccessful deal costs	$	2,059	$	—	Altisource	Related party general and administrative expenses
	Expense reimbursement	$	5,411	$	42	AAMC	Related party general and administrative expenses
	Incentive management fee	$	4,880	$	—	AAMC	Related party general and administrative expenses

Sharebased_payments

Share-based payments	12 Months Ended
	Dec. 31, 2013
Share-based Compensation [Abstract]	'
Share-based Payments	'
	Share-based payments
	On December 21, 2012, as part of the separation, we issued stock options under the 2012 Conversion Option Plan and 2012 Special Conversion Option Plan to holders of Altisource stock options to purchase shares of our common stock in a ratio of one share of our common stock to every three shares of Altisource common stock. The options were granted as part of the separation to employees of Altisource and we do not include share-based compensation expense related to these options in our consolidated statements of operations.
	Our directors each receive annual grants of restricted stock equal to $45,000 based on the market value of our common stock at the time of the annual stockholders meeting. This restricted stock vests and is issued after a one-year service period. No dividends are paid on the shares until the award is issued. We recorded $0.2 million of compensation expense related to these grants for the year ended December 31, 2013. We recorded no similar expense in 2012.
	The following table sets forth the number of shares of common stock reserved for future issuance:
		31-Dec-13
	Stock options outstanding	909,759
	Possible future issuances under director compensation plan	83,645
		993,404
	As of December 31, 2013, we had 157,713,331 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
	June 7, 2012 (Inception)	—		$	—
	Granted	1,019,424		2.09
	31-Dec-12	1,019,424		2.09
	Exercised	(61,736	)	1.97
	Forfeited or canceled	(47,929	)	9.08
	December 31, 2013 (1), (2)	909,759		$	1.73
	__________
	(1) The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.1 years with total intrinsic value of $27.3 million.
	(2) We have 806,513 options exercisable as of December 31, 2013 with weighted average exercise price of $1.45, weighted average remaining life of 4.8 years and intrinsic value of $23.1 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2013.
	Restricted stock
	The following table sets forth the activity of our restricted stock:
		Number of shares		Weighted average grant date fair value
	31-Dec-12	—		$	—
	Granted (1)	16,355		18.47
	Vested (2)	(4,265	)	18.71
	December 31, 2013 (3)	12,090		$	18.5
	__________
	(1) The fair value at grant date of restricted stock issued during the year ended December 31, 2013 was $0.3 million.
	(2) The vesting date fair value of restricted stock that vested during the year ended December 31, 2013 was $0.1 million.
	(3) As of December 31, 2013, we had an aggregate of $0.1 million of total unrecognized share-based compensation costs related to our director compensation plan which will be recognized over a weighted average remaining estimated term of 0.4 years.

Income_taxes

Income taxes	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Income taxes	'
	Income taxes
	To qualify as a REIT, we must meet certain organizational and operational requirements including the requirement to distribute at least 90% of our annual REIT taxable income to our shareholders. As a REIT, we generally will not be subject to federal income tax to the extent we distribute our REIT taxable income to our shareholders and provided we satisfy the REIT requirements including certain asset, income, distribution and stock ownership tests. If we fail to qualify as a REIT, and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which we lost our REIT qualification.
	During the year ended December 31, 2013, we qualified as a REIT, distributed the necessary amount of taxable income and, therefore, incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying consolidated financial statements are in connection with our taxable REIT subsidiary.
	Based on our 2013 taxable income of $17.7 million, the aggregate minimum distribution to shareholders required to maintain our REIT status was $16.0 million in 2013. On February 20, 2014, our Board of Directors declared a cash dividend of $0.08 per share of common stock, payable on March 10, 2014 to all shareholders of record as of the close of business on March 3, 2014. This additional dividend is intended to satisfy the requirement that a REIT must distribute at least 90% of its annual REIT taxable income to its stockholders and will be treated as a 2013 distribution for REIT qualification purposes. Dividends declared and paid per share of common stock aggregated $0.35 for the year ended December 31, 2013, which is all considered ordinary income for income tax purposes. No dividends were declared or paid during 2012.
	Our consolidated financial statements include the operations of our TRS, which is subject to federal, state and local income taxes on its taxable income. As a REIT, we may also be subject to federal excise taxes if we engage in certain types of transactions. The TRS has operated at a cumulative taxable loss through December 31, 2013 of $0.1 million resulting in a $0.1 million deferred tax asset as of December 31, 2013. The deferred tax asset was fully reserved by a valuation allowance due to the uncertainty that the TRS will generate future taxable income. The TRS, therefore, incurred no federal income tax expense in 2013.
	Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2013. We recorded nominal state income tax expense in rental property operating expenses for the year ended December 31, 2013. There was no state income tax expense recorded in 2012.

Earnings_per_share

Earnings per share	12 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings per share	'
	Earnings per share
	The following table sets forth the components of diluted earnings per share ($ in thousands):
		For the year ended December 31, 2013		June 7, 2012 (inception) to December 31, 2012
	Numerator
	Net income	$	39,596	$	(89	)
	Denominator
	Weighted average common stock outstanding – basic	23,734,869		7,810,708			-1
	Stock options using the treasury method	879,005		—
	Restricted stock	7,122		—
	Weighted average common stock outstanding – diluted	24,620,996		7,810,708			-1
	Earnings per basic share	$	1.67	$	(0.01	)
	Earnings per diluted share	$	1.61	$	(0.01	)
	Stock options excluded from the 2012 calculation of diluted earnings per share because inclusion would have been anti-dilutive	—		276,100			-1
	_________
	(1) Shares weighted by period outstanding since the separation on December 21, 2012

Segment_information

Segment information	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Segment information	'
	Segment information
	Our primary business is the acquisition and ownership of single-family rental assets. Our primary sourcing strategy is to acquire these assets by purchasing sub-performing and non-performing mortgages. As a result, we operate in a single segment focused on the resolution of sub-performing and non-performing mortgages and ownership of rental residential properties.

Quarterly_financial_informatio

Quarterly financial information	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Quarterly Financial Information	'
	Quarterly financial information (unaudited)
	The following tables set forth our quarterly financial information (unaudited, $ in thousands):
		2013
		First quarter			Second quarter			Third quarter			Fourth quarter			Total
	Total rental revenues and net gain on investments	$	1,515		$	8,884		$	19,585		$	41,626		$	71,610
	Net income (loss)	$	(984	)	$	5,227		$	13,709		$	21,644		$	39,596
	Earnings per share of common stock – basic:
	Earnings per share basic	$	(0.13	)	$	0.27		$	0.55		$	0.51		$	1.67
	Earnings per share of common stock – diluted:
	Earnings per share diluted	$	(0.13	)	$	0.26		$	0.53		$	0.5		$	1.61
			2012
			June 7 (inception) to June 30			Third quarter			Fourth quarter (1)			Total (1)
	Total rental revenues and net gain on investments		$	—		$	—		$	—		$	—
	Net loss		$	—		$	—		$	(89	)	$	(89	)
	Earnings per share of common stock – basic:
	Earnings per share basic		$	—		$	—		$	(0.01	)	$	(0.01	)
	Earnings per share of common stock – diluted:
	Earnings per share diluted		$	—		$	—		$	(0.01	)	$	(0.01	)
	_________
	(1) Shares weighted by period outstanding since the separation on December 21, 2012

