Front Yard Residential (RESI) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document and entity information

Document and entity information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
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, 2016
Document fiscal year focus	2,016
Document fiscal period focus	Q3
Amendment flag	false
Entity common stock, shares outstanding		53,869,642

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate held for use:
Land	$ 213,174	$ 56,346
Rental residential properties (net of accumulated depreciation of $17,615 and $7,127, respectively)	866,903	224,040
Real estate owned	326,358	455,483
Total real estate held for use, net	1,406,435	735,869
Real estate assets held for sale	169,841	250,557
Mortgage loans at fair value	628,304	960,534
Mortgage loans held for sale	4,038	317,336
Cash and cash equivalents	56,890	116,702
Restricted cash	23,382	20,566
Accounts receivable, net	27,839	45,903
Related party receivables	0	2,180
Prepaid expenses and other assets	14,372	1,126
Total assets	2,331,101	2,450,773
Liabilities:
Repurchase and loan agreements	1,182,677	763,369
Other secured borrowings	156,986	502,599
Accounts payable and accrued liabilities	52,114	32,448
Related party payables	4,926	0
Total liabilities	1,396,703	1,298,416
Commitments and contingencies (Note 7)
Equity:
Common stock, $0.01 par value, 200,000,000 authorized shares; 53,869,642 shares issued and outstanding as of September 30, 2016 and 55,581,005 shares issued and outstanding as of December 31, 2015	539	556
Additional paid-in capital	1,184,174	1,202,418
Accumulated deficit	(250,315)	(50,617)
Total equity	934,398	1,152,357
Total liabilities and equity	$ 2,331,101	$ 2,450,773

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Rental residential properties - accumulated depreciation	$ 17,615	$ 7,127
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	53,869,642	55,581,005
Common stock, shares outstanding	53,869,642	55,581,005

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental revenues	$ 9,590	$ 4,021	$ 24,242	$ 7,561
Change in unrealized gain on mortgage loans	(41,152)	27,499	(155,306)	130,842
Net realized gain on mortgage loans	9,428	12,874	30,340	47,528
Net realized gain on mortgage loans held for sale	19	100	50,166	505
Net realized gain on real estate	26,307	13,914	94,833	36,926
Interest income	209	115	425	595
Total revenues	4,401	58,523	44,700	223,957
Expenses:
Residential property operating expenses	15,011	16,574	51,215	45,890
Real estate depreciation and amortization	5,149	2,050	12,790	4,392
Acquisition fees and costs	5,202	861	8,306	1,738
Selling costs and impairment	11,570	10,705	50,003	34,235
Mortgage loan servicing costs	7,792	13,477	27,960	47,989
Interest expense	10,174	14,436	37,060	39,477
General and administrative	2,500	2,286	9,100	8,509
Management fees	4,658	4,988	14,234	25,039
Total expenses	62,056	65,377	210,668	207,269
Other income (expense)	0	1,518	(750)	3,518
(Loss) income before income taxes	(57,655)	(5,336)	(166,718)	20,206
Income tax (benefit) expense	(17)	27	106	53
Net (loss) income	$ (57,638)	$ (5,363)	$ (166,824)	$ 20,153
(Loss) earnings per share of common stock - basic:
Loss (earnings) per basic share (usd per share)	$ (1.06)	$ (0.09)	$ (3.05)	$ 0.35
Weighted average common stock outstanding – basic (in shares)	54,178,129	57,056,625	54,722,828	57,154,734
(Loss) earnings per share of common stock - diluted:
Loss (earnings) per diluted share (usd per share)	$ (1.06)	$ (0.09)	$ (3.05)	$ 0.35
Weighted average common stock outstanding – diluted (in shares)	54,178,129	57,056,625	54,722,828	57,351,014
Dividends declared per common share	$ 0.15	$ 0.55	$ 0.60	$ 1.73

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained earnings
Beginning balance, shares at Dec. 31, 2014		57,192,212
Beginning balance at Dec. 31, 2014	$ 1,326,911	$ 572	$ 1,227,091	$ 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
Repurchased of common stock, shares		(1,234,393)
Repurchases of common stock	(19,983)	$ (12)	(19,971)
Dividends on common stock	(98,302)			(98,302)
Share-based compensation	139		139
Net (loss) income from consolidated statement of operations	20,153			20,153
Ending balance, shares at Sep. 30, 2015		55,990,853
Ending balance at Sep. 30, 2015	1,229,022	$ 560	1,207,363	21,099
Beginning balance, shares at Dec. 31, 2014		57,192,212
Beginning balance at Dec. 31, 2014	1,326,911	$ 572	1,227,091	99,248
Increase (Decrease) in Stockholders' Equity
Dividends on common stock	$ (103,900)
Ending balance, shares at Dec. 31, 2015	55,581,005	55,581,005
Ending balance at Dec. 31, 2015	$ 1,152,357	$ 556	1,202,418	(50,617)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, shares		18,707
Issuance of common stock, including stock option exercises	30	$ 0	30
Repurchased of common stock, shares		(1,730,070)
Repurchases of common stock	(18,784)	$ (17)	(18,767)
Dividends on common stock	(32,874)			(32,874)
Share-based compensation	493		493
Net (loss) income from consolidated statement of operations	$ (166,824)			(166,824)
Ending balance, shares at Sep. 30, 2016	53,869,642	53,869,642
Ending balance at Sep. 30, 2016	$ 934,398	$ 539	$ 1,184,174	$ (250,315)

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	Feb. 28, 2016	Mar. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (usd per share)	$ 0.15	$ 0.08	$ 0.15	$ 0.55	$ 0.60	$ 1.73	$ 1.83

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net (loss) income from consolidated statement of operations	$ (166,824)	$ 20,153
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Change in unrealized gain on mortgage loans	155,306	(130,842)
Net realized gain on mortgage loans	(30,340)	(47,528)
Net realized gain on mortgage loans held for sale	(50,166)	(505)
Net realized gain on real estate	(94,833)	(36,926)
Real estate depreciation and amortization	12,790	4,392
Selling costs and impairment	50,003	34,235
Accretion of interest on re-performing mortgage loans	(107)	(581)
Share-based compensation	493	139
Amortization of deferred financing costs	8,840	4,271
Changes in operating assets and liabilities:
Accounts receivable, net	6,612	(1,746)
Related party receivables	2,180	0
Deferred leasing costs	(69)	(1,287)
Prepaid expenses and other assets	(4,729)	(22)
Accounts payable and accrued liabilities	19,031	15,584
Related party payables	4,926	(22,444)
Net cash used in operating activities	(86,887)	(163,107)
Investing activities:
Investment in real estate	(291,688)	(111,423)
Investment in renovations	(38,334)	(15,936)
Real estate tax advances	(7,791)	(18,438)
Mortgage loan resolutions and dispositions	508,712	190,146
Mortgage loan payments	16,438	19,268
Disposition of real estate	315,973	119,368
Investment in derivative financial instrument	(55)	0
Disposition of preferred stock of affiliate	0	18,000
Change in restricted cash	(2,816)	(12,229)
Net cash provided by investing activities	500,439	188,756
Financing activities:
Issuance of common stock, including stock option exercises	51	204
Payment of tax withholdings on exercise of stock options	(21)	(100)
Repurchases of common stock	(18,784)	(19,983)
Dividends on common stock	(30,206)	(67,685)
Proceeds from the issuance of other secured debt	0	221,691
Repayments of other secured debt	(348,565)	(32,298)
Proceeds from repurchase and loan agreements	392,506	285,967
Repayments of repurchase and loan agreements	(460,025)	(386,480)
Payment of deferred financing costs	(8,320)	(9,250)
Net cash used in financing activities	(473,364)	(7,934)
Net (decrease) increase in cash and cash equivalents	(59,812)	17,715
Cash and cash equivalents as of beginning of the period	116,702	66,166
Cash and cash equivalents as of end of the period	56,890	83,881
Supplemental disclosure of cash flow information:
Cash paid for interest	27,983	34,879
Income taxes paid	180	0
Seller financing of assets acquired	489,259	0
Transfer of mortgage loans to real estate owned, net	168,395	359,378
Transfer of mortgage loans at fair value to mortgage loans held for sale, net	101,201	250,346
Changes in accrued capital expenditures	(1,695)	164
Changes in receivables from mortgage loan resolutions and dispositions, payments and real estate tax advances to borrowers, net	(157)	2,550
Changes in receivables from real estate owned dispositions	(11,295)	1,949
Dividends declared but not paid	$ 8,226	$ 30,617

Organization and basis of prese

Organization and basis of presentation	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Organization and basis of presentation Altisource Residential Corporation is a Maryland real estate investment trust (“REIT”) focused on acquiring, owning and managing single-family rental (“SFR”) properties throughout the United States. On December 21, 2012, we became a stand-alone publicly traded company with an initial capital contribution of $100 million . We conduct substantially all of our activities through our wholly owned subsidiary, Altisource Residential, L.P. (“ARLP”), and its subsidiaries. We employ a diversified SFR property acquisition strategy that includes acquiring portfolios of SFR properties and purchasing SFR properties on a one-by-one basis from the Multiple Listing Service and alternative listing sources. Initially, our preferred acquisition strategy involved acquiring portfolios of sub-performing and non-performing mortgage loans (“NPLs”). However, as market conditions evolved and the acquisition of NPL pools became more competitive and higher-priced, we introduced the alternative SFR property acquisition strategies described above. In the third quarter of 2015, we commenced the disposition of certain NPLs and, as of September 30, 2016 , we had disposed of a substantial portion of our NPL portfolio. We are managed by Altisource Asset Management Corporation (“AAMC” or our “Manager”). We do not have any employees; therefore, AAMC provides us with dedicated personnel 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 single-family rental properties and the ongoing management of our residential mortgage loans and real estate owned (“REO”) properties. See Note 8 for a description of this related party relationship. We have property management contracts with two separate third-party service providers to provide to us, among other things, leasing and lease management, operations, maintenance, repair, property management and property disposition services in respect of our SFR and REO portfolios. We also have servicing agreements with two separate mortgage loan servicers for the remaining mortgage loans in our portfolio. 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 (“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 interim consolidated financial statements and accompanying unaudited consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and are 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 on Form 10-Q as permitted by the Securities and Exchange Commission (“SEC”) rules and regulations. These consolidated financial statements should be read in conjunction with our annual consolidated financial statements included within our 2015 Annual Report on Form 10-K, which was filed with the SEC on February 29, 2016. Certain prior year amounts have been reclassified for consistency with the current period presentation, including acquisition fees and costs within our consolidated statement of operations. These reclassifications had no effect on the reported results of operations. Our financial statements include the accounts of our wholly owned subsidiaries as well as the variable interest entities (“VIEs”) of which we are the primary beneficiary. We eliminate intercompany accounts and transactions upon consolidation. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. We reassess our involvement with VIEs on a quarterly basis. Changes in methodologies, assumptions and inputs in the determination of the primary beneficiary could have a material effect on the amounts presented within the consolidated financial statements. In certain instances, we hold both the power to direct the most significant activities of each VIE as well as an economic interest in the entity, and, as such, we are deemed to be the primary beneficiary or consolidator of the VIE. We have determined that our current and former securitization trusts, ARLP Securitization Trust, Series 2014-1 (“ARLP 2014-1”), ARLP Securitization Trust, Series 2014-2 (“ARLP 2014-2”) and ARLP Securitization Trust, Series 2015-1 (“ARLP 2015-1”), are VIEs of which we are the primary beneficiaries. See Note 6 for more information regarding our current and former securitization trusts. Repurchases of common stock During the first quarter of 2016, we determined that the 1,645,075 shares of common stock we repurchased during the last six months of 2015 should have been classified within the consolidated financial statements as of and for the year ended December 31, 2015 as a reduction to common stock, for the par amount of the common stock, and to additional paid-in capital, for the amount paid in excess of par, and that such repurchased shares should be included as shares unissued. We previously classified common shares repurchased as treasury stock. The accompanying consolidated balance sheet as of December 31, 2015 and the related balances within our consolidated statement of stockholders' equity for the nine months ended September 30, 2016 have been corrected to eliminate treasury stock of $25.0 million and reduce common stock and additional paid-in capital by an equivalent amount in the aggregate, resulting in no change in total equity as of December 31, 2015. The previously reported consolidated statements of operations and cash flows were not impacted. Deferred debt issuance costs 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 be presented on the balance sheet as a deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Our application of ASU 2015-03 represents a change in accounting principle and has been applied retrospectively, which resulted in i) a reclassification of the deferred debt issuance cost component of our deferred leasing and financing costs to repurchase and loan agreements and other secured borrowings and ii) a reclassification of deferred leasing costs component of our deferred leasing and financing costs to prepaid expenses and other assets in our consolidated balance sheets. The following table represents the effect of the reclassification prior period balances as a result of this adoption ($ in thousands): December 31, 2015 As Previously Reported Adjustments Current Presentation Assets: Deferred leasing and financing costs (1) $ 7,886 $ (7,886 ) $ — Prepaid expenses and other assets (1) 415 711 1,126 Liabilities: Repurchase and loan agreements 767,513 (4,144 ) 763,369 Other secured borrowings 505,630 (3,031 ) 502,599 ____________ (1) Upon adoption of ASU 2015-03, we reclassified our deferred leasing costs to prepaid expenses and other assets. Recently issued accounting standards In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under Topic 230. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. We do not expect the impact of adopting this standard to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This update standard is effective for fiscal years beginning after December 15, 2019. We do not expect the impact of adopting this standard to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718). ASU 2016-09 makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. This update standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. We do not expect the impact of adopting this standard to have a material impact on our consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. This update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10). ASU 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the impact of adopting this standard to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which effectively delayed the adoption date of ASU 2014-09 by one year. 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 are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements.

