Front Yard Residential (RESI) 10-K 1 Mar 18 2017 FY Annual report Financial data

Document and entity information

Document and entity information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 19, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity registrant name	Front Yard 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, 2017
Document fiscal year focus	2,017
Document fiscal period focus	FY
Amendment flag	false
Entity common stock, shares outstanding		53,447,950
Entity well-known seasoned issuer	No
Entity voluntary filers	No
Entity current reporting status	Yes
Entity public float			$ 531.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate held for use:
Land	$ 322,062	$ 220,800
Rental residential properties	1,381,110	926,320
Real estate owned	64,036	289,141
Total real estate held for use	1,767,208	1,436,261
Less: accumulated depreciation	(73,655)	(27,541)
Total real estate held for use, net	1,693,553	1,408,720
Real estate assets held for sale	75,718	133,327
Mortgage loans, at fair value	11,477	460,444
Mortgage loans held for sale	0	108,036
Cash and cash equivalents	113,666	106,276
Restricted cash	47,822	22,947
Accounts receivable, net	19,555	34,931
Prepaid expenses and other assets	12,758	10,166
Total assets	1,974,549	2,284,847
Liabilities:
Repurchase and loan agreements	1,270,157	1,220,972
Other secured borrowings	0	144,099
Accounts payable and accrued liabilities	55,639	51,442
Related party payables	4,151	5,266
Total liabilities	1,329,947	1,421,779
Commitments and contingencies (Note 8)	0	0
Equity:
Common stock, $0.01 par value, 200,000,000 authorized shares; 53,447,950 and 53,667,631 shares issued and outstanding as of December 31, 2017 and 2016, respectively	534	537
Additional paid-in capital	1,181,327	1,182,245
Accumulated deficit	(537,259)	(319,714)
Total equity	644,602	863,068
Total liabilities and equity	$ 1,974,549	$ 2,284,847

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
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	53,447,950	53,667,631
Common stock, shares outstanding	53,447,950	53,667,631

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental revenues	$ 123,597	$ 48,563	$ 13,233
Change in unrealized gain on mortgage loans	(190,856)	(195,909)	88,829
Net realized gain on mortgage loans	84,024	85,990	94,493
Net realized gain on sales of real estate	76,913	117,617	50,932
Interest income	493	497	611
Total revenues	94,171	56,758	248,098
Expenses:
Residential property operating expenses	71,741	70,167	66,266
Real estate depreciation and amortization	61,601	27,027	7,472
Acquisition fees and costs	778	9,339	2,292
Selling costs and impairment	40,108	57,913	72,230
Mortgage loan servicing costs	10,683	34,595	62,346
Interest expense	59,582	53,868	53,694
Share-based compensation	4,139	1,287	184
General and administrative	10,994	10,556	10,105
Management fees to AAMC	17,301	19,175	22,966
Total expenses	276,927	283,927	297,555
Operating loss	(182,756)	(227,169)	(49,457)
Losses resulting from natural disasters	(6,021)	0	0
Insurance recoveries related to natural disasters	3,349	0	0
Other (expense) income	0	(750)	3,518
Loss before income taxes	(185,428)	(227,919)	(45,939)
Income tax expense	26	109	66
Net income (loss)	$ (185,454)	$ (228,028)	$ (46,005)
Loss per share of common stock – basic:
Earnings per basic share (usd per share)	$ (3.47)	$ (4.18)	$ (0.81)
Weighted average common stock outstanding – basic (in shares)	53,493,523	54,490,979	56,843,028
Loss per share of common stock – diluted:
Earnings per diluted share (usd per share)	$ (3.47)	$ (4.18)	$ (0.81)
Weighted average common stock outstanding – diluted (in shares)	53,493,523	54,490,979	56,843,028
Dividends declared per common share (usd per share)	$ 0.6	$ 0.75	$ 1.83

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained Earnings
Beginning balance, shares at Dec. 31, 2014		57,192,212
Beginning balance at Dec. 31, 2014	$ 1,326,911	$ 572	$ 1,227,091	$ 99,248
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, 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
Ending balance at Dec. 31, 2015	1,152,357	$ 556	1,202,418	(50,617)
Increase (Decrease) in Stockholders' Equity
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
Issuance of common stock, including stock option exercises, shares		150,613
Issuance of common stock, including stock option exercises	105	$ 1	104
Repurchases of common stock, shares		(370,294)
Repurchases of common stock	(5,165)	$ (4)	(5,161)
Dividends on common stock	(32,091)			(32,091)
Share-based compensation	4,139		4,139
Net income (loss)	$ (185,454)			(185,454)
Ending balance, shares at Dec. 31, 2017	53,447,950	53,447,950
Ending balance at Dec. 31, 2017	$ 644,602	$ 534	$ 1,181,327	$ (537,259)

Consolidated Statements of Sto6

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (usd per share)	$ 0.6	$ 0.75	$ 1.83

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Operating activities:
Net income (loss)	$ (185,454)	$ (228,028)	$ (46,005)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in unrealized gain on mortgage loans	190,856	195,909	(88,829)
Net realized gain on mortgage loans	(84,024)	(85,990)	(94,493)
Net realized gain on sales of real estate	(76,913)	(117,617)	(50,932)
Real estate depreciation and amortization	61,601	27,027	7,472
Selling costs and impairment	40,108	57,913	72,230
Accretion of interest on re-performing mortgage loans	0	(142)	(551)
Share-based compensation	4,139	1,287	184
Amortization of deferred financing costs and loan discounts	7,443	12,519	7,348
Losses resulting from natural disasters	6,021	0	0
Insurance recoveries related to natural disasters	(3,349)	0	0
Changes in operating assets and liabilities:
Accounts receivable, net	(2,024)	1,650	(22,551)
Related party receivables	0	2,180	15,311
Deferred leasing costs	(311)	(550)	(88)
Prepaid expenses and other assets	(4,564)	(3,980)	(42)
Accounts payable and accrued liabilities	(565)	19,423	16,627
Related party payables	(1,115)	5,266	(33,391)
Net cash used in operating activities	(48,151)	(113,133)	(217,710)
Investing activities:
Investment in real estate	(135,101)	(299,556)	(119,977)
Investment in renovations	(38,067)	(53,394)	(27,410)
Real estate tax advances	(4,233)	(23,479)	(29,862)
Mortgage loan resolutions and dispositions	527,195	543,099	468,111
Mortgage loan payments	7,238	22,870	26,206
Disposition of real estate	264,174	378,043	154,880
Investment in derivative financial instrument	0	(55)	0
Disposition of preferred stock of affiliate	0	0	18,000
Net cash provided by investing activities	621,206	567,528	489,948
Financing activities:
Proceeds from exercise of stock options	243	83	212
Payment of tax withholdings on share-based compensation plan awards	(138)	(24)	(102)
Repurchase of common stock	(5,165)	(21,538)	(24,983)
Dividends on common stock	(32,162)	(38,286)	(98,334)
Proceeds from issuance of other secured borrowings	0	0	220,931
Repayments of other secured borrowings	(144,971)	(361,544)	(54,823)
Proceeds from repurchase and loan agreements	112,317	793,392	347,077
Repayments of repurchase and loan agreements	(462,808)	(823,192)	(594,564)
Payment of deferred financing costs and loan discounts	(8,106)	(11,331)	(9,832)
Net cash used in financing activities	(540,790)	(462,440)	(214,418)
Net change in cash, cash equivalents and restricted cash	32,265	(8,045)	57,820
Cash, cash equivalents and restricted cash as of beginning of the period	129,223	137,268	79,448
Cash, cash equivalents and restricted cash as of end of the period	161,488	129,223	137,268
Supplemental disclosure of cash flow information:
Interest	52,885	39,838	47,286
Income taxes	28	180	52
Seller financing of assets acquired	401,211	489,259	0
Transfer of mortgage loans to real estate owned, net	40,436	206,987	470,221
Transfer of mortgage loans at fair value to mortgage loans held for sale	451,317	195,461	535,836
Change in accrued capital expenditures	2,245	(3,212)	(1,388)
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net	(6,152)	(4,945)	(592)
Changes in receivables from real estate owned dispositions	(13,456)	(4,377)	15,252
Dividends declared but not paid	$ 8,275	$ 8,341	$ 5,526

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Front Yard 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, Front Yard Residential, L.P. (“FYRLP”), and its subsidiaries. On December 21, 2012, we became a stand-alone publicly traded company with an initial capital contribution of $100 million . Effective February 21, 2018, we changed our name from Altisource Residential Corporation to Front Yard Residential Corporation. We employ a diversified SFR property acquisition strategy that includes acquiring large portfolios and smaller pools of SFR properties from a variety of market participants. In 2015, we commenced the disposition of mortgage loans and real estate owned (“REO”) properties that we had previously acquired in order to create additional liquidity and purchasing power to continue building our rental portfolio. As of December 31, 2017 , we had disposed of the substantial majority of our remaining mortgage loan portfolio and REO properties and had increased our rental portfolio to approximately 12,000 homes. We are managed by Altisource Asset Management Corporation (“AAMC” or our “Manager”). As we do not have any employees, 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 remaining residential mortgage loans and REO properties. See Note 9 for a description of this related-party relationship. We have property management contracts with two separate third-party service providers for, among other things, leasing and lease management, operations, maintenance, repair, property management and property disposition services in respect of our SFR and REO portfolios. Also, we have servicing agreements with two separate mortgage loan servicers with respect to the servicing of our mortgage loans held throughout the year and those remaining mortgage loans in our portfolio. If the service providers under these agreements are 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 have a material adverse effect on us. Altisource Portfolio Solutions S.A. (“ASPS”), one of our property management service providers, and Ocwen Financial Corporation (“Ocwen”), a former mortgage servicer, were related parties until January 16, 2015 (see Note 9 ). Basis of presentation and use of estimates The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries and variable interest entities (“VIEs”) of which we are the primary beneficiary are included, and all intercompany accounts and transactions have been eliminated. For more information on our consolidation policy, see Note 2 . 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. Recently issued accounting standards Adoption of recent accounting standards In January 2017, the Financial Accounting Standards Board (“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 ASU is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. We adopted the provisions of ASU 2017-01 effective January 1, 2017. Although this adoption had no significant effect on our previously reported consolidated financial information, our acquisitions made during 2017 were considered purchases of assets, and we expect that the majority of our future acquisitions of SFR properties will no longer meet the definition of a business under the amended guidance. As a result, for our future SFR acquisitions that do not meet the definition of a business, we expect to capitalize certain acquisition costs that would have otherwise been expensed in the period incurred. 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 ASU is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The amendments in ASU 2016-18 should be applied on a retrospective transition basis. Early adoption is permitted, including adoption during an interim period. Effective January 1, 2017, the Company has adopted the provisions of ASU 2016-18. As a result of this adoption, the Company has retrospectively reclassified $2.4 million and $7.3 million of cash flows related to changes in restricted cash from investing activities on the cash flow statement to the cash, cash equivalents and restricted cash balances for the years ended December 31, 2016 and 2015, respectively, to be consistent with the current presentation. Restricted cash balances include amounts related to tenant deposits, mortgage loan escrows and reserves for debt service established pursuant to our repurchase and loan agreements and other secured borrowings. 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 ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Our adoption of this amendment on January 1, 2017 did not have a significant effect on our consolidated financial statements. Recently issued accounting standards not yet adopted In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging transactions. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We expect to adopt this standard on January 1, 2019, and we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718). The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This ASU is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted, including adoption during an interim period. We adopted this standard on January 1, 2018, and this adoption had no material impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments define the term “in substance nonfinancial asset,” in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets. If substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. This amendment also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. ASU 2017-05 is effective for periods beginning after December 15, 2017, with early application permitted for fiscal years beginning after December 15, 2016. We adopted this standard on January 1, 2018, and this adoption had no material impact 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 ASU is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted, including adoption during an interim period. The amendments in ASU 2016-16 should be applied on a modified retrospective transition basis. We adopted this standard on January 1, 2018, and this adoption had no material impact 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. The amendments in ASU 2016-15 should be applied on a modified retrospective transition basis. We adopted this standard on January 1, 2018, and this adoption had no 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 ASU is effective for fiscal years beginning after December 15, 2019. The amendments in ASU 2016-13 should be applied on a modified retrospective transition basis. We expect to adopt this standard on January 1, 2020. While we are still evaluating the overall impact of this ASU, 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. Accounting by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis. In September 2017, FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842), which provides additional implementation guidance on the previously issued ASU No. 2016-02. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2016-02 should be applied on a modified retrospective transition basis, and a number of practical expedients may apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. We expect to adopt this standard on January 1, 2019. While we are still evaluating the overall impact of this ASU, 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. The amendments in ASU 2016-01 should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We adopted this standard on January 1, 2018, and this adoption had no 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 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 and 2017, 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. We have substantively completed our analysis of the impact of this standard. Effective upon our adoption of this standard on January 1, 2018, management intends to prospectively classify net realized gains on sales of real estate as a component of other income, outside of operating income or loss. Revenues from rental activities are outside of the scope of ASU 2014-09 and, therefore, will not be materially impacted. We intend to apply this amendment using the modified retrospective method.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions. Consolidations The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, which are comprised of voting interest entities in which we are determined to have a controlling financial interest, which consists entirely of our wholly owned subsidiaries. We also consider VIEs for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of December 31, 2017 . Our former securitization trusts were determined to be VIEs and were consolidated in our financial statements prior to their termination, the last of which terminated in the second quarter of 2017. 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 We have no items of comprehensive income (loss). Therefore, comprehensive income (loss) equals net income (loss), and 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. Fees under the asset management agreement In accordance with the asset management agreement, we compensate AAMC, a related party, 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 incurred by us and earned by AAMC. Refer to Note 9 for details of the fee structure under the asset management agreement. 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. Judgment may be 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 At December 31, 2017 , we hold a small portfolio of mortgage loans. We anticipate to resolve, sell or otherwise liquidate this portfolio through our ongoing resolution activities, which may include short sales, foreclosure sales to third party purchasers, REO conversions, full debt pay-offs of the mortgage loan by the borrower, negotiated settlements or one or more potential loan portfolio sales. Upon the acquisition of mortgage loans, we record the assets at fair value, which generally equals the purchase price we paid for the loans on the acquisition date. Subsequent to acquisition, the fair value of the mortgage loans may change as a result of servicing efforts, restructuring, changes in the condition of the underlying collateral or other factors. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance. We determine the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. The carrying value of each loan is adjusted in each reporting period to the estimated fair value, which may be based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. Under this model, as a loan approaches resolution (i.e., modification or conversion to real estate owned), the resolution timeline for that loan decreases and costs embedded 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 change 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 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. Our mortgage loans also included our remaining re-performing residential mortgage loans that we initially acquired in June 2014, the last of which were sold in December 2017. Our re-performing loans were initially acquired for investment and had evidence of deteriorated credit quality at the time of acquisition. 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 estimated cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. We determined 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 was referred to as the accretable yield, which represents the amount that was expected to be recorded as interest income over the remaining life of the loan pool. Real estate assets Our real estate assets consist of (i) residential properties held as rental units, (ii) residential properties that we acquired through the conversion of mortgage loans to REO that have not yet been placed in service as a rental or that do not meet the criteria to be classified as held for sale and (iii) residential properties that are held for sale. Rental residential properties We record rental residential properties at historical cost less accumulated depreciation. 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. Certain of our rental residential properties may require renovation before being placed in service. 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. Purchases of residential 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; site improvements; furniture, fixtures and equipment and any identified intangible assets and liabilities (including in-place leases and above and below-market leases). For acquisitions that meet the definition of a business combination, we expense the acquisition costs in the period in which the costs were incurred and allocate the cost of the property among land; building; site improvements; furniture, fixtures and equipment 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. Real estate owned 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. We will make a final determination whether each property meets our rental profile after (a) applicable state redemption periods have expired, (b) the foreclosure sale has been ratified, (c) we have recorded the deed for the property, (d) utilities have been activated and (e) we have secured access for interior inspection. A majority of the REO properties are subject to state regulations that require us to await the expiration of a redemption period before a foreclosure can be finalized. Once the redemption period expires, we immediately proceed to record a new deed, take possession of the property, activate utilities, and start the inspection process in order to make our final determination. If an REO property meets our rental profile, we determine the extent of renovations that are needed to generate an optimal rent and maintain consistency of renovation specifications. Once an REO property is placed in rental service, we reclassify the property to rental residential property and allocate the carrying value between land and rental residential properties in our consolidated balance sheet. 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. Upon this determination, we reclassify the asset to real estate assets held for sale. Real estate assets held for sale Residential properties are classified as real estate assets held for sale when sale of the assets has been formally approved, the sale is expected to occur in the next twelve months and the property has been listed for sale. We record residential properties held for sale at the lower of the carrying amount or estimated fair value less costs to sell. The fair value of real estate assets held for sale is determined as the lesser of the BPO or the expected selling price (which we consider to be Level 3 inputs). The expected selling price may be based on the current listing price of the property. Real estate impairment We perform an impairment analysis of our real estate assets if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than the carrying amount. This analysis is performed at the property level using estimated cash flows. 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 property exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for excess of the carrying amount over the estimated fair value (in the case of rental residential properties and REO properties) or the estimated fair value less costs to sell (in the case of real estate assets held for sale). For rental residential properties and real estate owned properties, we are not able to recover any previously recognized impairments should the estimated fair value subsequently improve. For real estate assets held for sale, we are able to recover impairments to the extent previously recognized in the event that the estimated fair value of impaired properties held for sale subsequently improves. We generally estimate the fair value of real estate assets by using BPOs, and, for real estate assets held for sale, we also consider the expected selling price, which may be based on the current listing price of the property. In some instances, appraisal information may be available and is used in addition to BPOs. 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 held-for-sale property at least every six months by obtaining a new BPO, and we obtain new BPOs for a portion of our held-for-use properties each year. These BPOs are subject to the review processes of our third party vendors. In addition, 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. Leasing costs Expenditures directly related to successful leasing efforts, such as lease commissions, are capitalized as a leasing cost and are included in prepaid expenses and other assets on the accompanying consolidated balance sheet 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. Revenue recognition 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. We may offer incentives from time to time to encourage prospective tenants to enter into a lease or current tenants whose leases are expiring to remain in our homes. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Termination fee income is recognized when the amount of the fee is determinable and collectability is reasonably assured. Lease promotions and incentives are recognized on a straight-line basis over the terms of the related lease. 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 based on the aging of accounts receivable. Rents receivable and deferred rents receivable are written-off when we have deemed that the amounts are uncollectible. Change in unrealized gains on mortgage loans We recognize changes in unrealized gains on mortgage loans from three sources: conversions of mortgage loans to REO, changes in the fair value of mortgage loans and reclassifications of accumulated unrealized gains to realized upon the sale of mortgage loans or REO. • Upon conversion of loans to REO, we mark the properties to the most recent market value. The difference between the carrying value of the asset at the time of conversion and the most recent market value, based on BPOs, is recorded in our statement of operations as change in unrealized gain on mortgage loans. • The carrying value of each loan is adjusted in each reporting period to the estimated fair value, which may be based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. The change in the value of the loan is recognized in change in unrealized gain on mortgage loans in our consolidated statements of operations. • Upon the liquidation of a mortgage loan or REO property, we reclassify previously accumulated unrealized gains to realized gains in our consolidated statement operations. Net realized gain on mortgage loans We record net realized gains or losses, including the reclassification of previously accumulated net unrealized gains, upon the liquidation of a loan, which may consist of short sale, third party sale of the underlying property, refinancing or full debt pay-off of the loan. We generally expect to collect proceeds of loan liquidations in cash and, thereafter, have no continuing involvement with the asset. Net realized gain on sale of real estate REO properties that do not meet our investment criteria are sold out of our TRS. The realized gain or loss recognized in the financial statements, including the reclassification of previously accumulated net unrealized gains, reflects the net amount of realized and unrealized gains on sold REOs from the time of acquisition to sale completion. Restricted cash Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as security deposits from tenants, 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 Black-Scholes model. Forfeitures of share-based awards are recognized as they occur.