Subsequent_events

Subsequent events	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent events
	On January 2, 2014, we completed the acquisition of a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $94 million. We had agreed to acquire these mortgage loans pursuant to an agreement dated December 31, 2013.
	On January 22, 2014, we completed a public offering of 14,200,000 shares of common stock at $34.00 per share and received net proceeds of $467.6 million. We intend to use the proceeds of this offering to purchase the remaining portfolios of mortgage loans that we had agreed to purchase in 2013, pay servicing fees for our mortgage loan portfolios, renovate the single-family rental properties we acquire, pay rental and property management expenses, pay fees and expenses to AAMC under the asset management agreement and for working capital.
	On January 28, 2014, we acquired a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $7.0 million.
	On January 31, 2014, we acquired a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $791.7 million.
	On February 20, 2014, our Board of Directors declared a cash dividend of $0.08 per share of common stock, payable on March 10, 2014 to all shareholders of record as of the close of business on March 3, 2014. This additional dividend is intended to satisfy the requirement that a REIT must distribute at least 90% of its annual REIT taxable income to its stockholders and will be treated as a 2013 distribution for REIT qualification purposes.

Schedule_III

Schedule III	12 Months Ended
	Dec. 31, 2013
Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
Real Estate and Accumulated Depreciation Disclosure	'
	Schedule III - Real Estate and Accumulated Depreciation
	31-Dec-13
	($ in thousands)
							Initial Cost to Company		Capitalized Costs after Acquisition		Gross Amount at which Carried at Close of Period (2)
	State	No. of Props		Type	Encumb		Bldg & Land Improv		Improv Carrying Costs		Bldg & Land Improv Total		Acc Depr		WA Age (1)	Date Acquired	Life on which Depr is Calc
	Alabama	1		SFR	$	48	$	90	$	—	$	90	$	—	45	2013
	Arizona	13		SFR	799		2,206		10		2,216		2		35	2013	3-27.5 years
	Arkansas	1		SFR	—		203		—		203		—		17	2013
	California	21		SFR	1,869		4,056		55		4,111		2		31	2013	3-27.5 years
	Colorado	1		SFR	70		170		—		170		—		57	2013
	Connecticut	2		SFR	265		491		—		491		—		40	2013
	Florida	64		SFR	3,021		8,411		214		8,625		13		21	2013	3-27.5 years
	Georgia	3		SFR	298		765		7		772		—		25	2013	3-27.5 years
	Hawaii	1		SFR	40		67		—		67		—		24	2013
	Illinois	29		SFR	1,485		4,388		69		4,457		2		44	2013	3-27.5 years
	Indiana	7		SFR	339		980		31		1,011		1		34	2013	3-27.5 years
	Kansas	1		SFR	49		94		—		94		—		92	2013
	Kentucky	4		SFR	109		351		—		351		—		45	2013
	Louisiana	3		SFR	53		216		9		225		—		35	2013
	Maine	1		SFR	55		153		—		153		—		93	2013
	Maryland	4		SFR	228		504		—		504		—		39	2013
	Massachusetts	1		SFR	116		194		—		194		—		21	2013
	Michigan	7		SFR	215		468		—		468		—		52	2013
	Missouri	2		SFR	84		300		—		300		—		16	2013
	Nevada	5		SFR	222		598		42		640		1		40	2013	3-27.5 years
	New Jersey	6		SFR	217		743		—		743		—		90	2013
	New Mexico	3		SFR	97		335		—		335		—		32	2013
	New York	4		SFR	573		1,009		4		1,013		—		31	2013	3-27.5 years
	North Carolina	22		SFR	1,162		2,517		12		2,529		—		45	2013	3-27.5 years
	Ohio	7		SFR	355		957		—		957		—		27	2013
	Oklahoma	2		SFR	111		209		—		209		—		16	2013
	Pennsylvania	11		SFR	556		1,434		11		1,445		—		66	2013	3-27.5 years
	South Carolina	3		SFR	59		318		27		345		2		12	2013	3-27.5 years
	Tennessee	1		SFR	71		135		—		135		—		60	2013
	Texas	10		SFR	355		1,033		94		1,127		2		21	2013	3-27.5 years
	Utah	3		SFR	250		489		—		489		—		46	2013
	Virginia	3		SFR	510		849		—		849		—		30	2013
	Washington	1		SFR	72		140		—		140		—		33	2013
	West Virginia	1		SFR	208		346		—		346		—		58	2013
	Wisconsin	14		SFR	569		1,309		—		1,309		—		32	2013
	Total (2)	262			14,530		36,528		585		37,113		25		35
	__________
	-1	Weighted average age is based on the age of the property weighted by gross amount at which carried at close of period.
	-2	The following table sets forth the activity of real estate assets and accumulated depreciation ($ in thousands):
		For the year ended December 31, 2013
	Real estate assets:
	Beginning balance	$	—
	Acquisitions through foreclosure	31,014
	Other acquisitions	6,198
	Improvements	586
	Cost of real estate sold	(685		)
	Ending balance (1)	$	37,113
	Accumulated depreciation:
	Beginning balance	$	—
	Depreciation expense	25
	Cost of real estate sold	—
	Ending balance	$	25
	___________
	(1) The aggregate cost for federal income tax purposes is $37.1 million as of December 31, 2013.

Schedule_IV

Schedule IV	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]	'
Mortgage Loans on Real Estate, by Loan Disclosure	'
	Mortgage loans
	Acquisitions
	During the year ended December 31, 2013, we completed the acquisition of the following portfolios of non-performing residential mortgage loans:
	•	On February 14, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $94 million.
	•	On March 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $39 million.
	•	On April 5, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $122 million.
	•	On August 6, 2013 and September 19, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $241 million.
	•	On August 26, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $67 million.
	•	On September 30, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $404 million.
	•	On October 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $298 million.
	•	On December 23, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $530 million.
	Throughout this annual report, all unpaid principal balance and market value amounts for the portfolios we have acquired are provided as of “cut-off date” for each transaction unless otherwise indicated. The “cut-off date” for each acquisition is a date shortly before the closing used to identify the final loans being purchased and the related unpaid principal balance, market value of underlying properties and other characteristics of the loans.
	During the year ended December 31, 2013, we expensed $2.9 million for due diligence costs related to these and other transactions, which are recorded in general and administrative and related party general administrative expenses.
	Transfer of mortgage loans to real estate owned
	During the year ended December 31, 2013, we transferred 228 mortgage loans at an aggregate fair value of $31.0 million, based on BPO, to real estate owned. Such transfer occurs when title to the real estate has been transferred to us.
	Dispositions
	During year ended December 31, 2013, we disposed of 211 mortgage loans primarily through short sales and foreclosure sales. As a result, we recorded $10.5 million of net realized gains on mortgage loans.
	Schedule IV - Mortgage Loans on Real Estate
	31-Dec-13
	($ in thousands)
	Description (face value of loan)	Loan count		Interest rate	Maturity	Carrying amount of mortgages (1)		Principal amount of loans subject to delinquent principal or interest
	$0-49,999	63		2.375% - 13.875%	03/24/2014 - 12/01/2040	$	1,013	$	2,118
	$50,000-99,999	794		2.000% - 16.125%	09/01/2010 - 05/01/2051	30,679		58,181
	$100,000-149,999	1,667		2.000% - 13.650%	02/01/2010 - 11/01/2053	114,844		198,753
	$150,000-199,999	1,339		2.000% - 13.950%	05/01/2010 - 09/01/2053	125,922		222,205
	$200,000-249,999	1,125		2.000% - 11.960%	06/01/2009 - 01/01/2057	136,013		240,679
	$250,000+	3,066		1.000% - 12.375%	01/01/2010 - 09/01/2057	798,692		1,307,378
	Total (2)	8,054				$	1,207,163	$	2,029,314
	_____________
	-1	The carrying value of an asset is based on our fair value model. The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. The substantial majority of the mortgage loans are significantly delinquent and have varying monthly payment requirements. For a more complete description of the fair value measurements and the factors that may significantly affect the carrying value of our assets, please see Note 4 to our consolidated financial statements.
	-2	The following table sets forth the activity of mortgage loans ($ in thousands):
		For the year ended December 31, 2013
	Mortgage loans
	Beginning balance	$	—
	Investment in mortgage loans	1,213,811
	Net unrealized gain on mortgage loans	61,092
	Cost of mortgages sold	(38,297		)
	Mortgage loan payments	(4,901		)
	Real estate tax advances to borrowers	6,472
	Transfer of mortgage loans to real estate owned	(31,014		)
	Ending balance	$	1,207,163