Asset acquisitions and disposit

Asset acquisitions and dispositions	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Asset acquisitions and dispositions	Asset acquisitions and dispositions Real estate assets Acquisitions, including those accounted for as business combinations On September 30, 2016 , we acquired a portfolio of 4,262 single-family residential properties located in 14 states for an aggregate purchase price of $652.3 million in two separate seller-financed transactions. The properties were acquired from two separate investment funds sponsored by Amherst Holdings, LLC (“Amherst”), neither of which is a related party to us. In the first transaction, ARLP acquired 3,868 of the 4,262 properties through our entry into a Membership Interest Purchase and Sale Agreement (the “MIPA”) with MSR I, L.P. (“MSR I”). Pursuant to the MIPA, ARLP acquired from MSR I 100% of the membership interests of HOME SFR Equity Owner, LLC (“ HOME Equity ”), a newly formed special purpose entity and sole equity owner of HOME SFR Borrower, LLC (“ HOME Borrower ”), which owned the 3,868 single-family residential properties. Following the consummation of the transaction, HOME Equity and HOME Borrower became indirect, wholly owned subsidiaries of the Company. In the second transaction, ALRP entered into a Purchase and Sale Agreement (the “PSA”) with Firebird SFE I, LLC. Pursuant to the PSA, HOME Borrower , as assignee from ARLP, acquired the remaining 394 of the 4,262 properties. We refer to these acquisitions, collectively, as the “ HOME SFR Transaction .” We recognized acquisition fees and costs related to the HOME SFR Transaction of $3.9 million . The value of in-place leases was estimated at $9.8 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 approximately seven months as of date of the HOME SFR Transaction. We recognized $163 thousand in revenues and $59 thousand in earnings related to the HOME SFR Transaction in our consolidated statements of operations for the three and nine months ended September 30, 2016 . The preliminary allocation of the purchase price is based upon the estimated fair values of the assets acquired and is subject to change during the measurement period. The purchase price allocation is preliminary as we are in the process of finalizing the valuation. The following table sets forth the preliminary allocation of the estimated fair value of the assets acquired as well as the source of funds related to the HOME SFR Transaction ($ in thousands): Estimated fair value of assets acquired: Land $ 123,857 Rental residential properties 499,785 Real estate owned 18,895 Prepaid expenses and other assets (1) 9,809 Total preliminary allocation of purchase price $ 652,346 Source of funds: Cash on hand $ 163,087 Debt financing (Note 6) 489,259 Total purchase price $ 652,346 ________ (1) Represent estimated lease-in-place intangible asset. On March 30, 2016, we completed the acquisition of 590 single-family residential properties located in five states from an unrelated third party for an aggregate purchase price of approximately $64.8 million . We recognized acquisition fees and costs related to this portfolio acquisition of $0.6 million . The value of in-place leases was estimated at $0.7 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 seven months as of the acquisition date. On August 18, 2015, we completed our acquisition of 1,314 single-family rental properties located in the Atlanta, Georgia market from an unrelated third party for an aggregate purchase price of approximately $111.4 million . We recognized acquisition fees and costs related to this portfolio acquisition of $0.6 million . 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 was amortized over the weighted average remaining life of the leases of seven months as of the acquisition date. During the three and nine months ended September 30, 2016 , we acquired 238 and 642 residential properties, respectively, under our one-by-one acquisition program for an aggregate purchase price of $24.6 million and $64.7 million , respectively. During the three and nine months ended September 30, 2015 , we acquired 10 residential properties under our one-by-one acquisition program for an aggregate purchase price of $1.1 million . Supplemental pro forma financial information (unaudited) The following supplemental pro forma financial information summarizes our results of operations as if the HOME SFR Transaction occurred on January 1, 2015 as follows ($ in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Unaudited pro forma revenues $ 18,711 $ 70,905 $ 86,021 $ 257,908 Unaudited pro forma net loss $ (59,717 ) $ (10,611 ) $ (173,562 ) $ (2,317 ) Loss per basic common share $ (1.10 ) $ (0.19 ) $ (3.17 ) $ (0.04 ) Weighted average common stock outstanding - diluted 54,178,129 57,056,625 54,722,828 57,154,734 Loss per diluted common share $ (1.10 ) $ (0.19 ) $ (3.17 ) $ (0.04 ) Weighted average common stock outstanding - diluted 54,178,129 57,056,625 54,722,828 57,154,734 The following table presents the adjustments included for each period ($ in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Revenues from consolidated statement of operations $ 4,401 $ 58,523 $ 44,700 $ 223,957 Add: historical revenues of acquired properties not reflected in consolidated statement of operations 14,310 12,382 41,321 33,951 Unaudited pro forma revenues $ 18,711 $ 70,905 $ 86,021 $ 257,908 Net (loss) income from consolidated statement of operations $ (57,638 ) $ (5,363 ) $ (166,824 ) $ 20,153 Plus: historical net income of acquired properties not reflected in consolidated statement of operations 8,416 7,597 25,566 20,157 Less: pro forma depreciation and amortization (5,157 ) (6,558 ) (15,472 ) (25,281 ) Less: pro forma interest expense (4,737 ) (4,737 ) (14,212 ) (14,212 ) Less: pro forma management fees (601 ) (1,550 ) (2,620 ) (3,134 ) Unaudited pro forma net loss $ (59,717 ) $ (10,611 ) $ (173,562 ) $ (2,317 ) The supplement pro forma financial information for all periods presented was adjusted to reflect real estate depreciation and amortization on the acquired properties and related intangible assets, interest expense on the related financing facility and incremental management fees that would have been incurred under the asset management agreement. The supplemental pro forma financial information is for informational purposes only and is not necessarily indicative of the actual results of operations that would have been achieved if the acquisition had taken place on January 1, 2015, nor does it purport to represent or be indicative of the results of operations for future periods. Dispositions During the three and nine months ended September 30, 2016 , we sold 604 and 2,200 residential properties, respectively, and recorded $26.3 million and $94.8 million , respectively, of net realized gains on real estate. During the three and nine months ended September 30, 2015 , we sold 357 and 932 residential properties, respectively, and recorded $13.9 million and $36.9 million , respectively, of net realized gains on real estate. Mortgage loan assets Resolutions During the three and nine months ended September 30, 2016 , we resolved 109 and 400 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. In connection with these resolutions, we recorded $9.4 million and $30.3 million , respectively, of net realized gains on mortgage loans. During the three and nine months ended September 30, 2015 , we resolved 145 and 565 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. In addition, we sold 137 loans that had transitioned to re-performing status from prior non-performing loan acquisitions to a third party purchaser during June 2015. In connection with these resolutions and disposals, we recorded $12.9 million and $47.5 million , respectively, of net realized gains on mortgage loans. Dispositions During the nine months ended September 30, 2016 , we sold 1,974 of our mortgage loans held for sale to third party purchasers. In connection with these sales, we recorded $50.2 million of net realized gains on mortgage loans held for sale. During June 2015, we sold 52 loans from the re-performing mortgage loans purchased in June 2014 to a third party purchaser. In connection with this sale, we recognized $0.3 million of net realized gains on mortgage loans held for sale. Transfers of mortgage loans to real estate owned During the three and nine months ended September 30, 2016 , we transferred an aggregate of 246 and 914 mortgage loans, respectively, to REO at an aggregate fair value based on BPOs of $49.5 million and $173.8 million , respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, we recorded $10.7 million and $34.8 million , respectively, in change in unrealized gain on mortgage loans that resulted from marking the properties to their most current market value. During the three and nine months ended September 30, 2015 , we transferred an aggregate of 507 and 1,918 mortgage loans, respectively, to REO at an aggregate fair value based on BPOs of $90.7 million and $359.4 million , respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, we recorded $17.0 million and $68.4 million , respectively, in change in unrealized gain on mortgage loans that resulted from marking the properties to their most current market value. Due diligence costs During the three and nine months ended September 30, 2016 , we recognized $1.3 million and $1.9 million , respectively, of due diligence costs, and we recognized a nominal amount and $0.4 million , respectively, of due diligence costs during the three and nine months ended September 30, 2015 . These due diligence costs are included in our consolidated statement of operations as acquisition fees and costs.

Real estate assets, net

Real estate assets, net	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real estate assets, net	Real estate assets, net Real estate held for use As of September 30, 2016 , we had 9,892 single-family residential properties held for use. Of these properties, 7,079 had been leased, 587 were listed and ready for rent and 875 were in varying stages of renovation and unit turn status. With respect to the remaining 1,351 REO properties, we will make a final determination whether each property meets our rental profile after (a) applicable state 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 that require us to await the expiration of a redemption period before a foreclosure can be finalized. Once the redemption period expires, we immediately proceed to record a new deed, take possession of the property, activate utilities and start the inspection process in order to make our final determination. If an 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. 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. As of December 31, 2015 , we had 4,933 single-family residential properties held for use. Of these properties, 2,118 had been leased, 264 were listed and ready for rent and 350 were in various stages of renovation. With respect to the remaining 2,201 REO properties, we were in the process of determining whether these properties would meet our rental profile. With respect to residential rental properties classified as held for use, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than the carrying amount. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties, including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. If the carrying amount of a held for use asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. We are not able to recover any such impairments should the estimated fair value subsequently improve. We generally estimate the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs. During the three and nine months ended September 30, 2016 , we recognized $1.2 million and $6.2 million , respectively, of impairment on real estate held for use. During the nine months ended September 30, 2015, we recognized no impairment on our real estate held for use. Real estate held for sale As of September 30, 2016 and December 31, 2015 , our real estate held for sale included 839 and 1,583 REO properties, respectively, having an aggregate carrying value of $169.8 million and $250.6 million , respectively. Management determined to divest these properties because they do not meet our residential rental property investment criteria. 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. In the event that the estimated fair value of impaired properties held for sale subsequently improves, we are able to recover impairments to the extent previously recognized. During the three and nine months ended September 30, 2016 , we recognized $7.2 million and $23.0 million , respectively, of impairment on our real estate held for sale. During the three and nine months ended September 30, 2015 , we recognized $3.6 million and $13.4 million , respectively, of impairment on our real estate held for sale.