Asset Acquisitions and Disposit

Asset Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2017
Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]
Asset Acquisitions and Dispositions	3. Asset Acquisitions and Dispositions Real estate assets Real estate acquisitions, including those accounted for as business combinations HOME Flow Transaction On March 30, 2017, we entered into an agreement to acquire up to 3,500 SFR properties (the “HOME Flow Transaction”) from entities (the “Sellers”) sponsored by Amherst Holdings, LLC (“Amherst”) in three separate closings. These acquisitions were accounted for as purchases of assets pursuant to our adoption of ASU 2017-01 effective January 1, 2017. • In the first closing on March 30, 2017, our wholly owned subsidiary, HOME SFR Borrower II, LLC (“HOME Borrower II”), acquired 757 SFR properties for an aggregate purchase price of $106.5 million . The purchase price was initially funded with approximately $79.9 million in a seller financing arrangement (the “HOME II Loan Agreement,” see Note 7 ), representing 75% of the aggregate purchase price, as well as $26.6 million of cash on hand. We capitalized $1.5 million of acquisition fees and costs related to this portfolio acquisition. The value of in-place leases was estimated at $2.4 million based on the costs we would have incurred to lease the properties and is being amortized over the weighted average remaining life of the leases of approximately seven months as of the acquisition date. • In the second closing on June 29, 2017, our wholly owned subsidiary, HOME SFR Borrower III, LLC (“HOME Borrower III”), acquired 751 SFR properties for an aggregate purchase price of $117.1 million . The purchase price was initially funded with approximately $87.8 million in a seller financing arrangement (the “HOME III Loan Agreement,” see Note 7 ), representing 75% of the aggregate purchase price, as well as $29.3 million of cash on hand. We capitalized $1.3 million of acquisition fees and costs related to this portfolio acquisition. The value of in-place leases was estimated at $2.0 million based on the costs we would have incurred to lease the properties and is being amortized over the weighted average remaining life of the leases of approximately nine months as of the acquisition date. • In the third and final closing on November 29, 2017, our wholly owned subsidiary, HOME SFR Borrower IV, LLC (“HOME Borrower IV”) acquired 1,957 SFR properties for an aggregate purchase price of $305.1 million . The purchase price was funded with approximately $228.8 million in two separate seller financing arrangements (the “HOME IV Loan Agreements,” see Note 7 ), representing 75% of the aggregate purchase price, as well as $76.3 million of cash on hand. We capitalized $1.9 million of acquisition fees and costs related to this portfolio acquisition. The value of in-place leases was estimated at $5.9 million based on the costs we would have incurred to lease the properties and is being amortized over the weighted average remaining life of the leases of approximately seven months as of the acquisition date. Certain of the properties are subject to potential purchase price adjustments in accordance with the related purchase and sale agreement. Because such future valuation of the properties is unknown, we are unable to predict the ultimate adjustments, if any, that will be made to the initial aggregate purchase price at this time (see Note 8 ). For each closing under the HOME Flow Transaction, we allocated the purchase price, including capitalized acquisition fees and costs, based on the relative fair value of the properties acquired as follows ($ in thousands): HOME Borrower II HOME Borrower III HOME Borrower IV Land $ 20,668 $ 22,549 $ 58,957 Rental residential properties (1) 84,942 93,802 242,110 Prepaid expenses and other assets (2) 2,380 2,018 5,894 Total allocation of purchase price $ 107,990 $ 118,369 $ 306,961 ________ (1) Includes building, site improvements and furniture, fixtures and equipment. (2) Represent estimated lease-in-place intangible asset. HOME SFR Transaction On September 30, 2016, FYRLP acquired a portfolio of 4,262 SFR properties (the “HOME SFR Transaction”) for an aggregate purchase price of $652.3 million in two separate seller-financed transactions. In the first transaction, FYRLP 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, FYRLP 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, FYRLP 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 FYRLP, acquired the remaining 394 of the 4,262 properties. At the time of acquisition, the purchase meet the definition of, and was accounted for as, a business combination. 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 $9.8 million based on the costs we would have incurred to lease the properties and was being amortized over the weighted average remaining life of the leases, which was approximately seven months as of date of the HOME SFR Transaction. The following table sets forth the allocation of the estimated fair value of the assets acquired as well as the source of funds related to the HOME SFR Transaction ($ 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 7) 489,259 Total purchase price $ 652,346 ________ (1) Represent estimated lease-in-place intangible asset. Other Acquisitions 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 , based upon 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 years ended December 31, 2017 , 2016 and 2015 , we acquired 27 , 714 and 98 SFR properties, respectively, under our other acquisition programs for an aggregate purchase price of $2.7 million , $71.8 million and $8.6 million , respectively. Supplemental pro forma financial information (unaudited) of the HOME SFR Transaction The following supplemental pro forma financial information, which is required for significant acquisitions of operating properties that meet the definition of a business combination, summarizes our results of operations as if the HOME SFR Transaction occurred on January 1, 2015 as follows ($ 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 statements of operations $ 56,758 $ 248,098 Add: historical revenues of acquired properties not reflected in consolidated statements of operations 40,977 46,436 Unaudited pro forma revenues $ 97,735 $ 294,534 Net loss from consolidated statements of operations $ (228,028 ) $ (46,005 ) Plus: historical net income of acquired properties not reflected in consolidated statements of operations 25,578 27,966 Less: pro forma real estate 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 supplemental 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. Real estate dispositions During the years ended December 31, 2017 , 2016 and 2015 , we sold 1,710 , 2,668 and 1,321 REO properties, respectively. In connection with these sales, we received proceeds of $250.7 million , $373.7 million and $170.1 million , respectively, and recorded $76.9 million , $117.6 million and $50.9 million , respectively, of net realized gain on sales of real estate. Mortgage loans Mortgage loan dispositions and resolutions During the years ended December 31, 2017 , 2016 and 2015 , we sold 2,982 , 1,975 and 824 mortgage loans, respectively, to third party purchasers. In addition, we resolved 133 , 475 and 590 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. In connection with these sales and resolutions, we received proceeds of $521.2 million , $534.4 million and $466.9 million , respectively, and recorded $84.0 million , $86.0 million and $94.5 million of net realized gains on sales of mortgage loans during the years ended December 31, 2017 , 2016 and 2015 , respectively. Transfers of mortgage loans to real estate owned During the years ended December 31, 2017 , 2016 and 2015 , we transferred an aggregate of 248 , 1,112 and 2,443 mortgage loans to REO at an aggregate fair value based on BPOs of $40.4 million , $207.0 million and $470.2 million , respectively. Such transfers occur when the foreclosure sale is complete; however, subsequent to a foreclosure sale, we may be notified that the foreclosure sale was invalidated for certain reasons. In connection with these transfers to REO, we recorded $15.1 million , $46.0 million , and $91.3 million , respectively, in change in unrealized gain on mortgage loans that resulted from marking the properties to their most current market value during the years ended December 31, 2017 , 2016 and 2015 , respectively. The following table presents the components of the change in unrealized gain on mortgage loans for the year ended December 31, 2017 ($ in thousands): Year Ended December 31, 2017 Change in unrealized gain on mortgage loans due to: Conversion of mortgage loans to REO, net $ 15,067 Change in fair value, net 1,514 Reclassification to realized gain or loss (207,437 ) Total change in unrealized gain on mortgage loans $ (190,856 )

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate Assets	4. Real Estate Assets In September 2017, Hurricanes Harvey and Irma impacted certain of our properties in Texas and Florida, respectively, all of which are covered by wind, flood and business interruption insurance. During the year ended December 31, 2017 , our consolidated statement of operations reflects an estimated total net loss of $2.7 million for the properties affected by the hurricanes, which includes estimated gross casualty losses of $6.0 million , partially offset by estimated insurance recoveries of $3.3 million . We may record additional losses or receive additional insurance recoveries in future periods as property inspections and repairs are completed and insurance claims are confirmed. In addition, we experienced lost revenue during the third and fourth quarter of 2017 related to lost rents at certain affected properties, and we expect to recover a portion of this lost revenue from our business interruption insurance. Real estate held for use As of December 31, 2017 , we had 12,241 single-family residential properties held for use. Of these properties, 10,850 had been leased, 591 were listed and ready for rent and 534 were in varying stages of renovation and unit turn status. With respect to the remaining 266 REO properties, we are in the process of determining whether these properties meet our rental profile. As of December 31, 2016, we had 9,939 single-family residential properties held for use. Of these properties, 7,293 had been leased, 703 were listed and ready for rent and 607 were in various stages of renovation. With respect to the remaining 1,336 REO properties, we were in the process of determining whether these properties would meet our rental profile. We generally rent our SFR properties under non-cancelable leases with a term of one to two years. Future minimum rental revenues under leases existing for the 10,850 properties that were leased as of December 31, 2017 are as follows ($ in thousands): 2018 $ 77,777 2019 19,014 2020 614 2021 — 2022 and thereafter — $ 97,405 During the years ended December 31, 2017 , 2016 and 2015, we recognized $3.0 million , $7.4 million and $3.5 million , respectively, of impairment on real estate held for use, which primarily related to our properties under evaluation for rental strategy. Real estate held for sale As of December 31, 2017 and 2016 , our real estate held for sale included 333 and 594 REO properties, respectively, having an aggregate carrying value of $75.7 million and $133.3 million , respectively. Management has determined to divest these properties because they do not meet our residential rental property investment criteria. During the years ended December 31, 2017 , 2016 and 2015 , we recognized $17.3 million , $25.8 million and $33.0 million , respectively, of net impairment on our real estate held for sale.

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans at Fair Value	5. Mortgage Loans at Fair Value As of December 31, 2017 , we had sold the substantial majority of our mortgage loan portfolio, leaving 111 mortgage loans remaining in our portfolio. The following table sets forth information related to our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of December 31, 2017 and 2016 ($ in thousands): Number of Loans Fair Value and Carrying Value Unpaid Principal Balance Market Value of Underlying Properties December 31, 2017 Current 17 $ 1,528 $ 2,380 $ 3,156 30 1 51 139 70 60 3 304 344 630 90 23 720 7,674 6,498 Foreclosure 67 8,874 18,813 20,820 Mortgage loans at fair value 111 $ 11,477 $ 29,350 $ 31,174 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 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 ($ in thousands): Number of Loans Fair Value and 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 Re-performing residential mortgage loans As of December 31, 2017 , we had divested our reperforming loans. As of December 31, 2016, our re-performing loans had a UPB of $5.7 million and a carrying value of $3.7 million , which was included in mortgage loans held for sale. For the years ended December 31, 2017 , 2016, and 2015, we recognized no provision for loan loss and no adjustments to the amount of the accretable yield for our re-performing residential mortgage loans. The following table presents changes in the balance of the accretable yield for the periods indicated ($ in thousands): Accretable Yield Year ended December 31, 2017 Year ended December 31, 2016 Balance at the beginning of the period $ 1,757 $ 2,146 Payments and other reductions, net (1,757 ) (247 ) Accretion — (142 ) Balance at the end of the period $ — $ 1,757

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6. 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, 2017 and 2016 ($ 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, 2017 Recurring basis (assets) Mortgage loans at fair value $ 11,477 $ — $ — $ 11,477 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,270,157 — 1,276,315 — December 31, 2016 Recurring basis (assets) Mortgage loans at fair value $ 460,444 $ — $ — $ 460,444 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 — 1,226,972 — Other secured borrowings 144,099 — 144,971 — We have not transferred any assets from one level to another level during the years ended December 31, 2017 and 2016 . The carrying values of our cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities and related party payables are equal to or approximate fair value. The fair values of mortgage loans at fair value are estimated based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. 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 was estimated using observable market data. The following table sets forth the changes in our mortgage loans for the year ended December 31, 2017 ($ in thousands): Year ended December 31, 2017 Mortgage loans at fair value, beginning of the year 460,444 Mortgage loans held for sale, beginning of the year 108,036 Mortgage loans, beginning of the year 568,480 Change in unrealized gain on mortgage loans (76,340 ) Net realized gain on mortgage loans 84,024 Mortgage loan dispositions, resolutions and payments (526,670 ) Real estate tax advances to borrowers 3,763 Selling costs on loans held for sale (1,344 ) Transfer of mortgage loans at fair value to real estate owned, net (40,436 ) Ending balance 11,477 Change in unrealized gain on mortgage loans held at the end of the period (5,911 ) The following table sets forth the changes in our mortgage loans at fair value on a recurring basis ($ in thousands): Year ended December 31, 2016 Mortgage loans at fair value Beginning balance $ 960,534 Transfers of mortgage loans at fair value to mortgage loans held for sale, net (195,461 ) Change in unrealized gain on mortgage loans (409 ) Net realized gain on mortgage loans 35,760 Mortgage loan dispositions, resolutions and payments (151,029 ) Real estate tax advances to borrowers 18,013 Transfer of mortgage loans at fair value to real estate owned, net (206,964 ) Ending balance $ 460,444 Change in unrealized gain on mortgage loans held at the end of the period $ (46,281 ) 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 certain of our mortgage loans: Input December 31, 2017 December 31, 2016 Equity discount rate 17.0% 17.0% 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 -1.71% to 9.07% -11.2% to 15.1% Loan resolution probabilities — modification 0% to 5.9% 0% to 5.9% Loan resolution probabilities — rental 0% 0% Loan resolution probabilities — liquidation 49.5% to 100% 31.8% to 100% Loan resolution probabilities — paid in full 0% to 47.4% 0% to 66.2% Loan resolution timelines (in years) 0.1 to 5.3 0.1 to 5.8 Value of underlying properties $45,000 to $2,250,000 $3,500 to $4,600,000