Summary_of_significant_account1

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Cash and cash equivalents	'
	Cash equivalents
	We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Comprehensive income	'
	Comprehensive income
	Because comprehensive income (loss) equals net income (loss), separate statements of comprehensive income (loss) are not presented as part of our consolidated financial statements.
Concentration of credit risk	'
	Concentration of credit risk
	We maintain our cash and cash equivalents at banking institutions. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
Earnings per share	'
	Earnings per share
	Basic earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method and if converted method, respectively.
Expense reimbursement and incentive management fees	'
	Expense reimbursement and incentive management fee
	Our asset manager's primary business is asset management. In its role as our asset manager, AAMC incurs indirect costs (e.g. payroll and overhead) related to managing our business which are contractually reimbursable by us. AAMC allocates indirect costs to us as incurred by estimating the percentage of time spent for our benefit.
	The incentive management fee we pay to our Manager is based on the quarterly cash available for distribution to our stockholders.
Fair value of financial instruments	'
	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.
Restricted cash	'
	Restricted cash
	Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as escrows and reserves for debt service established pursuant to certain of our repurchase agreements.
Unconsolidated affiliates	'
	Unconsolidated affiliates
	We account for our investment in NewSource using the cost method because we do not exercise significant influence over NewSource. As a result, we recognize preferred dividend income from this investment when received.
Income tax	'
	Income taxes
	We believe that we have complied and will continue to comply with the provisions of the federal income tax code applicable to REITs beginning for the year ended December 31, 2013 and intend to elect REIT status upon filing of our 2013 income tax return. Accordingly, we believe that we will not be subject to federal income tax beginning in the year ended December 31, 2013 on the portion of our REIT taxable income that is distributed to our shareholders as long as certain asset, income and share ownership tests are met. If after electing to be taxed as a REIT, we subsequently fail to qualify as a REIT in any taxable year, we generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost.
	Our TRSs will be subject to federal and state 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 all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.
Mortgage loans	'
	Mortgage loans
	Upon the acquisition of mortgage loans, we record the assets at fair value which is the purchase price we paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance.
	We determine the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties.
	After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification, or conversion to real estate owned). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increase the fair value of the loan. The increase in the value of the loan is recognized in net unrealized gain on mortgage loans in our consolidated statements of operations.
	We also recognize unrealized gains and losses in the fair value of the loans in each reporting period when our mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when we have obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs.
	AAMC’s capital markets group determines the fair value of mortgage loans monthly and has developed procedures and controls governing the valuation process relating to these assets. The capital markets group reports to our Investment Committee, a committee of our Chief Executive Officer and our Chairman that oversees and approves the valuations. The capital markets group also monitors the valuation model for performance against actual results which is reported to the Investment Committee and used to continuously improve the model.
Real estate impairment	'
	Real estate impairment
	With respect to residential rental properties classified as held for use, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods.
	If the carrying amount of a held for use asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. We generally estimate the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs.
Residential properties	'
	Residential properties
	Upon the acquisition of real estate, generally through the completion of foreclosure, we record the residential property at fair value as of the acquisition date as a component of real estate owned based on information obtained from a broker's price opinion, a full appraisal or the price given in a current contract of sale of the property. After a short evaluation period, we perform property renovations to maximize the value of the property for our rental strategy. Such expenditures are part of our initial investment in a property and, therefore, are classified as investing activities in our consolidated statement of cash flows. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.
	Expenditures directly related to successful leasing efforts such as lease commissions are included in deferred leasing and financing costs, net and are stated at amortized cost. Such expenditures are part of our operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases which generally are from one to two years.
	Residential properties are classified either as held for use or held for sale. Residential properties are classified as real estate and related assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. We record residential properties held for sale at the lower of the carrying amount or estimated fair value. Fair value of assets held for sale is equal to the estimated or contracted sales price with a potential buyer less costs to sell. The impairment loss is the amount by which the carrying amount exceeds the estimated fair value.
Residential rental revenues	'
	Residential rental revenues
	Minimum contractual rents from leases are recognized on a straight-line basis over the terms of the leases in residential rental revenues. Therefore, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer takes control of the leased premises. Deferred rents receivable, net represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Contingent rental revenue is accrued when the contingency is removed. Termination fee income is recognized when the customer has vacated the rental property, the amount of the fee is determinable and collectability is reasonably assured.
	Rents receivable, net and deferred rents receivable, net are reduced by an allowance for amounts that become uncollectible. We regularly evaluate the adequacy of our allowance for doubtful accounts. The evaluation takes into consideration the aging of accounts receivable and our analysis of customer personal profile and review past due account balances. Rents receivable, net and deferred rents receivable, net are written-off when we have deemed that the amounts are uncollectible.