Mortgage loans

Mortgage loans	9 Months Ended
	Sep. 30, 2016
Mortgage Loans on Real Estate [Abstract]
Mortgage loans	Mortgage loans The following table sets forth our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2016 and December 31, 2015 ($ in thousands): Number of Loans Carrying Value Unpaid Principal Balance Market Value of Underlying Properties September 30, 2016 Current 761 $ 125,038 $ 161,706 $ 193,704 30 75 11,444 17,213 18,371 60 42 5,844 8,362 9,809 90 407 54,049 83,064 91,907 Foreclosure 2,432 431,929 608,258 620,472 Mortgage loans at fair value 3,717 $ 628,304 $ 878,603 $ 934,263 December 31, 2015 Current 730 $ 124,595 $ 165,645 $ 177,348 30 80 12,003 18,142 21,858 60 38 5,688 8,088 8,766 90 984 130,784 216,717 196,963 Foreclosure 3,907 687,464 946,962 917,671 Mortgage loans at fair value 5,739 $ 960,534 $ 1,355,554 $ 1,322,606 The following table sets forth the carrying value of our mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2016 and December 31, 2015 ($ in thousands): Number of Loans Carrying Value Unpaid Principal Balance Market Value of Underlying Properties September 30, 2016 Current 13 $ 1,357 $ 1,985 $ 2,600 30 7 713 1,508 1,642 90 1 485 489 990 Foreclosure 10 1,483 1,998 2,212 Mortgage loans held for sale 31 $ 4,038 $ 5,980 $ 7,444 December 31, 2015 Current 58 $ 10,864 $ 13,466 $ 17,776 30 26 7,616 10,013 12,200 60 6 668 775 1,063 90 328 73,164 101,121 103,395 Foreclosure 879 225,024 314,991 330,573 Mortgage loans held for sale 1,297 $ 317,336 $ 440,366 $ 465,007 As of September 30, 2016 , our mortgage loans held for sale include our remaining re-performing residential mortgage loans that we initially acquired in June 2014. We determined to dispose of these mortgage loans in order to take advantage of attractive market pricing and because we do not expect them to be rental candidates. Re-performing residential mortgage loans For the three and nine months ended September 30, 2016 and 2015 , we recognized no provision for loan loss and no adjustments to the amount of the accretable yield for our re-performing residential mortgage loans. For the three and nine months ended September 30, 2016 , we accreted $35 thousand and $107 thousand , respectively, into interest income with respect to our re-performing loans. For the three and nine months ended September 30, 2015 , we accreted $112 thousand and $581 thousand into interest income with respect to our re-performing loans. At September 30, 2016 and December 31, 2015 , these re-performing loans had a UPB of $6.0 million and a carrying value of $4.0 million at each date. We included these loans in mortgage loans held for sale. The following table presents changes in the balance of the accretable yield for the periods indicated: Accretable Yield Nine months ended September 30, 2016 Nine months ended September 30, 2015 Balance at the beginning of the period $ 2,146 $ 7,640 Payments and other reductions, net — (3,285 ) Accretion (107 ) (581 ) Balance at the end of the period $ 2,039 $ 3,774

Fair value of financial instrum

Fair value of financial instruments	9 Months Ended
	Sep. 30, 2016
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, 2016 and December 31, 2015 ($ in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets Observable Inputs Other Than Level 1 Prices Unobservable Inputs September 30, 2016 Recurring basis (assets) Mortgage loans at fair value $ — $ — $ 628,304 Interest rate cap derivative (1) — 55 — Nonrecurring basis (assets) Real estate assets held for sale — — 169,841 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale — — 4,038 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements — 1,189,253 — Other secured borrowings — 157,950 — December 31, 2015 Recurring basis (assets) Mortgage loans at fair value $ — $ — $ 960,534 Nonrecurring basis (assets) Real estate assets held for sale — — 250,557 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale — — 317,336 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements — 767,513 — Other secured borrowings — 502,268 — _____________ (1) We include the fair value of our interest rate cap derivative within prepaid expenses and other assets in our consolidated balance sheets. We have not transferred any assets from one level to another level during the three or nine months ended September 30, 2016 or during the year ended December 31, 2015 . The carrying values of our cash and cash equivalents, restricted cash, related party receivables, accounts payable and accrued liabilities and related party payables are equal to or approximate fair value. The fair values of mortgage loans at fair value and NPLs held for sale are estimated using our asset manager's proprietary discounted cash flow pricing model. 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 loan. The fair value of our interest rate cap derivative is estimated using a discounted cash flow analysis based on the contractual terms of the derivative. The fair value of the repurchase and loan 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, 2016 Three months ended September 30, 2015 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Mortgage loans at fair value Beginning balance $ 707,445 $ 1,716,489 $ 960,534 $ 1,959,044 Change in unrealized gain on mortgage loans (8,086 ) 43,525 20,542 170,845 Net realized gain on mortgage loans 9,428 12,874 30,340 47,528 Transfers of mortgage loans at fair value to mortgage loans held for sale, net 1,914 (250,346 ) (101,201 ) (250,346 ) Mortgage loan resolutions and payments (34,967 ) (57,882 ) (119,794 ) (205,120 ) Real estate tax advances to borrowers 1,161 6,611 6,255 18,002 Transfer of mortgage loans to real estate owned, net (48,591 ) (90,696 ) (168,372 ) (359,378 ) Ending balance $ 628,304 $ 1,380,575 $ 628,304 $ 1,380,575 Change in unrealized gain on mortgage loans at fair value held at the end of the period $ (15,027 ) $ 13,022 $ (5,309 ) $ 93,874 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 the dates indicated: Input September 30, 2016 December 31, 2015 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 -15.2% to 16.9% 0.0% to 10.2% Loan resolution probabilities — modification 0% to 11.4% 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 - 5.5 0.1 - 5.6 Value of underlying properties $3,000 - $4,250,000 $3,000 - $4,500,000

