Front Yard Residential (RESI) 10-K 27 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 21, 2019	Jun. 29, 2018
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
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		53,630,204
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 410.5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate held for use:
Land	$ 395,532	$ 322,062
Rental residential properties	1,667,939	1,381,110
Real estate owned	40,496	64,036
Total real estate held for use	2,103,967	1,767,208
Less: accumulated depreciation	(137,881)	(73,655)
Total real estate held for use, net	1,966,086	1,693,553
Real estate assets held for sale	146,921	75,718
Mortgage loans at fair value	8,072	11,477
Cash and cash equivalents	44,186	113,666
Restricted cash	36,974	47,822
Accounts receivable, net	11,591	19,555
Goodwill	13,376	0
Prepaid expenses and other assets	43,045	12,758
Total assets	2,270,251	1,974,549
Liabilities:
Repurchase and loan agreements	1,722,219	1,270,157
Accounts payable and accrued liabilities	72,672	55,639
Payable to AAMC	3,968	4,151
Total liabilities	1,798,859	1,329,947
Commitments and contingencies
Equity:
Common stock, $0.01 par value, 200,000,000 authorized shares; 53,630,204 and 53,447,950 shares issued and outstanding as of December 31, 2018 and 2017, respectively	536	534
Additional paid-in capital	1,184,132	1,181,327
Accumulated deficit	(700,623)	(537,259)
Accumulated other comprehensive loss	(12,653)	0
Total equity	471,392	644,602
Total liabilities and equity	$ 2,270,251	$ 1,974,549

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
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	53,630,204	53,447,950
Common stock, shares outstanding	53,630,204	53,447,950

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental revenues	$ 183,013	$ 123,597	$ 48,563
Change in unrealized gain on mortgage loans	(32,384)	(190,856)	(195,909)
Net realized gain on mortgage loans	(938)	84,024	85,990
Net realized gain on sales of real estate	33,177	76,913	117,617
Interest income	0	493	497
Total revenues	183,013	94,171	56,758
Expenses:
Residential property operating expenses	63,987	62,759	66,466
Property management expenses	13,189	8,982	3,701
Depreciation and amortization	80,961	61,601	27,027
Acquisition and integration costs	33,607	778	9,339
Impairment	12,734	40,108	57,913
Mortgage loan servicing costs	1,521	10,683	34,595
Interest expense	77,035	59,582	53,868
Share-based compensation	3,024	4,139	1,287
General and administrative	13,817	10,994	10,556
Management fees to AAMC	14,743	17,301	19,175
Total expenses	314,618	276,927	283,927
Net loss on real estate and mortgage loans	(145)	(29,919)
Operating loss	(131,750)	(182,756)	(227,169)
Casualty losses, net	(552)	(6,021)	0
Insurance recoveries	588	3,349	0
Other income (expense)	925	0	(750)
Loss before income taxes	(130,789)	(185,428)	(227,919)
Income tax expense	46	26	109
Net loss	$ (130,835)	$ (185,454)	$ (228,028)
Loss per share of common stock – basic:
Loss per basic share (usd per share)	$ (2.44)	$ (3.47)	$ (4.18)
Weighted average common stock outstanding – basic (in shares)	53,552,109	53,493,523	54,490,979
Loss per share of common stock – diluted:
Loss per diluted share (usd per share)	$ (2.44)	$ (3.47)	$ (4.18)
Weighted average common stock outstanding – diluted (in shares)	53,552,109	53,493,523	54,490,979
Dividends declared per common share (usd per share)	$ 0.6	$ 0.6	$ 0.75

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance, shares at Dec. 31, 2015		55,581,005
Beginning balance at Dec. 31, 2015	$ 1,152,357	$ 556	$ 1,202,418	$ (50,617)	$ 0
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
Change in fair value of cash flow hedging derivatives	0
Net loss	(228,028)			(228,028)
Ending balance, shares at Dec. 31, 2016		53,667,631
Ending balance at Dec. 31, 2016	863,068	$ 537	1,182,245	(319,714)	0
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
Change in fair value of cash flow hedging derivatives	0
Net 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)	0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, including stock option exercises, shares		212,219
Issuance of common stock, including stock option exercises	108	$ 2	106
Repurchases of common stock, shares		(29,965)
Repurchases of common stock	(325)	$ 0	(325)
Dividends on common stock	(32,529)			(32,529)
Share-based compensation	3,024		3,024
Change in fair value of cash flow hedging derivatives	(12,653)				(12,653)
Net loss	$ (130,835)			(130,835)
Ending balance, shares at Dec. 31, 2018	53,630,204	53,630,204
Ending balance at Dec. 31, 2018	$ 471,392	$ 536	$ 1,184,132	$ (700,623)	$ (12,653)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (usd per share)	$ 0.6	$ 0.6	$ 0.75

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Operating activities:
Net loss	$ (130,835)	$ (185,454)	$ (228,028)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in unrealized gain on mortgage loans	32,384	190,856	195,909
Net realized loss (gain) on mortgage loans	938	(84,024)	(85,990)
Net realized gain on sales of real estate	(33,177)	(76,913)	(117,617)
Depreciation and amortization	80,961	61,601	27,027
Impairment	12,734	40,108	57,913
Accretion of interest on re-performing mortgage loans	0	0	(142)
Share-based compensation	3,024	4,139	1,287
Amortization of deferred financing costs and loan discounts	6,099	7,443	12,519
Casualty losses, net	552	6,021	0
Insurance recoveries	(588)	(3,349)	0
Change in fair value of interest rate cap derivatives in profit or loss	1,311	0	0
Changes in operating assets and liabilities:
Accounts receivable, net	2,498	(2,024)	1,650
Receivable from AAMC	0	0	2,180
Prepaid expenses and other assets	(24,380)	(4,875)	(4,530)
Accounts payable and accrued liabilities	12,732	(565)	19,423
Payable to AAMC	(183)	(1,115)	5,266
Net cash used in operating activities	(35,930)	(48,151)	(113,133)
Investing activities:
Investment in real estate	(475,760)	(135,101)	(299,556)
Investment in renovations	(32,790)	(38,067)	(53,394)
Investment in HavenBrook	(11,399)	0	0
Payment of real estate tax advances	(283)	(4,233)	(23,479)
Proceeds from mortgage loan resolutions and dispositions	6,045	527,195	543,099
Receipt of mortgage loan payments	307	7,238	22,870
Proceeds from dispositions of real estate	81,739	264,174	378,043
Proceeds of casualty insurance	2,588	0	0
Investment in derivative financial instrument	0	0	55
Net cash (used in) provided by investing activities	(429,553)	621,206	567,528
Financing activities:
Proceeds from exercise of stock options	108	243	83
Payment of tax withholdings on share-based compensation plan awards	0	(138)	(24)
Repurchase of common stock	(325)	(5,165)	(21,538)
Dividends on common stock	(32,261)	(32,162)	(38,286)
Repayments of other secured debt	0	(144,971)	(361,544)
Proceeds from repurchase and loan agreements	1,116,000	112,317	793,392
Repayments of repurchase and loan agreements	(659,381)	(462,808)	(823,192)
Payment of deferred financing costs and loan discounts	(10,656)	(8,106)	(11,331)
Premium paid for interest rate cap derivatives	(28,330)	0	0
Net cash provided by (used in) financing activities	385,155	(540,790)	(462,440)
Net change in cash, cash equivalents and restricted cash	(80,328)	32,265	(8,045)
Cash, cash equivalents and restricted cash as of beginning of the period	161,488	129,223	137,268
Cash, cash equivalents and restricted cash as of end of the period	81,160	161,488	129,223
Cash paid for:
Interest	69,628	52,885	39,838
Income taxes	58	28	180
Non-cash investing and financing activities:
Seller financing of assets acquired	0	401,211	489,259
Transfer of mortgage loans to real estate owned, net	4,935	40,436	206,987
Transfer of mortgage loans at fair value to mortgage loans held for sale	0	451,317	195,461
Change in accrued capital expenditures	526	2,245	(3,212)
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net	(333)	(6,152)	(4,945)
Changes in receivables from real estate owned dispositions	(2,341)	(13,456)	(4,377)
Change in other comprehensive loss from cash flow hedges	(12,653)	0	0
Dividends declared but not paid	$ 8,541	$ 8,275	$ 8,341

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (130,835)	$ (185,454)	$ (228,028)
Other comprehensive loss:
Change in fair value of interest rate caps	(13,028)	0	0
Losses from interest rate caps reclassified into earnings from accumulated other comprehensive loss	375	0	0
Net other comprehensive loss	(12,653)	0	0
Comprehensive loss	$ (143,488)	$ (185,454)	$ (228,028)

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2018
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., and its subsidiaries. On December 21, 2012, we became a stand-alone publicly traded company with an initial capital contribution of $100 million . We employ a diversified SFR property acquisition strategy that includes acquiring 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, 2018 , we had disposed of the substantial majority of our remaining mortgage loan portfolio and REO properties (those properties foreclosed upon but that do not meet our criteria as rental properties and intended to be sold) and had increased our rental portfolio to approximately 15,000 homes. On August 8, 2018, we acquired HavenBrook Partners, LLC (“HavenBrook” or our “internal property manager”), a full-service property management company and a Delaware limited liability company, as well as the 3,236 homes managed by HavenBrook (the “RHA Acquired Properties”). The acquisition of HavenBrook provides us with an internal property manager and an efficient, scalable property management platform that is designed to provide tenants with excellent service and, as we continue to grow, to allow us to benefit from economies of scale that will enhance long-term stockholder value. We refer to this transaction as the “HB Acquisition.” Prior to the HB Acquisition, we relied exclusively on two external property management vendors, Main Street Renewal, LLC (“MSR”) and Altisource S.à r.l. (“ASPS”), to provide, among other things, leasing and lease management, operations, maintenance, repair and property management services in respect of certain of our SFR properties. Upon the acquisition of HavenBrook, we commenced the internalization of our property management function, and we expect that substantially all of our single-family rental assets will be managed by HavenBrook by March 31, 2019. On August 8, 2018, we amended our property management service agreement with ASPS to, among other things, move all homes managed by ASPS onto our internal property management platform. The transition of homes away from ASPS was completed in November 2018, and, as of December 31, 2018, ASPS no longer serves as our property manager. On December 7, 2018, we also amended our property management service agreements with MSR (the “MSR Termination Agreements”) to provide for the transition of the SFR properties managed by MSR to our internal property management platform. We are managed by Altisource Asset Management Corporation (“AAMC” or our “Manager”). 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. In addition to our internal property manager, we have a contract with MSR to provide, among other things, leasing and lease management, operations, maintenance, repair and property management in respect of a portion of our SFR portfolio until such properties are transitioned onto our internal property management platform. We have also engaged third-party service providers to service the mortgage loans and to manage certain REO properties remaining 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. 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 . Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation, primarily to separately present property managements expenses, which had previously been reported as a component of residential property operating expenses in the consolidated statements of operations. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. Recently issued accounting standards Adoption of recent accounting standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendment modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The revised guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Companies are permitted to early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. Our early adoption of this standard on December 31, 2018 did not have a significant effect on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718). The amendments in ASU 2018-07 expand the scope of the employee share-based payments guidance to include share-based payments issued to non-employees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards to non-employees. This ASU is effective for fiscal years after December 15, 2018, including interim periods within that fiscal year. The Company has adopted the provisions of ASU 2018-07 effective April 1, 2018. Upon adoption, the fair value of the restricted stock and stock option awards we had previously granted to employees of AAMC was determined as of the transition date, and the fair value of such awards granted subsequent to April 1, 2018 will be determined as of the grant date. As a result, our share-based compensation expense will not fluctuate with our stock price or other factors that previously impacted the mark-to-market adjustments on these awards. This adoption had no other significant effect on our consolidated financial statements. 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. In conjunction with the execution of certain interest rate caps in the fourth quarter of 2018 (see Note 11 ), we determined to adopt this standard effective October 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU No. 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect 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). 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This 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, we adopted the provisions of ASU 2016-18. As a result of this adoption, we retrospectively reclassified $2.4 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 year ended December 31, 2016 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 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect 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. Management performed an analysis of our gains and losses arising from real estate sales (the sole component of our revenue within the scope of ASU 2014-09). We determined that our policy for recognition of gains and losses on real estate sales prior to our adoption is consistent with the updated revenue recognition requirements of ASU 2014-09, as amended. Therefore, our adoption of ASU 2014-09 effective January 1, 2018 had no significant impact on our previous revenue recognition practices, and our application of the modified retrospective method of adoption resulted in no adjustments to comparative information or cumulative adjustments to any beginning balances in the current period. As our mortgage loan and related REO activities are no longer a core part of our operations, we determined to no longer classify net gains and losses from sales of real estate and resolutions and dispositions of mortgage loans as a component of revenue effective with the adoption on January 1, 2018. Recently issued accounting standards not yet adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the accounting for goodwill impairment by removing step two of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. We are currently evaluating the timing and impact of our adoption of ASU 2017-04, which we expect will impact our goodwill impairment testing process; however, we do not expect this ASU to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This 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 because the standard, as amended, excludes receivables arising from operating leases, which represent the majority of our receivables. In February 2016, the 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. The FASB has also issued multiple ASUs amending certain aspects of Topic 842. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. 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 will adopt this standard effective January 1, 2019. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2019. As mentioned above, the new standard provides a number of optional practical expedients in transition. We elected the “package of practical expedients,” which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity's ongoing accounting. We elected the short-term lease exemption for all leases that qualify; as a result, we will not recognize right-of-use assets or lease liabilities for qualifying leases. We also elected the practical expedient to not separate lease and non-lease components of all of our office space leases. Beginning with the first quarter of 2019, we will (1) recognize right-of-use assets and lease liabilities on our consolidated balance sheets; (2) classify lease and non-lease components of our revenue from tenants separately in our consolidated statements of operations; and (3) provide the required incremental disclosures about our leasing activities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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, 2018 or 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 stockholders or partners do not hold substantive participating rights and no other conditions exist that would indicate that we do not control the entity. Derivative financial instruments We borrow funds at a combination of fixed and variable rates. Borrowings under certain of our repurchase and loan agreements bear interest at variable rates. Our interest rate risk management objectives are to limit the impact of changes in interest rates on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as caps or swaps in order to mitigate our interest rate risk with respect to our various debt instruments. We do not hold or issue these derivative contracts for trading or speculative purposes. See Note 11 for further information on our derivative positions. We account for terminated derivative instruments by recognizing the related accumulated comprehensive income or loss balance in current earnings, unless the hedged forecasted transaction continues as originally planned, in which case we continue to amortize the accumulated comprehensive income or loss into earnings over the originally designated hedge period. Earnings per share Basic earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or 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. Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets that were acquired in connection with the HB Acquisition and the corresponding internalization of property management in August 2018. Goodwill has an indefinite life and is therefore not amortized. We will test goodwill for impairment on an annual basis, or more frequently if circumstances indicate that the carrying value of goodwill exceeds its fair value. 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. As a REIT, 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 utilized to enter into transactions that do not qualify as REIT activities and 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, 2018 , 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. We initially recorded our mortgage loans at fair value, which generally equaled the purchase price we paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. Such changes in fair value occur as a result of servicing efforts, restructuring, changes in the condition of the underlying collateral or other factors. We have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance. We determined 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. 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 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”). Net gain (loss) on real estate and mortgage loans Net gain (loss) on real estate and mortgage loans consists of three components: change in unrealized gains on mortgage loans, net realized gains on mortgage loans and net realized gains on sales of real estate. Prior to 2018, we reported these components separately in the consolidated statements of operations within revenues. Effective January 1, 2018, we present these three components as a single line outside of revenues in the consolidated statement of operations. In accordance with the SEC’s elimination of Rule 3-15(a) of Regulation S-X as part of Release No. 33-10532; 34-83875; IC-33203, which had required REITs to present gains and losses on sales of properties outside of continuing operations in the income statement, we classify net gain (loss) on real estate and mortgage loans as a component of operating loss. 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. • 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. • Upon the liquidation of a mortgage loan or REO property, we reclassify previously accumulated unrealized gains to realized gains. 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. We sell real estate generally for cash at the time of closing and have no continuing involvement thereafter. 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, 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 either place an REO property in service as a rental unit or liquidate the property 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. Once an REO property is ready to be marketed, 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 manner of use, significant deterioration in physical condition or indications that the market value of a property has declined 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 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. Casualty losses and insurance recoveries Losses incurred as a result of casualty events, including natural disasters, are included in casualty losses in the consolidated statement of operations in the period in which we identify and are able to estimate the loss. We carry insurance, subject to deductibles, to reimburse us for losses related to property damage and business interruption. We recognize insurance recoveries for property damage to the extent of losses incurred for expected insurance proceeds that are reasonably certain of payment in the consolidated statements of operations in the same period as the related loss. Insurance recoveries in excess of property losses incurred or for business interruption are recognized upon receipt of funds from the insurer. 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 estimated gross casualty losses of $6.0 million , partially offset by estimated insurance recoveries of $3.3 million as a result of these hurricanes. During the year ended December 31, 2018, we reversed $1.0 million of these estimated casualty losses as we completed property inspections and finalized repair work orders. 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. 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 With our adoption of ASU 2018-07, the grant date fair value of share-based awards is recorded as expense on a straight-line basis over the vesting period for the award with an offsetting increase in stockholders' equity. For service-based restricted stock awards, the grant date fair value is determined based upon the closing share price on the grant date as reported on the New York Stock Exchange. For stock options and restricted stock awards with market-based vesting requirements, we use a Monte Carlo simulation until each market hurdle is met. Prior to our adoption of ASU 2018-07 on April 1, 2018, our awards to non-employees were revalued each reporting period. For restricted stock grants to non-employees, the fair value is based on the closing share price on the date that the shares vest, which required the amount to be adjusted in each 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 used a Monte Carlo simulation until each market hurdle is met. Subsequent to the market hurdle being met, we calculated the fair value of non-employee stock options issued based on the Black-Scholes model. Subsequent to our adoption of ASU 2018-07, the fair value of these awards is fixed as of the adoption date. Forfeitures of share-based awards are recognized as they occur.