Fair_value_of_financial_instru1

Fair value of financial instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair value measurements, recurring and nonrecurring	'
	The following table sets forth the financial assets and liabilities that we measure at fair value by level within the fair value hierarchy as of December 31, 2013 ($ in thousands):
		Level 1			Level 2			Level 3
		Quoted prices in active markets			Observable inputs other than Level 1 prices			Unobservable inputs
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	1,207,163
	Nonrecurring basis (assets)
	Transfer of mortgage loans to real estate owned	$	—		$	—		$	31,014
	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	602,382		$	—
Fair value, assets measured on recurring basis, unobservable input reconciliation	'
	The following table sets forth the changes in our level 3 assets that are measured at fair value on a recurring basis ($ in thousands):
		For the year ended December 31, 2013
	Mortgage loans
	Beginning balance	$	—
	Investment in mortgage loans	1,213,811
	Net unrealized gain on mortgage loans	61,092
	Net realized gain on mortgage loans	10,482
	Mortgage loan dispositions	(48,779		)
	Mortgage loan payments	(4,901		)
	Real estate tax advances to borrowers	6,472
	Transfer of mortgage loans to real estate owned	(31,014		)
	Ending balance	$	1,207,163
	Net unrealized gain on mortgage loans held	$	61,092
	Accumulated net unrealized gain on mortgage loans held	$	61,092
Delinquency by unpaid principal balance	'
	The following table sets forth the fair value of our mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency as of December 31, 2013 ($ in thousands):
		Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
	Current	238		$	31,649		$	60,051		$	52,506
	30 days	26		2,087			4,492			3,763
	60 days	23		3,376			5,683			4,738
	90 days	1,555		245,024			419,836			355,451
	Foreclosure	6,212		925,027			1,609,546			1,310,439
		8,054		$	1,207,163		$	2,099,608		$	1,726,897
Fair value measurements, recurring and nonrecurring, valuation techniques	'
	Input	Range
	Discount rate	15.00%
	Annual change in home pricing index	-0.079
	Loan resolution probabilities — modification	0.00% - 22.3%
	Loan resolution probabilities — rental	0.00% - 100.0%
	Loan resolution probabilities — liquidation	0.00% - 100.0%
	Loan resolution timelines (in years)	0.1 - 5.8
	Value of underlying properties	$3,000 - $3,550,000
	There were no corresponding fair value measurements which required significant unobservable inputs as of December 31, 2012 because we did not own any mortgage loans at that time.

Repurchase_agreements_Tables

Repurchase agreements (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Schedule of Debt	'
	The following table sets forth data with respect to our repurchase agreements as of December 31, 2013 ($ in thousands):
		Maximum borrowing capacity		Carrying value of collateral		Amount outstanding
	Repurchase agreement due March 21, 2014	$	100,000	$	166,350	$	85,364
	Repurchase agreement due March 23, 2015	400,000		634,234		398,602
	Repurchase agreement due March 11, 2016	250,000		205,328		118,416
		$	750,000	$	1,005,912	$	602,382
Repurchase agreement, fiscal year maturity	'
	The following table sets forth scheduled future principal payments due on our repurchase agreements as of December 31, 2013 ($ in thousands):
	Years ending December 31,	Principal amount (1)
	2014	$	85,364
	2015	398,602
	2016	118,416
		602,382

Related_party_transactions_Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Schedule of related party transactions	'
	Our consolidated statements of operations included the following significant related party transactions ($ in thousands):
		For the year ended December 31, 2013		June 7, 2012 (inception) to December 31, 2012		Counter-party	Consolidated statements of operations location
	Residential rental property operating expenses	$	767	$	—	Altisource	Residential rental property operating expenses
	Mortgage loan servicing costs	$	9,335	$	—	Ocwen	Mortgage loan servicing costs
	Due diligence and unsuccessful deal costs	$	2,059	$	—	Altisource	Related party general and administrative expenses
	Expense reimbursement	$	5,411	$	42	AAMC	Related party general and administrative expenses
	Incentive management fee	$	4,880	$	—	AAMC	Related party general and administrative expenses

Sharebased_payments_Tables

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2013
Share-based Compensation [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:
		31-Dec-13
	Stock options outstanding	909,759
	Possible future issuances under director compensation plan	83,645
		993,404
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
	June 7, 2012 (Inception)	—		$	—
	Granted	1,019,424		2.09
	31-Dec-12	1,019,424		2.09
	Exercised	(61,736	)	1.97
	Forfeited or canceled	(47,929	)	9.08
	December 31, 2013 (1), (2)	909,759		$	1.73
	__________
	(1) The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.1 years with total intrinsic value of $27.3 million.
	(2) We have 806,513 options exercisable as of December 31, 2013 with weighted average exercise price of $1.45, weighted average remaining life of 4.8 years and intrinsic value of $23.1 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2013.
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
	31-Dec-12	—		$	—
	Granted (1)	16,355		18.47
	Vested (2)	(4,265	)	18.71
	December 31, 2013 (3)	12,090		$	18.5
	__________
	(1) The fair value at grant date of restricted stock issued during the year ended December 31, 2013 was $0.3 million.
	(2) The vesting date fair value of restricted stock that vested during the year ended December 31, 2013 was $0.1 million.
	(3) As of December 31, 2013, we had an aggregate of $0.1 million of total unrecognized share-based compensation costs related to our director compensation plan which will be recognized over a weighted average remaining estimated term of 0.4 years.

Earnings_per_share_Tables

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	'
	The following table sets forth the components of diluted earnings per share ($ in thousands):
		For the year ended December 31, 2013		June 7, 2012 (inception) to December 31, 2012
	Numerator
	Net income	$	39,596	$	(89	)
	Denominator
	Weighted average common stock outstanding – basic	23,734,869		7,810,708			-1
	Stock options using the treasury method	879,005		—
	Restricted stock	7,122		—
	Weighted average common stock outstanding – diluted	24,620,996		7,810,708			-1
	Earnings per basic share	$	1.67	$	(0.01	)
	Earnings per diluted share	$	1.61	$	(0.01	)
	Stock options excluded from the 2012 calculation of diluted earnings per share because inclusion would have been anti-dilutive	—		276,100			-1
	_________
	(1) Shares weighted by period outstanding since the separation on December 21, 2012

Quarterly_financial_informatio1

Quarterly financial information (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Schedule of Quarterly Financial Information	'
	The following tables set forth our quarterly financial information (unaudited, $ in thousands):
		2013
		First quarter			Second quarter			Third quarter			Fourth quarter			Total
	Total rental revenues and net gain on investments	$	1,515		$	8,884		$	19,585		$	41,626		$	71,610
	Net income (loss)	$	(984	)	$	5,227		$	13,709		$	21,644		$	39,596
	Earnings per share of common stock – basic:
	Earnings per share basic	$	(0.13	)	$	0.27		$	0.55		$	0.51		$	1.67
	Earnings per share of common stock – diluted:
	Earnings per share diluted	$	(0.13	)	$	0.26		$	0.53		$	0.5		$	1.61
			2012
			June 7 (inception) to June 30			Third quarter			Fourth quarter (1)			Total (1)
	Total rental revenues and net gain on investments		$	—		$	—		$	—		$	—
	Net loss		$	—		$	—		$	(89	)	$	(89	)
	Earnings per share of common stock – basic:
	Earnings per share basic		$	—		$	—		$	(0.01	)	$	(0.01	)
	Earnings per share of common stock – diluted:
	Earnings per share diluted		$	—		$	—		$	(0.01	)	$	(0.01	)
	_________
	(1) Shares weighted by period outstanding since the separation on December 21, 2012

Organization_and_basis_of_pres1

Organization and basis of presentation (Details) (USD $)

0 Months Ended

7 Months Ended

12 Months Ended

12 Months Ended

Oct. 02, 2013

1-May-13

Dec. 21, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 22, 2013

Dec. 31, 2013

Dec. 18, 2013

Dec. 31, 2013

Dec. 23, 2013

Secured Debt [Member]

Secured Debt [Member]

Secured Debt [Member]

Secured Debt [Member]

Secured Debt [Member]

Secured Debt [Member]

Secured Debt [Member]

Repurchase agreement due March 21, 2014

Repurchase agreement due March 21, 2014

Repurchase agreement due March 11, 2016

Repurchase agreement due March 11, 2016

Repurchase agreement due March 23, 2015

Repurchase agreement due March 23, 2015

Organization and Basis of Presentation [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from contributed capital