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Borrowings	Borrowings Repurchase and loan agreements Our operating partnership and certain of its Delaware statutory trust and/or limited liability company subsidiaries, as applicable, have entered into master repurchase agreements and loan agreements to finance the acquisition and ownership of single-family rental properties, other REO properties and mortgage loans in our portfolio. We have effective control of the assets associated with these agreements and therefore have concluded these are financing arrangements. As of September 30, 2016 , the weighted average annualized interest rate on borrowings under our repurchase and loan agreements was 3.72% , excluding amortization of deferred debt issuance costs. We had entered into three separate repurchase agreements and two loan agreements to finance the acquisition and ownership of single-family rental properties, other REO properties and mortgage loans. In March 2016, our repurchase agreement with Deutsche Bank (“DB”) expired pursuant to its terms and is no longer outstanding. Therefore, at September 30, 2016 , we were party to two repurchase agreements and two loan agreements. Below is a description of each agreement outstanding during the nine months ended September 30, 2016 : Repurchase Agreements • 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 and 2015, the CS repurchase agreement was amended on several occasions, ultimately increasing the aggregate maximum borrowing capacity to $275.0 million on December 31, 2015 with a maturity date of April 18, 2016. On March 31, 2016, we entered into an amended and restated repurchase agreement with CS that increased our aggregate borrowing capacity to $350.0 million , extended the maturity date to March 30, 2017 and removed the REO sublimit under the facility so that 100% of the financed assets can be REO properties. • DB was the lender on the repurchase agreement dated September 12, 2013 (the “DB repurchase agreement”). During March 2016, upon expiration of the DB repurchase agreement in accordance with its terms, we repaid the remaining balance of the DB repurchase agreement and transferred the collateral to our other existing facilities. • Wells Fargo (“Wells”) is the lender under the repurchase agreement dated September 23, 2013 (the “Wells repurchase agreement”) with an initial aggregate maximum borrowing capacity of $200.0 million . Throughout 2013, 2014 and 2015, the Wells repurchase agreement was amended on several occasions, ultimately increasing the aggregate maximum borrowing capacity to $750.0 million with a maturity date of September 27, 2017. Loan Agreements • Nomura Corporate Funding Americas, LLC (“Nomura”) is the lender under a loan agreement dated April 10, 2015 (the “Nomura loan agreement”) with an initial aggregate maximum funding capacity of $100.0 million . The Nomura loan agreement was amended during 2015, ultimately increasing the maximum funding capacity to $200.0 million on December 31, 2015 with a maturity date of April 8, 2016. On April 7, 2016, we entered into an amended and restated loan and security agreement with Nomura that increased our aggregate borrowing capacity to $250.0 million and extended the termination date to April 16, 2017. • In connection with the seller financing related to the HOME SFR Transaction, on September 30, 2016, we entered into a loan agreement (the “Original MSR loan agreement”) between HOME Borrower, the sellers (collectively, the “Lenders”) and MSR Lender LLC, as agent. Pursuant to the Original MSR loan agreement, HOME Borrower borrowed approximately $489.3 million from the Lenders (the “MSR Loan”). Effective October 14, 2016, the Original MSR loan agreement was assigned to MSR Lender, LLC (“MSR Lender”) and, in connection with MSR Lender’s securitization of the MSR Loan, we and MSR Lender amended and restated the Original MSR loan agreement (the “A&R MSR loan agreement”) to match the terms of the bonds in MSR Lender's securitization of the MSR Loan. The aggregate amount of the MSR Loan and the aggregate interest rate of the MSR Loan remained unchanged from the Original Loan Agreement. The MSR Loan is a floating rate loan, composed of eight floating rate components, interest on each of which is computed monthly based on one-month LIBOR plus a fixed component spread. The initial maturity date of the MSR Loan is November 9, 2018 (the “Initial Maturity Date”). HOME Borrower has the option to extend the MSR Loan beyond the Initial Maturity Date for three successive one-year terms to an ultimate maturity date of November 9, 2021, provided, among other things, that there is no event of default under the A&R MSR loan agreement on each maturity date. The MSR Loan is secured by the membership interests of HOME Borrower and the properties and other assets of HOME Borrower. Following all of the amendments described above, the maximum aggregate funding available to us under these repurchase and loan agreements as of September 30, 2016 was $1.8 billion , subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of September 30, 2016 , an aggregate of $1.2 billion was outstanding under our repurchase and loan agreements. Each of the CS repurchase agreement, the Wells repurchase and the Nomura loan agreement are fully guaranteed by us. The following table sets forth data with respect to our repurchase and loan agreements as of September 30, 2016 and December 31, 2015 ($ in thousands): Maximum Borrowing Capacity Book Value of Collateral Amount Outstanding Amount of Available Funding September 30, 2016 CS repurchase agreement due March 30, 2017 $ 350,000 $ 337,268 $ 211,382 $ 138,618 Wells repurchase agreement due September 27, 2017 750,000 621,699 334,726 415,274 Nomura loan agreement due April 16, 2017 250,000 230,765 153,886 96,114 Original MSR loan agreement due November 15, 2018 489,259 642,537 489,259 — Less: deferred debt issuance costs — — (6,576 ) — $ 1,839,259 $ 1,832,269 $ 1,182,677 $ 650,006 December 31, 2015 CS repurchase agreement due April 18, 2016 $ 275,000 $ 335,184 $ 194,346 $ 80,654 Wells repurchase agreement due September 27, 2017 750,000 708,275 371,130 378,870 DB repurchase agreement due March 11, 2016 54,944 130,863 54,944 — Nomura loan agreement due April 8, 2016 200,000 204,578 147,093 52,907 Less: deferred debt issuance costs — — (4,144 ) — $ 1,279,944 $ 1,378,900 $ 763,369 $ 512,431 Terms and covenants related to our repurchase agreements Under the terms of our two remaining 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 or REO 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 or REO asset we finance under the repurchase agreements is based on a percentage of the market value of the mortgage or REO asset and, in the case of mortgage assets, 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 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, 2016 , approximately $21.0 million of the amount 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. Each of 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, both of the repurchase agreements contain customary events of default. Terms and covenants related to the Nomura loan agreement 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 single-family rental properties and other REO properties. The advances paid under the Nomura loan agreement with respect to the applicable properties from time to time will be based on a percentage of the market value of the 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. Terms and covenants related to the A&R MSR loan agreement Under the terms of the A&R MSR loan agreement, the MSR Loan is a floating rate loan, composed of eight floating rate components, interest on each of which is computed monthly based on one-month LIBOR plus a fixed component spread. The MSR Loan is non-recourse to us and is secured by a lien on the membership interests of HOME Borrower and the acquired properties and other assets of HOME Borrower . The assets of HOME Borrower are the primary source of repayment and interest on the MSR Loan, thereby making the cash proceeds received by HOME Borrower of rent payments and any sales of the acquired properties the primary sources of the payment of interest and principal by HOME Borrower to MSR Lender. The A&R MSR loan agreement requires that HOME Borrower comply with various affirmative and negative covenants that are customary for loans of this type, including limitations on indebtedness HOME Borrower can incur, limitations on sales and dispositions of the MSR Properties and various restrictions on the use of cash generated by the operations of the MSR Properties while the MSR Loan is outstanding. We have limited indemnification obligations for wrongful acts taken by HOME Equity and HOME Borrower in connection with the secured collateral. Even though the MSR Loan is non-recourse to us and all of our subsidiaries other than HOME Equity and HOME Borrower , we have agreed to limited bad act indemnification obligations to the MSR Lender for the payment of (i) certain losses arising out of certain bad or wrongful acts of HOME Equity and HOME Borrower with respect to the MSR Loan and (ii) the principal amount of the MSR Loan and all other obligations under the A&R MSR loan agreement in the event we cause certain voluntary bankruptcy events of HOME Equity or HOME Borrower . Any of such liabilities could have a material adverse effect on our results of operations and/or financial condition. We are currently in compliance with the covenants and other requirements with respect to the repurchase and loan agreements. We monitor our lending partners’ ability to perform under the repurchase and loan agreements and have concluded there is currently no reason to doubt that they will continue to perform under the repurchase and loan agreements as contractually obligated. Other secured debt 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 NPLs 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 May 25, 2044, respectively, 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, 2016 , the book value of the underlying securitized assets held by ARLP 2015-1 was $267.0 million . 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 yield of approximately 3.85% and $234.0 million in ARLP 2014-2 Class M Notes. We repaid the notes issued under ARLP 2014-2 and terminated the securitization in March 2016. 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 yield of approximately 3.47% and $32.0 million in ARLP 2014-1 Class M Notes with a weighted yield of 4.25% . We repaid the notes issued under ARLP 2014-1 and terminated the securitization in March 2016. Following the repayment of the notes issued under the ARLP 2014-1 and 2014-2 securitizations during the first quarter of 2016, only the ARLP 2015-1 securitization remained in effect. The following table sets forth data with respect to these notes as of September 30, 2016 and December 31, 2015 ($ in thousands): Interest Rate Amount Outstanding September 30, 2016 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % $ 191,950 ARLP 2015-1 Class M Notes due May 25, 2044 — % 60,000 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 ) Less: deferred debt issuance costs (964 ) $ 156,986 December 31, 2015 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes (2) 3.47 % $ 136,404 ARLP 2014-1 Class M Notes (2) 4.25 % 32,000 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes (2) 3.63 % 244,935 ARLP 2014-2 Class M Notes (2) — % 234,010 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % 203,429 ARLP 2015-1 Class M Notes due May 25, 2044 — % 60,000 Intercompany eliminations Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (45,138 ) Elimination of ARLP 2014-2 Class M Notes due to ARLP (234,010 ) Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc. (34,000 ) Elimination of ARLP 2015-1 Class M Notes due to ARLP (60,000 ) Less: deferred debt issuance costs (3,031 ) $ 502,599 _____________ (1) The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019. (2) Repaid during March 2016.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Litigation, claims and assessments From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. Set forth below is a summary of legal proceedings to which we are a party during 2016 : Martin v. Altisource Residential Corporation et al. On March 27, 2015, a putative shareholder class action complaint was filed in the United States District Court of the Virgin Islands by a purported shareholder of the Company under the caption Martin v. Altisource Residential Corporation, et al. , 15-cv-00024. The action names as defendants the Company, Mr. Erbey and certain officers and a former officer of the Company and alleges that the defendants violated federal securities laws by, among other things, making materially false statements and/or failing to disclose material information to the Company's shareholders regarding the Company's relationship and transactions with AAMC, Ocwen and Home Loan Servicing Solutions, Ltd. These alleged misstatements and omissions include allegations that the defendants failed to adequately disclose the Company's reliance on Ocwen and the risks relating to its relationship with Ocwen, including that Ocwen was not properly servicing and selling loans, that Ocwen was under investigation by regulators for violating state and federal laws regarding servicing of loans and Ocwen’s lack of proper internal controls. The complaint also contains allegations that certain of the Company's disclosure documents were false and misleading because they failed to disclose fully the entire details of a certain asset management agreement between the Company and AAMC that allegedly benefited AAMC to the detriment of the Company's shareholders. The action seeks, among other things, an award of monetary damages to the putative class in an unspecified amount and an award of attorney’s and other fees and expenses. 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. On January 23, 2016, the lead plaintiff filed an amended complaint. On March 22, 2016, defendants filed a motion to dismiss all claims in the action. The plaintiffs filed opposition papers on May 20, 2016, and the defendants filed a reply brief in support of the motion to dismiss the amended complaint on July 11, 2016. We believe the complaint is without merit and intend to vigorously defend the action. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. Sokolowski v. Erbey, et al. On December 24, 2014, a shareholder derivative action was filed in the United States District Court for the Southern District of Florida by a purported shareholder of Ocwen. The action named the directors of Ocwen as defendants and alleged, among other things, various breaches of fiduciary duties by the directors of Ocwen. On February 11, 2015, plaintiff filed an amended complaint naming the directors of Ocwen as defendants and also naming the Company, AAMC, Altisource and Home Loan Servicing Solutions, Ltd. as alleged aiders and abettors of the purported breaches of fiduciary duties. The amended complaint alleges that the directors of Ocwen breached their fiduciary duties by, among other things, allegedly failing to exercise oversight over Ocwen’s compliance with applicable laws, rules and regulations; failing to exercise oversight responsibilities with respect to the accounting and financial reporting processes of Ocwen; failing to prevent conflicts of interest and allegedly improper related party transactions; failing to adhere to Ocwen’s code of conduct and corporate governance guidelines; selling personal holdings of Ocwen stock on the basis of material adverse inside information; and disseminating allegedly false and misleading statements regarding Ocwen’s compliance with regulatory obligations and allegedly self-dealing transactions with related companies. Plaintiff claims that as a result of the alleged breaches of fiduciary duties, Ocwen has suffered damages, including settlements with regulatory agencies in excess of $2 billion , injury to its reputation and corporate goodwill and exposure to governmental investigations and securities and consumer class action lawsuits. In addition to the derivative claims, the plaintiff also alleges an individual claim that Ocwen’s 2014 proxy statement allegedly contained untrue statements of material fact and failed to disclose material information in violation of federal securities laws. The plaintiff seeks, among other things, an order requiring the defendants to repay to Ocwen unspecified amounts by which Ocwen has been damaged or will be damaged, an award of an unspecified amount of exemplary damages, changes to Ocwen's corporate governance and an award of attorneys’ and other fees and expenses. On April 13, 2015, nominal defendant Ocwen and defendants Mr. Erbey and Mr. Faris filed a motion to stay the action. 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 filed a similar motion to dismiss the complaint as to all claims asserted against it. On December 8, 2015, the court granted AAMC’s and our motions to dismiss for lack of personal jurisdiction with leave to amend the jurisdiction allegations no later than January 4, 2016. On December 15, 2015, Hutt v. Erbey, et al. , Case No. 15-cv-81709-WPD, was transferred to the Southern District of Florida from the Northern District of Georgia. That same day, a third related derivative action, Lowinger v. Erbey, et al. , Case No. 15-cv-62628-WPD, was also filed in the Southern District of Florida. The court then requested that the parties file a response stating their positions as to whether the actions should be consolidated. On December 29, 2015, we filed a response stating that we took no position on the issue of consolidation, so long as our defenses were fully reserved should plaintiff Sokolowski seek to file an amended complaint. Neither plaintiff Sokolowski nor plaintiff Hutt opposed consolidation in their responses. On December 30, 2015, the court issued an order that, among other things, extended the deadline for plaintiff Sokolowski to file its amended complaint to cure the jurisdictional defects as to AAMC and us until January 13, 2016. On January 8, 2016, the court issued an order consolidating the three related actions. On February 2, 2016, Plaintiffs Sokolowski and Lowinger filed competing motions for appointment of lead counsel in the consolidated action. These motions were fully briefed on February 5, 2016. Subsequently, on February 17, 2016, the court issued an order appointing Sokolowski’s counsel as lead counsel with Lowinger’s and Hutt’s counsel serving on the executive committee of the plaintiffs. It also ordered that a consolidated complaint in the matter shall be filed no later than March 8, 2016. On March 8, 2016, the plaintiffs filed a consolidated certified shareholder derivative complaint (the “Consolidated Complaint”) in the action. On March 11, the Special Litigation Committee of Ocwen sought additional time beyond the March 31, 2016 originally anticipated completion date to analyze the Consolidated Complaint. On March 22, 2016, the parties filed a joint consent motion for entry of an order amending the briefing schedule regarding the Consolidated Complaint. On March 23, 2016, the court entered a scheduling order requiring defendants to file their motions to dismiss on or before May 13, 2016, plaintiffs to file a response to any such motion on or before June 17, 2016 and defendants to file any reply briefs on or before July 15, 2016. On May 13, 2016, we filed a motion to dismiss the Sokolowski action as to us. Subsequently, plaintiffs sought and received an extension to file their opposition to the defendants' motions to dismiss to August 19, 2016, and a further extension to September 29, 2016. On September 13, 2016, plaintiffs, Ocwen, Mr. Erbey, Mr. Faris, and Mr. Britti requested that the court transfer the case to Magistrate Judge Snow in order to assist with settlement negotiations. The court granted the request, and counsel for plaintiffs and Ocwen appeared before Magistrate Judge Snow on October 13, 2016 for a settlement conference. At the conference, plaintiffs and Ocwen reached an agreement in principle to resolve certain claims, which Ocwen has publicly disclosed it believes will be covered in full by its applicable insurance coverage. Based on our understanding of the settlement terms, we believe the settlement agreement will include our release from any and all liability in the matter. Plaintiffs filed a Settlement Term Sheet under seal on October 18, 2016. The Stipulation of Settlement is due on or before November 18, 2016. A Final Approval Hearing will be held on January 18, 2017. We believe the complaint against us is without merit. At this time, until the settlement agreement is finalized and approved, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. Moncavage v. Faris, et al. In March, 2015, a shareholder derivative action was filed in the Circuit Court for the Fifteenth Judicial Circuit in and for Palm Beach County, Florida by a purported shareholder of Ocwen under the caption Moncavage v. Ronald Faris, et al. , Case No. 2015-CA-03244 (MB-AD). The action named certain officers and directors of Ocwen as defendants and alleged, among other things, various breaches of fiduciary duties by these individual defendants. The action also named Altisource, Home Loan Servicing Solutions, Ltd. and us as alleged aiders and abettors of the purported breaches of fiduciary duties. The allegations of wrongdoing contained in the Moncavage action are similar to the allegations in the Sokolowski action updated above. On July 13, 2015, the plaintiff and we jointly filed a stipulation of an extension of time to respond to the pending motions to stay the action that had been filed by Ocwen and the individual defendants. On November 9, 2015, the court granted Ocwen’s motion to stay the action in its entirety for a period of 180 days . We believe the claims against us in the matter are 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. Management does not believe that we have incurred an estimable, probable or material loss by reason of any of the above actions. Amendment and Waiver Agreement with Altisource Solutions In connection with the HOME SFR Transaction and to enable Main Street Renewal LLC (“MSR”) to be property manager for the acquired properties, we and Altisource Solutions S.à r.l. (“Altisource Solutions”), a wholly owned subsidiary of Altisource Portfolio Solutions S.A. (“ASPS”), entered into an Amendment and Waiver Agreement (the “Amendment and Waiver Agreement”) to amend the Master Services Agreement (the “MSA”) between Altisource Solutions and us, dated December 21, 2012, under which Altisource Solutions is the exclusive provider of leasing and property management services to the us. Pursuant to the Amendment and Waiver Agreement, we obtained a waiver of the exclusivity requirements under the MSA for the acquired properties. Additionally, the Amendment and Waiver Agreement permits us to utilize the property management services of MSR in connection with up to approximately 3,000 additional properties if we acquire such additional properties from an investment fund or other entity affiliated with Amherst in one or more transactions prior to June 30, 2017. The Amendment and Waiver Agreement also amended the MSA to require us or any surviving entity to pay a $60 million liquidation fee to Altisource Solutions if (i) we sell, liquidate or dispose of 50% or more of our SFR portfolio managed by Altisource Solutions over a rolling eighteen ( 18 ) month period without using the proceeds of such sales, liquidations or disposals to purchase additional SFR assets or if (ii) the surviving entity in a change of control does not assume the MSA with Altisource Solutions as property manager. The liquidation fee will not be required to be paid if we or any surviving entity terminate the MSA as a result of a material breach of the MSA by Altisource Solutions, for Altisource Solutions’ failure to meet certain specified performance standards or for certain other customary reasons.

Related-party transactions

Related-party transactions	9 Months Ended
	Sep. 30, 2016
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 (as defined in the New AMA) 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 defined as our net income attributable to holders of common stock calculated in accordance with GAAP plus real estate depreciation expense minus recurring capital expenditures on all of our real estate assets owned) 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 serve as our exclusive asset manager 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, which will now be covered by the Base Management Fee described above. Only the compensation and benefits of the general counsel dedicated to us and certain other out-of-pocket expenses incurred by AAMC on our behalf will be reimbursed. 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) us 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) us in connection with certain change of control events. Summary of related-party transactions The following table presents our significant transactions with AAMC, which is a related party, for the periods indicated ($ in thousands): Three months ended September 30, 2016 Three months ended September 30, 2015 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Base management fees (1) $ 4,208 $ 4,659 $ 12,838 $ 9,411 Conversion fees (1) 450 329 1,396 728 Management incentive fees (1) (2) — — — 14,900 Expense reimbursements (3) 196 — 553 750 Dividend income (4) — 1,518 — 1,518 Interest expense (5) — 242 — 563 Professional fee sharing for negotiation of New AMA — — — 2,000 ______________ (1) Included in management fees in the consolidated statements of operations. (2) Pursuant to the terms of the New AMA, the management incentive fees for the first quarter of 2015 were recalculated during the fourth quarter of 2015, and it was determined that $6.9 million was reimbursable by AAMC to us. (3) Included in general and administrative expenses in the consolidated statements of operations. (4) On October 17, 2013, we invested $18.0 million in the non-voting preferred stock of NewSource Reinsurance Company Ltd. (“NewSource”), an insurance and reinsurance company focused on real estate related insurance products in Bermuda and a wholly owned subsidiary of AAMC. 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 plus the payment of all accrued and unpaid cumulative dividends on such shares of preferred stock in the amount of $1.5 million . (5) Interest expense related to ARLP 2014-1 Class M Notes issued to NewSource. These Class M Notes were repurchased on September 14, 2015. No Incentive Management Fee under the New AMA was payable to AAMC during the three and nine months ended September 30, 2016 because our return on invested capital (as defined in the New AMA) for the six quarters covered by the New AMA was below the required hurdle rate. 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, 2016 , the aggregate return shortfall from the prior six quarters under the New AMA was approximately 36.66% of invested capital. Therefore, we must achieve a 38.41% return on invested capital in the fourth quarter of 2016 before any Incentive Management Fee will be payable to AAMC. In future quarters, return on invested capital must exceed the required hurdle for the current quarter plus any carried-forward cumulative additional hurdle shortfall from the prior seven quarters before any Incentive Management Fee will be payable to AAMC.