Asset Acquisitions and Disposit

Asset Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2018
Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]
Asset Acquisitions and Dispositions	3. Asset Acquisitions and Dispositions Real estate assets HB Acquisition in 2018 On August 8, 2018, we acquired all of the equity interests of HavenBrook and three real estate investment trusts owned by Rental Home Associates, LLC, a Delaware limited liability company (“RHA”), for an aggregate purchase price of $485.0 million . The purchase was accounted for as a business combination because it included the acquisition of a property management company as well as the 3,236 single-family rental properties that it managed. The following table presents the components acquired ($ in thousands): Purchase price allocable to RHA entities, including underlying properties $ 471,400 Purchase price allocable to HavenBrook 13,600 Gross purchase price 485,000 Less: net purchase price adjustments at closing (1) (3,644 ) Net purchase price $ 481,356 __________________ (1) Purchase price adjustments at closing relate primarily to (i) properties sold by RHA subsequent to negotiation of the purchase price and prior to closing and (ii) working capital balances of each acquired entity. The HB Acquisition was completed using the following sources of funds ($ in thousands): Cash $ 88,489 Net proceeds of borrowings 462,794 Less: financing related to assets previously acquired (69,927 ) Net purchase price $ 481,356 We incurred $7.2 million of acquisition costs related to the HB Acquisition during the year ended December 31, 2018, which are included in acquisition and integration costs in the consolidated statement of operations. In addition, our acquisition and integration costs for the year ended December 31, 2018 include fees of $18.0 million to ASPS and $5.3 million to MSR in relation to the transition of our externally managed SFR properties to our internal property management platform (see Note 8 for further information). We recognized $20.3 million of revenues and $10.6 million of net loss related to the operations of HavenBrook and the RHA Acquired Properties in our consolidated statements of operations for the year ended December 31, 2018. In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , we have performed an allocation of the purchase related to the assets acquired and liabilities assumed in the HB Acquisition. The assets and liabilities of HavenBrook and RHA were recorded at their respective estimated fair values at the acquisition date. The allocation of the purchase consideration is as follows ($ in thousands): Land $ 82,739 Rental residential properties 282,914 Real estate assets held for sale 94,946 Cash and cash equivalents 9,255 Restricted cash 4,780 Accounts receivable, net 1,778 Goodwill 13,376 In-place lease intangible assets (1) (2) 6,462 Other assets (2) 1,784 Total assets acquired 498,034 Accounts payable and accrued liabilities 16,678 Total liabilities assumed 16,678 Total allocation of purchase price $ 481,356 __________________ (1) The value of in-place leases is being amortized over the weighted average remaining life of the leases, which was approximately eight months as of the acquisition date. (2) Included in prepaid expenses and other assets in the consolidated balance sheet. The goodwill recorded on the consolidated balance sheet represents the expected synergies to be achieved from the internalization of property management. Supplemental pro forma financial information of the HB Acquisition (unaudited) The following supplemental pro forma financial information summarizes our results of operations as if the HB Acquisition occurred on January 1, 2017 ($ in thousands, except per share amounts): Year ended December 31, 2018 2017 Unaudited pro forma revenues $ 213,307 $ 141,977 Unaudited pro forma net loss $ (137,695 ) $ (212,990 ) Pro forma loss per basic common share $ (2.57 ) $ (3.98 ) Weighted average common stock outstanding - basic 53,630,204 53,493,523 Pro forma loss per diluted common share $ (2.57 ) $ (3.98 ) Weighted average common stock outstanding - diluted 53,630,204 53,493,523 The following table presents the adjustments included in the above pro forma financial information for the period indicated ($ in thousands): Year ended December 31, 2018 2017 Revenues from consolidated statements of operations $ 183,013 $ 94,171 Add: historical revenues not reflected in consolidated statements of operations 30,294 47,806 Unaudited pro forma revenues $ 213,307 $ 141,977 Net loss from consolidated statements of operations $ (130,835 ) $ (185,454 ) Plus: historical net loss not reflected in consolidated statements of operations (9,785 ) (18,825 ) Adjustment for pro forma depreciation and amortization 9,016 3,531 Adjustment for pro forma interest expense (6,091 ) (12,242 ) Unaudited pro forma net loss $ (137,695 ) $ (212,990 ) The supplemental pro forma financial information for all periods presented was adjusted to reflect depreciation and amortization on the acquired properties and related intangible assets and interest expense on the related financing. 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, 2017, nor does it purport to represent or be indicative of the results of operations for future periods. HOME Flow Transaction in 2017 On March 30, 2017, we entered into an agreement to acquire up to 3,500 SFR properties (the “HOME Flow Transaction”) from entities 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, Business Combinations (Topic 805): Clarifying the Definition of a Business, 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 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 was 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 costs related to this portfolio acquisition. The value of in-place leases was estimated at $2.0 million and was 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 costs related to this portfolio acquisition. The value of in-place leases was estimated at $5.9 million and was amortized over the weighted average remaining life of the leases of approximately seven months as of the acquisition date. In accordance with the related purchase and sale agreement, certain of the properties are subject to potential purchase price adjustments, which will be based on the rental rates achieved for the properties within 24 months after the closing date. Because such future rental rates are unknown, we are unable to predict the ultimate adjustments, if any, that will be made to the initial aggregate purchase price at this time (see Note 8 ). For each closing under the HOME Flow Transaction, we allocated the purchase price, including capitalized acquisition costs, based on the relative fair value of the properties acquired as follows ($ 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 in 2016 On September 30, 2016, we 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, we 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, we 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, we 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, acquired the remaining 394 of the 4,262 properties. At the time of acquisition, the purchase met the definition of, and was accounted for as, a business combination. We recognized acquisition costs related to the HOME SFR Transaction of $3.9 million . The value of in-place leases was estimated at $9.8 million based on the costs we would have incurred to lease the properties and was amortized over the weighted average remaining life of the leases, which was approximately seven months as of date of the acquisition date. The following table sets forth the allocation of the estimated fair value of the assets acquired as well as the source of funds related to the HOME SFR Transaction ($ 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. Supplemental pro forma financial information of the HOME SFR Transaction (unaudited) The following supplemental pro forma financial information summarizes our results of operations as if the HOME SFR Transaction occurred on January 1, 2015 as follows ($ in thousands, except per share amounts): Year ended December 31, 2016 Unaudited pro forma revenues $ 97,735 Unaudited pro forma net loss (230,449 ) Loss per share of common stock - basic: Loss per basic share $ (4.23 ) Weighted average common stock outstanding - basic 54,490,979 Loss per share of common stock - diluted: Loss per diluted share $ (4.23 ) Weighted average common stock outstanding - diluted 54,490,979 The following table presents the pro forma adjustments included above ($ in thousands): Year ended December 31, 2016 Revenues from consolidated statements of operations $ 56,758 Add: historical revenues of acquired properties not reflected in consolidated statements of operations 40,977 Unaudited pro forma revenues $ 97,735 Net loss from consolidated statements of operations $ (228,028 ) Plus: historical net income of acquired properties not reflected in consolidated statements of operations 25,578 Less: pro forma real estate depreciation and amortization (11,363 ) Less: pro forma interest expense (14,016 ) Less: pro forma management fees (2,620 ) Unaudited pro forma net loss $ (230,449 ) We recognized $15.0 million in revenues and $4.5 million of net loss 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. 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 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. During the years ended December 31, 2018 , 2017 and 2016 , we acquired 70 , 27 and 714 SFR properties, respectively, under our other acquisition programs for an aggregate purchase price of $8.7 million , $2.7 million and $71.8 million , respectively. Acquisition and integration costs We incurred $33.6 million , $0.8 million , and $9.3 million of acquisition and integration costs during the years ended December 31, 2018 , 2017 and 2016 , respectively, which were expensed as incurred. Integration costs consist of incremental or duplicative costs incurred post-acquisition as a result of efforts to integrate and combine the businesses, including legal, due diligence, professional fees, technology costs, duplicative property management fees and severance-related compensation costs. The following table presents the detail of acquisition and integration costs for the years ended December 31, 2018 , 2017 , and 2016 ($ in thousands): Year ended December 31, 2018 Year ended December 31, 2017 Year ended December 31, 2016 Acquisition costs $ 7,209 $ 778 $ 9,339 Integration costs 3,148 — — ASPS transition fee (1) 18,000 — — Main Street Renewal, LLC transition fee (1) 5,250 — — Total acquisition and integration costs $ 33,607 $ 778 $ 9,339 ________ (1) Refer to Note 8 for further information on these fees. Real estate dispositions During the years ended December 31, 2018 , 2017 and 2016 , we sold 448 , 1,710 , and 2,668 REO properties, respectively. In connection with these sales, we received proceeds of $79.4 million , $250.7 million , and $373.7 million , respectively, and recorded $33.2 million , $76.9 million and $117.6 million , respectively, of net realized gain on sales of real estate. Mortgage loans Mortgage loan dispositions and resolutions During the years ended December 31, 2018 , 2017 and 2016 , we liquidated 27 , 3,115 and 2,450 mortgage loans, respectively, primarily through third-party sales, short sales, refinancing and foreclosure sales. In connection with these sales and resolutions, we received proceeds of $3.2 million , $521.2 million and $534.4 million , respectively, and recorded $(0.9) million , $84.0 million and $86.0 million of net realized (losses) gains on sales of mortgage loans during the years ended December 31, 2018 , 2017 and 2016 , respectively. Transfers of mortgage loans to real estate owned When we foreclose upon a home, we take title in lieu of payment to settle the mortgage. At that time, we record the home as an REO property. During the years ended December 31, 2018 , 2017 and 2016 , we transferred an aggregate of 10 , 248 and 1,112 mortgage loans to REO at an aggregate fair value based on BPOs of $4.9 million , $40.4 million and $207.0 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 $2.3 million , $15.1 million , and $46.0 million , respectively, in change in unrealized gain on mortgage loans that resulted from marking the properties to their most current market value during the years ended December 31, 2018 , 2017 and 2016 , respectively. Net gain (loss) on real estate and mortgage loans The following table presents the components of net gain (loss) on real estate and mortgage loans during the periods indicated ($ in thousands): Year ended December 31, 2018 2017 Change in unrealized gain on mortgage loans due to: Conversion of mortgage loans to REO, net $ 2,344 $ 15,067 Change in fair value, net 313 1,514 Reclassification to realized gain or loss (35,041 ) (207,437 ) Total change in unrealized gain on mortgage loans (32,384 ) (190,856 ) Net realized (loss) gain on mortgage loans (938 ) 84,024 Net realized gain on sales of real estate 33,177 76,913 Net loss on real estate and mortgage loans $ (145 ) $ (29,919 )

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate Assets	4. Real Estate Assets The following table presents the number of real estate assets held by the Company by status as of the dates indicated: December 31, 2018 Held for Use Held for Sale Total Portfolio Rental Properties: Leased 13,546 423 13,969 Listed and ready for rent 434 8 442 Unit turn 428 18 446 Renovation 136 2 138 Total rental properties 14,544 Previous rentals identified for sale 158 188 346 Legacy REO 56 48 104 14,758 687 15,445 December 31, 2017 Rental Properties: Leased 10,850 — 10,850 Listed and ready for rent 591 — 591 Unit turn 340 — 340 Renovation 194 — 194 Total rental properties 11,975 Previous rentals identified for sale 69 40 109 Legacy REO 197 293 490 12,241 333 12,574 For properties held for sale or identified for future sale, management has determined to divest these properties because they do not meet our residential rental property investment criteria. We generally rent our SFR properties under non-cancelable leases with a term of one to two years. Future minimum rental revenues under existing leases for the 13,969 properties that were leased as of December 31, 2018 are as follows ($ in thousands): 2019 $ 106,134 2020 6,547 2021 780 2022 — 2023 and thereafter — $ 113,461 Impairment on real estate During the years ended December 31, 2018 , 2017 and 2016 , we recognized $0.6 million , $3.0 million and $7.4 million , respectively, of valuation impairment on real estate held for use, which primarily related to our properties identified for future sale or under evaluation for rental strategy. During the years ended December 31, 2018 , 2017 and 2016 , we recognized $12.1 million , $17.3 million and $25.8 million , respectively, of valuation impairment on our real estate held for sale. In addition, for the years ended December 31, 2017 and 2016, we recognized valuation adjustments related to estimated selling costs upon disposition of held-for-sale real estate of $18.4 million and $23.2 million , respectively.

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Loans at Fair Value	5. Mortgage Loans at Fair Value 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, 2018 and 2017 ($ in thousands): Number of Loans Fair Value and Carrying Value Unpaid Principal Balance Market Value of Underlying Properties (1) December 31, 2018 Current 20 $ 1,827 $ 2,701 $ 4,353 60 1 115 148 180 90 17 649 6,019 5,418 Foreclosure 36 5,481 12,376 16,097 Mortgage loans at fair value 74 $ 8,072 $ 21,244 $ 26,048 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 ________ (1) The market value of the underlying properties are estimated based on BPOs.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 ($ 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, 2018 Recurring basis (assets) Mortgage loans at fair value $ 8,072 $ — $ — $ 8,072 Interest rate cap derivatives (1) 14,367 — 14,367 — Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,722,219 — 1,734,152 — 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 — ________ (1) Included within prepaid expenses and other assets in the consolidated balance sheets. We have not transferred any assets from one level to another level during the years ended December 31, 2018 and 2017 . 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 our interest rate cap derivatives are estimated using a discounted cash flow analysis based on the contractual terms of the derivative. The fair value of the repurchase and loan agreements is estimated using the income approach based on credit spreads available to us currently in the market for similar floating rate debt. The following table sets forth the changes in our mortgage loans for the years ended December 31, 2018 and 2017 ($ in thousands): Year ended December 31, 2018 2017 Mortgage loans, beginning of the year $ 11,477 $ 568,480 Net gain on mortgage loans 3,157 7,684 Mortgage loan dispositions, resolutions and payments (1,774 ) (526,670 ) Real estate tax advances to borrowers 230 3,763 Selling costs on loans held for sale (83 ) (1,344 ) Transfer of mortgage loans at fair value to real estate owned, net (4,935 ) (40,436 ) Mortgage loans, end of the year $ 8,072 $ 11,477 Change in unrealized gain on mortgage loans held at the end of the period $ (358 ) $ (5,911 ) 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, 2018 December 31, 2017 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 -0.55% to 16.79% -1.71% to 9.07% Loan resolution probabilities — modification 0% to 5.9% 0% to 5.9% Loan resolution probabilities — liquidation 38.8% to 100% 49.5% to 100% Loan resolution probabilities — paid in full 0% to 61.2% 0% to 47.4% Loan resolution timelines (in years) 0.1 to 6.1 0.1 to 5.3 Value of underlying properties $50,000 to $2,500,000 $45,000 to $2,250,000