'

'

$100,000,000

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

750,000,000

100,000,000

100,000,000

250,000,000

250,000,000

400,000,000

400,000,000

Financing period for new mortgage loans in excess of amount outstanding under facilities

'

'

'

'

'

'18 months

'

'

'

'

'

'

Term of extension option

'

'

'

'

'

'

'

'

'

'

'12 months

'

Shares issued in offering

17,187,000

17,250,000

'

'

'

'

'

'

'

'

'

'

Share price of offering

$21

$18.75

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, including stock option exercises

$349,400,000

$309,500,000

'

$100,000,000

$684,615,000

'

'

'

'

'

'

'

Summary_of_significant_account2

Summary of significant accounting policies (Details)	12 Months Ended
	Dec. 31, 2013
Minimum [Member]	'
Summary of significant accounting policies [Line Items]	'
Real estate useful life	'3 years
Amortization period deferred leasing costs	'1 year
Maximum [Member]	'
Summary of significant accounting policies [Line Items]	'
Real estate useful life	'27 years 6 months
Amortization period deferred leasing costs	'2 years

Mortgage_loans_Details

Mortgage loans (Details) (USD $)	7 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
		property
Mortgage Loans on Real Estate [Line Items]	'	'
Number of real estate properties acquired through foreclosure	'	228
Transfer of mortgage loans to real estate owned	$0	$31,014,000
Number of mortgage loans liquidated	'	211
Net realized gain on mortgage loans	0	10,482,000
Residential mortgage [Member] | Loans receivable [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Due diligence costs	'	2,900,000
Transfer of mortgage loans to real estate owned	'	31,000,000
Residential mortgage [Member] | Loans receivable [Member] | Mortgage loans on real estate, Pool one [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Loans acquired, aggregate collateral market value	'	94,000,000
Residential mortgage [Member] | Loans receivable [Member] | Mortgage loans on real estate, Pool two [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Loans acquired, aggregate collateral market value	'	39,000,000
Residential mortgage [Member] | Loans receivable [Member] | Mortgage Loans on Real Estate, Pool three [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Loans acquired, aggregate collateral market value	'	122,000,000
Residential mortgage [Member] | Loans receivable [Member] | Mortgage Loans on Real Estate, Pool four [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Loans acquired, aggregate collateral market value	'	241,000,000
Residential mortgage [Member] | Loans receivable [Member] | Mortgage Loans on Real Estate, Pool five [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Loans acquired, aggregate collateral market value	'	67,300,000
Residential mortgage [Member] | Loans receivable [Member] | Mortgage Loans on Real Estate, Pool six [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Loans acquired, aggregate collateral market value	'	404,000,000
Residential mortgage [Member] | Loans receivable [Member] | Mortgage loans on real estate, pool seven [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Loans acquired, aggregate collateral market value	'	298,000,000
Residential mortgage [Member] | Loans receivable [Member] | Mortgage loans on real estate, pool eight [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Loans acquired, aggregate collateral market value	'	$530,000,000

Real_estate_assets_Components_

Real estate assets - Components of real estate assets (Details) (USD $)	7 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2013
		property
Real Estate [Abstract]	'	'
Number of real estate properties directly acquired	'	40
Real estate directly acquired	$0	$6,198
Number of real estate properties held for use	'	246
Number of real estate properties rented	'	14
Number of real estate properties listed for rent	'	11
Number of real estate properties in various stages of lease preparation	'	18
Number of real estate properties under evaluation for rental portfolio	'	203
Number of real estate properties held for sale	'	16
Real estate assets held for sale	$0	$1,186
Number of real estate properties sold	'	4

Unconsolidated_affiliates_Deta

Unconsolidated affiliates (Details) (Preferred Stock [Member], USD $)	0 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Oct. 17, 2013	Dec. 31, 2013
Preferred Stock [Member]	'	'
Schedule of Cost-method Investments [Line Items]	'	'
Payments to Acquire Other Investments	$18	'
Preferred Stock, Dividend Rate, Percentage	'	12.00%

Fair_value_of_financial_instru2

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Fair value, inputs, level 1 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Debt Instrument, Fair Value Disclosure	$0
Fair value, inputs, level 2 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Debt Instrument, Fair Value Disclosure	602,382
Fair value, inputs, level 3 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Debt Instrument, Fair Value Disclosure	0
Fair value measurements, recurring [Member] | Fair value, inputs, level 1 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Loans Receivable, Fair Value Disclosure	0
Fair value measurements, recurring [Member] | Fair value, inputs, level 2 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Loans Receivable, Fair Value Disclosure	0
Fair value measurements, recurring [Member] | Fair value, inputs, level 3 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Loans Receivable, Fair Value Disclosure	1,207,163
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 1 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Real Estate, Acquisitions Through Foreclosures, Fair Value Disclosure	0
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 2 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Real Estate, Acquisitions Through Foreclosures, Fair Value Disclosure	0
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 3 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Real Estate, Acquisitions Through Foreclosures, Fair Value Disclosure	31,014
Residential mortgage [Member] | Loans receivable [Member] | Fair value, inputs, level 3 [Member]	'
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]	'
Real estate tax advances to borrowers	$6,472

Fair_value_of_financial_instru3

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) (USD $)	7 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Net unrealized gain on mortgage loans	$0	$61,092
Fair value, inputs, level 3 [Member] | Loans receivable [Member] | Residential mortgage [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	'	0
Investment in mortgage loans	'	1,213,811
Net unrealized gain on mortgage loans	'	61,092
Net realized gain on mortgage loans	'	10,482
Mortgage loan dispositions	'	-48,779
Mortgage loan payments	'	-4,901
Real estate tax advances to borrowers	'	6,472
Transfer of mortgage loans to real estate owned	'	-31,014
Ending balance	'	1,207,163
Net unrealized gain on mortgage loans	'	61,092
Accumulated net unrealized gains on mortgage loans at fair value still held	'	$61,092

Fair_value_of_financial_instru4

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

Fair_value_of_financial_instru5

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

Repurchase_agreements_Details

Repurchase agreements (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2013		Dec. 31, 2013	Mar. 22, 2013	Dec. 31, 2013	Dec. 23, 2013	Dec. 31, 2013	Dec. 18, 2013
				Secured debt [Member]		Secured debt [Member]	Secured debt [Member]	Secured debt [Member]	Secured debt [Member]	Secured debt [Member]	Secured debt [Member]
						Repurchase agreement due March 21, 2014	Repurchase agreement due March 21, 2014	Repurchase agreement due March 23, 2015	Repurchase agreement due March 23, 2015	Repurchase agreement due March 11, 2016	Repurchase agreement due March 11, 2016
Short-term Debt [Line Items]	'		'	'		'	'	'	'	'	'
Interest rate	'		'	3.27%		'	'	'	'	'	'
Maximum borrowing capacity	'		'	$750,000,000		$100,000,000	$100,000,000	$400,000,000	$400,000,000	$250,000,000	$250,000,000
Carrying value of collateral	'		'	1,005,912,000		166,350,000	'	634,234,000	'	205,328,000	'
Repurchase agreements	602,382,000		0	602,382,000		85,364,000	'	398,602,000	'	118,416,000	'
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	'		'	85,364,000	[1]	'	'	'	'	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Two	'		'	398,602,000	[1]	'	'	'	'	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Three	$602,382,000	[1]	'	$118,416,000	[1]	'	'	'	'	'	'
[1]	Does not consider contractually available extension options for amounts due in 2015 and 2016

