Front Yard Residential (RESI) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity information

Document and Entity information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document and Entity Information [Abstract]
Entity registrant name	Altisource Residential Corporation
Entity central index key	1,555,039
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Document type	10-Q
Document period end date	Sep. 30, 2015
Document fiscal year focus	2,015
Document fiscal period focus	Q3
Amendment flag	false
Entity common stock, shares outstanding		55,990,853

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate held for use:
Land	$ 49,518	$ 14,424
Rental residential properties (net of accumulated depreciation of $5,048 and $1,062, respectively)	200,136	60,908
Real estate owned	567,228	457,045
Total real estate held for use, net	816,882	532,377
Real estate assets held for sale	133,154	92,230
Mortgage loans at fair value	1,380,575	1,959,044
Loans Receivable Held-for-sale, Amount	254,835	12,535
Cash and cash equivalents	83,881	66,166
Restricted cash	25,511	13,282
Accounts receivable	35,507	10,313
Related party receivables	0	17,491
Investment in affiliate	0	18,000
Deferred leasing and financing costs, net	9,806	4,251
Prepaid expenses and other assets	395	373
Total assets	2,740,546	2,726,062
Liabilities:
Repurchase and loan and security agreements	929,478	1,015,000
Other secured borrowings (including $14,991 repurchase agreement with NewSource at December 31, 2014)	513,049	339,082
Accounts payable and accrued liabilities	63,871	11,678
Related party payables	5,126	33,391
Total liabilities	$ 1,511,524	$ 1,399,151
Commitments and contingencies (Note 6)
Equity:
Common stock, $.01 par value, 200,000,000 authorized shares; 57,225,246 and 55,990,853 shares issued and outstanding, respectively, as of September 30, 2015 and 57,192,212 shares issued and outstanding as of December 31, 2014	$ 572	$ 572
Additional paid-in capital	1,227,334	1,227,091
Retained earnings	21,099	99,248
Treasury stock, at cost, 1,234,393 shares as of September 30, 2015 and 0 shares as of December 31, 2014	(19,983)	0
Total equity	1,229,022	1,326,911
Total liabilities and equity	$ 2,740,546	$ 2,726,062

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Rental residential properties - accumulated depreciation	$ 5,048,000	$ 1,062,000
Securities sold under agreements to repurchase	$ 0	$ 14,991,000
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	57,225,246	57,192,212
Common stock, shares outstanding	55,990,853	57,192,212
Treasury Stock, Shares	1,234,393	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental revenues	$ 4,021	$ 469	$ 7,561	$ 719
Net unrealized gain on mortgage loans	27,499	88,726	130,842	258,898
Net realized gain on mortgage loans	12,874	13,727	47,528	33,867
Net realized gain on mortgage loans held for sale	100	302	505	302
Net realized gain on real estate	13,914	3,310	36,926	4,544
Interest income	115	2,568	595	2,757
Total revenues	58,523	109,102	223,957	301,087
Expenses:
Residential property operating expenses	16,574	9,247	45,890	13,550
Real estate depreciation and amortization	2,050	313	4,392	464
Real estate selling costs and impairment	10,705	5,542	34,235	8,775
Mortgage loan servicing costs	13,477	21,226	47,989	49,588
Interest expense	14,436	11,699	39,477	24,352
General and administrative	3,147	1,819	9,497	5,665
Related party general and administrative	4,988	21,530	25,789	51,629
Total expenses	65,377	71,376	207,269	154,023
Other income	1,518	0	3,518	383
(Loss) income before income taxes	(5,336)	37,726	20,206	147,447
Income tax expense	27	50	53	76
Net (loss) income	$ (5,363)	$ 37,676	$ 20,153	$ 147,371
(Loss) earnings per share of common stock – basic:
Earnings per basic share (usd per share)	$ (0.09)	$ 0.66	$ 0.35	$ 2.63
Weighted average common stock outstanding – basic (in shares)	57,056,625	57,174,150	57,154,734	55,930,010
(Loss) earnings per share of common stock – diluted:
Earnings per diluted share (usd per share)	$ (0.09)	$ 0.66	$ 0.35	$ 2.62
Weighted average common stock outstanding – diluted (in shares)	57,056,625	57,406,325	57,351,014	56,312,104
Dividends declared per common share	$ 0.55	$ 0.55	$ 1.73	$ 1.48

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained earnings
Beginning balance, shares at Dec. 31, 2013		42,286,669
Beginning balance at Dec. 31, 2013	$ 785,427	$ 423	$ 758,584	$ 0	$ 26,420
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, shares		14,899,918
Issuance of common stock, including stock option exercises	483,706	$ 149	483,557
Cost of issuance of common stock	(15,290)		(15,290)
Dividends on common stock	(84,570)				(84,570)
Share-based compensation	170		170
Net income	147,371				147,371
Ending balance, shares at Sep. 30, 2014		57,186,587
Ending balance at Sep. 30, 2014	$ 1,316,814	$ 572	1,227,021	0	89,221
Beginning balance, shares at Dec. 31, 2014	57,192,212	57,192,212
Beginning balance at Dec. 31, 2014	$ 1,326,911	$ 572	1,227,091	0	99,248
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, shares		33,034
Issuance of common stock, including stock option exercises	104	$ 0	104
Treasury shares repurchased	(19,983)			(19,983)
Dividends on common stock	(98,302)				(98,302)
Share-based compensation	139		139
Net income	$ 20,153				20,153
Ending balance, shares at Sep. 30, 2015	55,990,853	57,225,246
Ending balance at Sep. 30, 2015	$ 1,229,022	$ 572	$ 1,227,334	$ (19,983)	$ 21,099

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	Sep. 18, 2015	Jun. 18, 2015	Mar. 31, 2015	Mar. 30, 2015	Mar. 11, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share	$ 0.55	$ 0.55	$ 0.55	$ 0.08	$ 0.08	$ 0.55	$ 0.55	$ 1.73	$ 1.48	$ 2.03

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net (loss) income	$ 20,153	$ 147,371
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized gain on mortgage loans	(130,842)	(258,898)
Net realized gain on mortgage loans	(47,528)	(33,867)
Net realized gain on sale of mortgage loans held for sale	(505)	(302)
Net realized gain on sale of real estate	(36,926)	(4,544)
Real estate depreciation and amortization	4,392	464
Real estate selling costs and impairment	34,235	8,775
Accretion of interest on re-performing mortgage loans	(581)	(2,475)
Share-based compensation	139	170
Amortization of deferred financing costs	4,271	2,241
Changes in operating assets and liabilities:
Accounts receivable	(1,746)	(518)
Related party receivables	0	6,421
Prepaid expenses and other assets	(22)	(5,225)
Deferred leasing costs	(1,287)	0
Accounts payable and accrued liabilities	15,584	2,137
Related party payables	(22,444)	49,337
Net cash used in operating activities	(163,107)	(88,913)
Investing activities:
Investment in mortgage loans	0	(1,241,083)
Investment in real estate	(111,423)	(27,463)
Investment in renovations	(15,936)	(5,957)
Real estate tax advances	(18,438)	(20,244)
Mortgage loan dispositions	190,146	122,023
Mortgage loan payments	19,268	14,903
Disposition of real estate	119,368	11,771
Disposition of preferred stock of affiliate	18,000	0
Change in restricted cash	(12,229)	(6,155)
Net cash provided by (used in) investing activities	188,756	(1,152,205)
Financing activities:
Issuance of common stock, including stock option exercises	204	491,337
Payment of tax withholdings on exercise of stock options	(100)	(7,631)
Cost of issuance of common stock	0	(15,290)
Repurchase of common stock	(19,983)	0
Dividends on common stock	(67,685)	(84,570)
Repurchase of notes under master repurchase agreement	(14,991)	0
Proceeds from issuance of other secured debt	221,691	165,000
Repayments of secured notes	(32,298)	0
Proceeds from repurchase agreement	285,967	952,264
Repayments of repurchase agreement	(371,489)	(296,317)
Payment of deferred financing costs	(9,250)	(3,636)
Net cash (used in) provided by financing activities	(7,934)	1,201,157
Net increase in cash and cash equivalents	17,715	(39,961)
Cash and cash equivalents as of beginning of the period	66,166	115,988
Cash and cash equivalents as of end of the period	83,881	76,027
Supplemental disclosure of cash flow information:
Cash paid for interest	34,879	20,212
Transfer of mortgage loans to real estate owned	367,653	410,913
Transfer of Portfolio Loans and Leases to Held-for-sale	250,346	0
Transfer of real estate owned to mortgage loans	8,275	5,367
Change in accrued capital expenditures	164	7,712
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances, net	2,550	13,081
Changes in receivables from real estate owned dispositions	1,949	3,097
Dividends declared but not paid	$ 30,617	$ 0