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Borrowings	7. Borrowings 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. We pay interest on all of our borrowings as well as certain other customary fees, administrative costs and expenses each month. As of December 31, 2018 , the weighted average annualized interest rate on borrowings under our repurchase and loan agreements was 4.53% , excluding amortization of premium on loan agreements and deferred issuance costs. The following table sets forth data with respect to our repurchase and loan agreements as of December 31, 2018 and 2017 ($ in thousands): Maturity Date Interest Rate Amount Outstanding Maximum Borrowing Capacity Amount of Available Funding Book Value of Collateral December 31, 2018 CS Repurchase Agreement 11/15/2019 1-month LIBOR + 3.00% $ 193,654 $ 250,000 $ 56,346 $ 224,934 Nomura Loan Agreement 4/5/2020 (1) 1-month LIBOR + 3.00% 30,497 250,000 219,503 48,388 HOME II Loan Agreement 11/9/2019 (2) 1-month LIBOR + 2.10% (3) 83,270 83,270 — 100,461 HOME III Loan Agreement 11/9/2019 (2) 1-month LIBOR + 2.10% (3) 89,150 89,150 — 111,542 HOME IV Loan Agreement (A) 12/9/2022 4.00% 114,201 114,201 — 145,461 HOME IV Loan Agreement (B) 12/9/2022 4.00% 114,590 114,590 — 146,479 Term Loan Agreement 4/6/2022 5.00% 100,000 100,000 — 114,401 FYR SFR Loan Agreement 9/1/2028 4.65% 508,700 508,700 — 585,563 MS Loan Agreement 12/7/2023 1-month LIBOR + 1.80% (4) 504,986 504,986 — 609,619 1,739,048 $ 2,014,897 $ 275,849 $ 2,086,848 Less: unamortized loan discounts (4,896 ) Less: deferred debt issuance costs (11,933 ) $ 1,722,219 December 31, 2017 CS Repurchase Agreement 11/16/2018 CS cost of funds + 2.75% $ 189,173 $ 350,000 $ 160,827 $ 281,722 Nomura Loan Agreement 4/5/2018 1-month LIBOR + 3.25% 102,785 250,000 147,215 169,521 MSR Loan Agreement 11/9/2018 1-month LIBOR + 3.285% 489,259 489,259 — 622,065 HOME II Loan Agreement 11/9/2019 1-month LIBOR + 2.10% 83,270 83,270 — 103,324 HOME III Loan Agreement 11/9/2019 1-month LIBOR + 2.10% 89,150 89,150 — 114,698 HOME IV Loan Agreement (A) 12/9/2022 4.00% 114,201 114,201 — 149,698 HOME IV Loan Agreement (B) 12/9/2022 4.00% 114,590 114,590 — 150,718 Term Loan Agreement 4/6/2022 5.00% 100,000 100,000 — 116,250 1,282,428 $ 1,590,470 $ 308,042 $ 1,707,996 Less: unamortized loan discounts (6,158 ) Less: deferred debt issuance costs (6,113 ) $ 1,270,157 _____________ (1) Represents initial maturity date. Does not include a potential one -year extension to April 5, 2021. (2) Represents initial maturity date. We have the option to extend the maturity date for up to three successive one -year extensions. (3) The interest rate is capped at 4.40% under an interest rate cap derivative. See Note 11 . (4) The interest rate is capped at 4.30% under an interest rate cap derivative. See Note 11 . Additional details regarding the above repurchase and loan agreements are as follows: CS Repurchase Agreement Credit Suisse (“CS”) is the lender on the repurchase agreement entered into on March 22, 2013, (the “CS Repurchase Agreement”), which has been amended on several occasions. 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 monthly and 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 contains customary events of default and is fully guaranteed by us. Nomura Loan Agreement Nomura Corporate Funding Americas, LLC (“Nomura”) is the lender under a loan agreement dated April 10, 2015 (the “Nomura Loan Agreement”), which has been amended on several occasions. As of December 31, 2018 , the maximum funding capacity of the Nomura Loan Agreement was $250.0 million , of which $150.0 million is uncommitted but available to us subject to our meeting certain eligibility requirements. 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. 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. The Nomura Loan Agreement is fully guaranteed by us. Seller Financing Arrangements We have entered into the following seller financing arrangements: • 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, as agent. On December 7, 2018, the MSR Loan Agreement was repaid in full by a portion of the proceeds of the MS Loan Agreement described below. In connection with the repayment of the MSR Loan Agreement, we recognized a loss on extinguishment of $1.7 million , which includes the write-off of $1.1 million of unamortized deferred financing costs and $0.6 million of excess interest payments. • 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. On November 13, 2017, HOME Borrower II entered into an amended and restated loan agreement, which was acquired by Metropolitan Life Insurance Company (“MetLife”). 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 cross-defaulted and cross-collateralized with the HOME III Loan Agreement. On October 16, 2018, we entered into an interest rate cap to manage the economic risk of increases in the floating rate portion of the HOME II Loan Agreement. See Note 11 . • 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. On November 13, 2017, HOME Borrower III entered into an amended and restated loan agreement, which was acquired by MetLife. 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 cross-defaulted and cross-collateralized with the HOME II Loan Agreement. On October 16, 2018, we entered into an interest rate cap to manage the economic risk of increases in the floating rate portion of the HOME III Loan Agreement. See Note 11 . • 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 (collectively, the “HOME IV Loan Agreements”). The HOME IV Loan Agreements were acquired by MetLife on November 29, 2017. Under the terms of 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 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 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 II, HOME Borrower III or HOME Borrower IV under their respective loan agreements in connection with the secured collateral. Even though 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. Term Loan Agreement 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. 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 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. FYR SFR Loan Agreement On August 8, 2018, FYR SFR Borrower, LLC (“FYR SFR Borrower”), our wholly-owned subsidiary, entered into loan agreement (the “FYR SFR Loan Agreement”) with Berkadia Commercial Mortgage LLC, as lender (“Berkadia”) secured by 2,798 of the RHA Acquired Properties as well as 2,015 other properties already owned by us and previously financed on our existing warehouse facilities with other lenders. The FYR SFR Loan Agreement was originated as part of the Federal Home Loan Mortgage Corporation’s (“Freddie Mac”) single-family rental pilot program and has been purchased from Berkadia by Freddie Mac. The FYR SFR Loan Agreement contains customary events of default and is secured by the equity interests of FYR SFR Borrower and mortgages on the collateral properties. MS Loan Agreement On December 7, 2018, HOME Borrower entered into a loan agreement (the “MS Loan Agreement”) among HOME Borrower, as borrower; Morgan Stanley Bank, N.A. (“Morgan Stanley”) and such other persons that may from time to time become a party to the MS Loan, as lenders; Morgan Stanley Mortgage Capital Holdings LLC, as administrative agent; and Wells Fargo Bank, N.A., as paying agent and calculation agent. The MS Loan Agreement can be prepaid without penalty at any time after December 7, 2021. The MS Loan Agreement contains customary events of default and is secured by the equity interests in HOME Borrower and mortgages on its 4,262 SFR properties. In connection with the MS Loan Agreement, we maintained $8.2 million in escrow for future payments of property taxes, HOA dues and repairs and maintenance as of December 31, 2018 . Compliance with covenants Our repurchase and loan agreements require us and certain of our subsidiaries to maintain various financial and other covenants customary to these types of indebtedness. The covenants of each facility may include, without limitation, the following: • reporting requirements to the agent or lender, • minimum adjusted tangible net worth requirements, • minimum net asset requirements, • limitations on the indebtedness, • minimum levels of liquidity, including specified levels of unrestricted cash, • limitations on sales and dispositions of properties collateralizing certain of the loan agreements, • various restrictions on the use of cash generated by the operations of properties, and • a minimum fixed charge coverage ratio. We are currently in compliance with the covenants and other requirements with respect to the repurchase and loan agreements. Counterparty risk We monitor our lending partners’ ability to perform under the repurchase and loan agreements, including the obligation of lenders under repurchase agreements to resell the same assets back to us at the end of the term of the transaction, 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. Reliance on financing arrangements 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 certain non-core real estate and mortgage loan assets, 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): 2019 $ 193,654 2020 — 2021 30,497 2022 501,211 2023 and thereafter 1,013,686 $ 1,739,048

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
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, 2018 or which settled during 2018: Martin v. Altisource Residential Corporation et al. On March 27, 2015, a putative stockholder class action complaint was filed in the United States District Court of the Virgin Islands by a purported stockholder 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 stockholders 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 stockholders. 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 stockholders 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 stockholders 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 plaintiff 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.Shortly thereafter, discovery commenced. On October 10, 2018, the lead plaintiff filed a second amended complaint, which added a second lead plaintiff to the case. The allegations and causes of action asserted by the plaintiffs were virtually identical to the prior complaint, except that they added what the plaintiffs claimed was additional detail in support of their allegations. On December 7, 2018, the defendants moved to dismiss the second amended complaint in its entirety. Plaintiffs filed their opposition to the motion on December 31, 2018, and defendants filed their reply brief on January 24, 2019. On February 21, 2019, Judge Thompson issued an order that granted defendants’ motion and dismissed the second amended complaint in its entirety. On February 26, 2019, the Court granted plaintiffs’ request for leave to file a Third Amended Complaint within 14 days. 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. Amendments to the MSA with ASPS In connection with the HOME SFR Transaction and to enable MSR to be property manager for the acquired properties, we and ASPS entered into an Amendment and Waiver Agreement (the “Amendment and Waiver Agreement”) to amend the Master Services Agreement (the “MSA”) between ASPS and us, dated December 21, 2012, under which ASPS 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 properties acquired in the HOME SFR Transaction and the HOME Flow Transaction. The Amendment and Waiver Agreement also amended the MSA to require us or any surviving entity to pay a significant liquidation fee to ASPS in certain circumstances. On August 8, 2018, the Amendment and Waiver Agreement was superseded by the MSA Amendment Agreement, as described below. In connection with the HB Acquisition, on August 8, 2018, we and ASPS entered into an amendment (the “MSA Amendment Agreement”) to the MSA. Under the terms of the MSA Amendment Agreement, the exclusivity provisions with respect to the renovation and property management provisions have been terminated in order to allow us to internalize the property management function related to the rental properties managed by ASPS. Following a transition that was completed during the fourth quarter of 2018 (the “Transition Period”), the MSA terminated in its entirety in respect of the property management services set forth in the MSA. Subject to certain conditions, the title insurance services statement of work under the MSA will remain in place until the fourth anniversary of the MSA Amendment Agreement. In addition, ASPS agreed to continue to provide certain services for an ongoing fee, including property preservation, maintenance, valuation, and sale brokerage services, with respect to certain of our remaining non-rental legacy assets until such properties are sold. In exchange for the termination of the previous management contract detailed by the above-described amendments, including the termination of the exclusivity provision of the MSA, we agreed to pay an aggregate of (x) $15.0 million upon the signing of the MSA Amendment Agreement and (y) $3.0 million , which will be paid on the earlier to occur of (i) a change of control of us or (ii) August 8, 2023. We recognized the entire $18.0 million termination fee as an expense during the year ended December 31, 2018, which is included in acquisition and integration costs in our consolidated statement of operations. Amendment to the Property Management Services Agreements with MSR On December 7, 2018, concurrently with the entry into the MS Loan Agreement, we entered into an amendment (the “PMA Amendment”) to its property management services agreement dated September 30, 2016 (the “PMA”) with MSR. The PMA Amendment provides for the orderly transition of property management for the MSR-managed properties to our internal property management platform and the termination of the PMA. Pursuant to the PMA Amendment, we will continue to pay the costs and fees under the PMA associated with the property management services provided by MSR and will pay an aggregate amount of $5.3 million to MSR, which we recognized in acquisition and integration costs in our consolidated statement of operations for the year ended December 31, 2018. It is anticipated that the transition of property management for these properties from MSR to our internal property management platform will be substantially completed by March 31, 2019. 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 $18.3 million , related to the affected properties. The purchase price adjustment will be determined based on the rental rates achieved for the properties within 24 months after the closing date. Because such future rental rates of the properties are unknown, we are unable to predict the ultimate adjustments, if any, that will be made to the initial purchase price related to such properties at this time. Operating leases We lease office space and automobiles under various operating leases to support our property management function. The future minimum payments under non-cancelable leases we are obligated to make as of December 31, 2018 are as follows ($ in thousands): 2019 $ 1,310 2020 977 2021 362 2022 — 2023 and thereafter — $ 2,649

Related-party Transactions

Related-party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related-party Transactions	9. Related-party Transactions 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 a management fee structure as follows: • Base Management Fee . AAMC is entitled to a quarterly base management fee equal to 1.5% of the product of (i) our average invested capital (as defined in the 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 extent 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 homes 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 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. 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): Year Ended December 31, 2018 2017 2016 Base management fees (1) $ 14,567 $ 16,010 $ 17,334 Conversion fees (1) 176 1,291 1,841 Expense reimbursements (2) 1,183 859 816 _______________ (1) Included in management fees to AAMC in the consolidated statements of operations. (2) Included in general and administrative expenses in the consolidated statements of operations. No incentive management fee under the AMA has been payable to AAMC to date 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 return hurdle for the next quarter before AAMC is entitled to an incentive management fee. As of December 31, 2018 , the aggregate return shortfall from the prior seven quarters under the AMA was approximately 47.4% of invested capital. In future quarters, return on invested capital must exceed the required hurdle for the current quarter plus any carried-forward cumulative additional hurdle shortfall from the prior seven quarters before any incentive management fee will be payable to AAMC.

Share-based Payments

Share-based Payments	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Payments	10. Share-based Payments 2016 Equity Incentive Plan Our non-management directors each receive 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 grant date fair market value of $75,000 for the 2018-2019 service year ( $60,000 for the 2016-2017 and 2017-2018 service years). 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 with service-based or market-based vesting criteria. Our service-based awards vest in equal annual installments on each of the first three anniversaries of the grant date, subject to acceleration or forfeiture. Our market-based awards vest in three equal annual installments on the later of (i) the first, second and third anniversary of the date of the 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 During the years ended December 31, 2018 , 2017 and 2016 , we recorded a nominal amount, $1.4 million and $0.4 million , respectively, of compensation expense related to our grants of stock options under the 2016 Equity Incentive Plan. As of December 31, 2018 and 2017 , we had $0.2 million and $1.2 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 0.8 years and 1.3 years , respectively. The following table sets forth the activity of our outstanding options: Number of Options Weighted Average Exercise Price per Share 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 Exercised (40,722 ) 2.62 Forfeited or canceled (62,364 ) 5.05 December 31, 2018 1,277,992 $ 11.71 The total outstanding options issued under all of our share-based compensation plans as of December 31, 2018 had a weighted average remaining life of 4.9 years with total intrinsic value of $0.2 million . We have 488,343 options exercisable as of December 31, 2018 with a weighted average exercise price of $9.45 , weighted average remaining life of 4.3 years and intrinsic value of $0.2 million . Of these exercisable options, 444,844 had an exercise price higher than the market price of our common stock as of December 31, 2018 . 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 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 $3.0 million , $2.7 million and $0.9 million of compensation expense related to our grants of restricted stock for the year ended December 31, 2018 , 2017 and 2016 , respectively. As of December 31, 2018 and 2017 , we had $3.9 million and $2.7 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 at each period end. The following table sets forth the activity of our restricted stock: Number of Shares Weighted Average Grant Date Fair Value December 31, 2015 9,924 $ 18.14 Granted 274,760 9.94 Vested (1) (10,531 ) 17.20 Forfeited (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 Granted 555,454 9.78 Vested (1) (171,497 ) 12.41 Forfeited (36,708 ) 12.76 December 31, 2018 766,491 $ 10.65 ___________________ (1) The vesting date fair value of restricted stock that vested during the years ended December 31, 2018 , 2017 and 2016 was $1.9 million , $1.3 million and $0.1 million , respectively. We calculated the grant date fair value of the restricted stock with market-based vesting criteria 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 market-based restricted stock granted was determined using the following assumptions: Year ended December 31, 2018 Risk free interest rate (1) 2.72% Common stock dividend yield (2) 0.00% Expected volatility (3) 32.88% _____________ (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the grants. (2) Because the vesting of market-based restricted stock awards include accumulated dividends and the awards accrue dividend equivalent payments, no dividend yield assumption was included in the grant date fair value calculation. (3) Based on our historical stock price volatility. 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, 2018 Stock options outstanding 1,277,992 Possible future issuances under share-based compensation plans 799,778 2,077,770 As of December 31, 2018 , we had 146,369,796 remaining shares of common stock authorized to be issued under our charter.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2018
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 or trading purposes. Derivatives are carried at fair value within prepaid expenses and other assets in our consolidated balance sheets. Upon execution, we may or may not designate such derivatives as accounting hedges. Designated Hedges We have entered into various interest rate cap agreements to mitigate potential increases in interest payments on our floating rate debt. Our interest rate caps have been designated as and are being accounted for as cash flow hedges with changes in fair value recorded in other comprehensive income or loss each reporting period. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedges during the years ended December 31, 2018 . Prior to the fourth quarter of 2018, none of our derivatives were designated as hedges. Amounts reported in accumulated other comprehensive income or loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable rate debt. During 2019, we estimate that $5.8 million will be reclassified to interest expense. The table below summarizes our interest rate cap instruments as of December 31, 2018 ($ in thousands): Effective Date Termination Date Strike Rate Benchmark Rate Notional Amount November 2, 2018 May 9, 2024 2.50% One-month LIBOR $ 505,000 October 16, 2018 October 15, 2022 2.30% One-month LIBOR 83,270 October 16, 2018 October 15, 2022 2.30% One-month LIBOR 89,149 Non-Designated 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 , the interest rate cap had a nominal fair value. On March 16, 2018, we paid a premium of $0.9 million to amend the strike rate to 1.80% . 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. Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets Asset Derivatives Fair Value as of December 31, Balance Sheet Location 2018 2017 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 14,367 $ — Total $ 14,367 $ — Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations Amount of Gain (Loss) Recognized in OCI on Derivative (effective portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (effective portion) Total Amount of Interest Expense Presented in the Consolidated Statements of Operations Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Derivatives in cash flow hedging relationships Interest rate caps $ (12,653 ) $ — $ — Interest expense $ (375 ) $ — $ — $ 77,035 $ 59,582 $ 53,868 Location of Gain (Loss) Recognized on Derivative in Net Loss Amount of Gain (Loss) on Derivative Recognized in Net Loss Year Ended December 31, 2018 2017 2016 Derivatives not designated as hedging instruments Interest rate caps Interest expense $ (936 ) $ — $ —

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
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 2018 , we paid cash distributions of $32.1 million to our stockholders, all of which is classified as a return of capital for tax purposes. For 2018 , 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 had gross deferred tax assets of $53.5 million and $48.0 million as of December 31, 2018 and 2017 , respectively. From inception through December 31, 2018 , 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, 2018 and 2017 , we did not accrue interest or penalties associated with any unrecognized tax benefits during the years ended December 31, 2018 and 2017 . We recorded nominal state and local tax expense along with nominal penalties and interest on income taxes for the years ended December 31, 2018 and 2017 . Our subsidiaries and we remain subject to tax examination for the period from January 1, 2015 to December 31, 2018 . The Company and its subsidiaries file income tax returns in the U.S. and various state and local jurisdictions.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Numerator Net loss $ (130,835 ) $ (185,454 ) $ (228,028 ) Denominator Weighted average common stock outstanding – basic 53,552,109 53,493,523 54,490,979 Weighted average common stock outstanding – diluted 53,552,109 53,493,523 54,490,979 Loss per basic share $ (2.44 ) $ (3.47 ) $ (4.18 ) Loss per diluted share $ (2.44 ) $ (3.47 ) $ (4.18 ) 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, 2018 2017 2016 Denominator (in weighted-average shares) Stock options 71,430 157,214 151,756 Restricted stock 219,738 164,689 24,146 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, 2018 , 2017 and 2016 .