Share-based payments

Share-based payments	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based payments	Share-based payments The Altisource Residential Corporation 2016 Equity Incentive Plan (the “2016 Equity Incentive Plan”) was approved at the Annual Meeting of Stockholders on June 1, 2016. Beginning in July 2016, our non-management directors each will receive annual grants of restricted stock units issued under the 2016 Equity Incentive Plan. These restricted stock units are eligible for settlement in the number of shares of our common stock having a fair market value of $60 thousand on the date of grant. The restricted stock units are expected to vest on the earlier of the first anniversary of the date of grant or the next annual meeting of stockholders, with distribution mandatorily deferred for an additional 2 years thereafter until the third anniversary of grant (subject to earlier distribution or forfeiture upon the applicable director’s separation from the Board of Directors). The awards will be issued together with dividend equivalent rights. In respect of dividends paid to our stockholders prior to the vesting date, dividend equivalent rights are expected to accumulate and be paid in a lump sum in cash following the vesting date, contingent on the vesting of the underlying award. During any period thereafter when the award is vested but remains subject to settlement, dividend equivalent rights are expected to be paid in cash on the same timeline as underlying dividends are actually paid to our stockholders. The first annual grant of restricted stock units was made to our non-management directors on July 11, 2016 with respect to the 2016 to 2017 service year in an aggregate number of 26,520 shares of restricted stock with a weighted average grant date fair value of $9.05 per share. On August 9, 2016, an aggregate of 247,008 shares of restricted stock and 695,187 stock options were granted to certain employees of AAMC pursuant to the 2016 Equity Incentive Plan. The restricted stock and stock options had a weighted average grant date fair value of $10.04 per share and $1.91 per share, respectively. The restricted stock will vest in equal annual installments on each of the first three anniversaries of the grant date, subject to acceleration or forfeiture. The stock options will vest in three equal annual installments on the later of the anniversary of the option award and the date of the satisfaction of certain performance criteria, in each case, on the first, second and third anniversaries of the option award, subject to acceleration or forfeiture. The performance criteria is satisfied on the date on which the sum of (a) the average price per share for the consecutive 20 -trading-day period ending on such date plus (b) the amount of all reinvested dividends, calculated on a per-share basis from the date of grant through such date, shall equal or exceed 125% of the price per share on the date of grant (the “Performance Goal”); provided however that the Performance Goal must be attained no later than the fourth anniversary of the grant date. In the event that the Performance Goal is not attained prior to the fourth anniversary of the grant date, the stock options shall expire. In addition to the above-described grants under the 2016 Equity Incentive Plan, during the nine months ended September 30, 2016 and pursuant to the 2013 Director Equity Plan, an aggregate of 1,232 shares of restricted stock were granted to a director who joined the Board on March 1, 2016 with a weighted average grant date fair value of $9.30 per share, and a former director forfeited 625 shares of restricted stock with a weighted average grant date fair value of $18.25 per share due to his departure from the Board on March 1, 2016. During the nine months ended September 30, 2015 , our directors were granted 9,924 shares of restricted stock with a weighted average grant date fair value of $18.25 per share. On December 21, 2012, as part of our separation transaction from ASPS, we issued stock options under the 2012 Conversion Option Plan and 2012 Special Conversion Option Plan to holders of ASPS stock options to purchase shares of our common stock in a ratio of one share of our common stock to every three shares of ASPS common stock. As of September 30, 2016 , options to purchase an aggregate of 194,078 shares of our common stock were remaining under the Conversion Option Plan and Special Conversion Option Plan. We recorded $419 thousand and $493 thousand of compensation expense related to our share-based compensation programs for the three and nine months ended September 30, 2016 , respectively. As of September 30, 2016 and 2015 , we had $3.8 million and $0.1 million , respectively, of unrecognized share-based compensation cost remaining with an average remaining estimated term of 1.8 years and 0.7 years , respectively.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We may enter into derivative contracts from time to time in order to mitigate the risk associated with our variable rate debt. We do not enter into derivatives for investment purposes. Derivatives are carried at fair value within prepaid expenses and other assets in our consolidated balance sheet. Upon execution, we may or may not designate such derivatives as accounting hedges. On September 29, 2016, we entered into an interest rate cap to manage the economic risk of increases in the floating rate portion of the Original MSR loan agreement. The interest rate cap has a strike rate on the one-month LIBOR of 2.938% , a notional amount of $489.3 million and a termination date of November 15, 2018. At September 30, 2016, the interest rate cap had a fair value of $55 thousand . We did not designate the interest rate cap as an accounting hedge; therefore, changes in the fair value of the interest rate cap are recorded in other income or expense in our consolidated statement of operations. For the three and nine months ended September 30, 2016 , we recognized no changes in the fair value of the interest rate cap.

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2016
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, excluding capital gains, 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. Based on our estimated 2015 taxable income of $107.6 million , which consisted entirely of net capital gains, the aggregate minimum distribution to stockholders required to maintain our REIT status has been met for 2015 . Dividends declared per share of common stock aggregated $1.83 for the year ended December 31, 2015 , or $103.9 million . These distributions included a cash dividend paid on March 30, 2015 of $0.08 per share of common stock, or $4.6 million , which was intended to satisfy the requirement that a REIT must distribute at least 90% of its annual REIT taxable income to its stockholders and was treated as a 2014 distribution for REIT qualification purposes. The remaining taxable income with respect to 2015 was distributed through a dividend of $0.15 per share declared on February 28, 2016 and paid on March 17, 2016. Our consolidated financial statements include the operations of our taxable REIT subsidiary (“TRS”), which is subject to federal, state and local income taxes on its taxable income. From inception through September 30, 2016 , the TRS operated at a cumulative taxable loss, which resulted in our recording a deferred tax asset with a corresponding valuation allowance. We recorded state income tax expense on our consolidated operations for the three and nine months ended September 30, 2016 and 2015 . As a REIT, we may also be subject to federal taxes if we engage in certain types of transactions. As of September 30, 2016 and 2015 , we did not accrue interest or penalties associated with any unrecognized tax benefits. We recorded nominal state and local tax expense along with nominal penalties and interest on income and property for the three and nine months ended September 30, 2016 and 2015 . Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2015 .

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The following table sets forth the components of diluted (loss) earnings per share (in thousands, except share and per share amounts): Three months ended September 30, 2016 Three months ended September 30, 2015 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Numerator Net (loss) income $ (57,638 ) $ (5,363 ) $ (166,824 ) $ 20,153 Denominator Weighted average common stock outstanding – basic 54,178,129 57,056,625 54,722,828 57,154,734 Stock options using the treasury method — — — 192,870 Restricted stock — — — 3,410 Weighted average common stock outstanding – diluted 54,178,129 57,056,625 54,722,828 57,351,014 (Loss) earnings per basic common share $ (1.06 ) $ (0.09 ) $ (3.05 ) $ 0.35 (Loss) earnings per diluted common share $ (1.06 ) $ (0.09 ) $ (3.05 ) $ 0.35 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, 2016 Three months ended September 30, 2015 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Denominator (in weighted-average shares) Stock options 151,755 215,773 154,828 — Restricted stock 35,671 9,924 15,545 — Effective April 1, 2015, we have the flexibility to pay up to 25% of the Incentive Management Fee to AAMC in shares of our common stock. Should we choose to do so, our earnings available to common stockholders would be diluted to the extent of such issuance. Because AAMC did not earn any Incentive Management Fees, no dilutive effect was recognized for the nine months ended September 30, 2016 .

Segment information

Segment information	9 Months Ended
	Sep. 30, 2016
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 single-family rental properties, either on an individual basis or in pools, or by the acquisition and resolution of NPLs. As a result, we operate in a single segment focused on the acquisition and ownership of rental residential properties.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent events Management has evaluated the impact of all events subsequent to September 30, 2016 and through the issuance of these consolidated interim financial statements. We have determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

Organization and basis of pre22

Organization and basis of presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 (“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 interim consolidated financial statements and accompanying unaudited consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and are 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 on Form 10-Q as permitted by the Securities and Exchange Commission (“SEC”) rules and regulations. These consolidated financial statements should be read in conjunction with our annual consolidated financial statements included within our 2015 Annual Report on Form 10-K, which was filed with the SEC on February 29, 2016. Certain prior year amounts have been reclassified for consistency with the current period presentation, including acquisition fees and costs within our consolidated statement of operations. These reclassifications had no effect on the reported results of operations. Our financial statements include the accounts of our wholly owned subsidiaries as well as the variable interest entities (“VIEs”) of which we are the primary beneficiary. We eliminate intercompany accounts and transactions upon consolidation. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. We reassess our involvement with VIEs on a quarterly basis. Changes in methodologies, assumptions and inputs in the determination of the primary beneficiary could have a material effect on the amounts presented within the consolidated financial statements. In certain instances, we hold both the power to direct the most significant activities of each VIE as well as an economic interest in the entity, and, as such, we are deemed to be the primary beneficiary or consolidator of the VIE. We have determined that our current and former securitization trusts, ARLP Securitization Trust, Series 2014-1 (“ARLP 2014-1”), ARLP Securitization Trust, Series 2014-2 (“ARLP 2014-2”) and ARLP Securitization Trust, Series 2015-1 (“ARLP 2015-1”), are VIEs of which we are the primary beneficiaries. See Note 6 for more information regarding our current and former securitization trusts.
Repurchases of common stock	During the first quarter of 2016, we determined that the 1,645,075 shares of common stock we repurchased during the last six months of 2015 should have been classified within the consolidated financial statements as of and for the year ended December 31, 2015 as a reduction to common stock, for the par amount of the common stock, and to additional paid-in capital, for the amount paid in excess of par, and that such repurchased shares should be included as shares unissued. We previously classified common shares repurchased as treasury stock. The accompanying consolidated balance sheet as of December 31, 2015 and the related balances within our consolidated statement of stockholders' equity for the nine months ended September 30, 2016 have been corrected to eliminate treasury stock of $25.0 million and reduce common stock and additional paid-in capital by an equivalent amount in the aggregate, resulting in no change in total equity as of December 31, 2015. The previously reported consolidated statements of operations and cash flows were not impacted.
Deferred debt issuance costs	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 be presented on the balance sheet as a deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Our application of ASU 2015-03 represents a change in accounting principle and has been applied retrospectively, which resulted in i) a reclassification of the deferred debt issuance cost component of our deferred leasing and financing costs to repurchase and loan agreements and other secured borrowings and ii) a reclassification of deferred leasing costs component of our deferred leasing and financing costs to prepaid expenses and other assets in our consolidated balance sheets.
Recently issued accounting standards	In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This update standard is effective for fiscal years beginning after December 15, 2019. We do not expect the impact of adopting this standard to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718). ASU 2016-09 makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. This update standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. We do not expect the impact of adopting this standard to have a material impact on our consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. This update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10). ASU 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the impact of adopting this standard to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which effectively delayed the adoption date of ASU 2014-09 by one year. 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 are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements.

Organization and basis of pre23

Organization and basis of presentation (Tables)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of effect of change on the prior periods	The following table represents the effect of the reclassification prior period balances as a result of this adoption ($ in thousands): December 31, 2015 As Previously Reported Adjustments Current Presentation Assets: Deferred leasing and financing costs (1) $ 7,886 $ (7,886 ) $ — Prepaid expenses and other assets (1) 415 711 1,126 Liabilities: Repurchase and loan agreements 767,513 (4,144 ) 763,369 Other secured borrowings 505,630 (3,031 ) 502,599 ____________ (1) Upon adoption of ASU 2015-03, we reclassified our deferred leasing costs to prepaid expenses and other assets.