Organization and basis of prese

Organization and basis of presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Organization and basis of presentation Altisource Residential Corporation is a Maryland REIT focused on acquiring and managing quality, affordable single-family rental properties throughout the United States. We conduct substantially all of our activities through our wholly owned subsidiary Altisource Residential, L.P. and its subsidiaries. Initially, we acquired our rental properties primarily through the acquisition of sub-performing and non-performing mortgage loan portfolios and, commencing in the second quarter of 2015, we expanded our acquisition strategy to opportunistically acquire portfolios of single-family rental properties as an avenue to more quickly achieve scale in our rental portfolio where we believe the economics make sense. We also commenced a program to begin purchasing real estate owned (“REO”) properties on a one-by-one basis sourcing listed properties from the Multiple Listing Service and alternative listing sources. Our first purchases of REO properties under this program occurred in the third quarter of 2015. On December 21, 2012 we became a stand-alone publicly traded company with an initial capital contribution of $100 million . We have a long-term service agreement with Altisource Portfolio Solutions, SA (“Altisource”), a leading provider of real estate and mortgage portfolio management, asset recovery and customer relationship management services. We also have servicing agreements with three separate mortgage loan servicers. We are managed by AAMC, which we rely on to administer our business and perform certain of our corporate governance functions. AAMC also provides portfolio management services in connection with our acquisition and management of our portfolio. 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 March 31, 2015, we entered into a new asset management agreement with AAMC (the “New AMA”) with an effective date of April 1, 2015. Our previous asset management agreement with AAMC (the “Original AMA”) had a different incentive fee structure, which we refer to as “incentive management fees,” that gave AAMC a share of cash flow available for distribution to our stockholders as well as reimbursement for certain overhead and operating expenses. The New AMA provides for a new fee structure in which we pay AAMC a base management fee, an incentive management fee and a conversion fee for loans and REOs that become rental properties during each quarter versus the incentive management fee and expense reimbursement structure under the Original AMA. For additional details on the New AMA, please see “Note 7. Related Party Transactions.” Since we commenced operations, we have financed our business through a combination of equity offerings and repurchase agreements, warehouse lines and securitizations. Since inception, we have completed three public equity offerings with aggregate net proceeds of approximately $1.1 billion . We also entered into three separate repurchase agreements to finance our acquisition and ownership of residential mortgage loans and REO properties. The maximum aggregate funding available under these repurchase agreements at December 31, 2014 was $1.2 billion . On April 10, 2015, we also entered into a loan and security agreement (the “Nomura loan agreement”) with Nomura Corporate Funding Americas, LLC (“Nomura”). The purpose of the Nomura loan agreement is to finance our beneficial ownership of REO properties. The maximum aggregate funding available to us under the repurchase agreements and the Nomura loan agreement as of September 30, 2015 was $1.3 billion , subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of September 30, 2015 , an aggregate of $929.5 million was outstanding under our repurchase agreements and the Nomura loan agreement. All obligations of our subsidiaries under the repurchase agreements and the Nomura loan agreement are fully guaranteed by us. Each of our repurchase agreements and the Nomura loan agreement is described below: • Credit Suisse (“CS”) is the lender on the repurchase agreement entered into on March 22, 2013, (the “CS repurchase agreement”) with an initial aggregate maximum borrowing capacity of $100.0 million . During 2014 the CS repurchase agreement was amended on several occasions, ultimately increasing the aggregate maximum borrowing capacity to $225.0 million on December 31, 2014 with a maturity date of April 20, 2015, subject to an additional one -year extension with the approval of the lender. On April 20, 2015, we entered into an amended and restated repurchase agreement with CS that increased our aggregate borrowing capacity from $225.0 million to $275.0 million , increased the REO sublimit under the facility and extended the maturity date to April 18, 2016. • Deutsche Bank (“DB”) is the lender on the repurchase agreement entered into on September 12, 2013 (the “DB repurchase agreement”). The DB repurchase agreement matures on March 11, 2016 and includes a provision that after March 2015, we are not eligible for additional funding under the facility, thereby reducing our aggregate funding capacity under the DB repurchase agreement to $91.2 million , which was the amount outstanding under the facility on September 30, 2015 . • Wells Fargo (“Wells”) is the lender on the repurchase agreement entered into on September 23, 2013 (the “Wells repurchase agreement”) with an initial aggregate maximum borrowing capacity of $200.0 million . Throughout 2013 and 2014 the Wells repurchase agreement was amended several times increasing the aggregate maximum borrowing capacity to a high of $1.0 billion , and on December 31, 2014 was reduced to $750.0 million , subject to certain sublimits, to reflect the securitization of a significant portion of our non-performing loans that previously had been financed under the Wells repurchase agreement. On February 20, 2015, we exercised our option to extend the termination date of this facility to March 23, 2016 without any additional funding than the $536.0 million that was outstanding at the time of the extension. On September 30, 2015, the Wells repurchase agreement was amended to extend the termination date of the facility to September 27, 2017, to re-increase the aggregate amount of available funding to $750.0 million and to further increase sublimits of REO properties that may collateralize the facility from 10% of the aggregate funding capacity to 40% of the aggregate funding capacity, or $300.0 million of the $750.0 million . • Nomura is the lender on the Nomura loan agreement entered into on April 10, 2015 with an initial aggregate maximum funding capacity of $100.0 million . On May 12, 2015, we amended the terms of the Nomura loan agreement to increase the aggregate maximum funding capacity to $200.0 million , subject to certain sublimits, eligibility requirements and conditions precedent to each funding. The Nomura loan agreement terminates on April 8, 2016. Since September 2014, we have also completed three securitization transactions, each of which is summarized below: • On September 25, 2014, we completed a securitization transaction in which ARLP Securitization Trust, Series 2014-1 (“ARLP 2014-1”) issued $150.0 million in Class A Notes (the “ARLP 2014-1 Class A Notes”) with a weighted coupon of approximately 3.47% and $32.0 million in Class M Notes (the “ARLP 2014-1 Class M Notes”) with a weighted coupon of 4.25% . The ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-1 and not by any of our other assets. The assets of ARLP 2014-1 are the only source of repayment and interest on the ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes. The ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes mature on September 25, 2044, and we do not guarantee any of the obligations of ARLP 2014-1 under the terms of the indenture governing the notes or otherwise. As of September 30, 2015 , the book value of the underlying securitized assets held by ARLP 2014-1 was $203.1 million . • On November 25, 2014, we completed a securitization transaction in which ARLP Securitization Trust, Series 2014-2 ("ARLP 2014-2") issued $270.8 million in Class A Notes (the “ARLP 2014-2 Class A Notes”) with a weighted coupon of approximately 3.85% and $234.0 million in Class M Notes (the “ARLP 2014-2 Class M Notes”). We initially retained $95.8 million of the ARLP 2014-2 Class A Notes and all of the ARLP 2014-2 Class M Notes. On February 9, 2015, we sold $50.7 million of the retained ARLP 2014-2 Class A Notes to an unrelated third party. No interest will be paid on any ARLP 2014-2 Class M Notes while any ARLP 2014-2 Class A Notes remain outstanding. The ARLP 2014-2 Class A Notes and ARLP 2014-2 Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-2 and not by any of our other assets. The assets of ARLP 2014-2 are the only source of repayment and interest on the ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes. The ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes mature on January 26, 2054, and we do not guarantee any of the obligations of ARLP 2014-2 under the terms of the indenture governing the notes or otherwise. As of September 30, 2015 , the book value of the underlying securitized assets held by ARLP 2014-2 was $325.0 million . • On June 29, 2015, we completed a securitization transaction in which ARLP Securitization Trust, Series 2015-1 ("ARLP 2015-1") issued $205.0 million in Class A Notes (the “ARLP 2015-1 Class A Notes”) with a weighted coupon of approximately 4.01% and $60.0 million in Class M Notes (the “ARLP 2015-1 Class M Notes”). We retained $34.0 million of the ARLP 2015-1 Class A Notes and all of the ARLP 2015-1 Class M Notes. No interest will be paid on any ARLP 2015-1 Class M Notes while any ARLP 2015-1 Class A Notes remain outstanding. The ARLP 2015-1 Class A Notes and ARLP 2015-1 Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2015-1 and not by any of our other assets. The assets of ARLP 2015-1 are the only source of repayment and interest on the ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes. The ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes mature on May 25, 2055, and we do not guarantee any of the obligations of ARLP 2015-1 under the terms of the indenture governing the notes or otherwise. As of September 30, 2015 , the book value of the underlying securitized assets held by ARLP 2015-1 was $284.5 million . We retained all of the ARLP 2014-1 Class M Notes in our taxable REIT subsidiary (“TRS”). On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the ARLP 2014-1 Class M Notes to NewSource. On September 14, 2015, the TRS completed the repurchase of the ARLP 2014-1 Class M notes from NewSource at a 5.0% yield. For a more complete description of our repurchase agreements, loan and security agreement and securitization transactions, please see “Note 5. Borrowings.” Unconsolidated affiliate 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. On September 14, 2015, NewSource completed the repurchase of all of our shares of non-voting preferred stock for aggregate proceeds of $18.0 million , which was the aggregate par value of the shares being repurchased. Until September 10, 2015, we were eligible to receive a 12% annual cumulative preferred dividend on our investment. In connection with the repurchase of the preferred stock, NewSource also paid to us the accrued but unpaid dividend on our shares from January 1, 2015 through September 10, 2015, or $1.5 million . We accounted for our investment in NewSource using the cost method because we did not exercise significant influence over NewSource. As a result, we recognized preferred dividend income from this investment when received. Basis of presentation and use of estimates The accompanying unaudited interim 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. The unaudited consolidated financial statements and accompanying unaudited consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim consolidated financial statements presented in this Quarterly Report as permitted by SEC rules and regulations. These consolidated financial statements should be read in conjunction with our 2014 annual report on Form 10-K. Residential properties Purchases of real estate properties are evaluated to determine whether they meet the definition of an asset acquisition or of a business combination under U.S. GAAP. For asset acquisitions, we capitalize the pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred and capitalize closing and other direct acquisition costs. We then allocate the total cost of the property, including the acquisition costs, between land, building and any identified intangible assets and liabilities (including in-place leases and above and below-market leases). For acquisitions that qualify as business combinations, we expense the acquisition costs in the period in which the costs were incurred and allocate the cost of the property among land, building and any identified intangible assets and liabilities. Lease intangibles are recorded at the estimated fair value, which is the estimated costs that would have been incurred to lease the property net of any above or below-market lease concessions, and are amortized on a straight-line basis over the remaining life of the related lease or, in the case of acquisitions of real estate pools, over the weighted average remaining life of the related pool of leases. Upon the acquisition of real estate through the completion of foreclosure, we record the assets 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 (“BPO”), a full appraisal or the price given in a current contract of sale of the property. Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon management's or other third-party estimates, are often calculated based on the characteristics of the asset, the economic environment and other such factors. Based on professional judgment and knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property. We engage third party vendors, including Altisource, to obtain and evaluate BPOs prepared by other third party brokers for our ultimate use. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by a broker prove to be incorrect or inaccurate. We have established validation procedures to confirm the values we receive from third party vendors are consistent with our observations of market values. These validation procedures include establishing thresholds to identify changes in value that require further analysis. Our current policies require that we update the fair value estimate of each financed REO property at least every 180 days by obtaining a new BPO, which is subject to the review processes of our third party vendors. We generally perform further analysis when the value of the property per the new BPO varies from the old BPO by 25% , or $75,000 per property. If a newly obtained BPO varies from the old BPO by this established threshold, we perform additional procedures to ensure the BPO accurately reflects the current fair value of the property. These procedures include engaging additional third party vendors to compare the old BPOs to the new BPOs and to assist us in evaluating the appropriateness of comparable properties and property-specific characteristics used in the valuation process. As part of this evaluation, our third party vendors often discuss the differing BPOs with the providing brokers to ensure that proper comparable properties have been identified. These third party vendors also compare the BPOs to past appraisals, if any, of the property to ensure the BPOs are in line with those appraisals. Following the consideration and reconciliation of the BPOs, the third party provider may provide us with a new property value reflecting the analysis they performed or confirm the BPO value we received, in which case we use the new property value or the validated BPO, respectively, for our fair value estimate of the property. After an evaluation period, we may perform property renovations to those properties that meet our rental investment criteria in order to optimize our rental proceeds. In some instances, we may also perform renovations on REO properties that do not meet our rental investment criteria in order to optimize sale proceeds. 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, residential rental properties, including any renovations that improve or extend the life of the asset, are accounted for at cost. REO properties that do not meet our rental investment criteria that are held for sale are accounted for at the lower of carrying value or estimated fair value less cost to sell. The cost basis of residential rental properties is depreciated using the straight-line method over an estimated useful life of three years to 27.5 years based on the nature of the components. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Expenditures directly related to successful leasing efforts, such as lease commissions, are included in deferred leasing and financing costs, net and are stated at amortized cost. Such expenditures are part of 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 year to two years . Residential properties are classified either as held for use or held for sale. Residential properties are classified as real estate assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. We record residential properties held for sale at the lower of the carrying amount or estimated fair value less costs to sell. The impairment loss, if any, is the amount by which the carrying amount exceeds the estimated fair value less costs to sell. Treasury stock As previously disclosed, in August 2015, our Board of Directors authorized a share repurchase plan of $100.0 million . During the third quarter of 2015, we repurchased an aggregate of approximately $20.0 million in shares of our common stock under this plan. We account for repurchased common stock under the cost method and include such treasury stock as a component of total shareholders’ equity. Following our third quarter repurchases, we have an aggregate of $80.0 million remaining for repurchases under our Board-approved repurchase plan. Recently issued accounting standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs are presented on the balance sheet as a deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. These standards require retrospective application and represent a change in accounting principle. The standard is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. We do not expect the impact of adopting these standards to have a material impact on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis. ASU 2015-02 makes targeted amendments to the current consolidation guidance that change the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance addresses concerns that current accounting might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations. The standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. We are evaluating the impact of ASU 2015-02 on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which effectively delayed the adoption date of ASU 2014-09 by one year. ASU 2014-09 is therefore effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2016. We do not expect this amendment to have a significant effect on our consolidated financial statements.

Mortgage loans

Mortgage loans	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage loans	Mortgage loans Acquisitions of non-performing residential mortgage loans During the nine months ended September 30, 2015 , we did not acquire any portfolios of residential mortgage loans. During the nine months ended September 30, 2014 , we acquired an aggregate of 7,086 residential mortgage loans, substantially all of which were non-performing, and 190 REO properties having an aggregate UPB of approximately $1.9 billion and an aggregate market value of underlying properties of approximately $1.7 billion . The aggregate purchase price for these acquisitions was approximately $1.1 billion . During the three and nine months ended September 30, 2015 , we recognized a nominal amount and $0.4 million , respectively, for due diligence costs related to a potential purchase of a portfolio of non-performing loans on which we bid but did not ultimately acquire. During the three and nine months ended September 30, 2014 , we recognized a nominal amount and $2.9 million , respectively, for due diligence costs related to transactions in both general and administrative expense and related party general and administrative expense. Generally, we expect that our residential mortgage loan and REO portfolios may grow at an uneven pace, as opportunities to acquire distressed residential mortgage loans and REO portfolios may be irregularly timed and may involve large portfolios of loans or REO, and the timing and extent of our success in acquiring such assets cannot be predicted. In addition, for any given portfolio of loans that we agree to acquire, we typically acquire fewer loans than originally expected, as certain loans may be resolved prior to the closing date or may fail to meet our diligence standards. The number of loans or REO excluded from an acquisition typically constitutes a relatively small portion of a particular portfolio. In some cases, the number of loans or REO that we do not acquire could be significant. In any case where we do not acquire the full portfolio, appropriate reductions are made to the applicable purchase price. Throughout this 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. Transfers of non-performing mortgage loans to real estate owned During the three months ended September 30, 2015 and 2014 , we transferred a net of 507 and 1,104 mortgage loans, respectively, to REO at an aggregate fair value based on broker pric e opinions ("BPOs") of $90.7 million and $188.2 million , respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, we recorded an aggregate of $17.0 million and $41.0 million , respectively, in unrealized gains on mortgage loans. During the nine months ended September 30, 2015 and 2014 , we transferred a net of 1,918 and 2,634 mortgage loans, respectively, to REO at an aggregate fair value based on BPOs of $359.4 million and $405.5 million , respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, we recorded an aggregate of $68.4 million and $93.6 million , respectively, in unrealized gains on mortgage loans. At September 30, 2015 , we had 5,348 loans with a carrying value of $1.0 billion that were in the foreclosure process compared to 7,841 loans with a carrying value of $1.5 billion at December 31, 2014 . Dispositions of non-performing residential mortgage loans During the three months ended September 30, 2015 and 2014 , we disposed of 145 and 165 non-performing mortgage loans, respectively, primarily through short sales, refinancing, foreclosure sales, and sale of loans that had transitioned to re-performing loans from prior non-performing loan acquisitions. In connection with these dispositions, we recorded $12.9 million and $13.7 million , respectively, of net realized gains on mortgage loans. During the nine months ended September 30, 2015 and 2014 , we disposed of 565 and 416 non-performing mortgage loans, respectively, primarily through short sales, refinancing, foreclosure sales, and sale of loans that had transitioned to re-performing loans from prior non-performing loan acquisitions. In connection with these dispositions, we recorded $47.5 million and $33.9 million , respectively, of net realized gains on mortgage loans. During the third quarter of 2015, 871 non-performing mortgage loans with a carrying value of $250.3 million were transferred to mortgage loans held for sale in connection with our agreement in principle to sell such non-performing loans to an unrelated third party. Subject to confirmatory due diligence and negotiation of a definitive purchase agreement, we expect this disposition to occur in the fourth quarter of 2015. No assurance can be given that we will consummate this sale on a timely basis or at all. Acquisition and dispositions of re-performing residential mortgage loans On June 27, 2014, we acquired 879 re-performing mortgage loans with an aggregate market value of underlying properties of $271.1 million for an aggregate purchase price of $144.6 million . Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. These 879 re-performing residential mortgage loans were determined to have common risk characteristics and have been accounted for as a single loan pool. During October 2014, we sold an aggregate of 934 re-performing loans to an unrelated third party for an aggregate purchase price of $164 million . The sale included 770 loans from the re-performing mortgage loans purchased in June 2014, and 164 loans that had transitioned to re-performing status from prior non-performing loan acquisitions. During June 2015, we sold an aggregate of 189 re-performing loans to an unrelated third party for an aggregate purchase price of $34.6 million . The sale included 52 loans from the re-performing mortgage loans purchased in June 2014, and 137 loans that had transitioned to re-performing status from prior non-performing loan acquisitions. Approximately $2.0 million of the proceeds from the June 2015 re-performing loan sale were used to purchase the loans out of our ARLP 2014-1 and ARLP 2014-2 securitizations and approximately $16.4 million of the proceeds were used to purchase the loans out of our Wells repurchase facility. Therefore, our net proceeds from the June 2015 re-performing loan sale were approximately $16.2 million . Additionally, we disposed of 12 re-performing mortgage loans acquired in June 2014 through short sale, refinancing or other liquidation events, and two re-performing mortgage loans acquired in June 2014 were converted into REO properties. Under ASC 310-30, we estimate cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. We determine the excess of the loan pool's contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, the nonaccretable yield. The difference between expected cash flows and the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the three and nine months ended September 30, 2015 , we recognized no provision for loan loss and no adjustments to the amount of the accretable yield. For the three and nine months ended September 30, 2015 , we accreted $0.1 million and $0.6 million , respectively, into interest income with respect to our re-performing loans. As of September 30, 2015 , these re-performing loans, having a UPB of $8.3 million and a carrying value of $5.7 million , were held for sale. The following tables present information regarding the estimates of the contractually required payments and the cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands): Nine months ended September 30, 2015 Accretable Yield Carrying Amount of Loans Balance at the beginning of the period $ 7,640 $ 12,535 Additions — 37 Payments and other reductions, net (3,285 ) (7,453 ) Accretion (581 ) 581 Balance at the end of the period $ 3,774 $ 5,700

