Front Yard Residential (RESI) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Front Yard Residential Corporation
Entity Central Index Key	0001555039
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		53,630,204

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate held for use:
Land	$ 394,846	$ 395,532
Rental residential properties	1,667,962	1,667,939
Real estate owned	33,801	40,496
Total real estate held for use	2,096,609	2,103,967
Less: accumulated depreciation	(154,245)	(137,881)
Total real estate held for use, net	1,942,364	1,966,086
Real estate assets held for sale	42,406	146,921
Mortgage loans at fair value	4,848	8,072
Cash and cash equivalents	43,629	44,186
Restricted cash	38,343	36,974
Accounts receivable	15,428	11,591
Goodwill	13,376	13,376
Prepaid expenses and other assets	40,865	43,045
Total assets	2,141,259	2,270,251
Liabilities:
Repurchase and loan agreements	1,631,979	1,722,219
Accounts payable and accrued liabilities	66,250	72,672
Payable to AAMC	3,711	3,968
Total liabilities	1,701,940	1,798,859
Commitments and contingencies
Equity:
Common stock, $0.01 par value, 200,000,000 authorized shares; 53,630,204 shares issued and outstanding as of March 31, 2019 and December 31, 2018	536	536
Additional paid-in capital	1,185,251	1,184,132
Accumulated deficit	(727,193)	(700,623)
Accumulated other comprehensive loss	(19,275)	(12,653)
Total equity	439,319	471,392
Total liabilities and equity	$ 2,141,259	$ 2,270,251

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	53,630,204
Common stock, shares outstanding	53,630,204	53,630,204

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental revenues	$ 52,625
Rental revenues		$ 39,765
Total revenues	52,625	39,765
Expenses:
Residential property operating expenses	18,437	13,855
Property management expenses	3,675	2,937
Depreciation and amortization	22,385	19,190
Acquisition and integration costs	2,211	33
Impairment	1,020	7,575
Mortgage loan servicing costs	387	355
Interest expense	21,510	16,063
Share-based compensation	1,119	(414)
General and administrative	5,766	2,673
Management fees to AAMC	3,575	3,790
Total expenses	80,085	66,057
Net gain (loss) on real estate and mortgage loans	8,777	(1,634)
Operating loss	(18,683)	(27,926)
Casualty losses	(393)	0
Insurance recoveries	527	0
Other income	49	576
Loss before income taxes	(18,500)	(27,350)
Income tax expense	8	0
Net loss	$ (18,508)	$ (27,350)
Loss per share of common stock - basic:
Loss per basic share (usd per share)	$ (0.35)	$ (0.51)
Weighted average common stock outstanding – basic (in shares)	53,630,204	53,454,063
Loss per share of common stock - diluted:
Loss per diluted share (usd per share)	$ (0.35)	$ (0.51)
Weighted average common stock outstanding – diluted (in shares)	53,630,204	53,454,063
Dividends declared per common share (usd per share)	$ 0.15	$ 0.15

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,508)	$ (27,350)
Other comprehensive loss:
Change in fair value of interest rate caps	(7,609)
Change in fair value of interest rate caps		0
Losses from interest rate caps reclassified into earnings from accumulated other comprehensive loss	987
Losses from interest rate caps reclassified into earnings from accumulated other comprehensive loss		0
Net other comprehensive loss	(6,622)	0
Net other comprehensive loss		0
Comprehensive loss	$ (25,130)	$ (27,350)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2017		53,447,950
Beginning balance at Dec. 31, 2017	$ 644,602	$ 534	$ 1,181,327	$ (537,259)	$ 0
Increase (Decrease) in Stockholders' Equity
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		44,187
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	107	$ 1	106
Dividends on common stock	(8,071)			(8,071)
Share-based compensation	(414)		(414)
Change in fair value of cash flow hedging derivatives	0
Net loss	(27,350)			(27,350)
Ending balance (in shares) at Mar. 31, 2018		53,492,137
Ending balance at Mar. 31, 2018	$ 608,874	$ 535	1,181,019	(572,680)	0
Beginning balance (in shares) at Dec. 31, 2018	53,630,204	53,630,204
Beginning balance at Dec. 31, 2018	$ 471,392	$ 536	1,184,132	(700,623)	(12,653)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock	(8,158)			(8,158)
Share-based compensation	1,119		1,119
Change in fair value of cash flow hedging derivatives	(6,622)				(6,622)
Net loss	$ (18,508)			(18,508)
Ending balance (in shares) at Mar. 31, 2019	53,630,204	53,630,204
Ending balance at Mar. 31, 2019	$ 439,319	$ 536	$ 1,185,251	$ (727,193)	$ (19,275)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (usd per share)	$ 0.15	$ 0.15

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net loss	$ (18,508)	$ (27,350)
Adjustments to reconcile net loss to net cash used in operating activities:
Net (gain) loss on real estate and mortgage loans	(8,777)	1,634
Depreciation and amortization	22,385	19,190
Impairment	1,020	7,575
Share-based compensation	1,119	(414)
Amortization of deferred financing costs	1,242	1,357
Casualty losses	393	0
Insurance recoveries	(527)	0
Change in fair value of interest rate cap derivatives in profit or loss	987	0
Changes in operating assets and liabilities:
Accounts receivable	2,131	(3,510)
Deferred leasing costs	(682)	(713)
Prepaid expenses and other assets	438	(551)
Accounts payable and accrued liabilities	(8,951)	(1,565)
Payable to AAMC	(257)	(124)
Net cash used in operating activities	(7,987)	(4,471)
Investing activities:
Investment in real estate	(1,830)	(4,293)
Investment in renovations	(6,615)	(7,493)
Payment of real estate tax advances	(26)	(91)
Proceeds from mortgage loan resolutions and dispositions	451	1,671
Receipt of mortgage loan payments	77	85
Proceeds from dispositions of real estate	114,905	35,799
Proceeds of casualty insurance	1,539	0
Net cash provided by investing activities	108,501	25,678
Financing activities:
Proceeds from exercise of stock options	0	107
Dividends on common stock	(8,045)	(8,021)
Proceeds from repurchase and loan agreements	21,788	0
Repayments of repurchase and loan agreements	(112,856)	(17,575)
Investment in interest rate cap derivative	0	(936)
Principal repayments of finance leases	(175)
Payment of financing costs	(414)	(219)
Net cash used in financing activities	(99,702)	(26,644)
Net change in cash, cash equivalents and restricted cash	812	(5,437)
Cash, cash equivalents and restricted cash as of beginning of the period	81,160	161,488
Cash, cash equivalents and restricted cash as of end of the period	81,972	156,051
Cash paid for:
Interest	19,939	14,727
Non-cash investing and financing transactions:
Transfer of mortgage loans to (from) real estate owned, net	3,376	(137)
Changes in accrued capital expenditures	(2,025)	(748)
Changes in receivables from mortgage loan resolutions and dispositions, payments and real estate tax advances to borrowers, net	586	(523)
Changes in receivables from real estate owned dispositions	10,364	(648)
Change in other comprehensive loss from cash flow hedges	(6,622)	0
Right-of-use lease assets recognized - operating leases	1,365	0
Right-of-use lease assets recognized - finance leases	893	0
Operating lease liabilities incurred	1,365	0
Finance lease liabilities incurred	893	0
Dividends declared but not paid	$ 8,158	$ 8,069

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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 August 8, 2018, we acquired a property management firm (our “internal property manager”) and commenced the internalization of our property management function. As of March 31, 2019 , we have completed the transition of property management for our SFR properties that were previously externally managed to our internal property management platform. We anticipate that all SFR properties acquired in the future will also be managed internally. As of March 31, 2019 , we had a core rental portfolio of 14,497 homes. In addition, we had 313 rental homes that are identified for future sale, and we had a small portfolio of mortgage loans and non-rental real estate owned (“REO”) properties remaining from our previous mortgage loan portfolio acquisitions. We have engaged third-party service providers to service these remaining mortgage loans and to manage non-rental real estate owned (“REO”) and certain other properties. We are currently preparing these non-core assets for future disposition in order to create additional liquidity and purchasing power to continue building our core rental portfolio. We are managed by Altisource Asset Management Corporation (“AAMC” or our “Manager”). AAMC provides us with dedicated personnel to administer certain aspects of our business and perform certain of our corporate governance functions. AAMC also provides oversight of 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. Basis of presentation and use of estimates The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated. The unaudited interim condensed consolidated financial statements and accompanying unaudited condensed consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements included within our 2018 Annual Report on Form 10-K, which was filed with the SEC on February 27, 2019 . Use of estimates The preparation of condensed 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 condensed 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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, as amended, also provides for certain practical expedients related 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. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. We have applied the amendments in ASU 2016-02 on a modified retrospective transition basis as of January 1, 2019, the effective date of the standard. 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 for which we are lessee 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. Effective January 1, 2019, we recognized aggregate right-of-use lease assets as a component of prepaid expenses and other assets and lease liabilities as a component of accounts payable and accrued expenses, resulting in a nominal aggregate transition adjustment to retained earnings. For more information on our leasing activity, see Note 7 . 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.

Asset Acquisitions and Disposit

Asset Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2019
Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]
Asset Acquisitions and Dispositions	2. Asset acquisitions and dispositions Real estate assets Real estate acquisitions During the three months ended March 31, 2019 and 2018, we acquired 14 and 35 SFR properties, respectively, for an aggregate purchase price of $1.8 million and $4.3 million , respectively. Real estate dispositions During the three months ended March 31, 2019 and 2018, we sold 576 and 193 properties, respectively. Net proceeds of these sales were $125.3 million and $35.2 million , respectively, and we recorded $15.9 million and $14.3 million , respectively, of net realized gain on sales of real estate, which is recorded as a component of net gain (loss) on real estate and mortgage loans in our condensed consolidated statements of operations. Mortgage loans Mortgage loan dispositions and resolutions During the three months ended March 31, 2019 and 2018, we resolved 8 and 12 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. Net proceeds of these resolutions were $1.1 million and $1.1 million , respectively, and we recorded a nominal amount and $0.5 million of net realized loss on mortgage loans, respectively, which is recorded as a component of net gain (loss) on real estate and mortgage loans in our condensed consolidated statements of operations. The following table presents the components of net gain (loss) on real estate and mortgage loans during the three months ended March 31, 2019 and 2018 ($ in thousands): Three months ended March 31, 2019 2018 Change in unrealized gain on mortgage loans due to: Conversion of mortgage loans to REO, net $ 615 $ 137 Change in fair value, net 116 63 Reclassification to realized gain or loss (7,859 ) (15,708 ) Total change in unrealized gain on mortgage loans (7,128 ) (15,508 ) Net realized loss on mortgage loans (38 ) (470 ) Net realized gain on sales of real estate 15,943 14,344 Net gain (loss) on real estate and mortgage loans $ 8,777 $ (1,634 )

Real Estate Assets, Net

Real Estate Assets, Net	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Assets, Net	3. Real Estate Assets, Net The following table presents the number of real estate assets held by the Company by status as of the dates indicated: March 31, 2019 Held for Use Held for Sale Total Portfolio Rental Properties: Leased 13,788 — 13,788 Listed and ready for rent 260 — 260 Unit turn 378 — 378 Renovation 71 — 71 Total rental properties 14,497 Previous rentals identified for sale 120 193 313 Legacy REO 37 38 75 14,654 231 14,885 December 31, 2018 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 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. Impairment on real estate During the three months ended March 31, 2019 and 2018, we recognized no impairment on real estate held for use, and we recognized $1.0 million and $7.6 million , respectively, of impairment on our real estate held for sale.

