Front Yard Residential (RESI) 10-K 1 Mar 17 2016 FY Annual report Financial data

Document and entity information

Document and entity information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 22, 2017	Jun. 30, 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	Accelerated Filer
Document type	10-K
Document period end date	Dec. 31, 2016
Document fiscal year focus	2,016
Document fiscal period focus	FY
Amendment flag	false
Entity common stock, shares outstanding		53,667,631
Entity well-known seasoned issuer	Yes
Entity voluntary filers	No
Entity current reporting status	Yes
Entity public float			$ 368.7

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate held for use:
Land	$ 220,800	$ 56,346
Rental residential properties	926,320	231,167
Real estate owned	289,141	455,483
Total real estate held for use	1,436,261	742,996
Less: accumulated depreciation	(27,541)	(7,127)
Total real estate held for use, net	1,408,720	735,869
Real estate assets held for sale	133,327	250,557
Mortgage loans at fair value	460,444	960,534
Mortgage loans held for sale	108,036	317,336
Cash and cash equivalents	106,276	116,702
Restricted cash	22,947	20,566
Accounts receivable, net	34,931	45,903
Related party receivables	0	2,180
Prepaid expenses and other assets	10,166	1,126
Total assets	2,284,847	2,450,773
Liabilities:
Repurchase and loan agreements	1,220,972	763,369
Other secured borrowings	144,099	502,599
Accounts payable and accrued liabilities	51,442	32,448
Related party payables	5,266	0
Total liabilities	1,421,779	1,298,416
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.01 par value, 200,000,000 authorized shares; 53,667,631 and 55,581,005 shares issued and outstanding as of December 31, 2016 and 2015, respectively	537	556
Additional paid-in capital	1,182,245	1,202,418
Accumulated deficit	(319,714)	(50,617)
Total equity	863,068	1,152,357
Total liabilities and equity	$ 2,284,847	$ 2,450,773

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	53,667,631	55,581,005
Common stock, shares outstanding	53,667,631	55,581,005

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental revenues	$ 48,563	$ 13,233	$ 1,564
Change in unrealized gain on mortgage loans	(195,909)	88,829	350,822
Net realized gain on mortgage loans	35,760	58,061	55,766
Net realized gain on mortgage loans held for sale	50,230	36,432	2,771
Net realized gain on real estate	117,617	50,932	9,482
Interest income	497	611	2,893
Total revenues	56,758	248,098	423,298
Expenses:
Residential property operating expenses	70,167	66,266	26,018
Real estate depreciation and amortization	27,027	7,472	1,067
Acquisition fees and costs	9,339	2,292	2,584
Selling costs and impairment	57,913	72,230	21,788
Mortgage loan servicing costs	34,595	62,346	68,181
Interest expense	53,868	53,694	35,812
Share-based compensation	1,287	184	227
General and administrative	10,556	10,105	13,317
Management fees to AAMC	19,175	22,966	67,949
Total expenses	283,927	297,555	236,943
Other (expense) income	(750)	3,518	2,543
(Loss) income before income taxes	(227,919)	(45,939)	188,898
Income tax expense	109	66	45
Net income (loss)	$ (228,028)	$ (46,005)	$ 188,853
(Loss) earnings per share of common stock – basic:
(Loss) earnings per basic share (usd per share)	$ (4.18)	$ (0.81)	$ 3.36
Weighted average common stock outstanding – basic (in shares)	54,490,979	56,843,028	56,247,376
(Loss) earnings per share of common stock – diluted:
(Loss) earnings per diluted share (usd per share)	$ (4.18)	$ (0.81)	$ 3.34
Weighted average common stock outstanding – diluted (in shares)	54,490,979	56,843,028	56,588,137
Dividends declared per common share (usd per share)	$ 0.75	$ 1.83	$ 2.03

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, 2013		42,286,669
Beginning balance at Dec. 31, 2013	$ 785,427	$ 423	$ 758,584	$ 26,420
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, including stock option exercises, shares		14,905,543
Issuance of common stock, including stock option exercises	483,719	$ 149	483,570
Cost of issuance of common stock	(15,290)		(15,290)
Dividends on common stock	(116,025)			(116,025)
Share-based compensation	227		227
Net income (loss)	188,853			188,853
Ending balance, shares at Dec. 31, 2014		57,192,212
Ending balance at Dec. 31, 2014	$ 1,326,911	$ 572	1,227,091	99,248
Increase (Decrease) in Stockholders' Equity
Dividends declared per common share	$ 2.03
Issuance of common stock, including stock option exercises, shares		33,868
Issuance of common stock, including stock option exercises	$ 110	$ 0	110
Repurchases of common stock, shares		(1,645,075)
Repurchases of common stock	(24,983)	$ (16)	(24,967)
Dividends on common stock	(103,860)			(103,860)
Share-based compensation	184		184
Net income (loss)	$ (46,005)			(46,005)
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
Dividends declared per common share	$ 1.83
Issuance of common stock, including stock option exercises, shares		44,995
Issuance of common stock, including stock option exercises	$ 59	$ 1	58
Repurchases of common stock, shares		(1,958,369)
Repurchases of common stock	(21,538)	$ (20)	(21,518)
Dividends on common stock	(41,069)			(41,069)
Share-based compensation	1,287		1,287
Net income (loss)	$ (228,028)			(228,028)
Ending balance, shares at Dec. 31, 2016	53,667,631	53,667,631
Ending balance at Dec. 31, 2016	$ 863,068	$ 537	$ 1,182,245	$ (319,714)
Increase (Decrease) in Stockholders' Equity
Dividends declared per common share	$ 0.75

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Operating activities:
Net income (loss)	$ (228,028)	$ (46,005)	$ 188,853
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Change in unrealized gain on mortgage loans	195,909	(88,829)	(350,822)
Net realized gain on mortgage loans	(35,760)	(58,061)	(55,766)
Net realized gain on mortgage loans held for sale	(50,230)	(36,432)	(2,771)
Net realized gain on of real estate	(117,617)	(50,932)	(9,482)
Real estate depreciation and amortization	27,027	7,472	1,067
Selling costs and impairment	57,913	72,230	21,788
Accretion of interest on re-performing mortgage loans	(142)	(551)	(2,610)
Share-based compensation	1,287	184	227
Amortization of deferred financing costs	12,519	7,348	3,427
Changes in operating assets and liabilities:
Accounts receivable, net	1,650	(22,551)	(3,472)
Related party receivables	2,180	15,311	8,199
Deferred leasing costs	(550)	(88)	0
Prepaid expenses and other assets	(3,980)	(42)	(293)
Accounts payable and accrued liabilities	19,423	16,627	522
Related party payables	5,266	(33,391)	27,512
Net cash used in operating activities	(113,133)	(217,710)	(173,621)
Investing activities:
Investment in mortgage loans	0	0	(1,265,890)
Investment in real estate	(299,556)	(119,977)	(34,104)
Investment in renovations	(53,394)	(27,410)	(12,721)
Real estate tax advances	(23,479)	(29,862)	(33,719)
Mortgage loan resolutions and dispositions	543,099	468,111	334,366
Mortgage loan payments	22,870	26,206	20,900
Disposition of real estate	378,043	154,880	23,652
Investment in derivative financial instrument	(55)	0	0
Disposition of preferred stock of affiliate	0	18,000	0
Change in restricted cash	(2,381)	(7,284)	(7,404)
Net cash provided by (used in) investing activities	565,147	482,664	(974,920)
Financing activities:
Issuance of common stock, including stock option exercises	83	212	491,388
Payment of tax withholdings on exercise of stock options	(24)	(102)	(7,669)
Cost of issuance of common stock	0	0	(15,290)
Repurchase of common stock	(21,538)	(24,983)	0
Dividends on common stock	(38,286)	(98,334)	(116,025)
Proceeds from issuance of other secured borrowings	0	220,931	339,426
Repayments of other secured borrowings	(361,544)	(54,823)	(344)
Proceeds from repurchase and loan agreements	793,392	347,077	1,094,042
Repayments of repurchase and loan agreements	(823,192)	(594,564)	(681,424)
Payment of deferred financing costs	(11,331)	(9,832)	(5,385)
Net cash (used in) provided by financing activities	(462,440)	(214,418)	1,098,719
Net (decrease) increase in cash and cash equivalents	(10,426)	50,536	(49,822)
Cash and cash equivalents as of beginning of the period	116,702	66,166	115,988
Cash and cash equivalents as of end of the period	106,276	116,702	66,166
Supplemental disclosure of cash flow information:
Seller financing of assets acquired	489,259	0	0
Cash paid for interest	39,838	47,286	31,218
Income taxes paid	180	52	11
Transfer of mortgage loans to real estate owned, net	206,987	470,221	587,268
Transfer of mortgage loans at fair value to mortgage loans held for sale	195,461	535,836	0
Change in accrued capital expenditures	(3,212)	(1,388)	4,151
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net	(4,945)	(592)	10,024
Changes in receivables from real estate owned dispositions	(4,377)	15,252	4,640
Dividends declared but not paid	$ 8,341	$ 5,526	$ 0

Organization and basis of prese

Organization and basis of presentation	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	1. Organization and basis of presentation Altisource Residential Corporation (“we,” “our,” “us,” or the “Company”) is a Maryland real estate investment trust (“REIT”) focused on acquiring, owning and managing single-family rental (“SFR”) properties throughout the United States. We conduct substantially all of our activities through our wholly owned subsidiary, Altisource Residential, L.P. (“ARLP”), and its subsidiaries. On December 21, 2012, we became a stand-alone publicly traded company with an initial capital contribution of $100 million . 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 December 31, 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 SFR properties and the ongoing management of our residential mortgage loans and real estate owned (“REO”) properties. See Note 10 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. Altisource Portfolio Solutions S.A. (“ASPS”), one of our property management service providers, was a related party until January 16, 2015 (see Note 10 ). We have servicing agreements with two separate mortgage loan servicers for the remaining mortgage loans in our portfolio. Ocwen Financial Corporation (“Ocwen”), a former mortgage servicer, was a related party until January 16, 2015 (see Note 10 ). Basis of presentation and use of estimates The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Our consolidated 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. For more information on our consolidation policy, see Note 2 . 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 8 for more information regarding our current and former securitization trusts. Certain prior year amounts have been reclassified for consistency with the current period presentation, including acquisition fees and costs and share-based compensation within our consolidated statement of operations. These reclassifications had no effect on the reported results of operations. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. 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 year ended December 31, 2015 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 January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This update standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In November 2016 the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This update standard is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within fiscal years beginning after December 15, 2019. The amendments in ASU 2016-18 should be applied on a retrospective transition basis. Early adoption is permitted, including adoption during an interim period. We are currently evaluating the impact of this ASU on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The amendments in ASU 2016-16 eliminate the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. This update standard is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within fiscal years beginning after December 15, 2019. The amendments in ASU 2016-16 should be applied on a modified retrospective transition basis. Early adoption is permitted, including adoption during an interim period. We are currently evaluating the impact of this ASU on our consolidated financial statements. In August 2016, the FASB issued ASU 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 adoption of 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 adoption of 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 adoption of 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 do not expect the adoption of this standard to have a material impact 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 adoption of 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. In 2016, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. ASU 2014-09, as amended, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. 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; however, we do not expect the adoption of this standard to have a material impact on our consolidated financial statements as our lease terms are generally one to two years.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Cash equivalents We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. We maintain our cash and cash equivalents at banking institutions. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Consolidations The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, which are comprised of voting interest entities in which we are determined to have a controlling financial interest under ASC 810, as amended by ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis (“ASU 2015-02”). Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider VIEs for consolidation where we are the primary beneficiary. For those entities in which we have a variable interest, we perform an analysis to first determine whether the entity is a VIE. This determination includes considering whether the entity’s equity investment at risk is sufficient, whether the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity's activities either involve or are conducted on behalf of that investor and its related parties and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. A VIE must be consolidated by its primary beneficiary. Performance of such analysis requires the exercise of judgment. The primary beneficiary of a VIE is generally defined as the party who has a controlling financial interest in the VIE. We are generally deemed to have a controlling financial interest in a VIE if we have (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. For purposes of evaluating (ii) above, fees paid to us are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length. We also evaluate our economic interests in the VIE held directly by us and indirectly through our related parties, as well as economic interests held by related parties under common control, where applicable. The primary beneficiary evaluation is generally performed qualitatively on the basis of all facts and circumstances. However, quantitative information may also be considered in the analysis, as appropriate. These analyses require judgment. Changes in the economic interests (either by us, our related parties or third parties) or amendments to the governing documents of the VIE could affect an entity's status as a VIE or the determination of the primary beneficiary. The primary beneficiary evaluation is updated periodically. For voting interest entities, we shall consolidate the entity if we have a controlling financial interest. We have a controlling financial interest in a voting interest entity if (i) for legal entities other than limited partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights and no other conditions exist that would indicate that we do not control the entity. Comprehensive income Because comprehensive income (loss) equals net income (loss), separate statements of comprehensive income (loss) are not presented as part of our consolidated financial statements. Earnings per share Basic earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method and if converted method, respectively. Fees under the asset management agreement In accordance with the Current AMA, we compensate AAMC on a quarterly basis for its efforts in the management of our business. We recognize these fees in the fiscal quarter in which they are earned by AAMC. Refer to Note 10 for details of the fee structure under the Current AMA. Fair value of financial instruments We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Income taxes We elected REIT status upon the filing of our 2013 income tax return. We believe that we have complied with the provisions of the federal income tax code applicable to REITs for each financial year commencing in the year ended December 31, 2013. Accordingly, we believe that we will not be subject to federal income tax on the portion of our REIT taxable income that was distributed to our stockholders for such years, nor do we expect to be taxed on future distributions of REIT taxable income as long as certain asset, income and share ownership tests continue to be met. If after electing to be taxed as a REIT, we subsequently fail to qualify as a REIT in any taxable year, we generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost. Our taxable REIT subsidiaries (each a “TRS”) are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. Mortgage loans at fair value Upon the acquisition of mortgage loans, we record the assets at fair value, which is the purchase price we paid for the loans on the acquisition date. Mortgage loans at fair value are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance. We determine the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification or conversion to real estate owned). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increase the fair value of the loan. The increase in the value of the loan is recognized in change in unrealized gain on mortgage loans in our consolidated statements of operations. We also recognize unrealized gains and losses in the fair value of the loans in each reporting period when our mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when we have obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using broker price opinions (“BPOs”). AAMC’s capital markets group determines the fair value of mortgage loans monthly and has developed procedures and controls governing the valuation process relating to these assets. The capital markets group reports to our Investment Committee, a committee composed of our Chairman, Chief Executive Officer and Chief Financial Officer that oversees and approves the valuations. The capital markets group also monitors the valuation model for performance against actual results, which is reported to the Investment Committee and used to improve the model. Mortgage loans held for sale Mortgage loans held for sale are recorded at the lower of cost or fair value. We do not originate loans. Our mortgage loans held for sale include our remaining re-performing residential mortgage loans that we initially acquired in June 2014 and certain non-performing loans identified by management for sale. Our re-performing loans were initially acquired for investment and had evidence of deteriorated credit quality at the time of acquisition, and we did not elect the fair value option for these loans. Therefore, our re-performing loans are accounted for in accordance with the provisions of ASC Topic 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. These re-performing loans were determined to have common risk characteristics and have been accounted for as a single loan pool. Under ASC Topic 310-30, we estimate cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. We determine the excess of the loan pool's contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, the nonaccretable yield. The difference between expected cash flows and the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. Residential properties Purchases of real estate properties are evaluated to determine whether they meet the definition of an asset acquisition or of a business combination under U.S. GAAP. For asset acquisitions, we capitalize the pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred and capitalize closing and other direct acquisition costs. We then allocate the total cost of the property, including the acquisition costs, between land, building and any identified intangible assets and liabilities (including in-place leases and above and below-market leases). For acquisitions that qualify as business combinations, we expense the acquisition costs in the period in which the costs were incurred and allocate the cost of the property among land, building and any identified intangible assets and liabilities. Lease intangibles are recorded at the estimated fair value, which is the estimated costs that would have been incurred to lease the property net of any above or below-market lease concessions, and are amortized on a straight-line basis over the remaining life of the related lease or, in the case of acquisitions of real estate pools, over the weighted average remaining life of the related pool of leases. Upon the acquisition of real estate through the completion of foreclosure, we record the assets at fair value as of the acquisition date as a component of real estate owned based on information obtained from a BPO, a full appraisal or the price given in a current contract of sale of the property. Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon management's or other third-party estimates, are often calculated based on the characteristics of the asset, the economic environment and other such factors. Based on professional judgment and knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property. We engage third party vendors, including ASPS, to obtain and evaluate BPOs prepared by other third party brokers for our ultimate use. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by brokers in providing BPOs prove to be incorrect or inaccurate. We have established validation procedures to confirm the values we receive from third party vendors are consistent with our observations of market values. These validation procedures include establishing thresholds to identify changes in value that require further analysis. Our current policies require that we update the fair value estimate of each financed REO property at least every 180 days by obtaining a new BPO, which is subject to the review processes of our third party vendors. We generally perform further analysis when the value of the property per the new BPO varies from the old BPO by 25% or $75,000 per property. If a newly obtained BPO varies from the old BPO by this established threshold, we perform additional procedures to ensure the BPO accurately reflects the current fair value of the property. These procedures include engaging additional third party vendors to compare the old BPOs to the new BPOs and to assist us in evaluating the appropriateness of comparable properties and property-specific characteristics used in the valuation process. As part of this evaluation, our third party vendors often discuss the differing BPOs with the providing brokers to ensure that proper comparable properties have been identified. These third party vendors also compare the BPOs to past appraisals, if any, of the property to ensure the BPOs are in line with those appraisals. Following the consideration and reconciliation of the BPOs, the third party provider may provide us with a new property value reflecting the analysis they performed or confirm the BPO value we received, in which case we use the new property value or the validated BPO, respectively, for our fair value estimate of the property. After an evaluation period, we may perform property renovations to those properties that meet our rental investment criteria in order to optimize our rental proceeds. In some instances, we may also perform renovations on REO properties that do not meet our rental investment criteria in order to optimize sale proceeds. Such expenditures are part of our initial investment in a property and, therefore, are classified as investing activities in our consolidated statement of cash flows. Subsequently, residential rental properties, including any renovations that improve or extend the life of the asset, are accounted for at cost. REO properties that do not meet our rental investment criteria and that are held for sale are accounted for at the lower of the carrying value or estimated fair value less cost to sell. The cost basis of residential rental properties is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Expenditures directly related to successful leasing efforts, such as lease commissions, are included in prepaid expenses and other assets and are stated at amortized cost. Such expenditures are part of our operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases, which generally are from one to two years. Residential properties are classified either as held for use or held for sale. Residential properties are classified as real estate assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. We record residential properties held for sale at the lower of the carrying amount or estimated fair value less costs to sell. The impairment loss, if any, is the amount by which the carrying amount exceeds the estimated fair value less costs to sell. Real estate impairment With respect to residential rental properties classified as held for use, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties, including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. If the carrying amount of a held for use asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. We generally estimate the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs. 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. Rental revenues Minimum contractual rents from leases are recognized on a straight-line basis over the terms of the leases in residential rental revenues. Therefore, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer takes control of the leased premises. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Contingent rental revenue is recognized when the contingency is removed. Termination fee income is recognized when the customer has vacated the rental property, the amount of the fee is determinable and collectability is reasonably assured. Rents receivable and deferred rents receivable are reduced by an allowance for amounts that become uncollectible. We regularly evaluate the adequacy of our allowance for doubtful accounts. The evaluation takes into consideration the aging of accounts receivable and our analysis of customer personal profile and review past due account balances. Rents receivable and deferred rents receivable are written-off when we have deemed that the amounts are uncollectible. Restricted cash Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as escrows and reserves for debt service established pursuant to certain of our repurchase and loan agreements. Share-based compensation The fair value of share-based awards to our directors and non-employees is recorded as expense on a straight-line basis over the vesting period for the award with an offsetting increase in shareholders' equity. For restricted stock grants to our directors, the fair value is determined based upon the share price on the grant date. For restricted stock grants to non-employees, the fair value is based on the share price when the shares vest, which requires the amount to be adjusted in each subsequent reporting period based on the fair value of the award at the end of the reporting period until the award has vested. For stock options issued to non-employees, we use a Monte Carlo simulation until each market hurdle is met. Subsequent to the market hurdle being met, we calculate the fair value of non-employee stock options issued based on the quoted market value of the underlying shares. Unconsolidated affiliates We accounted for our investment in NewSource Reinsurance Company Ltd. (“NewSource”), a title insurance and reinsurance company in Bermuda and a wholly owned subsidiary of AAMC, using the cost method because we did not exercise significant influence over NewSource. As a result, we recognized preferred dividend income from this investment when received. For additional information, see Note 6 .