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Borrowings	7. 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 the remaining 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, 2017 , the weighted average annualized interest rate on borrowings under our repurchase and loan agreements was 4.48% , excluding amortization of premium on loan agreements and deferred issuance costs. At December 31, 2017 , we were party to one repurchase agreement and seven loan agreements. Below is a description of each agreement outstanding during the year ended December 31, 2017 : Repurchase Agreement • 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 . The CS Repurchase Agreement has been amended on several occasions, ultimately increasing the maximum borrowing capacity to $350.0 million as of December 31, 2017 . We pay interest on the outstanding principal balance monthly based on CS's cost of funds plus a fixed component spread of 2.75% . The maturity date of the CS Repurchase Agreement is November 16, 2018. At December 31, 2017 , an aggregate of $189.2 million was outstanding under 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 has been amended on several occasions, ultimately increasing the maximum funding capacity to $250.0 million ( $100.0 million of which is uncommitted but available to us subject to our meeting certain eligibility requirements) on December 31, 2017 . We pay interest on the outstanding principal balance monthly based on one-month LIBOR plus a fixed component spread of 3.25% . The maturity date of the Nomura Loan Agreement is April 5, 2018. As of December 31, 2017 , an aggregate of $102.8 million was outstanding under the Nomura Loan Agreement. • In connection with the seller financing related to the HOME SFR Transaction, we entered into a loan agreement (the “MSR Loan Agreement”) between HOME Borrower, the sellers and MSR Lender, LLC (“MSR Lender”), 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 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 of 3.25% . HOME Borrower pays interest on the outstanding principal balance monthly. The initial maturity date of the MSR Loan is November 9, 2018. 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. • In connection with the seller financing related to the first closing under the HOME Flow Transaction on March 30, 2017, HOME Borrower II entered into the HOME II Loan Agreement with entities sponsored by Amherst, pursuant to which we initially borrowed approximately $79.9 million . On November 13, 2017, HOME Borrower II entered into an amended and restated loan agreement. Pursuant to the amended and restated HOME II Loan Agreement, our borrowings thereunder have increased to $83.3 million , the weighted average fixed-rate spread over one-month LIBOR decreased from 2.75% to 2.10% and the initial maturity date was changed from October 9, 2019 to November 9, 2019. HOME Borrower II pays interest on the outstanding principal balance monthly. HOME Borrower II has the option to extend the HOME II Loan Agreement beyond the initial maturity date for three successive one -year extensions, provided, among other things, that there is no event of default under the HOME II Loan Agreement on each maturity date. The HOME II Loan Agreement is secured by the membership interests of HOME Borrower II and the properties and other assets of HOME Borrower II. The HOME II Loan Agreement is also cross-defaulted and cross-collateralized with the HOME III Loan Agreement. • In connection with the seller financing related to the second closing under the HOME Flow Transaction on June 29, 2017, HOME Borrower III entered into the HOME III Loan Agreement with entities sponsored by Amherst, pursuant to which we initially borrowed approximately $87.8 million . On November 13, 2017, HOME Borrower III entered into an amended and restated loan agreement. Pursuant to the amended and restated HOME III Loan Agreement, our borrowings thereunder have increased to $89.1 million , the weighted average fixed-rate spread over one-month LIBOR decreased from 2.30% to 2.10% and the initial maturity date was changed from October 9, 2019 to November 9, 2019. HOME Borrower III pays interest on the outstanding principal balance monthly. HOME Borrower III has the option to extend the HOME III Loan Agreement beyond the initial maturity date for three successive one -year extensions, provided, among other things, that there is no event of default under the HOME III Loan Agreement on each maturity date. The HOME III Loan Agreement is secured by the membership interests of HOME Borrower III and the properties and other assets of HOME Borrower III. The HOME III Loan Agreement is also cross-defaulted and cross-collateralized with the HOME II Loan Agreement. • In connection with the seller financing related to the third and final closing under the HOME Flow Transaction on November 29, 2017, HOME Borrower IV entered into the two separate loan agreements with entities sponsored by Amherst, pursuant to which we borrowed $114.2 million pursuant to the first loan agreement and $114.6 million pursuant to the second loan agreement (collectively, the “HOME IV Loan Agreements”). The HOME IV Loan Agreements have a fixed interest rate of 4.00% and a maturity date of December 9, 2022. HOME Borrower IV pays interest on the outstanding principal balance monthly. The HOME IV Loan Agreements are secured by first priority mortgages on a portion of the properties acquired in the third and final closing under the HOME Flow Transaction. • On April 6, 2017, RESI TL1 Borrower, LLC (“TL1 Borrower”), our indirect wholly owned subsidiary, entered into a credit and security agreement (the “Term Loan Agreement”) with American Money Management Corporation, as agent, on behalf of Great American Life Insurance Company and Great American Insurance Company as initial lenders, and each other lender added from time to time as a party to the Term Loan Agreement. Pursuant to the Term Loan Agreement, TL1 Borrower borrowed $100.0 million to finance the ownership and operation of SFR properties. The Term Loan Agreement has a maturity date of April 6, 2022 and a fixed interest rate of 5.00% . TL1 Borrower pays interest on the outstanding principal balance monthly. As of December 31, 2017 , the maximum aggregate funding available to us under the repurchase and loan agreements described above was $1.6 billion , subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of December 31, 2017 , an aggregate of $1.3 billion was outstanding under these repurchase and loan agreements. The following table sets forth data with respect to our repurchase and loan agreements as of December 31, 2017 and 2016 ($ in thousands): Maximum Borrowing Capacity Book Value of Collateral Amount Outstanding Amount of Available Funding December 31, 2017 CS Repurchase Agreement due November 16, 2018 $ 350,000 $ 281,722 $ 189,173 $ 160,827 Nomura Loan Agreement due April 5, 2018 250,000 169,521 102,785 147,215 MSR Loan Agreement due November 9, 2018 489,259 622,065 489,259 — HOME II Loan Agreement due November 9, 2019 83,270 103,324 83,270 — HOME III Loan Agreement due November 9, 2019 89,150 114,698 89,150 — HOME IV Loan Agreement (A) due December 9, 2022 114,201 149,698 114,201 — HOME IV Loan Agreement (B) due December 9, 2022 114,590 150,718 114,590 — Term Loan Agreement due April 6, 2022 100,000 116,250 100,000 — Less: unamortized loan discount — — (6,158 ) — Less: deferred debt issuance costs — — (6,113 ) — $ 1,590,470 $ 1,707,996 $ 1,270,157 $ 308,042 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 Our business model relies to a significant degree on both short-term financing and longer duration asset-backed financing arrangements, and we generally do not carry sufficient liquid funds to retire any of our short-term obligations upon their maturity. Prior to or upon such short-term maturities, management generally expects to (1) refinance the remaining outstanding short-term facilities, obtain additional financing or replace the short-term facilities with longer-term facilities and (2) continue to liquidate non-rental REO properties and certain mortgage loans, 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 obtaining additional financing with new counterparties and our ongoing relationships with lenders. The following table presents the principal amount of our debt due at maturity by year, including applicable extensions ($ in thousands): 2018 291,958 2019 — 2020 — 2021 489,259 2022 and thereafter 501,211 1,282,428 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 one or more of our limited liability company subsidiaries 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 CS Repurchase Agreement 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. The CS Repurchase Agreement is fully guaranteed by us. 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. We may be required to repay a portion of the amounts outstanding under the Nomura Loan Agreement should the loan-to-value ratio of the funded collateral decline. 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 is fully guaranteed by us. 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, the HOME II Loan Agreement, the HOME III Loan Agreement and the HOME IV Loan Agreements Under the terms of the MSR Loan Agreement, the HOME II Loan Agreement, the HOME III Loan Agreement and the HOME IV Loan Agreements, each of the facilities are non-recourse to us and are secured by a lien on the membership interests of HOME Borrower, HOME Borrower II, HOME Borrower III, HOME Borrower IV and the acquired properties and other assets of each entity, respectively. The assets of each entity are the primary source of repayment and interest on their respective loan agreements, thereby making the cash proceeds of rent payments and any sales of the acquired properties the primary sources of the payment of interest and principal by each entity to the respective lenders. Each of the loan agreements require that the applicable borrower comply with various affirmative and negative covenants that are customary for loans of this type, including limitations on the indebtedness each entity can incur, limitations on sales and dispositions of the properties collateralizing the respective loan agreements, minimum net asset requirements and various restrictions on the use of cash generated by the operations of such properties while the respective loan agreements are outstanding. Each loan agreement also includes customary events of default, the occurrence of which would allow the respective lenders to accelerate payment of all amounts outstanding thereunder. We have limited indemnification obligations for wrongful acts taken by HOME Borrower, HOME Borrower II, HOME Borrower III or HOME Borrower IV under their respective loan agreements in connection with the secured collateral. Even though the MSR Loan Agreement, the HOME II Loan Agreement, the HOME III Loan Agreement and the HOME IV Loan Agreements are non-recourse to us and all of our subsidiaries other than the entities party to the respective loan agreements, we have agreed to limited bad act indemnification obligations to the respective lenders for the payment of (i) certain losses arising out of certain bad or wrongful acts of our subsidiaries that are party to the respective loan agreements and (ii) the principal amount of each of the facilities and all other obligations thereunder in the event we cause certain voluntary bankruptcy events of the respective subsidiaries party to the loan agreements. Any of such liabilities could have a material adverse effect on our results of operations and/or our financial condition. Terms and covenants related to the Term Loan Agreement The Term Loan Agreement requires that the TL1 Borrower comply with various affirmative and negative covenants that are customary for loans of this type, including, without limitation, reporting requirements to the agent; maintenance of minimum levels of liquidity, indebtedness and tangible net worth; limitations on sales and dispositions of the properties collateralizing the Term Loan Agreement and various restrictions on the use of cash generated by the operations of the properties while the Term Loan Agreement is outstanding. We may be required to make prepayments of a portion of the amounts outstanding under the Term Loan Agreement under certain circumstances, including certain levels of declines in collateral value. The Term Loan Agreement also includes customary events of default, the occurrence of which would allow the lenders to accelerate payment of all amounts outstanding thereunder. The Term Loan Agreement is non-recourse to us and is secured by a lien on the membership interests of TL1 Borrower and the properties and other assets of TL1 Borrower. The assets of TL1 Borrower are the primary source of repayment and interest on the Term Loan Agreement, thereby making the cash proceeds received by TL1 Borrower from rent payments and any sales of the underlying properties the primary sources of the payment of interest and principal by TL1 Borrower to the lenders. We have limited indemnification obligations for wrongful acts taken by TL1 Borrower and RESI TL1 Pledgor, LLC, the sole member of TL1 Borrower, in connection with the secured collateral for the Term Loan Agreement. 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 Securitization Trust, Series 2015-1 (“ARLP 2015-1”), a VIE of which we were the primary beneficiary and therefore consolidated in our financial statements, issued $205.0 million in ARLP 2015-1 Class A Notes with a weighted coupon of approximately 4.01% and $60.0 million in ARLP 2015-1 Class M Notes. In May 2017, we repaid all of the notes issued under ARLP 2015-1 and concurrently terminated the securitization. The following table sets forth data with respect to the ARLP 2015-1 notes as of December 31, 2016 ($ 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 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 FYRLP (60,000 ) Less: deferred debt issuance costs (872 ) $ 144,099

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. 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, 2017 or which settled during 2017: 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, our former Chairman, William C. 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 United States District Court of New Jersey. In a hearing on December 19, 2016, the parties made oral arguments on the motion to dismiss, and on March 16, 2017 the Court issued an order that the motion to dismiss had been denied. On April 17, 2017, the defendants filed a motion for reconsideration of the Court’s decision to deny the motion to dismiss. On April 21, 2017, the defendants filed their answer and affirmative defenses. Plaintiff filed an opposition to defendants’ motion for reconsideration on May 8, 2017. On May 30, 2017, the Court issued an order that the motion for reconsideration had been denied. Discovery has commenced and is ongoing. We believe this complaint is without merit. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. 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 was the exclusive provider of leasing and property management services to 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 the acquisition of certain 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 an agreed-upon date 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. Potential purchase price adjustments under the HOME Flow Transaction Certain of the properties acquired on November 29, 2017 in the third and final closing under the HOME Flow Transaction are subject to potential purchase price adjustments in accordance with the related purchase and sale agreement, which may result in an upward or downward adjustment of up to 10% of the purchase price, or an aggregate of up to $18.3 million , related to the affected properties. The purchase price adjustment will be determined based on the rental rates achieved for the properties within 24 months after the closing date. Because such future rental rates of the properties are unknown, we are unable to predict the ultimate adjustments, if any, that will be made to the initial purchase price related to such properties at this time.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related-Party Transactions	9. Related-party Transactions Through January 16, 2015, William C. Erbey served as our Chairman as well as the Executive Chairman of Ocwen, Chairman of ASPS and Chairman of AAMC. Effective January 16, 2015, Mr. Erbey stepped down as the Executive Chairman of Ocwen and Chairman of each of the Company, ASPS and AAMC and is no longer a member of the Board of Directors for any of these companies. Accordingly, at that point, Ocwen and ASPS were no longer considered related parties of Front Yard or AAMC as defined by ASC Topic 850, Related Party Disclosures. Transactions under our agreements with Ocwen and ASPS for the period January 1, 2015 through January 16, 2015 were not material to our consolidated results of operations. Asset management agreement with AAMC On March 31, 2015, we entered into our current asset management agreement (the “AMA”) with AAMC. The AMA, which became effective on April 1, 2015, provides for the following management fee structure: • 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 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% (or 1.75% and 2.06% per quarter), depending on the 10 -year treasury rate. To the we have an aggregate shortfall in its return rate over the previous seven quarters, that aggregate return rate shortfall gets added to the normal quarterly return hurdle for the next quarter before AAMC is entitled to an incentive management fee. 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 applicable quarter. Because we have more than 4,500 Rental Properties, AAMC is entitled to receive a base management fee of 2.0% of our invested capital and a potential incentive management fee percentage of 25% of the amount by which we exceed our then-required return on invested capital threshold. We have the flexibility to pay up to 25% of the incentive management fee to AAMC in shares of our common stock. Under the AMA, we reimburse AAMC for the compensation and benefits of the General Counsel dedicated to us and certain other out-of-pocket expenses incurred by AAMC on our behalf. The AMA requires that AAMC continue to serve as our exclusive asset manager for an initial term of 15 years from April 1, 2015, with two potential five -year extensions, subject to our achieving an average annual return on invested capital during the initial term of at least 7.0% . Neither party is entitled to terminate the 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 AMA and failure to cure such breach, (b) us for certain other reasons such as our failure to achieve a return on invested capital of at least 7.0% for two consecutive fiscal years after the third anniversary of the AMA and (c) us in connection with certain change of control events. Under the previous asset management agreement, we paid AAMC a quarterly incentive management fee based on a percentage of our cash available for distribution to our stockholders. 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. If the AMA were terminated by AAMC, our financial position and future prospects for revenues and growth could be materially adversely affected. 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, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Base management fees (1) AAMC $ 16,010 $ 17,334 $ 13,935 Conversion fees (1) AAMC 1,291 1,841 1,037 Management incentive fees (1) AAMC — — 7,994 Expense reimbursements (2) AAMC 859 816 750 Dividend income (3) (4) NewSource — — 1,518 Interest expense (5) NewSource — — 563 Professional fee sharing for negotiation of the current AMA (4) AAMC — — 2,000 _______________ (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 Reinsurance Company Ltd. (“NewSource”) discussed below. (4) Included in other income (expense) in the consolidated statement of operations. (5) Interest expense related to notes issued to NewSource by a former securitization trust. These notes were repurchased on September 14, 2015. No incentive management fee under the AMA was payable to AAMC during 2017 because our return on invested capital (as defined in the AMA) was below the cumulative required hurdle rate. Under the 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, 2017 , the aggregate return shortfall from the prior seven quarters under the AMA was approximately 55.82% 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. On October 17, 2013, we invested $18.0 million in the non-voting preferred stock of NewSource, a title insurance and reinsurance company in Bermuda and a wholly owned subsidiary of AAMC. We accounted for our investment in NewSource using the cost method because we did not exercise significant influence over NewSource. As a result, we recognized preferred dividend income from this investment when received. 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 .