Mortgage Loans

Mortgage Loans	3 Months Ended
	Mar. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Loans	4. 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 March 31, 2019 and December 31, 2018 ($ in thousands): Number of Loans Fair Value and Carrying Value Unpaid Principal Balance Market Value of Underlying Properties (1) March 31, 2019 Current 19 $ 1,725 $ 2,491 $ 3,726 30 days past due 1 177 195 415 90 days past due 15 497 5,910 5,634 Foreclosure 31 2,449 7,191 9,380 Mortgage loans at fair value 66 $ 4,848 $ 15,787 $ 19,155 December 31, 2018 Current 20 $ 1,827 $ 2,701 $ 4,353 60 days past due 1 115 148 180 90 days past due 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 ________ (1) The market value of the underlying properties are estimated based on BPOs.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments The following table sets forth the carrying value and fair value of our financial assets and liabilities by level within the fair value hierarchy as of March 31, 2019 and December 31, 2018 ($ in thousands): Level 1 Level 2 Level 3 Carrying Value Quoted Prices in Active Markets Observable Inputs Other Than Level 1 Prices Unobservable Inputs March 31, 2019 Recurring basis (assets) Mortgage loans at fair value $ 4,848 $ — $ — $ 4,848 Interest rate cap derivatives (1) 6,758 — 6,758 — Not recognized on condensed consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,631,979 — 1,643,400 — 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 — _____________ (1) Included within prepaid expenses and other assets in the condensed consolidated balance sheets. We have not transferred any assets from one level to another level during the three months ended March 31, 2019 or during the year ended December 31, 2018 . The fair values of our mortgage loans 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 derivatives. The following table sets forth the changes in our mortgage loans during the three months ended March 31, 2019 and 2018 ($ in thousands): Three months ended March 31, 2019 2018 Mortgage loans at fair value, beginning balance $ 8,072 $ 11,477 Net gain (loss) on mortgage loans 1,240 (115 ) Mortgage loan dispositions, resolutions and payments (1,100 ) (1,223 ) Real estate tax advances to borrowers 12 81 Selling costs on loans held for sale — (83 ) Transfer of mortgage loans to real estate owned, net (3,376 ) 137 Mortgage loans at fair value, ending balance $ 4,848 $ 10,274 Change in unrealized gain (loss) on mortgage loans at fair value held at the end of the period $ 2 $ (137 ) The significant unobservable inputs used in the fair value measurement of certain of the remaining 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 March 31, 2019 December 31, 2018 Equity discount rate 17.0% 17.0% Debt to asset ratio 65.0% 65.0% Cost of funds 3.5% over 1 month LIBOR 3.5% over 1 month LIBOR Annual change in home pricing index -1.04% to 17.24% -0.55% to 16.79% Loan resolution probabilities — modification 0% to 5.9% 0% to 5.9% Loan resolution probabilities — liquidation 38.4% to 100% 38.8% to 100% Loan resolution probabilities — paid in full 0% to 61.6% 0% to 61.2% Loan resolution timelines (in years) 0.1 to 6.1 0.1 to 6.1 Value of underlying properties $50,000 to $1,500,000 $50,000 to $2,500,000