Asset acquisitions and disposit

Asset acquisitions and dispositions	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Asset acquisitions and dispositions	3. Asset acquisitions and dispositions Real estate assets Acquisitions, including those accounted for as business combinations On September 30, 2016, ARLP acquired a portfolio of 4,262 SFR properties for an aggregate purchase price of $652.3 million in two separate seller-financed transactions. In the first transaction, ARLP acquired 3,868 of the 4,262 properties through its entry into a Membership Interest Purchase and Sale Agreement (the “MIPA”) with MSR I, LP (“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 SFR 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, an independent wholly owned subsidiary of MSR II, LP. 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 $9.8 million based upon the costs we would have incurred to lease the properties and is being amortized over the weighted average remaining life of the leases, which was approximately seven months as of date of the HOME SFR Transaction. The following table sets forth the allocation of the estimated fair value of the assets acquired as well as the source of funds related to the HOME SFR Transaction ($ in thousands): Estimated fair value of assets acquired: Land $ 123,793 Rental residential properties 499,307 Real estate owned 19,437 Prepaid expenses and other assets (1) 9,809 Total 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) Represents estimated lease-in-place intangible asset. On March 30, 2016, we completed the acquisition of 590 SFR 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 , which was amortized over the weighted average remaining life of the leases of seven months as of the acquisition date. On August 18, 2015, we completed the acquisition of 1,314 SFR 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 , which was amortized over the weighted average remaining life of the leases of seven months as of the acquisition date. During the third quarter of 2015, we initiated a program to purchase SFR properties on a one-by-one basis, sourcing listed properties from the Multiple Listing Service and alternative listing sources. During the years ended December 31, 2016 and 2015 , we acquired 714 and 98 SFR properties, respectively, under our one-by-one acquisition program for an aggregate purchase price of $71.8 million and $8.6 million , respectively. Supplemental pro forma financial information (unaudited) The following supplemental pro forma financial information summarizes our results of operations as if the HOME SFR Transaction occurred on January 1, 2015 as follows ($ in thousands, except per share amounts): Year ended December 31, 2016 Year ended December 31, 2015 Unaudited pro forma revenues $ 97,735 $ 294,534 Unaudited pro forma net loss (230,449 ) (72,071 ) Loss per share of common stock - basic: Loss per basic share $ (4.23 ) $ (1.27 ) Weighted average common stock outstanding - basic 54,490,979 56,843,028 Loss per share of common stock - diluted: Loss per diluted share $ (4.23 ) $ (1.27 ) Weighted average common stock outstanding - diluted 54,490,979 56,843,028 The following table presents the pro forma adjustments included for each period ($ in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Revenues from consolidated statement of operations $ 56,758 $ 248,098 Add: historical revenues of acquired properties not reflected in consolidated statement of operations 40,977 46,436 Unaudited pro forma revenues $ 97,735 $ 294,534 Net loss from consolidated statement of operations $ (228,028 ) $ (46,005 ) Plus: historical net income of acquired properties not reflected in consolidated statement of operations 25,578 27,966 Less: pro forma depreciation and amortization (11,363 ) (30,438 ) Less: pro forma interest expense (14,016 ) (18,949 ) Less: pro forma management fees (2,620 ) (4,645 ) Unaudited pro forma net loss $ (230,449 ) $ (72,071 ) We recognized $15.0 million in revenues and a net loss of $4.5 million related to the HOME SFR Transaction in our consolidated statements of operations for the year ended December 31, 2016 . 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 years ended December 31, 2016 and 2015 , we sold 2,668 and 1,321 REO properties, respectively, and recorded $117.6 million and $50.9 million , respectively, of net realized gains on real estate. Mortgage loan assets Resolutions During the years ended December 31, 2016 and 2015 , we resolved 475 and 590 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 $35.8 million and $58.1 million of net realized gains on mortgage loans during the years ended December 31, 2016 and 2015 , respectively. Dispositions During the years ended December 31, 2016 and 2015 , we sold a total of 1,975 and 824 mortgage loans held for sale to third party purchasers. In connection with these sales, we recorded $50.2 million and $36.4 million of net realized gains on mortgage loans held for sale. Transfers of mortgage loans to real estate owned, net During the years ended December 31, 2016 and 2015 , we transferred an aggregate of 1,112 and 2,443 mortgage loans, respectively, to real estate owned (“REO”) at an aggregate fair value based on BPOs of $207.0 million and $470.2 million , respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, we recorded $46.0 million and $91.3 million , respectively, in change in unrealized gains on mortgage loans. Due diligence costs During the years ended December 31, 2016 , 2015 and 2014 , we recognized $2.0 million , $0.4 million and $3.1 million , respectively, of diligence costs. 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	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real estate assets, net	4. Real estate assets, net Real estate held for use As of December 31, 2016 , we had 9,939 single-family residential properties held for use. Of these properties, 7,293 had been leased, 703 were listed and ready for rent and 607 were in varying stages of renovation and unit turn status. With respect to the remaining 1,336 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. We include these redemption periods in our portfolio pricing, which generally reduces the price we pay for the mortgage loans. Once the redemption period expires, we immediately proceed to record the new deed, take possession of the property, activate utilities, and start the inspection process in order to make our final determination. 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 for future branding. If we determine that the REO property will not meet our rental profile, we list the property for sale, in certain instances after renovations are made to optimize the sale proceeds. 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 varying stages of renovation and unit turn status. With respect to the remaining 2,201 REO properties, we were in the process of determining whether these properties would meet our rental profile. We generally rent our SFR properties under non-cancelable leases with a term of one to two years. Future minimum rental revenues under leases existing for the 7,293 properties that were leased as of December 31, 2016 are as follows ($ in thousands): 2017 $ 50,672 2018 2,504 2019 460 2020 10 2021 and thereafter — $ 53,646 During the years ended December 31, 2016 and 2015 , we recognized $7.4 million and $3.5 million , respectively, of impairment on real estate held for use. No impairment on real estate held for use was recognized during the year ended December 31, 2014. Real estate held for sale As of December 31, 2016 and 2015 , our real estate held for sale included 594 and 1,583 REO properties, respectively, having an aggregate carrying value of $133.3 million and $250.6 million , respectively. Management determined to divest these properties because they do not meet our residential rental property investment criteria. During the years ended December 31, 2016 , 2015 and 2014 , we recognized $25.8 million , $33.0 million and $7.9 million , respectively, of impairment on our real estate held for sale.

Mortgage loans

Mortgage loans	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Mortgage loans	5. Mortgage loans The following table sets forth the carrying value of our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of December 31, 2016 and December 31, 2015 ($ in thousands): Number of Loans Carrying Value Unpaid Principal Balance Market Value of Underlying Properties December 31, 2016 Current 211 $ 33,992 $ 45,568 $ 58,842 30 66 7,898 11,836 13,576 60 34 4,444 6,364 7,536 90 400 48,338 82,705 91,772 Foreclosure 2,180 365,772 551,243 574,546 Mortgage loans at fair value 2,891 $ 460,444 $ 697,716 $ 746,272 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 December 31, 2016 and December 31, 2015 ($ in thousands): Number of Loans Carrying Value Unpaid Principal Balance Market Value of Underlying Properties December 31, 2016 Current 519 $ 100,558 $ 114,757 $ 140,471 30 10 1,082 1,911 2,329 60 4 286 623 663 90 17 1,622 2,291 3,430 Foreclosure 33 4,488 6,023 6,675 Mortgage loans held for sale 583 $ 108,036 $ 125,605 $ 153,568 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 December 31, 2016 , our mortgage loans held for sale include our remaining re-performing residential mortgage loans that we initially acquired in June 2014 and certain other mortgage loans identified for sale by management. We determined to dispose of these mortgage loans because we do not expect them to be rental candidates. Re-performing residential mortgage loans For the years ended December 31, 2016 and 2015, we recognized no provision for loan loss and no adjustments to the amount of the accretable yield. For the years ended December 31, 2016 , 2015 and 2014 , we accreted $0.1 million , $0.6 million and $2.6 million , respectively, into interest income with respect to our re-performing loans. As of December 31, 2016 and 2015 , these re-performing loans had an unpaid principal balance (“UPB”) of $5.7 million and $6.0 million respectively, and a carrying value of $3.7 million and $4.0 million , respectively, and were included in mortgage loans held for sale. The following table presents changes in the balance of the accretable yield for the periods indicated: Accretable Yield Year ended December 31, 2016 Year ended December 31, 2015 Balance at the beginning of the period $ 2,146 $ 7,640 Payments and other reductions, net (247 ) (4,943 ) Accretion (142 ) (551 ) Balance at the end of the period $ 1,757 $ 2,146

Unconsolidated affiliates

Unconsolidated affiliates	12 Months Ended
	Dec. 31, 2016
Unconsolidated affiliates [Abstract]
Unconsolidated affiliates	6. Unconsolidated affiliates On October 17, 2013, we invested $18.0 million in the non-voting preferred stock of NewSource. On September 14, 2015, NewSource completed the repurchase of all of our shares of non-voting preferred stock for aggregate proceeds of $18.0 million , which was the aggregate par value of the shares being repurchased. Until September 10, 2015, we received a 12% annual cumulative preferred dividend on our investment. In connection with the repurchase of the preferred stock, NewSource paid to us the accrued but unpaid dividend on our shares from January 1, 2015 through September 10, 2015 amounting to $1.5 million . We received preferred dividends of $2.2 million in 2014.

Fair value of financial instrum

Fair value of financial instruments	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair value of financial instruments	7. 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 December 31, 2016 and December 31, 2015 ($ in thousands): Level 1 Level 2 Level 3 Carrying Value Quoted Prices in Active Markets Observable Inputs Other Than Level 1 Prices Unobservable Inputs December 31, 2016 Recurring basis (assets) Mortgage loans at fair value $ 460,444 $ — $ — $ 460,444 Nonrecurring basis (assets) Real estate assets held for sale 133,327 — — 133,327 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale 108,036 — — 108,036 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,220,972 — 1,226,971 — Other secured borrowings 144,099 — 144,971 — December 31, 2015 Recurring basis (assets) Mortgage loans at fair value $ 960,534 $ — $ — $ 960,534 Nonrecurring basis (assets) Real estate assets held for sale 250,557 — — 250,557 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale 317,336 — — 317,336 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 763,369 — 767,513 — Other secured borrowings 502,599 — 502,268 — We have not transferred any assets from one level to another level during the years ended December 31, 2016 and 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 value of mortgage loans at fair value and NPLs held for sale are estimated using our 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 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): Year ended December 31, 2016 Year ended December 31, 2015 Mortgage loans at fair value Beginning balance $ 960,534 $ 1,959,044 Change in unrealized gain on mortgage loans at fair value (409 ) 177,545 Net realized gain on mortgage loans at fair value 35,760 58,061 Transfers of mortgage loans at fair value to mortgage loans held for sale, net (195,461 ) (535,836 ) Mortgage loans at fair value dispositions and payments (151,029 ) (257,505 ) Real estate tax advances to borrowers 18,013 29,261 Transfer of mortgage loans at fair value to real estate owned, net (206,964 ) (470,036 ) Ending balance $ 460,444 $ 960,534 Change in unrealized gain on mortgage loans at fair value held at the end of the period $ (46,281 ) $ 78,453 The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics such as location and value of underlying collateral affect the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of December 31, 2016 and 2015 : Input December 31, 2016 December 31, 2015 Equity discount rate 17.0% 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 -11.2% to 15.1% 0.0% to 10.2% Loan resolution probabilities — modification 0% to 5.9% 0% to 44.7% Loan resolution probabilities — rental 0% 0% to 100.0% Loan resolution probabilities — liquidation 31.8% to 100% 0% to 100.0% Loan resolution probabilities — paid in full 0% to 66.2% 0% to 66.0% Loan resolution timelines (in years) 0.1 to 5.8 0.1 to 5.6 Value of underlying properties $3,500 to $4,600,000 $3,000 to $4,500,000