Real estate assets, net

Real estate assets, net	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real estate assets, net	Real estate assets, net Acquisitions 1,314 single-family rental properties in the Atlanta, Georgia market, of which 94% were leased as of the acquisition date, from certain subsidiaries of Invitation Homes (“Invitation Homes”), for an aggregate purchase price of approximately $111.4 million . Acquisition costs related to this portfolio acquisition of $0.6 million were recognized in general and administrative expenses. The value of in-place leases was estimated at $1.6 million based upon the costs we would have incurred to lease the properties and is being amortized over the weighted-average remaining life of the leases of 7 months . During the third quarter of 2015, we initiated a program to purchase REO properties on a one-by-one basis, sourcing listed properties from the Multiple Listing Service and alternative listing sources. We acquired 10 REO properties under this program in the third quarter of 2015. During the nine months ended September 30, 2014 , we acquired 190 REO properties as part of our portfolio acquisitions for an aggregate purchase price of $27.5 million . We acquired no REO properties during the three months ended September 30, 2014 . Real estate held for use As of September 30, 2015 , we had 5,523 REO properties held for use. Of these properties, 2,105 had been leased, 156 were being listed for rent, 255 were in varying stages of renovation and unit turn status. With respect to the remaining 3,007 REO properties, we will make a final determination whether each property meets our rental profile after (a) applicable state foreclosure redemption periods have expired, (b) the foreclosure sale has been ratified, (c) we have recorded the deed for the property, (d) utilities have been activated and (e) we have secured access for interior inspection. A majority of the REO properties are subject to state regulations which require us to await the expiration of a redemption period before a foreclosure can be finalized. We include these redemption periods in our portfolio pricing which generally reduces the price we pay for the mortgage loans. Once the redemption period expires, we immediately proceed to record the new deed, take possession of the property, activate utilities, and start the inspection process in order to make our final determination. As of December 31, 2014 , we had 3,349 REO properties held for use. Of these properties, 336 had been leased, 197 were being listed for rent and 254 were in various stages of renovation. With respect to the remaining 2,562 REO properties, we were in the process of determining whether these properties would meet our rental profile. As of September 30, 2014 , we had 2,660 REO properties held for use. Of these properties, 216 had been leased, 90 were being listed for rent and 270 were in various stages of renovation. With respect to the remaining 2,084 REO properties, we were in the process of determining whether these properties would meet our rental profile. If a 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 certain instances after renovations are made to optimize the sale proceeds. Real estate held for sale As of September 30, 2015 , we classified 747 REO properties having an aggregate carrying value of $133.2 million as real estate held for sale as they do not meet our residential rental property investment criteria. As of December 31, 2014 , we had 611 REO properties having an aggregate carrying value of $92.2 million held for sale, and as of September 30, 2014 , we had 324 REO properties having an aggregate carrying value of $41.0 million held for sale. None of these REO properties have any operations; therefore, we are not presenting discontinued operations related to these properties. We record residential properties held for sale at the lower of either the carrying amount of REO or its estimated fair value less estimated selling costs. If the carrying amount exceeds the estimated fair value, as adjusted, we record impairment equal to the amount of such excess. If an increase in fair value is noted at a subsequent measurement date, a gain is recognized to the extent of any previous impairment recognized. As of September 30, 2015 we had recognized $11.3 million of impairment on the 747 REO properties having a fair value of $146.6 million . As of December 31, 2014 we had recognized $4.9 million of impairment on the 611 REO properties having a fair value of $96.0 million . As of September 30, 2014 , we had recognized $2.7 million of impairment on the 324 REO properties having a fair value of $44.2 million . Dispositions During the three and nine months ended September 30, 2015 , we sold 357 and 932 REO properties, respectively, through our TRS and recorded $13.9 million and $36.9 million of net realized gains on real estate, respectively. During the three and nine months ended September 30, 2014 , we sold 78 and 102 REO properties, respectively, through our TRS and recorded $3.3 million and $4.5 million of net realized gains on real estate, respectively.

Fair value of financial instrum

Fair value of financial instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Fair value of financial instruments The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of September 30, 2015 and December 31, 2014 ($ in thousands): Level 1 Level 2 Level 3 Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs September 30, 2015 Recurring basis (assets) Mortgage loans $ — $ — $ 1,380,575 Nonrecurring basis (assets) Real estate assets held for sale $ — $ — $ 146,646 Transfer of real estate owned to mortgage loans $ — $ — $ 8,275 Transfer of mortgage loans to real estate owned $ — $ — $ 367,653 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale $ — $ — $ 254,835 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase agreements at fair value $ — $ 929,478 $ — Other secured borrowings $ — $ 510,608 $ — December 31, 2014 Recurring basis (assets) Mortgage loans $ — $ — $ 1,959,044 Nonrecurring basis (assets) Real estate assets held for sale $ — $ — $ 96,041 Transfer of real estate owned to mortgage loans $ — $ — $ 8,400 Transfer of mortgage loans to real estate owned $ — $ — $ 595,668 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale $ — $ — $ 12,535 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase agreements at fair value $ — $ 1,015,000 $ — Other secured borrowings $ — $ 336,409 $ — We have not transferred any assets from one level to another level during the nine months ended September 30, 2015 or during the year ended December 31, 2014 . The carrying values of our cash and cash equivalents, restricted cash, related party receivables, accounts payable, accrued liabilities, related party payables and, until NewSource's repurchase of our shares in September 2015, our investment in NewSource are equal to or approximate fair value. The fair value of mortgage loans is estimated using our asset manager's proprietary pricing model. The fair value of real estate assets held for sale is estimated using BPOs, estimated sales prices from pending contracts, and discounted cash flow models. The fair value of transfers of mortgage loans to real estate owned is estimated using BPOs. The fair value of mortgage loans held for sale is based on the pricing in a pending sale. The fair value of re-performing mortgage loans held for sale is estimated using the present value of the future estimated principal and interest payments of the loan, with the discount rate used in the present value calculation representing the estimated effective yield of the loans, considering a market participant view. 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 fair value of other secured borrowings is estimated using observable market data. The following table sets forth the changes in our level 3 assets that are measured at fair value on a recurring basis ($ in thousands): Three months ended September 30, 2015 Three months ended September 30, 2014 Nine months ended September 30, 2015 Nine months ended September 30, 2014 Mortgage loans Beginning balance $ 1,716,489 $ 2,024,028 $ 1,959,044 $ 1,207,163 Investment in mortgage loans — 184,590 — 1,097,601 Net unrealized gain on mortgage loans 27,499 88,726 130,842 258,898 Net realized gain on mortgage loans 12,874 13,727 47,528 33,867 Transfer of mortgage loans to mortgage loans held for sale (250,346 ) — (250,346 ) — Mortgage loan dispositions and payments (57,882 ) (60,062 ) (205,120 ) (143,834 ) Real estate tax advances to borrowers 6,611 6,397 18,002 19,119 Reclassification of realized gains on real estate sold from unrealized gains 16,026 3,322 40,003 4,237 Transfer of real estate owned to mortgage loans 5,410 719 8,275 5,367 Transfer of mortgage loans to real estate owned (96,106 ) (189,942 ) (367,653 ) (410,913 ) Ending balance at September 30 $ 1,380,575 $ 2,071,505 $ 1,380,575 $ 2,071,505 Net unrealized gain on mortgage loans held at the end of the period $ 13,022 $ 55,558 $ 93,874 $ 164,378 The following table sets forth the fair value of our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2015 and December 31, 2014 ($ in thousands): Number of loans Carrying value Unpaid principal balance Market value of underlying properties (1) September 30, 2015 Current 808 $ 134,747 $ 184,084 $ 196,088 30 97 15,506 21,999 25,575 60 50 8,340 12,937 12,292 90 1,308 195,160 311,326 287,174 Foreclosure 5,348 1,026,822 1,415,239 1,338,722 Mortgage loans 7,611 $ 1,380,575 $ 1,945,585 $ 1,859,851 December 31, 2014 Current 670 $ 107,467 $ 159,731 $ 160,654 30 109 15,424 22,629 24,046 60 57 7,921 11,624 12,510 90 2,286 361,434 569,930 544,709 Foreclosure 7,841 1,466,798 2,172,047 1,951,606 Mortgage loans 10,963 $ 1,959,044 $ 2,935,961 $ 2,693,525 _____________ (1) Market value is based on the most recent BPO provided to us by the applicable seller for each property in the respective portfolio as of its cut-off date or an updated BPO received since the acquisition was completed. The following table sets forth the carrying value of our mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2015 and December 31, 2014 ($ in thousands): Number of loans Carrying value Unpaid principal balance Market value of underlying properties (1) September 30, 2015 Current 19 $ 4,152 $ 5,502 $ 10,235 30 2 291 384 467 60 2 322 458 418 90 229 70,432 94,907 109,879 Foreclosure 662 179,638 253,970 273,012 Mortgage loans held for sale 914 $ 254,835 $ 355,221 $ 394,011 December 31, 2014 Current 68 $ 8,317 $ 11,938 $ 15,154 30 6 $ 1,118 $ 1,667 $ 2,004 60 4 $ 359 $ 644 $ 670 90 24 $ 2,741 $ 4,149 $ 4,624 Mortgage loans held for sale 102 $ 12,535 $ 18,398 $ 22,452 _____________ (1) Market value is based on the most recent BPO provided to us by the applicable seller for each property in the respective portfolio as of its cut-off date or an updated BPO received since the acquisition was completed. 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 September 30, 2015 and December 31, 2014 : Input September 30, 2015 December 31, 2014 Equity discount rate 15.0% 15.0% Debt to asset ratio 65.0% 65.0% Cost of funds 3.5% over 1 month LIBOR 3.5% over 1 month LIBOR Annual change in home pricing index 0% to 7.5% -0.1% to 7.6% Loan resolution probabilities — modification 0% to 44.7% 0% to 44.7% Loan resolution probabilities — rental 0% to 100.0% 0% to 100.0% Loan resolution probabilities — liquidation 0% to 100.0% 0% to 100.0% Loan resolution timelines (in years) 0.1 to 5.3 0.1 to 5.3 Value of underlying properties $300 - $5,500,000 $3,000 - $5,300,000