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2018
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, 2018
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): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 39,765 $ 40,906 $ 48,313 $ 54,029 $ 183,013 Net loss (27,350 ) (21,336 ) (47,933 ) (34,216 ) (130,835 ) Loss per basic share of common stock (0.51 ) (0.40 ) (0.89 ) (0.64 ) (2.44 ) Loss per diluted share of common stock (0.51 ) (0.40 ) (0.89 ) (0.64 ) (2.44 ) 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 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Management has evaluated the impact of all events subsequent to December 31, 2018 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, except as follows: On February 8, 2019 , we completed the sale of 444 properties that did not meet our investment criteria for an aggregate sales price of $102.9 million to a third party purchaser. In connection with this sale, we expect to recognize a net realized gain of $4.8 million in the first quarter of 2019.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 ($ 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 728 SFR $ 68,668 $ 84,830 $ 1,444 $ 86,274 $ 3,241 34.7 2013 - 2018 3-27.5 years Arizona 52 SFR 6,965 9,613 1,656 11,269 875 40.6 2013 - 2017 3-27.5 years Arkansas 6 SFR 493 487 443 930 336 35.1 2013 - 2014 3-27.5 years California 119 SFR 18,667 21,473 12,527 34,000 5,114 41.2 2013 - 2014 3-27.5 years Colorado 16 SFR 2,512 2,137 1,419 3,556 484 30.5 2013 - 2014 3-27.5 years Connecticut 9 SFR 2,008 3,008 651 3,659 1,347 53.9 2013 - 2014 3-27.5 years Delaware 1 SFR — 138 59 197 50 20.0 2014 3-27.5 years Dist. of Columbia 1 SFR 61 126 104 230 62 83.0 2013 3-27.5 years Florida 2,553 SFR 355,354 389,243 44,860 434,103 22,625 42.1 2013 - 2018 3-27.5 years Georgia 4,394 SFR 408,527 472,312 52,377 524,689 38,142 34.6 2013 - 2018 3-27.5 years Hawaii 1 SFR 131 88 122 210 — 14.0 2013 3-27.5 years Illinois 163 SFR 17,529 16,824 10,303 27,127 4,180 47.9 2013 - 2016 3-27.5 years Indiana 674 SFR 68,164 85,161 8,475 93,636 7,912 22.8 2013 - 2017 3-27.5 years Kansas 21 SFR 2,528 2,951 563 3,514 320 41.6 2013 - 2017 3-27.5 years Kentucky 135 SFR 15,481 19,131 829 19,960 1,105 27.8 2013 - 2017 3-27.5 years Louisiana 6 SFR 350 740 288 1,028 152 23.6 2013 - 2014 3-27.5 years Maryland 129 SFR 15,748 13,264 11,700 24,964 2,645 37.5 2013 - 2014 3-27.5 years Massachusetts 21 SFR 851 2,965 2,389 5,354 516 99.5 2013 - 2014 3-27.5 years Michigan 20 SFR 2,059 1,759 1,312 3,071 537 40.6 2013 - 2014 3-27.5 years Minnesota 490 SFR 63,347 75,407 1,254 76,661 2,109 84.9 2013 - 2018 3-27.5 years Mississippi 271 SFR 30,460 40,869 304 41,173 2,154 18.7 2013 - 2017 3-27.5 years Missouri 424 SFR 47,828 63,643 1,588 65,231 3,322 35.1 2013 - 2018 3-27.5 years Nevada 11 SFR 853 837 873 1,710 151 30.0 2013 - 2014 3-27.5 years New Jersey 22 SFR 1,904 2,482 2,058 4,540 471 70.2 2013 - 2014 3-27.5 years New Mexico 17 SFR 1,219 1,117 1,009 2,126 284 28.6 2013 - 2014 3-27.5 years New York 12 SFR 1,660 1,858 1,704 3,562 558 90.7 2013 - 2014 3-27.5 years North Carolina 879 SFR 95,552 118,104 9,509 127,613 8,771 23.3 2013 - 2017 3-27.5 years Ohio 266 SFR 30,594 40,290 2,372 42,662 2,123 38.1 2013 - 2017 3-27.5 years Oklahoma 307 SFR 33,823 46,925 1,024 47,949 3,487 27.0 2013 - 2017 3-27.5 years Oregon 2 SFR 180 149 188 337 24 34.9 2013 3-27.5 years Pennsylvania 45 SFR 4,781 4,475 3,685 8,160 1,574 64.9 2013 - 2014 3-27.5 years Rhode Island 16 SFR 1,136 1,413 1,249 2,662 269 57.5 2013 - 2014 3-27.5 years South Carolina 62 SFR 5,556 5,208 3,118 8,326 1,157 21.6 2013 - 2016 3-27.5 years Tennessee 1,480 SFR 177,680 217,110 6,860 223,970 13,388 22.5 2013 - 2017 3-27.5 years Texas 2,016 SFR 237,704 297,327 20,472 317,799 23,819 27.8 2013 - 2017 3-27.5 years Utah 16 SFR 956 1,541 1,177 2,718 336 50.8 2013 - 2014 3-27.5 years Vermont 1 SFR 130 149 160 309 98 38.0 2014 3-27.5 years Virginia 33 SFR 6,591 6,911 2,706 9,617 1,858 32.6 2013 - 2014 3-27.5 years Washington 16 SFR 2,315 1,968 1,266 3,234 469 41.4 2013 - 2014 3-27.5 years Wisconsin 10 SFR 806 537 621 1,158 216 57.2 2013 - 2014 3-27.5 years Total (2) 15,445 $ 1,731,171 $ 2,054,570 $ 214,718 $ 2,269,288 $ 156,281 35.0 __________ (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, 2018 2017 2016 Real estate assets: Beginning balance $ 1,873,860 $ 1,604,648 $ 1,048,142 Acquisitions through foreclosure 4,935 40,436 206,987 Other acquisitions 469,087 525,983 778,173 Improvements 33,316 40,312 50,182 Cost of real estate sold (111,910 ) (337,519 ) (478,836 ) Ending balance (1) $ 2,269,288 $ 1,873,860 $ 1,604,648 Accumulated depreciation and reserves for impairment: Beginning balance $ 104,589 $ 62,601 $ 61,716 Depreciation expense 67,175 48,989 20,840 Impairment 12,651 38,764 56,384 Casualty losses, net 552 3,564 — Real estate sold (28,686 ) (49,329 ) (76,339 ) Ending balance $ 156,281 $ 104,589 $ 62,601 ___________ (1) The aggregate cost for federal income tax purposes is $2,178.4 million as of December 31, 2018 .

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Schedule IV - Mortgage Loans on Real Estate December 31, 2018 ($ 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 5 3.340% - 8.000% 01/01/2014 - 01/01/2053 $ 197 $ 31 $50,000-99,999 11 2.000% - 7.500% 05/01/2033 - 03/01/2054 363 392 $100,000-149,999 9 2.000% - 7.375% 01/01/2035 - 03/01/2057 442 795 $200,000-249,999 9 3.625% - 9.650% 02/01/2035 - 11/01/2047 311 1,791 $250,000+ 40 2.000% - 7.625% 05/18/2022 - 04/01/2057 6,759 15,534 Total (2) (3) 74 $ 8,072 $ 18,543 _____________ (1) The 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 $14.1 million as of December 31, 2018 . (3) The following table sets forth the activity of mortgage loans ($ in thousands): Year Ended December 31, 2018 2017 2016 Mortgage loans at fair value at January 1, 2017 $ 460,444 Mortgage loans held for sale at January 1, 2017 108,036 Beginning balance $ 11,477 568,480 $ 960,534 Change in unrealized gain on mortgage loans 3,157 7,684 (409 ) Cost of mortgage loans sold (1,450 ) (521,170 ) (84,673 ) Mortgage loan payments and escrow recoveries (324 ) (5,500 ) (30,596 ) Real estate tax advances to borrowers 230 3,763 18,013 Transfer of mortgage loans to held for sale, net — — (195,461 ) Selling costs on loans held for sale (83 ) (1,344 ) — Transfer of mortgage loans to real estate owned, net (4,935 ) (40,436 ) (206,964 ) Ending balance $ 8,072 $ 11,477 $ 460,444

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of presentation	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.
Reclassifications	Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation, primarily to separately present property managements expenses, which had previously been reported as a component of residential property operating expenses in the consolidated statements of operations.
Use of estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.
Recently issued accounting standards	Adoption of recent accounting standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendment modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The revised guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Companies are permitted to early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. Our early adoption of this standard on December 31, 2018 did not have a significant effect on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718). The amendments in ASU 2018-07 expand the scope of the employee share-based payments guidance to include share-based payments issued to non-employees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards to non-employees. This ASU is effective for fiscal years after December 15, 2018, including interim periods within that fiscal year. The Company has adopted the provisions of ASU 2018-07 effective April 1, 2018. Upon adoption, the fair value of the restricted stock and stock option awards we had previously granted to employees of AAMC was determined as of the transition date, and the fair value of such awards granted subsequent to April 1, 2018 will be determined as of the grant date. As a result, our share-based compensation expense will not fluctuate with our stock price or other factors that previously impacted the mark-to-market adjustments on these awards. This adoption had no other significant effect on our consolidated financial statements. 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. In conjunction with the execution of certain interest rate caps in the fourth quarter of 2018 (see Note 11 ), we determined to adopt this standard effective October 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU No. 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect 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). 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This 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, we adopted the provisions of ASU 2016-18. As a result of this adoption, we retrospectively reclassified $2.4 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 year ended December 31, 2016 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 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect 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. Our adoption of this amendment on January 1, 2018 did not have a significant effect 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. Management performed an analysis of our gains and losses arising from real estate sales (the sole component of our revenue within the scope of ASU 2014-09). We determined that our policy for recognition of gains and losses on real estate sales prior to our adoption is consistent with the updated revenue recognition requirements of ASU 2014-09, as amended. Therefore, our adoption of ASU 2014-09 effective January 1, 2018 had no significant impact on our previous revenue recognition practices, and our application of the modified retrospective method of adoption resulted in no adjustments to comparative information or cumulative adjustments to any beginning balances in the current period. As our mortgage loan and related REO activities are no longer a core part of our operations, we determined to no longer classify net gains and losses from sales of real estate and resolutions and dispositions of mortgage loans as a component of revenue effective with the adoption on January 1, 2018. Recently issued accounting standards not yet adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the accounting for goodwill impairment by removing step two of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. We are currently evaluating the timing and impact of our adoption of ASU 2017-04, which we expect will impact our goodwill impairment testing process; however, we do not expect this ASU to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This 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 because the standard, as amended, excludes receivables arising from operating leases, which represent the majority of our receivables. In February 2016, the 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. The FASB has also issued multiple ASUs amending certain aspects of Topic 842. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. 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 will adopt this standard effective January 1, 2019. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2019. As mentioned above, the new standard provides a number of optional practical expedients in transition. We elected the “package of practical expedients,” which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity's ongoing accounting. We elected the short-term lease exemption for all leases that qualify; as a result, we will not recognize right-of-use assets or lease liabilities for qualifying leases. We also elected the practical expedient to not separate lease and non-lease components of all of our office space leases. Beginning with the first quarter of 2019, we will (1) recognize right-of-use assets and lease liabilities on our consolidated balance sheets; (2) classify lease and non-lease components of our revenue from tenants separately in our consolidated statements of operations; and (3) provide the required incremental disclosures about our leasing activities.
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, 2018 or 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 stockholders or partners do not hold substantive participating rights and no other conditions exist that would indicate that we do not control the entity.
Derivative financial instruments	Derivative financial instruments We borrow funds at a combination of fixed and variable rates. Borrowings under certain of our repurchase and loan agreements bear interest at variable rates. Our interest rate risk management objectives are to limit the impact of changes in interest rates on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as caps or swaps in order to mitigate our interest rate risk with respect to our various debt instruments. We do not hold or issue these derivative contracts for trading or speculative purposes. See Note 11 for further information on our derivative positions. We account for terminated derivative instruments by recognizing the related accumulated comprehensive income or loss balance in current earnings, unless the hedged forecasted transaction continues as originally planned, in which case we continue to amortize the accumulated comprehensive income or loss into earnings over the originally designated hedge period.
Earnings per share	Earnings per share Basic earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or 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.
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.
Goodwill	Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets that were acquired in connection with the HB Acquisition and the corresponding internalization of property management in August 2018. Goodwill has an indefinite life and is therefore not amortized. We will test goodwill for impairment on an annual basis, or more frequently if circumstances indicate that the carrying value of goodwill exceeds its fair value.
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. As a REIT, 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 utilized to enter into transactions that do not qualify as REIT activities and 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, 2018 , 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. We initially recorded our mortgage loans at fair value, which generally equaled the purchase price we paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. Such changes in fair value occur as a result of servicing efforts, restructuring, changes in the condition of the underlying collateral or other factors. We have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance. We determined 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. 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 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”).
Net gain (loss) on real estate and mortgage loans	Net gain (loss) on real estate and mortgage loans Net gain (loss) on real estate and mortgage loans consists of three components: change in unrealized gains on mortgage loans, net realized gains on mortgage loans and net realized gains on sales of real estate. Prior to 2018, we reported these components separately in the consolidated statements of operations within revenues. Effective January 1, 2018, we present these three components as a single line outside of revenues in the consolidated statement of operations. In accordance with the SEC’s elimination of Rule 3-15(a) of Regulation S-X as part of Release No. 33-10532; 34-83875; IC-33203, which had required REITs to present gains and losses on sales of properties outside of continuing operations in the income statement, we classify net gain (loss) on real estate and mortgage loans as a component of operating loss. 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. • 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. • Upon the liquidation of a mortgage loan or REO property, we reclassify previously accumulated unrealized gains to realized gains. 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. We sell real estate generally for cash at the time of closing and have no continuing involvement thereafter.
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, 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 either place an REO property in service as a rental unit or liquidate the property 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. Once an REO property is ready to be marketed, 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 manner of use, significant deterioration in physical condition or indications that the market value of a property has declined 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 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.
Rental revenues	Rental revenues Minimum contractual rents from leases are recognized on a straight-line basis over the terms of the leases in residential rental revenues. Therefore, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer takes control of the leased premises. 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.
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 With our adoption of ASU 2018-07, the grant date fair value of share-based awards is recorded as expense on a straight-line basis over the vesting period for the award with an offsetting increase in stockholders' equity. For service-based restricted stock awards, the grant date fair value is determined based upon the closing share price on the grant date as reported on the New York Stock Exchange. For stock options and restricted stock awards with market-based vesting requirements, we use a Monte Carlo simulation until each market hurdle is met. Prior to our adoption of ASU 2018-07 on April 1, 2018, our awards to non-employees were revalued each reporting period. For restricted stock grants to non-employees, the fair value is based on the closing share price on the date that the shares vest, which required the amount to be adjusted in each 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 used a Monte Carlo simulation until each market hurdle is met. Subsequent to the market hurdle being met, we calculated the fair value of non-employee stock options issued based on the Black-Scholes model. Subsequent to our adoption of ASU 2018-07, the fair value of these awards is fixed as of the adoption date. Forfeitures of share-based awards are recognized as they occur.