Share-based Payments

Share-based Payments	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Payments	10. Share-based Payments 2016 Equity Incentive Plan Beginning in July 2016, our non-management directors each received annual grants of restricted stock units issued under the Company's 2016 Equity Incentive Plan (the “2016 Equity Incentive Plan”). These restricted stock units are eligible for settlement in the number of shares of our common stock having a fair market value of $60 thousand on the date of grant. Subject to accelerated vesting in limited circumstances, the restricted stock units 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 two years thereafter until the third anniversary of grant (subject to earlier distribution or forfeiture upon the respective director’s separation from the Board of Directors). The awards were issued together with dividend equivalent rights. In respect of dividends paid to our stockholders prior to the vesting date, dividend equivalent rights accumulate and are expected to 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 vests but remain subject to settlement, dividend equivalent rights are expected to be paid in cash on the same timeline as underlying dividends are paid to our stockholders. We have also made grants of restricted stock units and stock options to certain employees of AAMC. The restricted stock units granted to AAMC employees 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 granted to AAMC employees will vest in three equal annual installments on the first, second and third anniversary of the later of (i) the date of the option award and (ii) the date of the satisfaction of certain performance criteria, subject to acceleration or forfeiture. The performance criteria is satisfied on the date on which the sum of (a) the average price per share for the consecutive 20 -trading-day period ending on such date plus (b) the amount of all reinvested dividends, calculated on a per-share basis from the date of grant through such date, shall equal or exceed 125% of the price per share on the date of grant (the “Performance Goal”); provided however that the Performance Goal must be attained no later than the fourth anniversary of the grant date. In the event that the Performance Goal is not attained prior to the fourth anniversary of the grant date, the stock options shall expire. 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 $1.4 million and $0.4 million of compensation expense related to our grants of stock options under the 2016 Equity Incentive Plan during the years ended December 31, 2017 and 2016 , respectively. As of December 31, 2017 and 2016 , we had $1.2 million and $1.3 million , respectively, 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 1.3 years and 1.6 years , respectively. The following table sets forth the activity of our outstanding options: Number of Options Weighted Average Exercise Price per Share 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 Granted 567,227 14.30 Exercised (49,126 ) 2.16 December 31, 2017 1,381,078 $ 11.14 The total outstanding options issued under all of our share-based compensation plans as of December 31, 2017 had a weighted average remaining life of 5.6 years with total intrinsic value of $2.4 million . We have 350,393 options exercisable as of December 31, 2017 with a weighted average exercise price of $7.47 , weighted average remaining life of 4.4 years and intrinsic value of $1.5 million . Of these exercisable options, none had an exercise price higher than the market price of our common stock as of December 31, 2017 . 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, 2017 Year ended December 31, 2016 Risk free interest rate (1) 2.05% 1.38% Common stock dividend yield 4.20% 5.98% Expected volatility (2) 36.67% 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 $2.7 million , $0.9 million and $0.2 million of compensation expense related to our grants of restricted stock for the year ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , we had $2.7 million and $2.1 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 1.2 years and 1.5 years , respectively. The following table sets forth the activity of our restricted stock: Number of Shares Weighted Average Grant Date Fair Value 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 Granted 271,633 14.30 Vested (1) (101,487 ) 9.96 Canceled (17,802 ) 11.80 December 31, 2017 419,242 $ 12.70 ___________________ (1) The vesting date fair value of restricted stock that vested during the years ended December 31, 2017 , 2016 and 2015 was $1.3 million , $0.1 million and $0.1 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, 2017 Stock options outstanding 1,381,078 Possible future issuances under share-based compensation plans 1,290,603 2,671,681 As of December 31, 2017 , we had 146,552,050 remaining shares of common stock authorized to be issued under our charter.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	11. 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, 2017 and 2016 , the interest rate cap had a nominal fair value. 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 as a component of interest expense in our consolidated statements of operations. For the years ended December 31, 2017 and 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, 2017
Income Tax Disclosure [Abstract]
Income Taxes	12. 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 our REIT qualification was lost. As a REIT, we may also be subject to federal taxes if we engage in certain types of transactions. During 2017 , we paid cash distributions of $32.2 million to our stockholders, all of which is classified as a return of capital for tax purposes. For 2017 , given that we incurred a taxable loss, no aggregate minimum distribution to stockholders was required to maintain our REIT status. Our consolidated financial statements include the operations of our TRS, which is subject to federal, state and local income taxes on its taxable income. Our TRS has gross deferred tax assets of $48.0 million . From inception through December 31, 2017 , the TRS operated at a cumulative taxable loss, which has resulted in these deferred tax assets being fully offset by a valuation allowance. As of December 31, 2017 and 2016 , we did not accrue interest or penalties associated with any unrecognized tax benefits during the years ended December 31, 2017 and 2016 . We recorded nominal state and local tax expense along with nominal penalties and interest on income taxes for the year ended December 31, 2017 and 2016 . On February 16, 2017, the IRS opened an examination of the 2014 tax year of the TRS. On May 30, 2017, we received confirmation from the IRS that the examination of the TRS’ 2014 tax year was closed without any changes. Other than for the TRS’ 2014 tax year which is now closed (for federal purposes), our subsidiaries and we remain subject to tax examination for the period from January 1, 2014 to December 31, 2017 . The Company and its subsidiaries file income tax returns in the U.S. and various state, local and foreign jurisdictions. Impact of Tax Reform The Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. The TCJA reduces the U.S. federal corporate tax rate from 35% to 21% , requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign-sourced earnings. However, the TCJA does not change the dividends paid deduction applicable to REITs; therefore, we generally will not be subject to federal income taxes on our REIT taxable income and gains that we distribute to our stockholders. At December 31, 2017, we have recorded, in accordance with ASC 740, the tax effects of enactment of the TCJA on existing deferred tax balances. As our deferred tax balances have a full valuation allowance, we recognized no tax expense from the TCJA. Further, as we do not have any non-U.S. operations, the one-time transition tax on foreign earnings is not applicable. Therefore, although management is still evaluating the effects of the TCJA, we do not believe that the TCJA will significantly impact our consolidated financial statements. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes. Our financial results reflect the income tax effects of the TCJA for which the accounting under ASC Topic 740 is complete, and we have recorded provisional amounts for those specific income tax effects of the TCJA for which the accounting under ASC Topic 740 is incomplete but a reasonable estimate could be determined. We recorded an immaterial amount of tax expense for the impact of the re-measurement of our deferred tax inventory. We are still analyzing certain aspects of the TCJA and refining our calculations; therefore, these estimates may change as additional information becomes available.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings per Share	13. Earnings per Share The following table sets forth the components of diluted loss per share (in thousands, except share and per share amounts): Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Numerator Net loss $ (185,454 ) $ (228,028 ) $ (46,005 ) Denominator Weighted average common stock outstanding – basic 53,493,523 54,490,979 56,843,028 Weighted average common stock outstanding – diluted 53,493,523 54,490,979 56,843,028 Loss per basic share $ (3.47 ) $ (4.18 ) $ (0.81 ) Loss per diluted share $ (3.47 ) $ (4.18 ) $ (0.81 ) We excluded the items presented below from the calculation of diluted loss per share as they were antidilutive for the periods indicated: Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Denominator (in weighted-average shares) Stock options 157,214 151,756 187,474 Restricted stock 164,689 24,146 3,279 Pursuant to the 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, 2017 , 2016 and 2015 .

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	14. Segment Information Our primary business is the acquisition and ownership of SFR assets. Our primary sourcing strategy is to acquire these assets by purchasing SFR properties, either on an individual basis or in pools, or by the acquisition and resolution of mortgage loans. 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, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	15. Quarterly Financial Information (Unaudited) The following tables set forth our quarterly financial information (unaudited, $ in thousands except per share amounts): 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 29,338 $ 13,410 $ 23,665 $ 27,758 $ 94,171 Net loss (49,357 ) (55,707 ) (42,916 ) (37,474 ) (185,454 ) Loss per basic share of common stock (0.92 ) (1.04 ) (0.80 ) (0.70 ) (3.47 ) Loss per diluted share of common stock (0.92 ) (1.04 ) (0.80 ) (0.70 ) (3.47 ) 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 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Management has evaluated the impact of all events subsequent to December 31, 2017 and through the issuance of these consolidated financial statements and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

Schedule III

Schedule III	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 ($ 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 375 SFR $ 42,910 $ 51,932 $ 3,728 $ 55,660 $ 676 24.7 2014 - 2017 3-27.5 years Arizona 54 SFR 7,765 11,857 1,180 13,037 936 38.1 2013 - 2017 3-27.5 years Arkansas 9 SFR 676 992 255 1,247 153 26.8 2014 - 2016 3-27.5 years California 154 SFR 23,982 47,725 4,242 51,967 6,602 40.6 2013 - 2017 3-27.5 years Colorado 16 SFR 2,410 3,048 492 3,540 360 29.5 2014 - 2015 3-27.5 years Connecticut 17 SFR 2,602 4,958 393 5,351 1,155 64.4 2014 - 2017 3-27.5 years Delaware 10 SFR 326 1,500 80 1,580 381 29.6 2014 - 2017 3-27.5 years Dist. of Columbia 4 SFR 83 552 — 552 22 77.5 2016 - 2017 Florida 1,344 SFR 141,466 185,576 28,238 213,814 15,659 29.6 2013 - 2017 3-27.5 years Georgia 3,123 SFR 238,728 313,026 51,915 364,941 20,758 30.9 2014 - 2017 3-27.5 years Hawaii 1 SFR 131 190 — 190 — 12.0 2016 - 2016 Illinois 205 SFR 19,424 34,103 4,107 38,210 5,638 44.5 2013 - 2017 3-27.5 years Indiana 680 SFR 68,787 85,065 8,487 93,552 4,567 21.7 2013 - 2017 3-27.5 years Kansas 22 SFR 2,573 3,193 481 3,674 196 40.3 2014 - 2017 3-27.5 years Kentucky 138 SFR 15,434 18,681 1,484 20,165 516 26.9 2013 - 2017 3-27.5 years Louisiana 8 SFR 220 1,156 170 1,326 94 31.9 2014 - 2017 3-27.5 years Maryland 180 SFR 17,611 31,320 4,019 35,339 3,495 35.3 2013 - 2017 3-27.5 years Massachusetts 44 SFR 3,586 10,907 871 11,778 1,256 91.2 2014 - 2017 3-27.5 years Michigan 22 SFR 2,308 3,208 696 3,904 412 41.3 2014 - 2016 3-27.5 years Minnesota 93 SFR 12,609 15,791 1,322 17,113 879 66.8 2014 - 2017 3-27.5 years Mississippi 272 SFR 31,250 38,622 2,670 41,292 951 17.7 2014 - 2017 3-27.5 years Missouri 406 SFR 46,919 58,116 4,611 62,727 1,203 33.3 2013 - 2017 3-27.5 years Nevada 11 SFR 841 1,571 247 1,818 177 29.2 2013 - 2017 3-27.5 years New Hampshire 1 SFR — 230 — 230 74 123.0 2015 - 2015 New Jersey 91 SFR 4,765 16,551 1,072 17,623 2,421 57.4 2014 - 2017 3-27.5 years New Mexico 20 SFR 1,320 2,057 543 2,600 257 30.0 2013 - 2017 3-27.5 years New York 39 SFR 2,433 7,965 703 8,668 976 64.9 2013 - 2017 3-27.5 years North Carolina 885 SFR 89,447 116,207 10,668 126,875 4,591 22.3 2013 - 2017 3-27.5 years Ohio 267 SFR 30,510 39,336 3,259 42,595 713 37.2 2013 - 2017 3-27.5 years Oklahoma 311 SFR 36,287 45,007 3,156 48,163 1,873 26.0 2014 - 2017 3-27.5 years Oregon 4 SFR 162 543 52 595 24 43.7 2015 - 2017 3-27.5 years Pennsylvania 56 SFR 4,831 7,581 2,137 9,718 1,297 62.2 2013 - 2017 3-27.5 years Rhode Island 30 SFR 2,043 3,870 618 4,488 445 81.0 2014 - 2016 3-27.5 years South Carolina 67 SFR 5,633 8,265 1,458 9,723 1,270 21.4 2013 - 2016 3-27.5 years Tennessee 1,481 SFR 170,497 205,216 15,849 221,065 6,621 21.5 2014 - 2017 3-27.5 years Texas 2,036 SFR 224,931 291,306 26,023 317,329 15,539 26.7 2013 - 2017 3-27.5 years Utah 17 SFR 925 2,218 654 2,872 269 49.1 2013 - 2016 3-27.5 years Vermont 4 SFR 201 690 27 717 230 78.6 2014 - 2017 Virginia 35 SFR 6,544 8,812 1,338 10,150 923 31.2 2013 - 2017 3-27.5 years Washington 26 SFR 3,046 5,349 480 5,829 770 46.8 2013 - 2017 3-27.5 years Wisconsin 16 SFR 840 1,554 289 1,843 210 50.3 2014 - 2017 3-27.5 years Total (2) 12,574 $ 1,267,056 $ 1,685,846 $ 188,014 $ 1,873,860 $ 104,589 29.6 __________ (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, 2017 2016 2015 Real estate assets: Beginning balance $ 1,604,648 $ 1,048,142 $ 643,974 Acquisitions through foreclosure 40,436 206,987 470,221 Other acquisitions 525,983 778,173 118,297 Improvements 40,312 50,182 25,802 Cost of real estate sold (337,519 ) (478,836 ) (210,152 ) Ending balance (1) $ 1,873,860 $ 1,604,648 $ 1,048,142 Accumulated depreciation and reserves for selling costs and impairment: Beginning balance $ 62,601 $ 61,716 $ 19,367 Depreciation expense 48,989 20,840 6,414 Selling cost and impairment 38,764 56,384 70,124 Losses resulting from natural disasters 3,564 — — Real estate sold (49,329 ) (76,339 ) (34,189 ) Ending balance $ 104,589 $ 62,601 $ 61,716 ___________ (1) The aggregate cost for federal income tax purposes is $1,544.8 million as of December 31, 2017 .