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings Repurchase agreements and the Nomura loan agreement 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, rental properties and unrented REO properties in our portfolio. On April 10, 2015, we also entered into the Nomura loan agreement for the purpose of financing our beneficial ownership of REO properties. We have effective control of the assets associated with these agreements and therefore have concluded these are financing arrangements. As of September 30, 2015 , the weighted average annualized interest rate on borrowings under our repurchase agreements and the Nomura loan agreement was 3.39% , excluding amortization of deferred financing costs. The following table sets forth data with respect to our repurchase agreements and the Nomura loan agreement as of September 30, 2015 and December 31, 2014 ($ in thousands): Maximum borrowing capacity Book value of collateral Amount outstanding Amount of available funding September 30, 2015 CS repurchase agreement due April 18, 2016 $ 275,000 $ 413,395 $ 229,734 $ 45,266 Wells repurchase agreement due September 27, 2017 750,000 901,432 480,752 269,248 DB repurchase agreement due March 11, 2016 91,177 201,638 91,177 — Nomura loan agreement due April 8, 2016 200,000 193,522 127,815 72,185 $ 1,316,177 $ 1,709,987 $ 929,478 $ 386,699 December 31, 2014 CS repurchase agreement due April 20, 2015 $ 225,000 $ 332,618 $ 222,044 $ 2,956 Wells repurchase agreement due March 23, 2015 750,000 1,036,409 569,509 180,491 DB repurchase agreement due March 11, 2016 250,000 450,532 223,447 26,553 $ 1,225,000 $ 1,819,559 $ 1,015,000 $ 210,000 Under the terms of each of our repurchase agreements, as collateral for the funds drawn thereunder, subject to certain conditions, our operating partnership and/or an intervening limited liability company subsidiary 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 directly sell such underlying mortgage assets. In the event the lender determines the value of the collateral has decreased, the lender has the right to initiate a margin call and require 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. We do not collateralize any of our repurchase facilities with cash. Pursuant to the CS repurchase agreement, we are entitled to collateralize a portion of the facility with securities. As of September 30, 2015 , approximately $19.9 million of the amounts outstanding under the CS repurchase agreement was collateralized by $32.0 million of the Class M Notes issued and retained by us in connection with the securitization completed in September 2014 by ARLP 2014-1, approximately $29.3 million of the amounts outstanding under the CS repurchase agreement was collateralized by $45.1 million of the Class A-2 Notes issued and retained by us in connection with the securitization completed in November 2014 by ARLP 2014-2, and approximately $21.0 million of the amounts outstanding under the CS repurchase agreement was collateralized by $34.0 million of the Class A-2 Notes issued and retained by us in connection with the securitization completed in July 2015 by ARLP 2015-1. The repurchase agreements require us to maintain various financial and other covenants, including maintaining a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash. In addition, the repurchase agreements contain customary events of default. We are restricted by the terms of our repurchase agreements from paying dividends greater than our 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. For additional information on the repurchase agreements, please see "Note 1. Organization and basis of presentation." Under the terms of the Nomura loan agreement, subject to certain conditions, Nomura may advance funds to us from time to time, with such advances collateralized by REO properties. The advances paid under the Nomura loan agreement with respect to the REO properties from time to time will be based on a percentage of the market value of the applicable REO properties. Under the terms of the Nomura loan agreement, we are required to pay interest based on the one-month LIBOR plus a spread and certain other customary fees, administrative costs and expenses in connection with Nomura's structuring, management and ongoing administration of the facility. The Nomura loan agreement requires us to maintain various financial and other covenants, including a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash. In addition, the Nomura loan agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, certain material adverse changes, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the Nomura loan agreement and the liquidation by Nomura of the REO properties then subject thereto. Other Secured Debt - Securitizations On September 25, 2014, we completed a securitization transaction in which ARLP 2014-1 issued $150.0 million in ARLP 2014-1 Class A Notes with a weighted coupon of approximately 3.47% and $32.0 million in ARLP 2014-1 Class M Notes with a weighted coupon of 4.25% . ARLP 2014-1 is a Delaware statutory trust that is wholly-owned by our operating partnership with a federally-chartered bank as its trustee. The ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes are non-recourse to us and are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-1 but not by any of our other assets. The assets of ARLP 2014-1 are the only source of repayment and interest on the ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes, thereby making the cash proceeds received by ARLP 2014-1 of loan payments, loan liquidations, loan sales and sales of converted REO properties the sole sources of the payment of interest and principal by ARLP 2014-1 to the bond holders. The ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes mature on September 25, 2044, and we do not guarantee any of the obligations of ARLP 2014-1 under the terms of the indenture governing the notes or otherwise. As of September 30, 2015 , the book value of the underlying securitized assets held by ARLP 2014-1 was $203.1 million . We retained all of the ARLP 2014-1 Class M Notes in our TRS. On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the ARLP 2014-1 Class M Notes to NewSource. On September 14, 2015, the TRS completed its repurchase of the ARLP 2014-1 Class M notes from NewSource at a 5.0% yield. On November 25, 2014, we completed a securitization transaction in which ARLP 2014-2 issued $270.8 million in ARLP 2014-2 Class A Notes with a weighted coupon of approximately 3.85% and $234.0 million in ARLP 2014-2 Class M Notes. ARLP 2014-2 is a Delaware statutory trust that is wholly-owned by our operating partnership with a federally-chartered bank as its trustee. We initially retained $95.8 million of the ARLP 2014-2 Class A Notes and all of the ARLP 2014-2 Class M Notes. On February 9, 2015, we sold $50.7 million of the retained ARLP 2014-2 Class A Notes to an unrelated third party. No interest will be paid on any ARLP 2014-2 Class M Notes while any ARLP 2014-2 Class A Notes remain outstanding. The ARLP 2014-2 Class A Notes and ARLP 2014-2 Class M Notes are non-recourse to us and are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-2 but not by any of our other assets. The assets of ARLP 2014-2 are the only source of repayment and interest on the ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes, thereby making the cash proceeds received by ARLP 2014-2 of loan payments, loan liquidations, loan sales and sales of converted REO properties the sole sources of the payment of interest and principal by ARLP 2014-2 to the bond holders. The ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes mature on January 26, 2054, and we do not guarantee any of the obligations of ARLP 2014-2 under the terms of the indenture governing the notes or otherwise. As of September 30, 2015 , the book value of the underlying securitized assets held by ARLP 2014-2 was $325.0 million . On June 29, 2015, we completed a securitization transaction in which ARLP 2015-1 issued $205.0 million in ARLP 2015-1 Class A Notes with a weighted coupon of approximately 4.01% and $60.0 million in ARLP 2015-1 Class M Notes. ARLP 2015-1 is a Delaware statutory trust that is wholly-owned by our operating partnership with a federally-chartered bank as its trustee. We retained $34.0 million of the ARLP 2015-1 Class A Notes and all of the ARLP 2015-1 Class M Notes. No interest will be paid on any ARLP 2015-1 Class M Notes while any ARLP 2015-1 Class A Notes remain outstanding. The ARLP 2015-1 Class A Notes and ARLP 2015-1 Class M Notes are non-recourse to us and are secured solely by the non-performing mortgage loans and REO properties of ARLP 2015-1 but not by any of our other assets. The assets of ARLP 2015-1 are the only source of repayment and interest on the ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes, thereby making the cash proceeds received by ARLP 2015-1 of loan payments, loan liquidations, loan sales and sales of converted REO properties the sole sources of the payment of interest and principal by ARLP 2015-1 to the bond holders. The ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes mature on May 25, 2055, and we do not guarantee any of the obligations of ARLP 2015-1 under the terms of the indenture governing the notes or otherwise. As of September 30, 2015 , the book value of the underlying securitized assets held by ARLP 2015-1 was $284.5 million . The following table sets forth data with respect to these notes as of September 30, 2015 and December 31, 2014 ($ in thousands): Interest Rate Amount outstanding September 30, 2015 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % $ 203,937 ARLP 2015-1 Class M Notes due May 25, 2044 — % 60,000 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes due January 26, 2054 (2) 3.87 % 249,535 ARLP 2014-2 Class M Notes due January 26, 2054 — % 234,010 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes due September 25, 2044 (3) 3.47 % 138,715 ARLP 2014-1 Class M Notes due September 25, 2044 (4) 4.25 % 32,000 Intercompany eliminations Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc. (34,000 ) Elimination of ARLP 2015-1 Class M Notes due to ARLP (60,000 ) Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (45,138 ) Elimination of ARLP 2014-2 Class M Notes due to ARLP (234,010 ) Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) $ 513,049 December 31, 2014 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes due January 26, 2054 (2) 3.85 % $ 269,820 ARLP 2014-2 Class M Notes due January 26, 2054 — % 234,010 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes due September 25, 2044 (3) 3.47 % 150,000 ARLP 2014-1 Class M Notes due September 25, 2044 (4) 4.25 % 32,000 ARNS, Inc. Securities sold under agreement to repurchase due March 27, 2015 5.00 % 14,991 Intercompany eliminations Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (95,729 ) Elimination of ARLP 2014-2 Class M Notes due to ARLP (234,010 ) Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) $ 339,082 _____________ (1) The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019. (2) The expected redemption date for the Class A Notes ranges from November 27, 2017 to November 27, 2018. (3) The expected redemption date for the Class A Notes ranges from September 25, 2017 to September 25, 2018. (4) The expected redemption date for the Class M Notes is September 25, 2018.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Litigation, claims and assessments Set forth below are certain developments in our legal proceedings since the March 2, 2015 filing of our annual report on Form 10-K for the year ended December 31, 2014, the May 7, 2015 filing of our quarterly report on Form 10-Q for the three months ended March 31, 2015 and the August 10, 2015 filing of our quarterly report on Form 10-Q for the three months ended June 30, 2015: The Police Retirement System of Saint Louis v. Erbey, et al. On June 30, 2015, The Police Retirement System of Saint Louis and the defendants entered into a Stipulation and Agreement of Compromise, Settlement and Release (the “Settlement Stipulation”) for the settlement of this derivative action (the “Settlement”), and the parties filed the Settlement Stipulation with the Circuit Court for Baltimore City, Maryland (the “Court") on the same day. By Order dated August 3, 2015, the Court preliminarily approved the Settlement, scheduled a hearing on November 9, 2015 to consider final approval of the Settlement and authorized us to provide notice of the proposed Settlement to stockholders. We have been informed by our insurers that the Settlement will be a covered claim under our insurance policy. Martin v. Altisource Residential Corporation, et al. In May 2015, two of our purported shareholders filed competing motions with the court to be appointed lead plaintiff and for selection of lead counsel in the action. Subsequently, opposition and reply briefs were filed by the purported shareholders with respect to these motions. On October 7, 2015, the court entered an order granting the motion of Lei Shi to be lead plaintiff and denying the other motion to be lead plaintiff. The parties are currently negotiating a schedule for the filing of an amended complaint and briefing on a potential motion to dismiss the amended complaint. We believe the complaint is without merit. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. Sokolowski v. Erbey, et al . On July 16, 2015, we filed a motion to dismiss all claims against us in the action, based upon, among other arguments, lack of personal jurisdiction and failure to state a claim. Co-defendant AAMC has filed a similar motion to dismiss the complaint as to all claims asserted against it. Briefing on our and AAMC's motions to dismiss the complaint is complete, and we are awaiting a decision from the court on the motions. Briefing on the remaining defendants' motions to dismiss is ongoing. Management does not believe that we have incurred an estimable, probable or material loss by reason of any of the above new or updated actions.