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Borrowings	6. 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 March 31, 2019 , the average annualized interest rate on borrowings under our repurchase and loan agreements was 4.51% , excluding amortization of deferred debt issuance costs and loan discounts. The following table sets forth data with respect to our repurchase and loan agreements as of March 31, 2019 and December 31, 2018 ($ in thousands): Maturity Date Interest Rate Amount Outstanding Maximum Borrowing Capacity Amount of Available Funding Book Value of Collateral March 31, 2019 CS Repurchase Agreement 11/15/2019 1-month LIBOR + 3.00% (1) $ 104,145 $ 250,000 $ 145,855 $ 108,375 Nomura Loan Agreement 4/5/2020 (2) 1-month LIBOR + 3.00% (2) 29,155 250,000 220,845 45,467 HOME II Loan Agreement 11/9/2019 (3) 1-month LIBOR + 2.10% (4) 83,270 83,270 — 99,771 HOME III Loan Agreement 11/9/2019 (3) 1-month LIBOR + 2.10% (4) 89,150 89,150 — 110,851 HOME IV Loan Agreement (A) 12/9/2022 4.00% 114,201 114,201 — 144,451 HOME IV Loan Agreement (B) 12/9/2022 4.00% 114,590 114,590 — 145,487 Term Loan Agreement 4/6/2022 5.00% 99,782 99,782 — 113,009 FYR SFR Loan Agreement 9/1/2028 4.65% 508,700 508,700 — 581,891 MS Loan Agreement 12/7/2023 1-month LIBOR + 1.80% (5) 504,986 504,986 — 605,038 1,647,979 $ 2,014,679 $ 366,700 $ 1,954,340 Less: unamortized loan discounts (4,579 ) Less: deferred debt issuance costs (11,421 ) $ 1,631,979 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-month LIBOR + 3.00% 30,497 250,000 219,503 48,388 HOME II Loan Agreement 11/9/2019 1-month LIBOR + 2.10% 83,270 83,270 — 100,461 HOME III Loan Agreement 11/9/2019 1-month LIBOR + 2.10% 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% 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 _____________ (1) On April 26, 2019, we amended the CS Repurchase Agreement to, among other things, reduce the interest rate spread over one-month LIBOR to 2.30% for funding under the facility secured by rental properties. (2) On April 5, 2019, we amended the Nomura Loan Agreement to, among other things, revise the maturity date to April 3, 2020 and reduce the interest rate spread over one-month LIBOR to 2.30% . (3) Represents initial maturity date. We have the option to extend the maturity date for up to three successive one -year extensions. (4) The interest rate is capped at 4.40% under an interest rate cap derivative. See Note 11 . (5) 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 AG (“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. We may be required to repay a portion of the amounts outstanding under the CS Repurchase Agreement should the loan-to-value ratio of the funded collateral decline. 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. On April 26, 2019, we amended the CS Repurchase agreement to, among other things, reduce the interest rate spread over one-month LIBOR to 2.30% for funding under the facility secured by rental properties and to reduce the fee structure of the facility. 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 March 31, 2019 , the maximum funding capacity of the Nomura Loan Agreement was $250.0 million , of which $150.0 million was uncommitted but available to us subject to our meeting certain eligibility requirements. On April 5, 2019, we amended the Nomura Loan Agreement to, among other things, revise the maturity date to April 3, 2020, reduce the interest rate spread over one-month LIBOR to 2.30% and make the entire maximum funding capacity of $250.0 million 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 facilities, each of which were initially seller financing arrangements: • In connection with the seller financing related to the an acquisition of SFR properties on March 30, 2017, our wholly owned subsidiary, HOME SFR Borrower II, LLC (“HOME Borrower II”), entered into the HOME II Loan Agreement with entities sponsored by Amherst Holdings, LLC (“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 an acquisition of SFR properties on June 29, 2017, our wholly owned subsidiary, HOME SFR Borrower III, LLC (“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 also 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 an acquisition of SFR properties on November 29, 2017, our wholly owned subsidiary, HOME SFR Borrower IV, LLC (“HOME Borrower IV”), entered into 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 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 properties acquired on August 8, 2018 (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 (together, the “FYR SFR Collateral Properties”). 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. In connection with the FYR SFR Loan Agreement, we maintained $5.1 million and $2.9 million in escrow for future payments of property taxes and repairs and maintenance as of March 31, 2019 and December 31, 2018 , respectively. MS Loan Agreement On December 7, 2018, our wholly owned subsidiary, HOME SFR Borrower, LLC (“HOME Borrower”), entered into a loan agreement (the “MS Loan Agreement”) with 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. 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 $7.8 million and $8.2 million in escrow for future payments of property taxes, insurance, HOA dues and repairs and maintenance as of March 31, 2019 and December 31, 2018 , respectively. 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.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	7. Leases Front Yard as Lessor Our primary business is to lease single-family homes to families throughout the United States. Our leases to tenants generally have a term of one to two years with potential extensions, including month-to-month leases after the initial term. These leases are classified as operating leases. Future contractual rents for the 13,788 properties that were leased as of March 31, 2019 are as follows ($ in thousands): 2019 (1) $ 87,275 2020 14,368 2021 1,194 2022 41 2023 — Thereafter — $ 102,878 _____________ (1) Excludes the three months ended March 31, 2019 . Front Yard as Lessee We lease office space and automobiles throughout the United States to support our property management function. We include lease right-of-use assets as a component of prepaid assets and other expenses, and we include lease liabilities as a component of accounts payable and accrued liabilities. Operating Leases Our office leases, which are operating leases, are generally for terms of one to five years and generally include renewal options, which we include in determining our lease right-of-use assets and lease liabilities to the extent that a renewal option is reasonably certain of being exercised. We do not record lease right-of-use assets or lease liabilities for leases with an initial maturity of one year or less. Along with rents, we are generally required to pay common area maintenance, taxes and insurance, each of which vary from period to period and are therefore expensed as incurred. As of March 31, 2019 , we applied a discount rate of 4.53% to our office leases, which is consistent with our financing of real estate assets under our repurchase and loan agreements, and our weighted average remaining lease term was 2.5 years. During the three months ended March 31, 2019 , our operating leases resulted in rent expense of $0.1 million related to long-term leases and a nominal amount related to short-term leases as well as a nominal amount of common area maintenance expense, which is allocated amongst property management expenses and general and administrative expenses. At March 31, 2019 , we had operating lease right-of-use assets of $1.2 million . The following table presents a maturity analysis of our operating leases as of March 31, 2019 ($ in thousands): Operating Lease Liabilities 2019 (1) $ 414 2020 557 2021 195 2022 95 2023 — Thereafter — Total lease payments 1,261 Less: interest 67 Lease liabilities $ 1,194 _____________ (1) Excludes the three months ended March 31, 2019 . Finance Leases Our vehicle leases, which are finance leases, are each for an initial term of 36 months with the option to renew on a month-to-month basis. In determining our lease right-of-use assets and lease liabilities, we include such future month-to-month extensions based on our historical average period of use for our vehicles. We have elected to combine the lease and non-lease components, which relate primarily to maintenance services. At March 31, 2019 , the weighted average discount rate applied to our vehicle leases was 7.6% based on the rates implied in the individual lease agreements and our weighted average remaining lease term was 3.9 years. During the three months ended March 31, 2019 , our finance leases resulted in $0.1 million of amortization of our lease right-of-use assets, which we include as a component of property management expenses, and a nominal amount of interest expense from our lease liabilities. At March 31, 2019 , we had finance lease right-of-use assets of $2.4 million . The following table presents a maturity analysis of our finance leases as of March 31, 2019 ($ in thousands): Finance Lease Liabilities 2019 (1) $ 603 2020 651 2021 542 2022 115 2023 50 Thereafter — Total lease payments 1,961 Less: interest 191 Lease liabilities $ 1,770 _____________ (1) Excludes the three months ended March 31, 2019 .
Leases	7. Leases Front Yard as Lessor Our primary business is to lease single-family homes to families throughout the United States. Our leases to tenants generally have a term of one to two years with potential extensions, including month-to-month leases after the initial term. These leases are classified as operating leases. Future contractual rents for the 13,788 properties that were leased as of March 31, 2019 are as follows ($ in thousands): 2019 (1) $ 87,275 2020 14,368 2021 1,194 2022 41 2023 — Thereafter — $ 102,878 _____________ (1) Excludes the three months ended March 31, 2019 . Front Yard as Lessee We lease office space and automobiles throughout the United States to support our property management function. We include lease right-of-use assets as a component of prepaid assets and other expenses, and we include lease liabilities as a component of accounts payable and accrued liabilities. Operating Leases Our office leases, which are operating leases, are generally for terms of one to five years and generally include renewal options, which we include in determining our lease right-of-use assets and lease liabilities to the extent that a renewal option is reasonably certain of being exercised. We do not record lease right-of-use assets or lease liabilities for leases with an initial maturity of one year or less. Along with rents, we are generally required to pay common area maintenance, taxes and insurance, each of which vary from period to period and are therefore expensed as incurred. As of March 31, 2019 , we applied a discount rate of 4.53% to our office leases, which is consistent with our financing of real estate assets under our repurchase and loan agreements, and our weighted average remaining lease term was 2.5 years. During the three months ended March 31, 2019 , our operating leases resulted in rent expense of $0.1 million related to long-term leases and a nominal amount related to short-term leases as well as a nominal amount of common area maintenance expense, which is allocated amongst property management expenses and general and administrative expenses. At March 31, 2019 , we had operating lease right-of-use assets of $1.2 million . The following table presents a maturity analysis of our operating leases as of March 31, 2019 ($ in thousands): Operating Lease Liabilities 2019 (1) $ 414 2020 557 2021 195 2022 95 2023 — Thereafter — Total lease payments 1,261 Less: interest 67 Lease liabilities $ 1,194 _____________ (1) Excludes the three months ended March 31, 2019 . Finance Leases Our vehicle leases, which are finance leases, are each for an initial term of 36 months with the option to renew on a month-to-month basis. In determining our lease right-of-use assets and lease liabilities, we include such future month-to-month extensions based on our historical average period of use for our vehicles. We have elected to combine the lease and non-lease components, which relate primarily to maintenance services. At March 31, 2019 , the weighted average discount rate applied to our vehicle leases was 7.6% based on the rates implied in the individual lease agreements and our weighted average remaining lease term was 3.9 years. During the three months ended March 31, 2019 , our finance leases resulted in $0.1 million of amortization of our lease right-of-use assets, which we include as a component of property management expenses, and a nominal amount of interest expense from our lease liabilities. At March 31, 2019 , we had finance lease right-of-use assets of $2.4 million . The following table presents a maturity analysis of our finance leases as of March 31, 2019 ($ in thousands): Finance Lease Liabilities 2019 (1) $ 603 2020 651 2021 542 2022 115 2023 50 Thereafter — Total lease payments 1,961 Less: interest 191 Lease liabilities $ 1,770 _____________ (1) Excludes the three months ended March 31, 2019 .
Leases	7. Leases Front Yard as Lessor Our primary business is to lease single-family homes to families throughout the United States. Our leases to tenants generally have a term of one to two years with potential extensions, including month-to-month leases after the initial term. These leases are classified as operating leases. Future contractual rents for the 13,788 properties that were leased as of March 31, 2019 are as follows ($ in thousands): 2019 (1) $ 87,275 2020 14,368 2021 1,194 2022 41 2023 — Thereafter — $ 102,878 _____________ (1) Excludes the three months ended March 31, 2019 . Front Yard as Lessee We lease office space and automobiles throughout the United States to support our property management function. We include lease right-of-use assets as a component of prepaid assets and other expenses, and we include lease liabilities as a component of accounts payable and accrued liabilities. Operating Leases Our office leases, which are operating leases, are generally for terms of one to five years and generally include renewal options, which we include in determining our lease right-of-use assets and lease liabilities to the extent that a renewal option is reasonably certain of being exercised. We do not record lease right-of-use assets or lease liabilities for leases with an initial maturity of one year or less. Along with rents, we are generally required to pay common area maintenance, taxes and insurance, each of which vary from period to period and are therefore expensed as incurred. As of March 31, 2019 , we applied a discount rate of 4.53% to our office leases, which is consistent with our financing of real estate assets under our repurchase and loan agreements, and our weighted average remaining lease term was 2.5 years. During the three months ended March 31, 2019 , our operating leases resulted in rent expense of $0.1 million related to long-term leases and a nominal amount related to short-term leases as well as a nominal amount of common area maintenance expense, which is allocated amongst property management expenses and general and administrative expenses. At March 31, 2019 , we had operating lease right-of-use assets of $1.2 million . The following table presents a maturity analysis of our operating leases as of March 31, 2019 ($ in thousands): Operating Lease Liabilities 2019 (1) $ 414 2020 557 2021 195 2022 95 2023 — Thereafter — Total lease payments 1,261 Less: interest 67 Lease liabilities $ 1,194 _____________ (1) Excludes the three months ended March 31, 2019 . Finance Leases Our vehicle leases, which are finance leases, are each for an initial term of 36 months with the option to renew on a month-to-month basis. In determining our lease right-of-use assets and lease liabilities, we include such future month-to-month extensions based on our historical average period of use for our vehicles. We have elected to combine the lease and non-lease components, which relate primarily to maintenance services. At March 31, 2019 , the weighted average discount rate applied to our vehicle leases was 7.6% based on the rates implied in the individual lease agreements and our weighted average remaining lease term was 3.9 years. During the three months ended March 31, 2019 , our finance leases resulted in $0.1 million of amortization of our lease right-of-use assets, which we include as a component of property management expenses, and a nominal amount of interest expense from our lease liabilities. At March 31, 2019 , we had finance lease right-of-use assets of $2.4 million . The following table presents a maturity analysis of our finance leases as of March 31, 2019 ($ in thousands): Finance Lease Liabilities 2019 (1) $ 603 2020 651 2021 542 2022 115 2023 50 Thereafter — Total lease payments 1,961 Less: interest 191 Lease liabilities $ 1,770 _____________ (1) Excludes the three months ended March 31, 2019 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Litigation, claims and assessments Information regarding reportable legal proceedings is contained in the “Commitments and Contingencies” note in the financial statements provided in our Annual Report on Form 10-K for the year ended December 31, 2018. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. We do not currently have any reserves for our legal proceedings. The following updates and restates the description of the previously reported Martin v Altisource Residential Corporation et al. matter: Martin v. Altisource Residential Corporation et al. On March 27, 2015, a putative shareholder class action complaint was filed in the United States District Court of the Virgin Islands by a purported shareholder of the Company under the caption Martin v. Altisource Residential Corporation, et al. , 15-cv-00024. The action names as defendants the Company, our former Chairman, William C. Erbey, and certain officers and a former officer of the Company and alleges that the defendants violated federal securities laws by, among other things, making materially false statements and/or failing to disclose material information to the Company's shareholders regarding the Company's relationship and transactions with AAMC, Ocwen Financial Corporation (“Ocwen”) and Home Loan Servicing Solutions, Ltd. These alleged misstatements and omissions include allegations that the defendants failed to adequately disclose the Company's reliance on Ocwen and the risks relating to its relationship with Ocwen, including that Ocwen was not properly servicing and selling loans, that Ocwen was under investigation by regulators for violating state and federal laws regarding servicing of loans and Ocwen’s lack of proper internal controls. The complaint also contains allegations that certain of the Company's disclosure documents were false and misleading because they failed to disclose fully the entire details of a certain asset management agreement between the Company and AAMC that allegedly benefited AAMC to the detriment of the Company's shareholders. The action seeks, among other things, an award of monetary damages to the putative class in an unspecified amount and an award of attorney’s and other fees and expenses. In May 2015, two of our purported shareholders filed competing motions with the court to be appointed lead plaintiff and for selection of lead counsel in the action. Subsequently, opposition and reply briefs were filed by the purported shareholders with respect to these motions. On October 7, 2015, the court entered an order granting the motion of Lei Shi to be lead plaintiff and denying the other motion to be lead plaintiff. On January 23, 2016, the lead plaintiff filed an amended complaint. On March 22, 2016, defendants filed a motion to dismiss all claims in the action. The 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. On March 12, 2019, Plaintiffs filed their Third Amended Complaint, and on April 12, 2019, Defendants moved to dismiss the Third Amended and Restated Complaint in its entirety. Plaintiffs have until May 13, 2019 to file their opposition to the motion to dismiss, and Defendants have until May 31, 2019 to file their reply in support of the motion. 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. Potential purchase price adjustments of certain acquired properties Certain of the properties we acquired on November 29, 2017 are subject to potential purchase price adjustments in accordance with the related purchase and sale agreement, which may result in an upward or downward adjustment of up to 10% of the purchase price, or an aggregate of up to $18.3 million , related to the affected properties. The purchase price adjustment will be determined based on the rental rates achieved for the properties within 24 months after the closing date. Because such future rental rates of the properties are unknown, we are unable to predict the ultimate adjustments, if any, that will be made to the initial purchase price related to such properties at this time.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related-Party Transactions	9. Related-Party Transactions Asset management agreement with AAMC On March 31, 2015, we entered into an 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 that 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. On May 7, 2019, we amended and restated the AMA with AAMC to, among other things, amend the management fee structure to prioritize our funds from operations, provide an aggregate fee cap to control general and administrative expenses as we grow and change the termination provisions of the AMA to provide more flexibility to us and add clarity to the termination fees payable upon termination. See Note 15 for additional details. If our asset management agreement with AAMC were terminated, 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): Three months ended March 31, 2019 2018 Base management fees (1) $ 3,546 $ 3,727 Conversion fees (1) 29 63 Expense reimbursements (2) 328 262 ______________ (1) Included in management fees to AAMC in the condensed consolidated statements of operations. (2) Included in general and administrative expenses in the condensed 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) has been below the cumulative required hurdle rate.