Schedule IV

Schedule IV	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate	Schedule IV - Mortgage Loans on Real Estate December 31, 2017 ($ 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 6 2.000% - 8.000% 01/01/2014 - 01/01/2053 $ 162 $ 98 $50,000-99,999 12 2.000% - 7.500% 03/01/2033 - 03/01/2054 444 449 $100,000-149,999 21 2.000% - 8.500% 01/01/2035 - 03/01/2057 1,099 2,412 $150,000-199,999 13 4.400% - 8.000% 01/01/2036 - 04/01/2057 745 1,933 $200,000-249,999 15 3.625% - 9.650% 07/15/2034 - 01/01/2054 712 3,067 $250,000+ 44 2.000% - 8.250% 05/18/2022 - 03/01/2057 8,315 19,011 Total (2) (3) 111 $ 11,477 $ 26,970 _____________ (1) The substantial majority of the mortgage loans are significantly delinquent and have varying monthly payment requirements. For a complete description of the fair value measurements and the factors that may significantly affect the carrying value of our assets, please see Note 6 to our consolidated financial statements. (2) The aggregate cost for federal income tax purposes is $23.1 million as of December 31, 2017 . (3) The following table sets forth the activity of mortgage loans ($ in thousands): Year Ended December 31, 2017 2016 2015 Mortgage loans at fair value at January 1, 2017 $ 460,444 Mortgage loans held for sale at January 1, 2017 108,036 Beginning balance 568,480 $ 960,534 $ 1,959,044 Change in unrealized gain on mortgage loans 7,684 (409 ) 177,545 Cost of mortgage loans sold (521,170 ) (84,673 ) (174,894 ) Mortgage loan payments and escrow recoveries (5,500 ) (30,596 ) (24,550 ) Real estate tax advances to borrowers 3,763 18,013 29,261 Transfer of mortgage loans to held for sale, net — (195,461 ) (535,836 ) Selling costs on loans held for sale (1,344 ) — — Transfer of mortgage loans to real estate owned, net (40,436 ) (206,964 ) (470,036 ) Ending balance $ 11,477 $ 460,444 $ 960,534

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
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. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions.
Consolidations	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, which consists entirely of our wholly owned subsidiaries. We also consider VIEs for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of December 31, 2017 . Our former securitization trusts were determined to be VIEs and were consolidated in our financial statements prior to their termination, the last of which terminated in the second quarter of 2017. 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 We have no items of comprehensive income (loss). Therefore, comprehensive income (loss) equals net income (loss), and 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.
Fees under the asset management agreement	Fees under the asset management agreement In accordance with the asset management agreement, we compensate AAMC, a related party, 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 incurred by us and earned by AAMC. Refer to Note 9 for details of the fee structure under the asset management agreement.
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. Judgment may be 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 At December 31, 2017 , we hold a small portfolio of mortgage loans. We anticipate to resolve, sell or otherwise liquidate this portfolio through our ongoing resolution activities, which may include short sales, foreclosure sales to third party purchasers, REO conversions, full debt pay-offs of the mortgage loan by the borrower, negotiated settlements or one or more potential loan portfolio sales. Upon the acquisition of mortgage loans, we record the assets at fair value, which generally equals the purchase price we paid for the loans on the acquisition date. Subsequent to acquisition, the fair value of the mortgage loans may change as a result of servicing efforts, restructuring, changes in the condition of the underlying collateral or other factors. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance. We determine the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. The carrying value of each loan is adjusted in each reporting period to the estimated fair value, which may be based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. Under this model, as a loan approaches resolution (i.e., modification or conversion to real estate owned), the resolution timeline for that loan decreases and costs embedded 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 change 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 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	Our mortgage loans also included our remaining re-performing residential mortgage loans that we initially acquired in June 2014, the last of which were sold in December 2017. Our re-performing loans were initially acquired for investment and had evidence of deteriorated credit quality at the time of acquisition. 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 estimated cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. We determined 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 was referred to as the accretable yield, which represents the amount that was expected to be recorded as interest income over the remaining life of the loan pool.
Real estate assets	Real estate assets Our real estate assets consist of (i) residential properties held as rental units, (ii) residential properties that we acquired through the conversion of mortgage loans to REO that have not yet been placed in service as a rental or that do not meet the criteria to be classified as held for sale and (iii) residential properties that are held for sale. Rental residential properties We record rental residential properties at historical cost less accumulated depreciation. 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. Certain of our rental residential properties may require renovation before being placed in service. 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. Purchases of residential 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; site improvements; furniture, fixtures and equipment and any identified intangible assets and liabilities (including in-place leases and above and below-market leases). For acquisitions that meet the definition of a business combination, we expense the acquisition costs in the period in which the costs were incurred and allocate the cost of the property among land; building; site improvements; furniture, fixtures and equipment 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. Real estate owned 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. We will make a final determination whether each property meets our rental profile after (a) applicable state redemption periods have expired, (b) the foreclosure sale has been ratified, (c) we have recorded the deed for the property, (d) utilities have been activated and (e) we have secured access for interior inspection. A majority of the REO properties are subject to state regulations that require us to await the expiration of a redemption period before a foreclosure can be finalized. Once the redemption period expires, we immediately proceed to record a new deed, take possession of the property, activate utilities, and start the inspection process in order to make our final determination. If an REO property meets our rental profile, we determine the extent of renovations that are needed to generate an optimal rent and maintain consistency of renovation specifications. Once an REO property is placed in rental service, we reclassify the property to rental residential property and allocate the carrying value between land and rental residential properties in our consolidated balance sheet. 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. Upon this determination, we reclassify the asset to real estate assets held for sale. Real estate assets held for sale Residential properties are classified as real estate assets held for sale when sale of the assets has been formally approved, the sale is expected to occur in the next twelve months and the property has been listed for sale. We record residential properties held for sale at the lower of the carrying amount or estimated fair value less costs to sell. The fair value of real estate assets held for sale is determined as the lesser of the BPO or the expected selling price (which we consider to be Level 3 inputs). The expected selling price may be based on the current listing price of the property. Real estate impairment We perform an impairment analysis of our real estate assets if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than the carrying amount. This analysis is performed at the property level using estimated cash flows. 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 property exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for excess of the carrying amount over the estimated fair value (in the case of rental residential properties and REO properties) or the estimated fair value less costs to sell (in the case of real estate assets held for sale). For rental residential properties and real estate owned properties, we are not able to recover any previously recognized impairments should the estimated fair value subsequently improve. For real estate assets held for sale, we are able to recover impairments to the extent previously recognized in the event that the estimated fair value of impaired properties held for sale subsequently improves. We generally estimate the fair value of real estate assets by using BPOs, and, for real estate assets held for sale, we also consider the expected selling price, which may be based on the current listing price of the property. In some instances, appraisal information may be available and is used in addition to BPOs. 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 held-for-sale property at least every six months by obtaining a new BPO, and we obtain new BPOs for a portion of our held-for-use properties each year. These BPOs are subject to the review processes of our third party vendors. In addition, 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. Leasing costs Expenditures directly related to successful leasing efforts, such as lease commissions, are capitalized as a leasing cost and are included in prepaid expenses and other assets on the accompanying consolidated balance sheet 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.
Revenue recognition	Revenue recognition 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. We may offer incentives from time to time to encourage prospective tenants to enter into a lease or current tenants whose leases are expiring to remain in our homes. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Termination fee income is recognized when the amount of the fee is determinable and collectability is reasonably assured. Lease promotions and incentives are recognized on a straight-line basis over the terms of the related lease. 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 based on the aging of accounts receivable. Rents receivable and deferred rents receivable are written-off when we have deemed that the amounts are uncollectible. Change in unrealized gains on mortgage loans We recognize changes in unrealized gains on mortgage loans from three sources: conversions of mortgage loans to REO, changes in the fair value of mortgage loans and reclassifications of accumulated unrealized gains to realized upon the sale of mortgage loans or REO. • Upon conversion of loans to REO, we mark the properties to the most recent market value. The difference between the carrying value of the asset at the time of conversion and the most recent market value, based on BPOs, is recorded in our statement of operations as change in unrealized gain on mortgage loans. • The carrying value of each loan is adjusted in each reporting period to the estimated fair value, which may be based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. The change in the value of the loan is recognized in change in unrealized gain on mortgage loans in our consolidated statements of operations. • Upon the liquidation of a mortgage loan or REO property, we reclassify previously accumulated unrealized gains to realized gains in our consolidated statement operations. Net realized gain on mortgage loans We record net realized gains or losses, including the reclassification of previously accumulated net unrealized gains, upon the liquidation of a loan, which may consist of short sale, third party sale of the underlying property, refinancing or full debt pay-off of the loan. We generally expect to collect proceeds of loan liquidations in cash and, thereafter, have no continuing involvement with the asset. Net realized gain on sale of real estate REO properties that do not meet our investment criteria are sold out of our TRS. The realized gain or loss recognized in the financial statements, including the reclassification of previously accumulated net unrealized gains, reflects the net amount of realized and unrealized gains on sold REOs from the time of acquisition to sale completion.
Restricted cash	Restricted cash Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as security deposits from tenants, 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 Black-Scholes model. Forfeitures of share-based awards are recognized as they occur.

Asset Acquisitions and Dispos27

Asset Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]
Schedule of Allocation of Real Estate Purchase Price	For each closing under the HOME Flow Transaction, we allocated the purchase price, including capitalized acquisition fees and costs, based on the relative fair value of the properties acquired as follows ($ in thousands): HOME Borrower II HOME Borrower III HOME Borrower IV Land $ 20,668 $ 22,549 $ 58,957 Rental residential properties (1) 84,942 93,802 242,110 Prepaid expenses and other assets (2) 2,380 2,018 5,894 Total allocation of purchase price $ 107,990 $ 118,369 $ 306,961 ________ (1) Includes building, site improvements and furniture, fixtures and equipment. (2) Represent estimated lease-in-place intangible asset.
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 7) 489,259 Total purchase price $ 652,346 ________ (1) Represent estimated lease-in-place intangible asset.
Business Acquisition, Pro Forma Information	The following supplemental pro forma financial information, which is required for significant acquisitions of operating properties that meet the definition of a business combination, 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 statements of operations $ 56,758 $ 248,098 Add: historical revenues of acquired properties not reflected in consolidated statements of operations 40,977 46,436 Unaudited pro forma revenues $ 97,735 $ 294,534 Net loss from consolidated statements of operations $ (228,028 ) $ (46,005 ) Plus: historical net income of acquired properties not reflected in consolidated statements of operations 25,578 27,966 Less: pro forma real estate 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 )
Schedule of Components of Change in Unrealized Gain on Mortgage Loans	The following table presents the components of the change in unrealized gain on mortgage loans for the year ended December 31, 2017 ($ in thousands): Year Ended December 31, 2017 Change in unrealized gain on mortgage loans due to: Conversion of mortgage loans to REO, net $ 15,067 Change in fair value, net 1,514 Reclassification to realized gain or loss (207,437 ) Total change in unrealized gain on mortgage loans $ (190,856 )

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum rental revenues under leases existing for the 10,850 properties that were leased as of December 31, 2017 are as follows ($ in thousands): 2018 $ 77,777 2019 19,014 2020 614 2021 — 2022 and thereafter — $ 97,405

Mortgage Loans at Fair Value (T

Mortgage Loans at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Loans	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 ($ in thousands): Number of Loans Fair Value and 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 The following table sets forth information related to our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of December 31, 2017 and 2016 ($ in thousands): Number of Loans Fair Value and Carrying Value Unpaid Principal Balance Market Value of Underlying Properties December 31, 2017 Current 17 $ 1,528 $ 2,380 $ 3,156 30 1 51 139 70 60 3 304 344 630 90 23 720 7,674 6,498 Foreclosure 67 8,874 18,813 20,820 Mortgage loans at fair value 111 $ 11,477 $ 29,350 $ 31,174 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
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 ($ in thousands): Accretable Yield Year ended December 31, 2017 Year ended December 31, 2016 Balance at the beginning of the period $ 1,757 $ 2,146 Payments and other reductions, net (1,757 ) (247 ) Accretion — (142 ) Balance at the end of the period $ — $ 1,757

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016 ($ 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, 2017 Recurring basis (assets) Mortgage loans at fair value $ 11,477 $ — $ — $ 11,477 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,270,157 — 1,276,315 — December 31, 2016 Recurring basis (assets) Mortgage loans at fair value $ 460,444 $ — $ — $ 460,444 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 — 1,226,972 — Other secured borrowings 144,099 — 144,971 —
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table sets forth the changes in our mortgage loans for the year ended December 31, 2017 ($ in thousands): Year ended December 31, 2017 Mortgage loans at fair value, beginning of the year 460,444 Mortgage loans held for sale, beginning of the year 108,036 Mortgage loans, beginning of the year 568,480 Change in unrealized gain on mortgage loans (76,340 ) Net realized gain on mortgage loans 84,024 Mortgage loan dispositions, resolutions and payments (526,670 ) Real estate tax advances to borrowers 3,763 Selling costs on loans held for sale (1,344 ) Transfer of mortgage loans at fair value to real estate owned, net (40,436 ) Ending balance 11,477 Change in unrealized gain on mortgage loans held at the end of the period (5,911 ) The following table sets forth the changes in our mortgage loans at fair value on a recurring basis ($ in thousands): Year ended December 31, 2016 Mortgage loans at fair value Beginning balance $ 960,534 Transfers of mortgage loans at fair value to mortgage loans held for sale, net (195,461 ) Change in unrealized gain on mortgage loans (409 ) Net realized gain on mortgage loans 35,760 Mortgage loan dispositions, resolutions and payments (151,029 ) Real estate tax advances to borrowers 18,013 Transfer of mortgage loans at fair value to real estate owned, net (206,964 ) Ending balance $ 460,444 Change in unrealized gain on mortgage loans held at the end of the period $ (46,281 )
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 certain of our mortgage loans: Input December 31, 2017 December 31, 2016 Equity discount rate 17.0% 17.0% 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 -1.71% to 9.07% -11.2% to 15.1% Loan resolution probabilities — modification 0% to 5.9% 0% to 5.9% Loan resolution probabilities — rental 0% 0% Loan resolution probabilities — liquidation 49.5% to 100% 31.8% to 100% Loan resolution probabilities — paid in full 0% to 47.4% 0% to 66.2% Loan resolution timelines (in years) 0.1 to 5.3 0.1 to 5.8 Value of underlying properties $45,000 to $2,250,000 $3,500 to $4,600,000

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of debt	The following table sets forth data with respect to the ARLP 2015-1 notes as of December 31, 2016 ($ 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 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 FYRLP (60,000 ) Less: deferred debt issuance costs (872 ) $ 144,099 The following table sets forth data with respect to our repurchase and loan agreements as of December 31, 2017 and 2016 ($ in thousands): Maximum Borrowing Capacity Book Value of Collateral Amount Outstanding Amount of Available Funding December 31, 2017 CS Repurchase Agreement due November 16, 2018 $ 350,000 $ 281,722 $ 189,173 $ 160,827 Nomura Loan Agreement due April 5, 2018 250,000 169,521 102,785 147,215 MSR Loan Agreement due November 9, 2018 489,259 622,065 489,259 — HOME II Loan Agreement due November 9, 2019 83,270 103,324 83,270 — HOME III Loan Agreement due November 9, 2019 89,150 114,698 89,150 — HOME IV Loan Agreement (A) due December 9, 2022 114,201 149,698 114,201 — HOME IV Loan Agreement (B) due December 9, 2022 114,590 150,718 114,590 — Term Loan Agreement due April 6, 2022 100,000 116,250 100,000 — Less: unamortized loan discount — — (6,158 ) — Less: deferred debt issuance costs — — (6,113 ) — $ 1,590,470 $ 1,707,996 $ 1,270,157 $ 308,042 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
Schedule of maturities of long-term debt	The following table presents the principal amount of our debt due at maturity by year, including applicable extensions ($ in thousands): 2018 291,958 2019 — 2020 — 2021 489,259 2022 and thereafter 501,211 1,282,428

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Base management fees (1) AAMC $ 16,010 $ 17,334 $ 13,935 Conversion fees (1) AAMC 1,291 1,841 1,037 Management incentive fees (1) AAMC — — 7,994 Expense reimbursements (2) AAMC 859 816 750 Dividend income (3) (4) NewSource — — 1,518 Interest expense (5) NewSource — — 563 Professional fee sharing for negotiation of the current AMA (4) AAMC — — 2,000 _______________ (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 Reinsurance Company Ltd. (“NewSource”) discussed below. (4) Included in other income (expense) in the consolidated statement of operations. (5) Interest expense related to notes issued to NewSource by a former securitization trust. These notes were repurchased on September 14, 2015.