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Borrowings	8. 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 the SFR 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 December 31, 2016 , the weighted average annualized interest rate on borrowings under our repurchase and loan agreements was 4.05% , excluding amortization of deferred financing 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, two of which expired or were terminated during 2016 pursuant to their terms and are no longer outstanding. Therefore, at December 31, 2016, we were party to one repurchase agreement and two loan agreements. Below is a description of each agreement outstanding during the year ended December 31, 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, 2015 and 2016, the CS repurchase agreement was amended on several occasions, ultimately increasing the aggregate maximum borrowing capacity to $600.0 million as of December 31, 2016 with a maturity date of November 17, 2017. Pursuant to the amended and restated repurchase agreement with CS dated November 18, 2016, the aggregate maximum borrowing capacity of the CS repurchase agreement will decrease incrementally on each of January 31, 2017; February 28, 2017; June 30, 2017 and September 30, 2017 to an aggregate of $350 million as of September 30, 2017. • Deutsche Bank (“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”) was the lender under the repurchase agreement dated September 23, 2013 (the “Wells repurchase agreement”). During November 2016, we terminated the Wells repurchase agreement and transferred the collateral to the CS repurchase agreement. 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 and 2016, ultimately increasing the maximum funding capacity to $250.0 million on December 31, 2016 with a maturity date of April 6, 2017. • In connection with the seller financing related to the HOME SFR Transaction, on September 30, 2016, we entered into a loan agreement (the “MSR loan agreement”) between HOME Borrower, the sellers (collectively, the “Lenders”) and MSR Lender LLC, as agent. Pursuant to the MSR loan agreement, HOME Borrower borrowed approximately $489.3 million from the Lenders (the “MSR Loan”). Effective October 14, 2016, the 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 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 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 December 31, 2016 was $1.3 billion , subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of December 31, 2016 , an aggregate of $1.2 billion was outstanding under our repurchase and loan agreements. The CS repurchase agreement and the Nomura loan agreement are fully guaranteed by us. The following table sets forth data with respect to our repurchase and loan agreements as of December 31, 2016 and 2015 ($ in thousands): Maximum Borrowing Capacity Book Value of Collateral Amount Outstanding Amount of Available Funding December 31, 2016 CS repurchase agreement due November 17, 2017 $ 600,000 $ 902,339 $ 582,659 $ 17,341 Nomura loan agreement due April 6, 2017 250,000 238,142 155,054 94,946 MSR loan agreement due November 9, 2018 489,259 638,799 489,259 — Less: deferred debt issuance costs — — (6,000 ) — $ 1,339,259 $ 1,779,280 $ 1,220,972 $ 112,287 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 To date, our business model has relied to a significant degree on short-term financing arrangements, and we generally do not carry sufficient liquid funds to retire such obligations upon their maturity. Prior to or upon such maturities, management expects to (1) refinance the remaining outstanding facilities or obtain additional financing and (2) continue to liquidate non-rental REO properties and certain NPLs in the ordinary course, which will generate cash to reduce the related financing. We are in continuous dialogue with our lenders, and we are currently not aware of any circumstances that would adversely affect our ability to complete such refinancings. We believe we will be successful in our efforts to refinance or obtain additional financing based on our recent success in renewing our outstanding facilities and our ongoing relationships with lenders. Terms and covenants related to the CS repurchase agreement Under the terms of the CS repurchase agreement, 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 lender equity interests in the Delaware statutory trust subsidiary that owns the applicable underlying mortgage or REO assets on our behalf, or the trust will directly sell such underlying mortgage assets. In the event the lender determines the value of the collateral has decreased, the lender has the right to initiate a margin call and require us, or the applicable trust subsidiary, to post additional collateral or to repay a portion of the outstanding borrowings. The price paid by the lender for each mortgage 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 CS repurchase agreement, our applicable subsidiary is required to pay the lender interest based on 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 CS repurchase agreement. 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 December 31, 2016 , approximately $21.2 million of the amounts outstanding under the CS repurchase agreement was collateralized by $34.0 million of the Class A-2 Notes issued and retained by us in connection with the securitization completed in July 2015 by ARLP 2015-1. The CS repurchase agreement requires 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 a minimum fixed charge coverage ratio. In addition, the CS repurchase agreement contains 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 SFR 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 SFR and REO properties then subject thereto. Terms and covenants related to the MSR loan agreement Under the terms of the 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 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 properties securitizing the MSR loan, minimum net asset requirements and various restrictions on the use of cash generated by the operations of such 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 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 borrowings 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 assets 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 December 31, 2016 , the book value of the underlying securitized assets held by ARLP 2015-1 was $241.4 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 $32.0 million in ARLP 2014-1 Class M Notes with a weighted yield of 4.25% . We repaid the notes issued under ARLP 2014-1 and terminated the securitization in March 2016. Following the repayment of the notes issued under the ARLP 2014-1 and 2014-2 securitizations during the first quarter of 2016, only the ARLP 2015-1 securitization remained in effect. The following table sets forth data with respect to these notes as of December 31, 2016 and 2015 ($ in thousands): Interest Rate Amount Outstanding December 31, 2016 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % 178,971 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 (872 ) $ 144,099 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	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	9. 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 as of December 31, 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. On November 14, 2016, the Martin case was reassigned to Judge Anne E. Thompson of the Unites States District Court of New Jersey. In a hearing on December 19, 2016, the parties made oral arguments on the motion to dismiss, and the court has not yet ruled on the motion to dismiss. 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, ASPS 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. 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. On May 13, 2016, we filed a motion to dismiss the Sokolowski action. In early October 2016, we received notice that the plaintiffs and Ocwen had reached a settlement agreement in principal to resolve the Sokolowski action without any liability to the other defendants, including us. On October 18, 2016, a Memorandum of Understanding with respect to the settlement was filed under seal with the Court. A hearing was scheduled and occurred on January 19, 2017 for final disposition of the case, and on January 20, 2017, the Court entered an order approving the settlement and closing the case with no liability to us. 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 ASPS, 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 February 9, 2017, as part of the settlement of the Sokolowski matter described above, the plaintiff voluntarily dismissed the Moncavage action with no liability to us. As a result of the foregoing descriptions of our legal proceedings, 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 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	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related-party transactions	10. Related-party transactions Asset management agreement with AAMC On March 31, 2015, we entered into a new asset management agreement (the “Current AMA”) with AAMC. The Current AMA, which became effective on April 1, 2015, provides for a new management fee structure, which replaces the 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 Current AMA) for the quarter multiplied by (ii) 0.25 , while we have fewer than 2,500 SFR 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 SFR properties 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 Current AMA, AAMC continues to serve as our exclusive asset manager for 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 during the initial term of at least 7.0% . Under the Current 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 Current 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 Current AMA and failure to cure such breach, (b) us Residential for certain other reasons such as our failure to achieve a return on invested capital of at least 7.0% for two consecutive fiscal years after the third anniversary of the Current AMA and (c) us in connection with certain change of control events. Under the Original AMA, we paid AAMC a quarterly incentive management fee as follows: (i) 2% of all cash available for distribution by us to our stockholders and to AAMC as incentive management fee, which we referred to as “available cash,” until the aggregate amount per share of available cash for the quarter (based on the average number of shares of our common stock outstanding during the quarter), which we referred to as the “quarterly per share distribution amount,” exceeded $0.161 , then (ii) 15% of all additional available cash for the quarter until the quarterly per share distribution amount exceeded $0.193 , then (iii) 25% of all additional available cash for the quarter until the quarterly per share distribution amount exceeded $0.257 , and thereafter (iv) 50% of all additional available cash for the quarter. In each case set forth in clauses (i) through (iv), as such amounts would have been appropriately adjusted from time to time to take into account the effect of any stock split, reverse stock split or stock dividend, should any have occurred. We distributed any quarterly distribution to our stockholders after the application of the incentive management fee payable to AAMC. We were required to reimburse AAMC on a monthly basis for the (i) direct and indirect expenses AAMC incurred or payments it made on our behalf, including, but not limited to, the allocable compensation and routine overhead expenses of all employees and staff of AAMC and (ii) all other reasonable operating and overhead expenses AAMC incurred related to the asset management services it provided to us. Agreements with ASPS We have engaged ASPS to provide services for us as detailed below. If for any reason ASPS is unable to perform the services described under these agreements at the level and/or the cost that we anticipate, alternate service providers may not be readily available on favorable terms, or at all, which could adversely affect our performance. ASPS's failure to perform the services under these agreements with AAMC or us could have a material adverse effect on us. Master services agreement Under the master services agreement, ASPS provides property management, leasing, renovation management and valuation services associated with the SFR properties we acquire upon conversion of residential mortgage loans that continue to be sub-performing or non-performing. The agreement provides for an initial term of 15 years, which term will automatically renew for successive two -year terms unless either party sends a notice of non-renewal to the other party at least nine months before the completion of the initial or renewal term, as applicable. AAMC works directly with ASPS's vendor management team on our behalf, and AAMC’s construction management team often interfaces with the general contractors and vendors to maintain relationships with the vendor network. Through AAMC’s team, we coordinate with ASPS and its personnel as well as the vendor network to establish a collective approach to the renovation management, maintenance, repair and materials supply chain. We believe AAMC’s experience and these coordinated efforts with ASPS provide it with the capabilities to replicate ASPS's vendor network, if necessary. The total fees incurred by us under this agreement will be dependent upon the property management, leasing and renovation management services required on an asset-specific basis and will vary significantly based upon the location and condition of the asset as well as current market conditions and tenant turnover. In the event our asset management agreement with AAMC is terminated without cause by us, the master services agreement with ASPS may be terminated at its sole discretion. Support services agreement Under the support services agreement, ASPS may provide services to us in such areas as human resources, vendor management operations, corporate services, risk management, quality assurance, consumer psychology, treasury, finance and accounting, legal, tax, compliance and other support services where we may need assistance and support. The support services agreement provides generally that ASPS will undertake to provide the support services in a manner generally consistent with the manner and level of care with which such service, if any, was performed or provided prior to our separation from ASPS. The support services agreement extended for two years after the separation and automatically renews every year thereafter but may be terminated earlier under certain circumstances, including a default. The fees for all support services provided pursuant to the support services agreement are based on the fully allocated cost of providing the service. “Fully allocated cost” means the all-in cost of providing such service, including direct charges and allocable amounts reflecting compensation and benefits, technology expenses, occupancy and equipment expense and third party payments (but not taxes incurred in connection therewith). During 2015, AAMC internalized certain of the support services that had been provided to us by ASPS by directly hiring 31 of the ASPS employees that had provided those services. We believe the direct hire of these employees has further increased the infrastructure of our manager so that they are better able to serve us operationally while enabling ASPS to focus on the property management, maintenance and brokerage services that matter most to us. The total fees incurred by us under this agreement are dependent upon our business activity and the level of services required in connection therewith. In the event our asset management agreement with AAMC expires or is terminated, the support services agreement will terminate within 30 days. Tax matters agreement The tax matters agreement with ASPS sets out each party’s rights and obligations with respect to deficiencies and refunds, if any, of Luxembourg, U.S. federal, state, local or other foreign taxes for periods before and after our separation from ASPS and related matters such as the filing of tax returns and the conduct of Internal Revenue Service and other audits. In general, under this agreement, we are responsible for taxes attributable to our business incurred after the separation, and ASPS is responsible for taxes attributable to our business incurred prior to the separation. Trademark license agreement Under the trademark license agreement, ASPS granted us a non-exclusive, non-transferable, non-sublicensable, royalty free license to use the name “Altisource.” The agreement has no specified term and may be terminated by either party upon 30 days’ written notice, with or without cause. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use “Altisource” in our name will terminate. In the event our asset management agreement with AAMC expires or is terminated, the trademark license agreement will terminate within 30 days. Agreements with Ocwen Servicing agreement Under the servicing agreement, Ocwen serviced certain of our residential mortgage loans and provided loan modification, assisted deed-in-lieu, assisted deed-for-lease and other loss mitigation programs. The agreement provided for an initial term of 15 years. In the event our asset management agreement with AAMC expired or was terminated, the servicing agreement would terminate within 30 days. From inception through 2014, we had exclusively engaged Ocwen to service the residential mortgage loans in our portfolio. As of the fourth quarter of 2016, we transferred servicing of all of our portfolio to two other mortgage servicers. The total fees incurred by us under this agreement were dependent upon the number and type of acquired residential mortgage loans that Ocwen serviced pursuant to the terms of the agreement. Aircraft time sharing agreement Until its termination in February 2016, we maintained an Aircraft Time Sharing Agreement, or the “Timeshare Agreement,” with Ocwen pursuant to which Ocwen would make its corporate plane available to us for business-related travel from time to time. Under the Time Sharing Agreement, Ocwen agreed to provide us, on a time sharing basis, access to its plane in consideration of our reimbursement to Ocwen of the sum of its direct expenses of operating the plane plus an additional charge equal to 100% of such expenses. The amounts actually charged to us in any period was directly correlated to our use of the aircraft in each period, which varied depending on our needs and business use. 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): Counterparty Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Base management fees (1) AAMC $ 17,334 $ 13,935 $ — Conversion fees (1) AAMC 1,841 1,037 — Management incentive fees (1) AAMC — 7,994 67,949 Expense reimbursements (2) AAMC 816 750 6,070 Dividend income (3) (4) NewSource — 1,518 2,160 Interest expense (5) NewSource — 563 156 Professional fee sharing for negotiation of Current AMA (4) AAMC — 2,000 — Residential property operating expenses Ocwen/ASPS — — 21,612 Mortgage loan servicing costs Ocwen — — 65,363 Acquisition fees and costs ASPS — — 1,039 General and administrative expenses ASPS — — 1,972 _______________ (1) Included in management fees in the consolidated statements of operations. (2) Included in general and administrative expenses in the consolidated statements of operations. (3) Dividends on our preferred stock of NewSource (see Note 6 ). (4) Included in other income (expense) in the consolidated statement of operations. (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 Current AMA was payable to AAMC during 2016 because our return on invested capital for the seven quarters covered by the Current AMA was below the required hurdle rate. Under the Current 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 December 31, 2016 , the aggregate return shortfall from the prior seven quarters under the Current AMA was approximately 47.27% of invested capital. 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	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based payments	11. Share-based payments 2016 Equity Incentive Plan 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 $60,000 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, of which 6,630 were forfeited in December 2016 upon the departure of a director. 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 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 year ended December 31, 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 year ended December 31, 2015, our directors were granted 9,924 shares of restricted stock with a weighted average grant date fair value of $18.25 per share. 2012 Conversion Option Plan and 2012 Special Conversion Option Plan 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. The options were granted as part of our separation to employees of ASPS and/or Ocwen solely to give effect to the exchange ratio in the separation, and we do not include share-based compensation expense related to these options in our consolidated statements of operations because they are not related to our incentive compensation. Stock Options We recorded $0.4 million of compensation expense related to our grants of stock options under the 2016 Equity Incentive Plan during the year ended December 31, 2016. As of December 31, 2016, we had $1.3 million of unrecognized share-based compensation cost remaining with respect to grants of stock options under the 2016 Equity Incentive Plan to be recognized over a weighted average remaining estimated term of 1.6 years . The following table sets forth the activity of our outstanding options: Number of Options Weighted Average Exercise Price per Share December 31, 2013 909,759 $ 1.73 Exercised (666,409 ) 1.39 Canceled (1,584 ) 2.32 December 31, 2014 241,766 2.69 Exercised (26,224 ) 4.21 Forfeited or canceled (10,574 ) 6.30 December 31, 2015 204,968 2.30 Granted 695,187 10.04 Exercised (34,464 ) 1.71 Forfeited or canceled (2,714 ) 5.47 December 31, 2016 862,977 $ 8.55 The total outstanding options issued under all of our share-based compensation plans as of December 31, 2016 had a weighted average remaining life of 1.9 years with total intrinsic value of $2.1 million . We have 167,790 options exercisable as of December 31, 2016 with a weighted average exercise price of $2.38 , weighted average remaining life of 2.9 years and intrinsic value of $1.5 million . Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2016 . We calculated the grant date fair value of the stock options granted under the 2016 Equity Incentive Plan using a Monte Carlo simulation and amortize the resulting compensation expense over the respective vesting or service period. The fair value of stock options granted was determined using the following assumptions: Year ended December 31, 2016 Risk free interest rate (1) 1.38% Common stock dividend yield 5.98% Expected volatility (2) 38.47% _____________ (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the stock option grants. (2) Based on our historical stock price volatility. Restricted stock We recorded $0.9 million , $0.2 million and $0.2 million of compensation expense related to our grants of restricted stock for the year ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 and 2015 , we had $2.1 million and $0.1 million , respectively, of unrecognized share-based compensation cost remaining with respect to our grants of restricted stock to be recognized over a weighted average remaining estimated term of 1.5 years and 0.4 years . The following table sets forth the activity of our restricted stock: Number of Shares Weighted Average Grant Date Fair Value December 31, 2013 12,090 $ 18.50 Granted 8,245 27.28 Vested (1) (12,090 ) 18.50 December 31, 2014 8,245 $ 27.28 Granted 9,924 18.14 Vested (1) (7,644 ) 27.28 Forfeit (601 ) 27.28 December 31, 2015 9,924 $ 18.14 Granted 274,760 9.94 Vested (1) (10,531 ) 17.20 Forfeit (7,255 ) 9.84 December 31, 2016 266,898 $ 9.97 ___________________ (1) The vesting date fair value of restricted stock that vested during the years ended December 31, 2016 , 2015 and 2014 was $0.1 million , $0.1 million and $0.3 million , respectively. The following table sets forth the number of shares of common stock reserved for future issuance. We generally will issue new shares upon the exercise of stock options or the vesting of restricted stock. December 31, 2016 Stock options outstanding 862,977 Possible future issuances under share-based compensation plans 2,111,661 2,974,638 As of December 31, 2016 , we had 146,332,369 remaining shares of common stock authorized to be issued under our charter.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	12. 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 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 December 31, 2016 , the interest rate cap had a fair value of $66 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 our consolidated statement of operations. For the year ended December 31, 2016 , we recognized a nominal amount related to changes in the fair value of the interest rate cap.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income taxes	13. 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. During 2016, we paid cash distributions of $38.3 million to our stockholders, which consisted of $24.5 million related to the 2016 taxable year, including $16.3 million of capital gain distributions and $8.2 million of return of capital distributions, and $13.8 million related to the 2015 taxable year. After these distributions, the aggregate minimum distribution to stockholders required to maintain our REIT status has been met for 2016 . Our consolidated financial statements include the operations of our TRS, which is subject to federal, state and local income taxes on its taxable income. From inception through December 31, 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 year ended December 31, 2016 . As a REIT, we may also be subject to federal taxes if we engage in certain types of transactions. As of December 31, 2016 and 2015 , we did not accrue interest or penalties associated with any unrecognized tax benefits during the years ended December 31, 2016 and 2015 . We recorded nominal state and local tax expense along with nominal penalties and interest on income and property for the year ended December 31, 2016 and 2015 . Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2016 .