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2019
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 received annual grants of restricted stock units issued under the Company's 2016 Equity Incentive Plan (the “2016 Equity Incentive Plan”). These restricted stock units are eligible for settlement in the number of shares of our common stock having a fair market value of $75,000 for the 2018-2019 service year on the date of grant. Subject to accelerated vesting in limited circumstances, the restricted stock units vest on the earlier of the first anniversary of the date of grant or the next annual meeting of stockholders, with distribution mandatorily deferred for an additional two years thereafter until the third anniversary of grant (subject to earlier distribution or forfeiture upon the respective director’s separation from the Board of Directors). The awards were issued together with dividend equivalent rights. In respect of dividends paid to our stockholders prior to the vesting date, dividend equivalent rights accumulate and are expected to be paid in a lump sum in cash following the vesting date, contingent on the vesting of the underlying award. During any period thereafter when the award is vested but remains subject to settlement, dividend equivalent rights are expected to be paid in cash on the same timeline as underlying dividends are paid to our stockholders. Upon the departure of one of the members of our Board of Directors on March 26, 2018, 3,495 of his previously issued restricted stock units vested and 701 restricted stock units were forfeited, in each case with a grant date fair value of $14.30 . 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 first, second and third anniversary of the later of (i) 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 market-based awards shall expire. On March 29, 2019, we granted an aggregate of 419,657 service-based restricted stock units and 280,320 market-based restricted stock units to certain of our employees and employees of AAMC with a weighted average grant date fair value of $9.27 per share and $7.39 per share, respectively. We recorded $1.1 million and $(0.4) million of share-based compensation expense for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019 and December 31, 2018 , we had $8.9 million and $4.1 million , respectively, of unrecognized share-based compensation cost remaining with respect to awards granted under the 2016 Equity Incentive Plan to be recognized over a weighted average remaining estimated term of 1.2 years and 1.0 year , respectively. Prior to the second quarter of 2018, our share-based compensation awarded to employees of AAMC fluctuated with changes in the market value of our common stock, among other factors. In the second quarter of 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-07: Compensation - Stock Compensation (Topic 718), which we adopted effective April 1, 2018. This adoption resulted in (i) the fair value of share-based compensation awards granted to management of AAMC prior to April 1, 2018 being fixed at the transition date fair value and (ii) the fair value of awards granted subsequent to April 1, 2018 to be measured at the grant date fair value, thus eliminating periodic fluctuations of share-based compensation expense that previously arose from changes in our common stock price. 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. As of March 31, 2019 , options to purchase an aggregate of 43,499 shares of our common stock were remaining under the Conversion Option Plan and Special Conversion Option Plan.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated balance sheet. 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. The interest rate caps we currently hold 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. 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 the next 12 months , we estimate that $4.6 million will be reclassified to interest expense. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedges during three months ended March 31, 2019 or 2018 . Prior to the fourth quarter of 2018, none of our derivatives were designated as hedges. The table below summarizes our interest rate cap instruments as of March 31, 2019 ($ 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 a previous loan agreement. The interest rate cap had a strike rate on one-month LIBOR of 2.938% , a notional amount of $489.3 million and a termination date of November 15, 2018. On March 16, 2018, we paid a premium of $0.9 million to amend the strike rate to 1.80% . During the three months ended March 31, 2018, we recognized $0.2 million of interest expense related to changes in the fair value of this interest rate cap. Tabular Disclosure of Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets Asset Derivatives Balance Sheet Location Fair Value as of March 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 6,758 $ 14,367 Total $ 6,758 $ 14,367 Tabular Disclosure of the Effect of Derivative Instruments on the Condensed 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 Condensed Consolidated Statements of Operations Three Months ended March 31, Three Months ended March 31, Three Months ended March 31, 2019 2018 2019 2018 2019 2018 Derivatives in cash flow hedging relationships Interest rate caps $ (7,609 ) $ — Interest expense $ (987 ) $ — $ 21,510 $ 16,063 Location of Gain (Loss) Recognized on Derivative in Net Loss Amount of Gain (Loss) on Derivative Recognized in Net Loss Three Months ended March 31, 2019 2018 Derivatives not designated as hedging instruments Interest rate caps Interest expense $ — $ (168 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
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. Our condensed consolidated financial statements include the operations of our taxable REIT subsidiary (“TRS”), which is subject to federal, state and local income taxes on its taxable income. From inception through March 31, 2019 , the TRS has operated at a cumulative taxable loss, which resulted in our recording a deferred tax asset with a corresponding valuation allowance. As of March 31, 2019 and 2018 , we did not accrue interest or penalties associated with any unrecognized tax benefits. We recorded nominal state and local tax expense along with nominal penalties and interest on income and property for each of the three months ended March 31, 2019 and 2018 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
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): Three months ended March 31, 2019 2018 Numerator Net loss $ (18,508 ) $ (27,350 ) Denominator Weighted average common stock outstanding – basic 53,630,204 53,454,063 Weighted average common stock outstanding – diluted 53,630,204 53,454,063 Loss per basic common share $ (0.35 ) $ (0.51 ) Loss per diluted common share $ (0.35 ) $ (0.51 ) We excluded the items presented below from the calculation of diluted loss per share as they were antidilutive for the periods indicated: Three months ended March 31, 2019 2018 Denominator (in weighted-average shares) Stock options 47,949 99,974 Restricted stock 321,637 208,754 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 occurred during the three months ended March 31, 2019 or 2018 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
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. As a result, we operate in a single segment focused on the acquisition and ownership of rental residential properties.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Management has evaluated the impact of all subsequent events through the issuance of these condensed consolidated interim financial statements and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements, except as follows: Front Yard and AAMC entered into an amended and restated asset management agreement (the “Amended AMA”) on May 7, 2019 (the “Effective Date”). The Amended AMA amends and restates, in its entirety, the asset management agreement previously entered into on March 31, 2015, as amended on April 7, 2015. The Amended AMA has an initial term of five years and will renew automatically each year thereafter for an additional one -year term, subject in each case to the termination provisions further described below. Management Fees The Amended AMA provides for the following management fee structure, which is subject to certain performance thresholds and an Aggregate Fee Cap (as described below): • Base Management Fee. Front Yard will pay a quarterly base management fee (the “Base Management Fee”) to AAMC as follows: ◦ Initially, commencing on the Effective Date and until the Reset Date (as defined below), the quarterly Base Management Fee will be (i) $3,584,000 (the “Minimum Base Fee”) plus (ii) an additional amount (the “Additional Base Fee”), if any, of 50% of the amount by which Front Yard's per share Adjusted AFFO (as defined in the Amended AMA) for the quarter exceeds $0.15 per share (provided that the Base Management Fee for any calendar quarter prior to the Reset Date cannot be less than the Minimum Base Fee or greater than $5,250,000 ). Beginning in 2021, the Base Management Fee may be reduced, but not below the Minimum Base Fee, in the fourth quarter of each year by the amount that Front Yard's AFFO (as defined below) on a per share basis is less than an aggregate of $0.60 for the applicable calendar year (the “AFFO Adjustment Amount”); and ◦ Thereafter, commencing in the first quarter after which the quarterly Base Management Fee first reaches $5,250,000 (the “Reset Date”), the Base Management Fee will be 1/4 of the sum of (i) the applicable Annual Base Fee Floor plus (ii) the amount calculated by multiplying the applicable Manager Base Fee Percentage by the amount, if any, that Front Yard's Gross Real Estate Assets (as defined below) exceeds the applicable Gross Real Estate Assets Floor (in each case of the foregoing clauses (i) and (ii), as set forth in the table below), minus (iii) solely in the case of the fourth quarter of a calendar year, the AFFO Adjustment Amount (if any); provided, that the Base Management Fee for any calendar quarter shall not be less than the Minimum Base Fee. Gross Real Estate Assets (1) Annual Base Fee Floor Manager Base Fee Percentage Gross Real Estate Assets Floor Up to $2,750,000,000 $21,000,000 0.325% $2,250,000,000 $2,750,000,000 – $3,250,000,000 $22,625,000 0.275% $2,750,000,000 $3,250,000,000 – $4,000,000,000 $24,000,000 0.250% $3,250,000,000 $4,000,000,000 – $5,000,000,000 $25,875,000 0.175% $4,000,000,000 $5,000,000,000 – $6,000,000,000 $27,625,000 0.125% $5,000,000,000 $6,000,000,000 – $7,000,000,000 $28,875,000 0.100% $6,000,000,000 Thereafter $29,875,000 0.050% $7,000,000,000 _______________ (1) Gross Real Estate Assets is generally defined as the aggregate book value of all residential real estate assets owned by Front Yard and its subsidiaries before reserves for depreciation, impairment or other non-cash reserves as computed in accordance with GAAP. In determining the Base Management Fee, “AFFO” is generally calculated as GAAP net income (or loss) adjusted for (i) gains or losses from debt restructuring and sales of property; (ii) depreciation, amortization and impairment on residential real estate assets; (iii) unconsolidated partnerships and joint ventures; (iv) acquisition and related expenses, equity based compensation expenses and other non-recurring or non-cash items; (v) recurring capital expenditures on all real estate assets and (vi) the cost of leasing commissions. For any partial quarter during the term of the Amended AMA, the Base Management Fee is subject to proration based on the number of calendar days under the Amended AMA in such period. • Incentive Fee. AAMC may earn an annual Incentive Fee to the extent that Front Yard's AFFO exceeds certain performance thresholds. The annual Incentive Fee, if any, shall be an amount equal to 20% of the amount by which Front Yard's AFFO for the calendar year (after the deduction of Base Management Fees but prior to the deduction of Incentive Fees) exceeds 5% of Gross Shareholder Equity (as defined below). In each calendar year, the Incentive Fee will be limited to the extent that any portion of the Incentive Fee for such calendar year (after taking into account any AFFO Adjustment Amount and the payment of the Incentive Fee) would cause the AFFO per share for such calendar year to be less than $0.60 (the “Incentive Fee Adjustment”). For any partial calendar year under the Amended AMA, the Incentive Fee amount (and Incentive Fee Adjustment, if any) for that partial calendar year is subject to proration based on the number of calendar days of the year that the Amended AMA is in effect. Gross Shareholder Equity for purposes of the Amended AMA is generally defined as the arithmetic average of all shareholder equity as computed in accordance with GAAP and adding back all accumulated depreciation and changes due to non-cash valuations (including those recorded as a component of accumulated other comprehensive income) and other non-cash adjustments, in each case, as of the first day of such calendar year, the first day of each of the second, third and fourth calendar quarters of such calendar year and the first day of the succeeding calendar year. Front Yard has the flexibility to pay up to 25% of the annual Incentive Fee to AAMC in shares of its common stock, subject to certain conditions specified in the Amended AMA. Aggregate Fee Cap The aggregate amount of the Base Management Fees and Incentive Fees payable to AAMC in any calendar year cannot exceed the “Aggregate Fee Cap,” which is generally defined as follows: • For any calendar year in which average Gross Real Estate Assets is less than $2,250,000,000 , the aggregate fees payable to AAMC shall not exceed $21,000,000 ; or • For any calendar year in which average Gross Real Estate Assets exceeds $2,250,000,000 , the aggregate fees payable to AAMC shall not exceed the sum of (i) the applicable Aggregate Fee Floor plus (ii) the amount calculated by multiplying the applicable Aggregate Fee Percentage by the amount, if any, by which average Gross Real Estate Assets exceed the applicable Gross Real Estate Assets Floor, in each case as set forth in the table below. Gross Real Estate Assets Aggregate Fee Floor Aggregate Fee Percentage Gross Real Estate Assets Floor $2,250,000,000 – $2,750,000,000 $21,000,000 0.650% $2,250,000,000 $2,750,000,000 – $3,250,000,000 $24,250,000 0.600% $2,750,000,000 $3,250,000,000 – $4,000,000,000 $27,250,000 0.500% $3,250,000,000 $4,000,000,000 – $5,000,000,000 $31,000,000 0.450% $4,000,000,000 $5,000,000,000 – $6,000,000,000 $35,500,000 0.250% $5,000,000,000 $6,000,000,000 – $7,000,000,000 $38,000,000 0.125% $6,000,000,000 Thereafter $39,250,000 0.100% $7,000,000,000 Expenses and Expense Budget AAMC is responsible for all of its own costs and expenses other than the expenses related to compensation of Front Yard’s dedicated general counsel and four specified employees who are contemplated to become employees of Front Yard after the effective date of the Amended AMA. Front Yard and its subsidiaries pay their own costs and expenses, and, to the extent such Front Yard expenses are initially paid by AAMC, Front Yard is required to reimburse AAMC for such reasonable out-of-pocket costs and expenses. Termination Provisions The Amended AMA may be terminated without cause (i) by Front Yard for any reason, or no reason, or (ii) by Front Yard or AAMC in connection with the expiration of the initial term or any renewal term, in either case with 180 days' prior written notice. If the Amended AMA is terminated by Front Yard without cause or in connection with the expiration of the initial term or any renewal term, Front Yard shall pay a termination fee (the “Termination Fee”) to AAMC in an amount generally equal to three times the arithmetical mean of the aggregate fees actually paid or payable with respect to each of the three immediately preceding completed calendar years (including any such prior years that may have occurred prior to the Effective Date). Upon any such termination by Front Yard, Front Yard shall have the right, at its option, to license certain intellectual property and technology assets from AAMC. If the Termination Fee becomes payable (except in connection with a termination by AAMC for cause, which would require the payment of the entire Termination Fee in cash), at least 50% of the Termination Fee must be paid in cash on the termination date and the remainder of the Termination Fee may be paid, at Front Yard’s option, either in cash or, subject to certain conditions specified in the Amended AMA, in Front Yard common stock in up to 3 equal quarterly installments (without interest) on each of the six-, nine- and twelve-month anniversaries of the termination date until the Termination Fee has been paid in full. Front Yard may also terminate the Amended AMA, without the payment of a Termination Fee, upon a change of control of AAMC as described in the Amended AMA and “for cause” upon the occurrence of certain events including, without limitation, a final judgment that AAMC or any of its agents, assignees or controlled affiliates has committed a felony or materially violated securities laws; AAMC’s bankruptcy; the liquidation or dissolution of AAMC; a court determination that AAMC has committed fraud or embezzled funds from Front Yard; a failure of Front Yard to qualify as a REIT as a result of any action or inaction of AAMC; an uncured material breach of a material provision of the Amended AMA; or receipt of certain qualified opinions from AAMC or Front Yard's independent public accounting firm that (i) with respect to such opinions relating to AAMC, are reasonably expected to materially adversely affect either AAMC’s ability to perform under the Amended AMA or Front Yard, or (ii) with respect to such opinions relating to Front Yard, such opinions are a result of AAMC's actions or inaction; in each case, subject to the exceptions and conditions set forth in the Amended AMA. AAMC may terminate the Amended AMA upon an uncured default by Front Yard under the Amended AMA and receive the Termination Fee. A termination “for cause” may be effected by Front Yard with 30 days' written notice or by AAMC with 60 days' written notice. Upon any termination by Front Yard “for cause,” Front Yard shall have the right, at its option, to license certain intellectual property and technology assets from AAMC. Transition Following Termination Following any termination of the Amended AMA, AAMC is required to cooperate in executing an orderly transition to a new manager or otherwise in accordance with Front Yard’s direction including by providing transition services as requested by Front Yard for up to one (1) year after termination or such longer period as may be mutually agreed (including by assisting Front Yard with the recruiting, hiring and/or training of new replacement employees) at cost (but not more than the Base Management Fee at the time of termination).