Share-based Payments (Tables)

Share-based Payments (Tables)	12 Months Ended
	Dec. 31, 2017
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, 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 Granted 567,227 14.30 Exercised (49,126 ) 2.16 December 31, 2017 1,381,078 $ 11.14
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, 2017 Year ended December 31, 2016 Risk free interest rate (1) 2.05% 1.38% Common stock dividend yield 4.20% 5.98% Expected volatility (2) 36.67% 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, 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 Granted 271,633 14.30 Vested (1) (101,487 ) 9.96 Canceled (17,802 ) 11.80 December 31, 2017 419,242 $ 12.70 ___________________ (1) The vesting date fair value of restricted stock that vested during the years ended December 31, 2017 , 2016 and 2015 was $1.3 million , $0.1 million and $0.1 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, 2017 Stock options outstanding 1,381,078 Possible future issuances under share-based compensation plans 1,290,603 2,671,681

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of components of diluted earnings per share	The following table sets forth the components of diluted loss per share (in thousands, except share and per share amounts): Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Numerator Net loss $ (185,454 ) $ (228,028 ) $ (46,005 ) Denominator Weighted average common stock outstanding – basic 53,493,523 54,490,979 56,843,028 Weighted average common stock outstanding – diluted 53,493,523 54,490,979 56,843,028 Loss per basic share $ (3.47 ) $ (4.18 ) $ (0.81 ) Loss per diluted share $ (3.47 ) $ (4.18 ) $ (0.81 )
Schedule of antidilutive securities excluded from computation of earnings per share	We excluded the items presented below from the calculation of diluted loss per share as they were antidilutive for the periods indicated: Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2015 Denominator (in weighted-average shares) Stock options 157,214 151,756 187,474 Restricted stock 164,689 24,146 3,279

Quarterly Financial Informati35

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
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): 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 29,338 $ 13,410 $ 23,665 $ 27,758 $ 94,171 Net loss (49,357 ) (55,707 ) (42,916 ) (37,474 ) (185,454 ) Loss per basic share of common stock (0.92 ) (1.04 ) (0.80 ) (0.70 ) (3.47 ) Loss per diluted share of common stock (0.92 ) (1.04 ) (0.80 ) (0.70 ) (3.47 ) 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 )

Organization and Basis of Pre36

Organization and Basis of Presentation (Details) property in Thousands, $ in Thousands	Dec. 21, 2012USD ($)	Dec. 31, 2017USD ($)servicerproperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from contributed capital	$ 100,000
Number of rental properties | property		12
Number of third-party service providers | servicer		2
Number of separate servicers | servicer		2
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities		$ 621,206	$ 567,528	$ 489,948
Accounting Standards Update 2016-18 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities			$ (2,400)	$ (7,300)

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2017USD ($)
Accounting Policies [Abstract]
Frequency fair value estimates updated	6 months
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 Dispos38

Asset Acquisitions and Dispositions - Narrative (Details) $ in Thousands	Nov. 29, 2017USD ($)property	Jun. 29, 2017USD ($)property	Mar. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property	Mar. 30, 2016USD ($)stateproperty	Aug. 18, 2015USD ($)property	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)loanproperty	Dec. 31, 2016USD ($)loanproperty	Dec. 31, 2015USD ($)loanproperty	Nov. 13, 2017USD ($)
Real Estate [Line Items]
Number of real estate properties directly acquired | property				4,262	590	1,314
Rental residential properties							$ 1,381,110				$ 926,320				$ 1,381,110	$ 926,320
Investment in real estate				$ 652,300	$ 64,800	$ 111,400									135,101	299,556	$ 119,977
Acquired-in-place leases					700	1,600
Acquisition fees and costs					$ 600	$ 600									778	9,339	2,292
Number of states properties acquired | state					5
Revenues							27,758	$ 23,665	$ 13,410	$ 29,338	12,058	$ 4,401	$ 238	$ 40,061	94,171	56,758	248,098
Net income (loss)							$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	$ (61,204)	(57,638)	$ (63,528)	$ (45,658)	$ (185,454)	$ (228,028)	$ (46,005)
Number of real estate properties sold | property															1,710	2,668	1,321
Disposition of real estate															$ 264,174	$ 378,043	$ 154,880
Net realized gain on sales of real estate															76,913	117,617	50,932
Proceeds from sale and resolution of mortgage loans held-for-sale															521,200	534,400	466,900
Net realized gain on mortgage loans															84,024	85,990	94,493
Transfer of mortgage loans to real estate owned, net															40,436	$ 206,987	$ 470,221
Residential mortgage | Loans receivable
Real Estate [Line Items]
Net realized gain on mortgage loans															$ (207,437)
Number of real estate properties acquired through foreclosure | loan															248	1,112	2,443
Transfer of mortgage loans to real estate owned, net															$ 40,400	$ 207,000	$ 470,200
Unrealized gain (loss) from conversion of mortgage loans to real estate															$ 15,067	$ 46,000	$ 91,300
Nonperforming financing receivable | Residential mortgage | Loans receivable
Real Estate [Line Items]
Number of mortgage loans liquidated | loan															2,982	1,975	824
Performing financing receivable | Residential mortgage | Loans receivable
Real Estate [Line Items]
Number of loans sold | loan															133	475	590
Disposal group, disposed of by sale, not discontinued operations
Real Estate [Line Items]
Disposition of real estate															$ 250,700	$ 373,700	$ 170,100
Membership Interest Purchase and Sale Agreement (the MIPA) | Altisource Residential, L.P. (ARLP)
Real Estate [Line Items]
Number of real estate properties directly acquired | property				3,868
Purchase and Sale Agreement (PSA) | Altisource Residential, L.P. (ARLP)
Real Estate [Line Items]
Number of real estate properties directly acquired | property				394
HOME SFR Transaction
Real Estate [Line Items]
Acquired-in-place leases				$ 9,800								$ 9,800
Weighted average useful life				7 months
Acquisition fees and costs				$ 3,900
Revenues																15,000
Net income (loss)																$ (4,500)
One-by-one acquisition program
Real Estate [Line Items]
Number of real estate properties directly acquired | loan															27	714	98
Investment in real estate															$ 2,700	$ 71,800	$ 8,600
HOME Flow Transaction
Real Estate [Line Items]
Purchase commitment, minimum quantity required | property			3,500
HOME Flow Transaction | HOME SFR Borrower II, LLC
Real Estate [Line Items]
Number of real estate properties directly acquired | property			757
Rental residential properties			$ 106,500
Percentage of purchase price funded by selling financing arrangement			75.00%
Investment in real estate			$ 26,600
Business acquisition, transaction costs			1,500
HOME Flow Transaction | HOME SFR Borrower III, LLC
Real Estate [Line Items]
Number of real estate properties directly acquired | property		751
Rental residential properties		$ 117,100
Percentage of purchase price funded by selling financing arrangement		75.00%
Investment in real estate		$ 29,300
Business acquisition, transaction costs		1,300
HOME Flow Transaction | HOME SFR Borrower IV, LLC
Real Estate [Line Items]
Number of real estate properties directly acquired | property	1,957
Rental residential properties	$ 305,100
Percentage of purchase price funded by selling financing arrangement	75.00%
Investment in real estate	$ 76,300
Business acquisition, transaction costs	1,900
HOME II Loan Agreement | Secured debt | HOME SFR Borrower II, LLC
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement			79,900															$ 83,300
HOME II Loan Agreement | Secured debt | HOME Flow Transaction | HOME SFR Borrower II, LLC
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement			79,900
HOME III Loan Agreement | Secured debt | HOME Flow Transaction | HOME SFR Borrower III, LLC
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement		87,800																$ 89,100
HOME III Loan Agreement | Secured debt | HOME Flow Transaction | HOME SFR Borrower IV, LLC
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement	228,800
Leases, Acquired-in-Place
Real Estate [Line Items]
Weighted average useful life					7 months	7 months
Leases, Acquired-in-Place | HOME Flow Transaction
Real Estate [Line Items]
Acquired-in-place leases	$ 5,900	$ 2,000	$ 2,400
Weighted average useful life	7 months	9 months	7 months

Asset Acquisitions and Dispos39

Asset Acquisitions and Dispositions - Allocation of Purchase Price (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
HOME SFR Borrower II, LLC
Real Estate [Line Items]
Total allocation of purchase price	$ 107,990
HOME SFR Borrower II, LLC | Land
Real Estate [Line Items]
Total allocation of purchase price	20,668
HOME SFR Borrower II, LLC | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	84,942
HOME SFR Borrower II, LLC | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	2,380
HOME SFR Borrower III, LLC
Real Estate [Line Items]
Total allocation of purchase price	118,369
HOME SFR Borrower III, LLC | Land
Real Estate [Line Items]
Total allocation of purchase price	22,549
HOME SFR Borrower III, LLC | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	93,802
HOME SFR Borrower III, LLC | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	2,018
HOME SFR Borrower IV, LLC
Real Estate [Line Items]
Total allocation of purchase price	306,961
HOME SFR Borrower IV, LLC | Land
Real Estate [Line Items]
Total allocation of purchase price	58,957
HOME SFR Borrower IV, LLC | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	242,110
HOME SFR Borrower IV, LLC | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	$ 5,894

Asset Acquisitions and Dispos40

Asset Acquisitions and Dispositions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - MSR Acquisition $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
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
Source of funds:
Cash on hand	163,087
Debt financing (Note 6)	489,259
Total purchase price	$ 652,346

Asset Acquisitions and Dispos41

Asset Acquisitions and Dispositions - Supplemental Pro Forma Financial Information (Details) - HOME SFR Transaction - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
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 Dispos42

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Revenues from consolidated statement of operations	$ 27,758	$ 23,665	$ 13,410	$ 29,338	$ 12,058	$ 4,401	$ 238	$ 40,061	$ 94,171	$ 56,758	$ 248,098
Net income (loss)	$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	$ (61,204)	$ (57,638)	$ (63,528)	$ (45,658)	$ (185,454)	(228,028)	(46,005)
HOME SFR Transaction
Business Acquisition [Line Items]
Revenues from consolidated statement of operations										15,000
Net income (loss)										(4,500)
HOME SFR Transaction | Pro Forma
Business Acquisition [Line Items]
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 income (loss)										(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)

Asset Acquisitions and Dispos43

Asset Acquisitions and Dispositions - Change in Unrealized Gain on Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Net realized gain on mortgage loans	$ 84,024	$ 85,990	$ 94,493
Change in unrealized gain on mortgage loans	(190,856)	(195,909)	88,829
Loans receivable | Residential mortgage
Real Estate [Line Items]
Conversion of mortgage loans to REO, net	15,067	$ 46,000	$ 91,300
Real Estate, Change In Fair Value, Net	1,514
Net realized gain on mortgage loans	(207,437)
Change in unrealized gain on mortgage loans	$ (190,856)

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)
Real Estate [Abstract]
Number of real estate properties held for use | property	12,241	9,939
Number of real estate properties rented | property	10,850	7,293
Number of real estate properties listed for rent | property	591	703
Number of real estate properties in various stages of renovation | property	534	607
Number of real estate properties under evaluation for rental portfolio | property	266	1,336
Real Estate Properties [Line Items]
Losses resulting from natural disasters	$ (6,021)	$ 0	$ 0
Insurance recoveries related to natural disasters	3,349	0	0
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,018	77,777
2,019	19,014
2,020	614
2,021	0
2022 and thereafter	0
Total future minimum payments receivable	97,405
REO valuation impairment	$ 3,000	$ 7,400	3,500
Number of real estate properties held for sale | property	333	594
Real estate assets held for sale	$ 75,718	$ 133,327
Impairment on our real estate held for sale	$ 17,300	$ 25,800	$ 33,000
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
Hurricane | Loss from Catastrophes
Real Estate Properties [Line Items]
Loss contingency, loss in period	$ 2,700

Mortgage Loans at Fair Value -

Mortgage Loans at Fair Value - Schedule of Mortgage Loans (Details) - Residential mortgage - Residential portfolio segment - Nonperforming financing receivable $ in Thousands	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)loan
Number of Loans
Current | loan	17	211
Foreclosure | loan	67	2,180
Mortgage loans | loan	111	2,891
Fair Value and Carrying Value
Current	$ 1,528	$ 33,992
Foreclosure	8,874	365,772
Mortgage loans at fair value	11,477	460,444
Unpaid Principal Balance
Current	2,380	45,568
Foreclosure	18,813	551,243
Mortgage loans	29,350	697,716
Market Value of Underlying Properties
Current	3,156	58,842
Foreclosure	20,820	574,546
Mortgage loans	$ 31,174	$ 746,272
Real estate loan, held-for-sale
Number of Loans
Current | loan		519
Foreclosure | loan		33
Mortgage loans | loan		583
Fair Value and Carrying Value
Current		$ 100,558
Foreclosure		4,488
Mortgage loans at fair value		108,036
Unpaid Principal Balance
Current		114,757
Foreclosure		6,023
Mortgage loans		125,605
Market Value of Underlying Properties
Current		140,471
Foreclosure		6,675
Mortgage loans		$ 153,568
30
Number of Loans
Past Due | loan	1	66
Fair Value and Carrying Value
Past Due	$ 51	$ 7,898
Unpaid Principal Balance
Past Due	139	11,836
Market Value of Underlying Properties
Past Due	$ 70	$ 13,576
30 | Real estate loan, held-for-sale
Number of Loans
Past Due | loan		10
Fair Value and Carrying Value
Past Due		$ 1,082
Unpaid Principal Balance
Past Due		1,911
Market Value of Underlying Properties
Past Due		$ 2,329
60
Number of Loans
Past Due | loan	3	34
Fair Value and Carrying Value
Past Due	$ 304	$ 4,444
Unpaid Principal Balance
Past Due	344	6,364
Market Value of Underlying Properties
Past Due	$ 630	$ 7,536
60 | Real estate loan, held-for-sale
Number of Loans
Past Due | loan		4
Fair Value and Carrying Value
Past Due		$ 286
Unpaid Principal Balance
Past Due		623
Market Value of Underlying Properties
Past Due		$ 663
90
Number of Loans
Past Due | loan	23	400
Fair Value and Carrying Value
Past Due	$ 720	$ 48,338
Unpaid Principal Balance
Past Due	7,674	82,705
Market Value of Underlying Properties
Past Due	$ 6,498	$ 91,772
90 | Real estate loan, held-for-sale
Number of Loans
Past Due | loan		17
Fair Value and Carrying Value
Past Due		$ 1,622
Unpaid Principal Balance
Past Due		2,291
Market Value of Underlying Properties
Past Due		$ 3,430

Mortgage Loans at Fair Value 46

Mortgage Loans at Fair Value - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Amount accreted into interest	$ 0	$ 142	$ 551
Mortgage loans held for sale	0	$ 108,036
Residential mortgage | Performing financing receivable
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	5,700
Mortgage loans held for sale	$ 3,700

Mortgage Loans at Fair Value 47

Mortgage Loans at Fair Value - Certain Loans Acquired Not Accounted For As Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at the beginning of the period	$ 1,757	$ 2,146
Payments and other reductions, net	(1,757)	(247)
Accretion	0	(142)	$ (551)
Balance at the end of the period	$ 0	$ 1,757	$ 2,146

Fair Value of Financial Instr48

Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale		$ 108,036
Repurchase and loan agreements	$ 1,270,157	1,220,972
Other secured borrowings		144,099
Level 1
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale		0
Repurchase and loan agreements	0	0
Other secured borrowings		0
Level 2
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale		0
Repurchase and loan agreements	1,276,315	1,226,972
Other secured borrowings		144,971
Level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale		108,036
Repurchase and loan agreements	0	0
Other secured borrowings		0
Fair value measurements, recurring
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	11,477	460,444
Fair value measurements, recurring | 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 | 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 | Level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	$ 11,477	$ 460,444

Fair Value of Financial Instr49

Fair Value of Financial Instruments - Fair Value, Assets Measure on Recurring Basis, Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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	$ (451,317)	$ (195,461)	$ (535,836)
Level 3 | Loans receivable | Residential mortgage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	460,444	960,534
Transfers of mortgage loans at fair value to mortgage loans held for sale, net		(195,461)	(535,836)
Change in unrealized gain on mortgage loans		(409)
Net realized gain on mortgage loans		35,760
Mortgage loan dispositions, resolutions and payments		(151,029)
Real estate tax advances to borrowers		18,013
Transfer of mortgage loans to real estate owned		(206,964)
Ending balance		460,444	$ 960,534
Change in unrealized gain on mortgage loans held at the end of the period		(46,281)
Level 3 | Loans receivable | Loans held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	108,036
Ending balance		108,036
Level 3 | Loans receivable | Mortgage loans at fair value and loans held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	568,480
Transfers of mortgage loans at fair value to mortgage loans held for sale, net	0
Change in unrealized gain on mortgage loans	(76,340)
Net realized gain on mortgage loans	84,024
Mortgage loan dispositions, resolutions and payments	(526,670)
Real estate tax advances to borrowers	3,763
Selling costs on loans held for sale	(1,344)
Transfer of mortgage loans to real estate owned	(40,436)
Ending balance	11,477	$ 568,480
Change in unrealized gain on mortgage loans held at the end of the period	$ (5,911)