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings per share	14. Earnings per share The following table sets forth the components of diluted (loss) earnings per share (in thousands, except share and per share amounts): Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Numerator Net (loss) income $ (228,028 ) $ (46,005 ) $ 188,853 Denominator Weighted average common stock outstanding – basic 54,490,979 56,843,028 56,247,376 Stock options using the treasury method — — 335,275 Restricted stock — — 5,486 Weighted average common stock outstanding – diluted 54,490,979 56,843,028 56,588,137 (Loss) earnings per basic share $ (4.18 ) $ (0.81 ) $ 3.36 (Loss) earnings per diluted share $ (4.18 ) $ (0.81 ) $ 3.34 We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive for the periods indicated: Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Denominator (in weighted-average shares) Stock options 151,756 187,474 — Restricted stock 24,146 3,279 — Pursuant to the Current AMA, 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 years ended December 31, 2016 and 2015 .

Segment information

Segment information	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment information	15. 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.

Quarterly financial information

Quarterly financial information (unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly financial information (unaudited)	16. Quarterly financial information (unaudited) The following tables set forth our quarterly financial information (unaudited, $ in thousands except per share amounts): 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 40,061 $ 238 $ 4,401 $ 12,058 $ 56,758 Net loss (45,658 ) (63,528 ) (57,638 ) (61,204 ) (228,028 ) Loss per basic share of common stock (0.82 ) (1.16 ) (1.06 ) (1.14 ) (4.18 ) Loss per diluted share of common stock (0.82 ) (1.16 ) (1.06 ) (1.14 ) (4.18 ) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 88,915 $ 76,519 $ 58,523 $ 24,141 $ 248,098 Net income (loss) 12,424 13,092 (5,363 ) (66,158 ) (46,005 ) Earnings (loss) per basic share of common stock 0.22 0.23 (0.09 ) (1.18 ) (0.81 ) Earnings (loss) per diluted share of common stock 0.22 0.23 (0.09 ) (1.18 ) (0.81 )

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent events	17. Subsequent events On January 23, 2017, we completed the sale of 556 loans with an aggregate UPB of $120.3 million to an unrelated third party. On February 15, 2017 , we awarded the sale of 2,384 loans with an aggregate UPB of $574.4 million to an unrelated third party. We subsequently reclassified these loans to mortgage loans held for sale.

Schedule III

Schedule III	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	Altisource Residential Corporation Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 ($ in thousands) State No. of Props Type Encum- brances Initial Cost to Company Capitalized Costs Subsequent to Acquisition Gross Amount at which Carried at Close of Period (2) Accum Depr and Reserves (2) WA Age (1) Date Acquired Life on which Depr is Calc Alabama 46 SFR $ 2,717 $ 6,613 $ 495 $ 7,108 $ 400 20.9 2014 - 2016 3-27.5 years Arizona 47 SFR 6,571 13,133 854 13,987 690 22.3 2013 - 2016 3-27.5 years Arkansas 24 SFR 995 2,567 294 2,861 532 33.3 2013 - 2016 3-27.5 years California 244 SFR 47,615 91,937 4,381 96,318 5,605 37.8 2013 - 2016 3-27.5 years Colorado 24 SFR 2,373 5,504 498 6,002 320 31.1 2014 - 2016 3-27.5 years Connecticut 50 SFR 3,647 9,535 579 10,114 874 57.8 2014 - 2016 3-27.5 years Delaware 22 SFR 1,400 4,378 156 4,534 259 35.4 2014 - 2016 3-27.5 years Dist. of Columbia 2 SFR 370 712 — 712 — 107.1 2016 - 2016 Florida 1,306 SFR 108,738 186,061 21,700 207,761 8,267 27.9 2013 - 2016 3-27.5 years Georgia 2,721 SFR 190,978 266,573 31,652 298,225 9,272 30.8 2013 - 2016 3-27.5 years Hawaii 3 SFR 407 639 — 639 50 33.9 2014 - 2016 Idaho 6 SFR 238 840 61 901 48 37.5 2014 - 2015 3-27.5 years Illinois 308 SFR 26,039 54,453 5,087 59,540 5,292 46.4 2013 - 2016 3-27.5 years Indiana 519 SFR 46,771 63,832 5,989 69,821 2,197 20.9 2013 - 2016 3-27.5 years Iowa 6 SFR 250 446 70 516 69 69.0 2015 - 2016 Kansas 18 SFR 1,698 2,285 386 2,671 124 39.0 2014 - 2016 3-27.5 years Kentucky 41 SFR 2,607 4,536 437 4,973 116 30.9 2013 - 2016 3-27.5 years Louisiana 16 SFR 534 1,898 282 2,180 84 28.4 2013 - 2016 3-27.5 years Maine 6 SFR 86 849 — 849 89 54.0 2014 - 2016 Maryland 317 SFR 30,814 63,869 3,948 67,817 4,596 35.1 2013 - 2016 3-27.5 years Massachusetts 69 SFR 4,615 15,534 1,166 16,700 1,186 78.6 2014 - 2016 3-27.5 years Michigan 42 SFR 3,849 6,843 722 7,565 630 39.6 2014 - 2016 3-27.5 years Minnesota 103 SFR 13,055 17,575 1,168 18,743 386 65.1 2014 - 2016 3-27.5 years Mississippi 87 SFR 9,642 12,450 891 13,341 110 16.6 2014 - 2016 3-27.5 years Missouri 91 SFR 9,271 12,534 1,376 13,910 611 23.5 2013 - 2016 3-27.5 years Montana 1 SFR 78 140 3 143 13 24.0 2015 - 2015 Nevada 19 SFR 1,250 2,823 263 3,086 148 24.5 2013 - 2016 3-27.5 years New Hampshire 4 SFR 210 661 — 661 82 96.9 2014 - 2015 New Jersey 188 SFR 11,887 32,383 1,233 33,616 2,895 59.0 2014 - 2016 3-27.5 years New Mexico 51 SFR 3,058 6,386 497 6,883 726 24.5 2013 - 2016 3-27.5 years New York 70 SFR 3,917 14,430 634 15,064 1,443 67.5 2013 - 2016 3-27.5 years North Carolina 575 SFR 50,037 73,290 5,673 78,963 2,334 19.7 2013 - 2016 3-27.5 years Ohio 55 SFR 3,247 7,069 954 8,023 822 35.5 2013 - 2016 3-27.5 years Oklahoma 190 SFR 21,506 26,025 1,658 27,683 452 25.2 2014 - 2016 3-27.5 years Oregon 21 SFR 1,981 4,931 93 5,024 74 35.9 2014 - 2016 3-27.5 years Pennsylvania 126 SFR 7,874 17,428 2,176 19,604 1,795 58.6 2013 - 2016 3-27.5 years Rhode Island 46 SFR 3,480 5,850 787 6,637 336 78.2 2014 - 2016 3-27.5 years South Carolina 94 SFR 6,039 11,709 1,332 13,041 982 21.9 2013 - 2016 3-27.5 years South Dakota 1 SFR — 95 — 95 — 35.0 2015 - 2015 Tennessee 990 SFR 112,079 138,533 9,788 148,321 1,538 20.0 2014 - 2016 3-27.5 years Texas 1,772 SFR 185,329 247,787 15,500 263,287 3,433 26.1 2013 - 2016 3-27.5 years Utah 29 SFR 2,849 5,219 592 5,811 786 39.0 2013 - 2016 3-27.5 years Vermont 5 SFR 346 840 17 857 152 103.5 2014 - 2016 Virginia 56 SFR 8,890 15,605 1,259 16,864 1,672 29.6 2013 - 2016 3-27.5 years Washington 90 SFR 9,105 18,102 615 18,717 585 41.6 2013 - 2016 3-27.5 years West Virginia 2 SFR 183 300 34 334 48 13.0 2015 - 2016 3-27.5 years Wisconsin 30 SFR 1,547 3,666 480 4,146 478 45.4 2014 - 2016 3-27.5 years Total (2) 10,533 $ 950,172 $ 1,478,868 125,780 1,604,648 62,601 31.1 __________ (1) Weighted average age is based on the age of the property weighted by gross amount at which carried at close of period. (2) The following table sets forth the activity of real estate assets and accumulated depreciation ($ in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Real estate assets: Beginning balance $ 1,048,142 $ 643,974 $ 37,113 Acquisitions through foreclosure 206,987 470,221 587,268 Other acquisitions 778,173 118,297 34,104 Improvements 50,182 25,802 16,872 Cost of real estate sold (478,836 ) (210,152 ) (31,383 ) Ending balance (1) $ 1,604,648 $ 1,048,142 $ 643,974 Accumulated depreciation and reserves for selling costs and impairment: Beginning balance $ 61,716 $ 19,367 $ 25 Depreciation expense 20,840 6,414 1,067 Selling cost and impairment 56,384 70,124 21,788 Real estate sold (76,339 ) (34,189 ) (3,513 ) Ending balance $ 62,601 $ 61,716 $ 19,367 ___________ (1) The aggregate cost for federal income tax purposes is $1,584.7 million as of December 31, 2016 .

Schedule IV

Schedule IV	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate	Altisource Residential Corporation Schedule IV - Mortgage Loans on Real Estate December 31, 2016 ($ in thousands) Description (Face Value of Loan) Loan Count Interest Rate Maturity Carrying Amount of Mortgages (1) Principal Amount of Loans Subject to Delinquent Principal or Interest $0-49,999 182 2.000% - 12.375% 08/01/2009 - 01/01/2054 $ 6,614 $ 5,426 $50,000-99,999 391 0.000% - 12.350% 02/01/2011 - 09/01/2054 22,315 26,988 $100,000-149,999 526 2.000% - 12.650% 11/01/2010 - 12/01/2054 41,747 60,634 $150,000-199,999 450 2.000% - 12.480% 08/01/2010 - 05/01/2056 46,368 72,092 $200,000-249,999 376 2.000% - 11.650% 04/01/2024 - 03/01/2053 49,372 77,119 $250,000+ 966 1.000% - 12.250% 03/01/2011 - 04/01/2056 294,028 409,889 Total (2) (3) 2,891 $ 460,444 $ 652,148 _____________ (1) The carrying value of an asset is based on our fair value model. The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. The substantial majority of the mortgage loans are significantly delinquent and have varying monthly payment requirements. For a more complete description of the fair value measurements and the factors that may significantly affect the carrying value of our assets, please see Note 7 to our consolidated financial statements. (2) The aggregate cost for federal income tax purposes is $603.1 million as of December 31, 2016 . (3) The following table sets forth the activity of mortgage loans ($ in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Mortgage loans at fair value Beginning balance $ 960,534 $ 1,959,044 $ 1,207,163 Investment in mortgage loans — — 1,122,408 Change in unrealized gain on mortgage loans (409 ) 177,545 350,822 Cost of mortgage loans sold (84,673 ) (174,894 ) (151,624 ) Mortgage loan payments and escrow recoveries (30,596 ) (24,550 ) (19,299 ) Real estate tax advances to borrowers 18,013 29,261 36,842 Transfer of mortgage loans to held for sale, net (195,461 ) (535,836 ) — Transfer of mortgage loans to real estate owned, net (206,964 ) (470,036 ) (587,268 ) Ending balance $ 460,444 $ 960,534 $ 1,959,044

Summary of significant accoun26

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Cash equivalents	Cash equivalents We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. We maintain our cash and cash equivalents at banking institutions. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
Consolidations	Consolidations The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, which are comprised of voting interest entities in which we are determined to have a controlling financial interest under ASC 810, as amended by ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis (“ASU 2015-02”). Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider VIEs for consolidation where we are the primary beneficiary. For those entities in which we have a variable interest, we perform an analysis to first determine whether the entity is a VIE. This determination includes considering whether the entity’s equity investment at risk is sufficient, whether the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity's activities either involve or are conducted on behalf of that investor and its related parties and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. A VIE must be consolidated by its primary beneficiary. Performance of such analysis requires the exercise of judgment. The primary beneficiary of a VIE is generally defined as the party who has a controlling financial interest in the VIE. We are generally deemed to have a controlling financial interest in a VIE if we have (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. For purposes of evaluating (ii) above, fees paid to us are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length. We also evaluate our economic interests in the VIE held directly by us and indirectly through our related parties, as well as economic interests held by related parties under common control, where applicable. The primary beneficiary evaluation is generally performed qualitatively on the basis of all facts and circumstances. However, quantitative information may also be considered in the analysis, as appropriate. These analyses require judgment. Changes in the economic interests (either by us, our related parties or third parties) or amendments to the governing documents of the VIE could affect an entity's status as a VIE or the determination of the primary beneficiary. The primary beneficiary evaluation is updated periodically. For voting interest entities, we shall consolidate the entity if we have a controlling financial interest. We have a controlling financial interest in a voting interest entity if (i) for legal entities other than limited partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights and no other conditions exist that would indicate that we do not control the entity.
Comprehensive income	Comprehensive income Because comprehensive income (loss) equals net income (loss), separate statements of comprehensive income (loss) are not presented as part of our consolidated financial statements.
Earnings per share	Earnings per share Basic earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method and if converted method, respectively.
Fees under the asset management agreement	Fees under the asset management agreement In accordance with the Current AMA, we compensate AAMC on a quarterly basis for its efforts in the management of our business. We recognize these fees in the fiscal quarter in which they are earned by AAMC. Refer to Note 10 for details of the fee structure under the Current AMA.
Fair value of financial instruments	Fair value of financial instruments We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Income taxes	Income taxes We elected REIT status upon the filing of our 2013 income tax return. We believe that we have complied with the provisions of the federal income tax code applicable to REITs for each financial year commencing in the year ended December 31, 2013. Accordingly, we believe that we will not be subject to federal income tax on the portion of our REIT taxable income that was distributed to our stockholders for such years, nor do we expect to be taxed on future distributions of REIT taxable income as long as certain asset, income and share ownership tests continue to be met. If after electing to be taxed as a REIT, we subsequently fail to qualify as a REIT in any taxable year, we generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost. Our taxable REIT subsidiaries (each a “TRS”) are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.
Mortgage loans at fair value	Mortgage loans at fair value Upon the acquisition of mortgage loans, we record the assets at fair value, which is the purchase price we paid for the loans on the acquisition date. Mortgage loans at fair value are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance. We determine the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification or conversion to real estate owned). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increase the fair value of the loan. The increase in the value of the loan is recognized in change in unrealized gain on mortgage loans in our consolidated statements of operations. We also recognize unrealized gains and losses in the fair value of the loans in each reporting period when our mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when we have obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using broker price opinions (“BPOs”). AAMC’s capital markets group determines the fair value of mortgage loans monthly and has developed procedures and controls governing the valuation process relating to these assets. The capital markets group reports to our Investment Committee, a committee composed of our Chairman, Chief Executive Officer and Chief Financial Officer that oversees and approves the valuations. The capital markets group also monitors the valuation model for performance against actual results, which is reported to the Investment Committee and used to improve the model.
Mortgage loans held for sale	Mortgage loans held for sale Mortgage loans held for sale are recorded at the lower of cost or fair value. We do not originate loans. Our mortgage loans held for sale include our remaining re-performing residential mortgage loans that we initially acquired in June 2014 and certain non-performing loans identified by management for sale. Our re-performing loans were initially acquired for investment and had evidence of deteriorated credit quality at the time of acquisition, and we did not elect the fair value option for these loans. Therefore, our re-performing loans are accounted for in accordance with the provisions of ASC Topic 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. These re-performing loans were determined to have common risk characteristics and have been accounted for as a single loan pool. Under ASC Topic 310-30, we estimate cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. We determine the excess of the loan pool's contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, the nonaccretable yield. The difference between expected cash flows and the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool.
Residential properties	Residential properties Purchases of real estate properties are evaluated to determine whether they meet the definition of an asset acquisition or of a business combination under U.S. GAAP. For asset acquisitions, we capitalize the pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred and capitalize closing and other direct acquisition costs. We then allocate the total cost of the property, including the acquisition costs, between land, building and any identified intangible assets and liabilities (including in-place leases and above and below-market leases). For acquisitions that qualify as business combinations, we expense the acquisition costs in the period in which the costs were incurred and allocate the cost of the property among land, building and any identified intangible assets and liabilities. Lease intangibles are recorded at the estimated fair value, which is the estimated costs that would have been incurred to lease the property net of any above or below-market lease concessions, and are amortized on a straight-line basis over the remaining life of the related lease or, in the case of acquisitions of real estate pools, over the weighted average remaining life of the related pool of leases. Upon the acquisition of real estate through the completion of foreclosure, we record the assets at fair value as of the acquisition date as a component of real estate owned based on information obtained from a BPO, a full appraisal or the price given in a current contract of sale of the property. Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon management's or other third-party estimates, are often calculated based on the characteristics of the asset, the economic environment and other such factors. Based on professional judgment and knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property. We engage third party vendors, including ASPS, to obtain and evaluate BPOs prepared by other third party brokers for our ultimate use. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by brokers in providing BPOs prove to be incorrect or inaccurate. We have established validation procedures to confirm the values we receive from third party vendors are consistent with our observations of market values. These validation procedures include establishing thresholds to identify changes in value that require further analysis. Our current policies require that we update the fair value estimate of each financed REO property at least every 180 days by obtaining a new BPO, which is subject to the review processes of our third party vendors. We generally perform further analysis when the value of the property per the new BPO varies from the old BPO by 25% or $75,000 per property. If a newly obtained BPO varies from the old BPO by this established threshold, we perform additional procedures to ensure the BPO accurately reflects the current fair value of the property. These procedures include engaging additional third party vendors to compare the old BPOs to the new BPOs and to assist us in evaluating the appropriateness of comparable properties and property-specific characteristics used in the valuation process. As part of this evaluation, our third party vendors often discuss the differing BPOs with the providing brokers to ensure that proper comparable properties have been identified. These third party vendors also compare the BPOs to past appraisals, if any, of the property to ensure the BPOs are in line with those appraisals. Following the consideration and reconciliation of the BPOs, the third party provider may provide us with a new property value reflecting the analysis they performed or confirm the BPO value we received, in which case we use the new property value or the validated BPO, respectively, for our fair value estimate of the property. After an evaluation period, we may perform property renovations to those properties that meet our rental investment criteria in order to optimize our rental proceeds. In some instances, we may also perform renovations on REO properties that do not meet our rental investment criteria in order to optimize sale proceeds. Such expenditures are part of our initial investment in a property and, therefore, are classified as investing activities in our consolidated statement of cash flows. Subsequently, residential rental properties, including any renovations that improve or extend the life of the asset, are accounted for at cost. REO properties that do not meet our rental investment criteria and that are held for sale are accounted for at the lower of the carrying value or estimated fair value less cost to sell. The cost basis of residential rental properties is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Expenditures directly related to successful leasing efforts, such as lease commissions, are included in prepaid expenses and other assets and are stated at amortized cost. Such expenditures are part of our operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases, which generally are from one to two years. Residential properties are classified either as held for use or held for sale. Residential properties are classified as real estate assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. We record residential properties held for sale at the lower of the carrying amount or estimated fair value less costs to sell. The impairment loss, if any, is the amount by which the carrying amount exceeds the estimated fair value less costs to sell.
Real estate impairment	Real estate impairment With respect to residential rental properties classified as held for use, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties, including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. If the carrying amount of a held for use asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. We generally estimate the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs. 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.
Rental revenues	Rental revenues Minimum contractual rents from leases are recognized on a straight-line basis over the terms of the leases in residential rental revenues. Therefore, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer takes control of the leased premises. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Contingent rental revenue is recognized when the contingency is removed. Termination fee income is recognized when the customer has vacated the rental property, the amount of the fee is determinable and collectability is reasonably assured. Rents receivable and deferred rents receivable are reduced by an allowance for amounts that become uncollectible. We regularly evaluate the adequacy of our allowance for doubtful accounts. The evaluation takes into consideration the aging of accounts receivable and our analysis of customer personal profile and review past due account balances. Rents receivable and deferred rents receivable are written-off when we have deemed that the amounts are uncollectible.
Restricted cash	Restricted cash Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as escrows and reserves for debt service established pursuant to certain of our repurchase and loan agreements.
Share-based compensation	Share-based compensation The fair value of share-based awards to our directors and non-employees is recorded as expense on a straight-line basis over the vesting period for the award with an offsetting increase in shareholders' equity. For restricted stock grants to our directors, the fair value is determined based upon the share price on the grant date. For restricted stock grants to non-employees, the fair value is based on the share price when the shares vest, which requires the amount to be adjusted in each subsequent reporting period based on the fair value of the award at the end of the reporting period until the award has vested. For stock options issued to non-employees, we use a Monte Carlo simulation until each market hurdle is met. Subsequent to the market hurdle being met, we calculate the fair value of non-employee stock options issued based on the quoted market value of the underlying shares.
Unconsolidated affiliates	Unconsolidated affiliates We accounted for our investment in NewSource Reinsurance Company Ltd. (“NewSource”), a title insurance and reinsurance company in Bermuda and a wholly owned subsidiary of AAMC, using the cost method because we did not exercise significant influence over NewSource. As a result, we recognized preferred dividend income from this investment when received.