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related party transactions	Related party transactions New Asset Management Agreement with AAMC On March 31, 2015, we entered into a new Asset Management Agreement (the "New AMA") with AAMC. The New AMA, which became effective on April 1, 2015, provides for a new management fee structure which replaces the incentive fee structure under the original asset management agreement (the “Original AMA”) as follows: • Base Management Fee . AAMC is entitled to a quarterly base management fee equal to 1.5% of the product of (i) our average invested capital for the quarter multiplied by (ii) 0.25 , while we have fewer than 2,500 single family rental properties actually rented (“Rental Properties”). The base management fee percentage increases to 1.75% of invested capital while we have between 2,500 and 4,499 Rental Properties and increases to 2.0% of invested capital while we have 4,500 or more Rental Properties; • Incentive Management Fee . AAMC is entitled to a quarterly incentive management fee equal to 20% of the amount by which our return on invested capital (based on AFFO as defined in the New AMA) exceeds an annual hurdle return rate of between 7.0% and 8.25% (depending on the 10 -year treasury rate). The incentive management fee increases to 22.5% while we have between 2,500 and 4,499 Rental Properties and increases to 25% while we have 4,500 or more Rental Properties; and • Conversion Fee . AAMC is entitled to a quarterly conversion fee equal to 1.5% of the market value of the single-family homes leased by us for the first time during the quarter. We have the flexibility to pay up to 25% of the incentive management fee to AAMC in shares of our common stock. Under the New AMA, AAMC will continue to be the exclusive asset manager for us for an initial term of 15 years from April 1, 2015, with two potential five -year extensions, subject to our achieving an average annual return on invested capital of at least 7.0% . Under the New AMA, we will not be required to reimburse AAMC for the allocable compensation and routine overhead expenses of its employees and staff, all of which will now be covered by the base management fee described above. Neither party is entitled to terminate the New AMA prior to the end of the initial term, or each renewal term, other than termination by (a) us and/or AAMC “for cause” for certain events such as a material breach of the New AMA and failure to cure such breach, (b) Residential for certain other reasons such as our failure to achieve a return on invested capital of at least 7.0% for two consecutive fiscal years after the third anniversary of the New AMA, and (c) Residential in connection with certain change of control events. Under the amended fee structure of the New AMA, the fees payable to AAMC declined from $21.1 million in the third quarter of 2014 to $5.0 million in the third quarter of 2015. The $5.0 million fees payable to AAMC in the third quarter of 2015 consists of a $4.7 million Base Management Fee and a $0.3 million Conversion Fee. No Incentive Management Fee was payable to AAMC for the third quarter of 2015 because our return on invested capital (as defined in the New AMA) for the quarter was below the required hurdle rate by a return of approximately 2.0% . Under the New AMA, to the extent we have an aggregate shortfall in our return rate over the previous seven quarters, that aggregate return rate shortfall gets added to the normal quarterly 1.75% return hurdle for the next quarter before AAMC is entitled to an Incentive Management Fee. As of September 30, 2015 , the aggregate return shortfall from the prior two quarters under the New AMA was approximately 2.6% of invested capital. Therefore, we must achieve a 4.35% return on invested capital in the fourth quarter before any Incentive Management Fee will be payable to AAMC for the fourth quarter. In future quarters, return on invested capital must exceed the required hurdle for the current quarter plus any carried forward cumulative deficit from the prior seven quarters before any Incentive Management Fee will be payable to AAMC. Summary of Related Party Transaction Expenses Through January 16, 2015, William C. Erbey served as our Chairman as well as the Executive Chairman of Ocwen Financial Corporation (“Ocwen”), Chairman of Altisource, and Chairman of AAMC. Effective January 16, 2015, Mr. Erbey stepped down as the Executive Chairman of Ocwen and Chairman of each of Altisource, Residential and AAMC and is no longer a member of the Board of Directors for any of these companies. Accordingly, at that point, Ocwen and Altisource are no longer considered related parties of Residential or AAMC as defined by FASB Accounting Standards Codification (“ASC”) Topic 850, Related Party Disclosures . Transactions under our agreements with Ocwen and Altisource for the current year through January 16, 2015 were not material to our consolidated results of operations. Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands): Three months ended September 30, 2015 Nine months ended September 30, 2015 Counter-party Consolidated Statements of Operations location 2015 Expense reimbursements $ — $ 750 AAMC Related party general and administrative expenses Conversion fee 329 728 AAMC Related party general and administrative expenses Base management fee 4,659 9,411 AAMC Related party general and administrative expenses Management incentive fee — 14,900 AAMC Related party general and administrative expenses Interest expense 242 563 NewSource Interest expense Dividend income 1,518 1,518 NewSource Other income Professional fee sharing for negotiation of AMA — 2,000 AAMC Other income Three months ended September 30, 2014 Nine months ended September 30, 2014 Counter-party Consolidated Statements of Operations location 2014 Residential property operating expenses (1) $ 7,038 $ 11,238 Ocwen/Altisource Residential property operating expenses Mortgage loan servicing costs 22,173 47,605 Ocwen Mortgage loan servicing costs Due diligence and unsuccessful deal costs 4 1,770 Altisource Related party general and administrative expenses Expense reimbursements 1,591 4,849 AAMC Related party general and administrative expenses Management incentive fee 19,503 44,129 AAMC Related party general and administrative expenses _____________ (1) Residential property operating expenses include costs associated with our ownership and operation of rental properties including valuation services. We engage third party vendors, including Altisource, to obtain and evaluate BPOs prepared by other third party brokers for our ultimate use. On September 30, 2014, pursuant to a master repurchase agreement, our TRS sold $15.0 million of the ARLP 2014-1 Class M Notes to NewSource. On September 14, 2015, the TRS completed its repurchase of the ARLP 2014-1 Class M notes from NewSource at a 5.0% yield. Based on information provided to us by AAMC, AAMC acquired 324,465 shares of our common stock during the third quarter of 2015 in open market transactions, representing approximately 0.58% , of our outstanding common stock.

Share-based payments

Share-based payments	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based payments	Share-based payments On December 21, 2012, as part of our separation transaction from Altisource, 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 our separation to employees of Altisource and/or Ocwen solely to give effect to the exchange ratio in the separation, and we do not include share-based compensation expense related to these options in our consolidated statements of operations because they are not related to our incentive compensation. Our directors each receive annual grants of restricted stock equal to $45 thousand based on the market value of our common stock at the time of the annual stockholders meeting. This restricted stock vests and is issued after a one -year service period subject to each director attending at least 75% of the Board and committee meetings. No dividends are paid on the shares until the award is issued. During the nine months ended September 30, 2015 and 2014 , we granted 9,924 and 8,245 shares of stock, respectively, pursuant to our 2013 Director Equity Plan with weighted average grant date fair value per share of $18.25 and $27.28 , respectively. We recorded $46 thousand and $139 thousand of compensation expense related to these grants for the three and nine months ended September 30, 2015 , respectively, and recorded $57 thousand and $170 thousand of compensation expense for the three and nine months ended September 30, 2014 , respectively. As of September 30, 2015 and 2014 , we had $0.1 million and $0.2 million , respectively, of unrecognized share-based compensation cost remaining with respect to the director grants, each to be recognized over a weighted average remaining estimated term of 0.7 years .

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income taxes	Income taxes 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 stockholders. As a REIT, we generally will not be subject to federal income tax to the extent we distribute our REIT taxable income to our stockholders 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. On March 31, 2015, our Board of Directors declared a quarterly cash dividend of $0.55 per share of common stock, which was paid on April 23, 2015 to all stockholders of record as of the close of business on April 13, 2015. On June 18, 2015, our Board of Directors declared a quarterly cash dividend of $0.55 per share of common stock, which was paid on July 15, 2015 to all stockholders of record as of the close of business on June 30, 2015. On September 18, 2015, our Board of Directors declared quarterly cash dividend of $0.55 per share of common stock, which was paid on October 15, 2015 to all stockholders of record as of the close of business on September 30, 2015. Based on our 2014 taxable income of $115.8 million , which includes net capital gains of $54.4 million , the aggregate minimum distribution to stockholders required to maintain our REIT status was $55.3 million in 2014. Dividends declared and paid per share of common stock aggregated $2.03 for the year ended December 31, 2014, or $116.0 million . These distributions included a cash dividend of $0.08 per share of common stock, or $4.5 million , which was treated as a 2013 distribution for REIT qualification purposes. On March 12, 2015 our Board of Directors declared a cash dividend of $0.08 per share of common stock, which was paid on March 30, 2015 to all stockholders of record as of the close of business on March 23, 2015. This additional dividend, an aggregate of $4.6 million , was treated as a 2014 distribution for REIT qualification purposes. Our consolidated financial statements include the operations of our TRS, which is subject to federal, state and local income taxes on its taxable income. Through December 31, 2014 , the TRS operated at a cumulative taxable loss, which resulted in our recording a deferred tax asset with a corresponding valuation allowance. The TRS has continued to operate at a cumulative taxable loss through September 30, 2015 which resulted in our recording additional deferred tax assets and a corresponding valuation allowance. As of September 30, 2015 , we are forecasting that the TRS will not be profitable for the 2015 fiscal year. We recorded state income tax expense on our consolidated operations for the nine months ended September 30, 2015 . As a REIT, we may also be subject to federal taxes if we engage in certain types of transactions. As of September 30, 2015 and 2014 , we did not accrue interest or penalties associated with any unrecognized tax benefits, nor was any interest expense or penalty recognized during the nine months ended September 30, 2015 and 2014 . We recorded nominal state and local tax expense on income and property for the nine months ended September 30, 2015 . Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2014.

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The following table sets forth the components of diluted earnings per share (in thousands, except share and per share amounts): Three months ended September 30, 2015 Three months ended September 30, 2014 Nine months ended September 30, 2015 Nine months ended September 30, 2014 Numerator Net (loss) income $ (5,363 ) $ 37,676 $ 20,153 $ 147,371 Denominator Weighted average common stock outstanding – basic 57,056,625 57,174,150 57,154,734 55,930,010 Stock options using the treasury method — 231,101 192,870 375,657 Restricted stock — 1,074 3,410 6,437 Weighted average common stock outstanding – diluted 57,056,625 57,406,325 57,351,014 56,312,104 (Loss) earnings per basic share $ (0.09 ) $ 0.66 $ 0.35 $ 2.63 (Loss) earnings per diluted share $ (0.09 ) $ 0.66 $ 0.35 $ 2.62 We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive for the periods indicated: Three months ended September 30, 2015 Three months ended September 30, 2014 Nine months ended September 30, 2015 Nine months ended September 30, 2014 Denominator (in weighted-average shares) Stock options 215,773 — — — Restricted stock 9,924 — — —

Segment information

Segment information	9 Months Ended
	Sep. 30, 2015
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 mortgage loans and single-family rental properties, either on an individual basis or in pools. As a result, we operate in a single segment focused on the resolution of sub-performing and non-performing mortgages and acquisition and ownership of rental residential properties.

Mortgage loans (Tables)

Mortgage loans (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of information for estimates of contractually required payments and cash flows expected	The following tables present information regarding the estimates of the contractually required payments and the cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands): Nine months ended September 30, 2015 Accretable Yield Carrying Amount of Loans Balance at the beginning of the period $ 7,640 $ 12,535 Additions — 37 Payments and other reductions, net (3,285 ) (7,453 ) Accretion (581 ) 581 Balance at the end of the period $ 3,774 $ 5,700

Fair value of financial instr20

Fair value of financial instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value measurements, recurring and nonrecurring	The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of September 30, 2015 and December 31, 2014 ($ in thousands): Level 1 Level 2 Level 3 Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs September 30, 2015 Recurring basis (assets) Mortgage loans $ — $ — $ 1,380,575 Nonrecurring basis (assets) Real estate assets held for sale $ — $ — $ 146,646 Transfer of real estate owned to mortgage loans $ — $ — $ 8,275 Transfer of mortgage loans to real estate owned $ — $ — $ 367,653 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale $ — $ — $ 254,835 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase agreements at fair value $ — $ 929,478 $ — Other secured borrowings $ — $ 510,608 $ — December 31, 2014 Recurring basis (assets) Mortgage loans $ — $ — $ 1,959,044 Nonrecurring basis (assets) Real estate assets held for sale $ — $ — $ 96,041 Transfer of real estate owned to mortgage loans $ — $ — $ 8,400 Transfer of mortgage loans to real estate owned $ — $ — $ 595,668 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale $ — $ — $ 12,535 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase agreements at fair value $ — $ 1,015,000 $ — Other secured borrowings $ — $ 336,409 $ —
Fair value, assets measured on recurring basis, 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): Three months ended September 30, 2015 Three months ended September 30, 2014 Nine months ended September 30, 2015 Nine months ended September 30, 2014 Mortgage loans Beginning balance $ 1,716,489 $ 2,024,028 $ 1,959,044 $ 1,207,163 Investment in mortgage loans — 184,590 — 1,097,601 Net unrealized gain on mortgage loans 27,499 88,726 130,842 258,898 Net realized gain on mortgage loans 12,874 13,727 47,528 33,867 Transfer of mortgage loans to mortgage loans held for sale (250,346 ) — (250,346 ) — Mortgage loan dispositions and payments (57,882 ) (60,062 ) (205,120 ) (143,834 ) Real estate tax advances to borrowers 6,611 6,397 18,002 19,119 Reclassification of realized gains on real estate sold from unrealized gains 16,026 3,322 40,003 4,237 Transfer of real estate owned to mortgage loans 5,410 719 8,275 5,367 Transfer of mortgage loans to real estate owned (96,106 ) (189,942 ) (367,653 ) (410,913 ) Ending balance at September 30 $ 1,380,575 $ 2,071,505 $ 1,380,575 $ 2,071,505 Net unrealized gain on mortgage loans held at the end of the period $ 13,022 $ 55,558 $ 93,874 $ 164,378
Delinquency by unpaid principal balance	The following table sets forth the fair value of our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2015 and December 31, 2014 ($ in thousands): Number of loans Carrying value Unpaid principal balance Market value of underlying properties (1) September 30, 2015 Current 808 $ 134,747 $ 184,084 $ 196,088 30 97 15,506 21,999 25,575 60 50 8,340 12,937 12,292 90 1,308 195,160 311,326 287,174 Foreclosure 5,348 1,026,822 1,415,239 1,338,722 Mortgage loans 7,611 $ 1,380,575 $ 1,945,585 $ 1,859,851 December 31, 2014 Current 670 $ 107,467 $ 159,731 $ 160,654 30 109 15,424 22,629 24,046 60 57 7,921 11,624 12,510 90 2,286 361,434 569,930 544,709 Foreclosure 7,841 1,466,798 2,172,047 1,951,606 Mortgage loans 10,963 $ 1,959,044 $ 2,935,961 $ 2,693,525 _____________ (1) Market value is based on the most recent BPO provided to us by the applicable seller for each property in the respective portfolio as of its cut-off date or an updated BPO received since the acquisition was completed. The following table sets forth the carrying value of our mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2015 and December 31, 2014 ($ in thousands): Number of loans Carrying value Unpaid principal balance Market value of underlying properties (1) September 30, 2015 Current 19 $ 4,152 $ 5,502 $ 10,235 30 2 291 384 467 60 2 322 458 418 90 229 70,432 94,907 109,879 Foreclosure 662 179,638 253,970 273,012 Mortgage loans held for sale 914 $ 254,835 $ 355,221 $ 394,011 December 31, 2014 Current 68 $ 8,317 $ 11,938 $ 15,154 30 6 $ 1,118 $ 1,667 $ 2,004 60 4 $ 359 $ 644 $ 670 90 24 $ 2,741 $ 4,149 $ 4,624 Mortgage loans held for sale 102 $ 12,535 $ 18,398 $ 22,452
Fair value measurements, recurring and nonrecurring, unobservable inputs	The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of September 30, 2015 and December 31, 2014 : Input September 30, 2015 December 31, 2014 Equity discount rate 15.0% 15.0% Debt to asset ratio 65.0% 65.0% Cost of funds 3.5% over 1 month LIBOR 3.5% over 1 month LIBOR Annual change in home pricing index 0% to 7.5% -0.1% to 7.6% Loan resolution probabilities — modification 0% to 44.7% 0% to 44.7% Loan resolution probabilities — rental 0% to 100.0% 0% to 100.0% Loan resolution probabilities — liquidation 0% to 100.0% 0% to 100.0% Loan resolution timelines (in years) 0.1 to 5.3 0.1 to 5.3 Value of underlying properties $300 - $5,500,000 $3,000 - $5,300,000