Fair Value of Financial Instr50

Fair Value of Financial Instruments - Fair Value Inputs, Quantitative Information (Details) - Loans receivable - Residential mortgage - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair value inputs, assets, quantitative information [Line Items]
Equity discount rate	17.00%	17.00%
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
Loan resolution probabilities — rental	0.00%	0.00%
Minimum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	(1.71%)	(11.20%)
Loan resolution probabilities — modification	0.00%	0.00%
Loan resolution probabilities — liquidation	49.50%	31.80%
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	$ 45	$ 4
Maximum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	9.07%	15.10%
Loan resolution probabilities — modification	5.90%	5.90%
Loan resolution probabilities — liquidation	100.00%	100.00%
Loan resolution probabilities — paid in full	47.40%	66.20%
Loan resolution timelines (in years)	5 years 3 months 18 days	5 years 9 months 18 days
Value of underlying properties	$ 2,250	$ 4,600

Borrowings - Repurchase and Loa

Borrowings - Repurchase and Loan Agreements Narrative (Details)	Dec. 31, 2017agreement
Debt Disclosure [Abstract]
Interest rate on debt	4.48%
Number of repurchase agreements at period end	1
Number of loan agreements at period end	7

Borrowings - Repurchase Agreeme

Borrowings - Repurchase Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Mar. 22, 2013
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 1,590,470,000
Repurchase agreements | CS repurchase agreement
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 350,000,000	$ 100,000,000
Outstanding balance of instrument	$ 189,200,000
Repurchase agreements | CS repurchase agreement | LIBOR
Short-term Debt [Line Items]
Basis spread on variable rate	2.75%

Borrowings - Loan Agreements (D

Borrowings - Loan Agreements (Details)	Nov. 13, 2017USD ($)	Mar. 30, 2017USD ($)	Dec. 31, 2017USD ($)loan_term	Nov. 29, 2017USD ($)	Jun. 29, 2017USD ($)	Apr. 06, 2017USD ($)	Dec. 31, 2016USD ($)	Apr. 10, 2015USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,590,470,000
Secured debt | Nomura loan and security agreement
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 250,000,000		$ 100,000,000
Maximum borrowing capacity, uncommitted						$ 100,000,000
Secured debt | Nomura loan and security agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
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
Secured debt | MSR loan agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Loan agreement | Nomura loan and security agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 250,000,000				$ 250,000,000
Outstanding balance of instrument			102,785,000				155,054,000
Loan agreement | MSR loan agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			489,259,000				489,259,000
Outstanding balance of instrument			489,259,000				$ 489,259,000
Loan agreement | HOME II Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			83,270,000
Outstanding balance of instrument			83,270,000
Loan agreement | HOME III Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			89,150,000
Outstanding balance of instrument			89,150,000
Loan agreement | HOME IV - A Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			114,201,000
Outstanding balance of instrument			114,201,000
Loan agreement | HOME IV - B Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			114,590,000
Outstanding balance of instrument			114,590,000
Loan agreement | Term Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			100,000,000
Outstanding balance of instrument			$ 100,000,000
Interest rate			5.00%
HOME SFR Borrower II, LLC | Secured debt | HOME II Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 83,300,000	$ 79,900,000
Number of terms for loan agreement | loan_term			3
Length of loan term extension option, years			1 year
HOME SFR Borrower II, LLC | Secured debt | HOME II Loan Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%	2.75%
HOME Flow Transaction | Secured debt | HOME IV - A Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement				$ 114,200,000
HOME Flow Transaction | Secured debt | HOME IV - B Loan Agreement
Debt Instrument [Line Items]
Interest rate				4.00%
Amount borrowed pursuant to loan agreement				$ 114,600,000
HOME Flow Transaction | HOME SFR Borrower II, LLC | Secured debt | HOME II Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement		$ 79,900,000
HOME Flow Transaction | HOME SFR Borrower III, LLC | Secured debt | HOME III Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 89,100,000				$ 87,800,000
HOME Flow Transaction | HOME SFR Borrower III, LLC | Secured debt | HOME III Loan Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%	2.30%

Borrowings - Schedule of Repurc

Borrowings - Schedule of Repurchase and Loan Agreements (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 1,590,470,000
Repurchase agreements | CS repurchase agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	350,000,000	$ 600,000,000
Book Value of Collateral	281,722,000	902,339,000
Amount Outstanding, before debt issuance costs	189,173,000	582,659,000
Amount of Available Funding	160,827,000	17,341,000
Loan agreement | Nomura loan and security agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	250,000,000	250,000,000
Book Value of Collateral	169,521,000	238,142,000
Amount Outstanding, before debt issuance costs	102,785,000	155,054,000
Amount of Available Funding	147,215,000	94,946,000
Loan agreement | MSR loan agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	489,259,000	489,259,000
Book Value of Collateral	622,065,000	638,799,000
Amount Outstanding, before debt issuance costs	489,259,000	489,259,000
Amount of Available Funding	0	0
Loan agreement | HOME II Loan Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	83,270,000
Book Value of Collateral	103,324,000
Amount Outstanding, before debt issuance costs	83,270,000
Amount of Available Funding	0
Loan agreement | HOME III Loan Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	89,150,000
Book Value of Collateral	114,698,000
Amount Outstanding, before debt issuance costs	89,150,000
Amount of Available Funding	0
Loan agreement | HOME IV - A Loan Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	114,201,000
Book Value of Collateral	149,698,000
Amount Outstanding, before debt issuance costs	114,201,000
Amount of Available Funding	0
Loan agreement | HOME IV - B Loan Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	114,590,000
Book Value of Collateral	150,718,000
Amount Outstanding, before debt issuance costs	114,590,000
Amount of Available Funding	0
Loan agreement | Term Loan Agreement
Debt Instrument [Line Items]
Maximum Borrowing Capacity	100,000,000
Book Value of Collateral	116,250,000
Amount Outstanding, before debt issuance costs	100,000,000
Amount of Available Funding	0
Repurchase and loan agreements
Debt Instrument [Line Items]
Maximum Borrowing Capacity	1,590,470,000	1,339,259,000
Book Value of Collateral	1,707,996,000	1,779,280,000
Less: premium on loan agreements	(6,158,000)
Deferred debt issuance costs	(6,113,000)	(6,000,000)
Amount Outstanding	1,270,157,000	1,220,972,000
Amount of Available Funding	$ 308,042,000	$ 112,287,000

Borrowings - Debt Maturities (D

Borrowings - Debt Maturities (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 291,958
2,019	0
2,020	0
2,021	489,259
2022 and thereafter	501,211
Long-term debt, including applicable extensions	$ 1,282,428

Borrowings - Other Secured Borr

Borrowings - Other Secured Borrowings Narrative (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Jun. 29, 2015
Debt Instrument [Line Items]
Interest rate on debt	4.48%
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%
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%

Borrowings - Schedule for Other

Borrowings - Schedule for Other Secured Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Jun. 29, 2015
Debt Instrument [Line Items]
Interest Rate	4.48%
Amount Outstanding	$ 0	$ 144,099
Secured debt
Debt Instrument [Line Items]
Less: deferred debt issuance costs		(872)
Amount Outstanding		$ 144,099
Secured debt | Asset-backed Securities Class A Notes 2015-1
Debt Instrument [Line Items]
Interest Rate		4.01%	4.01%
Amount Outstanding, before debt issuance costs deducted		$ 178,971
Intercompany eliminations		$ (34,000)
Secured debt | Asset-backed Securities Class M Notes 2015-1
Debt Instrument [Line Items]
Interest Rate		0.00%
Amount Outstanding, before debt issuance costs deducted		$ 60,000
Intercompany eliminations		$ (60,000)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Nov. 29, 2017USD ($)	May 31, 2015shareholder	Dec. 31, 2017USD ($)
HOME Flow Transaction | HOME SFR Borrower IV, LLC
Other Commitments [Line Items]
Potential purchase price adjustments, percentage of upward or downward adjustment	10.00%
Potential purchase price adjustments, aggregate amount of change (up to)	$ 18.3
Potential purchase price adjustments, period of assessment	24 months
Amherst acquisition | Main Street Renewal, LLC (MSR)
Other Commitments [Line Items]
Liquidation fee, required to be paid by company upon properties liquidated exceeding 50%			$ 60
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

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) $ in Millions	Sep. 14, 2015USD ($)	Apr. 01, 2015propertyextension	Oct. 17, 2013USD ($)	Sep. 10, 2015USD ($)	Dec. 31, 2017
Related party transactions [Line Items]
Maturity term, securities, US Treasury		10 years
Preferred stock
Related party transactions [Line Items]
Invested in non-voting preferred stock of NewSource | $	$ 18		$ 18
Non-cumulative preferred dividend percentage				12.00%
Preferred dividends received | $				$ 1.5
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					55.82%
Affiliated entity | AAMC | Minimum
Related party transactions [Line Items]
Incentive management fee, return on invested capital		7.00%
Incentive management fee, return on invested capital, per quarter		1.75%
Affiliated entity | AAMC | Maximum
Related party transactions [Line Items]
Incentive management fee, return on invested capital		8.25%
Incentive management fee, return on invested capital, per quarter		2.06%
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%
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%
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%
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

Related-Party Transactions - Su

Related-Party Transactions - Summary of Related Party Transactions (Details) - Affiliated entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Base management fee | AAMC
Related party transactions [Line Items]
Related party expenses	$ 16,010	$ 17,334	$ 13,935
Conversion fee | AAMC
Related party transactions [Line Items]
Related party expenses	1,291	1,841	1,037
Management incentive fees | AAMC
Related party transactions [Line Items]
Related party expenses	0	0	7,994
Expense reimbursements | AAMC
Related party transactions [Line Items]
Related party expenses	859	816	750
Dividend income | NewSource
Related party transactions [Line Items]
Related party expenses	0	0	1,518
Interest expense | NewSource
Related party transactions [Line Items]
Related party expenses	0	0	563
Professional fee sharing for negotiation of Current AMA | AAMC
Related party transactions [Line Items]
Related party expenses	$ 0	$ 0	$ 2,000

Share-based Payments - Narrativ

Share-based Payments - Narrative for Plans (Details) $ in Thousands	Aug. 09, 2016	Jul. 01, 2016USD ($)	Dec. 21, 2012
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
Number of trading days average price per share used for vesting requirements	20 days
Percentage reinvested dividends to price per share, minimum	125.00%
2012 Conversion Option Plan and 2012 Special Conversion Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio for stock options from ASPS stock to Residential stock			0.3333

Share-based Payments - Stock Op

Share-based Payments - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	862,977	204,968	241,766
Granted (in shares)	567,227	695,187
Exercised (in shares)	(49,126)	(34,464)	(26,224)
Forfeited or canceled (in shares)		(2,714)	(10,574)
Ending balance (in shares)	1,381,078	862,977	204,968
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
Granted (usd per share)	14.30	10.04
Exercised (usd per share)	2.16	1.71	4.21
Forfeited or canceled (usd per share)		5.47	6.30
Ending balance (usd per share)	$ 11.14	$ 8.55	$ 2.30
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1.4	$ 0.4
Unamortized stock compensation	$ 1.2	$ 1.3
Weighted average remaining amortization period of unamortized share based compensation	1 year 4 months	1 year 7 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding options, weighted average remaining life	5 years 7 months 15 days
Outstanding options, total intrinsic value	$ 2.4
Number of exercisable options (in shares)	350,393
Excercisable options weighted average exercise price (usd per share)	$ 7.47
Options exercisable, average remaining life	4 years 4 months 13 days
Options exercisable, intrinsic value	$ 1.5

Share-based Payments - Valuatio

Share-based Payments - Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk free interest rate	2.05%	1.38%
Common stock dividend yield	4.20%	5.98%
Expected volatility	36.67%	38.47%

Share-based Payments - Restrict

Share-based Payments - Restricted Stock (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2.7	$ 0.9	$ 0.2
Unamortized stock compensation	$ 2.7	$ 2.1
Weighted average remaining amortization period of unamortized share based compensation	1 year 2 months 25 days	1 year 6 months
Number of Shares
Number of options, beginning balance (in shares)	266,898	9,924	8,245
Granted (in shares)	271,633	274,760	9,924
Vested (in shares)	(101,487)	(10,531)	(7,644)
Forfeit/Canceled (in shares)	(17,802)	(7,255)	(601)
Number of options, ending balance (in shares)	419,242	266,898	9,924
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (usd per share)	$ 9.97	$ 18.14	$ 27.28
Granted (usd per share)	14.30	9.94	18.14
Vested (usd per share)	9.96	17.20	27.28
Forfeit/Canceled (usd per share)	11.80	9.84	27.28
Weighted average grant date fair value (usd per share)	$ 12.70	$ 9.97	$ 18.14
Fair value of stock vested in period	$ 1.3	$ 0.1	$ 0.1

Share-based Payments - Shares R

Share-based Payments - Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options outstanding (in shares)	1,381,078	862,977	204,968	241,766
Possible future issuances under director compensation plan (in shares)	1,290,603
Common stock, reserved for future issuance (in shares)	2,671,681
Common stock, shares available to be issued under charter (in shares)	146,552,050

Derivatives (Details)

Derivatives (Details) - Interest rate cap $ in Millions	Sep. 29, 2016USD ($)
Derivative [Line Items]
Notional amount of interest rate cap	$ 489.3
LIBOR
Derivative [Line Items]
Interest rate cap, strike rate	2.938%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Minimum distribution percentage of REIT taxable income	90.00%
Dividends on common stock	$ 32,162,000	$ 38,286,000	$ 98,334,000
Entity Information [Line Items]
Tax expense from TCJA	0
Subsidiaries
Entity Information [Line Items]
Gross deferred tax assets	$ 48,000,000

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 01, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income (loss)		$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	$ (61,204)	$ (57,638)	$ (63,528)	$ (45,658)	$ (185,454)	$ (228,028)	$ (46,005)
Weighted average common stock outstanding – basic (in shares)										53,493,523	54,490,979	56,843,028
Earnings per basic share (usd per share)			$ (0.80)	$ (1.04)	$ (0.92)	$ (1.14)	$ (1.06)	$ (1.16)	$ (0.82)	$ (3.47)	$ (4.18)	$ (0.81)
Earnings per diluted share (usd per share)			$ (0.80)	$ (1.04)	$ (0.92)	$ (1.14)	$ (1.06)	$ (1.16)	$ (0.82)	$ (3.47)	$ (4.18)	$ (0.81)
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										157,214	151,756	187,474
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share										164,689	24,146	3,279

Quarterly Financial Informati69

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 27,758	$ 23,665	$ 13,410	$ 29,338	$ 12,058	$ 4,401	$ 238	$ 40,061	$ 94,171	$ 56,758	$ 248,098
Net income (loss)	$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	$ (61,204)	$ (57,638)	$ (63,528)	$ (45,658)	$ (185,454)	$ (228,028)	$ (46,005)
Earnings per basic share (usd per share)		$ (0.80)	$ (1.04)	$ (0.92)	$ (1.14)	$ (1.06)	$ (1.16)	$ (0.82)	$ (3.47)	$ (4.18)	$ (0.81)
Earnings per diluted share (usd per share)		$ (0.80)	$ (1.04)	$ (0.92)	$ (1.14)	$ (1.06)	$ (1.16)	$ (0.82)	$ (3.47)	$ (4.18)	$ (0.81)