Organization and basis of pre27

Organization and basis of presentation (Tables)	12 Months Ended
	Dec. 31, 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 dispos28

Asset acquisitions and dispositions (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table sets forth the 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 $ 123,793 Rental residential properties 499,307 Real estate owned 19,437 Prepaid expenses and other assets (1) 9,809 Total 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) Represents 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): Year ended December 31, 2016 Year ended December 31, 2015 Unaudited pro forma revenues $ 97,735 $ 294,534 Unaudited pro forma net loss (230,449 ) (72,071 ) Loss per share of common stock - basic: Loss per basic share $ (4.23 ) $ (1.27 ) Weighted average common stock outstanding - basic 54,490,979 56,843,028 Loss per share of common stock - diluted: Loss per diluted share $ (4.23 ) $ (1.27 ) Weighted average common stock outstanding - diluted 54,490,979 56,843,028 The following table presents the pro forma adjustments included for each period ($ in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Revenues from consolidated statement of operations $ 56,758 $ 248,098 Add: historical revenues of acquired properties not reflected in consolidated statement of operations 40,977 46,436 Unaudited pro forma revenues $ 97,735 $ 294,534 Net loss from consolidated statement of operations $ (228,028 ) $ (46,005 ) Plus: historical net income of acquired properties not reflected in consolidated statement of operations 25,578 27,966 Less: pro forma depreciation and amortization (11,363 ) (30,438 ) Less: pro forma interest expense (14,016 ) (18,949 ) Less: pro forma management fees (2,620 ) (4,645 ) Unaudited pro forma net loss $ (230,449 ) $ (72,071 )

Real estate assets, net (Tables

Real estate assets, net (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum rental revenues under leases existing for the 7,293 properties that were leased as of December 31, 2016 are as follows ($ in thousands): 2017 $ 50,672 2018 2,504 2019 460 2020 10 2021 and thereafter — $ 53,646

Mortgage loans (Tables)

Mortgage loans (Tables)	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Loans	The following table sets forth the carrying value of our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of December 31, 2016 and December 31, 2015 ($ in thousands): Number of Loans Carrying Value Unpaid Principal Balance Market Value of Underlying Properties December 31, 2016 Current 211 $ 33,992 $ 45,568 $ 58,842 30 66 7,898 11,836 13,576 60 34 4,444 6,364 7,536 90 400 48,338 82,705 91,772 Foreclosure 2,180 365,772 551,243 574,546 Mortgage loans at fair value 2,891 $ 460,444 $ 697,716 $ 746,272 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 December 31, 2016 and December 31, 2015 ($ in thousands): Number of Loans Carrying Value Unpaid Principal Balance Market Value of Underlying Properties December 31, 2016 Current 519 $ 100,558 $ 114,757 $ 140,471 30 10 1,082 1,911 2,329 60 4 286 623 663 90 17 1,622 2,291 3,430 Foreclosure 33 4,488 6,023 6,675 Mortgage loans held for sale 583 $ 108,036 $ 125,605 $ 153,568 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
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period	The following table presents changes in the balance of the accretable yield for the periods indicated: Accretable Yield Year ended December 31, 2016 Year ended December 31, 2015 Balance at the beginning of the period $ 2,146 $ 7,640 Payments and other reductions, net (247 ) (4,943 ) Accretion (142 ) (551 ) Balance at the end of the period $ 1,757 $ 2,146

Fair value of financial instr31

Fair value of financial instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 ($ in thousands): Level 1 Level 2 Level 3 Carrying Value Quoted Prices in Active Markets Observable Inputs Other Than Level 1 Prices Unobservable Inputs December 31, 2016 Recurring basis (assets) Mortgage loans at fair value $ 460,444 $ — $ — $ 460,444 Nonrecurring basis (assets) Real estate assets held for sale 133,327 — — 133,327 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale 108,036 — — 108,036 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,220,972 — 1,226,971 — Other secured borrowings 144,099 — 144,971 — December 31, 2015 Recurring basis (assets) Mortgage loans at fair value $ 960,534 $ — $ — $ 960,534 Nonrecurring basis (assets) Real estate assets held for sale 250,557 — — 250,557 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale 317,336 — — 317,336 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 763,369 — 767,513 — Other secured borrowings 502,599 — 502,268 —
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table sets forth the changes in our level 3 assets that are measured at fair value on a recurring basis ($ in thousands): Year ended December 31, 2016 Year ended December 31, 2015 Mortgage loans at fair value Beginning balance $ 960,534 $ 1,959,044 Change in unrealized gain on mortgage loans at fair value (409 ) 177,545 Net realized gain on mortgage loans at fair value 35,760 58,061 Transfers of mortgage loans at fair value to mortgage loans held for sale, net (195,461 ) (535,836 ) Mortgage loans at fair value dispositions and payments (151,029 ) (257,505 ) Real estate tax advances to borrowers 18,013 29,261 Transfer of mortgage loans at fair value to real estate owned, net (206,964 ) (470,036 ) Ending balance $ 460,444 $ 960,534 Change in unrealized gain on mortgage loans at fair value held at the end of the period $ (46,281 ) $ 78,453
Fair Value Inputs, Assets, Quantitative Information	The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of December 31, 2016 and 2015 : Input December 31, 2016 December 31, 2015 Equity discount rate 17.0% 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 -11.2% to 15.1% 0.0% to 10.2% Loan resolution probabilities — modification 0% to 5.9% 0% to 44.7% Loan resolution probabilities — rental 0% 0% to 100.0% Loan resolution probabilities — liquidation 31.8% to 100% 0% to 100.0% Loan resolution probabilities — paid in full 0% to 66.2% 0% to 66.0% Loan resolution timelines (in years) 0.1 to 5.8 0.1 to 5.6 Value of underlying properties $3,500 to $4,600,000 $3,000 to $4,500,000

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt	The following table sets forth data with respect to our repurchase and loan agreements as of December 31, 2016 and 2015 ($ in thousands): Maximum Borrowing Capacity Book Value of Collateral Amount Outstanding Amount of Available Funding December 31, 2016 CS repurchase agreement due November 17, 2017 $ 600,000 $ 902,339 $ 582,659 $ 17,341 Nomura loan agreement due April 6, 2017 250,000 238,142 155,054 94,946 MSR loan agreement due November 9, 2018 489,259 638,799 489,259 — Less: deferred debt issuance costs — — (6,000 ) — $ 1,339,259 $ 1,779,280 $ 1,220,972 $ 112,287 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 The following table sets forth data with respect to these notes as of December 31, 2016 and 2015 ($ in thousands): Interest Rate Amount Outstanding December 31, 2016 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % 178,971 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 (872 ) $ 144,099 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)	12 Months Ended
	Dec. 31, 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): Counterparty Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Base management fees (1) AAMC $ 17,334 $ 13,935 $ — Conversion fees (1) AAMC 1,841 1,037 — Management incentive fees (1) AAMC — 7,994 67,949 Expense reimbursements (2) AAMC 816 750 6,070 Dividend income (3) (4) NewSource — 1,518 2,160 Interest expense (5) NewSource — 563 156 Professional fee sharing for negotiation of Current AMA (4) AAMC — 2,000 — Residential property operating expenses Ocwen/ASPS — — 21,612 Mortgage loan servicing costs Ocwen — — 65,363 Acquisition fees and costs ASPS — — 1,039 General and administrative expenses ASPS — — 1,972 _______________ (1) Included in management fees in the consolidated statements of operations. (2) Included in general and administrative expenses in the consolidated statements of operations. (3) Dividends on our preferred stock of NewSource (see Note 6 ). (4) Included in other income (expense) in the consolidated statement of operations. (5) Interest expense related to ARLP 2014-1 Class M Notes issued to NewSource. These Class M Notes were repurchased on September 14, 2015.

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	The following table sets forth the activity of our outstanding options: Number of Options Weighted Average Exercise Price per Share December 31, 2013 909,759 $ 1.73 Exercised (666,409 ) 1.39 Canceled (1,584 ) 2.32 December 31, 2014 241,766 2.69 Exercised (26,224 ) 4.21 Forfeited or canceled (10,574 ) 6.30 December 31, 2015 204,968 2.30 Granted 695,187 10.04 Exercised (34,464 ) 1.71 Forfeited or canceled (2,714 ) 5.47 December 31, 2016 862,977 $ 8.55
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	We calculated the grant date fair value of the stock options granted under the 2016 Equity Incentive Plan using a Monte Carlo simulation and amortize the resulting compensation expense over the respective vesting or service period. The fair value of stock options granted was determined using the following assumptions: Year ended December 31, 2016 Risk free interest rate (1) 1.38% Common stock dividend yield 5.98% Expected volatility (2) 38.47% _____________ (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the stock option grants. (2) Based on our historical stock price volatility.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table sets forth the activity of our restricted stock: Number of Shares Weighted Average Grant Date Fair Value December 31, 2013 12,090 $ 18.50 Granted 8,245 27.28 Vested (1) (12,090 ) 18.50 December 31, 2014 8,245 $ 27.28 Granted 9,924 18.14 Vested (1) (7,644 ) 27.28 Forfeit (601 ) 27.28 December 31, 2015 9,924 $ 18.14 Granted 274,760 9.94 Vested (1) (10,531 ) 17.20 Forfeit (7,255 ) 9.84 December 31, 2016 266,898 $ 9.97 ___________________ (1) The vesting date fair value of restricted stock that vested during the years ended December 31, 2016 , 2015 and 2014 was $0.1 million , $0.1 million and $0.3 million , respectively.
Schedule of Share-based Compensation, Shares Reserved for Future Issuance	The following table sets forth the number of shares of common stock reserved for future issuance. We generally will issue new shares upon the exercise of stock options or the vesting of restricted stock. December 31, 2016 Stock options outstanding 862,977 Possible future issuances under share-based compensation plans 2,111,661 2,974,638

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of components of diluted earnings per share	The following table sets forth the components of diluted (loss) earnings per share (in thousands, except share and per share amounts): Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Numerator Net (loss) income $ (228,028 ) $ (46,005 ) $ 188,853 Denominator Weighted average common stock outstanding – basic 54,490,979 56,843,028 56,247,376 Stock options using the treasury method — — 335,275 Restricted stock — — 5,486 Weighted average common stock outstanding – diluted 54,490,979 56,843,028 56,588,137 (Loss) earnings per basic share $ (4.18 ) $ (0.81 ) $ 3.36 (Loss) earnings per diluted share $ (4.18 ) $ (0.81 ) $ 3.34
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: Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Denominator (in weighted-average shares) Stock options 151,756 187,474 — Restricted stock 24,146 3,279 —

Quarterly financial informati36

Quarterly financial information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following tables set forth our quarterly financial information (unaudited, $ in thousands except per share amounts): 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 40,061 $ 238 $ 4,401 $ 12,058 $ 56,758 Net loss (45,658 ) (63,528 ) (57,638 ) (61,204 ) (228,028 ) Loss per basic share of common stock (0.82 ) (1.16 ) (1.06 ) (1.14 ) (4.18 ) Loss per diluted share of common stock (0.82 ) (1.16 ) (1.06 ) (1.14 ) (4.18 ) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 88,915 $ 76,519 $ 58,523 $ 24,141 $ 248,098 Net income (loss) 12,424 13,092 (5,363 ) (66,158 ) (46,005 ) Earnings (loss) per basic share of common stock 0.22 0.23 (0.09 ) (1.18 ) (0.81 ) Earnings (loss) per diluted share of common stock 0.22 0.23 (0.09 ) (1.18 ) (0.81 )

Organization and basis of pre37

Organization and basis of presentation (Details) $ in Millions	Dec. 21, 2012USD ($)	Dec. 31, 2015shares	Dec. 31, 2015USD ($)	Dec. 31, 2016servicer
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from contributed capital | $	$ 100
Number of third-party service providers | servicer				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

Organization and basis of pre38

Organization and basis of presentation - Effect of new accounting pronouncement (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs		$ 0
Prepaid expenses and other assets	$ 10,166	1,126
Repurchase and loan agreements		763,369
Other secured borrowings	$ 144,099	502,599
Previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs		7,886
Prepaid expenses and other assets		415
Repurchase and loan agreements		767,513
Other secured borrowings		505,630
Restatement adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred leasing and financing costs		(7,886)
Prepaid expenses and other assets		711
Repurchase and loan agreements		(4,144)
Other secured borrowings		$ (3,031)