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of repurchase agreements	The following table sets forth data with respect to our repurchase agreements and the Nomura loan agreement as of September 30, 2015 and December 31, 2014 ($ in thousands): Maximum borrowing capacity Book value of collateral Amount outstanding Amount of available funding September 30, 2015 CS repurchase agreement due April 18, 2016 $ 275,000 $ 413,395 $ 229,734 $ 45,266 Wells repurchase agreement due September 27, 2017 750,000 901,432 480,752 269,248 DB repurchase agreement due March 11, 2016 91,177 201,638 91,177 — Nomura loan agreement due April 8, 2016 200,000 193,522 127,815 72,185 $ 1,316,177 $ 1,709,987 $ 929,478 $ 386,699 December 31, 2014 CS repurchase agreement due April 20, 2015 $ 225,000 $ 332,618 $ 222,044 $ 2,956 Wells repurchase agreement due March 23, 2015 750,000 1,036,409 569,509 180,491 DB repurchase agreement due March 11, 2016 250,000 450,532 223,447 26,553 $ 1,225,000 $ 1,819,559 $ 1,015,000 $ 210,000
Schedule of other secured debt	The following table sets forth data with respect to these notes as of September 30, 2015 and December 31, 2014 ($ in thousands): Interest Rate Amount outstanding September 30, 2015 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % $ 203,937 ARLP 2015-1 Class M Notes due May 25, 2044 — % 60,000 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes due January 26, 2054 (2) 3.87 % 249,535 ARLP 2014-2 Class M Notes due January 26, 2054 — % 234,010 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes due September 25, 2044 (3) 3.47 % 138,715 ARLP 2014-1 Class M Notes due September 25, 2044 (4) 4.25 % 32,000 Intercompany eliminations Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc. (34,000 ) Elimination of ARLP 2015-1 Class M Notes due to ARLP (60,000 ) Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (45,138 ) Elimination of ARLP 2014-2 Class M Notes due to ARLP (234,010 ) Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) $ 513,049 December 31, 2014 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes due January 26, 2054 (2) 3.85 % $ 269,820 ARLP 2014-2 Class M Notes due January 26, 2054 — % 234,010 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes due September 25, 2044 (3) 3.47 % 150,000 ARLP 2014-1 Class M Notes due September 25, 2044 (4) 4.25 % 32,000 ARNS, Inc. Securities sold under agreement to repurchase due March 27, 2015 5.00 % 14,991 Intercompany eliminations Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (95,729 ) Elimination of ARLP 2014-2 Class M Notes due to ARLP (234,010 ) Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) $ 339,082 _____________ (1) The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019. (2) The expected redemption date for the Class A Notes ranges from November 27, 2017 to November 27, 2018. (3) The expected redemption date for the Class A Notes ranges from September 25, 2017 to September 25, 2018. (4) The expected redemption date for the Class M Notes is September 25, 2018.

Related party transactions (Tab

Related party transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of related party transactions	Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands): Three months ended September 30, 2015 Nine months ended September 30, 2015 Counter-party Consolidated Statements of Operations location 2015 Expense reimbursements $ — $ 750 AAMC Related party general and administrative expenses Conversion fee 329 728 AAMC Related party general and administrative expenses Base management fee 4,659 9,411 AAMC Related party general and administrative expenses Management incentive fee — 14,900 AAMC Related party general and administrative expenses Interest expense 242 563 NewSource Interest expense Dividend income 1,518 1,518 NewSource Other income Professional fee sharing for negotiation of AMA — 2,000 AAMC Other income Three months ended September 30, 2014 Nine months ended September 30, 2014 Counter-party Consolidated Statements of Operations location 2014 Residential property operating expenses (1) $ 7,038 $ 11,238 Ocwen/Altisource Residential property operating expenses Mortgage loan servicing costs 22,173 47,605 Ocwen Mortgage loan servicing costs Due diligence and unsuccessful deal costs 4 1,770 Altisource Related party general and administrative expenses Expense reimbursements 1,591 4,849 AAMC Related party general and administrative expenses Management incentive fee 19,503 44,129 AAMC Related party general and administrative expenses _____________ (1) Residential property operating expenses include costs associated with our ownership and operation of rental properties including valuation services. We engage third party vendors, including Altisource, to obtain and evaluate BPOs prepared by other third party brokers for our ultimate use.

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2015
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, except share and per share amounts): Three months ended September 30, 2015 Three months ended September 30, 2014 Nine months ended September 30, 2015 Nine months ended September 30, 2014 Numerator Net (loss) income $ (5,363 ) $ 37,676 $ 20,153 $ 147,371 Denominator Weighted average common stock outstanding – basic 57,056,625 57,174,150 57,154,734 55,930,010 Stock options using the treasury method — 231,101 192,870 375,657 Restricted stock — 1,074 3,410 6,437 Weighted average common stock outstanding – diluted 57,056,625 57,406,325 57,351,014 56,312,104 (Loss) earnings per basic share $ (0.09 ) $ 0.66 $ 0.35 $ 2.63 (Loss) earnings per diluted share $ (0.09 ) $ 0.66 $ 0.35 $ 2.62
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of antidilutive securities excluded from computation of earnings per share	We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive for the periods indicated: Three months ended September 30, 2015 Three months ended September 30, 2014 Nine months ended September 30, 2015 Nine months ended September 30, 2014 Denominator (in weighted-average shares) Stock options 215,773 — — — Restricted stock 9,924 — — —

Organization and basis of pre24

Organization and basis of presentation (Details)	Sep. 30, 2015USD ($)	Dec. 21, 2012USD ($)	Oct. 31, 2013USD ($)	Sep. 30, 2015USD ($)	Sep. 10, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)offering	Jun. 29, 2015USD ($)	Apr. 20, 2015USD ($)	Apr. 10, 2015USD ($)	Feb. 20, 2015USD ($)	Feb. 09, 2015USD ($)	Nov. 25, 2014USD ($)	Sep. 25, 2014USD ($)	Sep. 23, 2013USD ($)	Mar. 22, 2013USD ($)
Organization and Basis of Presentation [Line Items]
Proceeds from contributed capital		$ 100,000,000
Number of public offerings | offering										3
Issuance of common stock						$ 204,000	$ 491,337,000			$ 1,100,000,000
Repurchase and loan and security agreements	$ 929,478,000			$ 929,478,000		929,478,000		$ 1,015,000,000	$ 1,015,000,000
Other secured borrowings	513,049,000			513,049,000		513,049,000		339,082,000	339,082,000
Securities sold under agreements to repurchase	0			0		$ 0	$ 15,000,000	14,991,000	14,991,000
Fair Value Estimate, Term to Update						180 days
Threshold Percentage of Change in Value Subject to Analysis						25.00%
Threshold Amount of Change in Value Subject to Analysis						$ 75,000
Share repurchase program, authorized amount	100,000,000			100,000,000		100,000,000
Share repurchase program, amount repurchased				20,000,000
Stock repurchase program, remaining authorized amount	80,000,000			80,000,000		80,000,000
Loans | ARLP 2015-1
Organization and Basis of Presentation [Line Items]
Book value of the underlying securitized assets	284,500,000			284,500,000		284,500,000
Loans | ARLP 2014-2
Organization and Basis of Presentation [Line Items]
Book value of the underlying securitized assets	325,000,000			325,000,000		325,000,000
Loans | ARLP 2014-1
Organization and Basis of Presentation [Line Items]
Book value of the underlying securitized assets	203,100,000			203,100,000		203,100,000
Asset-backed securities Class A notes
Organization and Basis of Presentation [Line Items]
Other secured borrowings	$ 138,715,000			$ 138,715,000		$ 138,715,000		$ 150,000,000	$ 150,000,000								$ 150,000,000
Interest rate on debt	3.47%			3.47%		3.47%		3.47%	3.47%								3.47%
Asset-backed securities Class M notes
Organization and Basis of Presentation [Line Items]
Other secured borrowings	$ 32,000,000			$ 32,000,000		$ 32,000,000		$ 32,000,000	$ 32,000,000								$ 32,000,000
Secured debt issued to affiliates	$ 32,000,000			$ 32,000,000		$ 32,000,000		$ 32,000,000	$ 32,000,000
Interest rate on debt	4.25%			4.25%		4.25%		4.25%	4.25%								4.25%
Asset-backed securities Class A notes Trust 2
Organization and Basis of Presentation [Line Items]
Other secured borrowings	$ 249,535,000			$ 249,535,000		$ 249,535,000		$ 269,820,000	$ 269,820,000						$ 50,700,000	$ 270,800,000
Secured debt issued to affiliates	$ 45,138,000			$ 45,138,000		$ 45,138,000		$ 95,729,000	$ 95,729,000							$ 95,800,000
Interest rate on debt	3.87%			3.87%		3.87%		3.85%	3.85%							3.85%
Asset-backed securities Class M notes Trust 2
Organization and Basis of Presentation [Line Items]
Other secured borrowings	$ 234,010,000			$ 234,010,000		$ 234,010,000		$ 234,010,000	$ 234,010,000							$ 234,000,000
Secured debt issued to affiliates	$ 234,010,000			$ 234,010,000		$ 234,010,000		$ 234,010,000	$ 234,010,000
Interest rate on debt	0.00%			0.00%		0.00%		0.00%	0.00%
Repurchase agreement NewSource
Organization and Basis of Presentation [Line Items]
Securities sold under agreements to repurchase								$ 14,991,000	$ 14,991,000
Securities sold under agreement to repurchase, interest rate					5.00%			5.00%	5.00%
Asset-backed Securities Class A Notes 2015-1
Organization and Basis of Presentation [Line Items]
Other secured borrowings	$ 203,937,000			$ 203,937,000		$ 203,937,000					$ 205,000,000
Secured debt issued to affiliates	$ 34,000,000			$ 34,000,000		$ 34,000,000					$ 34,000,000
Interest rate on debt	4.01%			4.01%		4.01%					4.01%
Asset-backed Securities Class M Notes 2015-1
Organization and Basis of Presentation [Line Items]
Other secured borrowings	$ 60,000,000			$ 60,000,000		$ 60,000,000					$ 60,000,000
Secured debt issued to affiliates	$ 60,000,000			$ 60,000,000		$ 60,000,000
Interest rate on debt	0.00%			0.00%		0.00%
Secured debt
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity	$ 1,316,177,000			$ 1,316,177,000		$ 1,316,177,000		$ 1,225,000,000	$ 1,225,000,000
Repurchase and loan and security agreements	929,478,000			929,478,000		929,478,000		1,015,000,000	1,015,000,000
Secured debt | CS repurchase agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity	275,000,000			275,000,000		275,000,000		225,000,000	225,000,000			$ 275,000,000							$ 100,000,000
Repurchase and loan and security agreements	229,734,000			229,734,000		229,734,000		$ 222,044,000	222,044,000
Number of days master repurchase agreement may be extended								1 year
Secured debt | CS repurchase agreement | ARLP 2015-1
Organization and Basis of Presentation [Line Items]
Repurchase and loan and security agreements	21,000,000			21,000,000		21,000,000
Secured debt | CS repurchase agreement | ARLP 2014-2
Organization and Basis of Presentation [Line Items]
Repurchase and loan and security agreements	29,300,000			29,300,000		29,300,000
Secured debt | CS repurchase agreement | ARLP 2014-1
Organization and Basis of Presentation [Line Items]
Repurchase and loan and security agreements	19,900,000			19,900,000		19,900,000
Secured debt | DB repurchase agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity	91,177,000			91,177,000		91,177,000		$ 250,000,000	250,000,000
Repurchase and loan and security agreements	91,177,000			91,177,000		91,177,000		223,447,000	223,447,000
Secured debt | WF repurchase agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity	750,000,000			750,000,000		750,000,000		$ 750,000,000	750,000,000					$ 536,000,000				$ 200,000,000
Maximum borrowing capacity during period									$ 1,030,000,000
Secured debt | Nomura loan and security agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity	200,000,000			200,000,000		200,000,000
Repurchase and loan and security agreements	127,815,000			127,815,000		127,815,000
Secured debt | Nomura loan and security agreement | Variable Interest Entity, Primary Beneficiary [Member]
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity	200,000,000			200,000,000		$ 200,000,000							$ 100,000,000
Preferred Stock [Member]
Organization and Basis of Presentation [Line Items]
Payments to Acquire Other Investments			$ 18,000,000
Preferred Stock, Dividend Rate, Percentage						12.00%
Dividend income					$ 1,500,000
Real Estate [Member] | Secured debt | WF repurchase agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity	$ 300,000,000			$ 300,000,000		$ 300,000,000
Line of Credit Facility, Maximum Borrowing Capacity Sublimit Percentage	40.00%							10.00%
Minimum [Member]
Organization and Basis of Presentation [Line Items]
Property, Plant and Equipment, Useful Life						3 years
Amortization Period of Deferred Leasing Costs						1 year
Maximum [Member]
Organization and Basis of Presentation [Line Items]
Property, Plant and Equipment, Useful Life						27 years 6 months
Amortization Period of Deferred Leasing Costs						2 years