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, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Gross Amount at which Carried at Close of Period		$ 1,604,648	$ 1,048,142	$ 643,974
Accumulated Depr and Reserves	$ 104,589	$ 62,601	$ 61,716	$ 19,367
Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	12,574
Encumbrances	$ 1,267,056
Initial Cost to Company	1,685,846
Capitalized Costs After Acquisition	188,014
Gross Amount at which Carried at Close of Period	1,873,860
Accumulated Depr and Reserves	$ 104,589
WA Age	29 years 7 months
Single family residential | Alabama
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	375
Encumbrances	$ 42,910
Initial Cost to Company	51,932
Capitalized Costs After Acquisition	3,728
Gross Amount at which Carried at Close of Period	55,660
Accumulated Depr and Reserves	$ 676
WA Age	24 years 8 months
Single family residential | Alabama | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Alabama | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Arizona
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	54
Encumbrances	$ 7,765
Initial Cost to Company	11,857
Capitalized Costs After Acquisition	1,180
Gross Amount at which Carried at Close of Period	13,037
Accumulated Depr and Reserves	$ 936
WA Age	38 years 1 month
Single family residential | Arizona | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Arizona | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Arkansas
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	9
Encumbrances	$ 676
Initial Cost to Company	992
Capitalized Costs After Acquisition	255
Gross Amount at which Carried at Close of Period	1,247
Accumulated Depr and Reserves	$ 153
WA Age	26 years 10 months
Single family residential | Arkansas | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Arkansas | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | California
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	154
Encumbrances	$ 23,982
Initial Cost to Company	47,725
Capitalized Costs After Acquisition	4,242
Gross Amount at which Carried at Close of Period	51,967
Accumulated Depr and Reserves	$ 6,602
WA Age	40 years 7 months
Single family residential | California | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | California | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Colorado
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	16
Encumbrances	$ 2,410
Initial Cost to Company	3,048
Capitalized Costs After Acquisition	492
Gross Amount at which Carried at Close of Period	3,540
Accumulated Depr and Reserves	$ 360
WA Age	29 years 6 months
Single family residential | Colorado | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Colorado | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	17
Encumbrances	$ 2,602
Initial Cost to Company	4,958
Capitalized Costs After Acquisition	393
Gross Amount at which Carried at Close of Period	5,351
Accumulated Depr and Reserves	$ 1,155
WA Age	64 years 5 months
Single family residential | Connecticut | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Connecticut | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Delaware
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	10
Encumbrances	$ 326
Initial Cost to Company	1,500
Capitalized Costs After Acquisition	80
Gross Amount at which Carried at Close of Period	1,580
Accumulated Depr and Reserves	$ 381
WA Age	29 years 7 months
Single family residential | Delaware | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Delaware | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | District of Columbia
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	4
Encumbrances	$ 83
Initial Cost to Company	552
Capitalized Costs After Acquisition	0
Gross Amount at which Carried at Close of Period	552
Accumulated Depr and Reserves	$ 22
WA Age	77 years 6 months
Single family residential | Florida
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1,344
Encumbrances	$ 141,466
Initial Cost to Company	185,576
Capitalized Costs After Acquisition	28,238
Gross Amount at which Carried at Close of Period	213,814
Accumulated Depr and Reserves	$ 15,659
WA Age	29 years 7 months
Single family residential | Florida | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Florida | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Georgia
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	3,123
Encumbrances	$ 238,728
Initial Cost to Company	313,026
Capitalized Costs After Acquisition	51,915
Gross Amount at which Carried at Close of Period	364,941
Accumulated Depr and Reserves	$ 20,758
WA Age	30 years 11 months
Single family residential | Georgia | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Georgia | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Hawaii
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 131
Initial Cost to Company	190
Capitalized Costs After Acquisition	0
Gross Amount at which Carried at Close of Period	190
Accumulated Depr and Reserves	$ 0
WA Age	12 years
Single family residential | Illinois
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	205
Encumbrances	$ 19,424
Initial Cost to Company	34,103
Capitalized Costs After Acquisition	4,107
Gross Amount at which Carried at Close of Period	38,210
Accumulated Depr and Reserves	$ 5,638
WA Age	44 years 6 months
Single family residential | Illinois | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Illinois | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Indiana
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	680
Encumbrances	$ 68,787
Initial Cost to Company	85,065
Capitalized Costs After Acquisition	8,487
Gross Amount at which Carried at Close of Period	93,552
Accumulated Depr and Reserves	$ 4,567
WA Age	21 years 8 months
Single family residential | Indiana | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Indiana | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Kansas
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	22
Encumbrances	$ 2,573
Initial Cost to Company	3,193
Capitalized Costs After Acquisition	481
Gross Amount at which Carried at Close of Period	3,674
Accumulated Depr and Reserves	$ 196
WA Age	40 years 4 months
Single family residential | Kansas | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Kansas | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Kentucky
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	138
Encumbrances	$ 15,434
Initial Cost to Company	18,681
Capitalized Costs After Acquisition	1,484
Gross Amount at which Carried at Close of Period	20,165
Accumulated Depr and Reserves	$ 516
WA Age	26 years 11 months
Single family residential | Kentucky | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Kentucky | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Louisiana
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	8
Encumbrances	$ 220
Initial Cost to Company	1,156
Capitalized Costs After Acquisition	170
Gross Amount at which Carried at Close of Period	1,326
Accumulated Depr and Reserves	$ 94
WA Age	31 years 11 months
Single family residential | Louisiana | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Louisiana | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Maryland
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	180
Encumbrances	$ 17,611
Initial Cost to Company	31,320
Capitalized Costs After Acquisition	4,019
Gross Amount at which Carried at Close of Period	35,339
Accumulated Depr and Reserves	$ 3,495
WA Age	35 years 4 months
Single family residential | Maryland | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Maryland | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Massachusetts
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	44
Encumbrances	$ 3,586
Initial Cost to Company	10,907
Capitalized Costs After Acquisition	871
Gross Amount at which Carried at Close of Period	11,778
Accumulated Depr and Reserves	$ 1,256
WA Age	91 years 2 months
Single family residential | Massachusetts | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Massachusetts | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Michigan
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	22
Encumbrances	$ 2,308
Initial Cost to Company	3,208
Capitalized Costs After Acquisition	696
Gross Amount at which Carried at Close of Period	3,904
Accumulated Depr and Reserves	$ 412
WA Age	41 years 4 months
Single family residential | Michigan | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Michigan | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Minnesota
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	93
Encumbrances	$ 12,609
Initial Cost to Company	15,791
Capitalized Costs After Acquisition	1,322
Gross Amount at which Carried at Close of Period	17,113
Accumulated Depr and Reserves	$ 879
WA Age	66 years 10 months
Single family residential | Minnesota | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Minnesota | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Mississippi
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	272
Encumbrances	$ 31,250
Initial Cost to Company	38,622
Capitalized Costs After Acquisition	2,670
Gross Amount at which Carried at Close of Period	41,292
Accumulated Depr and Reserves	$ 951
WA Age	17 years 8 months
Single family residential | Mississippi | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Mississippi | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Missouri
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	406
Encumbrances	$ 46,919
Initial Cost to Company	58,116
Capitalized Costs After Acquisition	4,611
Gross Amount at which Carried at Close of Period	62,727
Accumulated Depr and Reserves	$ 1,203
WA Age	33 years 4 months
Single family residential | Missouri | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Missouri | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Nevada
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	11
Encumbrances	$ 841
Initial Cost to Company	1,571
Capitalized Costs After Acquisition	247
Gross Amount at which Carried at Close of Period	1,818
Accumulated Depr and Reserves	$ 177
WA Age	29 years 2 months
Single family residential | Nevada | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Nevada | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | New Hampshire
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company	230
Capitalized Costs After Acquisition	0
Gross Amount at which Carried at Close of Period	230
Accumulated Depr and Reserves	$ 74
WA Age	123 years
Single family residential | New Jersey
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	91
Encumbrances	$ 4,765
Initial Cost to Company	16,551
Capitalized Costs After Acquisition	1,072
Gross Amount at which Carried at Close of Period	17,623
Accumulated Depr and Reserves	$ 2,421
WA Age	57 years 5 months
Single family residential | New Jersey | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New Jersey | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | New Mexico
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	20
Encumbrances	$ 1,320
Initial Cost to Company	2,057
Capitalized Costs After Acquisition	543
Gross Amount at which Carried at Close of Period	2,600
Accumulated Depr and Reserves	$ 257
WA Age	30 years
Single family residential | New Mexico | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New Mexico | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | New York
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	39
Encumbrances	$ 2,433
Initial Cost to Company	7,965
Capitalized Costs After Acquisition	703
Gross Amount at which Carried at Close of Period	8,668
Accumulated Depr and Reserves	$ 976
WA Age	64 years 11 months
Single family residential | New York | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New York | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | North Carolina
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	885
Encumbrances	$ 89,447
Initial Cost to Company	116,207
Capitalized Costs After Acquisition	10,668
Gross Amount at which Carried at Close of Period	126,875
Accumulated Depr and Reserves	$ 4,591
WA Age	22 years 4 months
Single family residential | North Carolina | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | North Carolina | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Ohio
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	267
Encumbrances	$ 30,510
Initial Cost to Company	39,336
Capitalized Costs After Acquisition	3,259
Gross Amount at which Carried at Close of Period	42,595
Accumulated Depr and Reserves	$ 713
WA Age	37 years 2 months
Single family residential | Ohio | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Ohio | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Oklahoma
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	311
Encumbrances	$ 36,287
Initial Cost to Company	45,007
Capitalized Costs After Acquisition	3,156
Gross Amount at which Carried at Close of Period	48,163
Accumulated Depr and Reserves	$ 1,873
WA Age	26 years
Single family residential | Oklahoma | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Oklahoma | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Oregon
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	4
Encumbrances	$ 162
Initial Cost to Company	543
Capitalized Costs After Acquisition	52
Gross Amount at which Carried at Close of Period	595
Accumulated Depr and Reserves	$ 24
WA Age	43 years 8 months
Single family residential | Oregon | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Oregon | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Pennsylvania
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	56
Encumbrances	$ 4,831
Initial Cost to Company	7,581
Capitalized Costs After Acquisition	2,137
Gross Amount at which Carried at Close of Period	9,718
Accumulated Depr and Reserves	$ 1,297
WA Age	62 years 2 months
Single family residential | Pennsylvania | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Pennsylvania | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Rhode Island
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	30
Encumbrances	$ 2,043
Initial Cost to Company	3,870
Capitalized Costs After Acquisition	618
Gross Amount at which Carried at Close of Period	4,488
Accumulated Depr and Reserves	$ 445
WA Age	81 years
Single family residential | Rhode Island | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Rhode Island | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | South Carolina
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	67
Encumbrances	$ 5,633
Initial Cost to Company	8,265
Capitalized Costs After Acquisition	1,458
Gross Amount at which Carried at Close of Period	9,723
Accumulated Depr and Reserves	$ 1,270
WA Age	21 years 5 months
Single family residential | South Carolina | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | South Carolina | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Tennessee
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1,481
Encumbrances	$ 170,497
Initial Cost to Company	205,216
Capitalized Costs After Acquisition	15,849
Gross Amount at which Carried at Close of Period	221,065
Accumulated Depr and Reserves	$ 6,621
WA Age	21 years 6 months
Single family residential | Tennessee | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Tennessee | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Texas
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	2,036
Encumbrances	$ 224,931
Initial Cost to Company	291,306
Capitalized Costs After Acquisition	26,023
Gross Amount at which Carried at Close of Period	317,329
Accumulated Depr and Reserves	$ 15,539
WA Age	26 years 8 months
Single family residential | Texas | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Texas | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Utah
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	17
Encumbrances	$ 925
Initial Cost to Company	2,218
Capitalized Costs After Acquisition	654
Gross Amount at which Carried at Close of Period	2,872
Accumulated Depr and Reserves	$ 269
WA Age	49 years 1 month
Single family residential | Utah | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Utah | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Vermont
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	4
Encumbrances	$ 201
Initial Cost to Company	690
Capitalized Costs After Acquisition	27
Gross Amount at which Carried at Close of Period	717
Accumulated Depr and Reserves	$ 230
WA Age	78 years 7 months
Single family residential | Virginia
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	35
Encumbrances	$ 6,544
Initial Cost to Company	8,812
Capitalized Costs After Acquisition	1,338
Gross Amount at which Carried at Close of Period	10,150
Accumulated Depr and Reserves	$ 923
WA Age	31 years 2 months
Single family residential | Virginia | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Virginia | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Washington
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	26
Encumbrances	$ 3,046
Initial Cost to Company	5,349
Capitalized Costs After Acquisition	480
Gross Amount at which Carried at Close of Period	5,829
Accumulated Depr and Reserves	$ 770
WA Age	46 years 10 months
Single family residential | Washington | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Washington | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Wisconsin
Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	16
Encumbrances	$ 840
Initial Cost to Company	1,554
Capitalized Costs After Acquisition	289
Gross Amount at which Carried at Close of Period	1,843
Accumulated Depr and Reserves	$ 210
WA Age	50 years 4 months
Single family residential | Wisconsin | Min
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Wisconsin | Max
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months

Schedule III - Activity of Re71

Schedule III - Activity of Real Estate Assets and Accumulated Depreciation Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate assets, beginning balance	$ 1,604,648	$ 1,048,142	$ 643,974
Acquisitions through foreclosure	40,436	206,987	470,221
Other acquisitions	525,983	778,173	118,297
Improvements	40,312	50,182	25,802
Cost of real estate sold	(337,519)	(478,836)	(210,152)
Real estate assets, ending balance		1,604,648	1,048,142
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Accumulated depreciation, beginning balance	62,601	61,716	19,367
Depreciation expense	48,989	20,840	6,414
Selling cost and impairment	38,764	56,384	70,124
Losses resulting from natural disasters	3,564	0	0
Real estate sold	(49,329)	(76,339)	(34,189)
Accumulated depreciation, ending balance	104,589	$ 62,601	$ 61,716
Aggregate cost for federal income tax purposes	$ 1,544,800

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, 2017USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	111
Carrying amount of mortgages	$ 11,477
Principal amount of loans subject to delinquent principal or interest	26,970
Aggregate cost for federal income tax purposes	$ 23,100
$0-49,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	6
Carrying amount of mortgages	$ 162
Principal amount of loans subject to delinquent principal or interest	$ 98
$0-49,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
$0-49,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
$50,000-99,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	12
Carrying amount of mortgages	$ 444
Principal amount of loans subject to delinquent principal or interest	$ 449
$50,000-99,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
$50,000-99,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
$100,000-149,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	21
Carrying amount of mortgages	$ 1,099
Principal amount of loans subject to delinquent principal or interest	$ 2,412
$100,000-149,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
$100,000-149,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.50%
$150,000-199,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	13
Carrying amount of mortgages	$ 745
Principal amount of loans subject to delinquent principal or interest	$ 1,933
$150,000-199,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.40%
$150,000-199,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
$200,000-249,999
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	15
Carrying amount of mortgages	$ 712
Principal amount of loans subject to delinquent principal or interest	$ 3,067
$200,000-249,999 | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.625%
$200,000-249,999 | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.25%
$250,000 plus
Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	44
Carrying amount of mortgages	$ 8,315
Principal amount of loans subject to delinquent principal or interest	$ 19,011
$250,000 plus | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
$250,000 plus | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.25%

Schedule IV - Activity in Mortg

Schedule IV - Activity in Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to held for sale	$ (451,317)	$ (195,461)	$ (535,836)
Transfer of mortgage loans to real estate owned, net	(40,436)	(206,987)	(470,221)
Residential mortgage | Loans receivable
Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to real estate owned, net	(40,400)	(207,000)	(470,200)
Residential mortgage | Loans receivable | Level 3
Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans, beginning balance	460,444	960,534	1,959,044
Change in unrealized gain on mortgage loans		(409)	177,545
Cost of mortgage loans sold		(84,673)	(174,894)
Mortgage loan payments and escrow recoveries		(30,596)	(24,550)
Real estate tax advances to borrowers		18,013	29,261
Transfer of mortgage loans to held for sale		(195,461)	(535,836)
Selling costs on loans held for sale		0	0
Transfer of mortgage loans to real estate owned, net		(206,964)	(470,036)
Mortgage loans, ending balance		460,444	$ 960,534
Loans held for sale | Loans receivable | Level 3
Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans, beginning balance	108,036
Mortgage loans, ending balance		108,036
Mortgage loans at fair value and loans held for sale | Loans receivable | Level 3
Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans, beginning balance	568,480
Change in unrealized gain on mortgage loans	7,684
Cost of mortgage loans sold	(521,170)
Mortgage loan payments and escrow recoveries	(5,500)
Real estate tax advances to borrowers	3,763
Transfer of mortgage loans to held for sale	0
Selling costs on loans held for sale	(1,344)
Transfer of mortgage loans to real estate owned, net	(40,436)
Mortgage loans, ending balance	$ 11,477	$ 568,480