Summary of significant accoun39

Summary of significant accounting policies (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Accounting Policies [Abstract]
Frequency fair value estimates updated	180 days
Threshold percentage of change in value subject to analysis	25.00%
Threshold amount of change in value subject to analysis	$ 75,000
Minimum
Summary of significant accounting policies [Line Items]
Real estate useful life	3 years
Term of leases offered to lessees	1 year
Maximum
Summary of significant accounting policies [Line Items]
Real estate useful life	27 years 6 months
Term of leases offered to lessees	2 years

Asset acquisitions and dispos40

Asset acquisitions and dispositions - Narrative (Details) $ in Thousands	Sep. 30, 2016USD ($)property	Mar. 30, 2016USD ($)stateproperty	Aug. 18, 2015USD ($)property	Jun. 30, 2015loan	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)loanproperty	Dec. 31, 2015USD ($)loanproperty	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Number of real estate properties directly acquired | property	4,262	590	1,314
Investment in real estate	$ 652,300	$ 64,800	$ 111,400										$ 299,556	$ 119,977	$ 34,104
Acquisition fees and costs		600	600										9,339	2,292	2,584
Acquired-in-place leases		$ 700	$ 1,600
Weighted average useful life			7 months
Number of states properties acquired | state		5
Revenues					$ 12,058	$ 4,401	$ 238	$ 40,061	$ 24,141	$ 58,523	$ 76,519	$ 88,915	56,758	248,098	423,298
Net income (loss)					(61,204)	$ (57,638)	$ (63,528)	$ (45,658)	$ (66,158)	$ (5,363)	$ 13,092	$ 12,424	$ (228,028)	$ (46,005)	188,853
Number of real estate properties sold | property													2,668	1,321
Net realized gain on real estate													$ 117,617	$ 50,932	9,482
Net realized gain on mortgage loans													35,760	58,061	55,766
Net realized gain on mortgage loans held for sale													50,230	36,432	2,771
Transfer of mortgage loans to real estate owned, net													$ 206,987	$ 470,221	587,268
Residential mortgage | Loans receivable
Business Acquisition [Line Items]
Number of mortgage loans liquidated | loan													1,975	824
Number of real estate properties acquired through foreclosure | loan													1,112	2,443
Transfer of mortgage loans to real estate owned, net													$ 207,000	$ 470,200
Unrealized gain (loss) from conversion of mortgage loans to real estate													46,000	91,300
Due diligence costs													$ 2,000	$ 400	$ 3,100
Nonperforming financing receivable | Residential mortgage | Loans receivable
Business Acquisition [Line Items]
Number of mortgage loans liquidated | loan													475	590
Performing financing receivable | Residential mortgage | Loans receivable
Business Acquisition [Line Items]
Number of loans sold | loan				137
Membership Interest Purchase and Sale Agreement (the MIPA) | Altisource Residential, L.P. (ARLP)
Business Acquisition [Line Items]
Number of real estate properties directly acquired | property	3,868
Purchase and Sale Agreement (PSA) | Altisource Residential, L.P. (ARLP)
Business Acquisition [Line Items]
Number of real estate properties directly acquired | property	394
HOME SFR Transaction
Business Acquisition [Line Items]
Acquisition fees and costs													$ 3,900
Acquired-in-place leases					$ 9,800								$ 9,800
Weighted average useful life													7 months
Revenues													$ 15,000
Net income (loss)													$ (4,500)
One-by-one acquisition program
Business Acquisition [Line Items]
Number of real estate properties directly acquired | loan													714	98
Investment in real estate													$ 71,800	$ 8,600

Asset acquisitions and dispos41

Asset acquisitions and dispositions - Fair value of assets acquired and liabilities assumed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Source of funds:
Cash on hand	$ 163,087
Debt financing (Note 6)	489,259
Total purchase price	652,346
MSR Acquisition
Estimated fair value of assets acquired:
Land	123,793
Rental residential properties	499,307
Real estate owned	19,437
Prepaid expenses and other assets	9,809
Total preliminary allocation of purchase price	$ 652,346

Asset acquisitions and dispos42

Asset acquisitions and dispositions - Supplemental Pro Forma Financial Information (Details) - HOME SFR Transaction - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Unaudited pro forma revenues	$ 97,735	$ 294,534
Unaudited pro forma net loss	$ (230,449)	$ (72,071)
Loss per basic common share (usd per share)	$ (4.23)	$ (1.27)
Weighted average common stock outstanding - basic (in shares)	54,490,979	56,843,028
Loss per diluted common share (usd per share)	$ (4.23)	$ (1.27)
Weighted average common stock outstanding - diluted (in shares)	54,490,979	56,843,028

Asset acquisitions and dispos43

Asset acquisitions and dispositions - Adjustments to Arrive at Supplemental Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Revenues from consolidated statement of operations	$ 12,058	$ 4,401	$ 238	$ 40,061	$ 24,141	$ 58,523	$ 76,519	$ 88,915	$ 56,758	$ 248,098	$ 423,298
Net income (loss)	$ (61,204)	$ (57,638)	$ (63,528)	$ (45,658)	$ (66,158)	$ (5,363)	$ 13,092	$ 12,424	(228,028)	(46,005)	$ 188,853
HOME SFR Transaction
Business Acquisition [Line Items]
Revenues from consolidated statement of operations									15,000
Add: historical revenues of acquired properties not reflected in consolidated statement of operations									40,977	46,436
Unaudited pro forma revenues									97,735	294,534
Net income (loss)									(4,500)
Plus: historical net income of acquired properties not reflected in consolidated statement of operations									25,578	27,966
Less: pro forma depreciation and amortization									(11,363)	(30,438)
Less: pro forma interest expense									(14,016)	(18,949)
Less: pro forma management fees									(2,620)	(4,645)
Unaudited pro forma net loss									$ (230,449)	$ (72,071)

Real estate assets, net - Compo

Real estate assets, net - Components of real estate assets (Details)	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Real Estate [Abstract]
Number of real estate properties held for use | property	9,939	4,933
Number of real estate properties rented | property	7,293	2,118
Number of real estate properties listed for rent | property	703	264
Number of real estate properties in various stages of renovation | property	607	350
Number of real estate properties under evaluation for rental portfolio | property	1,336	2,201
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,017	$ 50,672,000
2,018	2,504,000
2,019	460,000
2,020	10,000
2021 and thereafter	0
Total future minimum payments receivable	53,646,000
REO valuation impairment	$ 7,400,000	$ 3,500,000	$ 0
Number of real estate properties held for sale | property	594	1,583
Real estate assets held for sale	$ 133,327,000	$ 250,557,000
Impairment on our real estate held for sale	$ 25,800,000	$ 33,000,000	$ 7,900,000
Minimum
Real Estate Properties [Line Items]
Term of leases offered to lessees	1 year
Maximum
Real Estate Properties [Line Items]
Term of leases offered to lessees	2 years

Mortgage loans - Schedule of Lo

Mortgage loans - Schedule of Loans (Details) - Loans receivable - Residential mortgage - Residential portfolio segment $ in Thousands	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Number of loans
Current | loan	519	58
Foreclosure | loan	33	879
Mortgage loans | loan	583	1,297
Carrying value
Current	$ 100,558	$ 10,864
Foreclosure	4,488	225,024
Mortgage loans at fair value	108,036	317,336
Unpaid principal balance
Current	114,757	13,466
Foreclosure	6,023	314,991
Mortgage loans	125,605	440,366
Market value of underlying properties
Current	140,471	17,776
Foreclosure	6,675	330,573
Mortgage loans	$ 153,568	$ 465,007
Nonperforming financing receivable
Number of loans
Current | loan	211	730
Foreclosure | loan	2,180	3,907
Mortgage loans | loan	2,891	5,739
Carrying value
Current	$ 33,992	$ 124,595
Foreclosure	365,772	687,464
Mortgage loans at fair value	460,444	960,534
Unpaid principal balance
Current	45,568	165,645
Foreclosure	551,243	946,962
Mortgage loans	697,716	1,355,554
Market value of underlying properties
Current	58,842	177,348
Foreclosure	574,546	917,671
Mortgage loans	$ 746,272	$ 1,322,606
30
Number of loans
Past Due | loan	10	26
Carrying value
Past Due	$ 1,082	$ 7,616
Unpaid principal balance
Past Due	1,911	10,013
Market value of underlying properties
Past Due	$ 2,329	$ 12,200
30 | Nonperforming financing receivable
Number of loans
Past Due | loan	66	80
Carrying value
Past Due	$ 7,898	$ 12,003
Unpaid principal balance
Past Due	11,836	18,142
Market value of underlying properties
Past Due	$ 13,576	$ 21,858
60
Number of loans
Past Due | loan	4	6
Carrying value
Past Due	$ 286	$ 668
Unpaid principal balance
Past Due	623	775
Market value of underlying properties
Past Due	$ 663	$ 1,063
60 | Nonperforming financing receivable
Number of loans
Past Due | loan	34	38
Carrying value
Past Due	$ 4,444	$ 5,688
Unpaid principal balance
Past Due	6,364	8,088
Market value of underlying properties
Past Due	$ 7,536	$ 8,766
90
Number of loans
Past Due | loan	17	328
Carrying value
Past Due	$ 1,622	$ 73,164
Unpaid principal balance
Past Due	2,291	101,121
Market value of underlying properties
Past Due	$ 3,430	$ 103,395
90 | Nonperforming financing receivable
Number of loans
Past Due | loan	400	984
Carrying value
Past Due	$ 48,338	$ 130,784
Unpaid principal balance
Past Due	82,705	216,717
Market value of underlying properties
Past Due	$ 91,772	$ 196,963

Mortgage loans - Narrative (Det

Mortgage loans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Amount accreted into interest	$ 142	$ 551	$ 2,610
Mortgage loans held for sale	108,036	317,336
Residential mortgage | Loans receivable | Performing financing receivable
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	5,700	6,000
Mortgage loans held for sale	$ 3,700	$ 4,000

Mortgage loans - Certain Loans

Mortgage loans - Certain Loans Acquired Not Accounted For As Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretable yield, beginning balance	$ 2,146	$ 7,640
Loans sold	(247)	(4,943)
Accretion	(142)	(551)	$ (2,610)
Accretable yield, ending balance	$ 1,757	$ 2,146	$ 7,640

Unconsolidated affiliates (Deta

Unconsolidated affiliates (Details) - Preferred stock - USD ($) $ in Millions	Sep. 14, 2015	Oct. 17, 2013	Sep. 10, 2015	Dec. 31, 2016	Dec. 31, 2014
Schedule of Cost-method Investments [Line Items]
Invested in non-voting preferred stock of NewSource	$ 18	$ 18
Non-cumulative preferred dividend percentage				12.00%
Preferred dividends received			$ 1.5		$ 2.2

Fair value of financial instr49

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale	$ 108,036	$ 317,336
Repurchase and loan agreements	1,220,972	763,369
Other secured borrowings	144,099	502,599
Fair value, inputs, level 1
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale	0	0
Repurchase and loan agreements	0	0
Other secured borrowings	0	0
Fair value, inputs, level 2
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale	0	0
Repurchase and loan agreements	1,226,971	767,513
Other secured borrowings	144,971	502,268
Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale	108,036	317,336
Repurchase and loan agreements	0	0
Other secured borrowings	0	0
Fair value measurements, recurring
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	460,444	960,534
Fair value measurements, recurring | Fair value, inputs, level 1
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	0	0
Fair value measurements, recurring | Fair value, inputs, level 2
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	0	0
Fair value measurements, recurring | Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	460,444	960,534
Fair value measurements, nonrecurring
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	133,327	250,557
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
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
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	$ 133,327	$ 250,557

Fair value of financial instr50

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers of mortgage loans at fair value to mortgage loans held for sale, net	$ (195,461)	$ (535,836)	$ 0
Fair value, inputs, level 3 | Loans receivable | Residential mortgage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	960,534	1,959,044
Change in unrealized gain on mortgage loans at fair value	(409)	177,545
Net realized gain on mortgage loans at fair value	35,760	58,061
Mortgage loans at fair value dispositions and payments	(151,029)	(257,505)
Real estate tax advances to borrowers	18,013	29,261
Transfer of mortgage loans to real estate owned	(206,964)	(470,036)
Ending balance	460,444	960,534	$ 1,959,044
Change in unrealized gain on mortgage loans at fair value held at the end of the period	$ (46,281)	$ 78,453

Fair value of financial instr51

Fair value of financial instruments - Fair value inputs, quantitative information (Details) - Loans receivable - Residential mortgage - Fair value, inputs, level 3 - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair value inputs, assets, quantitative information [Line Items]
Equity discount rate	17.00%	15.00%
Debt to asset ratio	65.00%	65.00%
Cost of funds	3.50%	3.50%
Cost of funds reference rate	1 month LIBOR	1 month LIBOR
Minimum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	(11.20%)	0.00%
Loan resolution probabilities — modification	0.00%	0.00%
Loan resolution probabilities — rental	0.00%	0.00%
Loan resolution probabilities — liquidation	31.80%	0.00%
Loan resolution probabilities — paid in full	0.00%	0.00%
Loan resolution timelines (in years)	1 month 6 days	1 month 6 days
Value of underlying properties	$ 3,500	$ 3,000
Maximum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	15.10%	10.20%
Loan resolution probabilities — modification	5.90%	44.70%
Loan resolution probabilities — rental	0.00%	100.00%
Loan resolution probabilities — liquidation	100.00%	100.00%
Loan resolution probabilities — paid in full	66.20%	66.00%
Loan resolution timelines (in years)	5 years 9 months 18 days	5 years 7 months 6 days
Value of underlying properties	$ 4,600,000	$ 4,500,000

Borrowings - Repurchase and Loa

Borrowings - Repurchase and Loan Agreements Narrative (Details)	12 Months Ended
	Dec. 31, 2016USD ($)agreement
Debt Disclosure [Abstract]
Interest rate on debt	4.05%
Number of repurchase agreements entered into during period	3
Number of loand entered into during period	2
Number of expired repurchase agreements	2
Number of repurchase agreements at period end	1
Number of loan agreements at period end	2
Maximum aggregate funding available under repurchase and loan agreements | $	$ 1,339,259,000
Aggregate outstanding debt under repurchase and loan agreements | $	$ 1,200,000,000

Borrowings - Repurchase Agreeme

Borrowings - Repurchase Agreements (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Mar. 22, 2013
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 1,339,259,000
Repurchase agreements | ARLP 2014-1 | Asset-backed Securities
Short-term Debt [Line Items]
Notes pledged as collateral		34,000,000
Repurchase agreements | CS repurchase agreement
Short-term Debt [Line Items]
Maximum borrowing capacity		600,000,000	$ 100,000,000
Repurchase agreements | CS repurchase agreement | ARLP 2014-1
Short-term Debt [Line Items]
Secured debt		$ 21,200,000
Repurchase agreements | CS repurchase agreement | Forecast
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 350,000,000

Borrowings - Loan Agreements (D

Borrowings - Loan Agreements (Details)	Sep. 30, 2016USD ($)loan_term	Dec. 31, 2016USD ($)	May 12, 2015USD ($)	Apr. 10, 2015USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,339,259,000
Secured debt | Nomura loan and security agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 250,000,000	$ 100,000,000
Secured debt | MSR loan agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 489,300,000
Number of terms for loan agreement | loan_term	3
Length of loan term extension option, years	1 year

Borrowings - Repurchase and L55

Borrowings - Repurchase and Loan Agreements (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,339,259,000
Deferred debt issuance costs		$ 0
Amount Outstanding		763,369,000
Repurchase agreements | CS repurchase agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	600,000,000	275,000,000
Notes pledged as collateral	902,339,000	335,184,000
Amount Outstanding, before debt issuance costs	582,659,000	194,346,000
Amount of Available Funding	17,341,000	80,654,000
Repurchase agreements | Wells Fargo Repurchase Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		750,000,000
Notes pledged as collateral		708,275,000
Amount Outstanding, before debt issuance costs		371,130,000
Amount of Available Funding		378,870,000
Repurchase agreements | DB repurchase agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		54,944,000
Notes pledged as collateral		130,863,000
Amount Outstanding, before debt issuance costs		54,944,000
Amount of Available Funding		0
Loan agreement | Nomura loan and security agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000	200,000,000
Notes pledged as collateral	238,142,000	204,578,000
Amount Outstanding, before debt issuance costs	155,054,000	147,093,000
Amount of Available Funding	94,946,000	52,907,000
Loan agreement | MSR loan agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	489,259,000
Notes pledged as collateral	638,799,000
Amount Outstanding, before debt issuance costs	489,259,000
Amount of Available Funding	0
Repurchase and loan agreements
Debt Instrument [Line Items]
Maximum borrowing capacity	1,339,259,000	1,279,944,000
Notes pledged as collateral	1,779,280,000	1,378,900,000
Deferred debt issuance costs	(6,000,000)	(4,144,000)
Amount Outstanding	1,220,972,000	763,369,000
Amount of Available Funding	$ 112,287,000	$ 512,431,000