Mortgage loans Narrative (Detai

Mortgage loans Narrative (Details)	Aug. 18, 2015loan	Jun. 27, 2014USD ($)loan	Jun. 30, 2015USD ($)loan	Oct. 31, 2014USD ($)loan	Sep. 30, 2015USD ($)loan	Sep. 30, 2014USD ($)loan	Sep. 30, 2015USD ($)loan	Sep. 30, 2014USD ($)loan	Sep. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Mortgage loans at fair value [Line Items]
Number of real estate properties directly acquired | loan	1,314				10			190
Payments to acquire non-performing loans								$ 1,100,000,000
Transfer of mortgage loans to real estate owned							$ 367,653,000	410,913,000
Net realized gain on mortgage loans					$ 12,874,000	$ 13,727,000	47,528,000	33,867,000
Non-performing mortgage loans transferred from held for use to held for sale, number | loan					871
Transfer of Portfolio Loans and Leases to Held-for-sale							250,346,000	0
Purchase price of loans held for investment acquired		$ 144,600,000
Repurchase of notes under master repurchase agreement							(14,991,000)	0
Net proceeds from loans sold			$ 16,200,000
Amount accreted into interest income					$ 100,000		600,000
Mortgage loans held for sale					5,700,000		5,700,000		$ 5,700,000
Secured debt | Asset-backed Securities Class A Notes Trust 2
Mortgage loans at fair value [Line Items]
Repayment of loans collateralizing secured debt			2,000,000
Secured debt | Wells repurchase agreement
Mortgage loans at fair value [Line Items]
Repurchase of notes under master repurchase agreement							16,400,000
Loans receivable | Residential mortgage
Mortgage loans at fair value [Line Items]
Due diligence costs					$ 400,000	$ 2,900,000	$ 400,000	$ 2,900,000
Number of real estate properties acquired through foreclosure | loan					507	1,104	1,918	2,634
Transfer of mortgage loans to real estate owned					$ 90,700,000	$ 188,200,000	$ 359,400,000	$ 405,500,000
Unrealized gain (loss) from conversion of mortgage loans to real estate					17,000,000	41,000,000	68,400,000	93,600,000
Proceeds from sale of loans			$ 34,600,000	$ 164,000,000
Number of mortgage loans liquidated | loan			189	934
Net realized gain on mortgage loans					12,900,000	$ 13,700,000	47,500,000	$ 33,900,000
Unpaid principal balance					355,221,000		355,221,000		355,221,000	$ 18,398,000
Mortgage loans held for sale					5,700,000		$ 5,700,000		$ 5,700,000
Loans receivable | Residential mortgage | Performing financing receivable
Mortgage loans at fair value [Line Items]
Number of loans acquired | loan		879
Number of real estate properties acquired through foreclosure | loan							2
Number of mortgage loans liquidated | loan			52	770					12
Market value of underlying properties collateralizing re-performing loans acquired		$ 271,100,000
Unpaid principal balance					$ 8,300,000		$ 8,300,000		$ 8,300,000
Loans receivable | Residential mortgage | Nonperforming financing receivable
Mortgage loans at fair value [Line Items]
Number of loans acquired | loan								7,086
Unpaid principal balance of loans and real estate acquired								$ 1,900,000,000
Market value of underlying properties collateralizing loans acquired								$ 1,700,000,000
Number of mortgage loans liquidated | loan			137	164	145	165	565	416
Loans receivable | Residential mortgage | Fair value, inputs, level 3
Mortgage loans at fair value [Line Items]
Transfer of Portfolio Loans and Leases to Held-for-sale					$ 250,346,000	$ 0	$ 250,346,000	$ 0
Loans receivable | Residential mortgage | Residential portfolio segment | Nonperforming financing receivable
Mortgage loans at fair value [Line Items]
Foreclosure, number of loan in process | loan					5,348		5,348		5,348	7,841
Foreclosure, carrying value of loans in process					$ 1,026,822,000		$ 1,026,822,000		$ 1,026,822,000	$ 1,466,798,000
Unpaid principal balance					$ 1,945,585,000		$ 1,945,585,000		$ 1,945,585,000	$ 2,935,961,000

Mortgage loans Certain Loans Ac

Mortgage loans Certain Loans Acquired Not Accounted For As Debt Securities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Loans Receivable Held-for-sale, Amount	$ 254,835		$ 12,535
Accretable yield, beginning balance	7,640
Additions to accretable yield	0
Payments and other reductions to accretable yield, net	(3,285)
Accretion	(581)	$ (2,475)
Accretable yield, ending balance	3,774
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward]
Additions to carrying amount of loans	37
Payments and other reductions, net	(7,453)
Accretion	581
Carrying amount of loans, ending balance	$ 5,700

Real estate assets, net - Compo

Real estate assets, net - Components of real estate assets (Details) $ in Thousands	Aug. 18, 2015USD ($)loan	Sep. 30, 2015USD ($)loanproperty	Sep. 30, 2014USD ($)property	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)loanproperty	Dec. 31, 2014USD ($)property
Real Estate [Abstract]
Number of real estate properties directly acquired | loan	1,314	10			190
Percentage of rental properties leased	94.00%
Investment in real estate	$ 111,400			$ 111,423	$ 27,463
Acquisition related costs	600
Acquired-in-place leases	$ 1,600
Weighted average useful life	7 months
Number of real estate properties held for use | property		5,523	2,660	5,523	2,660	3,349
Number of real estate properties rented | property		2,105	216	2,105	216	336
Number of real estate properties listed for rent | property		156	90	156	90	197
Number of real estate properties in renovation or unit turn status | property		255	270	255	270	254
Number of real estate properties under evaluation for rental portfolio | property		3,007	2,084	3,007	2,084	2,562
Number of real estate properties held for sale | property		747	324	747	324	611
Real estate assets held for sale		$ 133,154	$ 41,000	$ 133,154	$ 41,000	$ 92,230
Impairment recognized on REO properties		11,300	2,700	11,300	2,700	4,900
Real estate assets held for sale fair value		$ 146,600	$ 44,200	$ 146,600	$ 44,200	$ 96,000
Number of real estate properties sold | property		357	78	932	102
Net realized gain on real estate		$ 13,914	$ 3,310	$ 36,926	$ 4,544

Fair value of financial instr28

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	$ 146,600	$ 96,000	$ 44,200
Fair value, inputs, level 1
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Transfer of mortgage loans to real estate owned	0
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	0	0
Other secured borrowings	0	0
Fair value, inputs, level 2
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	929,478	1,015,000
Other secured borrowings	510,608	336,409
Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale	254,835	12,535
Repurchase agreements at fair value	0	0
Other secured borrowings	0	0
Fair value measurements, recurring | Fair value, inputs, level 1
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans	0	0
Fair value measurements, recurring | Fair value, inputs, level 2
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans	0	0
Fair value measurements, recurring | Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans	1,380,575	1,959,044
Fair value measurements, nonrecurring | Fair value, inputs, level 1
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	0	0
Transfer of real estate owned to mortgage loans	0	0
Transfer of mortgage loans to real estate owned		0
Fair value measurements, nonrecurring | Fair value, inputs, level 2
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	0	0
Transfer of real estate owned to mortgage loans	0	0
Transfer of mortgage loans to real estate owned	0	0
Fair value measurements, nonrecurring | Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	146,646	96,041
Transfer of real estate owned to mortgage loans	8,275	8,400
Transfer of mortgage loans to real estate owned	$ 367,653	$ 595,668

Fair value of financial instr29

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer of mortgage loans to mortgage loans held for sale			$ (250,346)	$ 0
Transfer of real estate owned to mortgage loans			8,275	5,367
Fair value, inputs, level 3 | Loans receivable | Residential mortgage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gain on mortgage loans held at the end of the period	$ 13,022	$ 55,558	93,874	164,378
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,716,489	2,024,028	1,959,044	1,207,163	$ 1,207,163
Investment in mortgage loans	0	184,590	0	1,097,601
Net unrealized gain on mortgage loans	27,499	88,726	130,842	258,898
Net realized gain on mortgage loans	12,874	13,727	47,528	33,867
Transfer of mortgage loans to mortgage loans held for sale	(250,346)	0	(250,346)	0
Mortgage loan dispositions and payments	(57,882)	(60,062)	(205,120)	(143,834)
Real estate tax advances to borrowers	6,611	6,397	18,002	19,119
Reclassification of realized gains on real estate sold from unrealized gains	16,026	3,322	40,003		4,237
Transfer of real estate owned to mortgage loans	5,410	719	8,275	5,367
Transfer of mortgage loans to real estate owned	(96,106)	(189,942)	(367,653)	(410,913)
Ending balance	$ 1,380,575	$ 2,071,505	$ 1,380,575	$ 2,071,505	$ 1,959,044

Fair value of financial instr30

Fair value of financial instruments - Fair value by delinquency (Details) - Loans receivable - Residential mortgage $ in Thousands	Sep. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Unpaid principal balance
Mortgage loans	$ 355,221	$ 18,398
Residential portfolio segment
Number of loans
Current | loan	19	68
Mortgage loans | loan	914	102
Carrying value
Current	$ 4,152	$ 8,317
Mortgage loans	254,835	12,535
Unpaid principal balance
Current	5,502	11,938
Market value of underlying properties
Current	10,235	15,154
Mortgage loans	$ 394,011	$ 22,452
Residential portfolio segment | 30 to 59 Days Past Due
Number of loans
Past Due | loan	2	6
Carrying value
Past Due	$ 291	$ 1,118
Unpaid principal balance
Past Due	384	1,667
Market value of underlying properties
Past Due	$ 467	$ 2,004
Residential portfolio segment | 60 to 89 Days Past Due
Number of loans
Past Due | loan	2	4
Carrying value
Past Due	$ 322	$ 359
Unpaid principal balance
Past Due	458	644
Market value of underlying properties
Past Due	$ 418	$ 670
Residential portfolio segment | Equal to Greater than 90 Days Past Due
Number of loans
Past Due | loan	229	24
Foreclosure | loan	662
Carrying value
Past Due	$ 70,432	$ 2,741
Foreclosure	179,638
Unpaid principal balance
Past Due	94,907	4,149
Foreclosure	253,970
Market value of underlying properties
Past Due	109,879	$ 4,624
Foreclosure	$ 273,012
Residential portfolio segment | Nonperforming financing receivable
Number of loans
Current | loan	808	670
Foreclosure | loan	5,348	7,841
Mortgage loans | loan	7,611	10,963
Carrying value
Current	$ 134,747	$ 107,467
Foreclosure	1,026,822	1,466,798
Mortgage loans	1,380,575	1,959,044
Unpaid principal balance
Current	184,084	159,731
Foreclosure	1,415,239	2,172,047
Mortgage loans	1,945,585	2,935,961
Market value of underlying properties
Current	196,088	160,654
Foreclosure	1,338,722	1,951,606
Mortgage loans	$ 1,859,851	$ 2,693,525
Residential portfolio segment | Nonperforming financing receivable | 30 to 59 Days Past Due
Number of loans
Past Due | loan	97	109
Carrying value
Past Due	$ 15,506	$ 15,424
Unpaid principal balance
Past Due	21,999	22,629
Market value of underlying properties
Past Due	$ 25,575	$ 24,046
Residential portfolio segment | Nonperforming financing receivable | 60 to 89 Days Past Due
Number of loans
Past Due | loan	50	57
Carrying value
Past Due	$ 8,340	$ 7,921
Unpaid principal balance
Past Due	12,937	11,624
Market value of underlying properties
Past Due	$ 12,292	$ 12,510
Residential portfolio segment | Nonperforming financing receivable | Equal to Greater than 90 Days Past Due
Number of loans
Past Due | loan	1,308	2,286
Carrying value
Past Due	$ 195,160	$ 361,434
Unpaid principal balance
Past Due	311,326	569,930
Market value of underlying properties
Past Due	$ 287,174	$ 544,709