Asset acquisitions and dispos24

Asset acquisitions and dispositions (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table sets forth the preliminary allocation of the estimated fair value of the assets acquired as well as the source of funds related to the HOME SFR Transaction ($ in thousands): Estimated fair value of assets acquired: Land $ 123,857 Rental residential properties 499,785 Real estate owned 18,895 Prepaid expenses and other assets (1) 9,809 Total preliminary allocation of purchase price $ 652,346 Source of funds: Cash on hand $ 163,087 Debt financing (Note 6) 489,259 Total purchase price $ 652,346 ________ (1) Represent estimated lease-in-place intangible asset.
Business Acquisition, Pro Forma Information	The following supplemental pro forma financial information summarizes our results of operations as if the HOME SFR Transaction occurred on January 1, 2015 as follows ($ in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Unaudited pro forma revenues $ 18,711 $ 70,905 $ 86,021 $ 257,908 Unaudited pro forma net loss $ (59,717 ) $ (10,611 ) $ (173,562 ) $ (2,317 ) Loss per basic common share $ (1.10 ) $ (0.19 ) $ (3.17 ) $ (0.04 ) Weighted average common stock outstanding - diluted 54,178,129 57,056,625 54,722,828 57,154,734 Loss per diluted common share $ (1.10 ) $ (0.19 ) $ (3.17 ) $ (0.04 ) Weighted average common stock outstanding - diluted 54,178,129 57,056,625 54,722,828 57,154,734 The following table presents the adjustments included for each period ($ in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Revenues from consolidated statement of operations $ 4,401 $ 58,523 $ 44,700 $ 223,957 Add: historical revenues of acquired properties not reflected in consolidated statement of operations 14,310 12,382 41,321 33,951 Unaudited pro forma revenues $ 18,711 $ 70,905 $ 86,021 $ 257,908 Net (loss) income from consolidated statement of operations $ (57,638 ) $ (5,363 ) $ (166,824 ) $ 20,153 Plus: historical net income of acquired properties not reflected in consolidated statement of operations 8,416 7,597 25,566 20,157 Less: pro forma depreciation and amortization (5,157 ) (6,558 ) (15,472 ) (25,281 ) Less: pro forma interest expense (4,737 ) (4,737 ) (14,212 ) (14,212 ) Less: pro forma management fees (601 ) (1,550 ) (2,620 ) (3,134 ) Unaudited pro forma net loss $ (59,717 ) $ (10,611 ) $ (173,562 ) $ (2,317 )

Mortgage loans (Tables)

Mortgage loans (Tables)	9 Months Ended
	Sep. 30, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of mortgage loans	The following table sets forth our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2016 and December 31, 2015 ($ in thousands): Number of Loans Carrying Value Unpaid Principal Balance Market Value of Underlying Properties September 30, 2016 Current 761 $ 125,038 $ 161,706 $ 193,704 30 75 11,444 17,213 18,371 60 42 5,844 8,362 9,809 90 407 54,049 83,064 91,907 Foreclosure 2,432 431,929 608,258 620,472 Mortgage loans at fair value 3,717 $ 628,304 $ 878,603 $ 934,263 December 31, 2015 Current 730 $ 124,595 $ 165,645 $ 177,348 30 80 12,003 18,142 21,858 60 38 5,688 8,088 8,766 90 984 130,784 216,717 196,963 Foreclosure 3,907 687,464 946,962 917,671 Mortgage loans at fair value 5,739 $ 960,534 $ 1,355,554 $ 1,322,606 The following table sets forth the carrying value of our mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2016 and December 31, 2015 ($ in thousands): Number of Loans Carrying Value Unpaid Principal Balance Market Value of Underlying Properties September 30, 2016 Current 13 $ 1,357 $ 1,985 $ 2,600 30 7 713 1,508 1,642 90 1 485 489 990 Foreclosure 10 1,483 1,998 2,212 Mortgage loans held for sale 31 $ 4,038 $ 5,980 $ 7,444 December 31, 2015 Current 58 $ 10,864 $ 13,466 $ 17,776 30 26 7,616 10,013 12,200 60 6 668 775 1,063 90 328 73,164 101,121 103,395 Foreclosure 879 225,024 314,991 330,573 Mortgage loans held for sale 1,297 $ 317,336 $ 440,366 $ 465,007
Schedule of accretable yield	The following table presents changes in the balance of the accretable yield for the periods indicated: Accretable Yield Nine months ended September 30, 2016 Nine months ended September 30, 2015 Balance at the beginning of the period $ 2,146 $ 7,640 Payments and other reductions, net — (3,285 ) Accretion (107 ) (581 ) Balance at the end of the period $ 2,039 $ 3,774

Fair value of financial instr26

Fair value of financial instruments (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 and December 31, 2015 ($ in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets Observable Inputs Other Than Level 1 Prices Unobservable Inputs September 30, 2016 Recurring basis (assets) Mortgage loans at fair value $ — $ — $ 628,304 Interest rate cap derivative (1) — 55 — Nonrecurring basis (assets) Real estate assets held for sale — — 169,841 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale — — 4,038 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements — 1,189,253 — Other secured borrowings — 157,950 — December 31, 2015 Recurring basis (assets) Mortgage loans at fair value $ — $ — $ 960,534 Nonrecurring basis (assets) Real estate assets held for sale — — 250,557 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale — — 317,336 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements — 767,513 — Other secured borrowings — 502,268 — _____________ (1) We include the fair value of our interest rate cap derivative within prepaid expenses and other assets in our consolidated balance sheets.
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, 2016 Three months ended September 30, 2015 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Mortgage loans at fair value Beginning balance $ 707,445 $ 1,716,489 $ 960,534 $ 1,959,044 Change in unrealized gain on mortgage loans (8,086 ) 43,525 20,542 170,845 Net realized gain on mortgage loans 9,428 12,874 30,340 47,528 Transfers of mortgage loans at fair value to mortgage loans held for sale, net 1,914 (250,346 ) (101,201 ) (250,346 ) Mortgage loan resolutions and payments (34,967 ) (57,882 ) (119,794 ) (205,120 ) Real estate tax advances to borrowers 1,161 6,611 6,255 18,002 Transfer of mortgage loans to real estate owned, net (48,591 ) (90,696 ) (168,372 ) (359,378 ) Ending balance $ 628,304 $ 1,380,575 $ 628,304 $ 1,380,575 Change in unrealized gain on mortgage loans at fair value held at the end of the period $ (15,027 ) $ 13,022 $ (5,309 ) $ 93,874
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 the dates indicated: Input September 30, 2016 December 31, 2015 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 -15.2% to 16.9% 0.0% to 10.2% Loan resolution probabilities — modification 0% to 11.4% 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 - 5.5 0.1 - 5.6 Value of underlying properties $3,000 - $4,250,000 $3,000 - $4,500,000

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of repurchase agreements	The following table sets forth data with respect to our repurchase and loan agreements as of September 30, 2016 and December 31, 2015 ($ in thousands): Maximum Borrowing Capacity Book Value of Collateral Amount Outstanding Amount of Available Funding September 30, 2016 CS repurchase agreement due March 30, 2017 $ 350,000 $ 337,268 $ 211,382 $ 138,618 Wells repurchase agreement due September 27, 2017 750,000 621,699 334,726 415,274 Nomura loan agreement due April 16, 2017 250,000 230,765 153,886 96,114 Original MSR loan agreement due November 15, 2018 489,259 642,537 489,259 — Less: deferred debt issuance costs — — (6,576 ) — $ 1,839,259 $ 1,832,269 $ 1,182,677 $ 650,006 December 31, 2015 CS repurchase agreement due April 18, 2016 $ 275,000 $ 335,184 $ 194,346 $ 80,654 Wells repurchase agreement due September 27, 2017 750,000 708,275 371,130 378,870 DB repurchase agreement due March 11, 2016 54,944 130,863 54,944 — Nomura loan agreement due April 8, 2016 200,000 204,578 147,093 52,907 Less: deferred debt issuance costs — — (4,144 ) — $ 1,279,944 $ 1,378,900 $ 763,369 $ 512,431
Schedule of other secured debt	Following the repayment of the notes issued under the ARLP 2014-1 and 2014-2 securitizations during the first quarter of 2016, only the ARLP 2015-1 securitization remained in effect. The following table sets forth data with respect to these notes as of September 30, 2016 and December 31, 2015 ($ in thousands): Interest Rate Amount Outstanding September 30, 2016 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % $ 191,950 ARLP 2015-1 Class M Notes due May 25, 2044 — % 60,000 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 ) Less: deferred debt issuance costs (964 ) $ 156,986 December 31, 2015 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes (2) 3.47 % $ 136,404 ARLP 2014-1 Class M Notes (2) 4.25 % 32,000 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes (2) 3.63 % 244,935 ARLP 2014-2 Class M Notes (2) — % 234,010 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % 203,429 ARLP 2015-1 Class M Notes due May 25, 2044 — % 60,000 Intercompany eliminations Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (45,138 ) Elimination of ARLP 2014-2 Class M Notes due to ARLP (234,010 ) Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc. (34,000 ) Elimination of ARLP 2015-1 Class M Notes due to ARLP (60,000 ) Less: deferred debt issuance costs (3,031 ) $ 502,599 _____________ (1) The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019. (2) Repaid during March 2016

Related-party transactions (Tab

Related-party transactions (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of related party transactions	The following table presents our significant transactions with AAMC, which is a related party, for the periods indicated ($ in thousands): Three months ended September 30, 2016 Three months ended September 30, 2015 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Base management fees (1) $ 4,208 $ 4,659 $ 12,838 $ 9,411 Conversion fees (1) 450 329 1,396 728 Management incentive fees (1) (2) — — — 14,900 Expense reimbursements (3) 196 — 553 750 Dividend income (4) — 1,518 — 1,518 Interest expense (5) — 242 — 563 Professional fee sharing for negotiation of New AMA — — — 2,000 ______________ (1) Included in management fees in the consolidated statements of operations. (2) Pursuant to the terms of the New AMA, the management incentive fees for the first quarter of 2015 were recalculated during the fourth quarter of 2015, and it was determined that $6.9 million was reimbursable by AAMC to us. (3) Included in general and administrative expenses in the consolidated statements of operations. (4) On October 17, 2013, we invested $18.0 million in the non-voting preferred stock of NewSource Reinsurance Company Ltd. (“NewSource”), an insurance and reinsurance company focused on real estate related insurance products in Bermuda and a wholly owned subsidiary of AAMC. 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 plus the payment of all accrued and unpaid cumulative dividends on such shares of preferred stock in the amount of $1.5 million . (5) Interest expense related to ARLP 2014-1 Class M Notes issued to NewSource. These Class M Notes were repurchased on September 14, 2015.