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated.
Consolidation policy	The unaudited interim condensed consolidated financial statements and accompanying unaudited condensed consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements included within our 2018 Annual Report on Form 10-K, which was filed with the SEC on February 27, 2019 .
Use of estimates	The preparation of condensed 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 condensed 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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, as amended, also provides for certain practical expedients related 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. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. We have applied the amendments in ASU 2016-02 on a modified retrospective transition basis as of January 1, 2019, the effective date of the standard. 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 for which we are lessee 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. Effective January 1, 2019, we recognized aggregate right-of-use lease assets as a component of prepaid expenses and other assets and lease liabilities as a component of accounts payable and accrued expenses, resulting in a nominal aggregate transition adjustment to retained earnings. For more information on our leasing activity, see Note 7 . 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.

Asset Acquisitions and Dispos_2

Asset Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]
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 three months ended March 31, 2019 and 2018 ($ in thousands): Three months ended March 31, 2019 2018 Change in unrealized gain on mortgage loans due to: Conversion of mortgage loans to REO, net $ 615 $ 137 Change in fair value, net 116 63 Reclassification to realized gain or loss (7,859 ) (15,708 ) Total change in unrealized gain on mortgage loans (7,128 ) (15,508 ) Net realized loss on mortgage loans (38 ) (470 ) Net realized gain on sales of real estate 15,943 14,344 Net gain (loss) on real estate and mortgage loans $ 8,777 $ (1,634 )

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 Held for Use Held for Sale Total Portfolio Rental Properties: Leased 13,788 — 13,788 Listed and ready for rent 260 — 260 Unit turn 378 — 378 Renovation 71 — 71 Total rental properties 14,497 Previous rentals identified for sale 120 193 313 Legacy REO 37 38 75 14,654 231 14,885 December 31, 2018 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

Mortgage Loans (Tables)

Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 ($ in thousands): Number of Loans Fair Value and Carrying Value Unpaid Principal Balance Market Value of Underlying Properties (1) March 31, 2019 Current 19 $ 1,725 $ 2,491 $ 3,726 30 days past due 1 177 195 415 90 days past due 15 497 5,910 5,634 Foreclosure 31 2,449 7,191 9,380 Mortgage loans at fair value 66 $ 4,848 $ 15,787 $ 19,155 December 31, 2018 Current 20 $ 1,827 $ 2,701 $ 4,353 60 days past due 1 115 148 180 90 days past due 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 ________ (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)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair value measurements, recurring assets and liabilities	The following table sets forth the carrying value and fair value of our financial assets and liabilities by level within the fair value hierarchy as of March 31, 2019 and December 31, 2018 ($ in thousands): Level 1 Level 2 Level 3 Carrying Value Quoted Prices in Active Markets Observable Inputs Other Than Level 1 Prices Unobservable Inputs March 31, 2019 Recurring basis (assets) Mortgage loans at fair value $ 4,848 $ — $ — $ 4,848 Interest rate cap derivatives (1) 6,758 — 6,758 — Not recognized on condensed consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,631,979 — 1,643,400 — 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 — _____________ (1) Included within prepaid expenses and other assets in the condensed consolidated balance sheets.
Fair value, assets measured on recurring basis, reconciliation	The following table sets forth the changes in our mortgage loans during the three months ended March 31, 2019 and 2018 ($ in thousands): Three months ended March 31, 2019 2018 Mortgage loans at fair value, beginning balance $ 8,072 $ 11,477 Net gain (loss) on mortgage loans 1,240 (115 ) Mortgage loan dispositions, resolutions and payments (1,100 ) (1,223 ) Real estate tax advances to borrowers 12 81 Selling costs on loans held for sale — (83 ) Transfer of mortgage loans to real estate owned, net (3,376 ) 137 Mortgage loans at fair value, ending balance $ 4,848 $ 10,274 Change in unrealized gain (loss) on mortgage loans at fair value held at the end of the period $ 2 $ (137 )
Fair value measurements, recurring and nonrecurring, unobservable inputs	The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of certain of our mortgage loans: Input March 31, 2019 December 31, 2018 Equity discount rate 17.0% 17.0% Debt to asset ratio 65.0% 65.0% Cost of funds 3.5% over 1 month LIBOR 3.5% over 1 month LIBOR Annual change in home pricing index -1.04% to 17.24% -0.55% to 16.79% Loan resolution probabilities — modification 0% to 5.9% 0% to 5.9% Loan resolution probabilities — liquidation 38.4% to 100% 38.8% to 100% Loan resolution probabilities — paid in full 0% to 61.6% 0% to 61.2% Loan resolution timelines (in years) 0.1 to 6.1 0.1 to 6.1 Value of underlying properties $50,000 to $1,500,000 $50,000 to $2,500,000

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of debt	The following table sets forth data with respect to our repurchase and loan agreements as of March 31, 2019 and December 31, 2018 ($ in thousands): Maturity Date Interest Rate Amount Outstanding Maximum Borrowing Capacity Amount of Available Funding Book Value of Collateral March 31, 2019 CS Repurchase Agreement 11/15/2019 1-month LIBOR + 3.00% (1) $ 104,145 $ 250,000 $ 145,855 $ 108,375 Nomura Loan Agreement 4/5/2020 (2) 1-month LIBOR + 3.00% (2) 29,155 250,000 220,845 45,467 HOME II Loan Agreement 11/9/2019 (3) 1-month LIBOR + 2.10% (4) 83,270 83,270 — 99,771 HOME III Loan Agreement 11/9/2019 (3) 1-month LIBOR + 2.10% (4) 89,150 89,150 — 110,851 HOME IV Loan Agreement (A) 12/9/2022 4.00% 114,201 114,201 — 144,451 HOME IV Loan Agreement (B) 12/9/2022 4.00% 114,590 114,590 — 145,487 Term Loan Agreement 4/6/2022 5.00% 99,782 99,782 — 113,009 FYR SFR Loan Agreement 9/1/2028 4.65% 508,700 508,700 — 581,891 MS Loan Agreement 12/7/2023 1-month LIBOR + 1.80% (5) 504,986 504,986 — 605,038 1,647,979 $ 2,014,679 $ 366,700 $ 1,954,340 Less: unamortized loan discounts (4,579 ) Less: deferred debt issuance costs (11,421 ) $ 1,631,979 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-month LIBOR + 3.00% 30,497 250,000 219,503 48,388 HOME II Loan Agreement 11/9/2019 1-month LIBOR + 2.10% 83,270 83,270 — 100,461 HOME III Loan Agreement 11/9/2019 1-month LIBOR + 2.10% 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% 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 _____________ (1) On April 26, 2019, we amended the CS Repurchase Agreement to, among other things, reduce the interest rate spread over one-month LIBOR to 2.30% for funding under the facility secured by rental properties. (2) On April 5, 2019, we amended the Nomura Loan Agreement to, among other things, revise the maturity date to April 3, 2020 and reduce the interest rate spread over one-month LIBOR to 2.30% . (3) Represents initial maturity date. We have the option to extend the maturity date for up to three successive one -year extensions. (4) The interest rate is capped at 4.40% under an interest rate cap derivative. See Note 11 . (5) The interest rate is capped at 4.30% under an interest rate cap derivative. See Note 11 .

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of future contractual rents	Future contractual rents for the 13,788 properties that were leased as of March 31, 2019 are as follows ($ in thousands): 2019 (1) $ 87,275 2020 14,368 2021 1,194 2022 41 2023 — Thereafter — $ 102,878 _____________ (1) Excludes the three months ended March 31, 2019 .
Schedule of maturity analysis of operating leases	The following table presents a maturity analysis of our operating leases as of March 31, 2019 ($ in thousands): Operating Lease Liabilities 2019 (1) $ 414 2020 557 2021 195 2022 95 2023 — Thereafter — Total lease payments 1,261 Less: interest 67 Lease liabilities $ 1,194 _____________ (1) Excludes the three months ended March 31, 2019 .
Schedule of maturity analysis of finance leases	The following table presents a maturity analysis of our finance leases as of March 31, 2019 ($ in thousands): Finance Lease Liabilities 2019 (1) $ 603 2020 651 2021 542 2022 115 2023 50 Thereafter — Total lease payments 1,961 Less: interest 191 Lease liabilities $ 1,770 _____________ (1) Excludes the three months ended March 31, 2019 .