Asset Acquisitions and Dispos_2

Asset Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2018
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 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. The allocation of the purchase consideration is as follows ($ in thousands): Land $ 82,739 Rental residential properties 282,914 Real estate assets held for sale 94,946 Cash and cash equivalents 9,255 Restricted cash 4,780 Accounts receivable, net 1,778 Goodwill 13,376 In-place lease intangible assets (1) (2) 6,462 Other assets (2) 1,784 Total assets acquired 498,034 Accounts payable and accrued liabilities 16,678 Total liabilities assumed 16,678 Total allocation of purchase price $ 481,356 __________________ (1) The value of in-place leases is being amortized over the weighted average remaining life of the leases, which was approximately eight months as of the acquisition date. (2) Included in prepaid expenses and other assets in the consolidated balance sheet. The following table presents the components acquired ($ in thousands): Purchase price allocable to RHA entities, including underlying properties $ 471,400 Purchase price allocable to HavenBrook 13,600 Gross purchase price 485,000 Less: net purchase price adjustments at closing (1) (3,644 ) Net purchase price $ 481,356 __________________ (1) Purchase price adjustments at closing relate primarily to (i) properties sold by RHA subsequent to negotiation of the purchase price and prior to closing and (ii) working capital balances of each acquired entity.
Schedule of Sources of Funds	The HB Acquisition was completed using the following sources of funds ($ in thousands): Cash $ 88,489 Net proceeds of borrowings 462,794 Less: financing related to assets previously acquired (69,927 ) Net purchase price $ 481,356
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 summarizes our results of operations as if the HB Acquisition occurred on January 1, 2017 ($ in thousands, except per share amounts): Year ended December 31, 2018 2017 Unaudited pro forma revenues $ 213,307 $ 141,977 Unaudited pro forma net loss $ (137,695 ) $ (212,990 ) Pro forma loss per basic common share $ (2.57 ) $ (3.98 ) Weighted average common stock outstanding - basic 53,630,204 53,493,523 Pro forma loss per diluted common share $ (2.57 ) $ (3.98 ) Weighted average common stock outstanding - diluted 53,630,204 53,493,523 The following table presents the adjustments included in the above pro forma financial information for the period indicated ($ in thousands): Year ended December 31, 2018 2017 Revenues from consolidated statements of operations $ 183,013 $ 94,171 Add: historical revenues not reflected in consolidated statements of operations 30,294 47,806 Unaudited pro forma revenues $ 213,307 $ 141,977 Net loss from consolidated statements of operations $ (130,835 ) $ (185,454 ) Plus: historical net loss not reflected in consolidated statements of operations (9,785 ) (18,825 ) Adjustment for pro forma depreciation and amortization 9,016 3,531 Adjustment for pro forma interest expense (6,091 ) (12,242 ) Unaudited pro forma net loss $ (137,695 ) $ (212,990 ) The following supplemental pro forma financial information summarizes our results of operations as if the HOME SFR Transaction occurred on January 1, 2015 as follows ($ in thousands, except per share amounts): Year ended December 31, 2016 Unaudited pro forma revenues $ 97,735 Unaudited pro forma net loss (230,449 ) Loss per share of common stock - basic: Loss per basic share $ (4.23 ) Weighted average common stock outstanding - basic 54,490,979 Loss per share of common stock - diluted: Loss per diluted share $ (4.23 ) Weighted average common stock outstanding - diluted 54,490,979 The following table presents the pro forma adjustments included above ($ in thousands): Year ended December 31, 2016 Revenues from consolidated statements of operations $ 56,758 Add: historical revenues of acquired properties not reflected in consolidated statements of operations 40,977 Unaudited pro forma revenues $ 97,735 Net loss from consolidated statements of operations $ (228,028 ) Plus: historical net income of acquired properties not reflected in consolidated statements of operations 25,578 Less: pro forma real estate depreciation and amortization (11,363 ) Less: pro forma interest expense (14,016 ) Less: pro forma management fees (2,620 ) Unaudited pro forma net loss $ (230,449 )
Schedule of acquisition and integration costs	The following table presents the detail of acquisition and integration costs for the years ended December 31, 2018 , 2017 , and 2016 ($ in thousands): Year ended December 31, 2018 Year ended December 31, 2017 Year ended December 31, 2016 Acquisition costs $ 7,209 $ 778 $ 9,339 Integration costs 3,148 — — ASPS transition fee (1) 18,000 — — Main Street Renewal, LLC transition fee (1) 5,250 — — Total acquisition and integration costs $ 33,607 $ 778 $ 9,339 ________ (1) Refer to Note 8 for further information on these fees.
Schedule of Components of Change in Unrealized Gain on Mortgage Loans	The following table presents the components of net gain (loss) on real estate and mortgage loans during the periods indicated ($ in thousands): Year ended December 31, 2018 2017 Change in unrealized gain on mortgage loans due to: Conversion of mortgage loans to REO, net $ 2,344 $ 15,067 Change in fair value, net 313 1,514 Reclassification to realized gain or loss (35,041 ) (207,437 ) Total change in unrealized gain on mortgage loans (32,384 ) (190,856 ) Net realized (loss) gain on mortgage loans (938 ) 84,024 Net realized gain on sales of real estate 33,177 76,913 Net loss on real estate and mortgage loans $ (145 ) $ (29,919 )

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table presents the number of real estate assets held by the Company by status as of the dates indicated: December 31, 2018 Held for Use Held for Sale Total Portfolio Rental Properties: Leased 13,546 423 13,969 Listed and ready for rent 434 8 442 Unit turn 428 18 446 Renovation 136 2 138 Total rental properties 14,544 Previous rentals identified for sale 158 188 346 Legacy REO 56 48 104 14,758 687 15,445 December 31, 2017 Rental Properties: Leased 10,850 — 10,850 Listed and ready for rent 591 — 591 Unit turn 340 — 340 Renovation 194 — 194 Total rental properties 11,975 Previous rentals identified for sale 69 40 109 Legacy REO 197 293 490 12,241 333 12,574
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum rental revenues under existing leases for the 13,969 properties that were leased as of December 31, 2018 are as follows ($ in thousands): 2019 $ 106,134 2020 6,547 2021 780 2022 — 2023 and thereafter — $ 113,461

Mortgage Loans at Fair Value (T

Mortgage Loans at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Loans	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, 2018 and 2017 ($ in thousands): Number of Loans Fair Value and Carrying Value Unpaid Principal Balance Market Value of Underlying Properties (1) December 31, 2018 Current 20 $ 1,827 $ 2,701 $ 4,353 60 1 115 148 180 90 17 649 6,019 5,418 Foreclosure 36 5,481 12,376 16,097 Mortgage loans at fair value 74 $ 8,072 $ 21,244 $ 26,048 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 ________ (1) The market value of the underlying properties are estimated based on BPOs.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 ($ 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, 2018 Recurring basis (assets) Mortgage loans at fair value $ 8,072 $ — $ — $ 8,072 Interest rate cap derivatives (1) 14,367 — 14,367 — Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,722,219 — 1,734,152 — 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 — ________ (1) Included within prepaid expenses and other assets in the consolidated balance sheets.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table sets forth the changes in our mortgage loans for the years ended December 31, 2018 and 2017 ($ in thousands): Year ended December 31, 2018 2017 Mortgage loans, beginning of the year $ 11,477 $ 568,480 Net gain on mortgage loans 3,157 7,684 Mortgage loan dispositions, resolutions and payments (1,774 ) (526,670 ) Real estate tax advances to borrowers 230 3,763 Selling costs on loans held for sale (83 ) (1,344 ) Transfer of mortgage loans at fair value to real estate owned, net (4,935 ) (40,436 ) Mortgage loans, end of the year $ 8,072 $ 11,477 Change in unrealized gain on mortgage loans held at the end of the period $ (358 ) $ (5,911 )
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, 2018 December 31, 2017 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 -0.55% to 16.79% -1.71% to 9.07% Loan resolution probabilities — modification 0% to 5.9% 0% to 5.9% Loan resolution probabilities — liquidation 38.8% to 100% 49.5% to 100% Loan resolution probabilities — paid in full 0% to 61.2% 0% to 47.4% Loan resolution timelines (in years) 0.1 to 6.1 0.1 to 5.3 Value of underlying properties $50,000 to $2,500,000 $45,000 to $2,250,000

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of debt	The following table sets forth data with respect to our repurchase and loan agreements as of December 31, 2018 and 2017 ($ in thousands): Maturity Date Interest Rate Amount Outstanding Maximum Borrowing Capacity Amount of Available Funding Book Value of Collateral December 31, 2018 CS Repurchase Agreement 11/15/2019 1-month LIBOR + 3.00% $ 193,654 $ 250,000 $ 56,346 $ 224,934 Nomura Loan Agreement 4/5/2020 (1) 1-month LIBOR + 3.00% 30,497 250,000 219,503 48,388 HOME II Loan Agreement 11/9/2019 (2) 1-month LIBOR + 2.10% (3) 83,270 83,270 — 100,461 HOME III Loan Agreement 11/9/2019 (2) 1-month LIBOR + 2.10% (3) 89,150 89,150 — 111,542 HOME IV Loan Agreement (A) 12/9/2022 4.00% 114,201 114,201 — 145,461 HOME IV Loan Agreement (B) 12/9/2022 4.00% 114,590 114,590 — 146,479 Term Loan Agreement 4/6/2022 5.00% 100,000 100,000 — 114,401 FYR SFR Loan Agreement 9/1/2028 4.65% 508,700 508,700 — 585,563 MS Loan Agreement 12/7/2023 1-month LIBOR + 1.80% (4) 504,986 504,986 — 609,619 1,739,048 $ 2,014,897 $ 275,849 $ 2,086,848 Less: unamortized loan discounts (4,896 ) Less: deferred debt issuance costs (11,933 ) $ 1,722,219 December 31, 2017 CS Repurchase Agreement 11/16/2018 CS cost of funds + 2.75% $ 189,173 $ 350,000 $ 160,827 $ 281,722 Nomura Loan Agreement 4/5/2018 1-month LIBOR + 3.25% 102,785 250,000 147,215 169,521 MSR Loan Agreement 11/9/2018 1-month LIBOR + 3.285% 489,259 489,259 — 622,065 HOME II Loan Agreement 11/9/2019 1-month LIBOR + 2.10% 83,270 83,270 — 103,324 HOME III Loan Agreement 11/9/2019 1-month LIBOR + 2.10% 89,150 89,150 — 114,698 HOME IV Loan Agreement (A) 12/9/2022 4.00% 114,201 114,201 — 149,698 HOME IV Loan Agreement (B) 12/9/2022 4.00% 114,590 114,590 — 150,718 Term Loan Agreement 4/6/2022 5.00% 100,000 100,000 — 116,250 1,282,428 $ 1,590,470 $ 308,042 $ 1,707,996 Less: unamortized loan discounts (6,158 ) Less: deferred debt issuance costs (6,113 ) $ 1,270,157 _____________ (1) Represents initial maturity date. Does not include a potential one -year extension to April 5, 2021. (2) Represents initial maturity date. We have the option to extend the maturity date for up to three successive one -year extensions. (3) The interest rate is capped at 4.40% under an interest rate cap derivative. See Note 11 . (4) The interest rate is capped at 4.30% under an interest rate cap derivative. See Note 11 .
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): 2019 $ 193,654 2020 — 2021 30,497 2022 501,211 2023 and thereafter 1,013,686 $ 1,739,048

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum payments	The future minimum payments under non-cancelable leases we are obligated to make as of December 31, 2018 are as follows ($ in thousands): 2019 $ 1,310 2020 977 2021 362 2022 — 2023 and thereafter — $ 2,649

Related-party Transactions (Tab

Related-party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
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): Year Ended December 31, 2018 2017 2016 Base management fees (1) $ 14,567 $ 16,010 $ 17,334 Conversion fees (1) 176 1,291 1,841 Expense reimbursements (2) 1,183 859 816 _______________ (1) Included in management fees to AAMC in the consolidated statements of operations. (2) Included in general and administrative expenses in the consolidated statements of operations.

Share-based Payments (Tables)

Share-based Payments (Tables)	12 Months Ended
	Dec. 31, 2018
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, 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 Exercised (40,722 ) 2.62 Forfeited or canceled (62,364 ) 5.05 December 31, 2018 1,277,992 $ 11.71
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 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, 2015 9,924 $ 18.14 Granted 274,760 9.94 Vested (1) (10,531 ) 17.20 Forfeited (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 Granted 555,454 9.78 Vested (1) (171,497 ) 12.41 Forfeited (36,708 ) 12.76 December 31, 2018 766,491 $ 10.65 ___________________ (1) The vesting date fair value of restricted stock that vested during the years ended December 31, 2018 , 2017 and 2016 was $1.9 million , $1.3 million and $0.1 million , respectively.
Schedule of Share-based Payment Award, Other Than Stock Options, Valuation Assumptions	We calculated the grant date fair value of the restricted stock with market-based vesting criteria 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 market-based restricted stock granted was determined using the following assumptions: Year ended December 31, 2018 Risk free interest rate (1) 2.72% Common stock dividend yield (2) 0.00% Expected volatility (3) 32.88% _____________ (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the grants. (2) Because the vesting of market-based restricted stock awards include accumulated dividends and the awards accrue dividend equivalent payments, no dividend yield assumption was included in the grant date fair value calculation. (3) Based on our historical stock price volatility.
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, 2018 Stock options outstanding 1,277,992 Possible future issuances under share-based compensation plans 799,778 2,077,770

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Cap Instruments	The table below summarizes our interest rate cap instruments as of December 31, 2018 ($ in thousands): Effective Date Termination Date Strike Rate Benchmark Rate Notional Amount November 2, 2018 May 9, 2024 2.50% One-month LIBOR $ 505,000 October 16, 2018 October 15, 2022 2.30% One-month LIBOR 83,270 October 16, 2018 October 15, 2022 2.30% One-month LIBOR 89,149
Schedule of Fair Values of Derivative Instruments	Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets Asset Derivatives Fair Value as of December 31, Balance Sheet Location 2018 2017 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 14,367 $ — Total $ 14,367 $ —
Schedule of Effect of Derivative Instruments on the Consolidated Statements of Operations	Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations Amount of Gain (Loss) Recognized in OCI on Derivative (effective portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (effective portion) Total Amount of Interest Expense Presented in the Consolidated Statements of Operations Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Derivatives in cash flow hedging relationships Interest rate caps $ (12,653 ) $ — $ — Interest expense $ (375 ) $ — $ — $ 77,035 $ 59,582 $ 53,868 Location of Gain (Loss) Recognized on Derivative in Net Loss Amount of Gain (Loss) on Derivative Recognized in Net Loss Year Ended December 31, 2018 2017 2016 Derivatives not designated as hedging instruments Interest rate caps Interest expense $ (936 ) $ — $ —

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Numerator Net loss $ (130,835 ) $ (185,454 ) $ (228,028 ) Denominator Weighted average common stock outstanding – basic 53,552,109 53,493,523 54,490,979 Weighted average common stock outstanding – diluted 53,552,109 53,493,523 54,490,979 Loss per basic share $ (2.44 ) $ (3.47 ) $ (4.18 ) Loss per diluted share $ (2.44 ) $ (3.47 ) $ (4.18 )
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, 2018 2017 2016 Denominator (in weighted-average shares) Stock options 71,430 157,214 151,756 Restricted stock 219,738 164,689 24,146

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
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): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 39,765 $ 40,906 $ 48,313 $ 54,029 $ 183,013 Net loss (27,350 ) (21,336 ) (47,933 ) (34,216 ) (130,835 ) Loss per basic share of common stock (0.51 ) (0.40 ) (0.89 ) (0.64 ) (2.44 ) Loss per diluted share of common stock (0.51 ) (0.40 ) (0.89 ) (0.64 ) (2.44 ) 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 )

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ in Millions	Aug. 08, 2018property	Sep. 30, 2016property	Mar. 30, 2016property	Dec. 21, 2012USD ($)	Dec. 31, 2018property	Dec. 31, 2017property	Dec. 31, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from contributed capital | $				$ 100
Number of rental properties	2,015				15,445	12,574
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties directly acquired		4,262	590
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash | $							$ 2.4
Rental Home Associates LLC
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of rental properties	2,798
Rental Home Associates LLC | Single family
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties directly acquired	3,236

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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
Insurance recoveries	588,000	$ 3,349,000	$ 0
Summary of significant accounting policies [Line Items]
Casualty losses, net	$ 552,000	$ 6,021,000	$ 0
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
Restatement Adjustment
Summary of significant accounting policies [Line Items]
Casualty losses, net	$ (1,000,000)