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of components of diluted (loss) earnings per share	The following table sets forth the components of diluted (loss) earnings per share (in thousands, except share and per share amounts): Three months ended September 30, 2016 Three months ended September 30, 2015 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Numerator Net (loss) income $ (57,638 ) $ (5,363 ) $ (166,824 ) $ 20,153 Denominator Weighted average common stock outstanding – basic 54,178,129 57,056,625 54,722,828 57,154,734 Stock options using the treasury method — — — 192,870 Restricted stock — — — 3,410 Weighted average common stock outstanding – diluted 54,178,129 57,056,625 54,722,828 57,351,014 (Loss) earnings per basic common share $ (1.06 ) $ (0.09 ) $ (3.05 ) $ 0.35 (Loss) earnings per diluted common share $ (1.06 ) $ (0.09 ) $ (3.05 ) $ 0.35
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, 2016 Three months ended September 30, 2015 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Denominator (in weighted-average shares) Stock options 151,755 215,773 154,828 — Restricted stock 35,671 9,924 15,545 —

Organization and basis of pre30

Organization and basis of presentation - Capital and repurchases of common stock (Details)	Dec. 21, 2012USD ($)	Dec. 31, 2015shares	Sep. 30, 2016USD ($)servicerservice_provider
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from contributed capital	$ 100,000,000
Number of third-party service providers | service_provider			2
Number of separate servicers | servicer			2
Previously reported | Error in reporting repurchased shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock repurchased during period, shares | shares		1,645,075
Restatement adjustment | Error in reporting repurchased shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Treasury stock eliminated, value			$ 25,000,000

Organization and basis of pre31

Organization and basis of presentation - Effect of new accounting pronouncement (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs, net		$ 0
Prepaid expenses and other assets	$ 14,372	1,126
Repurchase and loan agreements	1,182,677	763,369
Other secured borrowings	$ 156,986	502,599
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs, net		7,886
Prepaid expenses and other assets		415
Repurchase and loan agreements		767,513
Other secured borrowings		505,630
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs, net		(7,886)
Prepaid expenses and other assets		711
Repurchase and loan agreements		(4,144)
Other secured borrowings		$ (3,031)

Asset acquisitions and dispos32

Asset acquisitions and dispositions - Narrative (Details) $ in Thousands	Sep. 30, 2016USD ($)stateinvestment_fundproperty	Mar. 30, 2016USD ($)stateproperty	Aug. 18, 2015USD ($)property	Jun. 30, 2015USD ($)loan	Sep. 30, 2016USD ($)investment_fundloanproperty	Sep. 30, 2015USD ($)loanproperty	Sep. 30, 2016USD ($)investment_fundloanproperty	Sep. 30, 2015USD ($)loanproperty
Business Acquisition [Line Items]
Number of real estate properties directly acquired | property	4,262	590	1,314
Number of states properties acquired | state	14	5
Investment in real estate	$ 652,300	$ 64,800	$ 111,400				$ 291,688	$ 111,423
Number of investment funds used in acquisition of property | investment_fund	2				2		2
Acquisition fees and costs		600	600		$ 5,202	$ 861	$ 8,306	1,738
Acquired-in-place leases		$ 700	$ 1,600
Weighted average useful life		7 months	7 months
Revenues					4,401	58,523	44,700	223,957
Earnings					$ (57,638)	$ (5,363)	$ (166,824)	$ 20,153
Number of real estate properties sold | property					604	357	2,200	932
Net realized gain on real estate					$ 26,307	$ 13,914	$ 94,833	$ 36,926
Net realized gain on mortgage loans				$ 300	9,428	12,874	$ 30,340	47,528
Number of loans sold | loan				52			1,974
Net realized gain on mortgage loans held for sale					$ 19	$ 100	$ 50,166	505
Transfer of mortgage loans to real estate owned, net							$ 168,395	$ 359,378
Residential mortgage | Loans receivable
Business Acquisition [Line Items]
Number of real estate properties acquired through foreclosure | loan					246	507	914	1,918
Transfer of mortgage loans to real estate owned, net					$ 49,500	$ 90,700	$ 173,800	$ 359,400
Unrealized gain (loss) from conversion of mortgage loans to real estate					10,700	17,000	34,800	68,400
Due diligence costs					$ 1,300	$ 400	$ 1,900	$ 400
Nonperforming financing receivable | Residential mortgage | Loans receivable
Business Acquisition [Line Items]
Number of mortgage loans liquidated | loan					109	145	400	565
Performing financing receivable | Residential mortgage | Loans receivable
Business Acquisition [Line Items]
Number of mortgage loans liquidated | loan				137
Membership Interest Purchase and Sale Agreement (the MIPA) | Altisource Residential, L.P. (ARLP) [Member]
Business Acquisition [Line Items]
Number of real estate properties directly acquired | property	3,868
Purchase and Sale Agreement (PSA) | Altisource Residential, L.P. (ARLP) [Member]
Business Acquisition [Line Items]
Number of real estate properties directly acquired | property	394
Amherst Acquisition
Business Acquisition [Line Items]
Acquisition fees and costs							$ 3,900
Acquired-in-place leases	$ 9,800				$ 9,800		$ 9,800
Weighted average useful life							7 months
Revenues					163		$ 163
Earnings					$ 59		$ 59
One-by-one acquisition program
Business Acquisition [Line Items]
Number of real estate properties directly acquired | loan					238	10	642	10
Investment in real estate					$ 24,600	$ 1,100	$ 64,700	$ 1,100

Asset acquisitions and dispos33

Asset acquisitions and dispositions - Fair value of assets acquired and liabilities assumed (Details) - MSR Acquisition $ in Thousands	Sep. 30, 2016USD ($)
Estimated fair value of assets acquired:
Land	$ 123,857
Rental residential properties	499,785
Real estate owned	18,895
Prepaid expenses and other assets	9,809
Total preliminary allocation of purchase price	652,346
Source of funds:
Cash on hand	163,087
Debt financing (Note 6)	489,259
Total purchase price	$ 652,346

Asset acquisitions and dispos34

Asset acquisitions and dispositions - Supplemental Pro Forma Financial Information (Details) - Amherst Acquisition - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Unaudited pro forma revenues	$ 18,711	$ 70,905	$ 86,021	$ 257,908
Unaudited pro forma net loss	$ (59,717)	$ (10,611)	$ (173,562)	$ (2,317)
Loss per basic common share (usd per share)	$ (1.10)	$ (0.19)	$ (3.17)	$ (0.04)
Weighted average common stock outstanding - diluted (in shares)	54,178,129	57,056,625	54,722,828	57,154,734
Loss per diluted common share (usd per share)	$ (1.10)	$ (0.19)	$ (3.17)	$ (0.04)

Asset acquisitions and dispos35

Asset acquisitions and dispositions - Adjustments to Arrive at Supplemental Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Revenues from consolidated statement of operations	$ 4,401	$ 58,523	$ 44,700	$ 223,957
Net (loss) income from consolidated statement of operations	(57,638)	(5,363)	(166,824)	20,153
Amherst Acquisition
Business Acquisition [Line Items]
Revenues from consolidated statement of operations	163		163
Add: historical revenues of acquired properties not reflected in consolidated statement of operations	14,310	12,382	41,321	33,951
Unaudited pro forma revenues	18,711	70,905	86,021	257,908
Net (loss) income from consolidated statement of operations	59		59
Plus: historical net income of acquired properties not reflected in consolidated statement of operations	8,416	7,597	25,566	20,157
Less: pro forma depreciation and amortization	(5,157)	(6,558)	(15,472)	(25,281)
Less: pro forma interest expense	(4,737)	(4,737)	(14,212)	(14,212)
Less: pro forma management fees	(601)	(1,550)	(2,620)	(3,134)
Unaudited pro forma net loss	$ (59,717)	$ (10,611)	$ (173,562)	$ (2,317)

Real estate assets, net (Detail

Real estate assets, net (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)property
Real Estate [Abstract]
Number of real estate properties held for use	9,892		9,892		4,933
Number of real estate properties rented	7,079		7,079		2,118
Number of real estate properties listed for rent	587		587		264
Number of real estate properties in various stages of renovation	875		875		350
Number of real estate properties under evaluation for rental portfolio	1,351		1,351		2,201
Impairment on real estate held for use | $	$ 1,200,000		$ 6,200,000	$ 0
Number of real estate properties held for sale	839		839		1,583
Real estate assets held for sale | $	$ 169,841,000		$ 169,841,000		$ 250,557,000
Impairment of on real estate held for sale | $	$ 7,200,000	$ 3,600,000	$ 23,000,000	$ 13,400,000

Mortgage loans - Narrative (Det

Mortgage loans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Amount accreted into interest	$ 35	$ 112	$ 107	$ 581
Performing financing receivable | Residential mortgage | Loans receivable
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	6,000		6,000		$ 6,000
Mortgage loans held for sale	$ 4,000		$ 4,000		$ 4,000

Mortgage loans - Schedule of Lo

Mortgage loans - Schedule of Loans (Details) - Loans receivable - Residential mortgage - Residential portfolio segment $ in Thousands	Sep. 30, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Number of loans
Current | loan	13	58
Foreclosure | loan	10	879
Mortgage loans | loan	31	1,297
Carrying value
Current	$ 1,357	$ 10,864
Foreclosure	1,483	225,024
Mortgage loans at fair value	4,038	317,336
Unpaid principal balance
Current	1,985	13,466
Foreclosure	1,998	314,991
Mortgage loans	5,980	440,366
Market value of underlying properties
Current	2,600	17,776
Foreclosure	2,212	330,573
Mortgage loans	$ 7,444	$ 465,007
30
Number of loans
Past Due | loan	7	26
Carrying value
Past Due	$ 713	$ 7,616
Unpaid principal balance
Past Due	1,508	10,013
Market value of underlying properties
Past Due	$ 1,642	$ 12,200
60
Number of loans
Past Due | loan		6
Carrying value
Past Due		$ 668
Unpaid principal balance
Past Due		775
Market value of underlying properties
Past Due		$ 1,063
90
Number of loans
Past Due | loan	1	328
Carrying value
Past Due	$ 485	$ 73,164
Unpaid principal balance
Past Due	489	101,121
Market value of underlying properties
Past Due	$ 990	$ 103,395
Nonperforming financing receivable
Number of loans
Current | loan	761	730
Foreclosure | loan	2,432	3,907
Mortgage loans | loan	3,717	5,739
Carrying value
Current	$ 125,038	$ 124,595
Foreclosure	431,929	687,464
Mortgage loans at fair value	628,304	960,534
Unpaid principal balance
Current	161,706	165,645
Foreclosure	608,258	946,962
Mortgage loans	878,603	1,355,554
Market value of underlying properties
Current	193,704	177,348
Foreclosure	620,472	917,671
Mortgage loans	$ 934,263	$ 1,322,606
Nonperforming financing receivable | 30
Number of loans
Past Due | loan	75	80
Carrying value
Past Due	$ 11,444	$ 12,003
Unpaid principal balance
Past Due	17,213	18,142
Market value of underlying properties
Past Due	$ 18,371	$ 21,858
Nonperforming financing receivable | 60
Number of loans
Past Due | loan	42	38
Carrying value
Past Due	$ 5,844	$ 5,688
Unpaid principal balance
Past Due	8,362	8,088
Market value of underlying properties
Past Due	$ 9,809	$ 8,766
Nonperforming financing receivable | 90
Number of loans
Past Due | loan	407	984
Carrying value
Past Due	$ 54,049	$ 130,784
Unpaid principal balance
Past Due	83,064	216,717
Market value of underlying properties
Past Due	$ 91,907	$ 196,963

Mortgage loans - Accretable Yie

Mortgage loans - Accretable Yield (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Accretable yield, beginning balance			$ 2,146	$ 7,640
Payments and other reductions, net			0	(3,285)
Accretion	$ (35)	$ (112)	(107)	(581)
Accretable yield, ending balance	$ 2,039	$ 3,774	$ 2,039	$ 3,774

Fair value of financial instr40

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
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
Interest rate cap derivative	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
Interest rate cap derivative	55
Fair value measurements, recurring | Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans	628,304	960,534
Interest rate cap derivative	0
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
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	0	0
Other secured borrowings	0	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
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	1,189,253	767,513
Other secured borrowings	157,950	502,268
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	169,841	250,557
Mortgage loans held for sale	4,038	317,336
Repurchase agreements at fair value	0	0
Other secured borrowings	$ 0	$ 0

Fair value of financial instr41

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 707,445	$ 1,716,489	$ 960,534	$ 1,959,044
Net unrealized gain on mortgage loans	(8,086)	43,525	20,542	170,845
Net realized gain on mortgage loans	9,428	12,874	30,340	47,528
Transfers of mortgage loans at fair value to mortgage loans held for sale, net	1,914	(250,346)	(101,201)	(250,346)
Mortgage loan dispositions and payments	(34,967)	(57,882)	(119,794)	(205,120)
Real estate tax advances to borrowers	1,161	6,611	6,255	18,002
Transfer of mortgage loans to real estate owned, net	(48,591)	(90,696)	(168,372)	(359,378)
Ending balance	628,304	1,380,575	628,304	1,380,575
Net unrealized gain on mortgage loans held at the end of the period	$ (15,027)	$ 13,022	$ (5,309)	$ 93,874

Fair value of financial instr42

Fair value of financial instruments - Fair value inputs, quantitative information (Details) - Loans receivable - Residential mortgage - Fair value, inputs, level 3 - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
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
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	(15.20%)	0.00%
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 6 days	1 month 6 days
Value of underlying properties	$ 3	$ 3
Maximum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	16.90%	10.20%
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 6 months	5 years 7 months 6 days
Value of underlying properties	$ 4,250	$ 4,500