Borrowings - Other Secured Borr

Borrowings - Other Secured Borrowings Narrative (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Jun. 29, 2015	Nov. 25, 2014	Sep. 25, 2014
Debt Instrument [Line Items]
Interest rate on debt	4.05%
ARLP 2015-1 | Notes as securitized assets
Debt Instrument [Line Items]
Book value of the underlying securitized assets	$ 241,400,000
Secured debt | Asset-backed Securities Class A Notes 2015-1
Debt Instrument [Line Items]
Face amount of securitization transaction			$ 205,000,000
Interest rate on debt	4.01%	4.01%	4.01%
Amount of debt retained from affiliate	$ 34,000,000	$ 34,000,000	$ 34,000,000
Secured debt | Asset-backed Securities Class M Notes 2015-1
Debt Instrument [Line Items]
Face amount of securitization transaction			$ 60,000,000
Interest rate on debt	0.00%	0.00%
Amount of debt retained from affiliate	$ 60,000,000	$ 60,000,000
Secured debt | Asset-backed securities Class A notes Trust 2
Debt Instrument [Line Items]
Face amount of securitization transaction				$ 270,800,000
Interest rate on debt		3.63%		3.85%
Amount of debt retained from affiliate		$ 45,138,000
Secured debt | Asset-backed securities Class M notes Trust 2
Debt Instrument [Line Items]
Face amount of securitization transaction				$ 234,000,000
Interest rate on debt		0.00%
Amount of debt retained from affiliate		$ 234,010,000
Secured debt | Asset-backed securities Class A notes
Debt Instrument [Line Items]
Face amount of securitization transaction					$ 150,000,000
Interest rate on debt		3.47%			3.47%
Secured debt | Asset-backed Securities Class M Notes
Debt Instrument [Line Items]
Face amount of securitization transaction					$ 32,000,000
Interest rate on debt		4.25%			4.25%
Amount of debt retained from affiliate		$ 32,000,000

Borrowings - Schedule for Other

Borrowings - Schedule for Other Secured Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Jun. 29, 2015	Nov. 25, 2014	Sep. 25, 2014
Debt Instrument [Line Items]
Interest Rate	4.05%
Less: deferred debt issuance costs		$ 0
Amount Outstanding	$ 144,099	502,599
Secured debt
Debt Instrument [Line Items]
Less: deferred debt issuance costs	(872)	(3,031)
Amount Outstanding	$ 144,099	$ 502,599
Secured debt | Asset-backed Securities Class A Notes 2015-1
Debt Instrument [Line Items]
Interest Rate	4.01%	4.01%	4.01%
Amount Outstanding, before debt issuance costs deducted	$ 178,971	$ 203,429
Intercompany eliminations	$ (34,000)	$ (34,000)	$ (34,000)
Secured debt | Asset-backed Securities Class M Notes 2015-1
Debt Instrument [Line Items]
Interest Rate	0.00%	0.00%
Amount Outstanding, before debt issuance costs deducted	$ 60,000	$ 60,000
Intercompany eliminations	$ (60,000)	$ (60,000)
Secured debt | Asset-backed securities Class A notes
Debt Instrument [Line Items]
Interest Rate		3.47%			3.47%
Amount Outstanding, before debt issuance costs deducted		$ 136,404
Secured debt | Asset-backed Securities Class M Notes
Debt Instrument [Line Items]
Interest Rate		4.25%			4.25%
Amount Outstanding, before debt issuance costs deducted		$ 32,000
Intercompany eliminations		$ (32,000)
Secured debt | Asset-backed securities Class A notes Trust 2
Debt Instrument [Line Items]
Interest Rate		3.63%		3.85%
Amount Outstanding, before debt issuance costs deducted		$ 244,935
Intercompany eliminations		$ (45,138)
Secured debt | Asset-backed securities Class M notes Trust 2
Debt Instrument [Line Items]
Interest Rate		0.00%
Amount Outstanding, before debt issuance costs deducted		$ 234,010
Intercompany eliminations		$ (234,010)

Commitments and contingencies (

Commitments and contingencies (Details) property in Thousands	Feb. 11, 2015USD ($)	May 31, 2015shareholder	Dec. 31, 2016USD ($)property
Amherst acquisition | Main Street Renewal, LLC (MSR)
Other Commitments [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. | Pending litigation
Other Commitments [Line Items]
Number of shareholders requesting to be lead plaintiff | shareholder		2
Sokolowski v. Erbey, et al. | Pending litigation
Other Commitments [Line Items]
Amount paid for settlements with regulatory authorities by co-defendant (in excess of)	$ 2,000,000,000

Related-party transactions - Na

Related-party transactions - Narrative (Details)	Feb. 28, 2016	Apr. 01, 2015propertyextension	Sep. 30, 2016	Mar. 31, 2016$ / shares	Dec. 31, 2016serviceremployee
Related party transactions [Line Items]
Maturity term, securities, US Treasury		10 years
Number of additional mortgage servicers | servicer					2
Affiliated entity | AAMC
Related party transactions [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 return on invested equity capital evaluated in agreement for termination		2 years
Period required return rate evaluated per agreement					21 months
Incentive management fee, deficit of return on invested capital					47.27%
Affiliated entity | AAMC | Minimum
Related party transactions [Line Items]
Incentive management fee, return on invested capital		7.00%
Affiliated entity | AAMC | Maximum
Related party transactions [Line Items]
Incentive management fee, return on invested capital		8.25%
Affiliated entity | AAMC | Scaling contract, threshold one
Related party transactions [Line Items]
Incentive management fee, percent of average invested capital		25.00%
Base management fee, number of rental properties cap		2,500
Incentive management fee, percent of invested capital in excess of threshold		20.00%
Incentive management fee, percent of available cash				2.00%
Incentive management fee, available cash per share threshold | $ / shares				$ 0.161
Affiliated entity | AAMC | Scaling contract, threshold two
Related party transactions [Line Items]
Incentive management fee, percent of average invested capital		1.75%
Base management fee, number of rental properties floor		2,500
Incentive management fee, number of rental properties cap		4,499
Incentive management fee, number of rental properties floor		2,500
Incentive management fee, percent of invested capital in excess of threshold		22.50%
Incentive management fee, percent of available cash				15.00%
Incentive management fee, available cash per share threshold | $ / shares				$ 0.193
Affiliated entity | AAMC | Scaling contract, threshold three
Related party transactions [Line Items]
Incentive management fee, percent of average invested capital		2.00%
Incentive management fee, number of rental properties floor		4,500
Incentive management fee, percent of invested capital in excess of threshold		25.00%
Incentive management fee, percent of available cash				25.00%
Incentive management fee, available cash per share threshold | $ / shares				$ 0.257
Affiliated entity | AAMC | Scaling contract, threshold four
Related party transactions [Line Items]
Incentive management fee, percent of available cash				50.00%
Affiliated entity | AAMC | Asset management agreement
Related party transactions [Line Items]
Contract term		15 years
Number of potential renewal extensions | extension		2
Automatic renewal term		5 years
Affiliated entity | Altisource | Master services agreement
Related party transactions [Line Items]
Contract term					15 years
Automatic renewal term					2 years
Nonrenewal notification period					9 months
Affiliated entity | Altisource | Support services agreement
Related party transactions [Line Items]
Automatic renewal term					2 years
Number of dedicated employees provided | employee					31
Termination period if asset management agreement terminates					30 days
Affiliated entity | Altisource | Trademark license agreement
Related party transactions [Line Items]
Nonrenewal notification period					30 days
Termination period if asset management agreement terminates					30 days
Affiliated entity | Ocwen | Servicing agreement
Related party transactions [Line Items]
Contract term					15 years
Nonrenewal notification period					30 days
Affiliated entity | Ocwen | Aircraft time sharing agreement
Related party transactions [Line Items]
Percentage of expenses to be paid for use of aircraft	100.00%

Related-party transactions - Re

Related-party transactions - Related Party Transactions (Details) - Affiliated entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Base management fee | AAMC
Related party transactions [Line Items]
Related party expenses	$ 17,334	$ 13,935	$ 0
Conversion fee | AAMC
Related party transactions [Line Items]
Related party expenses	1,841	1,037	0
Management incentive fees | AAMC
Related party transactions [Line Items]
Related party expenses	0	7,994	67,949
Expense reimbursements | AAMC
Related party transactions [Line Items]
Related party expenses	816	750	6,070
Dividend income | NewSource
Related party transactions [Line Items]
Related party expenses	0	1,518	2,160
Interest expense | NewSource
Related party transactions [Line Items]
Related party expenses	0	563	156
Professional fee sharing for negotiation of Current AMA (4) | AAMC
Related party transactions [Line Items]
Related party expenses	0	2,000	0
Residential rental property operating expenses | Ocwen/Altisource
Related party transactions [Line Items]
Related party expenses	0	0	21,612
Mortgage loan servicing costs | Ocwen
Related party transactions [Line Items]
Related party expenses	0	0	65,363
Acquisition fees and costs | Altisource
Related party transactions [Line Items]
Related party expenses	0	0	1,039
General and administrative | Altisource
Related party transactions [Line Items]
Related party expenses	$ 0	$ 0	$ 1,972

Share-based payments - Narrativ

Share-based payments - Narrative for Plans (Details) $ / shares in Units, $ in Thousands	Aug. 09, 2016$ / sharesshares	Jul. 11, 2016$ / sharesshares	Jul. 01, 2016USD ($)	Dec. 21, 2012	Dec. 31, 2016shares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares	Dec. 31, 2014$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted in period (in shares)						695,187
Options granted during period, weighted average grant date fair value (usd per share) | $ / shares						$ 10.04
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted during period (in shares)						274,760	9,924	8,245
Shares granted in period, shares | $ / shares						$ 9.94	$ 18.14	$ 27.28
Forfeitures during period (in shares)						7,255	601
Forfeitures in period, weighted average grant date fair value (usd per share) | $ / shares						$ 9.84	$ 27.28
The 2016 Equity Incentive Plan | 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)	247,008	26,520
Shares granted in period, shares | $ / 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%
Forfeitures during period (in shares)					6,630
The 2016 Equity Incentive Plan | Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted in period (in shares)	695,187
Options granted during period, weighted average grant date fair value (usd per share) | $ / shares	$ 1.91
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

Share-based payments - Stock Op

Share-based payments - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 09, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)		204,968	241,766	909,759
Exercised (in shares)		(34,464)	(26,224)	(666,409)
Forfeited or canceled (in shares)		(2,714)	(10,574)	(1,584)
Granted (in shares)		695,187
Ending balance (in shares)		862,977	204,968	241,766
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Beginning balance (usd per share)		$ 8.55	$ 2.30	$ 2.69	$ 8.55	$ 1.73
Granted (usd per share)		10.04
Exercised (usd per share)		1.71	4.21	1.39
Forfeited or canceled (usd per share)		5.47	6.30	2.32
Ending balance (usd per share)		$ 8.55	$ 2.30	$ 2.69
Stock option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding options, weighted average remaining life		1 year 11 months
Outstanding options, total intrinsic value					$ 2.1
Number of exercisable options (in shares)					167,790
Excercisable options weighted average exercise price (usd per share)					$ 2.38
Options exercisable, average remaining life		2 years 11 months
Options exercisable, intrinsic value					$ 1.5
The 2016 Equity Incentive Plan | Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 0.4
Unamortized stock compensation					$ 1.3
Weighted average remaining amortization period of unamortized share based compensation		1 year 7 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted (in shares)	695,187
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Granted (usd per share)	$ 1.91

Share-based payments - Valuatio

Share-based payments - Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk free interest rate	1.38%
Common stock dividend yield	5.98%
Expected volatility	38.47%

Share-based payments - Restrict

Share-based payments - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.9	$ 0.2	$ 0.2
Unamortized stock compensation	$ 2.1	$ 0.1
Weighted average remaining amortization period of unamortized share based compensation	1 year 6 months	5 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of options, beginning balance (in shares)	9,924	8,245	12,090
Granted (in shares)	274,760	9,924	8,245
Vested (in shares)	(10,531)	(7,644)	(12,090)
Forfeit (in shares)	(7,255)	(601)
Number of options, ending balance (in shares)	266,898	9,924	8,245
Fair value of stock vested in period	$ 0.1	$ 0.1	$ 0.3
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value (usd per share)	$ 9.97	$ 18.14	$ 27.28	$ 18.50
Granted (usd per share)	9.94	18.14	27.28
Vested (usd per share)	17.20	27.28	18.50
Forfeit (usd per share)	9.84	27.28
Weighted average grant date fair value (usd per share)	$ 9.97	18.14	$ 27.28	$ 18.50
Director
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Granted (usd per share)		$ 18.25
Director | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	1,232	9,924
Forfeit (in shares)	(625)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Granted (usd per share)	$ 9.30
Forfeit (usd per share)	$ 18.25

Share-based payments - Shares R

Share-based payments - Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options outstanding (in shares)	862,977	204,968	241,766	909,759
Possible future issuances under director compensation plan (in shares)	2,111,661
Common stock, reserved for future issuance (in shares)	2,974,638
Common stock, shares available to be issued under charter (in shares)	146,332,369

Derivatives (Details)

Derivatives (Details) - Interest rate cap - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 29, 2016
Derivative [Line Items]
Notional amount of interest rate cap		$ 489,300
Fair value of interest rate cap	$ 66
LIBOR
Derivative [Line Items]
Interest rate cap, strike rate		2.938%

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Minimum distribution percentage of REIT taxable income	90.00%
Dividends on common stock	$ 38,286	$ 98,334	$ 116,025
Taxable income	24,500	$ 13,800
Distributions of capital gains	16,300
Return of capital distributions	$ 8,200

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 01, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income (loss)		$ (61,204)	$ (57,638)	$ (63,528)	$ (45,658)	$ (66,158)	$ (5,363)	$ 13,092	$ 12,424	$ (228,028)	$ (46,005)	$ 188,853
Weighted average common stock outstanding – basic (in shares)										54,490,979	56,843,028	56,247,376
Stock options using the treasury method (in shares)										0	0	335,275
Restricted stock (in shares)										0	0	5,486
Weighted average common stock outstanding – diluted (in shares)										54,490,979	56,843,028	56,588,137
(Loss) earnings per diluted share (usd per share)		$ (1.14)	$ (1.06)	$ (1.16)	$ (0.82)	$ (1.18)	$ (0.09)	$ 0.23	$ 0.22	$ (4.18)	$ (0.81)	$ 3.34
(Loss) earnings per basic share (usd per share)		$ (1.14)	$ (1.06)	$ (1.16)	$ (0.82)	$ (1.18)	$ (0.09)	$ 0.23	$ 0.22	$ (4.18)	$ (0.81)	$ 3.36
AAMC | Affiliated entity
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 option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share										151,756	187,474	0
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share										24,146	3,279	0

Quarterly financial informati69

Quarterly financial information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 12,058	$ 4,401	$ 238	$ 40,061	$ 24,141	$ 58,523	$ 76,519	$ 88,915	$ 56,758	$ 248,098	$ 423,298
Net income (loss)	$ (61,204)	$ (57,638)	$ (63,528)	$ (45,658)	$ (66,158)	$ (5,363)	$ 13,092	$ 12,424	$ (228,028)	$ (46,005)	$ 188,853
Earnings (loss) per share basic (usd per share)	$ (1.14)	$ (1.06)	$ (1.16)	$ (0.82)	$ (1.18)	$ (0.09)	$ 0.23	$ 0.22	$ (4.18)	$ (0.81)	$ 3.36
Earnings (loss) per share diluted (usd per share)	$ (1.14)	$ (1.06)	$ (1.16)	$ (0.82)	$ (1.18)	$ (0.09)	$ 0.23	$ 0.22	$ (4.18)	$ (0.81)	$ 3.34

Subsequent events (Details)

Subsequent events (Details) - Subsequent event $ in Millions	Feb. 15, 2017USD ($)loan	Jan. 23, 2017USD ($)loan
Subsequent Event [Line Items]
Number of loans sold | loan	2,384	556
Unpaid principal balance | $	$ 574.4	$ 120.3