Related_party_transactions_Det

Related party transactions (Details) (USD $)

0 Months Ended

7 Months Ended

12 Months Ended

0 Months Ended

7 Months Ended

12 Months Ended

7 Months Ended

12 Months Ended

0 Months Ended

7 Months Ended

12 Months Ended

7 Months Ended

12 Months Ended

Dec. 21, 2012

Oct. 08, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 21, 2012

Dec. 21, 2012

Dec. 21, 2012

Dec. 21, 2012

Dec. 21, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 21, 2012

Dec. 21, 2012

Dec. 21, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Ocwen [Member]

Ocwen [Member]

Ocwen [Member]

Ocwen [Member]

Ocwen [Member]

AAMC [Member]

AAMC [Member]

AAMC [Member]

AAMC [Member]

AAMC [Member]

AAMC [Member]

AAMC [Member]

AAMC [Member]

AAMC [Member]

Altisource [Member]

Altisource [Member]

Altisource [Member]

Altisource [Member]

Altisource [Member]

Altisource [Member]

Altisource [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Mortgage loans on real estate, Pool one [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Affiliated entity [Member]

Servicing contracts

Aircraft time sharing agreement

Loan portfolio expense [Member]

Loan portfolio expense [Member]

Loans receivable [Member]

Asset management agreement

Threshold one

Threshold two

Threshold three

Threshold four

Loan portfolio expense [Member]

Loan portfolio expense [Member]

Related party general and administrative expense [Member]

Related party general and administrative expense [Member]

Master services agreement

Support services agreement

Trademark license agreement

Operating Expense [Member]

Operating Expense [Member]

Related party general and administrative expense [Member]

Related party general and administrative expense [Member]

Mortgage loan servicing costs

Mortgage loan servicing costs

Residential mortgage [Member]

Q

Incentive management fee

Incentive management fee

Expense reimbursement

Expense reimbursement

Residential rental property operating expenses

Residential rental property operating expenses

Due diligence and unsuccessful deal costs

Due diligence and unsuccessful deal costs

Acquisition of nonperforming loans

Related party transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans acquired from related party, aggregate collateral fair value

'

'

'

'

$94,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans acquired from related party, aggregate purchase price

'

'

'

'

64,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contract term

'15 years

'

'

'

'

'15 years

'

'

'

'

'

'

'

'

'15 years

'

'

'

'

'

'

Average capital required per contract terms

'

'

'

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Average capital requirement, term

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incentive management fee, percent of available cash

'

'

'

'

'

'

2.00%

15.00%

25.00%

50.00%

'

'

'

'

'

'

'

'

'

'

'

Incentive management fee, available cash per share threshold

'

'

'

'

'

'

$0.16

$0.19

$0.26

'

'

'

'

'

'

'

'

'

'

'

'

Contract term, noncancellable period

'

'

'

'

'

'24 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of dIrectors to determine to terminate agreement without cause

'

'

'

'

'

66.67%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contract termination, notice period

'

'

'

'

'

'180 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Multiplier used to calculate termination fee

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period preceding termination used in calculation of termination fee

'

'

'

'

'

'24 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Automatic renewal term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'2 years

'

'

'

'

'

Nonrenewal notice notification period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'9 months

'

'30 days

'

'

'

'

Termination period if asset management agreement terminates

'30 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 days

'30 days

'

'

'

'

Percentage of expenses to be paid for use of aircraft

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party expenses

'

'

$0

$9,335,000

'

'

'

'

'

'

$0

$4,880,000

$42,000

$5,411,000

'

'

'

$0

$767,000

$0

$2,059,000

Sharebased_payments_Schedule_o

Share-based payments Schedule of share-based payments, shares reserved for future issuance (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 21, 2012
Share-based Compensation [Abstract]	'	'
Stock options, conversion ratio from spin-off	'	3
Value of restricted stock granted to directors annually	$45,000	'
Allocated Share-based Compensation Expense	$200,000	'
Stock options outstanding	909,759	'
Possible future issuances under director compensation plan	83,645	'
Common Stock, Capital Shares Reserved for Future Issuance	993,404	'
Common stock, shares available to be issued under charter	157,713,331	'

Sharebased_payments_Schedule_o1

Share-based payments Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $)	7 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2013		Jun. 07, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'	'		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	'	909,759		'
Stock Option [Member] | 2012 Conversion Option Plan and 2012 Special Conversion Option Plan [Member]	'	'		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'	'		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,019,424	909,759	[1],[2]	0
Granted	1,019,424	'		'
Exercised	'	-61,736		'
Forfeited or canceled	'	-47,929		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]	'	'		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$2.09	$1.73	[1],[2]	$0
Granted	$2.09	'		'
Exercised	'	$1.97		'
Forfeited or canceled	'	$9.08		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	'	'5 years 1 month		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	'	$27.30		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	'	806,513		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	'	$1.45		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	'	'4 years 10 months		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	'	$23.10		'
[1]	We have 806,513 options exercisable as of December 31, 2013 with weighted average exercise price of $1.45, weighted average remaining life of 4.8 years and intrinsic value of $23.1 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2013.
[2]	The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.1 years with total intrinsic value of $27.3 million.

Sharebased_payments_Schedule_o2

Share-based payments Schedule of share-based payments, restricted stock activity (Details) (Time based restricted stock [Member], Director compensation plan [Member], USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Time based restricted stock [Member] | Director compensation plan [Member]	'		'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'		'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	12,090	[1]	0
Granted (1)	16,355	[2]	'
Vested (2)	-4,265	[3]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]	'		'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$18.50	[1]	$0
Granted (1)	$18.47	[2]	'
Vested (2)	$18.71	[3]	'
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value	$0.30		'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value	0.1		'
Unamortized stock compensation	$0.10		'
Unamortized stock compensation period of recognition	'5 months		'
[1]	As of DecemberB 31, 2013, we had an aggregate of $0.1 million of total unrecognized share-based compensation costs related to our director compensation plan which will be recognized over a weighted average remaining estimated term of 0.4 years.
[2]	The fair value at grant date of restricted stock issued during the year ended December 31, 2013 was $0.3 million.
[3]	The vesting date fair value of restricted stock that vested during the year ended December 31, 2013 was $0.1 million.