Borrowings - Repurchase agreeme

Borrowings - Repurchase agreements (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)agreement	Mar. 31, 2016agreement	Sep. 30, 2016USD ($)agreement	Apr. 07, 2016USD ($)	Dec. 31, 2015USD ($)	Apr. 10, 2015USD ($)	Sep. 23, 2013USD ($)	Mar. 22, 2013USD ($)
Short-term Debt [Line Items]
Number of loan agreements | agreement	2	2	2
Deferred debt issuance costs					$ 0
Amount Outstanding	$ 1,182,677,000		$ 1,182,677,000		763,369,000
Securities Sold under Agreements to Repurchase
Short-term Debt [Line Items]
Interest rate	3.72%		3.72%
Number of repurchase agreements | agreement	2	3
Maximum Borrowing Capacity	$ 1,839,259,000		$ 1,839,259,000		1,279,944,000
Book Value of Collateral	1,832,269,000		1,832,269,000		1,378,900,000
Amount Outstanding, before debt issuance costs	1,200,000,000		1,200,000,000
Amount Outstanding	1,182,677,000		1,182,677,000		763,369,000
Amount of Available Funding	650,006,000		$ 650,006,000		512,431,000
Number of repurchase agreements, subject to certain conditions regarding collateral value | agreement			2
Securities Sold under Agreements to Repurchase | Asset-backed securities | ARLP 2015-1
Short-term Debt [Line Items]
Book Value of Collateral	34,000,000		$ 34,000,000
Securities Sold under Agreements to Repurchase | CS repurchase agreement
Short-term Debt [Line Items]
Maximum Borrowing Capacity	350,000,000		350,000,000		275,000,000			$ 100,000,000
Book Value of Collateral	337,268,000		337,268,000		335,184,000
Amount Outstanding, before debt issuance costs	211,382,000		211,382,000		194,346,000
Amount of Available Funding	138,618,000		138,618,000		80,654,000
Securities Sold under Agreements to Repurchase | CS repurchase agreement | ARLP 2015-1
Short-term Debt [Line Items]
Repurchase agreements	21,000,000		21,000,000
Securities Sold under Agreements to Repurchase | Wells repurchase agreement
Short-term Debt [Line Items]
Maximum Borrowing Capacity	750,000,000		750,000,000		750,000,000		$ 200,000,000
Book Value of Collateral	621,699,000		621,699,000		708,275,000
Amount Outstanding, before debt issuance costs	334,726,000		334,726,000		371,130,000
Amount of Available Funding	415,274,000		415,274,000		378,870,000
Securities Sold under Agreements to Repurchase | DB repurchase agreement
Short-term Debt [Line Items]
Maximum Borrowing Capacity					54,944,000
Book Value of Collateral					130,863,000
Amount Outstanding, before debt issuance costs					54,944,000
Amount of Available Funding					0
Securities Sold under Agreements to Repurchase and Loan Agreements
Short-term Debt [Line Items]
Deferred debt issuance costs	(6,576,000)		(6,576,000)		(4,144,000)
Loan and Security Agreement | Nomura loan and security agreement
Short-term Debt [Line Items]
Maximum Borrowing Capacity	250,000,000		250,000,000	$ 250,000,000	200,000,000	$ 100,000,000
Book Value of Collateral	230,765,000		230,765,000		204,578,000
Amount Outstanding, before debt issuance costs	153,886,000		153,886,000		147,093,000
Amount of Available Funding	96,114,000		96,114,000		$ 52,907,000
Loan and Security Agreement | MSR loan agreement
Short-term Debt [Line Items]
Maximum Borrowing Capacity	489,259,000		489,259,000
Book Value of Collateral	642,537,000		642,537,000
Amount Outstanding, before debt issuance costs	489,259,000		489,259,000
Amount of Available Funding	$ 0		$ 0

Borrowings - Other secured debt

Borrowings - Other secured debt (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Jun. 29, 2015	Nov. 25, 2014	Sep. 25, 2014
Debt Instrument [Line Items]
Amount Outstanding	$ 156,986,000	$ 502,599,000
Deferred debt issuance costs		0
ARLP 2015-1 | Loans
Debt Instrument [Line Items]
Book value of the underlying securitized assets	267,000,000
Secured debt
Debt Instrument [Line Items]
Amount Outstanding	156,986,000	502,599,000
Deferred debt issuance costs	$ (964,000)	$ (3,031,000)
Secured debt | Asset-backed Securities Class A Notes 2015-1
Debt Instrument [Line Items]
Interest rate on debt	4.01%	4.01%	4.01%
Secured debt issued to affiliates	$ 34,000,000	$ 34,000,000	$ 34,000,000
Amount Outstanding			205,000,000
Amount outstanding before deducting deferred debt issuance costs	$ 191,950,000	$ 203,429,000
Secured debt | Asset-backed Securities Class M Notes 2015-1
Debt Instrument [Line Items]
Interest rate on debt	0.00%	0.00%
Secured debt issued to affiliates	$ 60,000,000	$ 60,000,000
Amount Outstanding			$ 60,000,000
Amount outstanding before deducting deferred debt issuance costs	$ 60,000,000	$ 60,000,000
Secured debt | Asset-backed securities Class A notes Trust 2
Debt Instrument [Line Items]
Interest rate on debt		3.63%		3.85%
Secured debt issued to affiliates		$ 45,138,000
Amount Outstanding				$ 270,800,000
Amount outstanding before deducting deferred debt issuance costs		$ 244,935,000
Secured debt | Asset-backed securities Class M notes Trust 2
Debt Instrument [Line Items]
Interest rate on debt		0.00%
Secured debt issued to affiliates		$ 234,010,000
Amount Outstanding				$ 234,000,000
Amount outstanding before deducting deferred debt issuance costs		$ 234,010,000
Secured debt | Asset-backed securities Class A notes
Debt Instrument [Line Items]
Interest rate on debt		3.47%			3.47%
Amount Outstanding					$ 150,000,000
Amount outstanding before deducting deferred debt issuance costs		$ 136,404,000
Secured debt | Asset-backed securities Class M notes
Debt Instrument [Line Items]
Interest rate on debt		4.25%			4.25%
Secured debt issued to affiliates		$ 32,000,000
Amount Outstanding					$ 32,000,000
Amount outstanding before deducting deferred debt issuance costs		$ 32,000,000

Commitments and contingencies (

Commitments and contingencies (Details) property in Thousands	Sep. 30, 2016USD ($)property	Nov. 09, 2015	Feb. 11, 2015USD ($)plaintiff	May 31, 2015shareholder
Amherst Acquisition | Main Street Renewal, LLC (MSR)
Loss Contingencies [Line Items]
Number of additional properties permitted services, per agreement | property	3
Liquidation fee, required to be paid by company upon properties liquidated exceeding 50%	$ 60,000,000
Percentage of properties liquidated triggering fee paid per agreement	50.00%
Period considered for liquidation fee requirements per agreement	18 months
Martin v. Altisource Residential Corporation et al. [Member] | Pending litigation
Loss Contingencies [Line Items]
Number of shareholders requesting to be lead plaintiff | shareholder				2
Sokolowski v. Erbey, et al. | Pending litigation
Loss Contingencies [Line Items]
Amount paid for settlements with regulatory authorities by co-defendant (in excess of)			$ 2,000,000,000
Number of plaintiffs consolidated into one case | plaintiff			3
Moncavage v. Faris, et al. | Pending litigation
Loss Contingencies [Line Items]
Motion to stay the action period		180 days

Related-party transactions (Det

Related-party transactions (Details)	Apr. 01, 2015extension	Mar. 31, 2015property	Oct. 17, 2013USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2016	Dec. 31, 2015USD ($)
Related party transaction [Line Items]
Related party receivables				$ 0		$ 0			$ 2,180,000
Repurchase of non-voting preferred stock by NewSource						18,784,000	$ 19,983,000
Related party payables				$ 4,926,000		$ 4,926,000			0
NewSource
Related party transaction [Line Items]
Investments from Residential to NewSource in non-voting preferred stock			$ 18,000,000
Repurchase of non-voting preferred stock by NewSource			18,000,000
Accrued and unpaid cumulative dividends on repurchased shares			$ 1,500,000
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%
Period in fiscal years return on invested equity capital evaluated for termination of agreement		2 years
Period of time return rate evaluated to date						18 months
Period of time required return rate evaluated per new agreement						21 months
Deficit of return on invested capital						36.66%
Affiliated entity | AAMC | Forecast
Related party transaction [Line Items]
Cumulative deficit of return on invested capital								38.41%
Affiliated entity | AAMC | Minimum
Related party transaction [Line Items]
Incentive management fee, return on invested capital		7.00%
Affiliated entity | AAMC | Maximum
Related party transaction [Line Items]
Incentive management fee, return on invested capital		8.25%
Affiliated entity | Asset management fee, threshold one | AAMC
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		25.00%
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
Number of potential renewal extensions | extension	2
Automatic renewal term	5 years
Affiliated entity | Base management fee | AAMC
Related party transaction [Line Items]
Related party expenses				$ 4,208,000	$ 4,659,000	$ 12,838,000	9,411,000
Affiliated entity | Conversion fee | AAMC
Related party transaction [Line Items]
Related party expenses				450,000	329,000	1,396,000	728,000
Affiliated entity | Management incentive fee | AAMC
Related party transaction [Line Items]
Related party expenses				0	0	0	14,900,000
Related party receivables									$ 6,900,000
Related party payables				0		0
Affiliated entity | Expense reimbursements | AAMC
Related party transaction [Line Items]
Related party expenses				196,000	0	553,000	750,000
Affiliated entity | Dividend income | AAMC
Related party transaction [Line Items]
Related party expenses				0	1,518,000	0	1,518,000
Affiliated entity | Interest expense | AAMC
Related party transaction [Line Items]
Related party expenses				0	242,000	0	563,000
Affiliated entity | Professional fee sharing for negotiation of AMA | AAMC
Related party transaction [Line Items]
Related party expenses				$ 0	$ 0	$ 0	$ 2,000,000

Share-based payments (Details)

Share-based payments (Details) $ / shares in Units, $ in Thousands	Aug. 09, 2016$ / sharesshares	Jul. 11, 2016$ / sharesshares	Jul. 01, 2016USD ($)	Dec. 21, 2012	Sep. 30, 2016USD ($)shares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted during period, weighted average grant date fair value (usd per share) | $ / shares							$ 18.25
Unrecognized share-based compensation expense | $					$ 3,800	$ 3,800	$ 100
Unrecognized share-based compensation expense, remaining estimated term (years)						21 months	8 months
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted during period (in shares) | shares						1,232	9,924
Restricted stock granted during period, weighted average grant date fair value (usd per share) | $ / shares						$ 9.30
Forfeitures during period (in shares) | shares						625
Forfeitures in period, weighted average grant date fair value (usd per share) | $ / shares						$ 18.25
Share-based compensation expense | $					$ 419	$ 493
The 2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted in period (in shares) | shares	695,187
Options granted during period, weighted average grant date fair value (usd per share) | $ / shares	$ 1.91
The 2016 Equity Incentive Plan [Member] | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted to directors annually | $			$ 60
Period distribution of vested restricted stock is deferred			2 years
Restricted stock granted during period (in shares) | shares	247,008	26,520
Restricted stock granted during period, weighted average grant date fair value (usd per share) | $ / shares	$ 10.04	$ 9.05
Number of trading days average price per share used for vesting requirements	20 days
Percentage reinvested dividends to price per share, minimum	125.00%
2012 Conversion Option Plan and 2012 Special Conversion Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio for stock options from ASPS stock to Residential stock				0.3333
Number of options remaining to be purchased | shares					194,078	194,078

Derivatives (Details)

Derivatives (Details) - Interest rate cap - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 29, 2016
Derivative [Line Items]
Notional amount of interest rate cap			$ 489,300,000
Fair value of interest rate cap			$ 55,000
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 0
LIBOR
Derivative [Line Items]
Interest rate cap, strike rate			2.938%

Income taxes (Details)

Income taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2016	Mar. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Minimum distribution of REIT taxable income, percent					90.00%
Taxable net income attributable to parent							$ 107,600
Dividends declared per common share (usd per share)	$ 0.15	$ 0.08	$ 0.15	$ 0.55	$ 0.60	$ 1.73	$ 1.83
Dividends on common stock					$ 32,874	$ 98,302	$ 103,900
Dividends on common stock		$ 4,600			$ 30,206	$ 67,685

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net (loss) income from consolidated statement of operations		$ (57,638)	$ (5,363)	$ (166,824)	$ 20,153
Weighted average common stock outstanding – basic (in shares)		54,178,129	57,056,625	54,722,828	57,154,734
Stock options using the treasury method (in shares)		0	0	0	192,870
Restricted stock (in shares)		0	0	0	3,410
Weighted average common stock outstanding – diluted (in shares)		54,178,129	57,056,625	54,722,828	57,351,014
Loss (earnings) per basic common share (usd per share)		$ (1.06)	$ (0.09)	$ (3.05)	$ 0.35
Loss (earnings) per diluted common share (usd per share)		$ (1.06)	$ (0.09)	$ (3.05)	$ 0.35
Affiliated entity | AAMC
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incentive management fee, percent of incentive fee payable in common stock	25.00%
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		151,755	215,773	154,828	0
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		35,671	9,924	15,545	0