Asset Acquisitions and Dispos_3

Asset Acquisitions and Dispositions - Narrative (Details) $ in Thousands	Aug. 08, 2018USD ($)trustproperty	Nov. 29, 2017USD ($)property	Jun. 29, 2017USD ($)property	Mar. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property	Mar. 30, 2016USD ($)stateproperty	Aug. 18, 2015	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)loanproperty	Dec. 31, 2017USD ($)loanproperty	Dec. 31, 2016USD ($)loanproperty
Real Estate [Line Items]
Number of real estate properties directly acquired | property					4,262	590
Acquisition and integration costs						$ 600										$ 7,209	$ 778	$ 9,339
Rental residential properties								$ 1,667,939				$ 1,381,110				1,667,939	1,381,110
Investment in real estate					$ 652,300	64,800										475,760	135,101	299,556
Acquired-in-place leases						$ 700
Total revenues								54,029	$ 48,313	$ 40,906	$ 39,765	27,758	$ 23,665	$ 13,410	$ 29,338	183,013	94,171	56,758
Net loss								$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	(130,835)	(185,454)	(228,028)
Number of states properties acquired | state						5
Acquisition and integration costs																$ 33,607	$ 778	$ 9,339
Number of real estate properties sold | property																(448)	(1,710)	(2,668)
Proceeds from dispositions of real estate																$ 81,739	$ 264,174	$ 378,043
Net realized gain on sales of real estate																33,177	76,913	117,617
Proceeds from sale and resolution of mortgage loans held-for-sale																3,200	521,200	534,400
Net realized gain on mortgage loans																(938)	84,024	85,990
Transfer of mortgage loans to real estate owned, net																$ 4,935	$ 40,436	$ 206,987
Residential mortgage | Loans receivable
Real Estate [Line Items]
Number of real estate properties acquired through foreclosure | loan																10	248	1,112
Transfer of mortgage loans to real estate owned, net																$ 4,900	$ 40,400	$ 207,000
Unrealized gain (loss) from conversion of mortgage loans to real estate																$ 2,344	$ 15,067	$ 46,000
Nonperforming financing receivable | Residential mortgage | Loans receivable
Real Estate [Line Items]
Number of mortgage loans liquidated | loan																27	3,115	2,450
Disposal group, disposed of by sale, not discontinued operations
Real Estate [Line Items]
Proceeds from dispositions of real estate																$ 79,400	$ 250,700	$ 373,700
Rental Home Associates LLC
Real Estate [Line Items]
Number of real estate investment trusts | trust	3
Gross purchase price	$ 471,400
HB Acquisition
Real Estate [Line Items]
Gross purchase price	$ 485,000
Acquisition and integration costs																	0	$ 0
Revenues																20,300
Net loss																10,600
Net loss																(130,835)	(185,454)
Acquisition and integration costs																$ 7,200
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]
Acquisition and integration costs					$ 3,900
Acquired-in-place leases					$ 9,800
Weighted average useful life of in-place leases					7 months
Total revenues																	15,000
Net loss																	$ (4,500)
One-by-one acquisition program
Real Estate [Line Items]
Number of real estate properties directly acquired | loan																70	27	714
Investment in real estate																$ 8,700	$ 2,700	$ 71,800
HOME Flow Transaction
Real Estate [Line Items]
Purchase commitment, minimum quantity required | property				3,500
HOME Flow Transaction | HOME Borrower II
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 Borrower III
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 Borrower IV
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
MSR Loan Agreement
Real Estate [Line Items]
Acquisition and integration costs																5,300
HOME II Loan Agreement | Secured debt | HOME Flow Transaction | HOME Borrower II
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement				79,900
HOME III Loan Agreement | Secured debt | HOME Flow Transaction | HOME Borrower III
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement			87,800
HOME III Loan Agreement | Secured debt | HOME Flow Transaction | HOME Borrower IV
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement		228,800
Leases In-Place
Real Estate [Line Items]
Weighted average useful life of in-place leases						7 months	8 months
Leases In-Place | HOME Flow Transaction
Real Estate [Line Items]
Acquired-in-place leases		$ 5,900	$ 2,000	$ 2,400
Weighted average useful life of in-place leases		7 months	9 months	7 months
MSA Amendment Agreement
Real Estate [Line Items]
Acquisition and integration costs																5,300
MSA Amendment Agreement | HB Acquisition
Real Estate [Line Items]
Acquisition and integration costs																$ 18,000
Single family | Rental Home Associates LLC
Real Estate [Line Items]
Number of real estate properties directly acquired | property	3,236

Asset Acquisitions and Dispos_4

Asset Acquisitions and Dispositions - Components of the purchase price (Details) $ in Thousands	Aug. 08, 2018USD ($)
HB Acquisition
Business Acquisition [Line Items]
Gross purchase price	$ 485,000
Less: net purchase price adjustments at closing	(3,644)
Total purchase price	481,356
Rental Home Associates LLC
Business Acquisition [Line Items]
Gross purchase price	471,400
HavenBrook Partners, LLC
Business Acquisition [Line Items]
Gross purchase price	$ 13,600

Asset Acquisitions and Dispos_5

Asset Acquisitions and Dispositions - Sources of funds (Details) - HB Acquisition $ in Thousands	Aug. 08, 2018USD ($)
Business Acquisition [Line Items]
Cash	$ 88,489
Net proceeds of borrowings	462,794
Less: financing related to assets previously acquired	(69,927)
Total purchase price	$ 481,356

Asset Acquisitions and Dispos_6

Asset Acquisitions and Dispositions - Preliminary allocation of the purchase consideration (Details) - USD ($) $ in Thousands	Aug. 08, 2018	Mar. 30, 2016	Aug. 18, 2015	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill				$ 13,376	$ 0
HB Acquisition
Business Acquisition [Line Items]
Land	$ 82,739
Rental residential properties	282,914
Real estate assets held for sale	94,946
Cash and cash equivalents	9,255
Restricted cash	4,780
Accounts receivable, net	1,778
Goodwill	13,376
In-place lease intangible assets	6,462
Other assets	1,784
Total assets acquired	498,034
Accounts payable and accrued liabilities	16,678
Total liabilities assumed	16,678
Total preliminary allocation of purchase price	$ 481,356
Leases In-Place
Business Acquisition [Line Items]
Weighted average useful life of in-place leases		7 months	8 months

Asset Acquisitions and Dispos_7

Asset Acquisitions and Dispositions - Pro forma financial information (Details) - HB Acquisition - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Unaudited pro forma revenues	$ 213,307	$ 141,977
Unaudited pro forma net loss	$ (137,695)	$ (212,990)
Loss per basic common share (usd per share)	$ (2.57)	$ (3.98)
Weighted average common stock outstanding - basic (in shares)	53,630,204	53,493,523
Loss per diluted common share (usd per share)	$ (2.57)	$ (3.98)
Weighted average common stock outstanding - diluted (in shares)	53,630,204	53,493,523

Asset Acquisitions and Dispos_8

Asset Acquisitions and Dispositions - Pro forma adjustments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Net loss from consolidated statements of operations	$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	$ (130,835)	$ (185,454)	$ (228,028)
HB Acquisition
Business Acquisition [Line Items]
Revenues from consolidated statements of operations									183,013	94,171
Add: historical revenues not reflected in consolidated statements of operations									30,294	47,806
Unaudited pro forma revenues									213,307	141,977
Net loss from consolidated statements of operations									(130,835)	(185,454)
Plus: historical net loss not reflected in consolidated statements of operations									(9,785)	(18,825)
Adjustment for pro forma depreciation and amortization									9,016	3,531
Adjustment for pro forma interest expense									(6,091)	(12,242)
Unaudited pro forma net loss									$ (137,695)	$ (212,990)

Asset Acquisitions and Dispos_9

Asset Acquisitions and Dispositions - Allocation of Purchase Price (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
HOME Borrower II
Real Estate [Line Items]
Total allocation of purchase price	$ 107,990
HOME Borrower II | Land
Real Estate [Line Items]
Total allocation of purchase price	20,668
HOME Borrower II | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	84,942
HOME Borrower II | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	2,380
HOME Borrower III
Real Estate [Line Items]
Total allocation of purchase price	118,369
HOME Borrower III | Land
Real Estate [Line Items]
Total allocation of purchase price	22,549
HOME Borrower III | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	93,802
HOME Borrower III | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	2,018
HOME Borrower IV
Real Estate [Line Items]
Total allocation of purchase price	306,961
HOME Borrower IV | Land
Real Estate [Line Items]
Total allocation of purchase price	58,957
HOME Borrower IV | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	242,110
HOME Borrower IV | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	$ 5,894

Asset Acquisitions and Dispo_10

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	489,259
Total purchase price	$ 652,346

Asset Acquisitions and Dispo_11

Asset Acquisitions and Dispositions - Supplemental Pro Forma Financial Information (Details) - HOME SFR Transaction	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Business Acquisition [Line Items]
Loss per basic share (usd per share) | $ / shares	$ (4.23)
Weighted average common stock outstanding - basic (in shares) | shares	54,490,979
Loss per diluted share (usd per share) | $ / shares	$ (4.23)
Weighted average common stock outstanding - diluted (in shares) | shares	54,490,979

Asset Acquisitions and Dispo_12

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Revenues from consolidated statements of operations	$ 54,029	$ 48,313	$ 40,906	$ 39,765	$ 27,758	$ 23,665	$ 13,410	$ 29,338	$ 183,013	$ 94,171	$ 56,758
Net loss from consolidated statements of operations	$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	$ (130,835)	(185,454)	(228,028)
HOME SFR Transaction
Business Acquisition [Line Items]
Revenues from consolidated statements of operations										15,000
Net loss from consolidated statements of operations										$ (4,500)
HOME SFR Transaction | Pro Forma
Business Acquisition [Line Items]
Revenues from consolidated statements of operations											56,758
Add: historical revenues of acquired properties not reflected in consolidated statements of operations											40,977
Unaudited pro forma revenues											97,735
Net loss from consolidated statements of operations											(228,028)
Plus: historical net income of acquired properties not reflected in consolidated statements of operations											25,578
Less: pro forma real estate depreciation and amortization											(11,363)
Less: pro forma interest expense											(14,016)
Less: pro forma management fees											(2,620)
Unaudited pro forma net loss											$ (230,449)

Asset Acquisitions and Dispo_13

Asset Acquisitions and Dispositions - Acquisitions accounted for as business combinations (Details) $ in Thousands	Aug. 08, 2018USD ($)trustproperty	Sep. 30, 2016property	Mar. 30, 2016USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Number of real estate properties directly acquired | property		4,262	590
Acquired-in-place leases			$ 700
Acquisition and integration costs			$ 600	$ 7,209	$ 778	$ 9,339
HB Acquisition
Business Acquisition [Line Items]
Gross purchase price	$ 485,000
Acquisition and integration costs					$ 0	$ 0
Revenues				20,300
Net loss				10,600
Rental Home Associates LLC
Business Acquisition [Line Items]
Number of real estate investment trusts | trust	3
Gross purchase price	$ 471,400
Single family | Rental Home Associates LLC
Business Acquisition [Line Items]
Number of real estate properties directly acquired | property	3,236
MSA Amendment Agreement
Business Acquisition [Line Items]
Acquisition and integration costs				$ 5,300

Asset Acquisitions and Dispo_14

Asset Acquisitions and Dispositions - Schedule of acquisition and integration costs (Details) - USD ($) $ in Thousands	Mar. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Acquisition costs	$ 600	$ 7,209	$ 778	$ 9,339
Integration costs		3,148	0	0
Total acquisition and integration costs		33,607	778	9,339
Altisource Portfolio Solutions [Member]
Business Acquisition [Line Items]
Acquisition costs		18,000
HB Acquisition
Business Acquisition [Line Items]
Acquisition costs			0	0
Total acquisition and integration costs		7,200
Main Street Renewal, LLC
Business Acquisition [Line Items]
Acquisition costs		$ 5,250	$ 0	$ 0

Asset Acquisitions and Dispo_15

Asset Acquisitions and Dispositions - Change in Unrealized Gain on Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Total change in unrealized gain on mortgage loans	$ (32,384)	$ (190,856)	$ (195,909)
Net realized (loss) gain on mortgage loans	(938)	84,024	85,990
Net realized gain on sales of real estate	33,177	76,913	117,617
Net loss on real estate and mortgage loans	(145)	(29,919)
Loans receivable | Residential mortgage
Real Estate [Line Items]
Conversion of mortgage loans to REO, net	2,344	15,067	$ 46,000
Change in fair value, net	313	1,514
Reclassification to realized gain or loss	$ (35,041)	$ (207,437)

Real Estate Assets - Schedule o

Real Estate Assets - Schedule of Real Estate Properties (Details) - property	Dec. 31, 2018	Aug. 08, 2018	Dec. 31, 2017
Rental Properties, Held For Use [Abstract]
Leased	13,546		10,850
Listed and ready for rent	434		591
Unit turn	428		340
Renovation	136		194
Total rental properties	14,544		11,975
Previous rentals identified for sale	158		69
Legacy REO	56		197
Held for Use	14,758		12,241
Rental Properties, Held For Sale [Abstract]
Leased	423		0
Listed and ready for rent	8		0
Unit turn	18		0
Renovation	2		0
Previous rentals identified for sale	188		40
Legacy REO	48		293
Held for Sale	687		333
Rental Properties [Abstract]
Leased	13,969		10,850
Listed and ready for rent	442		591
Unit turn	446		340
Renovation	138		194
Previous rentals identified for sale	346		109
Legacy REO	104		490
Total Portfolio	15,445	2,015	12,574

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Leased | property	13,969	10,850
REO valuation impairment	$ 0.6	$ 3	$ 7.4
Impairment on our real estate held for sale	$ 12.1	17.3	25.8
Valuation adjustments		$ 18.4	$ 23.2
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

Real Estate Assets - Schedule_2

Real Estate Assets - Schedule of Future Minimum Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Real Estate [Abstract]
2,019	$ 106,134
2,020	6,547
2,021	780
2,022	0
2023 and thereafter	0
Total future minimum payments receivable	$ 113,461

Mortgage Loans at Fair Value -

Mortgage Loans at Fair Value - Schedule of Mortgage Loans (Details) - Residential mortgage - Residential portfolio segment $ in Thousands	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Number of Loans
Current | loan	20	17
Foreclosure | loan	36	67
Mortgage loans at fair value | loan	74	111
Fair Value and Carrying Value
Current	$ 1,827	$ 1,528
Foreclosure	5,481	8,874
Mortgage loans at fair value	8,072	11,477
Unpaid Principal Balance
Current	2,701	2,380
Foreclosure	12,376	18,813
Mortgage loans at fair value	21,244	29,350
Market Value of Underlying Properties (1)
Current	4,353	3,156
Foreclosure	16,097	20,820
Mortgage loans at fair value	$ 26,048	$ 31,174
30
Number of Loans
Past Due | loan		1
Fair Value and Carrying Value
Past Due		$ 51
Unpaid Principal Balance
Past Due		139
Market Value of Underlying Properties (1)
Past Due		$ 70
60
Number of Loans
Past Due | loan	1	3
Fair Value and Carrying Value
Past Due	$ 115	$ 304
Unpaid Principal Balance
Past Due	148	344
Market Value of Underlying Properties (1)
Past Due	$ 180	$ 630
90
Number of Loans
Past Due | loan	17	23
Fair Value and Carrying Value
Past Due	$ 649	$ 720
Unpaid Principal Balance
Past Due	6,019	7,674
Market Value of Underlying Properties (1)
Past Due	$ 5,418	$ 6,498

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Repurchase and loan agreements	$ 1,722,219	$ 1,270,157
Level 1, Quoted Prices in Active Markets
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Repurchase and loan agreements	0	0
Level 2, Observable Inputs Other Than Level 1 Prices
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Repurchase and loan agreements	1,734,152	1,276,315
Level 3, Unobservable Inputs
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Repurchase and loan agreements	0	0
Fair value measurements, recurring
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	8,072	11,477
Interest rate cap derivatives	14,367
Fair value measurements, recurring | Level 1, Quoted Prices in Active Markets
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	0	0
Interest rate cap derivatives	0
Fair value measurements, recurring | Level 2, Observable Inputs Other Than Level 1 Prices
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	0	0
Interest rate cap derivatives	14,367
Fair value measurements, recurring | Level 3, Unobservable Inputs
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value	8,072	$ 11,477
Interest rate cap derivatives	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair Value, Assets Measure on Recurring Basis, Unobservable Inputs (Details) - Level 3, Unobservable Inputs - Loans receivable - Mortgage loans at fair value and loans held for sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 11,477	$ 568,480
Change in unrealized gain on mortgage loans	3,157	7,684
Mortgage loan dispositions, resolutions and payments	(1,774)	(526,670)
Real estate tax advances to borrowers	230	3,763
Selling costs on loans held for sale	(83)	(1,344)
Transfer of mortgage loans to real estate owned	(4,935)	(40,436)
Ending balance	8,072	11,477
Change in unrealized gain on mortgage loans held at the end of the period	$ (358)	$ (5,911)

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Fair Value Inputs, Quantitative Information (Details) - Fair value measurements, recurring - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair value inputs, assets, quantitative information [Line Items]
Value of underlying properties	$ 8,072,000	$ 11,477,000
Level 3, Unobservable Inputs
Fair value inputs, assets, quantitative information [Line Items]
Value of underlying properties	$ 8,072,000	$ 11,477,000
Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Cost of funds	1 month LIBOR	1 month LIBOR
Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loan resolution timelines (in years)	1 month 6 days	1 month 6 days
Value of underlying properties	$ 50,000	$ 45,000
Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loan resolution timelines (in years)	6 years 1 month 6 days	5 years 3 months 18 days
Value of underlying properties	$ 2,500,000	$ 2,250,000
Equity discount rate | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	17.00%	17.00%
Debt to asset ratio | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	65.00%	65.00%
Cost of funds | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	3.50%	3.50%
Annual change in home pricing index | Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	(0.55%)	(1.71%)
Annual change in home pricing index | Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	16.79%	9.07%
Loan resolution probabilities — modification | Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	0.00%	0.00%
Loan resolution probabilities — modification | Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	5.90%	5.90%
Loan resolution probabilities — liquidation | Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	38.80%	49.50%
Loan resolution probabilities — liquidation | Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	100.00%	100.00%
Loan resolution probabilities — paid in full | Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	0.00%	0.00%
Loan resolution probabilities — paid in full | Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input	61.20%	47.40%

Borrowings - Repurchase and Loa

Borrowings - Repurchase and Loan Agreements Narrative (Details)	Dec. 31, 2018
Debt Disclosure [Abstract]
Interest rate on debt	4.53%