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of related party transactions	The following table presents our significant transactions with AAMC, which is a related party, for the periods indicated ($ in thousands): Three months ended March 31, 2019 2018 Base management fees (1) $ 3,546 $ 3,727 Conversion fees (1) 29 63 Expense reimbursements (2) 328 262 ______________ (1) Included in management fees to AAMC in the condensed consolidated statements of operations. (2) Included in general and administrative expenses in the condensed consolidated statements of operations. Thereafter, commencing in the first quarter after which the quarterly Base Management Fee first reaches $5,250,000 (the “Reset Date”), the Base Management Fee will be 1/4 of the sum of (i) the applicable Annual Base Fee Floor plus (ii) the amount calculated by multiplying the applicable Manager Base Fee Percentage by the amount, if any, that Front Yard's Gross Real Estate Assets (as defined below) exceeds the applicable Gross Real Estate Assets Floor (in each case of the foregoing clauses (i) and (ii), as set forth in the table below), minus (iii) solely in the case of the fourth quarter of a calendar year, the AFFO Adjustment Amount (if any); provided, that the Base Management Fee for any calendar quarter shall not be less than the Minimum Base Fee. Gross Real Estate Assets (1) Annual Base Fee Floor Manager Base Fee Percentage Gross Real Estate Assets Floor Up to $2,750,000,000 $21,000,000 0.325% $2,250,000,000 $2,750,000,000 – $3,250,000,000 $22,625,000 0.275% $2,750,000,000 $3,250,000,000 – $4,000,000,000 $24,000,000 0.250% $3,250,000,000 $4,000,000,000 – $5,000,000,000 $25,875,000 0.175% $4,000,000,000 $5,000,000,000 – $6,000,000,000 $27,625,000 0.125% $5,000,000,000 $6,000,000,000 – $7,000,000,000 $28,875,000 0.100% $6,000,000,000 Thereafter $29,875,000 0.050% $7,000,000,000 _______________ (1) Gross Real Estate Assets is generally defined as the aggregate book value of all residential real estate assets owned by Front Yard and its subsidiaries before reserves for depreciation, impairment or other non-cash reserves as computed in accordance with GAAP. For any calendar year in which average Gross Real Estate Assets exceeds $2,250,000,000 , the aggregate fees payable to AAMC shall not exceed the sum of (i) the applicable Aggregate Fee Floor plus (ii) the amount calculated by multiplying the applicable Aggregate Fee Percentage by the amount, if any, by which average Gross Real Estate Assets exceed the applicable Gross Real Estate Assets Floor, in each case as set forth in the table below. Gross Real Estate Assets Aggregate Fee Floor Aggregate Fee Percentage Gross Real Estate Assets Floor $2,250,000,000 – $2,750,000,000 $21,000,000 0.650% $2,250,000,000 $2,750,000,000 – $3,250,000,000 $24,250,000 0.600% $2,750,000,000 $3,250,000,000 – $4,000,000,000 $27,250,000 0.500% $3,250,000,000 $4,000,000,000 – $5,000,000,000 $31,000,000 0.450% $4,000,000,000 $5,000,000,000 – $6,000,000,000 $35,500,000 0.250% $5,000,000,000 $6,000,000,000 – $7,000,000,000 $38,000,000 0.125% $6,000,000,000 Thereafter $39,250,000 0.100% $7,000,000,000

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Cap Instruments	The table below summarizes our interest rate cap instruments as of March 31, 2019 ($ 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 Condensed Consolidated Balance Sheets Asset Derivatives Balance Sheet Location Fair Value as of March 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 6,758 $ 14,367 Total $ 6,758 $ 14,367
Schedule of Effect of Derivative Instruments on the Consolidated Statements of Operations	Tabular Disclosure of the Effect of Derivative Instruments on the Condensed 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 Condensed Consolidated Statements of Operations Three Months ended March 31, Three Months ended March 31, Three Months ended March 31, 2019 2018 2019 2018 2019 2018 Derivatives in cash flow hedging relationships Interest rate caps $ (7,609 ) $ — Interest expense $ (987 ) $ — $ 21,510 $ 16,063 Location of Gain (Loss) Recognized on Derivative in Net Loss Amount of Gain (Loss) on Derivative Recognized in Net Loss Three Months ended March 31, 2019 2018 Derivatives not designated as hedging instruments Interest rate caps Interest expense $ — $ (168 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of components of diluted (loss) earnings per share	The following table sets forth the components of diluted loss per share (in thousands, except share and per share amounts): Three months ended March 31, 2019 2018 Numerator Net loss $ (18,508 ) $ (27,350 ) Denominator Weighted average common stock outstanding – basic 53,630,204 53,454,063 Weighted average common stock outstanding – diluted 53,630,204 53,454,063 Loss per basic common share $ (0.35 ) $ (0.51 ) Loss per diluted common share $ (0.35 ) $ (0.51 )
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: Three months ended March 31, 2019 2018 Denominator (in weighted-average shares) Stock options 47,949 99,974 Restricted stock 321,637 208,754

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Schedule of related party transactions	The following table presents our significant transactions with AAMC, which is a related party, for the periods indicated ($ in thousands): Three months ended March 31, 2019 2018 Base management fees (1) $ 3,546 $ 3,727 Conversion fees (1) 29 63 Expense reimbursements (2) 328 262 ______________ (1) Included in management fees to AAMC in the condensed consolidated statements of operations. (2) Included in general and administrative expenses in the condensed consolidated statements of operations. Thereafter, commencing in the first quarter after which the quarterly Base Management Fee first reaches $5,250,000 (the “Reset Date”), the Base Management Fee will be 1/4 of the sum of (i) the applicable Annual Base Fee Floor plus (ii) the amount calculated by multiplying the applicable Manager Base Fee Percentage by the amount, if any, that Front Yard's Gross Real Estate Assets (as defined below) exceeds the applicable Gross Real Estate Assets Floor (in each case of the foregoing clauses (i) and (ii), as set forth in the table below), minus (iii) solely in the case of the fourth quarter of a calendar year, the AFFO Adjustment Amount (if any); provided, that the Base Management Fee for any calendar quarter shall not be less than the Minimum Base Fee. Gross Real Estate Assets (1) Annual Base Fee Floor Manager Base Fee Percentage Gross Real Estate Assets Floor Up to $2,750,000,000 $21,000,000 0.325% $2,250,000,000 $2,750,000,000 – $3,250,000,000 $22,625,000 0.275% $2,750,000,000 $3,250,000,000 – $4,000,000,000 $24,000,000 0.250% $3,250,000,000 $4,000,000,000 – $5,000,000,000 $25,875,000 0.175% $4,000,000,000 $5,000,000,000 – $6,000,000,000 $27,625,000 0.125% $5,000,000,000 $6,000,000,000 – $7,000,000,000 $28,875,000 0.100% $6,000,000,000 Thereafter $29,875,000 0.050% $7,000,000,000 _______________ (1) Gross Real Estate Assets is generally defined as the aggregate book value of all residential real estate assets owned by Front Yard and its subsidiaries before reserves for depreciation, impairment or other non-cash reserves as computed in accordance with GAAP. For any calendar year in which average Gross Real Estate Assets exceeds $2,250,000,000 , the aggregate fees payable to AAMC shall not exceed the sum of (i) the applicable Aggregate Fee Floor plus (ii) the amount calculated by multiplying the applicable Aggregate Fee Percentage by the amount, if any, by which average Gross Real Estate Assets exceed the applicable Gross Real Estate Assets Floor, in each case as set forth in the table below. Gross Real Estate Assets Aggregate Fee Floor Aggregate Fee Percentage Gross Real Estate Assets Floor $2,250,000,000 – $2,750,000,000 $21,000,000 0.650% $2,250,000,000 $2,750,000,000 – $3,250,000,000 $24,250,000 0.600% $2,750,000,000 $3,250,000,000 – $4,000,000,000 $27,250,000 0.500% $3,250,000,000 $4,000,000,000 – $5,000,000,000 $31,000,000 0.450% $4,000,000,000 $5,000,000,000 – $6,000,000,000 $35,500,000 0.250% $5,000,000,000 $6,000,000,000 – $7,000,000,000 $38,000,000 0.125% $6,000,000,000 Thereafter $39,250,000 0.100% $7,000,000,000

Organization and Basis of Pre_3

Organization and Basis of Presentation - Description of business (Details) - property	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Total rental properties	14,497	14,544
Previous rentals identified for sale	313	346

Asset Acquisitions and Dispos_3

Asset Acquisitions and Dispositions - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)loanproperty	Mar. 31, 2018USD ($)loanproperty
Real Estate [Line Items]
Cash paid in acquisition of real estate	$ 1,830	$ 4,293
Number of real estate properties sold | property	576	193
Proceeds from dispositions of real estate	$ 114,905	$ 35,799
Net realized gain on sales of real estate	15,943	14,344
Proceeds from sale and resolution of mortgage loans	1,100	1,100
Net realized loss on mortgage loans	38	470
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Proceeds from dispositions of real estate	$ 125,300	$ 35,200
One-By-One Acquisition Program
Real Estate [Line Items]
Number of real estate properties directly acquired | loan	14	35
Cash paid in acquisition of real estate	$ 1,800	$ 4,300
Nonperforming financing receivable | Residential mortgage | Loans receivable
Real Estate [Line Items]
Number of mortgage loans resolved | loan	8	12

Asset Acquisitions and Dispos_4

Asset Acquisitions and Dispositions - Change in realized and unrealized gains (losses) on real estate and mortgage loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]
Conversion of mortgage loans to REO, net	$ 615	$ 137
Change in fair value, net	116	63
Reclassification to realized gain or loss	(7,859)	(15,708)
Total change in unrealized gain on mortgage loans	(7,128)	(15,508)
Net realized loss on mortgage loans	(38)	(470)
Net realized gain on sales of real estate	15,943	14,344
Net gain (loss) on real estate and mortgage loans	$ 8,777	$ (1,634)

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of Real Estate Properties (Details) - property	Mar. 31, 2019	Dec. 31, 2018	Aug. 08, 2018
Held for Use
Leased	13,788	13,546
Listed and ready for rent	260	434
Unit turn	378	428
Renovation	71	136
Total rental properties	14,497	14,544
Previous rentals identified for sale	120	158
Legacy REO	37	56
Held for Use	14,654	14,758
Held for Sale
Leased	0	423
Listed and ready for rent	0	8
Unit turn	0	18
Renovation	0	2
Previous rentals identified for sale	193	188
Legacy REO	38	48
Held for Sale	231	687
Total Portfolio
Leased	13,788	13,969
Listed and ready for rent	260	442
Unit turn	378	446
Renovation	71	138
Previous rentals identified for sale	313	346
Legacy REO	75	104
Total Portfolio	14,885	15,445	2,015

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate [Abstract]
Impairment on real estate held for use	$ 0	$ 0
Impairment on real estate held for sale	$ 1,000,000	$ 7,600,000

Mortgage Loans (Details)

Mortgage Loans (Details) - Loans receivable - Residential mortgage - Residential portfolio segment $ in Thousands	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Number of Loans
Current | loan	19	20
Foreclosure | loan	31	36
Mortgage loans at fair value | loan	66	74
Fair Value and Carrying Value
Current	$ 1,725	$ 1,827
Foreclosure	2,449	5,481
Mortgage loans at fair value	4,848	8,072
Unpaid Principal Balance
Current	2,491	2,701
Foreclosure	7,191	12,376
Mortgage loans at fair value	15,787	21,244
Market Value of Underlying Properties
Current	3,726	4,353
Foreclosure	9,380	16,097
Mortgage loans at fair value	$ 19,155	$ 26,048
30
Number of Loans
Past Due | loan	1
Fair Value and Carrying Value
Past Due	$ 177
Unpaid Principal Balance
Past Due	195
Market Value of Underlying Properties
Past Due	$ 415
60
Number of Loans
Past Due | loan		1
Fair Value and Carrying Value
Past Due		$ 115
Unpaid Principal Balance
Past Due		148
Market Value of Underlying Properties
Past Due		$ 180
90
Number of Loans
Past Due | loan	15	17
Fair Value and Carrying Value
Past Due	$ 497	$ 649
Unpaid Principal Balance
Past Due	5,910	6,019
Market Value of Underlying Properties
Past Due	$ 5,634	$ 5,418