Income_tax_disclosure_Details

Income tax disclosure (Details) (USD $)	12 Months Ended	0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2013	Feb. 20, 2014
		Subsequent Event [Member]
Subsequent Event [Line Items]	'	'
Minimum distribution percentage of REIT taxable income	90.00%	'
Net Income (Loss) Attributable to Parent, Taxable	$17.70	'
Real Estate Investment Trust, Minimum Distribution	16	'
Dividends declared per share	$0.35	$0.08
Unrecognized tax benefits resulting in net operating loss carryforward	0.1	'
Deferred tax assets, operating loss carryforwards	$0.10	'

Earnings_per_share_Details

Earnings per share (Details) (USD $)

3 Months Ended

7 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Dec. 31, 2012

Dec. 31, 2013

Earnings Per Share [Abstract]

'

'

'

'

'

'

'

'

'

Net income (loss)

$21,644

$13,709

$5,227

($984)

($89)

[1]

$0

$0

($89)

[1]

$39,596

Weighted average common stock outstanding b basic

'

'

'

'

'

'

'

7,810,708

[2]

23,734,869

[2]

Stock options using the treasury method

'

'

'

'

'

'

'

0

879,005

Restricted stock

'

'

'

'

'

'

'

0

7,122

Weighted average common stock outstanding b diluted

'

'

'

'

'

'

'

7,810,708

[1]

24,620,996

[1],[2]

Earnings per share basic

$0.51

$0.55

$0.27

($0.13)

($0.01)

[1]

$0

$0

($0.01)

[1]

$1.67

Earnings per share diluted

$0.50

$0.53

$0.26

($0.13)

($0.01)

[1]

$0

$0

($0.01)

[1]

$1.61

Stock options excluded from the 2012 calculation of diluted earnings per share because inclusion would have been anti-dilutive

'

'

'

'

'

'

'

276,100,000

[1]

0

[1]

[1]

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

[2]

Shares weighted by period outstanding since the separation on December 21, 2012.

Quarterly_financial_informatio2

Quarterly financial information (Details) (USD $)	1 Months Ended	3 Months Ended								7 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012		Sep. 30, 2012	Jun. 30, 2012	Dec. 31, 2012		Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'	'	'	'	'	'		'	'	'		'
Total rental revenues and net gain on investments	$0	$41,626	$19,585	$8,884	$1,515	$0	[1]	$0	'	$0	[1]	$71,610
Net income (loss)	'	$21,644	$13,709	$5,227	($984)	($89)	[1]	$0	$0	($89)	[1]	$39,596
Earnings per share basic	'	$0.51	$0.55	$0.27	($0.13)	($0.01)	[1]	$0	$0	($0.01)	[1]	$1.67
Earnings per share diluted	'	$0.50	$0.53	$0.26	($0.13)	($0.01)	[1]	$0	$0	($0.01)	[1]	$1.61
[1]	Shares weighted by period outstanding since the separation on December 21, 2012

Subsequent_events_Details

Subsequent events (Details) (USD $)	0 Months Ended		7 Months Ended	12 Months Ended	0 Months Ended
	Oct. 02, 2013	1-May-13	Dec. 31, 2012	Dec. 31, 2013	Feb. 20, 2014	Jan. 22, 2014	Jan. 02, 2014	Jan. 29, 2014	Feb. 01, 2014
					Subsequent Event [Member]	Subsequent Event [Member]	Mortgage loans on real estate, pool nine [Member]	Mortgages loans on real estate, Pool ten [Member]	Mortgage loans on real estate, Pool eleven [Member]
							Loans receivable [Member]	Loans receivable [Member]	Loans receivable [Member]
							Residential mortgage [Member]	Residential mortgage [Member]	Residential mortgage [Member]
							Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'
Loans acquired, aggregate collateral market value	'	'	'	'	'	'	$94,000,000	$7,000,000	$792,000,000
Issuance of common stock, shares	'	'	'	'	'	14,200,000	'	'	'
Share price of offering	$21	$18.75	'	'	'	$34	'	'	'
Proceeds from Issuance of Common Stock	$349,400,000	$309,500,000	$100,000,000	$684,615,000	'	$467,600,000	'	'	'
Dividends declared per share	'	'	'	$0.35	$0.08	'	'	'	'