Borrowings - Schedule of Repurc

Borrowings - Schedule of Repurchase and Loan Agreements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)extension	Nov. 02, 2018	Oct. 16, 2018	Mar. 16, 2018	Dec. 31, 2017USD ($)	Sep. 29, 2016
Debt Instrument [Line Items]
Amount Outstanding					$ 1,282,428
Maximum Borrowing Capacity	$ 2,014,897				1,590,470
Amount of Available Funding	275,849				308,042
Book Value of Collateral	2,086,848				1,707,996
Amount Outstanding	1,722,219				$ 1,270,157
Repurchase agreements | CS Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate					2.75%
Amount Outstanding	193,654				$ 189,173
Maximum Borrowing Capacity	250,000				350,000
Amount of Available Funding	56,346				160,827
Book Value of Collateral	224,934				281,722
Loan agreement | Nomura Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding	30,497				102,785
Maximum Borrowing Capacity	250,000				250,000
Amount of Available Funding	219,503				147,215
Book Value of Collateral	$ 48,388				169,521
Additional extension option	1 year
Loan agreement | MSR Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding					489,259
Maximum Borrowing Capacity					489,259
Amount of Available Funding					0
Book Value of Collateral					622,065
Loan agreement | HOME II Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding	$ 83,270				83,270
Maximum Borrowing Capacity	83,270				83,270
Amount of Available Funding	0				0
Book Value of Collateral	100,461				103,324
Loan agreement | HOME III Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding	89,150				89,150
Maximum Borrowing Capacity	89,150				89,150
Amount of Available Funding	0				0
Book Value of Collateral	$ 111,542				$ 114,698
Number of potential renewal extensions | extension	3
Length of loan term extension option, years	1 year
Loan agreement | HOME IV Loan Agreement (A)
Debt Instrument [Line Items]
Interest Rate	4.00%				4.00%
Amount Outstanding	$ 114,201				$ 114,201
Maximum Borrowing Capacity	114,201				114,201
Amount of Available Funding	0				0
Book Value of Collateral	$ 145,461				$ 149,698
Loan agreement | HOME IV Loan Agreement (B)
Debt Instrument [Line Items]
Interest Rate	4.00%				4.00%
Amount Outstanding	$ 114,590				$ 114,590
Maximum Borrowing Capacity	114,590				114,590
Amount of Available Funding	0				0
Book Value of Collateral	$ 146,479				$ 150,718
Loan agreement | Term Loan Agreement
Debt Instrument [Line Items]
Interest Rate	5.00%				5.00%
Amount Outstanding	$ 100,000				$ 100,000
Maximum Borrowing Capacity	100,000				100,000
Amount of Available Funding	0				0
Book Value of Collateral	$ 114,401				116,250
Loan agreement | FYR SFR Loan Agreement
Debt Instrument [Line Items]
Interest Rate	4.65%
Amount Outstanding	$ 508,700
Maximum Borrowing Capacity	508,700
Amount of Available Funding	0
Book Value of Collateral	585,563
Loan agreement | MS Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding	504,986
Maximum Borrowing Capacity	504,986
Amount of Available Funding	0
Book Value of Collateral	609,619
Repurchase and loan agreements
Debt Instrument [Line Items]
Amount Outstanding	1,739,048
Less: unamortized loan discounts	(4,896)				(6,158)
Less: deferred debt issuance costs	(11,933)				(6,113)
Amount Outstanding	$ 1,722,219				$ 1,270,157
LIBOR | Repurchase agreements | CS Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate	3.00%
LIBOR | Loan agreement | Nomura Loan Agreement
Debt Instrument [Line Items]
Interest Rate	3.00%				3.25%
LIBOR | Loan agreement | MSR Loan Agreement
Debt Instrument [Line Items]
Interest Rate					3.285%
LIBOR | Loan agreement | HOME II Loan Agreement
Debt Instrument [Line Items]
Interest Rate	2.10%				2.10%
LIBOR | Loan agreement | HOME III Loan Agreement
Debt Instrument [Line Items]
Interest Rate	2.10%				2.10%
LIBOR | Loan agreement | MS Loan Agreement
Debt Instrument [Line Items]
Interest Rate	1.80%
Interest rate caps | LIBOR
Debt Instrument [Line Items]
Strike Rate				1.80%		2.938%
Interest rate caps | LIBOR | HOME II Loan Agreement
Debt Instrument [Line Items]
Strike Rate			2.30%
Interest rate caps | LIBOR | HOME III Loan Agreement
Debt Instrument [Line Items]
Strike Rate			2.30%
Interest rate caps | LIBOR | MS Loan Agreement
Debt Instrument [Line Items]
Strike Rate	4.30%	2.50%
Interest rate caps | LIBOR | HOME II and III Loan Agreement
Debt Instrument [Line Items]
Strike Rate	4.40%

Borrowings - Loan Agreements (D

Borrowings - Loan Agreements (Details)	Dec. 07, 2018USD ($)property	Dec. 31, 2018USD ($)propertyloan_term	Aug. 08, 2018property	Dec. 31, 2017USD ($)property
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 2,014,897,000		$ 1,590,470,000
Number of rental properties | property		15,445	2,015	12,574
MSR Loan Agreement
Debt Instrument [Line Items]
Loss on extinguishment	$ 1,700,000
Write-off of deferred debt issuance cost	1,100,000
Interest payment	$ 600,000
MS Loan Agreement
Debt Instrument [Line Items]
Number of rental properties | property	4,262
In escrow		$ 8,200,000
Secured debt | Nomura Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		250,000,000
Maximum borrowing capacity, uncommitted		$ 150,000,000
HOME Borrower II | Secured debt
Debt Instrument [Line Items]
Number of terms for loan agreement | loan_term		3
Length of loan term extension option, years		1 year
HOME Borrower III | Secured debt
Debt Instrument [Line Items]
Number of terms for loan agreement | loan_term		3
Length of loan term extension option, years		1 year
Rental Home Associates LLC
Debt Instrument [Line Items]
Number of rental properties | property			2,798

Borrowings - Schedule of Debt M

Borrowings - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
2,019	$ 193,654
2,020	0
2,021	30,497
2,022	501,211
2023 and thereafter	1,013,686
Long-term debt, including applicable extensions	$ 1,739,048

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	Aug. 08, 2018USD ($)	Nov. 29, 2017USD ($)	Mar. 30, 2016USD ($)	May 31, 2015shareholder	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Aug. 08, 2023USD ($)
Other Commitments [Line Items]
Acquisition and integration costs			$ 600		$ 7,209	$ 778	$ 9,339
HOME Flow Transaction | HOME Borrower IV
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)		$ 18,300
Potential purchase price adjustments, period of assessment		24 months
Martin v. Altisource Residential Corporation et al. | Pending litigation
Other Commitments [Line Items]
Number of shareholders requesting to be lead plaintiff | shareholder				2
MSA Amendment Agreement
Other Commitments [Line Items]
Acquisition and integration costs					5,300
MSA Amendment Agreement | Rental Home Associates LLC
Other Commitments [Line Items]
Payment for contingent consideration liability	$ 15,000				$ 18,000
Scenario, Forecast | MSA Amendment Agreement | Rental Home Associates LLC
Other Commitments [Line Items]
Payment for contingent consideration liability								$ 3,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of future minimum payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 1,310
2,020	977
2,021	362
2,022	0
2023 and thereafter	0
Total	$ 2,649

Related-party Transactions - Su

Related-party Transactions - Summary of Related Party Transactions (Details) - Affiliated entity - AAMC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Base management fee
Related party transactions [Line Items]
Related party expenses	$ 14,567	$ 16,010	$ 17,334
Conversion fee
Related party transactions [Line Items]
Related party expenses	176	1,291	1,841
Expense reimbursements
Related party transactions [Line Items]
Related party expenses	$ 1,183	$ 859	$ 816

Related-party Transactions - Na

Related-party Transactions - Narrative (Details)	Apr. 01, 2015propertyextension	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Related party transactions [Line Items]
Maturity term, securities, US Treasury	10 years
Payable to AAMC | $		$ 3,968,000	$ 4,151,000
Affiliated entity | AAMC
Related party transactions [Line Items]
Base management fee, percent of qualified average invested capital	1.50%
Conversion fee, percent of market value of new rental properties	1.50%
Incentive management fee, percent of incentive fee payable in common stock		25.00%
Period return on invested equity capital evaluated in agreement for termination	2 years
Period required return rate evaluated per agreement		21 months
Incentive management fee, deficit of return on invested capital		47.40%
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%
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
Affiliated entity | AAMC | Management incentive fees
Related party transactions [Line Items]
Payable to AAMC | $		$ 0

Share-based Payments - Narrativ

Share-based Payments - Narrative for Plans (Details) $ in Thousands	Dec. 21, 2012	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
The 2016 Equity Incentive Plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 Compensation Award, Tranche One [Member] | 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		$ 75	$ 60

Share-based Payments - Stock Op

Share-based Payments - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 3,024	$ 4,139	$ 1,287
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0	1,400	$ 400
Unamortized stock compensation	$ 200	$ 1,200
Weighted average remaining amortization period of unamortized share based compensation	10 months	1 year 4 months
Number of Options
Beginning balance (in shares)	1,381,078	862,977	204,968
Granted (in shares)		567,227	695,187
Exercised (in shares)	(40,722)	(49,126)	(34,464)
Forfeited or canceled (in shares)	(62,364)		(2,714)
Ending balance (in shares)	1,277,992	1,381,078	862,977
Weighted Average Exercise Price per Share
Beginning balance (usd per share)	$ 11.14	$ 8.55	$ 2.30
Granted (usd per share)		14.30	10.04
Exercised (usd per share)	2.62	2.16	1.71
Forfeited or canceled (usd per share)	5.05		5.47
Ending balance (usd per share)	$ 11.71	$ 11.14	$ 8.55
Outstanding options, weighted average remaining life	4 years 10 months 10 days
Outstanding options, total intrinsic value	$ 200
Number of exercisable options (in shares)	488,343
Excercisable options weighted average exercise price (usd per share)	$ 9.45
Options exercisable, average remaining life	4 years 4 months
Options exercisable, intrinsic value	$ 200
Options exercisable at price above market (in shares)	444,844

Share-based Payments - Valuatio

Share-based Payments - Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate		2.05%	1.38%
Common stock dividend yield		4.20%	5.98%
Expected volatility		36.67%	38.47%
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	2.72%
Common stock dividend yield	0.00%
Expected volatility	32.88%

Share-based Payments - Restrict

Share-based Payments - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 3,024	$ 4,139	$ 1,287
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	3,000	2,700	$ 900
Unamortized stock compensation	$ 3,900	$ 2,700
Weighted average remaining amortization period of unamortized share based compensation		1 year 2 months
Number of Shares
Number of options, beginning balance (in shares)	419,242	266,898	9,924
Granted (in shares)	555,454	271,633	274,760
Vested (in shares)	(171,497)	(101,487)	(10,531)
Forfeiedt/Canceled (in shares)	(36,708)	(17,802)	(7,255)
Number of options, ending balance (in shares)	766,491	419,242	266,898
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (usd per share)	$ 12.70	$ 9.97	$ 18.14
Granted (usd per share)	9.78	14.30	9.94
Vested (usd per share)	12.41	9.96	17.20
Forfeited/Canceled (usd per share)	12.76	11.80	9.84
Weighted average grant date fair value (usd per share)	$ 10.65	$ 12.70	$ 9.97
Fair value of stock vested in period	$ 1,900	$ 1,300	$ 100

Share-based Payments - Shares R

Share-based Payments - Shares Reserved for Future Issuance (Details)	Dec. 31, 2018shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Possible future issuances under director compensation plan (in shares)	799,778
Common stock, reserved for future issuance (in shares)	2,077,770
Common stock, shares available to be issued under charter (in shares)	146,369,796

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	Mar. 16, 2018	Dec. 31, 2018	Sep. 29, 2016
Derivative [Line Items]
Amount reclassified into earnings from accumulated other comprehensive loss		$ 5,800,000
Premium paid to amend strike rate	$ 900,000
Interest rate caps
Derivative [Line Items]
Notional Amount			$ 489,300,000
Interest rate caps | LIBOR
Derivative [Line Items]
Interest rate cap, strike rate	1.80%		2.938%

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Rate Cap Instruments (Details) - Interest rate caps - USD ($)	Dec. 31, 2018	Nov. 02, 2018	Oct. 16, 2018	Mar. 16, 2018	Sep. 29, 2016
Derivative [Line Items]
Notional Amount					$ 489,300,000
LIBOR
Derivative [Line Items]
Strike Rate				1.80%	2.938%
MS Loan Agreement
Derivative [Line Items]
Notional Amount		$ 505,000,000
MS Loan Agreement | LIBOR
Derivative [Line Items]
Strike Rate	4.30%	2.50%
HOME II Loan Agreement
Derivative [Line Items]
Notional Amount			$ 83,270,000
HOME II Loan Agreement | LIBOR
Derivative [Line Items]
Strike Rate			2.30%
HOME III Loan Agreement
Derivative [Line Items]
Notional Amount			$ 89,149,000
HOME III Loan Agreement | LIBOR
Derivative [Line Items]
Strike Rate			2.30%

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Values of Derivative Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 14,367	$ 0
Interest rate caps | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 14,367	$ 0

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 77,035	$ 59,582	$ 53,868
Interest rate caps | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (effective portion)	(12,653)	0	0
Interest expense	77,035	59,582	53,868
Interest rate caps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivative Recognized in Net Loss	(936)	0	0
Interest rate caps | Interest expense | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (effective portion)	$ (375)	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Minimum distribution percentage of REIT taxable income	90.00%
Dividends on common stock	$ 32.1
Subsidiaries
Entity Information [Line Items]
Gross deferred tax assets	$ 53.5	$ 48

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net loss	$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	$ (130,835)	$ (185,454)	$ (228,028)
Weighted average common stock outstanding – basic (in shares)									53,552,109	53,493,523	54,490,979
Weighted average common stock outstanding – diluted (in shares)									53,552,109	53,493,523	54,490,979
Loss per basic share (usd per share)	$ (0.64)	$ (0.89)	$ (0.40)	$ (0.51)	$ (0.70)	$ (0.80)	$ (1.04)	$ (0.92)	$ (2.44)	$ (3.47)	$ (4.18)
Loss per diluted share (usd per share)	$ (0.64)	$ (0.89)	$ (0.40)	$ (0.51)	$ (0.70)	$ (0.80)	$ (1.04)	$ (0.92)	$ (2.44)	$ (3.47)	$ (4.18)
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 (in shares)									71,430	157,214	151,756
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)									219,738	164,689	24,146

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 54,029	$ 48,313	$ 40,906	$ 39,765	$ 27,758	$ 23,665	$ 13,410	$ 29,338	$ 183,013	$ 94,171	$ 56,758
Net loss	$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (37,474)	$ (42,916)	$ (55,707)	$ (49,357)	$ (130,835)	$ (185,454)	$ (228,028)
Loss per basic share of common stock (usd per share)	$ (0.64)	$ (0.89)	$ (0.40)	$ (0.51)	$ (0.70)	$ (0.80)	$ (1.04)	$ (0.92)	$ (2.44)	$ (3.47)	$ (4.18)
Loss per diluted share of common stock (usd per share)	$ (0.64)	$ (0.89)	$ (0.40)	$ (0.51)	$ (0.70)	$ (0.80)	$ (1.04)	$ (0.92)	$ (2.44)	$ (3.47)	$ (4.18)

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Feb. 08, 2019USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property
Subsequent Event [Line Items]
Number of real estate properties sold | property			448	1,710	2,668
Proceeds from dispositions of real estate			$ 81,739	$ 264,174	$ 378,043
Net realized gain on sales of real estate			33,177	76,913	117,617
Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties sold | property	444
Disposal group, disposed of by sale, not discontinued operations
Subsequent Event [Line Items]
Proceeds from dispositions of real estate			$ 79,400	$ 250,700	$ 373,700
Disposal group, disposed of by sale, not discontinued operations | Subsequent Event
Subsequent Event [Line Items]
Proceeds from dispositions of real estate	$ 102,900
Scenario, Forecast | Subsequent Event
Subsequent Event [Line Items]
Net realized gain on sales of real estate		$ 4,800