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair value, assets and liabilities measured on recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Repurchase and loan agreements	$ 1,631,979	$ 1,722,219
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	1,643,400	1,734,152
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	4,848	8,072
Interest rate cap derivative	6,758	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 derivative	0	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 derivative	6,758	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	4,848	8,072
Interest rate cap derivative	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) - Mortgage loans at fair value and loans held-for-sale - Level 3, Unobservable Inputs - Loans receivable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Mortgage loans at fair value, beginning balance	$ 8,072	$ 11,477
Net gain (loss) on mortgage loans	1,240	(115)
Mortgage loan dispositions, resolutions and payments	(1,100)	(1,223)
Real estate tax advances to borrowers	12	81
Selling costs on loans held for sale	0	(83)
Transfer of mortgage loans to real estate owned, net	(3,376)	137
Mortgage loans at fair value, ending balance	4,848	10,274
Change in unrealized gain (loss) on mortgage loans at fair value held at the end of the period	$ 2	$ (137)

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Fair value inputs, quantitative information (Details) - Residential mortgage - Level 3, Unobservable Inputs - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Loans receivable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt to asset ratio	65.00%	65.00%
Loans receivable | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Annual change in home pricing index	(1.04%)	(0.55%)
Loan resolution probabilities — modification	0.00%	0.00%
Loan resolution probabilities — liquidation	38.40%	38.80%
Loan resolution probabilities — paid in full	0.00%	0.00%
Value of underlying properties	$ 50,000	$ 50,000
Loans receivable | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Annual change in home pricing index	17.24%	16.79%
Loan resolution probabilities — modification	5.90%	5.90%
Loan resolution probabilities — liquidation	100.00%	100.00%
Loan resolution probabilities — paid in full	61.60%	61.20%
Value of underlying properties	$ 1,500,000	$ 2,500,000
LIBOR | Loans receivable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cost of funds	3.50%	3.50%
Fair value measurements, recurring | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan resolution timelines (in years)	1 month 6 days	1 month 6 days
Fair value measurements, recurring | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan resolution timelines (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Measurement Input, Discount Rate | Fair value measurements, recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity discount rate	17.00%	17.00%

Borrowings - Schedule of repurc

Borrowings - Schedule of repurchase and loan agreements (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)extension	Apr. 26, 2019	Apr. 05, 2019	Dec. 31, 2018USD ($)	Nov. 02, 2018	Oct. 16, 2018	Mar. 16, 2018	Sep. 29, 2016
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 2,014,679			$ 2,014,897
Amount of Available Funding	366,700			275,849
Book Value of Collateral	1,954,340			2,086,848
Repurchase and loan agreements	1,631,979			1,722,219
Repurchase agreements | CS Repurchase Agreement
Debt Instrument [Line Items]
Amount Outstanding, before debt issuance costs	104,145			193,654
Maximum Borrowing Capacity	250,000			250,000
Amount of Available Funding	145,855			56,346
Book Value of Collateral	108,375			224,934
Loan agreement | Nomura Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding, before debt issuance costs	29,155			30,497
Maximum Borrowing Capacity	250,000			250,000
Amount of Available Funding	220,845			219,503
Book Value of Collateral	45,467			48,388
Loan agreement | HOME II Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding, before debt issuance costs	83,270			83,270
Maximum Borrowing Capacity	83,270			83,270
Amount of Available Funding	0			0
Book Value of Collateral	99,771			100,461
Loan agreement | HOME III Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding, before debt issuance costs	89,150			89,150
Maximum Borrowing Capacity	89,150			89,150
Amount of Available Funding	0			0
Book Value of Collateral	$ 110,851			$ 111,542
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, before debt issuance costs	$ 114,201			$ 114,201
Maximum Borrowing Capacity	114,201			114,201
Amount of Available Funding	0			0
Book Value of Collateral	$ 144,451			$ 145,461
Loan agreement | HOME IV Loan Agreement (B)
Debt Instrument [Line Items]
Interest Rate	4.00%			4.00%
Amount Outstanding, before debt issuance costs	$ 114,590			$ 114,590
Maximum Borrowing Capacity	114,590			114,590
Amount of Available Funding	0			0
Book Value of Collateral	$ 145,487			$ 146,479
Loan agreement | Term Loan Agreement
Debt Instrument [Line Items]
Interest Rate	5.00%			5.00%
Amount Outstanding, before debt issuance costs	$ 99,782			$ 100,000
Maximum Borrowing Capacity	99,782			100,000
Amount of Available Funding	0			0
Book Value of Collateral	$ 113,009			$ 114,401
Loan agreement | FYR SFR Loan Agreement
Debt Instrument [Line Items]
Interest Rate	4.65%			4.65%
Amount Outstanding, before debt issuance costs	$ 508,700			$ 508,700
Maximum Borrowing Capacity	508,700			508,700
Amount of Available Funding	0			0
Book Value of Collateral	581,891			585,563
Loan agreement | MS Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding, before debt issuance costs	504,986			504,986
Maximum Borrowing Capacity	504,986			504,986
Amount of Available Funding	0			0
Book Value of Collateral	$ 605,038			609,619
Repurchase and loan agreements
Debt Instrument [Line Items]
Interest rate on debt	4.51%
Amount Outstanding, before debt issuance costs	$ 1,647,979			1,739,048
Less: unamortized loan discounts	(4,579)			(4,896)
Less: deferred debt issuance costs	(11,421)			(11,933)
Repurchase and loan agreements	$ 1,631,979			$ 1,722,219
LIBOR | Repurchase agreements | CS Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate	3.00%			3.00%
LIBOR | Loan agreement | Nomura Loan Agreement
Debt Instrument [Line Items]
Interest Rate	3.00%			3.00%
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%			1.80%
Interest rate caps | LIBOR
Debt Instrument [Line Items]
Interest rate cap, strike rate							1.80%	2.938%
Interest rate caps | LIBOR | HOME II Loan Agreement
Debt Instrument [Line Items]
Interest rate cap, strike rate						2.30%
Interest rate caps | LIBOR | HOME III Loan Agreement
Debt Instrument [Line Items]
Interest rate cap, strike rate						2.30%
Interest rate caps | LIBOR | HOME II And III Loan Agreement
Debt Instrument [Line Items]
Interest rate cap, strike rate	4.40%
Interest rate caps | LIBOR | MS Loan Agreement
Debt Instrument [Line Items]
Interest rate cap, strike rate	4.30%				2.50%
Subsequent Event | LIBOR | Repurchase agreements | CS Repurchase Agreement
Debt Instrument [Line Items]
Interest Rate		2.30%
Subsequent Event | LIBOR | Loan agreement | Nomura Loan Agreement
Debt Instrument [Line Items]
Interest Rate			2.30%

Borrowings - Narrative (Details

Borrowings - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)loan_termproperty	Dec. 31, 2018USD ($)loan_termproperty	Apr. 26, 2019	Apr. 05, 2019	Dec. 07, 2018property	Aug. 08, 2018property
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 2,014,679,000	$ 2,014,897,000
Number of rental properties | property	14,885	15,445				2,015
FYR SFR Loan Agreement
Debt Instrument [Line Items]
Escrow deposit	$ 5,100,000	$ 2,900,000
MS Loan Agreement
Debt Instrument [Line Items]
Number of rental properties | property					4,262
Escrow deposit	7,800,000	8,200,000
Repurchase agreements | CS Repurchase Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 250,000,000	$ 250,000,000
Repurchase agreements | CS Repurchase Agreement | LIBOR
Debt Instrument [Line Items]
Interest Rate	3.00%	3.00%
Secured debt | Nomura Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 250,000,000
Uncommitted maximum borrowing amount	150,000,000
Loan agreement | Nomura Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 250,000,000	$ 250,000,000
Loan agreement | Nomura Loan Agreement | LIBOR
Debt Instrument [Line Items]
Interest Rate	3.00%	3.00%
Loan agreement | HOME II Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 83,270,000	$ 83,270,000
Loan agreement | HOME II Loan Agreement | LIBOR
Debt Instrument [Line Items]
Interest Rate	2.10%	2.10%
Loan agreement | FYR SFR Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 508,700,000	$ 508,700,000
Loan agreement | MS Loan Agreement
Debt Instrument [Line Items]
Amount borrowed pursuant to loan agreement	$ 504,986,000	$ 504,986,000
Loan agreement | MS Loan Agreement | LIBOR
Debt Instrument [Line Items]
Interest Rate	1.80%	1.80%
Subsequent Event | Repurchase agreements | CS Repurchase Agreement | LIBOR
Debt Instrument [Line Items]
Interest Rate			2.30%
Subsequent Event | Loan agreement | Nomura Loan Agreement | LIBOR
Debt Instrument [Line Items]
Interest Rate				2.30%
HOME SFR Borrower II, LLC | Secured debt | HOME II Loan Agreement
Debt Instrument [Line Items]
Number of terms for loan agreement | loan_term	3	3
Length of loan term extension option, years	1 year	1 year
Rental Home Associates LLC
Debt Instrument [Line Items]
Number of rental properties | property						2,798

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Lessee, operating lease, discount rate	4.53%
Operating lease, weighted average remaining lease term	2 years 6 months
Rent expense	$ 0.1
Operating lease, right-of-use asset	$ 1.2
Lessee, finance lease, term of contract	36 months
Finance lease, weighted average discount rate	7.60%
Finance lease, weighted average remaining lease term	3 years 11 months
Finance lease, amortization	$ 0.1
Finance lease, right-of-use asset	$ 2.4
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	5 years
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term of contract	2 years

Leases - Future contractual ren

Leases - Future contractual rents (Details) $ in Thousands	Mar. 31, 2019USD ($)property	Dec. 31, 2018property
Leases [Abstract]
Leased | property	13,788	13,969
Lessor, Operating Lease, Payments, Rolling Maturity [Abstract]
2019	$ 87,275
2020	14,368
2021	1,194
2022	41
2023	0
Thereafter	0
Total	$ 102,878

Leases - Maturity analysis (Det

Leases - Maturity analysis (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Lease Liabilities
2019	$ 414
2020	557
2021	195
2022	95
2023	0
Thereafter	0
Lease liabilities	1,261
Less: interest	67
Lease liabilities	1,194
Finance Lease Liabilities
2019	603
2020	651
2021	542
2022	115
2023	50
Thereafter	0
Total lease payments	1,961
Less: interest	191
Lease liabilities	$ 1,770

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Nov. 29, 2017USD ($)	May 31, 2015shareholder
HOME Flow Transaction | HOME SFR Borrower IV, LLC
Loss Contingencies [Line Items]
Potential purchase price adjustments, percentage of upward or downward adjustment	10.00%
Potential purchase price adjustments, aggregate amount of change (up to) | $	$ 18.3
Potential purchase price adjustments, period of assessment	24 months
Martin v. Altisource Residential Corporation et al. | Pending litigation
Loss Contingencies [Line Items]
Number of shareholders requesting to be lead plaintiff | shareholder		2

Related-Party Transactions - As

Related-Party Transactions - Asset management agreement with AAMC (Details) - AAMC - Affiliated entity	Apr. 01, 2015extensionproperty	Mar. 31, 2019
Related party transaction [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 in fiscal years return on invested equity capital evaluated for termination of agreement	2 years
Asset management fee, threshold one
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital	25.00%
Incentive management fee, percent of invested capital in excess of threshold	20.00%
Asset management fee, threshold two
Related party transaction [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%
Asset management fee, threshold three
Related party transaction [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%
Asset Management Agreement
Related party transaction [Line Items]
Contract term	15 years
Number of potential renewal extensions | extension	2
Automatic renewal term	5 years
Minimum
Related party transaction [Line Items]
Incentive management fee, return on invested capital	7.00%
Incentive management fee, return on invested capital, per quarter	1.75%
Maximum
Related party transaction [Line Items]
Incentive management fee, return on invested capital	8.25%
Incentive management fee, return on invested capital, per quarter	2.06%