Fair value of financial instr31

Fair value of financial instruments - Fair value inputs, quantitative information (Details) - Loans receivable - Residential mortgage - Fair value, inputs, level 3 - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair value inputs, assets, quantitative information [Line Items]
Equity discount rate	15.00%	15.00%
Debt to asset ratio	65.00%	65.00%
Cost of funds	3.50%	3.50%
LIBOR reference rate	1 month LIBOR	1 month LIBOR
Minimum [Member]
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	0.00%	(0.10%)
Loan resolution probabilities — modification	0.00%	0.00%
Loan resolution probabilities — rental	0.00%	0.00%
Loan resolution probabilities — liquidation	0.00%	0.00%
Loan resolution timelines (in years)	1 month	1 month
Value of underlying properties	$ 300	$ 3,000
Maximum [Member]
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	7.50%	7.60%
Loan resolution probabilities — modification	44.70%	44.70%
Loan resolution probabilities — rental	100.00%	100.00%
Loan resolution probabilities — liquidation	100.00%	100.00%
Loan resolution timelines (in years)	5 years 4 months	5 years 4 months
Value of underlying properties	$ 5,500,000	$ 5,300,000

Borrowings - Repurchase Agreeme

Borrowings - Repurchase Agreements (Details) - USD ($)	Sep. 30, 2015	Apr. 20, 2015	Dec. 31, 2014	Mar. 22, 2013
Short-term Debt [Line Items]
Repurchase and loan and security agreements	$ 929,478,000		$ 1,015,000,000
Secured debt
Short-term Debt [Line Items]
Interest rate	3.39%
Maximum borrowing capacity	$ 1,316,177,000		1,225,000,000
Book value of collateral	1,709,987,000		1,819,559,000
Repurchase and loan and security agreements	929,478,000		1,015,000,000
Line of Credit Facility, Remaining Borrowing Capacity	386,699,000		210,000,000
Secured debt | CS repurchase agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	275,000,000	$ 275,000,000	225,000,000	$ 100,000,000
Book value of collateral	413,395,000		332,618,000
Repurchase and loan and security agreements	229,734,000		222,044,000
Line of Credit Facility, Remaining Borrowing Capacity	45,266,000		2,956,000
Secured debt | CS repurchase agreement | ARLP 2014-1
Short-term Debt [Line Items]
Repurchase and loan and security agreements	19,900,000
Secured debt | CS repurchase agreement | ARLP 2014-2
Short-term Debt [Line Items]
Repurchase and loan and security agreements	29,300,000
Secured debt | CS repurchase agreement | ARLP 2015-1
Short-term Debt [Line Items]
Repurchase and loan and security agreements	21,000,000
Secured debt | Wells repurchase agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	750,000,000		750,000,000
Book value of collateral	901,432,000		1,036,409,000
Repurchase and loan and security agreements	480,752,000		569,509,000
Line of Credit Facility, Remaining Borrowing Capacity	269,248,000		180,491,000
Secured debt | DB repurchase agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	91,177,000		250,000,000
Book value of collateral	201,638,000		450,532,000
Repurchase and loan and security agreements	91,177,000		223,447,000
Line of Credit Facility, Remaining Borrowing Capacity	0		$ 26,553,000
Secured debt | Nomura loan and security agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	200,000,000
Book value of collateral	193,522,000
Repurchase and loan and security agreements	127,815,000
Line of Credit Facility, Remaining Borrowing Capacity	72,185,000
Asset-backed Securities [Member] | Secured debt | ARLP 2014-1
Short-term Debt [Line Items]
Book value of collateral	32,000,000
Asset-backed Securities [Member] | Secured debt | ARLP 2014-2
Short-term Debt [Line Items]
Book value of collateral	45,100,000
Asset-backed Securities [Member] | Secured debt | ARLP 2015-1
Short-term Debt [Line Items]
Book value of collateral	$ 34,000,000

Borrowings - Other Secured Debt

Borrowings - Other Secured Debt (Details) - USD ($)	Sep. 30, 2015	Sep. 10, 2015	Jun. 29, 2015	Feb. 09, 2015	Dec. 31, 2014	Nov. 25, 2014	Sep. 30, 2014	Sep. 25, 2014
Debt Instrument [Line Items]
Repurchase and loan and security agreements	$ 929,478,000				$ 1,015,000,000
Other secured borrowings	513,049,000				339,082,000
Securities sold under agreements to repurchase	0				14,991,000		$ 15,000,000
Asset-backed Securities Class A Notes 2015-1
Debt Instrument [Line Items]
Other secured borrowings	$ 203,937,000		$ 205,000,000
Interest rate on debt	4.01%		4.01%
Secured debt issued to affiliates	$ (34,000,000)		$ (34,000,000)
Asset-backed Securities Class M Notes 2015-1
Debt Instrument [Line Items]
Other secured borrowings	$ 60,000,000		$ 60,000,000
Interest rate on debt	0.00%
Secured debt issued to affiliates	$ (60,000,000)
Asset-backed securities Class A notes Trust 2
Debt Instrument [Line Items]
Other secured borrowings	$ 249,535,000			$ 50,700,000	$ 269,820,000	$ 270,800,000
Interest rate on debt	3.87%				3.85%	3.85%
Secured debt issued to affiliates	$ (45,138,000)				$ (95,729,000)	$ (95,800,000)
Asset-backed securities Class M notes Trust 2
Debt Instrument [Line Items]
Other secured borrowings	$ 234,010,000				$ 234,010,000	$ 234,000,000
Interest rate on debt	0.00%				0.00%
Secured debt issued to affiliates	$ (234,010,000)				$ (234,010,000)
Asset-backed securities Class A notes
Debt Instrument [Line Items]
Other secured borrowings	$ 138,715,000				$ 150,000,000			$ 150,000,000
Interest rate on debt	3.47%				3.47%			3.47%
Asset-backed securities Class M notes
Debt Instrument [Line Items]
Other secured borrowings	$ 32,000,000				$ 32,000,000			$ 32,000,000
Interest rate on debt	4.25%				4.25%			4.25%
Secured debt issued to affiliates	$ (32,000,000)				$ (32,000,000)
Repurchase agreement NewSource
Debt Instrument [Line Items]
Securities sold under agreements to repurchase					$ 14,991,000
Securities sold under agreement to repurchase, interest rate		5.00%			5.00%
ARLP 2015-1 | Loans
Debt Instrument [Line Items]
Book value of the underlying securitized assets	284,500,000
ARLP 2014-2 | Loans
Debt Instrument [Line Items]
Book value of the underlying securitized assets	325,000,000
ARLP 2014-1 | Loans
Debt Instrument [Line Items]
Book value of the underlying securitized assets	$ 203,100,000

Related party transactions (Det

Related party transactions (Details)	Apr. 01, 2015	Mar. 31, 2015property	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 10, 2015	Dec. 31, 2014USD ($)
Related party transaction [Line Items]
US Treasury rate, maturity term		10 years
Related party general and administrative			$ 4,988,000	$ 21,530,000		$ 25,789,000	$ 51,629,000
Securities sold under agreements to repurchase			$ 0	15,000,000	$ 0	$ 0	15,000,000		$ 14,991,000
Common stock held by related party | shares			324,465		324,465	324,465
Noncontrolling interest, ownership percentage			0.58%		0.58%	0.58%
Repurchase agreement NewSource
Related party transaction [Line Items]
Securities sold under agreements to repurchase									$ 14,991,000
Securities sold under agreement to repurchase, interest rate								5.00%	5.00%
Affiliated entity | AAMC
Related party transaction [Line Items]
Base management fee, percent of qualified average invested capital		1.50%
Incentive management fee, return on invested capital			1.75%
Conversion fee, percent of market value of new rental properties		1.50%
Incentive management fee, percent of incentive fee payable in common stock		25.00%
Deficit of return on invested capital			2.00%		2.60%
Cumulative deficit of return on invested capital			4.35%		4.35%	4.35%
Affiliated entity | AAMC | Related party general and administrative expenses
Related party transaction [Line Items]
Related party general and administrative			$ 5,000,000
Affiliated entity | AAMC | Minimum [Member]
Related party transaction [Line Items]
Incentive management fee, return on invested capital		7.00%
Affiliated entity | AAMC | Maximum [Member]
Related party transaction [Line Items]
Incentive management fee, return on invested capital		8.25%
Affiliated entity | Altisource Residential Corporation
Related party transaction [Line Items]
Related party general and administrative				21,100,000
Affiliated entity | Asset management fee, threshold one | AAMC
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		25.00%
Base management fee, number of rental properties cap | property		2,500
Incentive management fee, percent of invested capital in excess of threshold		20.00%
Affiliated entity | Asset management fee, threshold two | AAMC
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		1.75%
Base management fee, number of rental properties floor | property		2,500
Incentive management fee, number of rental properties cap | property		4,499
Incentive management fee, number of rental properties, floor | property		2,500
Incentive management fee, percent of invested capital in excess of threshold		22.50%
Affiliated entity | Asset management fee, threshold three | AAMC
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		2.00%
Incentive management fee, number of rental properties, floor | property		4,500
Incentive management fee, percent of invested capital in excess of threshold		25.00%
Affiliated entity | Asset Management Agreement | AAMC
Related party transaction [Line Items]
Contract term		15 years
Automatic renewal term	5 years
Affiliated entity | Expense reimbursements | AAMC | Related party general and administrative expenses
Related party transaction [Line Items]
Related party expenses			0	1,591,000		$ 750,000	4,849,000
Affiliated entity | Conversion fee | AAMC | Related party general and administrative expenses
Related party transaction [Line Items]
Related party expenses			329,000			728,000
Affiliated entity | Base management fee | AAMC | Related party general and administrative expenses
Related party transaction [Line Items]
Related party expenses			4,659,000			9,411,000
Affiliated entity | Management incentive fee | AAMC | Related party general and administrative expenses
Related party transaction [Line Items]
Related party expenses			0	19,503,000		14,900,000	44,129,000
Affiliated entity | Interest expense | NewSource | Interest expense
Related party transaction [Line Items]
Related party expenses			242,000			563,000
Affiliated entity | Dividend income | NewSource | Other income
Related party transaction [Line Items]
Dividend income			1,518,000			1,518,000
Affiliated entity | Professional fee sharing for negotiation of AMA | AAMC | Other income
Related party transaction [Line Items]
Professional fee sharing for negotiation of AMA			$ 0			$ 2,000,000
Affiliated entity | Residential rental property operating expenses | Altisource and Ocwen | Operating expense
Related party transaction [Line Items]
Related party expenses				7,038,000			11,238,000
Affiliated entity | Mortgage loan servicing costs | Ocwen | Operating expense
Related party transaction [Line Items]
Related party expenses				22,173,000			47,605,000
Affiliated entity | Due diligence and unsuccessful deal costs | Altisource Portfolio Solutions | Related party general and administrative expenses
Related party transaction [Line Items]
Related party expenses				$ 4,000			$ 1,770,000

Share-based payments (Details)

Share-based payments (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted to directors annually					$ 45,000
Required service period for restricted stock			1 year
Director attendance requirement			75.00%
Share-based compensation expense	$ 46,000	$ 57,000	$ 139,000	$ 170,000
Unrecognized stock based compensation	$ 100,000	$ 200,000	$ 100,000	$ 200,000
Recognition period			8 months	8 months
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted during period (in shares)			9,924	8,245
Weighted average grant date fair value per share (usd per share)			$ 18.25	$ 27.28

Income taxes (Details)

Income taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 18, 2015	Jun. 18, 2015	Mar. 31, 2015	Mar. 30, 2015	Mar. 11, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Minimum distribution of REIT taxable income, percent								90.00%
Dividends declared per common share	$ 0.55	$ 0.55	$ 0.55	$ 0.08	$ 0.08	$ 0.55	$ 0.55	$ 1.73	$ 1.48	$ 2.03
Taxable net income (loss) attributable to parent										$ 115,800
Net capital gains										54,400
Minimum distribution of REIT taxable income, amount										55,300
Dividends on common stock				$ 4,600	$ 4,500			$ 67,685	$ 84,570	$ 116,000

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net (loss) income	$ (5,363)	$ 37,676	$ 20,153	$ 147,371
Weighted average common stock outstanding – basic (in shares)	57,056,625	57,174,150	57,154,734	55,930,010
Stock options using the treasury method (in shares)	0	231,101	192,870	375,657
Restricted stock (in shares)	0	1,074	3,410	6,437
Weighted average common stock outstanding – diluted (in shares)	57,056,625	57,406,325	57,351,014	56,312,104
Earnings per basic share (usd per share)	$ (0.09)	$ 0.66	$ 0.35	$ 2.63
Earnings per diluted share (usd per share)	$ (0.09)	$ 0.66	$ 0.35	$ 2.62
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	215,773	0	0	0
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,924	0	0	0