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Activity of Real Estate Assets and Accumulated Depreciation by State (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Gross Amount at which Carried at Close of Period	$ 2,269,288	$ 1,873,860	$ 1,604,648	$ 1,048,142
Accumulated Depr and Reserves	$ 156,281	$ 104,589	$ 62,601	$ 61,716
Single family residential
Real Estate and Accumulated Depreciation [Line Items]
No. of Props | property	15,445
Encumbrances	$ 1,731,171
Initial Cost to Company	2,054,570
Capitalized Costs Subsequent to Acquisition	214,718
Gross Amount at which Carried at Close of Period	2,269,288
Accumulated Depr and Reserves	$ 156,281
WA Age	34 years 11 months 27 days
Single family residential | Alabama
Real Estate and Accumulated Depreciation [Line Items]
No. of Props | property	728
Encumbrances	$ 68,668
Initial Cost to Company	84,830
Capitalized Costs Subsequent to Acquisition	1,444
Gross Amount at which Carried at Close of Period	86,274
Accumulated Depr and Reserves	$ 3,241
WA Age	34 years 8 months 12 days
Single family residential | Alabama | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Alabama | Maximum
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]
No. of Props | property	52
Encumbrances	$ 6,965
Initial Cost to Company	9,613
Capitalized Costs Subsequent to Acquisition	1,656
Gross Amount at which Carried at Close of Period	11,269
Accumulated Depr and Reserves	$ 875
WA Age	40 years 7 months 6 days
Single family residential | Arizona | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Arizona | Maximum
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]
No. of Props | property	6
Encumbrances	$ 493
Initial Cost to Company	487
Capitalized Costs Subsequent to Acquisition	443
Gross Amount at which Carried at Close of Period	930
Accumulated Depr and Reserves	$ 336
WA Age	35 years 1 month 6 days
Single family residential | Arkansas | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Arkansas | Maximum
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]
No. of Props | property	119
Encumbrances	$ 18,667
Initial Cost to Company	21,473
Capitalized Costs Subsequent to Acquisition	12,527
Gross Amount at which Carried at Close of Period	34,000
Accumulated Depr and Reserves	$ 5,114
WA Age	41 years 2 months 12 days
Single family residential | California | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | California | Maximum
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]
No. of Props | property	16
Encumbrances	$ 2,512
Initial Cost to Company	2,137
Capitalized Costs Subsequent to Acquisition	1,419
Gross Amount at which Carried at Close of Period	3,556
Accumulated Depr and Reserves	$ 484
WA Age	30 years 6 months
Single family residential | Colorado | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Colorado | Maximum
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]
No. of Props | property	9
Encumbrances	$ 2,008
Initial Cost to Company	3,008
Capitalized Costs Subsequent to Acquisition	651
Gross Amount at which Carried at Close of Period	3,659
Accumulated Depr and Reserves	$ 1,347
WA Age	53 years 10 months 24 days
Single family residential | Connecticut | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Connecticut | Maximum
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]
No. of Props | property	1
Encumbrances	$ 0
Initial Cost to Company	138
Capitalized Costs Subsequent to Acquisition	59
Gross Amount at which Carried at Close of Period	197
Accumulated Depr and Reserves	$ 50
WA Age	20 years
Single family residential | Delaware | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Delaware | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Dist. of Columbia
Real Estate and Accumulated Depreciation [Line Items]
No. of Props | property	1
Encumbrances	$ 61
Initial Cost to Company	126
Capitalized Costs Subsequent to Acquisition	104
Gross Amount at which Carried at Close of Period	230
Accumulated Depr and Reserves	$ 62
WA Age	83 years
Single family residential | Dist. of Columbia | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Dist. of Columbia | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Florida
Real Estate and Accumulated Depreciation [Line Items]
No. of Props | property	2,553
Encumbrances	$ 355,354
Initial Cost to Company	389,243
Capitalized Costs Subsequent to Acquisition	44,860
Gross Amount at which Carried at Close of Period	434,103
Accumulated Depr and Reserves	$ 22,625
WA Age	42 years 1 month 6 days
Single family residential | Florida | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Florida | Maximum
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]
No. of Props | property	4,394
Encumbrances	$ 408,527
Initial Cost to Company	472,312
Capitalized Costs Subsequent to Acquisition	52,377
Gross Amount at which Carried at Close of Period	524,689
Accumulated Depr and Reserves	$ 38,142
WA Age	34 years 7 months 6 days
Single family residential | Georgia | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Georgia | Maximum
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]
No. of Props | property	1
Encumbrances	$ 131
Initial Cost to Company	88
Capitalized Costs Subsequent to Acquisition	122
Gross Amount at which Carried at Close of Period	210
Accumulated Depr and Reserves	$ 0
WA Age	14 years
Single family residential | Hawaii | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Hawaii | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Illinois
Real Estate and Accumulated Depreciation [Line Items]
No. of Props | property	163
Encumbrances	$ 17,529
Initial Cost to Company	16,824
Capitalized Costs Subsequent to Acquisition	10,303
Gross Amount at which Carried at Close of Period	27,127
Accumulated Depr and Reserves	$ 4,180
WA Age	47 years 10 months 24 days
Single family residential | Illinois | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Illinois | Maximum
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]
No. of Props | property	674
Encumbrances	$ 68,164
Initial Cost to Company	85,161
Capitalized Costs Subsequent to Acquisition	8,475
Gross Amount at which Carried at Close of Period	93,636
Accumulated Depr and Reserves	$ 7,912
WA Age	22 years 9 months 18 days
Single family residential | Indiana | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Indiana | Maximum
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]
No. of Props | property	21
Encumbrances	$ 2,528
Initial Cost to Company	2,951
Capitalized Costs Subsequent to Acquisition	563
Gross Amount at which Carried at Close of Period	3,514
Accumulated Depr and Reserves	$ 320
WA Age	41 years 7 months 6 days
Single family residential | Kansas | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Kansas | Maximum
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]
No. of Props | property	135
Encumbrances	$ 15,481
Initial Cost to Company	19,131
Capitalized Costs Subsequent to Acquisition	829
Gross Amount at which Carried at Close of Period	19,960
Accumulated Depr and Reserves	$ 1,105
WA Age	27 years 9 months 18 days
Single family residential | Kentucky | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Kentucky | Maximum
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]
No. of Props | property	6
Encumbrances	$ 350
Initial Cost to Company	740
Capitalized Costs Subsequent to Acquisition	288
Gross Amount at which Carried at Close of Period	1,028
Accumulated Depr and Reserves	$ 152
WA Age	23 years 7 months 6 days
Single family residential | Louisiana | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Louisiana | Maximum
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]
No. of Props | property	129
Encumbrances	$ 15,748
Initial Cost to Company	13,264
Capitalized Costs Subsequent to Acquisition	11,700
Gross Amount at which Carried at Close of Period	24,964
Accumulated Depr and Reserves	$ 2,645
WA Age	37 years 6 months
Single family residential | Maryland | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Maryland | Maximum
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]
No. of Props | property	21
Encumbrances	$ 851
Initial Cost to Company	2,965
Capitalized Costs Subsequent to Acquisition	2,389
Gross Amount at which Carried at Close of Period	5,354
Accumulated Depr and Reserves	$ 516
WA Age	99 years 6 months
Single family residential | Massachusetts | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Massachusetts | Maximum
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]
No. of Props | property	20
Encumbrances	$ 2,059
Initial Cost to Company	1,759
Capitalized Costs Subsequent to Acquisition	1,312
Gross Amount at which Carried at Close of Period	3,071
Accumulated Depr and Reserves	$ 537
WA Age	40 years 7 months 6 days
Single family residential | Michigan | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Michigan | Maximum
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]
No. of Props | property	490
Encumbrances	$ 63,347
Initial Cost to Company	75,407
Capitalized Costs Subsequent to Acquisition	1,254
Gross Amount at which Carried at Close of Period	76,661
Accumulated Depr and Reserves	$ 2,109
WA Age	84 years 10 months 24 days
Single family residential | Minnesota | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Minnesota | Maximum
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]
No. of Props | property	271
Encumbrances	$ 30,460
Initial Cost to Company	40,869
Capitalized Costs Subsequent to Acquisition	304
Gross Amount at which Carried at Close of Period	41,173
Accumulated Depr and Reserves	$ 2,154
WA Age	18 years 8 months 12 days
Single family residential | Mississippi | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Mississippi | Maximum
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]
No. of Props | property	424
Encumbrances	$ 47,828
Initial Cost to Company	63,643
Capitalized Costs Subsequent to Acquisition	1,588
Gross Amount at which Carried at Close of Period	65,231
Accumulated Depr and Reserves	$ 3,322
WA Age	35 years 1 month 6 days
Single family residential | Missouri | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Missouri | Maximum
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]
No. of Props | property	11
Encumbrances	$ 853
Initial Cost to Company	837
Capitalized Costs Subsequent to Acquisition	873
Gross Amount at which Carried at Close of Period	1,710
Accumulated Depr and Reserves	$ 151
WA Age	30 years
Single family residential | Nevada | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Nevada | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | New Jersey
Real Estate and Accumulated Depreciation [Line Items]
No. of Props | property	22
Encumbrances	$ 1,904
Initial Cost to Company	2,482
Capitalized Costs Subsequent to Acquisition	2,058
Gross Amount at which Carried at Close of Period	4,540
Accumulated Depr and Reserves	$ 471
WA Age	70 years 2 months 12 days
Single family residential | New Jersey | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New Jersey | Maximum
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]
No. of Props | property	17
Encumbrances	$ 1,219
Initial Cost to Company	1,117
Capitalized Costs Subsequent to Acquisition	1,009
Gross Amount at which Carried at Close of Period	2,126
Accumulated Depr and Reserves	$ 284
WA Age	28 years 7 months 6 days
Single family residential | New Mexico | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New Mexico | Maximum
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]
No. of Props | property	12
Encumbrances	$ 1,660
Initial Cost to Company	1,858
Capitalized Costs Subsequent to Acquisition	1,704
Gross Amount at which Carried at Close of Period	3,562
Accumulated Depr and Reserves	$ 558
WA Age	90 years 8 months 12 days
Single family residential | New York | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New York | Maximum
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]
No. of Props | property	879
Encumbrances	$ 95,552
Initial Cost to Company	118,104
Capitalized Costs Subsequent to Acquisition	9,509
Gross Amount at which Carried at Close of Period	127,613
Accumulated Depr and Reserves	$ 8,771
WA Age	23 years 3 months 18 days
Single family residential | North Carolina | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | North Carolina | Maximum
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]
No. of Props | property	266
Encumbrances	$ 30,594
Initial Cost to Company	40,290
Capitalized Costs Subsequent to Acquisition	2,372
Gross Amount at which Carried at Close of Period	42,662
Accumulated Depr and Reserves	$ 2,123
WA Age	38 years 1 month 6 days
Single family residential | Ohio | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Ohio | Maximum
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]
No. of Props | property	307
Encumbrances	$ 33,823
Initial Cost to Company	46,925
Capitalized Costs Subsequent to Acquisition	1,024
Gross Amount at which Carried at Close of Period	47,949
Accumulated Depr and Reserves	$ 3,487
WA Age	27 years
Single family residential | Oklahoma | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Oklahoma | Maximum
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]
No. of Props | property	2
Encumbrances	$ 180
Initial Cost to Company	149
Capitalized Costs Subsequent to Acquisition	188
Gross Amount at which Carried at Close of Period	337
Accumulated Depr and Reserves	$ 24
WA Age	34 years 10 months 24 days
Single family residential | Oregon | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Oregon | Maximum
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]
No. of Props | property	45
Encumbrances	$ 4,781
Initial Cost to Company	4,475
Capitalized Costs Subsequent to Acquisition	3,685
Gross Amount at which Carried at Close of Period	8,160
Accumulated Depr and Reserves	$ 1,574
WA Age	64 years 10 months 24 days
Single family residential | Pennsylvania | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Pennsylvania | Maximum
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]
No. of Props | property	16
Encumbrances	$ 1,136
Initial Cost to Company	1,413
Capitalized Costs Subsequent to Acquisition	1,249
Gross Amount at which Carried at Close of Period	2,662
Accumulated Depr and Reserves	$ 269
WA Age	57 years 6 months
Single family residential | Rhode Island | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Rhode Island | Maximum
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]
No. of Props | property	62
Encumbrances	$ 5,556
Initial Cost to Company	5,208
Capitalized Costs Subsequent to Acquisition	3,118
Gross Amount at which Carried at Close of Period	8,326
Accumulated Depr and Reserves	$ 1,157
WA Age	21 years 7 months 6 days
Single family residential | South Carolina | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | South Carolina | Maximum
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]
No. of Props | property	1,480
Encumbrances	$ 177,680
Initial Cost to Company	217,110
Capitalized Costs Subsequent to Acquisition	6,860
Gross Amount at which Carried at Close of Period	223,970
Accumulated Depr and Reserves	$ 13,388
WA Age	22 years 6 months
Single family residential | Tennessee | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Tennessee | Maximum
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]
No. of Props | property	2,016
Encumbrances	$ 237,704
Initial Cost to Company	297,327
Capitalized Costs Subsequent to Acquisition	20,472
Gross Amount at which Carried at Close of Period	317,799
Accumulated Depr and Reserves	$ 23,819
WA Age	27 years 9 months 18 days
Single family residential | Texas | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Texas | Maximum
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]
No. of Props | property	16
Encumbrances	$ 956
Initial Cost to Company	1,541
Capitalized Costs Subsequent to Acquisition	1,177
Gross Amount at which Carried at Close of Period	2,718
Accumulated Depr and Reserves	$ 336
WA Age	50 years 9 months 18 days
Single family residential | Utah | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Utah | Maximum
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]
No. of Props | property	1
Encumbrances	$ 130
Initial Cost to Company	149
Capitalized Costs Subsequent to Acquisition	160
Gross Amount at which Carried at Close of Period	309
Accumulated Depr and Reserves	$ 98
WA Age	38 years
Single family residential | Vermont | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Vermont | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Virginia
Real Estate and Accumulated Depreciation [Line Items]
No. of Props | property	33
Encumbrances	$ 6,591
Initial Cost to Company	6,911
Capitalized Costs Subsequent to Acquisition	2,706
Gross Amount at which Carried at Close of Period	9,617
Accumulated Depr and Reserves	$ 1,858
WA Age	32 years 7 months 6 days
Single family residential | Virginia | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Virginia | Maximum
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]
No. of Props | property	16
Encumbrances	$ 2,315
Initial Cost to Company	1,968
Capitalized Costs Subsequent to Acquisition	1,266
Gross Amount at which Carried at Close of Period	3,234
Accumulated Depr and Reserves	$ 469
WA Age	41 years 4 months 24 days
Single family residential | Washington | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Washington | Maximum
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]
No. of Props | property	10
Encumbrances	$ 806
Initial Cost to Company	537
Capitalized Costs Subsequent to Acquisition	621
Gross Amount at which Carried at Close of Period	1,158
Accumulated Depr and Reserves	$ 216
WA Age	57 years 2 months 12 days
Single family residential | Wisconsin | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Wisconsin | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Activity of Real Estate Assets and Accumulated Depreciation Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real estate assets:
Beginning balance	$ 1,873,860	$ 1,604,648	$ 1,048,142
Acquisitions through foreclosure	4,935	40,436	206,987
Other acquisitions	469,087	525,983	778,173
Improvements	33,316	40,312	50,182
Cost of real estate sold	(111,910)	(337,519)	(478,836)
Ending balance	2,269,288	1,873,860	1,604,648
Accumulated depreciation and reserves for impairment:
Beginning balance	104,589	62,601	61,716
Depreciation expense	67,175	48,989	20,840
Impairment	12,651	38,764	56,384
Casualty losses, net	552	3,564	0
Real estate sold	(28,686)	(49,329)	(76,339)
Ending balance	156,281	$ 104,589	$ 62,601
Aggregate cost for federal income tax purposes	$ 2,178,400

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - Single family residential - First mortgage $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	74
Carrying Amount of Mortgages	$ 8,072
Principal Amount of Loans Subject to Delinquent Principal or Interest	18,543
Aggregate cost for federal income tax purposes	$ 14,100
$0-49,999
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	5
Carrying Amount of Mortgages	$ 197
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 31
$0-49,999 | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.34%
$0-49,999 | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
$50,000-99,999
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	11
Carrying Amount of Mortgages	$ 363
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 392
$50,000-99,999 | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
$50,000-99,999 | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
$100,000-149,999
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	9
Carrying Amount of Mortgages	$ 442
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 795
$100,000-149,999 | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
$100,000-149,999 | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.375%
$200,000-249,999
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	9
Carrying Amount of Mortgages	$ 311
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 1,791
$200,000-249,999 | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.625%
$200,000-249,999 | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.65%
$250,000 plus
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Count | loan	40
Carrying Amount of Mortgages	$ 6,759
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 15,534
$250,000 plus | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.00%
$250,000 plus | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.625%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Activity in Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to held for sale, net	$ 0	$ (451,317)	$ (195,461)
Transfer of mortgage loans to real estate owned, net	(4,935)	(40,436)	(206,987)
Residential mortgage | Loans receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to real estate owned, net	(4,900)	(40,400)	(207,000)
Residential mortgage | Loans receivable | Level 3, Unobservable Inputs
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans, beginning balance	11,477	460,444	960,534
Change in unrealized gain on mortgage loans		7,684	(409)
Cost of mortgage loans sold		(521,170)	(84,673)
Mortgage loan payments and escrow recoveries		(5,500)	(30,596)
Real estate tax advances to borrowers		3,763	18,013
Transfer of mortgage loans to held for sale, net		0	(195,461)
Selling costs on loans held for sale		(1,344)	0
Transfer of mortgage loans to real estate owned, net		(40,436)	(206,964)
Mortgage loans, ending balance		11,477	460,444
Loans held for sale | Loans receivable | Level 3, Unobservable Inputs
SEC Schedule, 12-29, Real Estate Companies, Investment in 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, Unobservable Inputs
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans, beginning balance		$ 568,480
Change in unrealized gain on mortgage loans	3,157
Cost of mortgage loans sold	(1,450)
Mortgage loan payments and escrow recoveries	(324)
Real estate tax advances to borrowers	230
Transfer of mortgage loans to held for sale, net	0
Selling costs on loans held for sale	(83)
Transfer of mortgage loans to real estate owned, net	(4,935)
Mortgage loans, ending balance	$ 8,072		$ 568,480