Related-Party Transactions - Su

Related-Party Transactions - Summary of related-party transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related party transaction [Line Items]
Payable to AAMC	$ 3,711,000		$ 3,968,000
AAMC | Affiliated entity
Related party transaction [Line Items]
Period of time required return rate evaluated per new agreement	1 year 9 months
AAMC | Affiliated entity | Base management fees
Related party transaction [Line Items]
Related party expenses	$ 3,546,000	$ 3,727,000
AAMC | Affiliated entity | Conversion fees
Related party transaction [Line Items]
Related party expenses	29,000	63,000
AAMC | Affiliated entity | Expense reimbursements
Related party transaction [Line Items]
Related party expenses	328,000	$ 262,000
AAMC | Affiliated entity | Management incentive fees
Related party transaction [Line Items]
Payable to AAMC	$ 0

Share-Based Payments (Details)

Share-Based Payments (Details) $ / shares in Units, $ in Thousands	Mar. 29, 2019$ / sharesshares	Mar. 26, 2018$ / sharesshares	Dec. 21, 2012	Mar. 31, 2019USD ($)shares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $				$ 1,119	$ (414)
Unrecognized share-based compensation expense | $				$ 8,900		$ 4,100
Unrecognized share-based compensation expense, remaining estimated term (years)				1 year 2 months		1 year
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 dates average price per share used for vesting requirements				20 days
Percentage reinvested dividends to price per share, minimum				125.00%
The 2016 Equity Incentive Plan | Restricted stock | Board of Director member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units vested (in shares)		3,495
Number of restricted stock units forfeited (in shares)		701
Restricted stock units vested, grant date fair value (usd per share) | $ / shares		$ 14.30
Restricted stock units forfeited, grant date fair value (usd per share) | $ / shares		$ 14.30
The 2016 Equity Incentive Plan | Service-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units granted (in shares)	419,657
Restricted stock granted, grant date fair value (usd per share) | $ / shares	$ 9.27
The 2016 Equity Incentive Plan | Market-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units granted (in shares)	280,320
Restricted stock granted, grant date fair value (usd per share) | $ / shares	$ 7.39
2012 Conversion Option Plan and 2012 Special Conversion Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio for stock options from ASPS stock to Residential stock			0.3333
Number of aggregate shares available for purchase from remaining options issued (in shares)				43,499
2018-2019 Service Year | 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

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Thousands	Mar. 16, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 29, 2016
Derivative [Line Items]
Amount reclassified into earnings from accumulated other comprehensive loss		$ 4,600
Premium paid to amend strike rate	$ 900
Interest expense		$ 21,510	$ 16,063
Interest rate caps
Derivative [Line Items]
Notional Amount				$ 489,300
Interest expense			$ 200
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 ($) $ in Thousands	Mar. 31, 2019	Nov. 02, 2018	Oct. 16, 2018	Mar. 16, 2018	Sep. 29, 2016
Derivative [Line Items]
Notional Amount					$ 489,300
LIBOR
Derivative [Line Items]
Strike Rate				1.80%	2.938%
MS Loan Agreement
Derivative [Line Items]
Notional Amount		$ 505,000
MS Loan Agreement | LIBOR
Derivative [Line Items]
Strike Rate	4.30%	2.50%
HOME II Loan Agreement
Derivative [Line Items]
Notional Amount			$ 83,270
HOME II Loan Agreement | LIBOR
Derivative [Line Items]
Strike Rate			2.30%
HOME III Loan Agreement
Derivative [Line Items]
Notional Amount			$ 89,149
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	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 6,758	$ 14,367
Interest rate caps | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 6,758	$ 14,367

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (effective portion)		$ 0
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations	$ 21,510	16,063
Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations		200
Interest rate caps | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (effective portion)	(7,609)
Amount of Gain (Loss) Recognized in OCI on Derivative (effective portion)		0
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations	21,510	16,063
Interest rate caps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Derivative Recognized in Net Loss	0	(168)
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)	$ (987)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (effective portion)		$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator
Net loss	$ (18,508)	$ (27,350)
Denominator
Weighted average common stock outstanding – basic (in shares)	53,630,204	53,454,063
Weighted average common stock outstanding – diluted (in shares)	53,630,204	53,454,063
Loss per basic common share (usd per share)	$ (0.35)	$ (0.51)
Loss per diluted common share (usd per share)	$ (0.35)	$ (0.51)
Affiliated entity | AAMC
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incentive management fee, percent of incentive fee payable in common stock	25.00%
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	47,949	99,974
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	321,637	208,754

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Mar. 31, 2019segment
Segment Reporting [Abstract]
Number of operating segments	1

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - AAMC - Affiliated entity	May 07, 2019USD ($)Installment$ / shares	Mar. 31, 2019
Subsequent Event [Line Items]
Incentive management fee, percent of incentive fee payable in common stock		25.00%
Subsequent Event
Subsequent Event [Line Items]
Aggregate fee floor	$ 39,250,000
Amended AMA | Subsequent Event
Subsequent Event [Line Items]
Contract term	5 years
Automatic renewal term	1 year
Related party expenses	$ 3,584,000
Base management fee, percent of per share AFFO in excess of threshold	50.00%
Base management fee, threshold of per share AFFO | $ / shares	$ 0.15
Percentage of Base Management fee	25.00%
Incentive management fee, percent of AFFO in excess of threshold	20.00%
Incentive management fee, percent of AFFO in excess of Gross Shareholder Equity	5.00%
Incentive management fee, percent of incentive fee payable in common stock	25.00%
Gross Real Estate Assets	$ 2,250,000,000
Aggregate fee floor	$ 21,000,000
Termination provision, period pf prior written notice required	180 days
Termination provision, percentage of fee paid in cash	50.00%
Termination provision, number of quarterly installments | Installment	3
Termination provision, period pf prior written notice required for termination for cause	60 days
Minimum | Amended AMA | Subsequent Event
Subsequent Event [Line Items]
Related party expenses	$ 5,250,000
Maximum | Amended AMA | Subsequent Event
Subsequent Event [Line Items]
Threshold of per share AFFO (in dollars per share) | $ / shares	$ 0.60
Front Yard | Amended AMA | Subsequent Event
Subsequent Event [Line Items]
Termination provision, period pf prior written notice required for termination for cause	30 days

Subsequent Events - Summary of

Subsequent Events - Summary of Management Fees (Details) - Affiliated entity - AAMC - Subsequent Event	May 07, 2019USD ($)
Subsequent Event [Line Items]
Annual Base Fee Floor	$ 29,875,000
Manager Base Fee Percentage	0.05%
Gross Real Estate Assets Floor	$ 7,000,000,000
Up to $2,750,000,000
Subsequent Event [Line Items]
Annual Base Fee Floor	$ 21,000,000
Manager Base Fee Percentage	0.325%
Gross Real Estate Assets Floor	$ 2,250,000,000
$2,750,000,000 – $3,250,000,000
Subsequent Event [Line Items]
Annual Base Fee Floor	$ 22,625,000
Manager Base Fee Percentage	0.275%
Gross Real Estate Assets Floor	$ 2,750,000,000
$3,250,000,000 – $4,000,000,000
Subsequent Event [Line Items]
Annual Base Fee Floor	$ 24,000,000
Manager Base Fee Percentage	0.25%
Gross Real Estate Assets Floor	$ 3,250,000,000
$4,000,000,000 – $5,000,000,000
Subsequent Event [Line Items]
Annual Base Fee Floor	$ 25,875,000
Manager Base Fee Percentage	0.175%
Gross Real Estate Assets Floor	$ 4,000,000,000
$5,000,000,000 – $6,000,000,000
Subsequent Event [Line Items]
Annual Base Fee Floor	$ 27,625,000
Manager Base Fee Percentage	0.125%
Gross Real Estate Assets Floor	$ 5,000,000,000
$6,000,000,000 – $7,000,000,000
Subsequent Event [Line Items]
Annual Base Fee Floor	$ 28,875,000
Manager Base Fee Percentage	0.10%
Gross Real Estate Assets Floor	$ 6,000,000,000
Minimum | $2,750,000,000 – $3,250,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	2,750,000,000
Minimum | $3,250,000,000 – $4,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	3,250,000,000
Minimum | $4,000,000,000 – $5,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	4,000,000,000
Minimum | $5,000,000,000 – $6,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	5,000,000,000
Minimum | $6,000,000,000 – $7,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	6,000,000,000
Maximum | Up to $2,750,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	2,750,000,000
Maximum | $2,750,000,000 – $3,250,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	3,250,000,000
Maximum | $3,250,000,000 – $4,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	4,000,000,000
Maximum | $4,000,000,000 – $5,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	5,000,000,000
Maximum | $5,000,000,000 – $6,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	6,000,000,000
Maximum | $6,000,000,000 – $7,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	$ 7,000,000,000

Subsequent Events - Summary o_2

Subsequent Events - Summary of Aggregate Fee Cap (Details) - Affiliated entity - AAMC - Subsequent Event	May 07, 2019USD ($)
Subsequent Event [Line Items]
Aggregate Fee Floor	$ 39,250,000
Aggregate Fee Percentage	0.10%
Gross Real Estate Assets Floor	$ 7,000,000,000
Up to $2,750,000,000
Subsequent Event [Line Items]
Aggregate Fee Floor	$ 21,000,000
Aggregate Fee Percentage	0.65%
Gross Real Estate Assets Floor	$ 2,250,000,000
$2,750,000,000 – $3,250,000,000
Subsequent Event [Line Items]
Aggregate Fee Floor	$ 24,250,000
Aggregate Fee Percentage	0.60%
Gross Real Estate Assets Floor	$ 2,750,000,000
$3,250,000,000 – $4,000,000,000
Subsequent Event [Line Items]
Aggregate Fee Floor	$ 27,250,000
Aggregate Fee Percentage	0.50%
Gross Real Estate Assets Floor	$ 3,250,000,000
$4,000,000,000 – $5,000,000,000
Subsequent Event [Line Items]
Aggregate Fee Floor	$ 31,000,000
Aggregate Fee Percentage	0.45%
Gross Real Estate Assets Floor	$ 4,000,000,000
$5,000,000,000 – $6,000,000,000
Subsequent Event [Line Items]
Aggregate Fee Floor	$ 35,500,000
Aggregate Fee Percentage	0.25%
Gross Real Estate Assets Floor	$ 5,000,000,000
$6,000,000,000 – $7,000,000,000
Subsequent Event [Line Items]
Aggregate Fee Floor	$ 38,000,000
Aggregate Fee Percentage	0.125%
Gross Real Estate Assets Floor	$ 6,000,000,000
Minimum | Up to $2,750,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	2,250,000,000
Minimum | $2,750,000,000 – $3,250,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	2,750,000,000
Minimum | $3,250,000,000 – $4,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	3,250,000,000
Minimum | $4,000,000,000 – $5,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	4,000,000,000
Minimum | $5,000,000,000 – $6,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	5,000,000,000
Minimum | $6,000,000,000 – $7,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	6,000,000,000
Maximum | Up to $2,750,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	2,750,000,000
Maximum | $2,750,000,000 – $3,250,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	3,250,000,000
Maximum | $3,250,000,000 – $4,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	4,000,000,000
Maximum | $4,000,000,000 – $5,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	5,000,000,000
Maximum | $5,000,000,000 – $6,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	6,000,000,000
Maximum | $6,000,000,000 – $7,000,000,000
Subsequent Event [Line Items]
Gross Real Estate Assets	$ 7,000,000,000

Uncategorized Items - aamc-2019

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 96,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 96,000