Schedule_III_Schedule_III_Deta

Schedule III Schedule III (Details) (Single family residential [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
	property
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	262
Encumb	$14,530
Initial Cost to Company	36,528
Capitalized Costs after Acquisition	585
Gross Amount at which Carried at Close of Period (2)	37,113
Acc Depr	25
WA Age (1)	'35 years
Alabama	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	48
Initial Cost to Company	90
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	90
Acc Depr	0
WA Age (1)	'45 years
Date Acquired	1-Jan-13
Arizona	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	13
Encumb	799
Initial Cost to Company	2,206
Capitalized Costs after Acquisition	10
Gross Amount at which Carried at Close of Period (2)	2,216
Acc Depr	2
WA Age (1)	'35 years
Date Acquired	1-Jan-13
Arizona | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
Arizona | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Arkansas	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	0
Initial Cost to Company	203
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	203
Acc Depr	0
WA Age (1)	'17 years
Date Acquired	1-Jan-13
California	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	21
Encumb	1,869
Initial Cost to Company	4,056
Capitalized Costs after Acquisition	55
Gross Amount at which Carried at Close of Period (2)	4,111
Acc Depr	2
WA Age (1)	'31 years
Date Acquired	1-Jan-13
California | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
California | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Colorado	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	70
Initial Cost to Company	170
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	170
Acc Depr	0
WA Age (1)	'57 years
Date Acquired	1-Jan-13
Connecticut	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	2
Encumb	265
Initial Cost to Company	491
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	491
Acc Depr	0
WA Age (1)	'40 years
Date Acquired	1-Jan-13
Florida	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	64
Encumb	3,021
Initial Cost to Company	8,411
Capitalized Costs after Acquisition	214
Gross Amount at which Carried at Close of Period (2)	8,625
Acc Depr	13
WA Age (1)	'21 years
Date Acquired	1-Jan-13
Florida | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
Florida | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Georgia	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	3
Encumb	298
Initial Cost to Company	765
Capitalized Costs after Acquisition	7
Gross Amount at which Carried at Close of Period (2)	772
Acc Depr	0
WA Age (1)	'25 years
Date Acquired	1-Jan-13
Georgia | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
Georgia | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Hawaii	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	40
Initial Cost to Company	67
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	67
Acc Depr	0
WA Age (1)	'24 years
Date Acquired	1-Jan-13
Illinois	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	29
Encumb	1,485
Initial Cost to Company	4,388
Capitalized Costs after Acquisition	69
Gross Amount at which Carried at Close of Period (2)	4,457
Acc Depr	2
WA Age (1)	'44 years
Date Acquired	1-Jan-13
Illinois | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
Illinois | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Indiana	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	7
Encumb	339
Initial Cost to Company	980
Capitalized Costs after Acquisition	31
Gross Amount at which Carried at Close of Period (2)	1,011
Acc Depr	1
WA Age (1)	'34 years
Date Acquired	1-Jan-13
Indiana | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
Indiana | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Kansas	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	49
Initial Cost to Company	94
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	94
Acc Depr	0
WA Age (1)	'92 years
Date Acquired	1-Jan-13
Kentucky	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	4
Encumb	109
Initial Cost to Company	351
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	351
Acc Depr	0
WA Age (1)	'45 years
Date Acquired	1-Jan-13
Louisiana	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	3
Encumb	53
Initial Cost to Company	216
Capitalized Costs after Acquisition	9
Gross Amount at which Carried at Close of Period (2)	225
Acc Depr	0
WA Age (1)	'35 years
Date Acquired	1-Jan-13
Maine	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	55
Initial Cost to Company	153
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	153
Acc Depr	0
WA Age (1)	'93 years
Date Acquired	1-Jan-13
Maryland	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	4
Encumb	228
Initial Cost to Company	504
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	504
Acc Depr	0
WA Age (1)	'39 years
Date Acquired	1-Jan-13
Massachusetts	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	116
Initial Cost to Company	194
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	194
Acc Depr	0
WA Age (1)	'21 years
Date Acquired	1-Jan-13
Michigan	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	7
Encumb	215
Initial Cost to Company	468
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	468
Acc Depr	0
WA Age (1)	'52 years
Date Acquired	1-Jan-13
Missouri	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	2
Encumb	84
Initial Cost to Company	300
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	300
Acc Depr	0
WA Age (1)	'16 years
Date Acquired	1-Jan-13
Nevada	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	5
Encumb	222
Initial Cost to Company	598
Capitalized Costs after Acquisition	42
Gross Amount at which Carried at Close of Period (2)	640
Acc Depr	1
WA Age (1)	'40 years
Date Acquired	1-Jan-13
Nevada | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
Nevada | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
New Jersey	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	6
Encumb	217
Initial Cost to Company	743
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	743
Acc Depr	0
WA Age (1)	'90 years
Date Acquired	1-Jan-13
New Mexico	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	3
Encumb	97
Initial Cost to Company	335
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	335
Acc Depr	0
WA Age (1)	'32 years
Date Acquired	1-Jan-13
New York	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	4
Encumb	573
Initial Cost to Company	1,009
Capitalized Costs after Acquisition	4
Gross Amount at which Carried at Close of Period (2)	1,013
Acc Depr	0
WA Age (1)	'31 years
Date Acquired	1-Jan-13
New York | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
New York | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
North Carolina	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	22
Encumb	1,162
Initial Cost to Company	2,517
Capitalized Costs after Acquisition	12
Gross Amount at which Carried at Close of Period (2)	2,529
Acc Depr	0
WA Age (1)	'45 years
Date Acquired	1-Jan-13
North Carolina | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
North Carolina | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Ohio	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	7
Encumb	355
Initial Cost to Company	957
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	957
Acc Depr	0
WA Age (1)	'27 years
Date Acquired	1-Jan-13
Oklahoma	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	2
Encumb	111
Initial Cost to Company	209
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	209
Acc Depr	0
WA Age (1)	'16 years
Date Acquired	1-Jan-13
Pennsylvania	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	11
Encumb	556
Initial Cost to Company	1,434
Capitalized Costs after Acquisition	11
Gross Amount at which Carried at Close of Period (2)	1,445
Acc Depr	0
WA Age (1)	'66 years
Date Acquired	1-Jan-13
Pennsylvania | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
Pennsylvania | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
South Carolina	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	3
Encumb	59
Initial Cost to Company	318
Capitalized Costs after Acquisition	27
Gross Amount at which Carried at Close of Period (2)	345
Acc Depr	2
WA Age (1)	'12 years
Date Acquired	1-Jan-13
South Carolina | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
South Carolina | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Tennessee	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	71
Initial Cost to Company	135
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	135
Acc Depr	0
WA Age (1)	'60 years
Date Acquired	1-Jan-13
Texas	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	10
Encumb	355
Initial Cost to Company	1,033
Capitalized Costs after Acquisition	94
Gross Amount at which Carried at Close of Period (2)	1,127
Acc Depr	2
WA Age (1)	'21 years
Date Acquired	1-Jan-13
Texas | Min	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'3 years
Texas | Max	'
Real Estate and Accumulated Depreciation [Line Items]	'
Life on which Depr is Calc	'27 years 6 months
Utah	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	3
Encumb	250
Initial Cost to Company	489
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	489
Acc Depr	0
WA Age (1)	'46 years
Date Acquired	1-Jan-13
Virginia	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	3
Encumb	510
Initial Cost to Company	849
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	849
Acc Depr	0
WA Age (1)	'30 years
Date Acquired	1-Jan-13
Washington	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	72
Initial Cost to Company	140
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	140
Acc Depr	0
WA Age (1)	'33 years
West Virginia	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	1
Encumb	208
Initial Cost to Company	346
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	346
Acc Depr	0
WA Age (1)	'58 years
Wisconsin	'
Real Estate and Accumulated Depreciation [Line Items]	'
No. of Props	14
Encumb	569
Initial Cost to Company	1,309
Capitalized Costs after Acquisition	0
Gross Amount at which Carried at Close of Period (2)	1,309
Acc Depr	$0
WA Age (1)	'32 years

Schedule_III_Schedule_III_Note

Schedule III Schedule III Notes (Details) (USD $)	7 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'	'
Real Estate, Gross	$0	$37,113,000
Real Estate, Acquisitions Through Foreclosures	0	31,014,000
Other acquisitions	'	6,198,000
Improvements	'	586,000
Cost of real estate sold	'	-685,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]	'	'
Real Estate Accumulated Depreciation	0	25,000
Depreciation expense	'	25,000
Cost of real estate sold	'	0
Real Estate, Federal Income Tax Basis	'	$37,100,000

Schedule_IV_Schedule_IV_Detail

Schedule IV Schedule IV (Details) (Single family residential [Member], First Mortgage [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
	loan
Mortgage Loans on Real Estate [Line Items]	'
Loan count	8,054
Carrying amount of mortgages (1)	$1,207,163
Principal amount of loans subject to delinquent principal or interest	2,029,314
Mortgage loans under $50,000 [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Loan count	63
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.38%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	13.88%
Carrying amount of mortgages (1)	1,013
Principal amount of loans subject to delinquent principal or interest	2,118
Mortgage loans under $50,000 [Member] | Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	24-Mar-14
Mortgage loans under $50,000 [Member] | Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Dec-40
Mortgage loans between $50,000 and $99,999 [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Loan count	794
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.00%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	16.13%
Carrying amount of mortgages (1)	30,679
Principal amount of loans subject to delinquent principal or interest	58,181
Mortgage loans between $50,000 and $99,999 [Member] | Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Sep-10
Mortgage loans between $50,000 and $99,999 [Member] | Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-May-51
Mortgage loans between $100,000 and $149,999 [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Loan count	1,667
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.00%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	13.65%
Carrying amount of mortgages (1)	114,844
Principal amount of loans subject to delinquent principal or interest	198,753
Mortgage loans between $100,000 and $149,999 [Member] | Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Feb-10
Mortgage loans between $100,000 and $149,999 [Member] | Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Nov-53
Mortgage loans between $150,000 and $199,999 [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Loan count	1,339
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.00%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	13.95%
Carrying amount of mortgages (1)	125,922
Principal amount of loans subject to delinquent principal or interest	222,205
Mortgage loans between $150,000 and $199,999 [Member] | Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-May-10
Mortgage loans between $150,000 and $199,999 [Member] | Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Sep-53
Mortgage loans between $200,000 and $249,999 [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Loan count	1,125
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	2.00%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	11.96%
Carrying amount of mortgages (1)	136,013
Principal amount of loans subject to delinquent principal or interest	240,679
Mortgage loans between $200,000 and $249,999 [Member] | Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Jun-09
Mortgage loans between $200,000 and $249,999 [Member] | Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Jan-57
Mortgage loans over $250,000 [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Loan count	3,066
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	1.00%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	12.38%
Carrying amount of mortgages (1)	798,692
Principal amount of loans subject to delinquent principal or interest	$1,307,378
Mortgage loans over $250,000 [Member] | Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Jan-10
Mortgage loans over $250,000 [Member] | Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Maturity	1-Sep-57

Schedule_IV_Schedule_IV_Note_D

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