Schedule III - Activity of Real

Schedule III - Activity of Real Estate Assets and Accumulated Depreciation by State (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Gross Amount at which Carried at Close of Period		$ 1,048,142	$ 643,974	$ 37,113
Accumulated Depr and Reserves	$ 62,601	$ 61,716	$ 19,367	$ 25
Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	10,533
Encumbrances	$ 950,172
Initial Cost to Company	1,478,868
Capitalized Costs After Acquisition	125,780
Gross Amount at which Carried at Close of Period	1,604,648
Accumulated Depr and Reserves	$ 62,601
WA Age	31 years 1 month 6 days
Alabama | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	46
Encumbrances	$ 2,717
Initial Cost to Company	6,613
Capitalized Costs After Acquisition	495
Gross Amount at which Carried at Close of Period	7,108
Accumulated Depr and Reserves	$ 400
WA Age	20 years 10 months 24 days
Alabama | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Alabama | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Alaska | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	47
Encumbrances	$ 6,571
Initial Cost to Company	13,133
Capitalized Costs After Acquisition	854
Gross Amount at which Carried at Close of Period	13,987
Accumulated Depr and Reserves	$ 690
WA Age	22 years 3 months
Arizona | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	24
Encumbrances	$ 995
Initial Cost to Company	2,567
Capitalized Costs After Acquisition	294
Gross Amount at which Carried at Close of Period	2,861
Accumulated Depr and Reserves	$ 532
WA Age	33 years 3 months
Arizona | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Arizona | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Arkansas | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	244
Encumbrances	$ 47,615
Initial Cost to Company	91,937
Capitalized Costs After Acquisition	4,381
Gross Amount at which Carried at Close of Period	96,318
Accumulated Depr and Reserves	$ 5,605
WA Age	37 years 9 months 18 days
Arkansas | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Arkansas | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
California | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	24
Encumbrances	$ 2,373
Initial Cost to Company	5,504
Capitalized Costs After Acquisition	498
Gross Amount at which Carried at Close of Period	6,002
Accumulated Depr and Reserves	$ 320
WA Age	31 years 1 month
California | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
California | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Colorado | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	50
Encumbrances	$ 3,647
Initial Cost to Company	9,535
Capitalized Costs After Acquisition	579
Gross Amount at which Carried at Close of Period	10,114
Accumulated Depr and Reserves	$ 874
WA Age	57 years 9 months 12 days
Colorado | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Colorado | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Connecticut | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	22
Encumbrances	$ 1,400
Initial Cost to Company	4,378
Capitalized Costs After Acquisition	156
Gross Amount at which Carried at Close of Period	4,534
Accumulated Depr and Reserves	$ 259
WA Age	35 years 4 months 18 days
Connecticut | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Connecticut | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Delaware | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	2
Encumbrances	$ 370
Initial Cost to Company	712
Capitalized Costs After Acquisition	0
Gross Amount at which Carried at Close of Period	712
Accumulated Depr and Reserves	$ 0
WA Age	107 years 1 month 6 days
Delaware | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Delaware | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
District of Columbia | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1,306
Encumbrances	$ 108,738
Initial Cost to Company	186,061
Capitalized Costs After Acquisition	21,700
Gross Amount at which Carried at Close of Period	207,761
Accumulated Depr and Reserves	$ 8,267
WA Age	27 years 10 months 24 days
Florida | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	2,721
Encumbrances	$ 190,978
Initial Cost to Company	266,573
Capitalized Costs After Acquisition	31,652
Gross Amount at which Carried at Close of Period	298,225
Accumulated Depr and Reserves	$ 9,272
WA Age	30 years 9 months 18 days
Florida | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Florida | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Georgia | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	3
Encumbrances	$ 407
Initial Cost to Company	639
Capitalized Costs After Acquisition	0
Gross Amount at which Carried at Close of Period	639
Accumulated Depr and Reserves	$ 50
WA Age	33 years 10 months 24 days
Georgia | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Georgia | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Hawaii | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 238
Initial Cost to Company	840
Capitalized Costs After Acquisition	61
Gross Amount at which Carried at Close of Period	901
Accumulated Depr and Reserves	$ 48
WA Age	37 years 6 months
Idaho | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	308
Encumbrances	$ 26,039
Initial Cost to Company	54,453
Capitalized Costs After Acquisition	5,087
Gross Amount at which Carried at Close of Period	59,540
Accumulated Depr and Reserves	$ 5,292
WA Age	46 years 4 months 18 days
Idaho | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Idaho | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Illinois | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	519
Encumbrances	$ 46,771
Initial Cost to Company	63,832
Capitalized Costs After Acquisition	5,989
Gross Amount at which Carried at Close of Period	69,821
Accumulated Depr and Reserves	$ 2,197
WA Age	20 years 11 months
Illinois | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Illinois | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Indiana | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 250
Initial Cost to Company	446
Capitalized Costs After Acquisition	70
Gross Amount at which Carried at Close of Period	516
Accumulated Depr and Reserves	$ 69
WA Age	69 years
Indiana | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Indiana | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Iowa | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	18
Encumbrances	$ 1,698
Initial Cost to Company	2,285
Capitalized Costs After Acquisition	386
Gross Amount at which Carried at Close of Period	2,671
Accumulated Depr and Reserves	$ 124
WA Age	39 years
Kansas | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	41
Encumbrances	$ 2,607
Initial Cost to Company	4,536
Capitalized Costs After Acquisition	437
Gross Amount at which Carried at Close of Period	4,973
Accumulated Depr and Reserves	$ 116
WA Age	30 years 11 months
Kansas | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Kansas | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Kentucky | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	16
Encumbrances	$ 534
Initial Cost to Company	1,898
Capitalized Costs After Acquisition	282
Gross Amount at which Carried at Close of Period	2,180
Accumulated Depr and Reserves	$ 84
WA Age	28 years 5 months
Kentucky | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Kentucky | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Louisiana | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 86
Initial Cost to Company	849
Capitalized Costs After Acquisition	0
Gross Amount at which Carried at Close of Period	849
Accumulated Depr and Reserves	$ 89
WA Age	54 years
Louisiana | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Louisiana | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Maine | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	317
Encumbrances	$ 30,814
Initial Cost to Company	63,869
Capitalized Costs After Acquisition	3,948
Gross Amount at which Carried at Close of Period	67,817
Accumulated Depr and Reserves	$ 4,596
WA Age	35 years 1 month 6 days
Maryland | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	69
Encumbrances	$ 4,615
Initial Cost to Company	15,534
Capitalized Costs After Acquisition	1,166
Gross Amount at which Carried at Close of Period	16,700
Accumulated Depr and Reserves	$ 1,186
WA Age	78 years 7 months
Maryland | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Maryland | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Massachusetts | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	42
Encumbrances	$ 3,849
Initial Cost to Company	6,843
Capitalized Costs After Acquisition	722
Gross Amount at which Carried at Close of Period	7,565
Accumulated Depr and Reserves	$ 630
WA Age	39 years 7 months
Massachusetts | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Massachusetts | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Michigan | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	103
Encumbrances	$ 13,055
Initial Cost to Company	17,575
Capitalized Costs After Acquisition	1,168
Gross Amount at which Carried at Close of Period	18,743
Accumulated Depr and Reserves	$ 386
WA Age	65 years 1 month
Michigan | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Michigan | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Minnesota | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	87
Encumbrances	$ 9,642
Initial Cost to Company	12,450
Capitalized Costs After Acquisition	891
Gross Amount at which Carried at Close of Period	13,341
Accumulated Depr and Reserves	$ 110
WA Age	16 years 7 months
Minnesota | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Minnesota | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Mississippi | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	91
Encumbrances	$ 9,271
Initial Cost to Company	12,534
Capitalized Costs After Acquisition	1,376
Gross Amount at which Carried at Close of Period	13,910
Accumulated Depr and Reserves	$ 611
WA Age	23 years 6 months
Mississippi | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Mississippi | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Missouri | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 78
Initial Cost to Company	140
Capitalized Costs After Acquisition	3
Gross Amount at which Carried at Close of Period	143
Accumulated Depr and Reserves	$ 13
WA Age	24 years
Missouri | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Missouri | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Montana | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	19
Encumbrances	$ 1,250
Initial Cost to Company	2,823
Capitalized Costs After Acquisition	263
Gross Amount at which Carried at Close of Period	3,086
Accumulated Depr and Reserves	$ 148
WA Age	24 years 6 months
Nebraska | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	4
Encumbrances	$ 210
Initial Cost to Company	661
Capitalized Costs After Acquisition	0
Gross Amount at which Carried at Close of Period	661
Accumulated Depr and Reserves	$ 82
WA Age	96 years 10 months 24 days
Nevada | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	188
Encumbrances	$ 11,887
Initial Cost to Company	32,383
Capitalized Costs After Acquisition	1,233
Gross Amount at which Carried at Close of Period	33,616
Accumulated Depr and Reserves	$ 2,895
WA Age	59 years
Nevada | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Nevada | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
New Hampshire | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	51
Encumbrances	$ 3,058
Initial Cost to Company	6,386
Capitalized Costs After Acquisition	497
Gross Amount at which Carried at Close of Period	6,883
Accumulated Depr and Reserves	$ 726
WA Age	24 years 6 months
New Jersey | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	70
Encumbrances	$ 3,917
Initial Cost to Company	14,430
Capitalized Costs After Acquisition	634
Gross Amount at which Carried at Close of Period	15,064
Accumulated Depr and Reserves	$ 1,443
WA Age	67 years 6 months
New Jersey | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
New Jersey | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
New Mexico | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	575
Encumbrances	$ 50,037
Initial Cost to Company	73,290
Capitalized Costs After Acquisition	5,673
Gross Amount at which Carried at Close of Period	78,963
Accumulated Depr and Reserves	$ 2,334
WA Age	19 years 8 months
New Mexico | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
New Mexico | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
New York | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	55
Encumbrances	$ 3,247
Initial Cost to Company	7,069
Capitalized Costs After Acquisition	954
Gross Amount at which Carried at Close of Period	8,023
Accumulated Depr and Reserves	$ 822
WA Age	35 years 6 months
New York | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
New York | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
North Carolina | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	190
Encumbrances	$ 21,506
Initial Cost to Company	26,025
Capitalized Costs After Acquisition	1,658
Gross Amount at which Carried at Close of Period	27,683
Accumulated Depr and Reserves	$ 452
WA Age	25 years 2 months 12 days
North Carolina | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
North Carolina | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Ohio | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	21
Encumbrances	$ 1,981
Initial Cost to Company	4,931
Capitalized Costs After Acquisition	93
Gross Amount at which Carried at Close of Period	5,024
Accumulated Depr and Reserves	$ 74
WA Age	35 years 10 months 24 days
Ohio | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Ohio | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Oklahoma | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	126
Encumbrances	$ 7,874
Initial Cost to Company	17,428
Capitalized Costs After Acquisition	2,176
Gross Amount at which Carried at Close of Period	19,604
Accumulated Depr and Reserves	$ 1,795
WA Age	58 years 7 months
Oklahoma | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Oklahoma | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Oregon | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	46
Encumbrances	$ 3,480
Initial Cost to Company	5,850
Capitalized Costs After Acquisition	787
Gross Amount at which Carried at Close of Period	6,637
Accumulated Depr and Reserves	$ 336
WA Age	78 years 2 months
Oregon | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Oregon | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Pennsylvania | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	94
Encumbrances	$ 6,039
Initial Cost to Company	11,709
Capitalized Costs After Acquisition	1,332
Gross Amount at which Carried at Close of Period	13,041
Accumulated Depr and Reserves	$ 982
WA Age	21 years 10 months 24 days
Pennsylvania | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Pennsylvania | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Rhode Island | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company	95
Capitalized Costs After Acquisition	0
Gross Amount at which Carried at Close of Period	95
Accumulated Depr and Reserves	$ 0
WA Age	35 years
Rhode Island | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Rhode Island | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
South Carolina | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	990
Encumbrances	$ 112,079
Initial Cost to Company	138,533
Capitalized Costs After Acquisition	9,788
Gross Amount at which Carried at Close of Period	148,321
Accumulated Depr and Reserves	$ 1,538
WA Age	20 years
South Carolina | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
South Carolina | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
South Dakota | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1,772
Encumbrances	$ 185,329
Initial Cost to Company	247,787
Capitalized Costs After Acquisition	15,500
Gross Amount at which Carried at Close of Period	263,287
Accumulated Depr and Reserves	$ 3,433
WA Age	26 years 1 month 6 days
Tennessee | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	29
Encumbrances	$ 2,849
Initial Cost to Company	5,219
Capitalized Costs After Acquisition	592
Gross Amount at which Carried at Close of Period	5,811
Accumulated Depr and Reserves	$ 786
WA Age	39 years
Tennessee | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Tennessee | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Texas | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	5
Encumbrances	$ 346
Initial Cost to Company	840
Capitalized Costs After Acquisition	17
Gross Amount at which Carried at Close of Period	857
Accumulated Depr and Reserves	$ 152
WA Age	103 years 6 months
Texas | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Texas | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Utah | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	56
Encumbrances	$ 8,890
Initial Cost to Company	15,605
Capitalized Costs After Acquisition	1,259
Gross Amount at which Carried at Close of Period	16,864
Accumulated Depr and Reserves	$ 1,672
WA Age	29 years 7 months
Utah | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Utah | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Vermont | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	90
Encumbrances	$ 9,105
Initial Cost to Company	18,102
Capitalized Costs After Acquisition	615
Gross Amount at which Carried at Close of Period	18,717
Accumulated Depr and Reserves	$ 585
WA Age	41 years 7 months
Virginia | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	2
Encumbrances	$ 183
Initial Cost to Company	300
Capitalized Costs After Acquisition	34
Gross Amount at which Carried at Close of Period	334
Accumulated Depr and Reserves	$ 48
WA Age	13 years
Virginia | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Virginia | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Washington | Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	30
Encumbrances	$ 1,547
Initial Cost to Company	3,666
Capitalized Costs After Acquisition	480
Gross Amount at which Carried at Close of Period	4,146
Accumulated Depr and Reserves	$ 478
WA Age	45 years 5 months
Washington | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Washington | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
West Virginia | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
West Virginia | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Wisconsin | Single family residential | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Wisconsin | Single family residential | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months

Schedule III - Activity of Re72

Schedule III - Activity of Real Estate Assets and Accumulated Depreciation Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate assets, beginning balance	$ 1,048,142	$ 643,974	$ 37,113
Acquisitions through foreclosure	206,987	470,221	587,268
Other acquisitions	778,173	118,297	34,104
Improvements	50,182	25,802	16,872
Cost of real estate sold	(478,836)	(210,152)	(31,383)
Real estate assets, ending balance		1,048,142	643,974
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Accumulated depreciation, beginning balance	61,716	19,367	25
Depreciation expense	20,840	6,414	1,067
Selling cost and impairment	56,384	70,124	21,788
Real estate sold	(76,339)	(34,189)	(3,513)
Accumulated depreciation, ending balance	62,601	$ 61,716	$ 19,367
Aggregate cost for federal income tax purposes	$ 1,584,700

Schedule IV - Schedule of Mortg

Schedule IV - Schedule of Mortgage Loans on Real Estate (Details) - Single family residential - First mortgage $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	2,891
Carrying amount of mortgages	$ 460,444
Principal amount of loans subject to delinquent principal or interest	652,148
Aggregate cost for federal income tax purposes	$ 603,100
$0-49,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	182
Carrying amount of mortgages	$ 6,614
Principal amount of loans subject to delinquent principal or interest	$ 5,426
$0-49,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Maturity	Aug. 1, 2009
$0-49,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.375%
Maturity	Jan. 1, 2054
$50,000-99,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	391
Carrying amount of mortgages	$ 22,315
Principal amount of loans subject to delinquent principal or interest	$ 26,988
$50,000-99,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.00%
Maturity	Feb. 1, 2011
$50,000-99,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.35%
Maturity	Sep. 1, 2054
$100,000-149,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	526
Carrying amount of mortgages	$ 41,747
Principal amount of loans subject to delinquent principal or interest	$ 60,634
$100,000-149,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Maturity	Nov. 1, 2010
$100,000-149,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.65%
Maturity	Dec. 1, 2054
$150,000-199,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	450
Carrying amount of mortgages	$ 46,368
Principal amount of loans subject to delinquent principal or interest	$ 72,092
$150,000-199,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Maturity	Aug. 1, 2010
$150,000-199,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.48%
Maturity	May 1, 2056
$200,000-249,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	376
Carrying amount of mortgages	$ 49,372
Principal amount of loans subject to delinquent principal or interest	$ 77,119
$200,000-249,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
Maturity	Apr. 1, 2024
$200,000-249,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.65%
Maturity	Mar. 1, 2053
$250,000 plus
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	966
Carrying amount of mortgages	$ 294,028
Principal amount of loans subject to delinquent principal or interest	$ 409,889
$250,000 plus | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.00%
Maturity	Mar. 1, 2011
$250,000 plus | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.25%
Maturity	Apr. 1, 2056

Schedule IV - Activity in Mortg

Schedule IV - Activity in Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Mortgage Loans on Real Estate [Roll Forward]
Change in unrealized gain on mortgage loans	$ (409)
Transfer of mortgage loans to held for sale	(195,461)	$ (535,836)	$ 0
Transfer of mortgage loans to real estate owned, net	(206,987)	(470,221)	(587,268)
Residential mortgage | Loans receivable
Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to real estate owned, net	(207,000)	(470,200)
Residential mortgage | Loans receivable | Fair value, inputs, level 3
Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans, beginning balance	960,534	1,959,044	1,207,163
Investment in mortgage loans	0	0	1,122,408
Change in unrealized gain on mortgage loans		177,545	350,822
Cost of mortgage loans sold	(84,673)	(174,894)	(151,624)
Mortgage loan payments and escrow recoveries	(30,596)	(24,550)	(19,299)
Real estate tax advances to borrowers	18,013	29,261	36,842
Transfer of mortgage loans to real estate owned, net	(206,964)	(470,036)	(587,268)
Mortgage loans, ending balance	$ 460,444	$ 960,534	$ 1,959,044